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Learning Outcome Statements PDF Download
|a. compare the characteristics, classifications, principal risks, and basic forms of public and private real estate investments;|
|b. explain portfolio roles and economic value determinants of real estate investments;|
c. discuss commercial property types, including their distinctive investment characteristics;
|d. explain the due diligence process for both private and public equity real estate investments;|
|e. discuss real estate investment indexes, including their construction and potential biases;|
|f. discuss the income, cost, and sales comparison approaches to valuing real estate properties;|
|g. compare the direct capitalization and discounted cash flow valuation methods;|
|h. 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);|
i. calculate the value of a property using the direct capitalization and discounted cash flow valuation methods;
|j. calculate and interpret financial ratios used to analyze and evaluate private real estate investments;|
|k. discuss types of REITs;|
|l. justify the use of net asset value per share (NAVPS) in REIT valuation and estimate NAVPS based on forecasted cash net operating income;|
|m. describe the use of funds from operations (FFO) and adjusted funds from operations (AFFO) in REIT valuation;|
|n. calculate and interpret the value of a REIT share using the net asset value, relative value (price-to-FFO and price-to-AFFO), and discounted cash flow approaches;|
|o. explain advantages and disadvantages of investing in real estate through publicly traded securities compared to private vehicles.|
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