Advanced Topics in Real Estate Finance

[Geltner] = Geltner, David M., Norman G. Miller, Jim Clayton, and Piet Eichholtz. Commercial Real Estate Analysis and Investments . 2nd ed. Mason, OH: South-Western Educational Publishing, 2007. ISBN: 9780324305487.

[de Neufville] = de Neufville, Richard, and Stefan Scholtes. Flexibility in Design . Cambridge, MA: MIT Press, 2011.

Zhang, Na. “Difficulty in Identifying Trend and Volatility of Price Indices: Examples from International Real Estate Market.” MIT, 2010.

de Neufville, chapter 1

SES #: L2 · TOPICS: Discounting: standard and certainty-equivalence · READINGS: Geltner, chapter 10 (including appendix C)

SES #: L3 · TOPICS: Economic model of options applied to real estate · READINGS: Geltner, chapter 27

SES #: L4 · TOPICS: Economic model of options (cont.): underlying asset dynamics and GIGO issues · READINGS: Geltner, chapters 27 and 29 (appendix)

de Neufville, chapter 6

Ohama, Dai. “Flexible Design of Airport System Using Real Options Analysis: Case Study of New Runway Extension Project of Tokyo international Airport.” 1.231 project, MIT, 2007.

SES #: L10 · TOPICS: Flexibility in real estate development – case examples of vertical and horizontal expansion · READINGS: de Neufville, appendix

Geltner, David M., Norman G. Miller, Jim Clayton, and Piet Eichholtz. Commercial Real Estate Analysis and Investments . Cincinnati, OH: South-Western Educational Publishing, 2007. ISBN: 9780324305487.

SES #: 1 · TOPICS: Transaction index methodology · REFERENCES: Chapter 25

SES #: 5 · TOPICS: Guest lecture on commercial real estate derivatives · REFERENCES: Chapter 26 (section 26.3 only)

SES #: 8 · TOPICS: Valuing flexibility in real estate development projects using spreadsheet-based simulation · REFERENCES: Chapter 29, especially 29.4 and CD Appendix 29

SES #: 10 · TOPICS: Derivatives (pricing and technical issues) · REFERENCES: Chapter 26.3

SES #: 11 · TOPICS: International real estate investment · REFERENCES: Chapters 24 and 26 (sections 26.1-2 only)

de Neufville, Richard, Stefan Scholtes, and Tao Wang. “Real Options by Spreadsheet: Parking Garage Case Example.” Journal of Infrastructure Systems 12, no. 2 (2006): 107-111.

Geltner, David, and Henry Pollakowski. “A Set of Indexes for Trading Commercial Real Estate Based on the Real Capital Analytics Transaction Prices Database.” Working paper, MIT Center for Real Estate, 2006.