While the SCS campus remains closed, on-campus classes will continue to be held remotely. These courses usually run during their regularly scheduled time and are held in synchronous sessions conducted via Zoom. Students should work with their academic advisors to develop course schedules that meet their academic and personal needs.
Asset Evaluation Using Argus & Excel
This course will first examine how key elements (Rents, Operating Expenses, Capital, Rollover Costs, Discount Rates are sourced and estimated for use in creating a real estate forecasting model. Simultaneously the course will then enter those same elements into the Argus A&E; software in order to arrive at an investment forecast. Plans to execute and monitor the forecast will be studied and will include purpose and formation of Leasing, Property Management and Capital plans. The common “thread” in this course is the use and mastery of the Argus A&E; software.
Course dates: June 1, 8, 15, 22, 29, and July 13.
Note: This section will meet on the following days: 6/5, 6/12, 6/19, 6/26, 7/10, and 7/17
Foundations of Real Estate Accounting provides a graduate level introduction to real estate accounting, taxation concepts and equity incentives utilizing various tax credit and incentive programs. Topics include GAAP financial statements for real estate companies, financial analysis, fair value and impairment analysis, consolidation, joint venture accounting, Low Income Housing Tax Credits, Historic Tax Credits, New Markets Tax Credits, Energy Tax Credits, internal controls for real estate companies, and understanding operating and partnership agreements. Taxation topics include partnership tax concepts and tax-free exchanges.
This course is designed to give you maximum exposure to the leaders in the real estate accounting industry. As a result, some sessions of this course will be taught by various real estate professionals.
The objective of this course is to provide you with an understanding of the current financial accounting and taxation issues likely to be encountered in the real estate sector. At the end of this course, you will be able to analyze GAAP prepared accounting statements and identify potential financial and tax issues.
Regular attendance is vital. Be sure to keep pace with the assigned work and class discussions. This course covers many different areas of accounting for real estate transactions. If you are not familiar with the subject area or do not understand the assigned material, please ask for clarification or assistance. Do not wait until the end of the course to obtain help.
At the end of the course, students should:
• Understand the principles and rules of real estate accounting
• Be familiar with the accounting standards and pronouncements related to real estate accounting
• Understand the principles for the capitalization of preacquisition costs
• Be familiar with the costs incurred to sell or rent a real estate project and the accounting rules associated with those costs
•Be familiar with the valuation process of real estate and how to account for acquisitions of real estate
• Understand the principles of non-monetary exchanges of real estate; particularly the basic principles of section 1031: like-kind exchanges
• Understand the process underlying a sale of real estate and the different accounting methods associated with profit recognition
• Be familiar with other applicable methods for recording a sale of real estate
• Understand the principles of a lease and be able to identify the key characteristics of and differences between a capital lease and an operating lease
• Understand the accounting methods used by both the lessee and lessor
• Understand the differences between the four methods of accounting for interests in real estate ventures: consolidation, equity method of accounting, pro rata consolidation, and the cost method
• Understand what a variable and non-variable interest entity are and how to account for them
• Be familiar with ti
This Real Estate Internship class is designated to maximize the students experience and examine the potential opportunities and information to be derived from their internship. The course is designed to guide the students through academic discussion and application. Assignments will be geared to enhance the intern’s Real Estate knowledge with an emphasis on relevance and utilization.
Course will be supplemented by relevant articles obtains from periodicals, internet websites, trade publications and real estate professionals.
Schedule of meetings with student:
-Weekly 1 hour meetings or phone conferences.
-Five 2 hour consultations with representatives of selective case study and staff representatives of an organization.
Assignments/Nature of Research:
Identify the scope of the internship than produce weekly e-journals to be discussed in required independent study conferences. Produce a resume incorporating internship experience.
-Midterm – presentation describing the content of their internship.
-Final Presentation – Overview of the internship detailing obtained knowledge, benefits and application towards a real estate career. A presentation to the class utilizing power point demonstrating an overview of the internship experience and acquired knowledge of the real estate industry.
Note: Current internship during semester required: Extensive documented academic activity and experiential learning outside class (minimum 20 hours/week) required.
This course provides you with an overview of the housing segment, predominantly multifamily rental, within the real estate industry. Both market rate developments/properties and low income/affordable developments/properties will be discussed. Topics covered will include: market and demand analysis and their impact on product and product characteristics such as unit mix, size and amenities, construction, and development sequencing. How product influences design, construction, financing/capital stack, ownership structure. Also discussed will be low income/affordable housing, regulations governing operations of low income housing, alternative financing and sources, and property operations.
Students will perform individual and group case study assignments, and guest speakers will complement traditional lectures.
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 from Metropolitan Washington or beyond, 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.
Because MPS/RE encompasses institutional, financial, legal, marketing, accounting, environmental, planning, design, engineering, and other disciplines, it is impossible to specify a single genre of Capstone Project, and the Capstone Project is thus defined chiefly by quality. With the fullest support of the entire MPS/RE program, the student has maximum freedom to pursue a real estate topic that embodies the very essence of the student’s professionalism, and should be one of the best pieces of work the student ever does.
In addition to other requirements, students must earn a grade of "B" or higher in the Capstone course to qualify for graduation.
Note: Capstone proposals must be approved by course instructor before registering in the Capstone course. A grade of "B" or higher is needed to pass this course. Core requirement for MPS degree. Additional 90 minute distance learning component required.
Real Estate Entrepreneurship is a course designed to explain and explore entrepreneurship in the context of the business of real estate. Utilizing the dynamic Washington, DC market as a backdrop, the course will use case studies, share experiences from accomplished guest speakers, and draw from the instructors’ first-hand understanding to immerse students in the when, where, how, and why of undertaking entrepreneurial endeavors. It discusses the theory and practice of entrepreneurship generally, the motives of entrepreneurs as compared with other business people, and the specific application of entrepreneurship to the real estate sector. The coursework will focus on the mechanics of putting together deals, creating real estate businesses, the constant need to “sell” as an entrepreneur, and paths to becoming an entrepreneur, with emphasis on the constant balancing act required in a start-up operation. At the conclusion of the course, students will have enhanced insight and skills to undertake an entrepreneurial real estate venture either now or at some future point in their careers.
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, re-positioning and financial restructuring, brokerage and leasing, plus the following concepts and techniques which support these topics: Absorption Inventory Vacancy Occupancy Availability Shadow Space Return Balance Sheet Income Statement 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 Percentage 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 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 is dedicated to gaining a comprehensive knowledge of both the structure of public REITs and the market for them. A public REIT is a fully- integrated operating real estate company yet differs in many ways from the private sector structure. The public REIT’s access to capital, both debt and equity, is profound especially in relation to the private sector model. We will explore these differences and much more throughout the semester.
Note: This course requires an additional 90 minutes of instruction.
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Guidance Related to COVID-19
Updated Tuesday, July 20th, 2021 at 12:35 PM EDT
SCS continues to monitor the COVID-19 situation and respond in support of the University community. Currently, all summer term courses will continue through distance instruction.
In terms of the Fall 2021 semester, the School of Continuing Studies will resume regular operations effective August 16 at the 640 Massachusetts Avenue building, unless otherwise noted for specific programs.