Real Estate Investment Trusts (REITS)
The Real Estate Investment Trusts course presents comprehensive insight to this crucial area of real estate investment. The course touches on the origins of REITs in the 1960s, but mainly focuses on the structure and operation of current public REITs: how their acquisitions, dispositions, new developments and capital stack are determined and analyzed, how they adhere to the ‘company strategy,’ and how trends in the broader commercial real estate sector affect these companies, and their share prices. While REITs are the easiest, and certainly most liquid, way for individuals to own commercial real estate, no two REITs are alike. The REITs course, taught by Jonathan Morris, is based upon the experience of a real estate professional. Professor Morris served as an executive officer for several public and private REITs: Vice President & Director of Acquisitions for The Charles E. Smith Companies (which became Archstone-Smith, then was sold to Lehman Brothers and Tishman-Speyer); Vice President & Director of Acquisitions for Boston Properties, Inc. (NYSE: BXP); Executive Vice President and Chief Operating Officer for Government Property Investors,Inc., a private REIT sponsored by Brown Brothers Harriman. Step into the shoes of a seasoned REIT executive who acquired iconic Washington, D.C. assets such as Metropolitan Square, home of The Old Ebbitt Grill (for Boston Properties, NYSE: BXP); 100 East Pratt Street in Baltimore, Maryland and Riverfront Plaza towers, located on the banks of the James River in Richmond Virginia (both also for BXP).Using a new text written by the Vice President of Investor Relations for a public REIT, this course will include real time use of Twitter, the Wall Street Journal’s noted ‘The Property Report’ published each Wednesday in the INVESTING section along with current research reports from the nation’s leading REIT research analysts, with possibly a visit from a top analyst who follows the office and industrial sector. The goal, by semester end, is to be conversant with REIT nomenclature and structure and be able to decide whether any particular announced transaction by a public REIT is in keeping with its stated mission and also, whether it is accretive, dilutive, or earnings neutral. The course will include guest speakers from the industry along with a site visit to a related asset developed and/or acquired by a notable public REIT.