Learning Outcome Statements

1. Basic forms of real estate investments

a. classify and describe basic forms of real estate investments;

2. Characteristics and classifications

b. describe the characteristics, the classification, and basic segments of real estate;

3. Private market real estate equity investments

c. explain the role in a portfolio, economic value determinants, investment characteristics, and principal risks of private real estate;

d. describe commercial property types, including their distinctive investment characteristics;

4. The income valuation approach

e. compare the income, cost, and sales comparison approaches to valuing real estate properties;

f. estimate and interpret the inputs (for example, net operating income, capitalization rate, and discount rate) to the direct capitalization and discounted cash flow valuation methods;

g. calculate the value of a property using the direct capitalization and discounted cash flow valuation methods;

h. compare the direct capitalization and discounted cash flow valuation methods;

5. The cost and sales comparison approaches to valuation

i. calculate the value of a property using the cost and sales comparison approaches;

6. Due diligence

j. describe due diligence in private equity real estate investment;

7. Indices

k. discuss private equity real estate investment indices, including their construction and potential biases;

8. Private market real estate debt

l. explain the role in a portfolio, the major economic value determinants, investment characteristics, principal risks, and due diligence of private real estate debt investment;

m. calculate and interpret financial ratios used to analyze and evaluate private real estate investments.