John Molson School of Business
Department of Finance
Course Name Introduction to Real Estate
Course Number and Section FINA 210 Section C
Term and Year Fall 2025
The following are the other sections offered this term:
Section Day Time Classroom Instructor
A Thursday 14:45 -17:30 MB-5.265 Michael Masters
B Tuesday 08:45 - 11:30 MB-S1.235 Michel
Deslauriers
D Wednesday 14:45 - 17:30 MB-5.275 Michael Masters
G Thursday 08:45 - 11:30 TBA Erkan Yonder
AA Wednesday 17:45 - 20:15 MB-5.275 Michael Masters
General Information
Instructor Professor Michael Masters
Phone Number Mobile: 514-604-7865
Office Location Virtual
Classroom MB-5.275
Class Time Friday 14:45 - 17:30
Office Hours By appointment
Preferred Means of Contact Email
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Territorial Acknowledgement
We would like to begin by
acknowledging that Concordia University is located on unceded Indigenous lands.
The Kanien’kehá:ka Nation is recognized as the custodians of the lands and waters
on which we gather today. Tiohtià:ke/Montréal is historically known as a gathering
place for many First Nations. Today, it is home to a diverse population of Indigenous
and other peoples. We respect the continued connections with the past, present
and future in our ongoing relationships with Indigenous and other peoples within the
Montreal community.
Course
This Description
course introduces the concepts, principles, analytical methods and tools used
for investment, development, and evaluation of real estate assets. The course
focuses on issues such as market and feasibility analysis, investment property
analysis, forms of ownership, valuation by alternate approaches, mortgages,
borrower-lender relationships, investing in income property, commercial property
financing, real estate investment trusts (REITs), and legal and property rights
among co-owners.
1. Develop analytical skills to evaluate and assess real estate
Course Objectives
investment opportunities.
1.1.Create cash flow models for commercial real estate projects.
1.2.Determine real estate investment parameters by applying industry specific
concepts (lease terms, NOI, mortgages, etc.).
1.3.Apply real estate valuation techniques to determine property values.
2. Identify and evaluate real estate investment strategies.
2.1.Differentiate the roles and motivations of various stakeholders, including
lenders, city planners, partners and users, involved in a real estate
investment opportunity.
2.2.Evaluate real estate investment opportunities from both a market and
financial viewpoint.
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Textbook (Required)
Course Materials
Glickman, E. (2013). An Introduction to Real Estate Finance. Elsevier.
An electronic version of the textbook is available, free of charge, through
the Concordia Library:
https://www-sciencedirect-com.lib-ezproxy.concordia.ca/book/
9780123786265/an-introduction-to-real-estate-finance
Supplemental Texts/Reading (Optional)
Brooks, S.M. (2016). Canadian Commercial Real Estate: Theory, Practice,
Strategy. RealPac
Other Required Material
A financial calculator. The Texas Instrument BA II Plus is recommended.
A personal computer with access to Excel, PowerPoint and Word.
Reliable internet access.
Grading
Grade Scale
A+ 90-100 B+ 77-79.99 C+ 67-69.99 D+ 57-59.99 FNS <50
A 85-89.99 B 73-76.99 C 63-66.99 D 53-56.99
A- 80-84.99 B- 70-72.99 C- 60-62.99 D- 50-52.99
Grades are not rounded.
Course Assessment and Evaluation
Deliverable Weight Submission Method
Assignments 10% Online - Moodle
Term Project 15% Online – Moodle/in class
Midterm 30% In class
Final 45% As per exam schedule
Exams
The midterm will be held in-class. If you miss the midterm examination for an
acceptable (medical, bereavement) and verifiable reason the weight will be
added to the final exam, provided that you have satisfactorily completed
(passed) all other assessments.
The final exam is comprehensive. It includes all topics.
Term Project
There will be a term project, done in groups of 4. The project will include the
analysis of a potential real estate investment and a presentation of the
investment to the class. The grading of this project is explained in the
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instructions. In class demonstration of how to use Excel for this project, as well as
limited class time to meet in groups will be provided.
Students are NOT permitted to cooperate on the
assignments. Cooperation or the use of past, similar
assignments found on the internet, or elsewhere, will be
considered a breach of the Academic Code.
Class Schedule
Instructional Methods: The main instructional method will be lectures, in-class
problem solving and demonstrations, so class attendance is especially
important. I will use Moodle to facilitate interaction and post announcements.
Please check your Moodle account regularly to be informed about any changes or
news regarding the course. In addition, to receive all the class announcements on
time, make sure you have your email connected to your Moodle account.
