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Real Estate Finance Syllabus

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Professor Barney Hartman-Glaser
Finance 898
Real Estate Finance
Duke University, Fuqua School of Business
Description
This course will consist of 50% Real Estate investment analysis and 50% Real Estate
Capital Markets. The course should be of interest for students interested in real estate investment, real estate finance, fixed-income investments, and the recent global financial crisis. Real Estate Investments
The course will begin with an introduction to the fundamentals of Real Estate valuation and risk analysis including a consideration of the elements of mortgage financing and taxation as well as the mechanics of commercial real estate leasing. The asset types we will consider include office buildings, apartments, residential …show more content…

There will be a template excel valuation model available, so the technical aspect should be relatively limited. Like the case assignments, the final project should be done in groups of 4.

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Final Exam
At the time of preparation of this syllabus, the final exam date is unknown. You will have a 90 minutes to complete the exam. The exam will cover all topics from the course. A practice exam will be distributed.
Homework Groups
Your case assignments and the final project will be done in groups of 4. In an effort to facilitate groups of diverse talents, I will ask students to form their own groups using the following guidelines: at least two members that don’t know each other well and intellectual diversity. I recognize that this is a finance elective and so most of you will have a strong interest in finance so that intellectual diversity will be difficult to establish. Just do your best. 3

Schedule
Date and Time
September 29
8:30 am
October 29
4:00-6:15 pm

Event Type
Due Date

Description
Pre-reading assignment

Lecture 1.

Introduction to course, review of pre-reading material, leases
Readings:
• Brueggeman and Fisher : Chapter 9

November 1
4:00-6:15 pm

Lecture 2.

The real estate Pro Forma and valuation (including taxes and financing)
Readings:
• Brueggeman and Fisher : Chapters 10 and 11

November 5
4:00-6:15 pm

Lecture 3.

Real Estate Equity Syndication/REITS
Readings:
• Brueggeman

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