Courses Taught

FIN 460 – R Est Fin Anal (3)
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management. FIN (R M) 460 Real Estate Financial Analysis (3) The objective of this course is to provide in-depth coverage of real estate investment and financing decisions. The focus is on the private market, including corporate asset management. Investment analysis moves from the basics of forecasting cash flows, through advanced topics including the impact of real option value on investment and development decisions. Risk measurement is given particular attention with a focus on sensitivity and simulation analysis. There is some coverage of asset pricing models like the Capital Asset Pricing Model, which is critically analyzed with respect to its applicability in real estate markets. The impact of illiquidity, management costs, and the suspicion of non-normally distributed returns are explored, as are the implications of relative market inefficiency. The financing module begins with the basics of mortgage debt mathematics, which is then extended to include comparisons of various repayment programs. Included are interest-only, balloon, shared appreciation, growing equity, graduated payment and reverse annuity loans, as well as various creative financing of commercial properties.The latter include participating mortgages, convertible mortgages, and mezzanine debt. Featured in the corporate asset management section is the lease/buy decision. Other topics may be addresses based on current events. It is anticipated that guest speakers will be invited where appropriate.

REST 560 – R Estate Fin Anly (2)
This course provides a modern framework for the valuation and analysis of real property using both theoretical and empirical approaches.

REST 590 – COLLOQUIUM (1)
Continuing seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

REST 596 – Individual Studies (Variable)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.

REST 890 – Colloquium (1)
Continuing, professionally oriented seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

RM 460 – R Est Fin Anal (3)
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management. FIN (R M) 460 Real Estate Financial Analysis (3) The objective of this course is to provide in-depth coverage of real estate investment and financing decisions. The focus is on the private market, including corporate asset management. Investment analysis moves from the basics of forecasting cash flows, through advanced topics including the impact of real option value on investment and development decisions. Risk measurement is given particular attention with a focus on sensitivity and simulation analysis. There is some coverage of asset pricing models like the Capital Asset Pricing Model, which is critically analyzed with respect to its applicability in real estate markets. The impact of illiquidity, management costs, and the suspicion of non-normally distributed returns are explored, as are the implications of relative market inefficiency. The financing module begins with the basics of mortgage debt mathematics, which is then extended to include comparisons of various repayment programs. Included are interest-only, balloon, shared appreciation, growing equity, graduated payment and reverse annuity loans, as well as various creative financing of commercial properties.The latter include participating mortgages, convertible mortgages, and mezzanine debt. Featured in the corporate asset management section is the lease/buy decision. Other topics may be addresses based on current events. It is anticipated that guest speakers will be invited where appropriate.

RM 496 – Indep Studies (Variable)
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.

R EST 560 – Real Estate Financial Analysis (2)
This course provides a modern framework for the valuation and analysis of realproperty using both theoretical and empirical approaches.

R M 460 – Real Estate Financial Analysis (3)
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management.

R EST 596 – Individual Studies (3)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.

B A 597 – Equilibrium Asset Pricing for Real Estate (Guest)

Selected Publications

Research Impact and Media Mentions

Editorships