Advanced Real Estate Finance On-demand

Advanced Real Estate Finance

Advanced Real Estate Finance

The Advanced Real Estate Finance course will provide the intermediate to senior level real estate professional with techniques used to analyze, finance and structure real estate transactions. It was designed to provide a decision-making framework that offers attendees an intuitive understanding of real estate finance and investment and provides the ability to analyze a broad range of real estate problems and decisions.

About On-demand Courses

This is an edited version of a previously recorded, live, online course. Student and instructor comments are the opinions of the individuals and do not necessarily reflect the views of NAIOP.

All handouts and resource materials are posted with the module to which they belong, as well as an evaluation and assessment at the end of the course.

To receive proof of attendance for this course, each student must attend/view all eight modules and complete the evaluation.

As a NAIOP Certificate candidate, you must complete all eight modules in the Basic Real Estate Finance On-demand course, submit the evaluation, and pass the end-of-course assessment with a score of 80 percent or better.

If you experience any difficulty with accessing this on demand course or its materials, please email or call 703-904-7100, 8:30 a.m.–5:30 p.m. (ET), Monday–Friday. You can also view the FAQ here.

Lesson Plans

Module 1

Current State of the Capital Markets and Real Estate Investment Funds

We'll discuss the current size and participants of the public and private real estate capital markets and identify types of real estate financed by sources. We will identify the sources and types of financing for real estate investments and discuss major indices that measure real estate investment returns over time. Finally, students will gain an understanding of the conjunction of real estate supply and demand and the real estate capital markets to determine values.

Module 2

Required Rates of Return and Capitalization Rates

Attendees will review the valuation methodologies used to value an income producing property and gain an understanding of the pros and cons of using direct capitalization versus discounted cash flow and vice versa. This session will delve into the theory behind direct capitalization using cap rates and discuss how CAPEX is handled in determining cash flows, cap rates and returns. We’ll identify the components of a cap rate and how these components determine the direction of the cap rates and real estate values. In addition, attendees will discern the components of the expected total return on a real estate investment and view some of the industry data sources for cap rates and required returns.

Module 3

Valuation Methodologies and the Use of Leverage

This session begins by reviewing definitions for the cash flows for unlevered property and levered equity, along with defining total return, yield, growth and cap rate. Attendees will learn to recognize the appropriate measure for equity risk created by the presence of leverage and examine the relationships between leverage, and equity risk and return. Lastly, we’ll identify an appropriate levered rate of return for equity in a DCF framework.

Module 4

Real Estate Taxation

We'll discuss the various tax classifications and exemptions imposed on real estate and examine the methods of calculating depreciation and their impacts on taxation. We'll also look at affordable housing programs and the Low Income Housing Tax Credit (LIHTC).

Module 5

Commercial Loan Markets and Underwriting

We'll present a comprehensive overview of the commercial mortgage capital markets by identifying lenders, mortgage types and terms. Attendees will review the contents of a loan submission package and examine permanent loan underwriting guidelines and how lenders make decisions on financing commercial property.

Module 6

Investment Analysis: Development Transactions

We’ll provide an overview of financing and investing in development and discuss the complexities of valuing and assessing development projects. Attendees will learn the difference between valuing a for-sale versus a for-rent development project as well as how to deal with changes in project risk over time. We’ll also illustrate how to determine the appropriate equity return for a development project.

Module 7

Investment Analysis: Value-Added Properties

This session will focus on developing skills to identify and analyze value-added investment opportunities. We'll also delve into key metrics, data points and structural issues used when evaluating value-added investments from both a debt and equity viewpoint. Finally, we'll introduce a comprehensive case study that evaluates a value-added investment and includes both equity and debt underwriting evaluations.

Module 8

Real Estate Private Equity Markets

During this session, we'll examine the various sources of equity financing and discuss the investment vehicles used by private equity. Students will become familiar with terms associated with private equity arrangements along with the investment strategies pursued by private equity. In addition, we will demonstrate how to analyze the fee structures of private equity investment vehicles and discuss the workings of joint ventures. Finally, students will work through two case studies detailing recent private equity joint venture deal structures.

Education Credits

Education Credits

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Advanced Real Estate Finance is approved for the following Education Credit:
16 hours credit toward the Certificate of Advanced Study in Commercial Real Estate Development and the Certificate of Advanced Study in Real Estate Finance.

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16 AIA/CES Learning Units
16 Professional Development Hours (PDH)
1.6 Continuing Education Units (CEUs)

Learning Objectives

Learning Objectives

  • An overview of the real estate capital markets
  • Real estate investment risk and return considerations
  • Valuation of stabilized properties
  • Valuation and analysis of real estate development and value-added properties real estate taxation
  • Study of commercial mortgage market and underwriting techniques

Tuition & Register

Tuition & Register

Payment for a NAIOP online course entitles access for one person only to the course and all materials.

Course Tuition

Member Type USD CAD
Member $795 $1040
Nonmember $995 $1300
Developing Leader $595 $780
Student Member $95 $125
Student Nonmember $145 $190

How to Register

  • Register online.
  • Fax: Complete the registration form for US  or for Canada  and fax to 703-904-7003
  • Mail: Send check payments to: NAIOP, CL500060, PO Box 5007, Merrifield, VA 22116-5007
  • Register over the phone/questions: 800-666-6780


All registrations processed online receive an automatic order confirmation and receipt. If you register via fax, mail, or phone, a receipt must be requested by contacting

Login instructions to access the online course are sent under separate cover from, within 2 days. If you do not received the login instructions, please check your spam folder. If the login email is still not there, please contact the NAIOP Education Department at

Cancellation Policy

No refunds will be issued.



What does tuition cover?

Payment for a NAIOP online course entitles access for one person only to the course and all materials.

Is there an online instructor?

Yes, there is a live instructor presenting each class. Students are able and encouraged to engage and interact with the instructor and each other.

How much out-of-class work is required for each course?

Courses offered online require no more than one hour per week of additional work outside of the scheduled class times.

What if I miss a scheduled class?

If a student misses a class, all materials and a recording of each class is posted in the material library for the student to review before the next class. A student must attend a minimum of 75 percent of the classes to receive credit.

Do I have to take an exam?

Course exams are not required unless you are enrolled as a candidate for the Certificate of Advanced Study in Commercial Real Estate or the Certificate of Advanced Study in Real Estate Finance.

What records are kept of my coursework?

The Center maintains records of all the coursework you complete, as well as optional exam scores, in a confidential transcript. Transcripts are available to candidates upon request. Please contact

What are the computer requirements?

The interactive sessions will be accessed via

Please use the list below to determine if your computer meets the minimum requirements recommended to participate in the online courses:

To attend on a PC, the following is required:

  • Internet Explorer® 6.0 or newer, Mozilla® Firefox® 2.0 or newer (JavaScript™ and Java™ enabled)
  • Windows® 2000, XP, 2003 Server or Vista
  • Cable modem, DSL or better Internet connection
  • Minimum of Pentium® class 1GHz CPU with 512 MB of RAM (Recommended) (2 GB of RAM for Windows® Vista)

To attend on a Mac®, the following is required:

  • Mac OS X 10.4 (Tiger®) or newer
  • Safari 3.0 or newer, Firefox 2.0 or newer (JavaScript™ and Java™ enabled)
  • Cable modem, DSL or better Internet connection
  • Power PC G4/G5 or Intel processor (521 MB of RAM or better recommended)

Participants wishing to connect to audio using VoIP will need a fast Internet connection, a microphone and speakers (a USB headset is recommended).

Contact Barb David at for more information.