Asset and Portfolio Management: June 23-24

Course Overview

A significant portion of investment-grade real estate throughout the country is held by private and public pension funds and university endowments. As real estate markets and products continue to evolve, an understanding of the decision-making process employed by these participants has become increasingly important. This course is designed to provide the student with an overview of the institutional process associated with the selection, acquisition, management and disposition of real estate assets. The course will examine the process from a "top down" perspective, beginning with issues facing plan sponsors in their decision to allocate resources to real estate. All aspects of the real estate decision-making process will be considered including those related to portfolio management, asset management, and property management. The role of outside consultants, advisors, and managers in this process will also be examined. This course is intended to benefit lenders, developers, investors, and other participants in the real estate process with limited exposure to the institutional nature of real estate investment.

Learning Objectives and Outcomes

• Summarize the decision-making process employed by institutional investors in real estate.
• Articulate the resource allocation criteria used by institutional investors when deciding whether to acquire, manage or dispose of real estate assets.
• Distinguish between portfolio management, asset management, and property management.
• Explain the role of outside consultants, advisors and managers.

Instructor Bio

Steven C. Marsh is a managing director for the MIT Investment Management Company where he is responsible for managing a portfolio of over $1 billion in real estate related investments.  Mr. Marsh serves as an advisor to MIT on various real estate matters relating to the Institute’s academic facilities.