A World-Class Global Real Estate Curriculum
The online master’s in Real Estate focuses on the advanced academic and professional skills needed to meet the challenges of the evolving real estate and related financial, construction, and sustainability markets. Georgetown develops industry leaders through an immersive learning experience that emphasizes real-world trends, applications, and ethics.
The program’s curriculum consists of 33 credit hours completed over two years, providing a strong academic foundation and insight into the most complex issues facing the real estate industry.
Georgetown’s Real Estate Curriculum at a Glance
|Course Number||Course Name||Credits|
|MPRE 500||Ethics in Action||3|
|MPRE 510||Real Estate Fundamentals||3|
|MPRE 601||Foundations of Real Estate Law||3|
|MPRE 621||Foundations of Real Estate Finance||3|
|MPRE 631||Foundations of Real Estate Markets||3|
|MPRE 641||Foundations of Real Estate Accounting||3|
|MPRE 702||Development and Construction Project Management||3|
|MPRE 735||Structured Finance||3|
|MPRE 752||Sustainable Development and Construction||3|
|MPRE 775||Impact of Globalization on Real Estate||3|
|MPRE 950||Capstone Course||3|
The Foundation Courses
This course provides an introduction to multiple ethical choices that real estate leaders will encounter throughout their careers. We will address confidentiality, marketing and disclosure, integrity of data, value of a reputation, fiduciary responsibility for “other people’s money”, and management of potential conflicts of interest among investors, lenders, project managers, brokers and contractors. The course explores how to balance corporate responsibility in areas of economic development and environmental sustainability with the practical need to create shared value for a project’s owners and its surrounding communities. We will examine ethics in design and construction, and explore complexities that arise from working in multi-cultural and international real estate environments. Finally, we will look at how to ethically manage workouts and foreclosures based on personal experience during times of crisis such as the US financial crisis of 2008 and the Russian financial crisis of 1998.
This course concentrates on the fundamental details of income producing Commercial Real Estate in basic detail, focusing on the tools and processes required to make property evaluations and transaction decisions. It is intended to provide foundation level students with the real estate skills necessary to effectively keep pace and learn in elective courses; and to be effective real estate practitioners as program graduates. Topics which will be addressed in this course will include:
- Cash Flow and P&L deal analysis in Excel and with the HP 12c
- Site Selection, location strategy and land value
- Financing alternatives and leverage
- Entitlements and the development process
- Negotiation, transaction management and decision making
- Disposition, consolidation, repositioning and financial restructuring
- Brokerage and leasing
- Plus the following concepts and techniques which support these topics:
- Absorption Inventory Vacancy Occupancy Availability Shadow Space
- Return Blnce Sheet Income Stmt Cash Flows DCS DCF
- IRR PV / NPV FV NOI OP-Ex Cap-Ex
- Cap Rate Discount Rate Lending Rate D/E Ratio Coverage LTV
- Debt Service Loan Const. Yield Multiple ROA ROI
- Margin USF/RSF/GA Coverage R FAR Residual Exit Strategy
- Expense Stop Base Year Gross Lease Net Lease IG Lease Ground Lease
- Rent Roll Stabilization Draw Retainage Take-out Commissioning
- Site Selection Due Diligence %age Rent Breakpoint Radius Limits Use Restriction
The course will focus on exploring these concepts and techniques, with field examples and a negotiation exercise to illustrate abstractions; so they can be put into practice. Course topics are sequenced according to an owner/investor viewpoint property (Portfolio Management) lifecycle to generate a real estate development and investment fabric. The class is focuses on the capabilities necessary to be fundamentally effective in an income producing, commercial real estate business. Discussion will focus on office properties, however, residential, industrial and retail properties, and differences in their deal process will be referenced as well.
This course takes a pragmatic, transactional approach to real property law, taught in an immersive, interactive classroom environment. This course offers students an overview of the manner in which legal issues arise in the course of the selection, acquisition, development, financing, ownership, and management of real estate; the nature of those legal issues; and how they may best be identified and addressed. Foundations of Real Estate Law focuses on the Development Process as the framework for informing students about how a panoply of federal, state, and local laws impact, directly and indirectly, a variety of real estate transactions and issues, while also addressing the use of a wide variety of legal agreements to govern the particular relationships between the parties.
