Schack Institute of Real Estate

Real Estate Securities

This course provides a solid foundation in the fundamentals of the Commercial Mortgage-Backed Securities (CMBS) market and Real Estate Investment Trusts (REITS). An economic outlook report by Natixis Investment Managers ( January 2021) states 80 percent of U.S. REITs fall within industries less dependent on foot traffic unlike other real estate like offices and housing. As industrial warehouses and data centers have proven more resilient and also have benefited from shifts to more online purchases during the pandemic REITs are positioned for a resurgence that students need to be prepared to address. At the same time, according to an analysis by Mizuhou Securities (January 2021), the pandemic has brought concern by analysts that commercial office REIT stock prices are likely to be delayed as employers further push return-to-office dates. Students will therefore need to know how to build additional bad debt reserves and write off additional accounts receivables which will be taught in this course.
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