Overview. Over the past decade, the real estate industry has undergone dramatic change associated with the securitization and globalization of capital markets. At the same time, the asset class has matured to the extent that its unique, capital-intensive nature has triggered the development of a number of advances. This course will expose students to these changes and provide them with the strategic and technical skills to be able to understand capital flows and emerging capital market trends that affect the industry. Special attention will be paid to securitized real estate, including Real Estate Investment Trusts, and Commercial Mortgage-backed Securities. In addition, students will study global capital flows, including the dramatic growth in domestic investors allocating funds off-shore, and foreign investment in domestic real estate assets. Finally, students will be exposed to the connection between macroeconomic factors and real estate cycles, to allow them to develop a longer-term, more strategic perspective on current trends.

Positioning. This is an advanced course that will build on basic finance and investment theory, both in general and as developed in real estate core courses.

Fall Quarter: TBD

Instructor: TBD