Global Real Estate Investment



B8336: Real Estate Portfolio Management Prof. Michael Gilibertomg2786@columbia.eduCourse DescriptionThis six-week course (offered in the A term spring 2015) provides students with an understanding of challenges real estate portfolio managers face and some possible solutions. The focus is “macro” aspects of portfolio management rather than decisions to buy or sell individual assets. A couple examples: (1) How much more return should one receive for taking on higher levels of risk? (2) What key decisions affect performance? The majority of time will be spent on private equity real estate, although a segment on fund-of-funds approaches and/or portfolios that mix private and public market investments may be included.After completing this course students should be familiar with issues that arise in designing a portfolio strategy, managing diversification and liquidity and measuring performance and risk.Please be aware that content order and assignments may change from what is printed below. Changes will be announced and posted to Canvas in advance. However, it is unlikely that assignment due dates will vary.Method of InstructionClass sessions will be made up of lectures, guest speaker and student presentations and discussions. There will be several assignments, including a final project. All are group assignments. The final project is due after class meetings have ended. Grading will be based on class participation and written assignments. Pre-Readings: Pre-reading assignments will be posted to Canvas. All reading assignments must be completed prior to the class session. Students who have not taken Real Estate Capital Markets should anticipate a heavier reading load before the first class meeting. Expectations and GradingGrading will be based on two components:Written assignments (80%) There will be three written assignments. These assignments are done in teams of two or three people. Each team turns in a single paper, and all members receive the same grade for the assignment. The final project will be due after class sessions end. The final project is weighted more heavily than the other two assignments.Class participation (20%) Grades will be based on the frequency and relevance of contributions to class discussions. I anticipate a grade distribution consistent with that promulgated by GSB for elective courses.Spring 2015 SyllabusTuesdays, 9:00am to 12:15pm, Uris333Session 101/27Course Overview, Portfolio Strategy FrameworkCourse housekeepingThe levers of portfolio strategyBenchmarking and performance analysisCore open-end fund performance exampleSession 202/03Open-end Core PortfoliosPresentation on performance attribution by Investment Property DatabankDiscussion and takeaways from presentationLiability and liquidity managementSession 302/10Risk, Return, Diversification and StructureWritten Assignment DueCore fund sector rotation analysisPresentation and discussion of assignmentDiversification dimensions Dissecting portfolio riskSession 402/17Higher Risk Real Estate Portfolios (TBD) Presentation by outside speaker on non-core, i.e., value-add and opportunistic portfoliosComparison with core portfolio: what needs to be different when running a higher risk strategy?Session 502/24Managing a Global PortfolioWritten Assignment DueHow much more return should an investor get for more risk?(TBD) Presentation by outside speaker on global strategiesComparison with core portfolio: what needs to be different when running a higher risk strategy Session 603/03Portfolio Manager SummitPresentations by and conversations with real estate portfolio managers.Course summary and wrap up.FINAL PROJECT: Will be due on March 10. There is no class meeting that day. ................
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