Continuing Education Programs

NAIOP’s Continuing Education Programs are offered by The Center for Education to support and facilitate learning opportunities through local NAIOP chapters.

  • There are eight CEP Course Selections for NAIOP chapters who participate in the CEP.
  • Each CEP course is based on established NAIOP core competencies, is eight hours in length and is created specifically for local chapter use.
  • Content for each course is adapted from the full 16 hour courses that are available exclusively through The Center for Education.
  • Educational credit for all completed coursework is available on request once attendance is confirmed by the participating chapter.
  • Local NAIOP chapters are responsible for their own course planning, so contact your local chapter for their participation and scheduling of these CEP courses:
    • Real Estate Investment Analysis
    • Advanced Finance
    • Development Finance Fundamentals
    • Real Estate Capital Markets
    • Legal Analysis of CRE Transactions
    • Site Analysis
    • Commercial Leasing
    • Construction Management

Eligible Chapter Programs

Eligible Courses Adapted From Introductory Level Intermediate Level Advanced Level Contact Hours
Real Estate Investment Analysis  Basic Real Estate Finance: Understanding Your Pro Forma 8
Advanced Finance  Advanced Real Estate Finance 8
Development Finance Fundamentals  Financial Analysis of Development Projects 8
Real Estate Capital Markets  Real Estate Investment and Capital Markets 8
Legal Analysis of CRE Transactions  Real Estate Law and Land Use Policy 8
Site Analysis  Site Feasibility and Market Analysis 8
Commercial Leasing  Leasing, Marketing & Negotiation 8
Construction Management  Construction Management for Developers & Owners  8

Real Estate Investment Analysis

Real Estate Investment Analysis is designed to provide entry to intermediate level experienced professionals with the technical skills necessary to analyze the financial feasibility of real estate investment opportunities. Valuation techniques such as direct capitalization and discounted cash flow analysis are introduced first, followed by an examination of debt financing's impact on real estate investments. A case study is to be provided for group work.

Course Modules and Learning Objectives 

  • Real Estate Valuation Using Direct Capitalization
    • Develop an operating statement
    • Define net operating income
    • Introduce capitalization rates
    • Calculate capitalization rates using market extraction
    • Differentiate capitalization rates from total yield
    • Examine historic capitalization rates
  • Real Estate Valuation Using Discount Cash Flow Analysis
    • Estimate a property's cash flows from operations over a holding period
    • Use a terminal capitalization rate to estimate proceeds from the sale of a property
    • Review time value of money concepts
    • Define and calculate net present value (NPV)
    • Define and calculate unlevered internal rate of return (IRR)
  • Introduction to Debt Financing
    • Identify sources of commercial mortgage financing
    • Discuss different types of mortgages
    • Review mortgage terminology
    • Examine the relationship between leverage and risk
    • Calculate loan payments and loan balance
  • Levered Real Estate Investments
    • Incorporate debt financing into a pro forma
    • Discuss the concept of positive leverage
    • Calculate before tax cash flow and before tax equity reversion
    • Calculate a levered internal rate of return (IRR)
    • Estimate an appropriate levered discount rate using a leverage ratio

Advanced Finance

Advanced Finance is designed to provide the intermediate to senior level real estate professionals with techniques used to analyze, finance, and structure real estate transactions. Topics will include an overview of the real estate capital markets, real estate investment risk and return considerations, valuation of stabilized properties and valuation and analysis of real estate development. The course is intended to provide a decision-making framework that offers students an intuitive understanding of real estate finance and investment.

