Schedule
September Start | January Start | Course Descriptions
Students starting the MBA in September generally take their first real estate course, Real Estate Finance, in their second semester. They may also take Global Real Estate Investment then. Students wishing to obtain a real estate internship between first and second year benefit from having Real Estate Finance under their belt before beginning the summer work term.
In the second year fall semester, students can take Real Estate Capital Markets and Real Estate Transactions. In the spring semester, students can take the Master Class in Real Estate Investment and Entrepreneurship, the Advanced Seminar in Real Estate, Real Estate M&A and Restructuring Deal Workshop, and/or Global Real Estate Investment.
Real Estate Finance is offered in both the fall and spring semesters, but the other real estate courses are only offered once a year.
September Start
| Year | Fall Semester | Spring Semester | Summer |
| First | MBA Core courses |
MBA Core Courses plus Electives: Capital Markets |
Internship |
| Second | 3 courses plus Electives: Real Estate Capital MarketsReal Estate Transactions |
2/3 courses plus Electives: Master Class in RE Investment & Entrepreneurship |
January Start
| Year | Fall Semester | Spring Semester | Summer |
| First |
MBA Core Courses plus Elective: Global Real Estate Investment
|
MBA Core Courses plus Elective: Capital Markets | |
| Second | 2 courses plus Electives: Real Estate Finance |
2/3 courses plus Electives: Master Class in RE Investment & Entrepreneurship |
*Note: In order to take advanced Finance classes, including Real Estate Finance and Real Estate Capital Markets, students must also take Capital Markets, a non-real estate course, which is a pre-requisite. Real Estate Finance is a co-requisite for Real Estate Transactions and Real Estate Capital Markets. If possible, it is suggested that students complete Real Estate Finance prior to enrolling in Real Estate Transactions or Real Estate Capital Markets (i.e., during the spring term of their first year). Real Estate Finance and Real Estate Transactions are also pre-requisites for the Master Class in Real Estate Investment & Entrepreneurship, Advanced Seminar in Real Estate, and Real Estate M&A and Restructuring Deal Workshop.*
Course Descriptions
Real Estate Finance focuses on the set of concepts and techniques used to analyze and finance income-producing real property. It starts with the characteristics that make real property different, including cash flow uncertainties, debt sources and tax features. It then considers the available strategies and structures of real estate finance, including capital structure choices for construction and permanent financing. Extensive use is then made of cases to illustrate the range of choices and outcomes. 3 credits.
Real Estate Capital Markets examines and analyzes the integration of real estate finance and global capital markets. The course delves into detail on public debt and equity markets, with some emphasis on private equity. It provides preparation for students planning to do any type of work in the capital markets or accessing the capital markets (e.g., development). This class has a mix of lectures, cases and guest speakers, who discuss current deals and current street practices. 3 credits.
Real Estate Transactions presents an introduction to legal concepts applicable to commercial real estate transactions, paired with issues of business strategy. It covers analysis of legal risks, rights and remedies, and structuring and documentation of major types of asset transactions: acquisitions, dispositions, space leases, ground leases and financings, including commercial mortgage-backed security offerings. Regulatory issues and transaction structures for development are also covered, as well as complex private equity JVs and M&A transactions. Students learn from actual transaction documents the key issues necessary for successful negotiations and closings. 3 credits.
Global Real Estate Investment, a six week module, is designed to introduce students to the world of global real estate investing. It provides students with tools to analyze real estate investments in developed as well as emerging markets, encompassing topics such as macroeconomic analysis, country risk premiums, project returns, local real estate practices, partnership alignment, country-specific vs. global funds, and public vs. private. The final assignment will be a term-long project to be completed in groups. Drawing on the materials presented in class as well as additional research, each group will create an investment strategy as a private equity fund, a private equity fund of funds or a public real estate equities fund. 1.5 credits.
Real Estate M&A and Restructuring Deal Workshop, a six week module, will explore in detail real estate mergers and acquisition transactions from both a business and legal viewpoint. Students will be introduced to the major players in both public and private real estate M&A and restructuring transactions as well as learn the basic documentation behind a deal. Over the course of the module students will participate in various mock negotiations designed to explore the business and legal considerations of a transaction. This course will be offered jointly with Columbia Law School. 1.5 credits.
Advanced Seminar in Real Estate addresses and, where possible, simulates complex problem-solving applied to real estate. The emphasis is on strategic decision-making and the types of issues that executives face in real estate investment management, real estate development, and capital strategy. Using cutting-edge case materials developed for the Columbia MBA Real Estate Program, the course focuses on designing and executing effective strategies, including the kinds of analysis needed to develop a recommended course of action. It aims to impart an understanding of and appreciation for the economic, financial, institutional dynamics that constrain actors and organizations in the real estate business, including the acquisitions, management and development processes. It is designed to challenge students with complex situations so that they can not only hone their analytical skills but also develop effective means of communicating their analytical insights and conclusions to different audiences, such as investors, lenders, clients, and joint venture partners. Case preparation and class presentations and discussion make up the educational components. Following the introductory session of each section of course, there are no lectures. Students are expected to come to class prepared to engage fully in discussion, whether or not the case under review is one they have prepared for written submission. 3 credits.
The Master Class in Real Estate Investment and Entrepreneurship explores the variety of forms of value creation and entrepreneurship in global real estate through a sponsored group project and sessions with faculty industry leaders. In the past, more than one-third of projects explored decisions outside the US and have covered diverse topics such as development, investment management, and strategy. This 3-credit Master Class helps students develop advanced decision-making skills to solve real estate business problems in realistic and complex settings. The focus of the class is a group project presenting a new business idea, an investment concept, or a solution to a problem for an existing business. Students may develop their own projects or faculty will work with students and industry firms to develop a project. Seed funding is available to help students with project-related travel or expenses if the sponsor is unable to do so. Students who take the Master Class will develop analytic and presentation skills (both written and oral) in a real world, business-oriented setting with constant feedback. Classroom discussion is an integral part of the class, with students learning from each others' projects. An important theme that will recur throughout the course is the creation and measurement of value in real estate. This Master Class is also designed to challenge and allow students to integrate concepts learned throughout the MBA curriculum, especially in previous MBA real estate courses. The class will draw significant input from the real estate community, with participation from guest speakers and alumni mentors. 3 credits.
