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RE 8000 Commercial Real Estate Foundations
Credit Hours 3.0
Prerequisites none
Description

This course provides foundational concepts, terminology, skills for the commercial real estate sector. To understand the value of commercial property rights, students learn the roles of equity investors, debt, and government – including land use regulation. Students build fundamental skills for valuation, financial analysis, market analysis, and risk assessment. Students gain an understanding for how commercial real estate investments are capitalized using a combination of leverage and ownership structures.

RE 8020 Commercial Real Estate Modeling
Credit Hours 3.0
Prerequisites none
Description

This course develops skills for modeling to forecast commercial real estate investment performance for use in asset acquisition and portfolio management decisions. Students are trained to use Argus® (the leading software for modeling commercial real estate performance) and have the opportunity to earn the Argus® certification. Excel modeling skills are developed concurrently for students to better understand the mechanics underlying Argus® projections. Topics include the pro forma, partnership cash flow waterfalls, and after-tax investment analysis for use in financial feasibility analysis.

RE 8030 Commercial Real Estate Finance
Credit Hours 3.0
Prerequisites None
Description

This course covers all aspects of financing commercial real estate from both the lender and borrower perspective. Students examine capital structures in commercial real estate, and gain understanding for positive and negative impacts from use of leverage in risk analysis and mitigation. Students simulate the evaluation, underwriting, sourcing, and workout of commercial loans. Students evaluate the three major types of commercial loans (construction loans, bridge loans, permanent loans) and develop a framework for understanding how to align a commercial real estate investment strategy with the appropriate financing structure.

RE 8035 Real Estate Investments Trusts
Credit Hours 3.0
Prerequisites RE 8000 or RE 8020 or RE 8030
Description

Presenting information on valuation parameters for Real Estate Investment Trusts and other public real estate companies, this course focuses on the relationship of various performance metrics, sources and uses of capital, and management decisions to overall entity valuation. Underlying concepts associated with cash flow analysis, net present value, internal rate of return and yield capitalization are treated. Different sectors within the real estate investment arena as well as tools and resources available to conduct relative valuations are incorporated into discussions. In-class illustrations will be used to highlight analytical techniques.

RE 8040 Commercial Real Estate Law & Negotiations
Credit Hours 3.0
Prerequisites None
Description

This course focuses on legal foundations to value and opportunities to enhance value through negotiations, all from the perspective of a commercial property owner. Topics include negotiating purchase contracts, leases, partnership agreements, loan documents, construction agreements, changes to land use regulation, as well as negotiating with lenders when delinquent. Students engage in negotiations that are designed to simulate the process of acquiring commercial property.

RE 8050 Commercial Real Estate Development
Credit Hours 3.0
Prerequisites None
Description

This course focuses on ground-up and value-add development projects for commercial real estate. Students learn the development process, including site selection, design, cost analysis, market feasibility, capitalization, construction, marketing, leasing, and stabilization or sale. Students gain understanding for the economic fundamentals that affect development feasibility, which are distinct for each property type. Topics include land development, multifamily, industrial, office, retail, and mixed-use projects.

RE 8060 Commercial Real Estate Market Analysis
Credit Hours 3.0
Prerequisites None
Description

This course focuses on analyzing market supply and demand models to evaluate the feasibility of a proposed commercial real estate project. Students examine the role of location and market area within the context of economic cycles. Students develop skills for sourcing market data, applying research techniques, forecasting market capture and project absorption. Topics include market analysis for multifamily, industrial, office, retail, hospitality, and mixed-use projects.

RE 8070 Quantitative Analysis for Real Estate
Credit Hours 3.0
Prerequisites RE 8020
Description

Responding to the needs of real property analysts often operating in environments of data poverty, this course develops the student’s skills in quantitative analysis. Standard tools, such as parametrical statistical estimation and linear regression, are examined to determine their relevance to problems confronted in real estate. Projects include the analysis of large electronic databases. The course also introduces nonparametric and other small sample tools not typically encountered in the business curriculum but which are of critical importance to real estate.

RE 8080 Real Estate Project Planning and Development
Credit Hours 3.0
Prerequisites RE 8020 or RE 8030 and RE 8060
Description

This course employs specific techniques of real property analyses and project planning to solve problems in real property projects. The student uses real estate financial and market analyses and physical and legal/regulatory aspects of real property to address specialized problems and solutions for real property projects. Focusing on the pre- architectural phase of development management, this course considers the impact of technological changes on development and construction along with the impact of changing technical and economic activities on product design and development. Traditional and technical databases and resources such as the Internet are incorporated in the class format.

