Overview. An analysis of real estate fundamentals is often properly focused on individual transactions and properties. This attention cuts across the range of market participants including investors, developers, managers and other active market participants. With the exception of user-owners, these decision-makers typically assemble a number of properties or real estate interests for which the investment analysis and management is elevated to a portfolio level. This course provides students with an exposure to modern portfolio theory and other theoretical and applied tools that can be used to establish real estate allocations in a mixed-asset context, manage real estate portfolios in terms of major diversification categories of property type and location, and manage financial structures and ownership positions that span the pubic/private, debt/equity positions. This course will expose students to a range of portfolio techniques and financial analysis, and will explore their limitations in terms of underlying assumptions that the real estate market often violates. In this context, students will learn how to make strategic portfolio decisions in an imperfect market, with imperfect information and uncertainty.

Positioning. This course is an upper level required course that draws on previous core real estate courses and non-real estate electives.

Winter Quarter: TBD

Instructor: TBD