Introduction to the Real Estate Process (Mandatory Course)
This introductory survey course provides a foundation for understanding the workings and players in the real estate market. The curriculum features a hands-on approach to analysis of real estate deal opportunities with case presentations from leaders in the real estate community.
Topics Include: Real estate economics, valuation, feasibility, investment, tax considerations, financing, development, and corporate real estate asset management. Class will feature lectures and cases with supplemental presentations by real estate professionals.
Applied Real Estate Security Analysis and Portfolio Management (Elective)
This course prepares students to value and efficiently manage a diversified portfolio composed of real estate investment trusts (REITs). The course will soon be rendered “real” and not simply “virtual” with funding through the sales of individual REIT shares to members of The Center for Real Estate's Advisory Board.
Provides an understanding of the public real estate investment trust (REIT) market and its place in modern investment strategies, presents methods for analyzing and valuing companies, and introduces basic concepts for constructing and managing a real estate investment portfolio.
The Real Estate Development Process (Elective)
This course introduces students to the nature and composition of the development community and the development process. Students have the opportunity to work in teams with a client as well as prepare a feasibility analysis and create an optimal deal structure for an actual development project.
Topics Include: Nature and composition of development community and development process with the emphasis on the role of conflicting interests, values and goals, and market uncertainty; deal structuring and risk management.
Course will consist of lectures, guest lectures, and team projects evaluating actual development projects.
Real Estate Capital Markets (Elective)
The primary goal of this course is to develop a working understanding of the four segments of real estate capital markets: public debt, private debt, private equity and public equity, and how these markets affect real estate investment.
Topics Include: Understanding the four sectors of real estate capital markets: public debt, private debt, public equity, private equity; fundamental drivers of real estate investment; key players; investment types; underwriting strategies; debt vs. equity source characteristics and implications for returns.
International Real Estate Investment (Elective)
This hands-on course tracks the growing phenomenon and driving forces of international real estate investing. The course features a variety of guest speakers and the potential opportunity for students to participate in an international field trip.
Topics Include: Survey of international real estate investment opportunities; size and breadth; opportunities and challenges (tax treatment, currency/political/market risks, transaction costs, lack of local knowledge); ownership vehicles (REITs, joint ventures, equity funds, etc.)
Mortgage-Backed Securities & Structured Debt (Elective)
This course focuses on the theory and operation of the mortgage-backed securities (MBS) market and the market for structured real estate debt through an in-depth examination of both the residential and commercial mortgage-backed securities markets (RMBS, CMBS).
Topics Include: Theory and operation of the residential and commercial mortgage-backed securities markets, historical introduction, pricing and technical analysis, the securitization process and roles of individual players, investment characteristics, structured finance and derivatives, recent policy issues.
Seminar in Management of the Real Estate Enterprise (Mandatory Course)
This course is a capstone seminar that explores the various aspects of decision-making related to the management and leadership of the real estate enterprise. Each session focuses on a particular topic and is hosted by a guest speaker with specific expertise from the professional community.
Course will look beyond "The Deal" to management of the real estate enterprise itself; explore aspects of decision-making focused upon strategic objectives: goal setting, legal/tax structures, public vs. closely-held entities, corporate ethics, capital structure, managing growth, diversification, and technology.
Real Estate Finance and Investment Analysis (A multi-day program - TBD)
This course explores critical technological aptitude and skill sets for success in commercial real estate. Students will learn about concepts including commercial real estate cash flow projections and asset valuations. Additionally, students will develop the necessary Excel skill sets to prepare property cash flows and create dynamic and sophisticated commercial real estate valuation models to evaluate transactions on both an unlevered and levered basis.
Practicum in Mixed Use Community Development (MBA)
Taught by Professor Kerry Vandell, this course introduces students to the complex variety of issues, perspectives and decision making knowledge that must accompany the current development process for mixed-use communities. This course is very hands-on allowing students to work in development teams focusing on an actual Orange County site.