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Institutional Valuation & Investment Analysis

June 15-16, 2015

Intro to basic principles, tools, and facts for evaluating micro-level commercial property assets (individual properties) from a U.S. institutional investment perspective. Topics: basic DCF; NPV; CRE pro-formas; concepts of market value/investment value; urban/financial economics applied to CRE valuation and investment. Intro to lease-by-lease software.



Jeffrey D. Fisher, Ph.D. is President of the Homer Hoyt Institute and Professor Emeritus of Real Estate at the Indiana University Kelley School of Business. He is the Educational Consultant to the National Council of Real Estate Investment Fiduciaries (NCREIF), and also does Consulting for ARGUS Software and Real Capital Analytics (RCA) and serves on the advisory board of Sterling Valuation.

Dr. Fisher has served on the board of directors of the Pension Real Estate Association, the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Real Estate Research Institute (RERI). He received PREA/Graaskamp Award for Research Excellence from the Pension Real Estate Association, the Richard Ratcliff award and the Pioneer Award from the American Real Estate Society, the George Bloom Award from the American Real Estate and Urban Economics Association and the Martin S. Katz Memorial Award from the American Property Tax Council (APTC).

He has served as an expert witness in court cases for several clients including Inland Steel, Simon Property Group and the Internal Revenue Service (IRS). He has consulted for the Federal Reserve System in Washington, D.C. and the multifamily group of the Federal National Mortgage Association (Fannie Mae).  He has appeared on CNBC to discuss real estate investment and is frequently quoted by the media.

Dr. Fisher was a founding trustee of The Appraisal Foundation that was formed in 1987 by the major appraisal organizations as a self-regulatory organization and source of standards for the appraisal industry. He served as President of the American Real Estate and Urban Economics Association (AREUEA) in 1990 and the 1986-87 Chairman of the Real Estate Center Directors and Chairholders’ Association. He has worked with many professional organizations to develop and teach courses and seminars including NCREIF, PREA, the Appraisal Institute, the CCIM Institute, NACORE and others.

Professor Fisher has a doctorate in Real Estate from Ohio State University. He is a coauthor of Real Estate, 9th edition published by John Wiley and Sons, coauthor of Real Estate Finance and Investments, 14th edition, published by McGraw-Hill, and coauthor of Income Property Valuation published by Dearborn. His books have been translated into Japanese, Korean and Chinese.

Dr. Fisher has published numerous articles in journals such as The Journal of the American Real Estate and Urban Economics Association, Journal of Real Estate Finance and Economics, The Journal of Urban Economics, The Journal of Real Estate Research, Journal of Portfolio Management, National Tax Journal, Public Finance Quarterly, The Appraisal Journal, Real Estate Review, The Real Estate Appraiser and Analyst, Real Estate Issues, The New Corporate Finance and the Journal of Property Tax Management.


PROFESSOR DAVID GELTNER  has been at MIT since 2002 where he has held the George Macomber Chair and currently is Professor of Real Estate Finance in the Department of Urban Studies & Planning with a joint appointment in Engineering Systems in MIT’s School of Engineering.

Professor Geltner served as Academic Director of the MIT Center for Real Estate during 2003-14 and is the faculty chair of MIT’s Master of Science in Real Estate Development (MSRED) program. He also serves as the Center’s Associate Director of Research.  He is the lead author of the most widely-cited real estate investments textbook, “Commercial Real Estate Analysis & Investments”, now in its third edition.

Recipient of the U.S. Pension Real Estate Association’s prestigious Graaskamp Award in 2011 for excellence and influence in real estate investment research, Geltner has served as Academic Advisor to the National Council of Real Estate Investment Fiduciaries (NCREIF), and as Director of MIT’s Commercial Real Estate Data Laboratory which has developed pioneering commercial property price and investment performance indices based on transactions prices (including the Moody’s/RCA CPPI, the NCREIF-based TBI, and the FTSE-NAREIT PureProperty® Indices). Geltner served from 1999-2012 as the External Academic Member of the Real Estate Investment Committee of the State Teachers Retirement System of Ohio (a pension plan sponsor with over $5 billion of directly managed real estate holdings).

Prior to MIT, Geltner was the REEAC Professor of Real Estate in the Finance Department of the College of Business Administration at the University of Cincinnati. He has been teaching graduate level real estate investments and finance since 1989. Geltner received his PhD in 1989 from the Massachusetts Institute of Technology, in the Civil Engineering Department in the field of infrastructure finance & economics. He also has degrees in urban studies from Carnegie-Mellon University and the University of Michigan. A 2006 study published in Real Estate Economics found Geltner to be the most influential academic real estate writer, based on number of citations during 2000-2004 in top academic real estate journals.


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