Course Modules and Learning Objectives 

  • Current State of The Capital Markets and Real Estate Investment Funds
    • Understand the current size, and participants of the public and private real estate capital markets
    • Define the types of real estate financed by the real estate capital markets.
    • Know the sources and types of financing for real estate investments
    • Know the major indices which measure real estate investment returns over time
    • Understand the conjunction of real estate supply and demand and the real estate capital markets to determine values
  • Required Rates of Return and Capitalization Rates
    • Review the valuation methodologies used to value an income producing property.
    • Understand the pros and cons of using direct capitalization versus discounted cash flow and vice versa
    • Understand the theory behind direct capitalization using a cap rates.
    • Understand how CAPEX is handled in determining cash flows, cap rates and returns
    • Know the components of a cap rate and how these components determine the direction of the cap rates and real estate values
    • Discern the components of the expected total return on a real estate investment
    • View some of the industry data sources for cap rates and required returns
  • Valuation Methodologies and the Use of Leverage
    • Review definitions for the cash flows for unlevered property and levered equity
    • Review definitions for total return, yield, growth and cap rate
    • Recognize the appropriate measure for equity risk created by the presence of leverage
    • Examine the relationships between leverage, and equity risk and return
    • Identify an appropriate levered rate of return for equity in a DCF framework

Development Finance Fundamentals

Development Finance Fundamentals is designed for introductory to intermediate experienced real estate development professionals, this eight hour course provides students with the analytical theory and practical tools needed to appropriately evaluate the financial feasibility of complex value added and opportunistic real estate investments. This includes speculative land, land development, and commercial and residential rehabilitation and development for all major property types: office, industrial, retail, multi-family and mixed-use. Accounting, risk management, taxation, capital markets and organizational issues influencing the financial viability of these real estate projects will also be considered and discussed.

Course Modules and Learning Objectives 

  • Overview of the Real Estate Capital Markets: Investment Strategies, Return Measurement and Risk
    • Understand participants of the public and private real estate capital markets
    • Define the types of real estate financed by the real estate capital markets.
    • Know the sources and types of financing for real estate investments
    • Know the major indices which measure real estate investment returns and risk over time
    • Define the investment strategies followed by investors and the required rates of return for each these strategies
    • Discern the components of the expected total return on a real estate investment
    • View some of the industry data sources for cap rates and required returns
    • Know how to measure return on real estate investments
  • Investment Analysis: Value-Added Properties
    • Develop skills to identify and analyze value-added investment opportunities
    • Review key metrics, data points, and structural issues used when evaluating value-added investments from both a debt and equity viewpoint
    • Introduce a comprehensive case study that evaluates a value-added investment and includes both equity and debt underwriting evaluation.
    • Complete a comprehensive case study that evaluates a value-added investment and includes both equity and debt underwriting evaluation.
  • Investment Analysis: Development Transactions
    • Overview of financing and investing in development
    • Understand the complexities of valuing and assessing development projects
    • Learn the difference between valuing a for-sale vs. a for-rent development project
    • Learn how to deal with changes in project risk over time
    • Comprehend how to determine the appropriate equity return for a development project
    • Complete two case study/exercises that evaluate a for rent and a for sale
  • Financial Analysis of Mixed and Multi-Use Development
    • Overview of financing and investing in a mixed-use development
    • Understand the complexities and nuances of a mixed-use development projects
    • Determine the factors that drive the phasing and inventory decision for a multi- or mixed-use investment
    • Complete a case study/exercises that evaluates a mixed-use development

Real Estate Capital Markets

Real Estate Capital Markets examines the convergence of real estate and the capital markets by covering the structure and operation of the private and public, debt and equity real estate capital markets, as well as derivative markets that involve real estate. A thorough range of topics in equity real estate investment are examined including: private equity markets, private equity deal structuring, public and private real estate investment trusts (REITs) , problems in measuring risk and return; structuring optimal portfolios, portfolio valuation issues, valuing publicly traded real estate securities, performance evaluation and attribution, and real estate risk management techniques. This course also covers a variety of topics in commercial real estate debt markets including: the structure of the US mortgage finance system, and the valuation of mortgages and commercial mortgage-backed securities.

