| LEC # | TOPICS | RECITATIONS |
|---|---|---|
| 1 | Course introduction, portfolio theory | |
| 2 | Portfolio theory and CAPM | Review of real estate finance from last fall |
| 3 | CAPM (cont.) | |
| 4 | REITs introduction |
Portfolio exercise due Guest speakers: Cate Polleys and John Barrie, Fidelity |
| 5 | REIT CF-based valuation (as stocks) | Coaching on "ABC REIT" excel model and/or Lincoln case |
| 6 | REIT NAV-based valuation and asset valuation | |
| 7 | Lincoln case due | Case discussion (cont.) |
| 8 | REITs management considerations, wrap-up | |
| 9 | CMBS introduction, CMBS structure (start) | Guest speaker on REITs |
| 10 | CMBS structure and rating | |
| 11 | CMBS rating and other topics | CMBS guest speaker |
| 12 | Real estate equity derivatives: Index swaps | |
| 13 | Course wrap-up, CMBS case due | Case discussion (cont.) |