Advanced Real Estate Finance On-demand Course
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Course length: 16 hours / 8 modules
Level: Intermediate
Designed for: Developers, owners, asset managers, financial managers, investors and brokers.
This course provides the intermediate- to senior-level real estate professional with techniques used to analyze, finance and structure real estate transactions. It is designed to provide a decision-making framework that offers you an intuitive understanding of real estate finance and investment and allows you to effectively analyze a broad range of real estate problems and solutions. Completion of the Basic Real Estate Finance course is recommended but not required.
Course modules:
- Overview of Capital Markets
- Required Rates of Return and Capitalization Rates
- Valuation Methodologies and the Use of Leverage
- Real Estate Taxation
- Commercial Loan Markets and Underwriting
- Investment Analysis: Development Transactions
- Investment Analysis: Value-Added Properties
- Real Estate Private Equity Markets
If you would like to purchase an individual course module instead of the full course, visit the individual course page.
Tuition & Register
Payment for a NAIOP on-demand course entitles access for one person only to the course and all materials.
Course Tuition
| Member Type | USD | CAD |
| Member | $795 | $1,059 |
| Nonmember | $995 | $1,325 |
| Developing Leader | $595 | $792 |
| Student Member | $95 | $126 |
| Student Nonmember | $145 | $193 |
How to Register
- Register online: Click on the green Register button at the top of the page. You will need to log in or create a free account in order to see the Register button.
- Fax: Complete the registration form for U.S. or for Canada and fax to 703-904-7003
- Mail: Send check payments to: NAIOP, CL500060, PO Box 5007, Merrifield, VA 22116-5007
- Register over the phone/questions: 800-666-6780
Confirmation
All registrations processed online receive an automatic order confirmation and receipt. If you register via fax, mail, or phone, a receipt must be requested by contacting education@naiop.org.
Login instructions to access the on-demand course are sent under separate cover . If you do not received the login instructions, please check your spam folder. If the login email is still not there, please contact the NAIOP Education Department.
Cancellation Policy
No refunds will be issued.
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Module 1 - Overview of Capital Markets Class Recording
Open to view video.
Open to view video.
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.
Module 2 - Required Rates of Return and Capitalization Rates Class Recording
Open to view video.
Open to view video.
Attendees 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, attendees 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.
Module 3 - Valuation Methodologies and the Use of Leverage Class Recording
Open to view video.
Open to view video.
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. Attendees 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.
Module 3 - Valuation Methodologies and the Use of Leverage Presentation
Open to download resource.
Open to download resource.
Module 3 In Class Exercise - CS1A-Stabilized Unlevered Property (Template)
Open to download resource.
Open to download resource.
Module 3 In Class Exercise - CS1A-Stabilized Unlevered Property (Questions)
Open to download resource.
Open to download resource.
Module 3 In Class Exercise - CS1A-Stabilized Unlevered Property (Solution)
Open to download resource.
Open to download resource.
Module 3 Homework - CS1B-Stabilized Levered Property (Template)
Open to download resource.
Open to download resource.
Module 3 Homework - CS1B-Stabilized Levered Property (Questions)
Open to download resource.
Open to download resource.
Module 4 - Real Estate Taxation Class Recording
Open to view video.
Open to view video.
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).
Module 4 - CS1C-Stabilized Levered Property with Taxes (Template)
Open to download resource.
Open to download resource.
Module 4 - CS1C-Stabilized Levered Property with Taxes (Questions)
Open to download resource.
Open to download resource.
Module 5 - Commercial Loan Markets and Underwriting Class Recording
Open to view video.
Open to view video.
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.
Module 6 - Investment Analysis: Development Transactions Class Recording
Open to view video.
Open to view video.
We’ll provide an overview of financing and investing in development and discuss the complexities of valuing and assessing development projects. Attendees will learn the difference between valuing a for-sale versus a for-rent development project as well as how to deal with changes in project risk over time. We’ll also illustrate how to determine the appropriate equity return for a development project.
Module 6 - Investment Analysis: Development Transactions Presentation
Open to download resource.
Open to download resource.
Module 6 In Class Exercise - CS3A-DT, For Sale Project (Q1-Suburban Site)
Open to download resource.
Open to download resource.
Module 6 In Class - CS3A-DT, For Sale Project (Q1-Urban Site)
Open to download resource.
Open to download resource.
Module 6 In Class Exercise - CS3A-DT, For Sale Project (Template)
Open to download resource.
Open to download resource.
Module 6 In Class Exercise - CS3A-DT, For Sale Project (Questions)
Open to download resource.
Open to download resource.
Module 6 In Class Exercise - CS3A-DT, For Sale Project (Answer Key)
Open to download resource.
Open to download resource.
Module 6 In Class Exercise - CS3B-DT, For Rent Project (Template)
Open to download resource.
Open to download resource.
Module 6 In Class Exercise - CS3B-DT, For Rent Project (Questions)
Open to download resource.
Open to download resource.
Module 6 In Class Exercise - CS3B-DT, For Rent Project (Solutions 1-2)
Open to download resource.
Open to download resource.
Module 7 - Investment Analysis: Value-Added Properties Class Recording
Open to view video.
Open to view video.
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.
Module 7 - Investment Analysis: Value-Added Properties Presentation
Open to download resource.
Open to download resource.
Module 7 In Class Exercise - CS2-VAP Analysis (Executive Summary)
Open to download resource.
Open to download resource.
Module 7 In Class Exercise - CS2-VAP Analysis (Market Info)
Open to download resource.
Open to download resource.
Module 7 In Class Exercise - CS2-VAP Analysis (Project Info)
Open to download resource.
Open to download resource.
Module 7 In Class Exercise - CS2-VAP Analysis (Template)
Open to download resource.
Open to download resource.
Module 7 in Class Exercise – CS2-VAP Analysis (Solutions Part 1)
Open to download resource.
Open to download resource.
Module 8 - Real Estate Private Equity Markets Class Recording
Open to view video.
Open to view video.
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.
AREFOD Exam - Required for Certificate Candates
30 Questions | 8 attempts | 24/30 points to pass
30 Questions | 8 attempts | 24/30 points to pass
If you are a NAIOP certificate candidate, the test is required. You must get 24 out of 30 questions correct in order to pass the test. You have five attempts to pass the test.
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