Schedule: Please note that this schedule is tentative. Changes to this schedule
may be announced.
Date Topic Chapters Book
Review
Problems
Sep 5 Topic 1 - Introduction to the Real 1, 2 Chap 1: 1
Estate Industry, Real Estate to
Investment Process & Market Analysis 10
Chap 2: 1
to 10
Sep 12 Topic 2 - Cash Flow Modeling Chapter 3: 3.2.1.2, Chap 3: 1
3.2.1.3, 3.2.1.5, 3.4 to 8, 13, 14
Sep 19 Topic 3 - Time Value of Money Chapter 4 (excluding Chap 4: 1
4.2, 4.3.7 and 4.3.8) to 4, 12 to
ASSIGNMENT “1” REVEALED 17
Sep 26 Topic 4 - Property Valuation Chapter 5 Chap 5: 1, 3, 5
to 15
ASSIGNMENT 1 SUBMISSION DEADLINE –
11PM
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Oct 3 Topic 5 - Debt Financing/Leverage Chapter 7 (excluding Chap 7: 1 to 8
7.4.4, 7.5)
Chapter 10 (excluding Chap 10: 1,
10.5, 10.6, 10.7)
MCQs: 1,2,7,8
Oct 10 Topic 6 - Equity Financing, Capital Structure Chapter 9 Chap 9: 1 to 5,
MCQs: 1, 2, 8,
GROUP CASE STUDY REVEALED 10
Oct 24 MID-TERM – DURING CLASS TIME – IN CLASS
(Covers Topics 1 to 5)
ASSIGNMENT “2” REVEALED
Oct 31 Topic 7 - Real Estate Development Chapter 11 (excluding Chap 11: 1 to
ASSIGNMENT “3” REVEALED 11.4 and 11.6) 4, MCQs: 1 to
ASSIGNMENT 2 SUBMISSION DEADLINE – 11 9
PM
Nov 7 Topic 8 - Housing Finance, REITs, Group work Chapter 12 (excluding Chap 12: 1,
12.4 and 12.6.3) MCQs: 2, 3, 6,
ASSIGNMENT 3 SUBMISSION DEADLINE – 11 7, 9
PM Chapter 13 (excluding Chap 13: 1 to
13.2, 13.5.2, 13.5.3,
13.5.4, 13.8, 13.11)
5, MCQs; 4 to
8, 10
Nov 14 Topic 9 – Capital Markets, Corporate Real Chapter 6: 6.4.2.3.2 to Chap 6: 1 to 6
Estate, International Real Estate end of 6.4, 6.7)
Chapter 14 (excluding Chap 14: 1 to
14.4.1.1, 14.4.1.2,
GROUP PROJECT FILE SUBMISSION DEADLINE – 14.4.1.3)
10
11PM Chapter 15
Chap 15: 1 to
5, 9
Nov 21 Term Project Group Presentations
Attendance is mandatory
Nov 28 Term Project Group Presentations
Attendance is mandatory
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Learning
Assessment of Learning Objectives
Learning Activity Group/Individual Projects Examinations or Paper
Assignments
Objective (Mid‐Term and Final)
Develop analytical Assignment 1
skills to evaluate and Assignment 2 Midterm and Final
assess real estate Assignment 3
investment
opportunities.
Group Project Midterm and Final
Identify and evaluate
real estate investment
strategies.
Services
Concordia University offers many
on-campus support services that are available to students free of charge.
The web link http://www.concordia.ca/students/campus-services.html is a
useful facility that guides students to a specific support service that can
provide appropriate assistance
Behavior
All individuals participating in courses are expected to be professional and
constructive throughout the course, including in their communications.
Concordia students are subject to the Code of Rights and Responsibilities
which applies both when students are physically and virtually engaged in any
University activity, including classes, seminars, meetings, etc. Students
engaged in University activities must respect this Code when engaging with
any members of the Concordia community, including faculty, staff, and
students, whether such interactions are verbal or in writing, face to face or
online/virtual. Failing to comply with the Code may result in charges and
sanctions, as outlined in the Code.
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Academic Integrity
Concordia University places the
principle of academic integrity, that is, honesty, responsibility and fairness in
all aspects of academic life as one of its highest values. This understanding
of academic integrity directs our conduct in all academic matters, especially
to the submission of work for academic evaluation and to student-professor
and student-staff relationships. Instructors, students and administrators are
expected to be honest and responsible in their academic conduct and fair in
their assessment of academic matters. (Academic Code of Conduct, Article 1)
Plagiarism
The most common offense under the Academic Code of Conduct is
plagiarism, which the Code defines as “the presentation of the work of
another person as one’s own or without proper acknowledgement.”
