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Real Estate Investing

at Columbia Business School - Harlem

(9)
Course Details
Price:
$6,950 3 seats left
Start Date:

Mon, Mar 13, 8:30am - Mar 15, 5:30pm Eastern Time (3 sessions)

Location:
Harlem, Manhattan
665 W 130th St Manhattanville Campus
Btwn Riverside Dr & Broadway
New York, New York 10027
(Map)
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Description
Class Level: All levels
Age Requirements: 18 and older
Average Class Size: 25

What you'll learn in this real estate course:

The last few decades have seen rising capital allocations to real estate as bond yields have compressed. With financing attributes beneficial to institutional investors, fund managers, and entrepreneurs alike, real estate has become an avenue to wealth building and a source of portfolio diversification for a wide range of investment entities. 

More recently, the COVID-19 pandemic has had a profound impact on the real estate industry across the globe that could last for years. The disruption to financial markets and the global economy presents unique challenges for all aspects of real estate dealmaking, including fair valuation of real estate assets, decision making under uncertainty, regulatory changes, long-run implications of work from home, and risk to tenants whose ability to pay rent has been impeded. Yet, the dislocation also presents tremendous opportunities not seen since at least the great financial crisis of 2008–2010. Hotels and retail properties in particular are ripe targets for distressed-asset investors.


Taught by Columbia Business School’s top real estate faculty from the School’s esteemed Paul Milstein Center for Real Estate, the Real Estate Investing program provides participants with a deep understanding of real estate valuation and investments — sharpening their acumen of real estate principles, teaching them how to mitigate risk in real estate investing, and strengthening their strategic decision-making capabilities in the field.

While touching on residential housing, the six-session program primarily focuses on the acquisition and management of income-producing commercial properties.


Impact


This program is designed to provide an intensive dive into the changing fundamentals and emerging opportunities in real estate. Participants build on their existing business knowledge and learn how to apply that knowledge to the real estate investment market. Specifically, participants will walk away with:

  • Solidify their understanding of key real estate investment fundamentals and metrics
  • Using real-world case studies, examine determinants of successful real estate investing
  • Learn how to analyze the distressed real estate investment opportunities
  • Consider the perspectives of investors and investment management firms

  • Understand factors that are disrupting the business and explore strategies to improve buying, renting, selling, and managing real estate assets

Program Structure

Part 1:The Commercial Real Estate Asset Class, Iconic Assets, and the Investor Ecosystem


Part 1 discusses the importance of real estate as an asset class and its historical return performance. Real estate forms part of the alternative investment asset class and institutional investors target a substantial part of their alternatives portfolio in real estate.


This session also introduces participants to the various types of real estate assets by discussing an iconic asset in each sector. The discussion uncovers a diverse investor ecosystem.


Part 2: CRE Fundamentals and Valuation


Part 2 discusses CRE leases and operating expenses, two key fundamentals in any real estate valuation. It provides participants with the tools to project and analyze cash flows for real estate properties, the real estate pro forma. It explains the concept of a capitalization rate and how it is used in valuations. The concepts are applied in a real-world case study.

Part 3:CRE Capital Structure and Taxation


Part 3 takes a deep dive into real estate financing. It studies how mortgage financing affects the risk and return of real estate investments. The discussion covers several other ways of raising capital for real estate acquisitions and investments such as mezzanine debt and ground leases.


Participants also learn about real estate taxation, an important driver of value in many real estate investments.

Part 4 Distressed Investment Opportunities


Part 4 focuses on real estate in distress. It covers lenders’ and borrowers’ rights and foreclosure processes. It treats distressed investing as part of a broader value investment strategy in the real estate industry.


The COVID-19 pandemic has created many newly distressed assets, allowing investors to find new opportunities to recapitalize and reposition troubled properties and companies. A real-life case study provides participants with the tools needed to analyze distressed properties.

Part 5 Private and Public Equity


Part 5 discusses real estate private equity (REPE) and public equity vehicles (REITs) and their roles in the CRE ecosystem. It discusses the incentive alignment of managers and investors through the cash-flow waterfall. It contrasts the types of assets that REPE and REITs invest in and the relative liquidity of each investment vehicle.

Part 6 Real Estate Development, Affordable Housing, and Program Summary


The last part discusses real estate development. It does so in the context of an affordable housing investment case, placing the exercise in the broader context of housing affordability. The session wraps up with a review of the program.


Participant Profile

The course is designed for business people on the periphery of the real estate business, including investors who touch but don't specialize in real estate, mortgage lenders, private wealth advisors, or chief investment officers who do not have a background in real estate but need to acquire or enhance their understanding of the sector. The program would also be appropriate for real estate professionals who need a refresher of the key concepts and an update to new developments in proptech.


Familiarity with Microsoft Excel and basic financial concepts such as net present value, internal rate of return, or discounted cash flow is expected.


Admissions Qualifications:

Successful candidates should have managerial experience and responsibilities matching a program’s “Who Should Attend” or “Participant Profile” description. All registrations are subject to approval by Columbia Business School.


Still have questions? Ask the community.

Refund Policy
Notification of withdrawal must be sent in writing to CourseHorse. Full refunds can be obtained up to 30 days before the program start date. Due to the costs incurred for program preparation and administration, any cancellations or requests for transfers or deferrals received 30 days or less from the program start are subject to penalty fees as described below. 
  • More than 30 days notice: 0% Cancellation – Transfer Penalty
  • 14 to 30 days notice: 30% Cancellation – Transfer Penalty
  • Less than 14 days notice: 50% Cancellation – Transfer Penalty
Columbia Executive Education, at its sole discretion, reserves the right to limit enrollments regardless of acceptance status. Individuals who have paid tuition but who are deemed ineligible to participate due to such enrollment limitations will receive a refund.

Substitutions:
Requests must be submitted in advance to Columbia Business School Executive Education and will be reviewed on an individual basis, based on participant qualifications and lead time needed for any program pre-work.

Transfers: Transfer requests must be submitted to Columbia Business School Executive Education and must indicate the new dates and/or new program the participant wishes to attend. Transfers are valid only within one year of the original program start date.

Refunds: Any remaining balance of a cancelled program's payment can be applied to another Columbia Business School Executive Education program within one year of the program date. After one year, the balance is nonrefundable.

Full tuition is nonrefundable under these conditions:
  • The registrant or substitute does not enroll in another program within one year of the original start date, and/or
  • The registrant or substitute defers or transfers more than two times.

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Start Dates (1)
Start Date Time Teacher # Sessions Price
8:30am - 5:30pm Eastern Time Christopher Mayer, Tomasz Piskorski, David Sherman & Stijn Van Nieuwerburghn 3 $6,950
This course consists of multiple sessions, view schedule for sessions.
Tue, Mar 14 8:30am - 5:30pm Eastern Time Christopher Mayer, Tomasz Piskorski, David Sherman & Stijn Van Nieuwerburghn
Wed, Mar 15 8:30am - 5:30pm Eastern Time Christopher Mayer, Tomasz Piskorski, David Sherman & Stijn Van Nieuwerburghn

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