HADM 6271

Investment in Real Estate Securities and Funds

Course Description

Course information provided by the Courses of Study 2014-2015.

In this course, students manage a real-world portfolio of publicly traded real estate securities. Investment management of the portfolio involves fundamental research in property and securities markets, making initial investments in real estate companies and funds, monitoring and executing trades in positions held in the portfolio, developing/testing trading strategies, and managing risk. The objective of the course is to promote sound real estate investment decision making. Students are exposed to a broad literature on real estate securities, real estate investing, trading strategies, and hedging. They are given opportunities to practice advanced methods of investment management and securities trading with special applications to real estate, such as taking simultaneous long/short positions to achieve alpha while neutralizing systematic risk and using exchange-traded funds consisting of real estate securities to directly hedge long positions.  All types of residential and commercial real estate securities are analyzed, including those of hospitality firms. The universe of tradable securities, in addition to U.S. REITs and selected operating companies, includes those listed on a few foreign exchanges.

When Offered Fall, spring.

Prerequisites/Corequisites Prerequisite: HADM 4280 or HADM 6280 (which can be taken concurrently) or equivalent course work and securities investment experience.

Comments Elective. Co-meets with HADM 4271.

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