Learning Outcomes: 1. Develop a working knowledge of the real estate process, including the roles of the various key real estate professionals and the unique challenges associated with the real estate asset class.
Audience: Undergraduate

2. Explain the characteristics, advantages, and disadvantages of the primary commercial real estate property types.
Audience: Undergraduate

3. Discuss the role of debt and equity in a real estate transaction as well as the fundamental terms, conditions, and requirements of commercial real estate financing.
Audience: Undergraduate

4. Navigate the basic regulatory framework governing the real estate process, including land use planning, zoning and the required project approvals.
Audience: Undergraduate

5. Describe the role of leasing in the commercial real estate transaction, including the critical terms and conditions of commercial leases.
Audience: Undergraduate

Learning Outcomes: 1. Analyze the basic financial aspects of multifamily and commercial real estate.
Audience: Undergraduate

2. Construct and analyze multifamily and commercial real estate pro forma cash flow statements and property valuations.
Audience: Undergraduate

3. Apply the abstracting process of the income elements and critical operational components of multifamily and commercial property leases to quantify the financial impact to the property pro forma cash flow statement.
Audience: Undergraduate

4. Analyze the financial aspects of multifamily and commercial debt and equity capital returns.
Audience: Undergraduate

5. Articulate multifamily and commercial real estate property and market characteristics, supply and demand drivers, and differences between the various property types.
Audience: Undergraduate

Learning Outcomes: 1. Demonstrate key components required to model a real estate transaction program summary, sources and uses of funds, income statement, debt and equity waterfall.
Audience: Both Grad & Undergrad

2. Demonstrate key functions in excel that are used in the real estate profession including, PMT (payment), PV (present value), NPV (net present value), IRR (internal rate of return), EM (equity multiple), Sumproduct, Round, Solver, Data Table, named Ranges, charts, error bars and circular references.
Audience: Both Grad & Undergrad

3. Model acquisition and development transactions for residential and commercial real estate.
Audience: Both Grad & Undergrad

4. Perform management reporting and sensitivity analysis on PV (present value) and IRR (internal rate of return) for various debt and occupancy metrics.
Audience: Graduate

Learning Outcomes: 1. Demonstrate key components required to model a real estate transaction including, program summary, sources and uses of funds, income statement, debt waterfall, and reporting.
Audience: Both Grad & Undergrad

2. Demonstrate key calculations in ARGUS that are used in the real estate profession including effective gross income, net operating income, tenant improvements, present value, levered and unlevered returns and internal rate of return.
Audience: Both Grad & Undergrad

3. Model acquisition transactions for office and mall.
Audience: Both Grad & Undergrad

4. Perform management reporting and sensitivity analysis on present value and internal rate of return for various leasing scenarios.
Audience: Graduate

Learning Outcomes: 1. Apply the concepts, tools, techniques for evaluating individual real estate assets, based on the application of economic theory and principles of urban economics, for the purpose of real estate valuation.
Audience: Undergraduate

2. Analyze commercial real estate market data and forecast rents and vacancy for a commercial property.
Audience: Undergraduate

3. Create a valuation analysis and a compelling appraisal report for a commercial property.
Audience: Undergraduate

4. Demonstrate the technical skills of appraisal, including but not limited to data gathering, market analysis, and cash flow modeling.
Audience: Undergraduate

5. Describe how market dynamics, constrained by the geographic, physical and legal parameters, determine values of individual assets in the market.
Audience: Undergraduate

6. Explain the economic forces that drive real estate value in the market.
Audience: Undergraduate

Learning Outcomes: 1. Explain the economic forces that drive urban growth and regional development.
Audience: Undergraduate

2. Analyze how business and residential location decisions are made and how these decisions impact housing prices, land use, labor market, and many other aspects of cities.
Audience: Undergraduate

3. Apply the spatial equilibrium concepts to urban development and real estate analysis.
Audience: Undergraduate

4. Develop statistical models to assess residential and commercial real estate and perform sensible business and policy analysis.
Audience: Undergraduate

5. Apply the economic decision-making framework to real estate development decisions.
Audience: Undergraduate

6. Demonstrate understanding of cycles, risks and bubbles in residential and commercial real estate markets.
Audience: Undergraduate

