Advanced Real Estate Finance Online Course

Payment for a NAIOP Online Course entitles access for one person only to the course and all materials.

Note: All times noted are Eastern Time.

Wednesday, January 11, 2012
Noon - 2 p.m.
Current State of the Capital Markets and Real Estate Investment Funds
We'll discuss the current size and participants of the public and private real estate capital markets and identify types of real estate financed by sources. We will identify the sources and types of financing for real estate investments and discuss major indices that measure real estate investment returns over time. Finally, students will gain an understanding of the conjunction of real estate supply and demand and the real estate capital markets to determine values.

Thomas G. Thibodeau, Professor of Real Estate, University of Colorado

Wednesday, January 18, 2012
Noon - 2 p.m.
Required Rates of Return and Capitalization Rates
Students will review the valuation methodologies used to value an income producing property and gain an understanding of the pros and cons of using direct capitalization versus discounted cash flow and vice versa. This session will delve into the theory behind direct capitalization using cap rates and discuss how CAPEX is handled in determining cash flows, cap rates and returns. We'll identify the components of a cap rate and how these components determine the direction of the cap rates and real estate values. In addition, students will discern the components of the expected total return on a real estate investment and view some of the industry data sources for cap rates and required returns.

Thomas G. Thibodeau, Professor of Real Estate, University of Colorado

Wednesday, January 25, 2012
Noon - 2 p.m.
Valuation Methodologies and the Use of Leverage
This session begins by reviewing definitions for the cash flows for unlevered property and levered equity, along with defining total return, yield, growth and cap rate. Students will learn to recognize the appropriate measure for equity risk created by the presence of leverage and examine the relationships between leverage, and equity risk and return. Lastly, we'll identify an appropriate levered rate of return for equity in a DCF framework.

Thomas G. Thibodeau, Professor of Real Estate, University of Colorado

Wednesday, February 1, 2012
Noon - 2 p.m.
Real Estate Taxation
We'll discuss the various tax classifications and exemptions imposed on real estate and examine the methods of calculating depreciation and their impacts on taxation. We'll also look at affordable housing programs and the Low Income Housing Tax Credit (LIHTC).

Gregg Boehm, Vice President, Industrial Income Trust

Wednesday, February 8, 2012
Noon - 2 p.m.
Commercial Loan Markets and Underwriting
We'll present a comprehensive overview of the commercial mortgage capital markets by identifying lenders, mortgage types and terms. Attendees will review the contents of a loan submission package and examine permanent loan underwriting guidelines and how lenders make decisions on financing commercial property.

Gregg Boehm, Vice President, Industrial Income Trust

Wednesday, February 15, 2012
Noon - 2 p.m.
Investment Analysis: Value-Added Properties
This session will focus on developing skills to identify and analyze value-added investment opportunities. We'll also delve into key metrics, data points and structural issues used when evaluating value-added investments from both a debt and equity viewpoint. Finally, we'll introduce a comprehensive case study that evaluates a value-added investment and includes both equity and debt underwriting evaluations.

Gregg Boehm, Vice President, Industrial Income Trust

Wednesday, February 22, 2012
Noon - 2 p.m.
Investment Analysis: Value-Added Properties
This session will focus on developing skills to identify and analyze value-added investment opportunities. We'll also delve into key metrics, data points and structural issues used when evaluating value-added investments from both a debt and equity viewpoint. Finally, we'll introduce a comprehensive case study that evaluates a value-added investment and includes both equity and debt underwriting evaluations.

Gregg Boehm, Vice President, Industrial Income Trust

Wednesday, February 29, 2012
Noon - 2 p.m.
Real Estate Private Equity Markets
During this session, we'll examine the various sources of equity financing and discuss the investment vehicles used by private equity. Students will become familiar with terms associated with private equity arrangements along with the investment strategies pursued by private equity. In addition, we will demonstrate how to analyze the fee structures of private equity investment vehicles and discuss the workings of joint ventures. Finally, students will work through two case studies detailing recent private equity joint venture deal structures.

Gregg Boehm, Vice President, Industrial Income Trust