FINC6024: Semester 1, 2025
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Unit outline_

FINC6024: Real Estate Finance and Investment

Semester 1, 2025 [Normal day] - Camperdown/Darlington, Sydney

Real Estate Finance will provide graduates with the knowledge and skills to value and manage real estate within the context of a mixed-asset portfolio. In particular, this unit will explore the micro-economic and macro-economic foundations of real estate, real estate valuation techniques, property derivatives and securities, real estate portfolio management, capital management and listed real estate firms. Graduates can seek employment in the property management industry, funds management industry and financial analysis roles.

Unit details and rules

Academic unit Finance
Credit points 6
Prerequisites
? 
FINC5001
Corequisites
? 
None
Prohibitions
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Elvis Jarnecic, elvis.jarnecic@sydney.edu.au
Lecturer(s) Elvis Jarnecic, elvis.jarnecic@sydney.edu.au
Tutor(s) Peter Skalkos, peter.skalkos@sydney.edu.au
The census date for this unit availability is 31 March 2025
Type Description Weight Due Length
Presentation Cases
Oral presentation
40% Multiple weeks 10 minutes, 20 slides
Outcomes assessed: LO1 LO4 LO3 LO2
Attendance Academic honesty
n/a
0% Week 04 n/a
Outcomes assessed: LO1 LO4 LO3 LO2
Presentation Class presentation
Oral presentation
5% Week 13 10 minutes, 20 pages
Outcomes assessed: LO1 LO4 LO3 LO2
Presentation Major group assignment
Oral presentation
25% Week 13 10 minutes, 20 pages
Outcomes assessed: LO1 LO4 LO3 LO2
Assignment Individual assignments
Short answer questions
30% Week 13 20 pages
Outcomes assessed: LO1 LO2 LO3 LO4

Assessment summary

  • Cases: The cases assessment items require students, in groups of five students, to assess, analyse and pitch three presentations based on three different real estate cases, including a funds management, valuation, and financing case. Students will hand in their presentation slides and appendices prior to the workshop. The presentations, slides and appendices will be assessed. The cases are due in weeks 6, 9 and 12 with each worth 13.33%.
  • Individual assignment: The assignment will comprise four parts. Each part of the assignment will require short answers to problem sets reflecting technical skills developed and will also require an executive summary of the respective case.
  • Class Presentation: Each team is asked to present at least one case to the class as a whole, with the class invited to ask questions and provide peer-feedback on the team's presentation.
  • Major group assignment: This task will require students to prepare and present a pitch based upon a real estate transaction. This case is designed to test students’ abilities to bring together all dimensions of case analysis and presentations. Students will hand in their presentation slides and appendices prior to the presentation. Student groups will comprise 5 students and each student is expected to participate equally in the presentation. Industry representatives may be part of the judging panel.

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Distinction

75 - 84

Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Credit

65 - 74

Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Pass

50 - 64

Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades.

For more information see guide to grades.

Use of generative artificial intelligence (AI) and automated writing tools

Except for supervised exams or in-semester tests, you may use generative AI and automated writing tools in assessments unless expressly prohibited by your unit coordinator. 

For exams and in-semester tests, the use of AI and automated writing tools is not allowed unless expressly permitted in the assessment instructions. 

The icons in the assessment table above indicate whether AI is allowed – whether full AI, or only some AI (the latter is referred to as “AI restricted”). If no icon is shown, AI use is not permitted at all for the task. Refer to Canvas for full instructions on assessment tasks for this unit. 

Your final submission must be your own, original work. You must acknowledge any use of automated writing tools or generative AI, and any material generated that you include in your final submission must be properly referenced. You may be required to submit generative AI inputs and outputs that you used during your assessment process, or drafts of your original work. Inappropriate use of generative AI is considered a breach of the Academic Integrity Policy and penalties may apply. 

The Current Students website provides information on artificial intelligence in assessments. For help on how to correctly acknowledge the use of AI, please refer to the  AI in Education Canvas site

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

WK Topic Learning activity Learning outcomes
Week 01 Introduction Lecture (3 hr)  
Week 02 Fundamentals of real estate economics and asset pricing Lecture (3 hr)  
Week 03 Valuation of income-generating properties 1 Lecture (3 hr)  
Week 04 Valuation of income-generating properties 2 Lecture (3 hr)  
Week 05 Introduction to real estate investment trusts Lecture (3 hr)  
Week 06 Cases presentations 1 Lecture (3 hr)  
Week 07 Real estate financing 1 Lecture (3 hr)  
Week 08 Real estate financing 2 Lecture (3 hr)  
Week 09 Cases presentation 2 Lecture (3 hr)  
Week 10 Real estate portfolio considerations 1 Lecture (3 hr)  
Week 11 Real estate portfolio considerations 2 Lecture (3 hr)  
Week 12 Cases presentation 3 Lecture (3 hr)  

Attendance and class requirements

  • Lecture recordings: All lectures and seminars are recorded and will be available on Canvas for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit can be accessed on the Library eReserve link available on Canvas.

  • Brueggeman, W. B., Fisher, J. D., Yates, S.  (2024). Real Estate Finance and Investments, (International Student Edition), McGraw-Hill.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. understand the nature and context of commercial real estate as an investment
  • LO2. make investment decisions at a property level, including property valuation and investment analysis, leasing and mortgages
  • LO3. understand the alternative investment structures for commercial real estate, including listed and unlisted real estate funds, real estate debt and equity markets
  • LO4. understand real estate portfolio issues.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

No changes fom prior feedback as the unit has not been run in 6 years.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

This unit of study outline was last modified on 17 Feb 2025.

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