real estate finance II Course Overview Two parts

Two parts: 1. Finance in the development phase of real estate. 2. Financial structuring

Instructors: Professor full course: Patrice Derrington Development Finance: Professor Maria Kastanis Equity Distributions: Professor

EXCEL SKILLS WORKSHOP In parallel with the lectures, students MUST attend an Excel Skills

TEXTBOOKS Required Textbook: Professional Real Estate Development 3 rd Edition, Richard B. Peiser &

GRADING Grades will be weighted and assigned as follows: Attendance and class participation in

ELECTRONIC RESOURCES Course. Works 2/Canvas @ Columbia will be used for: Posting of the

SESSIONS: Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd

OBJECTIVES OF THIS COURSE • Comprehensive financial analysis: From development, through operating phase, to

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real estate finance II Course Overview

Two parts: 1. Finance in the development phase of real estate. 2. Financial structuring of the equity investment in real estate. Building around core DCF Proforma of Income-producing property: Front-end: development of the property. Back-end: distribution of returns. Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/2 020 2

Instructors: Professor full course: Patrice Derrington Development Finance: Professor Maria Kastanis Equity Distributions: Professor Steven Bloom Course Assistants: Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/2 020 3

EXCEL SKILLS WORKSHOP In parallel with the lectures, students MUST attend an Excel Skills Workshop every other week – that is, the class will be divided into two smaller groups, each attending on alternate weeks. Students who successfully complete a qualifying test may opt out. The Adjunct Faculty instructors for this workshop are Jiho Lee and Johnny Din. Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/2 020 4

TEXTBOOKS Required Textbook: Professional Real Estate Development 3 rd Edition, Richard B. Peiser & David Hamilton, 2012 Urban Land Institute. Recommended Reference Textbooks: Real Estate Finance and Investments, 14 th Edition, William B. Brueggeman, Ph. D and Jeffrey D. Fisher, Ph. D. Commercial Real Estate Analysis & Investments, 3 rd edition, Geltner, Miller, Clayton, Eichholtz, 2013, Cengage Learning. Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/2 020 5

GRADING Grades will be weighted and assigned as follows: Attendance and class participation in the discussion of technical material, quizzes, and case studies: 10%. Excel Skills Workshop Projects: 10% and critical for course completion Homework Quizzes: 20% MIDTERM EXAM (Part 1): 30% FINAL EXAM (Part 2): 30% Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/2 020 6

ELECTRONIC RESOURCES Course. Works 2/Canvas @ Columbia will be used for: Posting of the instructor’s powerpoint slides for the class lectures, post-class. Posting of Homework Quizzes, Midterm and Final Exams. Student submissions of completed Homework Quizzes and Final Exams. Posting of Excel Skills Workshop assignments and completed assignments. Announcements, communications and alerts relevant to the course. Student Laptops: Downloading instructor’s class slides after class. Downloading and submitting Homework Quizzes, Midterm and Final Exams. During Excel Workshop classes & assignments. NOT ALLOWED IN LECTURE CLASSES (only Excel Tutorials). Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/2 020 7

SESSIONS: Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/2 020 8

OBJECTIVES OF THIS COURSE • Comprehensive financial analysis: From development, through operating phase, to distribution of returns. Copyright ©: Richard Peiser & David Hamilton Professional Real Estate Development 3 rd Ed; , Geltner/ Miller/Clayton/Eichholtz Real Estate Finance 2007; Brueggeman/Fisher, Real Estate Finance & Investments 2011, modified by Dr P Derrington 2015 11/29/202 0 12