Essentials of Institutional Real Estate - 2 Days
This course provides an overview of the institutional real estate market and investment process. It covers multiple activities from the setting of strategy to performance analytics, valuation, research and more, and how they are all integrated for successful execution. As such, it has value for those relatively new to the industry as well as veterans focused largely in one discipline.
Highlights include:- How has the institutional real estate market evolved over time?
- What strategies do investment managers use when creating funds?
- Who are the different players in institutional investing?
- How does one evaluate the strategy, structure and sponsorship of a proposed fund?
- What are some useful benchmarks, risk measures and analytics one can use for evaluating the performance of an existing property or fund?
- How are property values estimated?
- What is the role of the research function?
- Why do we need reporting standards for institutional real estate?
- How can NCREIF data be used to assist in answering the above questions?
These are only a few of the topics covered in this course. Discussion questions and group work are used to reinforce the concepts.
Asset and Debt Valuation - 1 Day
This course focuses on the valuation of operating and development properties as well as the valuation of property debt. These valuations impact fund returns as well as other performance measures reported to investors.
The course will discuss the various appraisal techniques with emphasis on interpreting the results of an appraisal. It will also include a lease-by-lease discounted cash flow analysis (DCF) of a property. Excel spreadsheets will be used that mimic the types of analysis used in proprietary appraisal programs used by institutional investors.
The course will discuss the various appraisal techniques with emphasis on interpreting the results of an appraisal. It will also include a lease-by-lease discounted cash flow analysis (DCF) of a property. Excel spreadsheets will be used that mimic the types of analysis used in proprietary appraisal programs used by institutional investors.
Institutional Portfolio Construction and Strategy - 1 Day
This course discusses “top down” approaches to, and strategies for, portfolio construction from institutional real estate industry participants’ perspectives on investment strategy, risk measurement, and portfolio implementation. Utilizing NCREIF data with a focus on both return and risk measures, the program covers modern portfolio theory (MPT) and its limitations in today’s market, the introduction of riskless assets and the Capital Asset Pricing Model (CAPM), and expanded risk measures including downside and upside betas, semi-deviation, and the Sortino ratio.
Applications to real estate are emphasized throughout, including the role of real estate as a diversifier, the impact of emerging and specialty property types, and the integration of advanced portfolio monitoring and rebalancing frameworks. Practical instruction includes regression analysis, mean-variance optimization, and applied exercises using NCREIF datasets. The course concludes with a synthesis of strategy and implementation, followed by a test of comprehension.
Investment Analysis and Due Diligence - 1 Day
The focus of this course will be analysis and due diligence for potential acquisition or disposition (hold‐sell analysis) of properties, including expectations of investment committees and investment committee memo structures. Students will learn key factors used to develop proforma assumptions, and learn how to calculate the key measures of return and investment value used by institutional investors, including the impact of leverage. Factors that impact investment risk including the lease structure, type of financing and market conditions will be discussed, including additional risks associated with development projects. An Excel spreadsheet proforma will be used to calculate risk measures, perform a sensitivity analysis, partition the IRR and perform a Monte Carlo simulation.
Performance Reporting and Manager Evaluation - 1 Day
This course focuses on the interpretation of performance and risk measures for property and fund investments. In other courses, students get into the weeds of formulas and calculations. Here we focus on understanding the application of performance and risk metrics. Through the use of NCREIF data products, investor resources and sample Request for Proposals (RFPs) questions, the course focuses on investment manager, investment fund and/or property asset evaluation by examining performance reporting and risk measurement concepts relative to the Reporting Standards, other authoritative standards and industry usage overall.
Real Estate Case Studies: Analyzing Sector and Market Dynamics (fka Space Markets Analysis) - 1 Day
This course is designed to illustrate how to underwrite supply and demand factors across various real estate property sectors and markets. The supply/demand relationship, in turn, impacts rents and occupancy for existing properties as well as the expected absorption and feasibility of proposed projects. The factors that impact these metrics and the types of data used to analyze them vary by property sector, location, and risk profile.
The course will discuss the sources of data and analytical models that may be utilized for a market analysis. This is important for appraisals of existing properties, feasibility studies of proposed projects, and determining strategies for renovation and repositioning of properties. Students will explore: interaction of the space (tenant) market with the capital markets as well as the globalization of real estate capital and its impact on pricing; technology and the changing spatial structure of cities (what this means for location decisions); and the evolution and increasing scale of real estate development.
Section 1 - Calculation Oriented Course Work
Attribution and Risk Analysis – 1 DayThis course is calculation oriented and hands-on with Excel spreadsheets. It delves deep into various methodologies of performance attribution and risk analysis. Students will learn to do traditional Brinson attribution analysis on a single and multi-period basis to understand why a fund performs differently from a benchmark. The course then examines all the various risk measures such as the Sharpe Ratio, Jensen’s Alpha, beta and other risk measures that can cause differences in performance. This will lead to the calculation of risk-adjusted returns and risk-adjusted attribution analysis.
Performance Measurement and Benchmarking – 1 DayThis hands-on course focuses on the commercial real estate return indexes that are the underpinning of benchmarking performance for institutional investors. Students will query the NCREIF database and apply the methodology and formulas to compare properties and funds with appropriate benchmarks. Students will be given the skills to understand, compare, and contrast performance measurement based on both time-weighted returns and internal rates of return. The public market equivalent approach to benchmarking closed-end fund internal rates of return will also be discussed.
Section 2 - Structuring Courses
Investment Vehicles: Key Terms and Fee Structures – 1 DayThis course will examine the importance of investment structuring and how it can independently have a large impact on investment returns and performance. This includes advantages and disadvantages based on considerations such as vehicle structure, fee structure, tax efficiency, governance, and compliance. Sharp legal minds of Mayer Brown guest lecture to help guide the course and provide clarity to the thorniest of issues. One or more case studies will be used to illustrate the impact of different key terms when negotiating investment terms.