Course Modules and Learning Objectives 

  • Overview of the Real Estate Capital Markets
    • Understand the interaction of real estate space markets with the real estate capital markets
    • Be able to define the types of real estate financed by the real estate capital markets.
    • Understand the current size, and participants of the public and private, debt and equity, commercial real estate capital markets
    • Understand the various real estate investment strategies
    • Know the major indices which measure public and private real estate investment returns over time
  • Commercial Real Estate: Private Debt Market
    • Understand the commercial mortgage capital markets: lenders, mortgage types and terms.
    • Review and understand the contents of a loan submission package
    • Review permanent loan underwriting guidelines and understand how lenders make decisions on financing commercial property
  • Public Debt: Securitization and Commercial Mortgage Backed Securities: CMBS
    • Review and understand the residential and commercial mortgage markets
    • Understand the role and process of securitization
    • Understand the structure of Commercial Mortgage-Backed Securities: CMBS
    • Work through a securitization example
  • Real Estate Private Equity Markets
    • Examine the sources of equity financing
    • Discuss the investment vehicles used by private equity
    • Define terms associated with a private equity arrangements
    • Understand the investment strategies pursued by private equity
    • Analyze the fess structures of private equity investment vehicles
    • Understand the workings of joint ventures
    • Work through 2 case studies detailing recent private equity joint venture deal structures
  • Public Equity: Real Estate Investment Trusts
    • Provide an overview of Real Estate Investment Trusts (REITs)
    • Understand the requirements necessary to be a REIT
    • Know the types of REIT structures
    • Understand the pros and cons public investment in real estate
    • Grasp the REIT valuation methodologies
  • The Role of Real Estate in an Investment Portfolio
    • Learn the attributes of real estate that make it attractive as part of a multi-asset investment portfolio
    • Examine historical real estate risk and return performance relative to other asset classes
    • Discuss, describe and provide example of portfolio management

Legal Analysis of CRE Transactions

Legal Analysis of CRE Transactions is a survey course designed to familiarize commercial real estate professionals with many of the legal issues that are confronted on a regular basis. It provides an overview of the so-called "bundle of rights" associated with real estate ownership, as well as a thorough analysis of the contractual agreements used to create and transfer those rights. Emerging trends in municipal land use regulation and public-private partnerships are also analyzed to help students gain a better understanding of the policy tools government entities rely upon to stimulate, control and tax real estate development. Students completing the course should be in a better position to identify and evaluate potential legal problems involved in complex commercial real estate development and investment transactions.

Course Modules and Learning Objectives 

  • Legal Dimensions of Real Property
    • Define real property and review real property rights
    • Examine possessory and non-possessory interests in real property
    • Discuss different forms of co-ownership or real property
    • Explore the use of business entities for real estate syndication
  • Real Estate Purchase and Sale Agreements
    • Review the essential elements of a valid contract
    • Summarize remedies available in the event of breach
    • Analyze key contractual provisions
    • Examine the use of contractual contingencies to mitigate risk
    • Discuss common concerns of both buyers and sellers
  • Transferring Title to Real Property
    • Relate the concept of legal title to real property rights
    • Compare and contrast different types of deeds
    • Describe the process of transferring title voluntarily
    • Discuss recording statutes, title searches and title insurance
    • Review ways in which title may be transferred involuntarily
  • Debt Financing Transactions
    • Identify sources of debt financing
    • Review common loan documents
    • Discuss construction loans and permanent loans
    • Explore different types of security interests
    • Evaluate remedies available to lenders in the event of default
    • Outline the foreclosure process

Site Analysis

Site Analysis is designed for the entry level to moderately experienced real estate professional looking to develop strong analytical skills for evaluating the viability and profitability of an acquisition or development of a property. This overview course will stress the importance of developing analytical assessment skills critical to conduct investigative research for site feasibility and to understand the impact of macro-economics, legal and social constraints on a project as well as analyze the site itself.

