COURSE · 15.426J
15.426J 房地产金融与投资 (Real Estate Finance and Investment)
商业地产资产的估值模型、资本化率（Cap Rate）测算与杠杆投资现金流瀑布结构。 按揭抵押贷款结构设计、违约与提前偿还风险建模，以及抵押贷款支持证券（MBS）证券化机制。 分析房地产投资信托基金（REITs）的公开市场运作与私人私募地产基金的激励契约。
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课程资料与说明
来自课程 index.md15.426J 房地产金融与投资 (Real Estate Finance and Investment)
MIT Course 15 · Finance · 金融学 · 课号 15.426J
TL;DR
- 商业地产资产的估值模型、资本化率（Cap Rate）测算与杠杆投资现金流瀑布结构。
- 按揭抵押贷款结构设计、违约与提前偿还风险建模，以及抵押贷款支持证券（MBS）证券化机制。
- 分析房地产投资信托基金（REITs）的公开市场运作与私人私募地产基金的激励契约。
课程简介 / Description
This course is an introduction to the most fundamental concepts, principles, analytical methods and tools useful for making investment and finance decisions regarding commercial real estate assets. As the first of a two-course sequence, this course will focus on the basic building blocks and the "micro" level, which pertains to individual properties and deals.
讲义 / Lecture Notes
- 1
- Course introduction (Geltner) (PDF)
- 2
- DCF (McGrath) (PDF)
- 3
- DCF (cont.) and NPV (McGrath)
- 4
- NPV (Geltner)
- 5
- Real estate cash flows, proformas (McGrath) (PDF)
- 6
- Real estate opportunity cost of capital (McGrath)
- 7
- Leverage (McGrath) (PDF)
- 8
- Case 1: Private practice case I due (McGrath)
- 9
- WACC formula (McGrath)
- 10
- After-tax cash flows (McGrath)
- 11
- After-tax investment analysis and capital budgeting (Geltner) (PDF)
- 12
- Commercial mortgage underwriting (Geltner) (PDF)
- 13
- Case 2: Private practice case II due (McGrath) (PDF)
- 14
- Exam 1 (Chapters 10-13, 14.1-5)
- 15
- Development financial feasibility (Geltner) (PDF)
- 16
- Development project evaluation (Geltner) (PDF)
- 17
- Intro case 3, madison project example (Geltner)
- 18
- Madison example (cont.)
- Finish development project investment analysis (Geltner)
- 19
- Case 3: One Lincoln St case I (development) due (McGrath)
- 20
- Lincoln (post) and Inter-Mountain (pre) case discussions (Geltner)
- 21
- Capital structure debt vs equity, etc. (Geltner) (PDF)
- 22
- Project level capital structure (Geltner)
- 23
- Real options and land value (Geltner) (PDF)
- 24
- Real options and land value (cont.) (Geltner)
- 25
- Case 4: "Inter-Mountain" development project case (Larry Ellman, Citigroup) guest participant
- 26
- Case 4 debriefing; review and catch up (Geltner)
- 27
- Real options (cont.) review, catch up (Geltner)
- Final exam (Cumulative with emphasis on 17.1, 18.2, 15.3, 27, 28, 29.1 and 29.3, and lessons from Cases 3 and 4)
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