Some of the lecture notes span more than one class session; they are included in the first session only.
| SES # | TOPICS |
|---|---|
| 1 | Course introduction (Geltner) (PDF) |
| 2 | DCF (McGrath) (PDF) |
| 3 | DCF (cont.) and NPV (McGrath) |
| 4 | NPV (Geltner) |
| 5 | Real estate cash flows, proformas (McGrath) (PDF) |
| 6 | Real estate opportunity cost of capital (McGrath) |
| 7 | Leverage (McGrath) (PDF) |
| 8 | Case 1: Private practice case I due (McGrath) |
| 9 | WACC formula (McGrath) |
| 10 | After-tax cash flows (McGrath) |
| 11 | After-tax investment analysis and capital budgeting (Geltner) (PDF) |
| 12 | Commercial mortgage underwriting (Geltner) (PDF) |
| 13 | Case 2: Private practice case II due (McGrath) (PDF) |
| 14 | Exam 1 (Chapters 10-13, 14.1-5) |
| 15 | Development financial feasibility (Geltner) (PDF) |
| 16 | Development project evaluation (Geltner) (PDF) |
| 17 | Intro case 3, madison project example (Geltner) |
| 18 |
Madison example (cont.) Finish development project investment analysis (Geltner) |
| 19 | Case 3: One Lincoln St case I (development) due (McGrath) |
| 20 | Lincoln (post) and Inter-Mountain (pre) case discussions (Geltner) |
| 21 | Capital structure debt vs equity, etc. (Geltner) (PDF) |
| 22 | Project level capital structure (Geltner) |
| 23 | Real options and land value (Geltner) (PDF) |
| 24 | Real options and land value (cont.) (Geltner) |
| 25 | Case 4: "Inter-Mountain" development project case (Larry Ellman, Citigroup) guest participant |
| 26 | Case 4 debriefing; review and catch up (Geltner) |
| 27 | Real options (cont.) review, catch up (Geltner) |
| Final exam (Cumulative with emphasis on 17.1, 18.2, 15.3, 27, 28, 29.1 and 29.3, and lessons from Cases 3 and 4) |