Real Estate Investment and Capital Markets On-Demand Course

Real Estate Investment and Capital Markets examines at an intermediate to senior level the intersection of real estate space markets and real estate capital markets by exploring in depth the Four Quadrants of Real Estate Finance: (1) private debt, (2) public debt, (3) private equity, and (4) public equity, and their application to real estate space markets, as well as exploring derivative markets that involve real estate.

A thorough range of topics in equity real estate investment are examined, including private equity markets, private equity deal structuring, public and private real estate investment trusts (REITs), problems in measuring risk and return, structuring optimal portfolios, portfolio valuation issues, valuing publicly traded real estate securities, performance evaluation and attribution, and real estate risk management techniques. The course also covers a variety of topics in commercial real estate debt markets, including the structure of the U.S. mortgage finance system, the valuation of mortgages, and commercial mortgage-backed securities.

Students will generally wish to take Basic Real Estate Finance and Advanced Real Estate Finance (which largely continues BREF into more advanced topics) before taking Real Estate Investment and Capital Markets. The course also correlates with the Financial Analysis of Development Projects course.

If you would like to purchase an individual course module instead of the full course, visit the individual course page.

 

Learning Objectives

  • Explain the purpose, strengths and weaknesses of each of the participants in the four quadrants of real estate capital markets
  • Identify the key elements of underwriting a commercial mortgage
  • Compute the expected return on a commercial mortgage
  • Perform a mortgage note evaluation
  • Create a waterfall distribution for a joint venture deal
  • Determine the Net Asset Value of a REIT
  • Describe Real Estate Investment management strategies

Tuition & Register

Payment for a NAIOP on-demand course entitles access for one person only to the course and all materials.

Course Tuition

Member TypeUSDCAD
Member$795$1,040
Nonmember$995$1,300
Developing Leader$595$780
Student Member$95$125
Student Nonmember$145$190


How to Register

  • Register online: Click on the green Register button. You will need to log in or create a free account in order to see the Register button.
  • Fax: Complete the registration form for US  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.

Key:

Complete
Failed
Available
Locked
REICMOD Module 1 Capital Markets
Module 1 Capital Markets Class Recording
Open to view video.
Open to view video. This Module will address the interaction of real estate space markets with the real estate capital markets. Students will gain an understanding of the current size and participants of the public and private, debt and equity, commercial real estate capital markets and will be able to define the types of real estate financed by the real estate capital markets. We'll also explore the various real estate investment strategies and define the major indices that measure public and private real estate investment returns over time.
Module 1 Capital Markets Presentation
Open to download resource.
Open to download resource.
REICMOD Module 2 Case Study Private Debt: Underwriting a Commercial Mortgage
Module 2 Private Debt: Underwriting Traditional Mortgage Loans Class Recording
Open to view video.
Open to view video. We will discuss the commercial mortgage capital markets in regards to lenders, mortgage types and terms. Students will review and understand the contents of a loan submission package in addition to reviewing permanent loan underwriting guidelines and understanding how lenders make decisions on financing commercial property. Finally, students will take part in a case study in underwriting a commercial mortgage.
Module 2 Private Debt: Underwriting Traditional Mortgage Loans Presentation
Open to download resource.
Open to download resource.
Module 2 Private Debt: Underwriting a Commercial Mortgage Case Study
Open to download resource.
Open to download resource.
Module 2 Worksheet and Answer Key
Open to download resource.
Open to download resource.
REICMOD Module 3 Private Debt: Pricing Traditional Mortgage Loans
Module 3 Private Debt Pricing Traditional Mortgage Loans Class Recording
Open to view video.
Open to view video. In this module, students will learn to identify and understand the differences between expected returns and stated yields on commercial mortgage loans. We will also discuss how to calculate an investment's yield degradation due to default and how to describe and calculate an expected return on a mortgage. The case study for this module will focus on computing expected return on a mortgage.
Module 3 Private Debt: Pricing Traditional Mortgage Loans Presentation
Open to download resource.
Open to download resource.
Module 3 Case Study Computing Expected Return on a Commercial Mortgage
Open to download resource.
Open to download resource.
Module 3 Case Study Template
Open to download resource.
Open to download resource.
Module 3 Case Study Answer Key
Open to download resource.
Open to download resource.
REICMOD Module 4 Securitization and CMBS
Module 4 Securitization and CMBS Class Recording
Open to view video.
Open to view video. This module will present a comprehensive overview of commercial mortgage markets as well as a discussion of the role and process of securitization. We will explore the structure of Commercial Mortgage-Backed Securities (CMBS), and students will demonstrate their understanding of the materials covered by working through a securitization example.
Module 4 Securitization and CMBS Presentation
Open to download resource.
Open to download resource.
REICMOD Module 5 Private Equity
Module 5 Private Equity Class Recording
Open to view video.
Open to view video. During this Module, students will take an in-depth look into real estate private equity markets. We will examine the sources of equity financing and discuss the investment vehicles used by private equity. Students will define the terms associated with private equity arrangements and gain an understanding of investment strategies pursued by private equity. We will analyze the fees structures of private equity investment vehicles, discuss how joint ventures work and review a case study detailing recent private equity joint venture deal structures.
Module 5 Private Equity Presentation
Open to download resource.
Open to download resource.
Module 5 Case Study Joint Ventures
Open to download resource.
Open to download resource.
Module 5 Case Study Template
Open to download resource.
Open to download resource.
Module 6 Public Equity REITS
Module 6 Public Equity REITS Class Recording
Open to view video.
Open to view video. This Module will provide an overview of Real Estate Investment Trusts (REITs) and discuss the requirements necessary to qualify as a REIT. We will identify the types of REIT structures and discuss the pros and cons of public investment in real estate. A case study will be reviewed that explains will demonstrate how to evaluate a REIT.
Module 6 Public Equity REITS Presentation
Open to download resource.
Open to download resource.
Module 6 Case Study Scenarios
Open to download resource.
Open to download resource.
Module 6 Case Study Solutions
Open to download resource.
Open to download resource.
REICMOD Module 7 Role of Real Estate in an Investment Portfolio
Module 7 Role of Real Estate in an Investment Portfolio Class Recording
Open to view video.
Open to view video. In this Module, we'll discuss the attributes of real estate that make it attractive as part of a multi-asset investment portfolio and examine historical real estate risk and return performance relative to other asset classes.
Module 7 Role of Real Estate in an Investment Portfolio Presentation
Open to download resource.
Open to download resource.
REICMOD Module 8 Real Estate Investment Management
Module 8 Real Estate Investment Management Class Recording
Open to view video.
Open to view video. In this final module, we'll start by taking an in-depth look at how investors view real estate as an investment class alongside other investment alternatives. In discussing real estate investment management, we'll explore institutional portfolio management trends and strategies and present an overview of the real estate investment management industry. Students will learn about basic asset-pricing theory and investment performance evaluation and benchmarking techniques. A discussion of the common types of derivatives and the mechanics of a real estate return swap will be covered in this module.
Module 8 Real Estate Investment Management Presentation
Open to download resource.
Open to download resource.
End of Course Items
REICMOD Exam - Required for Certificate Candidates
30 Questions  |  5 attempts  |  24/30 points to pass
30 Questions  |  5 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.
REICMOD Skipping the Exam Acknowledgement
Agree to terms to continue.
Agree to terms to continue. If you are not planning on taking the test, please click the Read Terms button. Then you will be able to complete the Evaluation and print your transcript.
REICMOD Evaluation
7 Questions
REICMOD Transcript
16.00 PDH, AIA Learning Units credits  |  Certificate available
16.00 PDH, AIA Learning Units credits  |  Certificate available