7. Evaluate the challenges in economic, social and environmental sustainability in urban development around the world.
Audience: Undergraduate

8. Apply urban and regional economics to real estate business decisions and policy analysis.
Audience: Undergraduate

Learning Outcomes: 1. Develop and apply a foundational understanding of the common tools, concepts, and terminology of real estate law.
Audience: Both Grad & Undergrad

2. Develop an understanding of the site selection and site control process through an evaluation of the interplay between the business and legal decisions involved in the property acquisition process.
Audience: Both Grad & Undergrad

3. Evaluate the role of leasing in the context of different real estate transactions and learn how to prepare a lease abstract.
Audience: Both Grad & Undergrad

4. Explore the various options for financing real estate projects, both public and private, including traditional bank financing, TIF and tax credit financing.
Audience: Both Grad & Undergrad

5. Analyze how land use and zoning approvals are negotiated and obtained during the development process and learn the importance of working effectively with the staff of federal, state and local governments.
Audience: Both Grad & Undergrad

6. Analyze risks and rewards associated with various real estate transactional decisions.
Audience: Graduate

Learning Outcomes: 1. Synthesize an overview of economic theory as applied to small open economies.
Audience: Both Grad & Undergrad

2. Identify the strengths and weaknesses of the community’s economy.
Audience: Both Grad & Undergrad

3. Implement alternative processes for affecting change at the community level.
Audience: Both Grad & Undergrad

4. Demonstrate literacy of economic factors affecting change at the local level.
Audience: Both Grad & Undergrad

5. Describe the community within a sustainable systems thinking approach.
Audience: Both Grad & Undergrad

6. Identify appropriate roles for community economic development practitioners in a variety of community settings.
Audience: Graduate

Learning Outcomes: 1. Know the primary elements of professional roles within the real estate industry including asset management, property management, risk management, leasing, and capital markets
Audience: Undergraduate

2. Know the nuances of investing in various commercial real estate property types to analyze the merits of each
Audience: Undergraduate

3. Evaluate the property income stream durability and risk profile through the incorporation of a budget/variance analysis
Audience: Undergraduate

4. Develop an asset management plan to analyze value-add strategies designed to grow property income and value
Audience: Undergraduate

5. Manage and mitigate commercial property investment risk through active property and asset management strategies and processes
Audience: Undergraduate

6. Demonstrate professional presentation skills
Audience: Undergraduate

Learning Outcomes: 1. Analyze company and sector performance in a portfolio investment context.
Audience: Both Grad & Undergrad

2. Demonstrate effective written and oral communication skills to present course concepts.
Audience: Both Grad & Undergrad

3. Demonstrate how macroeconomic conditions affect the commercial property sector and individual company performance.
Audience: Both Grad & Undergrad

4. Explain how firms finance investment and why they source particular kinds of financing.
Audience: Both Grad & Undergrad

5. Explain the internal and external drivers of REIT value, including the impact of capital structure.
Audience: Both Grad & Undergrad

6. Explain what REITs are and how their risk, return, and liquidity characteristics fit in the broader class of real estate assets.
Audience: Both Grad & Undergrad

7. Understand and know how to describe the legal/tax context in which REITs operate.
Audience: Both Grad & Undergrad

8. Utilize a framework to analyze the operating and financial performance of a chosen REIT from a variety of perspectives.
Audience: Both Grad & Undergrad

9. Demonstrate a deeper understanding of capital markets and the pricing of real estate in the public markets.
Audience: Graduate

Learning Outcomes: 1. Analyze real estate private equity investment structures
Audience: Both Grad & Undergrad

2. Determine property market growth fundamentals
Audience: Both Grad & Undergrad

3. Generate and evaluate comparable property lease and sale comparables
Audience: Both Grad & Undergrad

4. Model property income and investment waterfalls
Audience: Both Grad & Undergrad

5. Assess private equity investment and sponsor risk
Audience: Both Grad & Undergrad

6. Communicate audience-appropriate analysis of findings
Audience: Both Grad & Undergrad

7. Demonstrate small group leadership skills
Audience: Graduate

Learning Outcomes: 1. Analyze real estate from multiple perspectives (e.g. REIT, insurance company, pension funds).
Audience: Undergraduate

