The objective of this course is to provide students with the qualitative and quantitative skills necessary to analyze a wide variety of real estate investments in the context of their legal careers. Students will learn the basics of real estate finance, and gain familiarity with their application to common issues such as bankruptcy, restructuring, workouts, trust and estate planning, and litigation.
We will explore the principles of finance and valuation, including the adjustment of cash flows to reflect time and risk, as well as techniques used to determine property and land value. We will also cover key concepts related to capital structuring and risk and return tradeoffs. The course will include real world case studies in an effort to bridge theory and practice.
Topics covered include, but are not limited to, the following:
(1) Introduction to key real estate and financial concepts;
(2) Real estate financial analysis and valuation as it pertains to commercial property types;
(3) Methodologies, uses and limitations of real estate appraisals;
(4) Deal structuring, leverage and sources of capital for real estate investments;
(5) Complex financing issues, including troubled asset restructurings, workouts and foreclosures;
(6) Secondary markets, securitizations and REITs (real estate as a security)