Real Estate Investing Strategies (Online) Evaluate and finance real estate acquisitions Overview According to Coldwell Banker Richard Ellis (CBRE), commercial real estate investments saw a year-on-year increase of 56 percent in the first quarter of 2022, ushering in an array of real estate investment opportunities. However, with the volatility in the markets and lending rates, making optimal real estate investments requires a deep understanding of the nuances, variables, and risks that drive ever-fluctuating property markets. To add to the complexity, it is often difficult to get the necessary information all in one place to make fully informed investment decisions. Real Estate Investing Strategies (Online) program from Columbia Business School Executive Education focuses on solutions to all these challenges. You will come away with a deep understanding of changing market dynamics and learn how to build an investment strategy that mitigates risk and optimizes returns. Plus, you will learn how to evaluate emerging opportunities, including real estate investment trusts (REITs) for commercial and institutional investments, and how to apply value investing to real estate. Real Estate Investing Strategies (Online) program is taught by three of the top minds from Columbia Business School’s esteemed Paul Milstein Center for Real Estate. The faculty have conducted extensive research into real estate valuation and investment methodologies and will share their insights in this unique online program. In just six weeks, you will gain an understanding of real estate investing principles and identify economic and social variables affecting property markets. You will develop the confidence to add real estate to your investment portfolio and gain the skills and techniques required to make smarter investment decisions for maximum returns. Over the course of six weeks, you will learn how to: • Calculate real estate valuation based on capitalization rate and cash flow as well as conduct pro forma analyses • Examine how mortgage financing affects the risk and return on investment (ROI) of real estate investments • Create new opportunities to recapitalize and reposition troubled properties and organizations by applying value investing strategies to the real estate industry • Evaluate the risks and rewards associated with land, development, and affordable housing investments • Analyze residential property data to support more informed investment decisions Duration Format Fee* 6 Weeks 4–6 hours per week Online USD 2,600 *GST applicable to Singapore residents. Real Estate Investing Strategies (Online) 01 Program Modules Real Estate Investing Strategies (Online) will provide a single source of information beyond traditional real estate investing with knowledge of new strategies, financial tools, market trends, and modes of investment. In each module, faculty will focus on the latest strategies for applying value investing to the real estate industry, determining real estate valuation based on capitalization rate and cash flow, and analyzing property data to determine appropriate investment action. Module 1: Real Estate Cash Flow Fundamentals Get started with the foundational elements of a platform ecosystem model for real estate investment compared to other business models. • • • • Identify essential elements of a cash flow analysis for real estate investing Calculate net operating income and leasing revenue Describe cost responsibility based on lease type Create a cash flow pro forma analysis using real-world data Module 2: Real Estate Valuation and Capitalization Rates Discover how to design and build a digital platform for real estate valuation and capitalization from business and user perspectives. • • • • • Calculate real estate valuation based on capitalization rate and cash flow Explain discounted cash flow Assess capitalization rate Project the reversion value, net operating income, and cost of capital Determine real estate valuation based on capitalization rate and cash flow Module 3: Real Estate Financing and Taxes Understand how to finance real estate acquisitions and how mortgage financing affects the risk and ROI of real estate investments. • • • • • Compare and contrast debt and equity financing Evaluate profitability based on internal rate of return Analyze the benefits and drawbacks of various forms of debt financing Identify key tax implications in commercial real estate Gain real-world insight into real estate financing from a commercial real estate case study Real Estate Investing Strategies (Online) 02 Module 4: Private Equity and Public Markets Investing Learn how to find new opportunities to recapitalize and reposition troubled properties and organizations through private equity fund (PEF) and REIT investments and gain insight into how these investments can expand your investment portfolio. • • • • • Understand how to project and finance cash flows and organize partnerships Explain how PEFs work Learn how to invest through a private equity organization Identify the benefits vs. risks and limitations of PEF investments Complete a hands-on assignment with a bespoke organization as a PEF investment Module 5: Housing Markets and Buy vs. Rent Develop a strategy to analyze