This includes material copied word for word from books, journals, Internet
sites, professor’s course notes, etc. It refers to material that is paraphrased
but closely resembles the original source. It also includes the work of a fellow
student, an answer on a quiz, data for a lab
report, a paper or quiz completed by another student. It might be a paper
purchased from any source. Plagiarism does not refer to words alone - it can
also refer to copying images, graphs, tables, and ideas. “Presentation” is not
limited to written work. It also includes oral presentations, computer quizs
and artistic works. Finally, if you translate the work of another person into
any other language and do not cite the source, this is also plagiarism.
In Simple Words:
Do not copy, paraphrase or translate anything from anywhere without saying
where you obtained it.
(Source: concordia.ca/students/academic-integrity). Page 10 of 10
Concordia University has several resources available to students to better
understand and uphold academic integrity. The definitions, procedures, and
sanctions related to charges of academic offences are outlined in the
Academic Code of Conduct. Make sure you read them to avoid any offenses
and their repercussions:
http://www.concordia.ca/academics/undergraduate/calendar/current/17-
10.html
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Intellectual Property
Content belonging to instructors
shared in this course, including, but not limited to, online lectures, course
notes, and video recordings of classes remain the intellectual property of the
faculty member. It may not be distributed, published or broadcast, in whole
or in part, without the express permission of the faculty member. Students
are also forbidden to use their own means of recording any elements of an
online class or lecture without express permission of the instructor. Any
unauthorized sharing of course content may constitute a breach of the
Academic Code of Conduct and/or the Code of Rights and Responsibilities. As
specified in the Policy on Intellectual Property, the University does not claim
any ownership of or interest in any student IP. All university members retain
copyright over their work.
Extraordinary Circumstances
In the event of extraordinary circumstances and pursuant to the Academic
Regulations, the University may modify the delivery, content, structure,
forum, location and/or evaluation scheme. In the event of such extraordinary
circumstances, students will be informed of the changes.
Use of Third-Party Software and
If you are using third-party
software and/website, please refer to this link for detailed information:
https://www.concordia.ca/ctl/tech-tools/teach-with-technology/third-party-
tech/technology-guidelines.html
Policy on Audio and/or Video Recordings
of Lectures Websites
Concordia University’s
Policy on Audio and/or Recording of Lectures includes the following:
Making of recordings
1. Students shall not make any recording (audio or video) of a classroom
lecture without having obtained the prior written permission from the
instructor.
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2. Permission to record may be granted to a student at the discretion of
the instructor and normally for the sole purpose of accommodating a
student’s particular needs and only for the purposes of private study.
3. Students who have obtained permission to record a lecture must do so
in a manner which ensures the privacy of other students present.
4. Students who have obtained permission to record a lecture shall
respect all related intellectual property rights in accordance with applicable
laws and the University’s Policy on Copyright Compliance (SG-2).
Use of recordings
1. Recordings of lectures made by students shall not be shared,
reproduced or uploaded to any publicly accessible web environment or used
for any purpose not specifically authorized by the instructor.
2. Recording of lectures shall not be made, used, distributed for any
commercial purposes or compensation.
3. Students who have access to authorized recorded lectures (ex: via
Moodle) may use such recordings only for personal or group study and shall
not reproduce, share or upload the recording to any publicly accessible web
environment.
4. Any violation of this Policy shall be treated as a violation of the
applicable University policy, such as the Code of Rights and Responsibilities
(BD-3) and the Academic Code of Conduct.
List of Student Services
Access Centre for Students with Disabilities
Student Success Centre
Counselling and Psychological Services
Concordia Library Citation and Style Guides
Health Services
Tuition and Financial Aid
Academic Integrity
Dean of Students Office
International Students Office
Student Hub
Sexual Assault Resource Centre
Otsenhákta Student Centre
Birks Student Service Centre
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As a Concordia student, you are a member of the Concordia Student Union
and have many resources available to you including:
A. HOJO (Off Campus Housing and Job Bank)
b. CSU Advocacy Centre
Useful Links
Code of Rights and Responsibilities
Policy on Intellectual Property
Undergraduate Calendar
DISCLAIMER
The instructor reserves the right to change or update this outline, and any other course related
materials, as required. The student will be informed in a timely manner through Moodle and/or
announcements during class.
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