Basic Real Estate Finance – Real Estate Finance Course

Introduction to Space Markets and Capital Markets

Time: 11:45 p.m. - 2 p.m. (Eastern Standard Time)

Date: January 10, 2019

This module focuses on the relationship between the space market and the capital market, which will be used as a framework for the entire course. We'll also discuss why real estate is a unique asset class and identify major property types and classifications along with key real estate investors. In addition, this module will introduce the four quadrants of the capital market, discuss investment strategies and examine historic real estate returns.

Facilitator for this Lesson:

Hillman Lam

Adjunct Instructor

Columbia University’s GSAPP; Adjunct Instructor, New York University’s (NYU) Schack Institute of Real Estate; Adjunct Lecturer, Baruch College’s William Newman Department of Real Estate

New York City, New York

Subject Area:

He teaches commercial real estate finance-related courses and Argus Valuation DCF software. He’s a Vice President at Lam’s American, an affiliate of the Lam NYC EB-5 Regional Centre and the Lam Group. His former roles include acquisitions and development for Time Equities, Inc, appraiser at Hudson View Appraisals, and retail leasing at Robert K. Futterman & Associates.

Real Estate Valuation Using Direct Capitalization

Time: noon - 2 p.m. (Eastern Standard Time)

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Date: January 17, 2019

This section will focus on the basic structure of a real estate operating statement and how capitalization rates are used in conjunction with the operating statement to derive an estimate of value.

Facilitator for this Lesson:

Jason Ting

Principal

Ting Realty

Tulsa, Oklahoma

Subject Area:

Jason Ting is co-founder of Ting Financial Group, a niche private equity real estate investment firm, and principal of Ting Realty, a full-service real estate development, management and brokerage company. His direct responsibilities include acquisitions and dispositions, property management and leasing, domestic and foreign client relations, and new business formation.

Real Estate Valuation Using Discounted Cash Flow Analysis

Time: noon - 2 p.m. (Eastern Standard Time)

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Date: January 24, 2019

In this section, we will differentiate discounted cash flow analysis from direct capitalization when the technique is presented to provide students with a clear understanding of the relationship between the two approaches to valuation.

Facilitator for this Lesson:

Charles C. Tu, PhD, CFA

Daniel F. Mulvihill Professor of Commercial Real Estate & Academic Director of MSRE Program

University of San Diego

San Diego, California

Subject Area:

Charles Tu is the Daniel F. Mulvihill Professor of Commercial Real Estate and Academic Director of the MS in Real Estate program in the Burnham-Moores Center for Real Estate at the University of San Diego. He teaches a variety of courses at both the graduate and undergraduate levels, including real estate finance and investment, real estate capital markets, real estate management, and real estate development. He is also the principal instructor of Advanced Real Estate Finance in Urban Land Institute’s Real Estate School. Tu earned his PhD in business administration from The George Washington University in 1999 and received the Chartered Financial Analyst (CFA) designation in 2000. He became a LEED Accredited Professional in 2009 and is ARGUS Software Certified for both ARGUS Valuation-DCF and Developer. Tu is also a NAIOP Distinguished Fellow.

Real Estate Leases

Time: noon - 2 p.m. (Eastern Standard Time)

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Date: January 31, 2019

This section will cover the legal aspects of real estate leases and focus on how each type of lease structure influences cash flow/value.

Facilitator for this Lesson:

George Pincus Esq.

Shareholder

Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.

Ft. Lauderdale, Florida

Subject Area: Essentials of the Development Process, Basic and Advanced Real Estate Finance, Real Estate Law and Land Use Policy, and Leasing, Marketing and Negotiations

George Pincus is a transactional real estate lawyer with almost 30 years of experience. His practice includes the structuring and documentation of joint venture deals between developers and sponsors and private equity investors. He also has extensive experience in purchase and sale, real estate finance and leasing transactions. Pincus has been an active member of NAIOP for over 20 years and is a regular speaker at NAIOP education events.

Determinants of Real Estate Returns

Time: noon - 2 p.m. (Eastern Standard Time)

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Date: February 7, 2019

Capitalization rates and discount rates will be broken down into their component parts to help students estimate potential changes in the rates over time.

Facilitator for this Lesson:

Amy F. Lerseth

Senior Vice President, Asset Management & Real Estate Services

Buzz Oates

Sacramento, California

Subject Area:

Amy Lerseth has more than twenty years of experience in the commercial real estate industry and is primarily responsible for the execution of the investment strategy and business plan for assets valued in excess of $1.5 billion. She is directly responsible for the management of the real estate, asset management, and property management companies, as well as driving Buzz Oates’ strategic vision and growth. Lerseth is a member of NAIOP, the Association of Commercial Real Estate, for which she serves on the Board of Directors as president elect; the Urban Land Institute; NAIOP’s Investment Management II National Forum; and Sacramento Metro Chamber’s Economic Development Committee. She fosters professional growth in the commercial real estate industry as a member of the NAIOP Center for Education faculty and as an instructor of BOMA Internationals Foundations of Real Estate Management Courses. Lerseth is a graduate of University of California, Los Angeles, with a Bachelor of Arts degree in English, with an emphasis on American studies. She is a graduate of the Sacramento Metro Chamber’s Leadership Sacramento program, a 2010 recipient of the Sacramento Business Journal’s 40 Under 40 award, a 2011 winner of the Sacramento Business Journal’s Woman Who Mean Business award, a 2012 honoree of Real Estate Forum’s national 40 Under 40 award, and in 2014 was named by Real Estate Forum as a Woman of Influence.