RE 8090 Commercial Real Estate Case Analysis
Credit Hours 3.0
Prerequisites RE 8020 and RE 8030 and RE 8060
Description

This course is the capstone for the MS in Commercial Real Estate program. Students are provided with property and market information for commercial real estate investment, development, and financing deals. Students analyze the opportunities, formulate business decisions, and prepare investment committee memoranda to present and justify their recommended courses of action. Students are expected to debate and defend their recommendations in class discussion. The course concludes with students presenting and defending a case to an investment committee comprised of industry professionals.

RE 8100 Commercial Real Estate Asset Management
Credit Hours 3.0
Prerequisites None
Description

This course focuses on the ownership and operation of commercial real estate assets. Students acquire a framework for evaluating the major asset management decisions faced by a commercial property owner over the holding period. Topics include the acquisition decision, capital and ownership structures, leasing and property management, corporate real estate, asset enhancement, dispositions, and portfolio management.

RE 8200 Leading the Real Estate Enterprise
Credit Hours 3.0
Prerequisites None
Description

This course addresses leadership in the real estate industry. Students will examine and apply theories of leadership with focus on motivation, group dynamics, and organizational change. Participants gain experiential knowledge of practices that are effective and ineffective. The lives, philosophies, and business experiences of successful real estate leaders will be examined. Assessments of participants’ leadership-relevant skills and characteristics will be used to provide guidance on how to improve as leaders. Skills improvement comes from enhanced insight and knowledge, activities conducted in class, as well as from out-of-class tasks.

RE 8389 Directed Readings in Real Estate
Credit Hours 1.0 - 3.0
Prerequisites RE 8020 and RE 8030 and RE 8040 and RE 8050 and RE 8060; and consent of instructor, good academic standing
Description
RE 8400 Commercial Real Estate Investments
Credit Hours 3.0
Prerequisites RE 8020
Description

This course focuses on investment strategies for commercial real estate. Students learn about commercial real estate’s positioning as an alternative asset class in the context of the broader investment universe, and how this affects capital sourcing. Students gain understanding for the commercial real estate investment process, including underwriting deals, financial analysis, and due diligence. Student examine property type-specific operating nuances and risk characteristics. Students learn about different investment strategies in commercial real estate (core, value-add, opportunistic), and evaluate whether the market context for supply-demand fundamentals aligns with an investment thesis.

RE 8450 Taxation of Real Estate Investment
Credit Hours 3.0
Prerequisites RE 8000 or RE 8020 or TX 8020
Description

In this course the student examines the income tax codes of the federal government and the state of Georgia. These various subparts of these tax codes are initially review and analyzed and then placed into the context of real estate equity investment analysis. Subjects shall include, but not limited to: basis, depreciation, at-risk rules, passive loss rules, capital gain/loss treatment, like-kind exchanges, installment sales, various tax entity classifications, estate and trust tax considerations.

RE 9480 Seminar in Real Estate Behavioral Research
Credit Hours 3.0
Prerequisites RE 8040 or RE 8210 or RE 8400
Description

This course familiarizes the student with the behavioral approach to research in real estate. Framework and theory of behavioral research are presented, as are methods of data development and evalation. Current research is surveyed, and the student is required to develop a dissertation-quality research proposal.

RE 9490 Seminar in Real Estate Finance and Land Economics Research
Credit Hours 3.0
Prerequisites RE 8020 or RE 8030 or MGS 9940 or MGS 9950, and MGS 9960; or consent of instructor
Description

This seminar is designed for students to develop skills in research methodology and gain further insights into real estate finance and land economics. The students develop skills in basic inquiry, formulating problem statements, general and working hypotheses, and the delineation of appropriate research methods. The Ph.D. candidate investigates alternative research techniques, with an emphasis on positive logical and empirical research. The course also entails critical analysis of existing research in real estate economics.

RE 9580 Seminar in Real Estate Research I
Credit Hours 3.0
Description

This seminar will focus on publishing real estate research in high quality journals. Students will develop the skills to write an abstract, do an exhaustive literature search, use appropriate methodology, and locate data, analyze results, and formulate conclusions. Students will also be instructed in how to respond to journal editors and journal referees. As a logical output from the course, the student will be required to submit a paper to a top journal for review.

RE 9590 Seminar in Real Estate Research II
Credit Hours 3.0
Description

This seminar will focus on publishing real estate research in high quality journals. Students will develop the skills to write an abstract, do an exhaustive literature search, use appropriate methodology, locate data, analyze results, and formulate conclusions. Students will also be instructed in how to respond to journal editors and journal referees. As a logical output from the course, the student will be required to submit a paper to a top journal for review.