This course provides students with a critical foundation in real estate finance. Mastering the basic and advanced concepts of real estate finance is essential to understanding other courses in the MPS curriculum, and to success in the real estate industry. Topics covered will include: the basics of the time value of money and discounted cash flow analysis, commercial lease structures, property-level pro forma analysis, financial modeling, capitalization rates, the use of debt and mortgages, bankruptcy basics and CMBS basics, among others.
This course will focus on how real estate practitioners analyze information to make the informed market analysis decisions that drive what they do. The class will cover a broad range of real estate disciplines from single-family and multifamily residential, retail, office, hospitality, and industrial and introduce the perspectives of developers/builders, investors, lenders, landlords, tenants, planners, public officials, and end users/consumers. The class will offer a mix of theory, analytic tools, and practical experiences/real-life examples.
This course will cover a variety of accounting topics, including: Low Income Housing Tax Credits (LIHTC); Historic Tax Credits (HTC) HTC program, deal structures, and synthetic leases; New Markets Tax Credits (NMTC) NMTC program, deal structures, and case study; energy credit deals, including wind, and solar deal structures; real estate appraisal & valuation methodologies; real estate taxation concepts; revenue recognition and financial statement case study; budget analysis; joint venture accounting and equity method.
This course helps students master the art and science of managing projects for development and construction. Taking the project from inception to an on time, under-budget closeout, the tools and techniques for successfully leading an eclectic group of consultants and subcontractors, managing budgets, conflicts and schedules are studied in detail. Going far beyond the secrets of successful scheduling, this course adapts the best practices of managing large projects from the infrastructure, IT, and heavy industrial manufacturing industries, and applies them to real estate development and construction projects.
Upon successful completion of this course, students will know the industry best practices for creation and management of the project team, document management and recordkeeping, scheduling, cost control and value engineering, procurement research and negotiations, subcontract management and administration. Students will also be able to apply effective techniques for managing a construction or development project within the framework of construction law, AIA contracts and subcontracts, and ethical business practices.
The Structured Finance Course examines how large commercial real estate financings are put together. The course will explore the evolution of the real estate finance transaction. Who the players were and who they are now. How have structures changed with the influence of Wall Street as a major player having entered the market in the early 90's and the issues they faced during the credit crisis of late 2007. The role of Real Estate Investment Trusts (REITS). We will examine the options available and the problems currently facing both Borrowers and Lenders.The course will give a practical overview of how we finance the entire capital structure from senior loans to mezzanine tranches to equity. Guest lecturers, who are major forces in the business, will tell you their stories and impart their wisdom in this challenging time for structured finance. Upon completion of this course, students should have a full grasp of how deals are financed. As a result, the student should be an asset to their employer in this field.
In today’s real estate environment developers are required to build sustainable buildings to meet market demand or current building codes. Sustainable features must be incorporated into new and existing buildings in ways that make financial sense. Green Development and Construction is a graduate level course that allows students to understand the links between development, design, construction and ultimately building operations and sustainability. The course will present how sustainable development decisions and requirements are incorporated into buildings in ways that can ultimately reduce costs. The class will investigate the ways that sustainability impacts the construction and operation of the building as it relates to real estate development.
The primary purpose of this course is to introduce students to the multiple ways in which foreign real estate investment in the US and US real estate investment overseas have globalized what was once considered a ‘local’ or ‘national’ industry. Students will learn how to participate in real estate transactions with international partners. This means both working on investments involving foreign investors and lenders in the United States, as well as gaining a clear understanding of the motivations and subsequently the cultural differences encountered by US investors investing overseas.
The required Capstone Course marks the culmination of a student’s career in the Master of Professional Studies in Real Estate program, and the student’s transition from journeyman to advanced real estate professional. The Capstone Course offers the student the opportunity to explore a major real estate topic in significant depth and make a substantial contribution to knowledge in a selected sector of the real estate profession.
Based upon previous courses and professional experience, the student formulates a Capstone Project topic. Under the tutelage of a senior real estate professional Capstone Advisor, the student researches the chosen topic, participates in any appropriate activities related to the topic, and produces a substantial work which constitutes a significant contribution to real estate knowledge. In addition to a 50 page paper, students consolidate their work into a 10-minute oral presentation to their peers and program faculty. One of the more exciting elements of the Capstone course is to see some students take the ideas from their papers and move forward to implement them after graduation.
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