residential property data to determine the appropriate purchasing decision. • • • • Gain practical experience using a commercial real estate framework Create models for making home buying vs. home investment decisions Determine whether a housing market is good or bad and discuss why Analyze real estate data from sources such as Zillow to forecast property appreciation Module 6: Land, Development, and Affordable Housing Explore the risks and rewards associated with land, development, and affordable housing. • • • • Identify costs associated with building a new property Explain the option value of waiting vs. building Estimate the value of land based on a given scenario Identify important factors of affordable housing Note: Participants are required to have access to Microsoft Excel for the duration of the program to successfully complete all assignments. Real Estate Investing Strategies (Online) 03 Program Experience In this short, six-week online program, Columbia Business School Executive Education provides an in-depth high-quality hands-on learning experience for real estate investing professionals, investment organization professionals, CXOs, and consultants. Gain new skills and insights in real estate investing through peer-to-peer collaboration, hands-on learning, real-world case studies, and Columbia Business School faculty who are innovators in real estate investment strategies. Mini-Lessons Case Studies Real-World Examples Knowledge Checks Guest Speaker Interview Hands-on Activities Peer Learning Program Leader Feedback Live Sessions Real Estate Investing Strategies (Online) 04 Adding Value to Your Experience Prestigious Real Estate Faculty Learn directly from three of the top minds in real estate investing from Columbia Business School’s esteemed Paul Milstein Center for Real Estate. You will also receive custom feedback from program leaders. Case Studies Throughout the six-week program, the faculty will bring the real estate investment concepts in each module to life as part of an ongoing customized case study. Get inspired as you analyze real-world examples of successful real estate investments. Facebook/ Meta Google Apple Amazon WeWork Guest Speaker Interviews Get additional real-world insight into real estate investment strategies and modes through prerecorded interviews with seasoned investors, including David Sherman, a former REIT analyst, investment banker, and consultant. For the past 18 years, David has served as co-founder, president, and co-investment officer of Metropolitan Real Estate. Hands-on Activities Gain hands-on experience with proven analysis templates and methodologies that will withstand market changes while remaining relevant over time. Add them to your professional tool kit to apply to your next real estate investing endeavor. Real Estate Investing Strategies (Online) 05 Who Is This Program For? This advanced-level program is designed for experienced real estate investment professionals and other investment professionals in executive or consulting roles who are interested in adopting stronger frameworks for real estate investments or acquiring knowledge to enhance their understanding of future trends in the real estate sector. Representative roles include: • Real estate investors and fund managers • Mid- to senior-level fund managers and investors • CXOs and business professionals in organizations with significant investment in real estate • Real estate professionals • Owners or managers of family funds • Consultants Real Estate Investing Strategies (Online) 06 Program Faculty Real Estate Investing Strategies (Online) is the only self-paced online program taught by faculty from Columbia Business School’s esteemed Paul Milstein Center for Real Estate. Tomasz Piskorski Edward S. Gordon Professor of Real Estate in Finance Columbia Business School Tomasz Piskorski is the Edward S. Gordon Professor of Real Estate in the Finance Division at Columbia Business School. He is also a research associate at the National Bureau of Economic Research and serves on the Academic Research Council of the Housing Finance Policy Center at the Urban Institute. His research on real estate finance, securities and mortgage markets, financial intermediation, and banking has been published in The Wall Street Journal, the Financial Times, Bloomberg Businessweek, and The Economist. His research and market views have been presented at an array of academic, governmental, and financial institutions, including the United States Congress, the United States Treasury, the Securities and Exchange Commission, and he London Stock Exchange. He received the AQR Insight Distinguished Paper Award, which recognizes research that provides the most significant new practical insights for tax-exempt institutional or taxable investor portfolios. He earned an MS in mathematics from New York University Courant Institute of Mathematical Sciences and a PhD in economics from New York University Stern School of Business. Real Estate Investing Strategies (Online) 07 Program Faculty Dr. Christopher J. Mayer Paul Milstein Professor of Real Estate in Finance Columbia Business School Dr. Christopher Mayer is the Paul Milstein Professor of Real Estate at Columbia Business School. He serves as a