Real Estate Investment and Capital Markets Online Course

Recorded On: 08/21/2019

  • Registration Closed

Course Dates: 
Wednesdays, August 14 - October 9, 2019
Noon - 2:00 p.m. eastern time

Real Estate Investment and Capital Markets (REICM) 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.

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 online 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 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 PDF registration form 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 online course are sent under separate cover. If it is less than one week until the start of the course and you have not received the login instructions, please check your spam folder. If the login email is still not there, please contact the NAIOP Education Department at education@naiop.org.

Cancellation Policy

All cancellations must be in writing. Cancellations of registrants received after July 23, 2019, will be charged a fee of $100 per attendee. Cancellations received after August 6, 2019 will forfeit the registration fee. No refunds will be made for no-shows. Substitutions are permitted until August 6, 2019. Nonmembers substituting for members will pay the difference in fees. Cancellation/substitution notices should be sent to education@naiop.org or faxed to 703-674-1471.

Jim Clayton, PhD

Professor, the Timothy R. Price Chair and the Director of the Brookfield Centre in Real Estate & Infrastructure

  • Professor, the Timothy R. Price Chair and the Director of the Brookfield Centre in Real Estate & Infrastructure in the Schulich School of Business at York University.
  • Clayton returned to academia, and Canada, in January 2018 from global investment manager Barings in Hartford, CT, where he was Head of Real Estate Investment Strategy and Analytics.
  • Previously he was Director of Research at the Pension Real Estate Association (PREA), and prior to that had faculty positions at the University of Cincinnati and Saint Mary’s University in Halifax, Nova Scotia.
  • Jim has a Ph.D. from UBC, an MA from Western, and an Honours BA from Queen’s.

David G. Domres, CPM® CCIM

Vice President

  • David G. Domres, CPM® CCIM, is currently vice president with Physicians Realty Trust AMO® headquartered in Milwaukee, Wisconsin.
  • With a career spanning more than 30 years, Domres has been involved with multiple property types providing acquisition, disposition, development, leasing, and asset and property management services.
  • Locally, Domres was the 2008 president of the Wisconsin Chapter of NAIOP, served on NAIOP’s corporate board and received NAIOP’s 2013 Volunteer of the Year recognition. Domres is a past president of the Institute of Real Estate Management (IREM) Milwaukee Chapter No. 13 where he received the chapter’s CERTIFIED PROPERTY MANAGER® of the Year Award three times.  Domres has contributed to numerous articles, publications and books about real estate investment and management.
  • Domres holds the Certified Commercial Investment Member (CCIM) and Certified Property Manager (CPM®) designations.  He is an adjunct instructor with the University of Wisconsin – Stout, Marquette University and IREM.

HIllman Lam

Adjunct Instructor

  • Hillman Lam is an Adjunct Instructor at both New York University’s (NYU) Schack Institute of Real Estate and Baruch College’s Newman Real Estate Institute.  He teaches commercial real estate finance-related courses and Argus Valuation DCF software.
  • Hillman has over eight years of commercial real estate experience.
  • He’s a Vice President at Lam’s American, an affiliate of the Lam NYC EB-5 Regional Center and the Lam Group. His former roles include acquisitions and development for Time Equities, Inc (TEI), appraiser at Hudson View Appraisals, and retail leasing at Robert K. Futterman & Associates (RKF).
  • Professional Profile: www.linkedin.com/in/hillmanlam

Allison Post Harris

Attorney

  • Transactional attorney at Martensen Wright PC with a background in commercial real estate, energy and corporate transactions.
  • Allison advises clients on a broad variety of transactions including general commercial transactions involving the sale of goods and services, commercial real estate acquisitions, dispositions, leasing, financing and development projects, and entity formation-related transactions.
  • Clients rely on Allison to review, negotiate and prepare agreements and facilitate communication among project team members and with opposing parties to achieve client objectives.
  • NAIOP Board Member and Secretary, NAIOP Sacramento Chapter.

Sara Shank, CFA

Managing Director

  • Sara is a Managing Director at Beacon Capital Partners.
  • Based in Boston and oversees portfolio management, including technology initiatives to improve the tenant experience
    Evaluates opportunities to invest in and pilot new technology to add value across Beacon’s portfolio.
  • Spearheads technology adoption across functionalities.
  • Frequent speaker on commercial real estate technology at industry events, and was recognized by Real Estate Forum as one of the 50 under 40 in commercial real estate in 2015.

Jason Ting

Principal

  • Jason is Co-Founder of Ting Financial Group, a niche private equity real estate investment firm, and Principal of Ting Realty, a full service real estate development, management, and brokerage company.
  • His direct responsibilities include acquisitions and dispositions, property management and leasing, domestic and foreign client relations, and new business formation.
  • Jason blogs about his work and personal life journeys via JasTing.com, and is actively involved in his local community church leading personal finance wokshops.