2. Conduct advanced analysis of MBS.
Audience: Undergraduate

3. Demonstrate the primary skills of a real estate security analyst (e.g., REIT and MBS valuation).
Audience: Undergraduate

4. Access resources to deepen knowledge and continually learn about real estate capital markets beyond what was learned in this course.
Audience: Undergraduate

5. Broaden network of professional colleagues via interactions with each other, guest speakers, and conferences.
Audience: Undergraduate

Learning Outcomes: 1. Model acquisition and development transactions for real estate.
Audience: Undergraduate

2. Create a preliminary site design for new construction, allowing for zoning limits, setbacks, storm water, open space, parking and circulation.
Audience: Undergraduate

3. Articulate the role of the developer or fund manager in the development or acquisition process as a catalyst, capital source and risk mitigator.
Audience: Undergraduate

4. Differentiate the risk/reward trade-offs and the gamut of risk mitigation techniques in Real Estate development making and acquisition.
Audience: Undergraduate

5. Demonstrate the effective oral and written communication protocols, skills and techniques necessary for real estate deal- and project assessment.
Audience: Undergraduate

Learning Outcomes: 1. Describe the function and operation of various real estate markets and the impact of government in those markets.
Audience: Graduate

2. Explain the key aspects of various commercial real estate transactions and the roles of the various real estate professionals involved in those transactions.
Audience: Graduate

3. Describe the fundamental terms, conditions and requirements of commercial real estate financing.
Audience: Graduate

4. Develop a working knowledge of the development process, including the unique challenges associated with real estate development.
Audience: Graduate

Learning Outcomes: 1. Apply the concepts, tools, techniques for evaluating individual real estate assets, for the purpose of real estate valuation and investment analysis.
Audience: Graduate

2. Analyze commercial real estate assets from an investment and valuation perspective, including understanding basic property rights, site characteristics and building characteristics.
Audience: Graduate

3. Analyze commercial real estate market data and forecast rents, vacancy and other income for a commercial property.
Audience: Graduate

4. Construct and analyze a commercial real estate operating pro forma considering commercial lease structures.
Audience: Graduate

Learning Outcomes: 1. Understand real estate private equity investment analysis and structures
Audience: Graduate

2. Analyze property market fundamentals and evaluate lease comparables
Audience: Graduate

3. Model and present property investment returns and risk
Audience: Graduate

Learning Outcomes: 1. Analyze the basic financial aspects of multifamily and commercial real estate.
Audience: Graduate

2. Construct and analyze multifamily and commercial real estate pro forma cash flow statements and property valuations.
Audience: Graduate

3. Apply the abstracting process of the income elements and critical operational components of multifamily and commercial property leases to quantify the financial impact to the property pro forma cash flow statement.
Audience: Graduate

4. Analyze the financial aspects of multifamily and commercial debt and equity capital returns.
Audience: Graduate

5. Articulate multifamily and commercial real estate property and market characteristics, supply and demand drivers, and differences between the various property types.
Audience: Graduate

Learning Outcomes: 1. Apply the concepts, tools, techniques for evaluating individual real estate assets, based on the application of economic theory and principles of urban economics, for the purpose of real estate valuation.
Audience: Graduate

2. Create a valuation analysis and a compelling appraisal report for a commercial property.
Audience: Graduate

3. Demonstrate the technical skills of appraisal, including but not limited to data gathering market analysis, and cash flow modeling.
Audience: Graduate

4. Describe how market dynamics, constrained by the geographic, physical and legal parameters, determine values of individual assets in the market.
Audience: Graduate

5. Explain the economic forces that drive real estate value in the market.
Audience: Graduate

Learning Outcomes: 1. Explain and apply the key components of a commercial real estate development analysis.
Audience: Graduate

2. Articulate the role of the developer in the development process as a catalyst, capital source and risk mitigating agent.
Audience: Graduate

3. Consider the risk/reward trade-offs and the gamut of risk mitigation techniques in real estate.
Audience: Graduate

4. Demonstrate the effective oral and written communication protocols, skills and techniques necessary for real estate deal-making and project assessment.
Audience: Graduate

5. Create a preliminary site design for new construction, allowing for zoning limits, setbacks, storm water, open space, parking and circulation
Audience: Graduate

Learning Outcomes: 1. Develop an understanding of the site selection and site control process through an evaluation of the interplay between the business and legal decisions involved in the property acquisition process.
Audience: Graduate