Real Estate Fund Formation – 1 DayThis course provides an introductory overview of the process and key documents used in the creation, capital raising process and legal documentation of real estate funds. The course first considers key factors that impact the structure of real estate funds, including the role of real estate in the portfolio, the relationship between strategy, risk & return, and responsibilities of investment managers. The course will then discuss the capital raising process and introduce key legal documents that are used to raise and structure institutional real estate funds, including term sheets, private placement memos, limited partnership agreements, due diligence and side letters. One or more case studies will be used to summarize concepts learned in the class.
Digging Into Reporting Standards - 1 Day
This course is designed to enhance your knowledge of the NCREIF PREA Reporting Standards (RS). Concepts are reinforced through engagement in small group breakout sessions.
This class can be particularly valuable for Investors, Portfolio Managers, Accountants, Performance Measurement, Client Services and Valuation personnel to connect the dots between investment products, investor reporting, benchmarks and standards.
Some topics include:- Why standards are critical for decision making- How RS fills the gap created by other standard-setting organizations- How RS can help you in your day-to-day responsibilities and where to find information- How you can be involved in establishing ever-evolving best practices in the real estate industry- What it means to be compliant Students will leave the class with increased confidence in what the Reporting Standards are and why they are needed!
This class can be particularly valuable for Investors, Portfolio Managers, Accountants, Performance Measurement, Client Services and Valuation personnel to connect the dots between investment products, investor reporting, benchmarks and standards.
Some topics include:- Why standards are critical for decision making- How RS fills the gap created by other standard-setting organizations- How RS can help you in your day-to-day responsibilities and where to find information- How you can be involved in establishing ever-evolving best practices in the real estate industry- What it means to be compliant Students will leave the class with increased confidence in what the Reporting Standards are and why they are needed!
Introduction to Reporting Standards - 1/2 Day
This course is designed as a high-level introduction to the NCREIF PREA Reporting Standards (RS).
This class can be particularly valuable for Investors, Portfolio Managers, Accountants, Performance Measurement, Client Services and Valuation personnel to connect the dots between investment products, investor reporting, benchmarks, and standards.
Some topics include:• Why standards are critical for decision making• How RS fills the gap created by other standard-setting organizations• How RS can help you in your day-to-day responsibilities and where to find information• What it means to be compliant
Students will leave the class with increased confidence in what the Reporting Standards are and why they are needed! For a more in-depth discussion of the Reporting Standards, we also offer Digging in to Reporting Standards. This course dives deeper into the evolving process of establishing best practices in the industry, and instruction is reinforced and complemented through small group breakout sessions.
This class can be particularly valuable for Investors, Portfolio Managers, Accountants, Performance Measurement, Client Services and Valuation personnel to connect the dots between investment products, investor reporting, benchmarks, and standards.
Some topics include:• Why standards are critical for decision making• How RS fills the gap created by other standard-setting organizations• How RS can help you in your day-to-day responsibilities and where to find information• What it means to be compliant
Students will leave the class with increased confidence in what the Reporting Standards are and why they are needed! For a more in-depth discussion of the Reporting Standards, we also offer Digging in to Reporting Standards. This course dives deeper into the evolving process of establishing best practices in the industry, and instruction is reinforced and complemented through small group breakout sessions.
Sustainability: Risk Management, Regulations and Outcomes - 1 Day
This course equips participants with practical, data‑driven tools to identify, assess, and communicate sustainability factors that influence investment performance. Participants learn how to leverage those tools and material factors to manage risk, meet evolving regulatory and investor expectations, and build sustainability programs that drive measurable value. Taught by industry leaders, the course is designed for professionals at any level—no prior sustainability experience required. Through interactive sessions and real‑world applications, attendees gain the skills needed to navigate a rapidly changing market landscape.
As market and regulatory expectations increasingly focus on financial performance, risk, and measurable outcomes, this course provides investors with a practical framework for identifying, assessing and communicating sustainability factors that drive investment performance. Participants will learn strategies to manage risk, set measurable sustainability goals to protect and grow investments, meet investor expectations, and support long-term value creation.
Co-instructed by Paige Mueller, Founder of Eigen10 Advisors, Isela Rosales, Managing Director and Head of Sustainability & Responsibility for Bridge Investment Group and Molly Polk, Director of ESG Advisory at ACA Group, this course is designed for professionals at all levels – from early career professionals to senior managers. It is especially relevant for single or small sustainability teams, cross functional roles, investment and asset management professionals, and anyone looking to expand their understanding of sustainability in the real estate investment context.
Participants will:
- Engage with our popular LP panel in an interactive small-group format to explore how evolving market conditions are influencing LP decision-making and sustainability initiatives, requirements, and priorities. In 2026, panel participants include Michael McGowan, Portfolio Manager at CalSTRS and Nick Russell, Managing Director of Stepstone.
- Learn how to transition to a value-creation model, identify overspending, and create a sustainability program that drives results.
- Improve performance through new methodologies in portfolio planning, due diligence and risk management.
- Understand how to identify, assess, and communicate material factors that may impact your investment performance, helping to mitigate risks and unlock new investment opportunities.
- Prepare for a complex regulatory environment driven by varying state and local regulations and the influence of European regulations and investors.
- Learn how to collect, assess and analyze energy efficiency and other data to respond to investor requests, comply with building performance standards, and avoid regulatory penalties.
- Gain clarity on industry standards such as GRESB, PRI, and IFRS and how to use them effectively.