Heather Leventry

Course Producer

Sandy Hudson

Course Producer

Key:

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REICM Course and Learning Objectives
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REICM19 Module 1 - Capital Markets
REICM19 Module 1 - Capital Markets Live Class
08/14/2019 at 11:45 AM (EDT)   |  135 minutes
08/14/2019 at 11:45 AM (EDT)   |  135 minutes 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.
REICM19 Week 1 Recording_Clyaton
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Open to view video.
REICM19 Module 1 Capital Markets
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REICM19 Module 1 Capital Markets_Updated_slides
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REICM19 Module 1 Evaluation
1 Question
REICM19 Module 1 Verification Code
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Enter code to continue. Please type the Verification Code given in class in the field.
REICM19 Module 2 - Private Debt: Underwriting a Commercial Mortgage
REICM19 Module 2 Private Debt: Underwriting a Commercial Mortgage Live Class
08/21/2019 at 12:00 PM (EDT)   |  120 minutes
08/21/2019 at 12:00 PM (EDT)   |  120 minutes 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.
REICM19 Module 2 Private Debt Class Recording
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Open to view video.
REICM19 Module 2 Private Debt Underwriting Traditional Mortgage Loans
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REICM19 Module 2 Case Study Private Debt_Underwriting a Commerical Mortgage
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REICM19 Module 2 Worksheet and Answer Key - File from Class
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REICM19 Module 2 Worksheet and Answer Key
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REICM19 Module 2 Verification Code
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REICM19 Module 2 Evaluation
1 Question
REICM19 Module 3 - Private Debt: Pricing Traditional Mortgage Loans
REICM19 Module 3 - Private Debt: Pricing Traditional Mortgage Loans Live Class
08/28/2019 at 12:00 PM (EDT)   |  120 minutes
08/28/2019 at 12:00 PM (EDT)   |  120 minutes 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.
REICM19 Week 3 Recording_Lam
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Open to view video.
REICM19 Module 3 Private Debt - Pricing Traditional Mortgage Loans
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REICM19 Module 3 Case Study Computing Expected Return on a Commercial Mortgage
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REICM19 Module 3 Case Study Template
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REICM19 Module 3 Case Study Answer Key
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REICM19 Module 3 Case Study Answer Key_Lam
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REICM19 Module 3 Evaluation
1 Question
REICM19 Module 3 Verification Code
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REICM19 Module 4 - Securitization and CMBS
REICM19 Module 4 - Securitization and CMBS Live Class
09/04/2019 at 12:00 PM (EDT)   |  120 minutes
09/04/2019 at 12:00 PM (EDT)   |  120 minutes 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.
REICM19 Week 4 Recording_Post-Harris
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Open to view video.
REICM19 Module 4 Securitization and CMBS
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REICM19 Module 4 Links
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REICM Module 4 Evaluation
1 Question
REICM19 Module 4 Verification Code
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REICM19 Module 5 - Private Equity
REICM19 Module 5 Private Equity Live Class
09/18/2019 at 12:00 PM (EDT)   |  120 minutes
09/18/2019 at 12:00 PM (EDT)   |  120 minutes 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.
REICM19 Week 5 Recording_Shank
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REICM19 Module 5 Private Equity - Private Equity Real Estate
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REICM19 Module 5 Case Study Joint Ventures
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REICM19 Module 5 Case Study Template
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REICM19 Module 5 Evaluation
1 Question
REICM19 Module 5 Verification Code
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REICM19 Module 6 - Public Equity: Real Estate Investment Trusts (REITs)
REICM19 Module 6 Public Equity REITS Live Class
09/25/2019 at 12:00 PM (EDT)   |  120 minutes
09/25/2019 at 12:00 PM (EDT)   |  120 minutes 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.
REICM19 Module 6 Recording_Clayton
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REICM19 Module 6 Public Equity - Real Estate Investment Trusts
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REICM19 Module 6 Case Study Scenarios
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REICM19 Module 6 Case Study Solutions
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REICM19 Module 6 Handout Characteristics of REITS
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REICM19 Module 6 Evaluation
1 Question
REICM19 Module 6 Verification Code
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REICM19 Module 7 - Role of Real Estate in an Investment Portfolio
REICM19 Module 7 Role of Real Estate in an Investment Portfolio Live Class
10/02/2019 at 12:00 PM (EDT)   |  120 minutes
10/02/2019 at 12:00 PM (EDT)   |  120 minutes 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.
REICM19 Week 7 Recording_Ting
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REICM19 Module 7 The Role of Real Estate in an Investment Portfolios
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REICM19 Module 7 Handout Article Why Real Estate
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REICM19 Module 7 Handout PREA Why_real_estate_slide_deck
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REICM19 Module 7 Evaluation
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REICM19 Module 7 Verification Code
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REICM19 Module 8 - Real Estate Investment Management
REICM19 Module 8 Real Estate Investment Management Live Class
10/09/2019 at 12:00 PM (EDT)   |  120 minutes
10/09/2019 at 12:00 PM (EDT)   |  120 minutes 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.
REICM19 Module 8 Real Estate Investment Management
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REICM Week 8 Recording_Domres
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REICM19 Module 8 Verification Code
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REICM19 Module 8 Evaluation
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End of Course Items
REICM19 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.
REICM19 Skipping the Exam Acknowledgement
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REICM19 Full Course Evaluation
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REICM19 Transcript
16.00 PDH, AIA Learning Units credits  |  Certificate available
16.00 PDH, AIA Learning Units credits  |  Certificate available