RES 3400 Real Estate Capital Markets Syllabus PDF

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Baruch College, CUNY Zicklin School of Business William Newman Department of Real Estate Real Estate Capital Markets RES 3400, 3 Credits (Spring 2018) Instructor: Professor Meagan McCollum Email: [email protected] Phone: 646-660-6938 Class Schedule: M/W 2:30-3:45pm Classroom: Vertical Campus 10-155 Office hours: M/W, 4:00-5:00pm or by appointment Office location: 137 E 22nd Street, Room 411 (Inside Suite 406) COURSE DESCRIPTION This course examines the creation and evolution of mortgage pass-through securities, real estate investment trusts (REITs), commingled real estate funds (CREFs), and commercial mortgage-backed securities (CMBSs). These developments have had profound effects on the real estate markets, including how they have led to greater flexibility and transparency in those markets, and how they have affected the valuations and pricing efficiency of markets for real estate assets. This course will help students develop a clear understanding of the workings of and opportunities in the real estate capital markets. (Prerequisite) FIN 3000. COURSE LEARNING GOALS By the completion of this course, students will be able to: 1. Demonstrate understanding of the history and composition of both debt and equity components of real estate capital markets. 2. Describe the structure of both residential and commercial mortgage-backed securities (RMBS/CMBS). 3. Model MBS cash flows. 4. Perform a valuation of a REIT. 5. Demonstrate understanding of risks and returns for real estate as an asset class, both on its own as well as in a portfolio context. 6. Discuss current events in both domestic and international real estate capital 1

markets.

BBA GENERAL LEARNING GOALS The faculty of the Zicklin School of Business has adopted six (6) “Learning Goals” for BBA students. The purpose of these goals is to create a common understanding between students, faculty and potential employers of the core objectives for a business education. Students will possess the analytical and critical thinking Analytical Skills skills to evaluate issues faced in business and professional careers. Students will possess the necessary technological skills Technological Skills to analyze problems, develop solutions and convey information. Students will have the necessary oral communication Communication Skills: Oral skills to convey ideas and information effectively and persuasively. Students will have the necessary written Communication Skills: communication skills to convey ideas and information Written effectively and persuasively. Students will have the knowledge base and analytical Civic Awareness and Ethical skill to guide them when faced with ethical dilemmas in Decision-Making business. Students will have an awareness of political, civic and public policy issues affecting business. Students will know how differences in perspectives and Global Awareness cultures affect business practices around the world.

COURSE MATERIALS (1) Introduction to Securitization, 1st edition. (2008) Authors: Frank J. Fabozzi and Vinod Kothari; ISBN-13: 978-0470371909 (2) Global Property Investment, 1st edition. (2011) Authors: Andrew E. Baum and David Hartzell; ISBN- 13: 978-1444335286 Both of the required texts available as a free PDF through the library. If you prefer a hard copy, they are available in the bookstore, Amazon, etc. Other readings will be assigned throughout the semester (especially in the last 1/3 of the semester) and will be available through Blackboard and/or the Baruch library. (Other Required course materials) Financial Calculator (BA-II Plus recommended. 2

Graphing calculators and calculator apps may not be used on exams), Microsoft Excel (available free of charge to Baruch students), free problem guides posted on Blackboard course site.

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ONLINE REAL ESTATE NEWS AND INFORMATION SOURCES The Real Deal – http://therealdeal.com Real Estate News of NYC Realty Times – http://realtytimes.com/ Real Estate News and Advice Commercial Real Estate - https://www.crenews.com RealtyRates.com – http://www.realtyrates.com/ A global leader in real estate investment, financial and market data  REIT.com by NAREIT - http://www.reit.com/ Real estate investment trusts news, industry data and performance  The Urban Land Institute - http://commerce.uli.org/ Great source for information and research on land use and development    

GRADE DISTRIBUTION: Exam 1 Exam 2 Problem Sets Final Exam LETTER GRADE DISTRIBUTION: >= 93.00 90.00 87.00 83.00 80.00 77.00 -

20% 20% 35% 25%

A AB+ B BC+

73.00 70.00 67.00 63.00 60.00...