| SES # | TOPICS | REFERENCES |
|---|---|---|
| 1 | Transaction index methodology | Chapter 25 |
| 2 | Guest lecture on transaction-based indices | |
| 3 | Guest lecture on CDO's (collateralized debt obligations) | |
| 4 | Guest lecture on CMBS (commercial mortgage-backed securities) default modeling | |
| 5 | Guest lecture on commercial real estate derivatives | Chapter 26 (section 26.3 only) |
| 6 | No class (optional trip to New York) | |
| 7 | No class (optional trip to New York) | |
| 8 | Valuing flexibility in real estate development projects using spreadsheet-based simulation | Chapter 29, especially 29.4 and CD Appendix 29 |
| 9 | Simulation nuts and bolts | |
| 10 | Derivatives (pricing and technical issues) | Chapter 26.3 |
| 11 | International real estate investment | Chapters 24 and 26 (sections 26.1-2 only) |
| 12-13 | Student presentations |
Table of Contents
Study Materials
Readings
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There are no formal required materials. Students may find the following text useful for some topics:
Geltner, David M., Norman G. Miller, Jim Clayton, and Piet Eichholtz. Commercial Real Estate Analysis and Investments. Cincinnati, OH: South-Western Educational Publishing, 2007. ISBN: 9780324305487.
Additional Readings
de Neufville, Richard, Stefan Scholtes, and Tao Wang. "Real Options by Spreadsheet: Parking Garage Case Example." Journal of Infrastructure Systems 12, no. 2 (2006): 107-111.
Fisher, Jeff, David Geltner, and Henry Pollakowski. "A Quarterly Transactions-Based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand." Journal of Real Estate Finance and Economics 34, no. 1 (2007): 5-33.
Fisher, Jeff, Dean Gatzlaff, David Geltner, and Donald Haurin. "Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices." Real Estate Economics 31, no. 2 (2003): 269-303.
Geltner, David, and David Ling. "Considerations in the Design and Construction of Investment Real Estate Research Indices." Journal of Real Estate Research 28, no. 4 (2006): 411-444.
Geltner, David, and Henry Pollakowski. "A Set of Indexes for Trading Commercial Real Estate Based on the Real Capital Analytics Transaction Prices Database." Working paper, MIT Center for Real Estate, 2006.