Introduction to Debt Financing

Time: noon - 2 p.m. (Eastern Standard Time)

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Date: February 14, 2019

This module will emphasize mortgage terminology and basic skills such as calculating mortgage payments and balances in this module. We'll also discuss the relationship between leverage and investment risk.

Facilitator for this Lesson:

Amy F. Lerseth

Senior Vice President, Asset Management & Real Estate Services

Buzz Oates

Sacramento, California

Subject Area:

Amy Lerseth has more than twenty years of experience in the commercial real estate industry and is primarily responsible for the execution of the investment strategy and business plan for assets valued in excess of $1.5 billion. She is directly responsible for the management of the real estate, asset management, and property management companies, as well as driving Buzz Oates’ strategic vision and growth. Lerseth is a member of NAIOP, the Association of Commercial Real Estate, for which she serves on the Board of Directors as president elect; the Urban Land Institute; NAIOP’s Investment Management II National Forum; and Sacramento Metro Chamber’s Economic Development Committee. She fosters professional growth in the commercial real estate industry as a member of the NAIOP Center for Education faculty and as an instructor of BOMA Internationals Foundations of Real Estate Management Courses. Lerseth is a graduate of University of California, Los Angeles, with a Bachelor of Arts degree in English, with an emphasis on American studies. She is a graduate of the Sacramento Metro Chamber’s Leadership Sacramento program, a 2010 recipient of the Sacramento Business Journal’s 40 Under 40 award, a 2011 winner of the Sacramento Business Journal’s Woman Who Mean Business award, a 2012 honoree of Real Estate Forum’s national 40 Under 40 award, and in 2014 was named by Real Estate Forum as a Woman of Influence.

Leveraged Real Estate Investments

Time: noon - 2 p.m. (Eastern Standard Time)

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Date: February 21, 2019

Leverage is incorporated into the reconstructed operating statement in this section to analyze the financial performance of a real estate investment.

Facilitator for this Lesson:

Jim Clayton

Professor, the Timothy R. Price Chair and the Director of the Brookfield Centre in Real Estate & Infrastructure

Schulich School of Business at York University

Subject Area:

Jim Clayton is a Professor, the Timothy R. Price Chair and the Director of the Brookfield Centre in Real Estate & Infrastructure in the Schulich School of Business at York University. The Centre aims to be a global leader in teaching, research and engagement with industry and government. Activities include Schulich’s new 12-month Master of Real Estate and Infrastructure (MREI) program, one that builds on the School’s long-existing MBA specialization in the same areas. Clayton returned to academia, and Canada, in January from global investment manager Barings in Hartford, CT, where he was Head of Real Estate Investment Strategy and Analytics. Previously he was Director of Research at the Pension Real Estate Association (PREA), and prior to that had faculty positions at the University of Cincinnati and Saint Mary’s University in Halifax, Nova Scotia. Jim has a Ph.D. from UBC, an MA from Western, and an Honours BA from Queen’s.

Analyzing Debt Financing Options

Time: noon - 2 p.m. (Eastern Standard Time)

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Date: February 28, 2019

We'll discuss the skills necessary to estimate the maximum loan amount a property will support and to choose between financing options with different terms.

Facilitator for this Lesson:

Dave Domres, CPM, CCIM

Vice President

Physicians Realty Trust AMO

Milwaukee, Wisconsin

Subject Area: Financial Analysis of Development Projects

David G. Domres, CPM^® CCIM, is currently vice president with Physicians Realty Trust AMO^® headquartered in Milwaukee, Wisconsin.

With a career spanning more than 30 years, Domres has been involved with multiple property types providing acquisition, disposition, development, leasing, and asset and property management services.

Locally, Domres was the 2008 president of the Wisconsin Chapter of NAIOP, served on NAIOP’s corporate board and received NAIOP’s 2013 Volunteer of the Year recognition. Domres is a past president of the Institute of Real Estate Management (IREM) Milwaukee Chapter No. 13 where he received the chapter’s CERTIFIED PROPERTY MANAGER^® of the Year Award three times. Domres has contributed to numerous articles, publications and books about real estate investment and management.

Domres holds the Certified Commercial Investment Member (CCIM) and Certified Property Manager (CPM^®) designations. He is an adjunct instructor with the University of Wisconsin – Stout, Marquette University and IREM.

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

Basic Real Estate Finance - Spring

Lesson Plans

Introduction to Space Markets and Capital Markets

Facilitator for this Lesson:

Hillman Lam

Real Estate Valuation Using Direct Capitalization

Facilitator for this Lesson:

Jason Ting

Real Estate Valuation Using Discounted Cash Flow Analysis

Facilitator for this Lesson:

Charles C. Tu, PhD, CFA

Real Estate Leases

Facilitator for this Lesson:

George Pincus Esq.

Determinants of Real Estate Returns

Facilitator for this Lesson:

Amy F. Lerseth

Introduction to Debt Financing

Facilitator for this Lesson:

Amy F. Lerseth

Leveraged Real Estate Investments

Facilitator for this Lesson:

Jim Clayton

Analyzing Debt Financing Options

Facilitator for this Lesson:

Dave Domres, CPM, CCIM

Education Credits

Education Credits

Learning Objectives

Learning Objectives

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Tuition & Register

Course Tuition

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Cancellation Policy

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FAQs

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