2. Evaluate the role of leasing in the context of different real estate transactions and learn how to prepare a lease abstract.
Audience: Graduate

3. Explore the various options for financing real estate projects, both public and private, including traditional bank financing, TIF and tax credit financing.
Audience: Graduate

4. Analyze how land use and zoning approvals are negotiated and obtained during the development process and learn the importance of working effectively with the staff of federal, state and local governments.
Audience: Graduate

Learning Outcomes: 1. Know the various property sectors deeply enough to be able to make stock and sector recommendations
Audience: Graduate

2. Create an economic, capital markets and real estate outlook
Audience: Graduate

3. Create an investment philosophy, process, and strategy
Audience: Graduate

4. Demonstrate audience-appropriate presentation skills (e.g. stock pitches, portfolios, strategy updates, summary reports for external AREIT Board)
Audience: Graduate

5. Manage a portfolio which includes adjusting holdings based on variety of factors
Audience: Graduate

6. Analyze investment performance
Audience: Graduate

7. Demonstrate constructive and productive teamwork skills
Audience: Graduate

Learning Outcomes: 1. Know the various property sectors deeply enough to be able to make stock and sector recommendations
Audience: Graduate

2. Create an economic, capital markets and real estate outlook
Audience: Graduate

3. Create an investment philosophy, process, and strategy
Audience: Graduate

4. Demonstrate audience-appropriate presentation skills (e.g. stock pitches, portfolios, strategy updates, summary reports for external AREIT Board)
Audience: Graduate

5. Manage a portfolio which includes adjusting holdings based on variety of factors
Audience: Graduate

6. Analyze investment performance
Audience: Graduate

7. Demonstrate constructive and productive teamwork skills
Audience: Graduate

Learning Outcomes: 1. Construct an investment criteria sheet
Audience: Graduate

2. Build a pipeline of potential investment opportunities
Audience: Graduate

3. Underwrite private equity offering memoranda
Audience: Graduate

4. Evaluate the viability of the real estate investment manager (sponsor)
Audience: Graduate

5. Present offering memoranda analysis and underwriting to the Fund Investment Board
Audience: Graduate

Learning Outcomes: 1. Build a pipeline of potential investment opportunities
Audience: Graduate

2. Underwrite private equity offering equity memoranda
Audience: Graduate

3. Evaluate the viability of the real estate investment manager (sponsor)
Audience: Graduate

4. Present offering memoranda analysis and underwriting to the Fund Investment Board
Audience: Graduate

5. Benchmark Fund investments against industry standards
Audience: Graduate

6. Understand the private equity organization’s roles and responsibilities, the investment guidelines, and governance structures
Audience: Graduate

Learning Outcomes: 1. Demonstrate the ability to read and critique theoretical and empirical papers in real estate and urban land economics
Audience: Graduate

2. Demonstrate skills needed to undertake and present theoretical and empirical research appropriate for the intended audience
Audience: Graduate

3. Demonstrate knowledge of some of the main econometric tools and theoretical modeling strategies used in recent papers
Audience: Graduate

Learning Outcomes: 1. Identify and articulate a research question
Audience: Graduate

2. Summarize literature for a research proposal
Audience: Graduate

3. Assess the strengths and weaknesses of a research paper
Audience: Graduate

4. Describe an empirical and/or theoretical model appropriate to address a research question
Audience: Graduate

5. Effectively present a research paper to an academic audience
Audience: Graduate

6. Write a research proposal
Audience: Graduate

Learning Outcomes: 1. Identify a good research question.
Audience: Graduate

2. Articulate the state-of-the-art empirical methods in empirical research, the pros and cons for each empirical strategy, and how to choose between different empirical strategies.
Audience: Graduate

3. Analyze the workhorse theoretical models in urban economics and real estate.
Audience: Graduate

4. Summarize the current state of the real estate and urban economics literature to recognize potential contributions to the literature.
Audience: Graduate

5. Apply cutting-edge research methodologies to their own research projects.
Audience: Graduate

6. Demonstrate oral presentation skills in presenting their own research projects to an academic audience.
Audience: Graduate

7. Expand networks within and beyond the Wisconsin School of Business to serve as a springboard for their careers.
Audience: Graduate