Course Modules and Learning Objectives 

  • Understand the critical components included in a feasibility analysis and the overall impact to the viability and success of a project.
  • Develop analytical assessment skills which include how to conduct investigative research to develop a site feasibility study.
  • Define the due diligence process and the intended outcome. Identify the critical players in the process. Develop a plan to work within the budget and timeframe of the project.
  • Conduct simple Highest and Best Use analysis taking into consideration: valuation using direct capitalization approach, land use controls and insurability.
  • Perform a national, regional and local economic analysis to determine the state of the market, economic base, availability of resources and the availability supply and demand.
  • Understand the critical components of a site analysis and the impact of the results to the success or potential risks to the project.

Commercial Leasing

Commercial Leasing is designed for entry to intermediate-level commercial real estate development professionals, this eight contact hour course is ideal for leasing agents, developers, asset managers, owners, and those interested in a better understanding the leasing process. This survey course provides participants with the basic knowledge necessary to gain greater value for every commercial lease. The course objective is to provide increased knowledge for managing an efficient and cost effective lease structure.

Course Modules and Learning Objectives 

  • Lease Types & Structures
    • Identify the various types of leases
    • Identify the different types of lease structures
    • Determine how project expenses will be handled
    • What is included in Common Area Maintenance (CAM)?
    • What are the key provisions in CAM clause negotiations?
    • How are real estate taxes handled?
    • What types of insurance may be passed thru in a lease
  • Lease Economics & Valuation
    • How are project rents determined?
    • How are net effective rents computed?
    • Explain the key components of a percentage rent clause
    • Define methods of determining the cost of landlord work
    • How do you negotiate tenant improvement allowances?
    • How do you structure renewal options to maximize project value?
    • How should landlord delivery and tenant acceptance clauses be written?
    • How do early termination provisions affect lease value?
    • How do you amortize tenant improvements into a lease? What are lenders looking for in a lease?
  • Tenant Evaluation & Underwriting
    • What are the key components of a tenant business plan?
    • How do you determine if a tenant has enough business experience?
    • Identify key measures of a tenant's liquidity and net worth
    • Identify ways in which the landlord can mitigate a lease's financial risk?
    • Define the key provisions of a lease guaranty agreement
    • Define the various types of legal entities tenants may use
  • Property Control Issues in Leasing
    • Explain the importance of use clauses and their key components
    • Explain the assignment clause and its key components and issues
    • What is the difference between assignment and subleasing?
    • Explain anchor and co-tenancy clauses in retail leasing
    • Discuss the importance of a tenant opening requirement
    • Discuss tenant go-dark provisions and recapture rights
    • Define the key elements of a tenant relocation provision
    • How do you handle no-build and tenant control area requests?
  • Legal Issues in Leasing for Non-Lawyers
    • Explain a subordination and non-disturbance agreement
    • Discuss the various types of tenant and landlord insurance requirements
    • What are the key elements of a casualty provision?
    • What are the lease issues which arise from condemnation?
    • What key language is required in a letter of intent?
    • What are lien waivers and why are they important?
    • What is a tenant estoppel certificate and why is it important?

Construction Management

Construction Management is designed to offer each participant an introductory level familiarity with the parties involved in construction and how they relate to each other in the design and construction process. The course assumes little or no construction knowledge. The structure of the course will follow the main phases of a construction project: initiation, planning, design, execution and closeout. Topics for this course will include construction and program management, project teams, schedules, budgets and finance, delivery systems monitoring and controlling methods and most importantly the roles and responsibilities of the various parties. Various project delivery systems will be discussed to demonstrate the different approaches to completing construction projects. This course has been designed with effective proven methodologies for adult learners.

Course Modules and Learning Objectives 

  • Identify the project life cycle from the inception to completion and define the construction management and project management processes involved.
  • Understand roles and responsibilities of stakeholders and learn how to effectively communicate to reach a common goal.
  • Examine construction related documents, agreements and delivery methods and when to use them to achieve your desired project outcomes
  • Analyze construction management problems and identify and define the requirements appropriate to its solution
  • Understand professional, ethical, legal, security and social issues and responsibilities
  • Gain awareness of the local and global impacts on construction.
  • Develop a working knowledge of management tools & techniques necessary for successful project management