This course introduces students to real estate as an asset class. Students will also be introduced to present value mathematics for real estate, measuring real estate investment returns, and the basics of real estate valuation using discounted cash flow analysis, multiples-based analysis, and the use of leverage. Micro-level issues including real estate market analysis, real estate market efficiency, income tax considerations, and metrics to assess real estate performance such as the gross rent multiplier, depreciation, land measurements, profitability measures, and vacancy and credit loss will be emphasized. Students will also examine the basics of mortgages, the refinancing decision, and commercial mortgage-backed securities. Finally, students will survey macro-level topics including securitization, real estate investment trusts, and real estate portfolio theory.