research associate at the National Bureau of Economic Research, a director of the National Reverse Mortgage Lenders Association, and a member of the academic advisory boards for Standard and Poor’s and the Housing Policy Center at the Urban Institute. He is also CEO of Longbridge Financial, a reverse mortgage organization. Dr. Mayer’s research, which has received funding from the National Science Foundation and the Pew Charitable Trusts, explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation. Dr. Mayer is active in the media and in advising policymakers, having testified six times before committees of the United States Senate and House of Representatives. He previously served as senior vice dean at Columbia Business School and held positions at the Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He earned a BS in mathematics and economics from the University of Rochester with highest honors and a PhD in economics from MIT. Real Estate Investing Strategies (Online) 08 Program Faculty Stijn Van Nieuwerburgh Earle W. Kazis and Benjamin Schore Professor of Real Estateand Professor of Finance Columbia Business School Stijn Van Nieuwerburgh’s research lies at the intersection of housing, asset pricing, and macroeconomics. He has also worked on regional housing prices, households’ mortgage choice, commercial real estate price formation, the impact of foreign buyers on the housing market, and mortgage market design. He has published articles in the Journal of Political Economy, American Economic Review, The Journal of Finance, and the Journal of Monetary Economics, among other journals. He is an editor at The Review of Financial Studies and a faculty research associate at the National Bureau of Economic Research and at the Center for European Policy Research. In addition, he has served as an advisor to the Norwegian minister of finance and has been a visiting scholar to the Central Bank of Belgium, the New York and Minneapolis Federal Reserve Banks, the Swedish House of Finance, and the International Center for Housing Risk. He has also contributed to a World Economic Forum project on real estate price dynamics. Real Estate Investing Strategies (Online) 09 Certificate Upon completion of the Real Estate Investing Strategies (Online) program, you will receive a certificate of participation from Columbia Business School Executive Education. This certificate also awards two credits towards the Certificate in Business Excellence, which grants select alumni and tuition benefits. Learn more. Columbia Business School Executive Education hereby awards the Certificate of Participation For Real Estate Investing Strategies (Online) To Executive’s Name Here Start date–End date Costis Maglaras Dean and David and Lyn Silfen Professor of Business Your digitally verified certificate will be issued in your legal name and emailed to you, at no additional cost, upon completion of the program, including all modules of the program (online, in person, or live online, inter-module). All certificate images are for illustrative purposes only and may be subject to change at the discretion of Columbia Business School Executive Education. Real Estate Investing Strategies (Online) 10 About Columbia Business School Columbia Business School was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students. It has since become one of the world’s leading business schools, with excellent faculty who provide students with superior knowledge and thought leadership across divisions and disciplines. Columbia Business School is the only Ivy League business school located in the global business hub of New York City. The school has more than 47,000 alumni in 133 countries and about 70 alumni clubs globally. Columbia Business School is a part of Columbia University, which has produced 101 Nobel Prize winners, five Founding Fathers of the United States, nine Justices of the United States Supreme Court, 29 Academy Award winners, and 29 heads of state (including three United States presidents). About Emeritus Columbia Business School Executive Education is collaborating with online education provider Emeritus to offer a portfolio of high-impact online programs. These programs leverage Columbia’s thought leadership in management practice developed over years of research, teaching, and practice. By collaborating with Emeritus, we can broaden access beyond our on-campus offerings in a collaborative and engaging format that stays true to the quality of Columbia Business School Executive Education and Columbia University as a whole. Emeritus’ approach to learning is formulated on a cohort-based design to maximize peer-to-peer sharing and includes live teaching with world-class faculty and hands-on project-based learning. In the last year, more than 100,000 students from over 80 countries have benefited professionally from Emeritus’ programs. Real Estate Investing Strategies (Online) 11 Easily schedule a call with a program advisor to learn more: Schedule A Call If you are ready to enroll in this program, start here: Apply Now Refer your colleague and receive a benefit: Refer Now Connect with a Program Advisor Email: columbia@emeritus.org Phone: +1 315 387 4431 (U.S.) +44 203 838 0836 (U.K.) +65 3138 4449 (Singapore)
