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Merage School of Business

Certificate in Real Estate Finance and Investment Analysis Program

Oct 3—Nov 7, 2019
6 daysModules info
Irvine, California, United States
USD 1495
USD 249 per day

How it works


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This program will provide participants with an overview of how to analyze and finance a real estate investment. Learn essential Excel skill sets to prepare property cash flows and create dynamic and sophisticated commercial real estate valuation models to analyze transactions on both an unlevered and levered basis.

Program Objective

  • Develop an advanced knowledge of real estate valuation concepts and apply them in Excel
  • Build dynamic and easily auditable complex real estate financial models using the latest best practices in the industry
  • Prepare advanced sensitivity and scenario analyses to evaluate commercial real estate investments
  • Utilize and learn sources for real estate market and economic data
  • Forecast and model property cash flows and underwrite commercial real estate transaction
  • Understand critical due diligence materials

Program Content

  • Underwriting different product types (office, retail, industrial)
  • Modeling different investment structures (outright purchase, development, joint venture, refinancing, etc.)
  • Evaluating alternative financing methods (senior debt, mezzanine debt, bridge financing, joint venture equity, etc.)
  • Preparing market analysis (market/submarket, demographic and economic profiles)
  • Understanding various types of investors (return profiles, reposition and exit strategies, current active market participants)
  • Reviewing transaction documentation (offering memorandum, third party reports, typical due diligence materials)


Detailed Description
Detailed Description

Next dates

Oct 3—Nov 7, 2019
6 daysModules info
Irvine, California, United States
USD 1495
USD 249 per day

How it works

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Haskayne School of Business

Finance & Investment in Commercial Real Estate

Next dates

Nov 7—8, 2019
2 days
Calgary, Alberta, Canada
CAD 1995 ≈USD 1497
CAD 997 per day


The market for Commercial Real Estate investment continues to evolve and integrate with broader investment and capital markets. This two-day course combines theory and industry practice to examine current topics and emerging issues in the increasingly complex world of Real Estate finance and investment.

The primary objective of the course is to introduce tools and refine concepts and techniques that will improve investment, financing and risk management decisions. The course will explore both the "micro-level” pertaining to individual properties and deals, and "macro-level” portfolio and investment management considerations. It is designed to be interactive with attendees encouraged to participate during lectures and case studies.

Program Topics:

Through this two-day program, we will discuss:

  • The evolution of real estate as an asset class
  • Real estate capital market perspectives, trends and emerging innovations
  • Structuring the financing of property investment: the "capital stack”
  • Investment analysis and valuation of existing (built) properties
  • Ratio and discounted cash flow techniques: cap rates and discount rates
  • Commercial mortgage capital sources and mortgage underwriting
  • Debt financing: impact on risk, return and valuation over the cycle
  • Financial analysis of real estate development projects
  • The role of real estate in modern mixed asset portfolios
  • Public versus private market pricing of real estate equity
  • Assessing, pricing and managing real estate investment risk

Key Learning Outcomes:

Upon completion of this course, you will be able to:

  • Explain why and how institutions invest in real estate
  • Value income property using a variety of metrics
  • Appreciate the importance of "below NOI” line items in pro formas
  • Underwrite a commercial mortgage loan
  • Relate cap rates to discount rates, bond yields and property income growth
  • Link investors’ expected equity returns to property level returns, debt costs and leverage amount
  • Quantify the incremental risks associated with the use of debt financing
  • Understand CMBS, CRE CDOs and mezzanine debt and their roles in the credit crisis
  • Calculate the incremental cost of additional layers of debt financing
  • Derive a net present value and IRR for a development project

Who should attend

  • Commercial real estate professionals with some exposure to finance, investment and/or valuation
  • Professionals interested in a more in-depth treatment of the concepts and applications critical to the finance and investment function
  • Professionals who specialize in more singular (yet related) functional areas (such as finance, acquisitions, accounting, development)
  • Professionals who are keen to explore cutting edge analysis and be exposed to the finance & investment function’s broader context and how it integrates into the larger business


Detailed Description
Detailed Description
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