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Specialized Real Estate Education Henry W. Bloch School of Management University of Missouri-Kansas City

Introducing the Master of Entrepreneurial Real Estate

WhiteCenter@UMKC. edu

Welcome About Us The Lewis White Real Estate Center (White Center) and the academic real estate program it champions are collaborative venture in which we blend private capital -both financial and intellectual- with pubic capital. Our private partners include our lead donor and other contributors, our Advisory Board, and other industry supporters. Our public partners include our Department of Global Entrepreneurship, the Henry H. Bloch School of Management, and the University of Missouri-Kansas City.

Our Vision Our vision is to become one of the leading real estate teaching and research centers in the country. We produce students who are prepared for successful careers and are ready to take on the increasingly complex real estate problems in a rapidly urbanizing world.

Our Mission The White Center, through the real estate program it champions, produces students with a solid understanding of market fundamentals, the ability to apply critical thinking to solve problems, an interdisciplinary approach, and an entrepreneurial spirit. We also advance knowledge and industry practices through research, publications, community service, and leadership activities.

Our Advisory Board Rudy Beese, Dentons Barry Brady David Brain, formerly EPR Properties Steve Dunn, JE Dunn Construction Margaret Latshaw, Henry Joseph Co.

Ted Murray, Colliers International JoAnn Nunnink, Integra Realty Resources Tom Turner, Grandbridge Capital Mike Van Buskirk, Newmark Grubb Zimmer Jerry White, Colliers International

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Why Specialized Education The Need for Specialized Real Estate Education The real estate industry is becoming more competitive and professionals are facing increasingly complex problems. To solve these problems, real estate professionals must be able collaborate with other disciplines in effective team based problemsolving. They must also be able draw on stronger analytics, apply more critical thinking, and embrace the entrepreneurial spirit needed to make timely decisions and get results.

The Benefits of Specialized Education      

Provides the necessary breadth and depth of training Allows students to focus on the unique nature of real estate Trains students in cutting-edge tools and problem-solving Exposes students to interdisciplinary thinking and teamwork Allows graduates to create economically viable, marketable, feasible projects Prepares graduates for continuous learning and sustainable, successful careers

Who Benefits from Specialized Education Young professionals  Recent graduates seeking an entry point for their real estate careers  Real estate professionals wanting to accelerate their real estate careers  Professionals in real estate-related fields looking for more core real estate skills Mid-career professionals  Real estate professionals wanting to jump ahead of the competition  Real Estate specialists wanting to expand the scope of their practice  Non-real estate professionals wishing to switch careers into real estate Seasoned real estate professionals  Professionals seeking a sustainable advantage over competitors  Professionals with clients needing cutting-edge service and support  Professionals expanding their practice to add new services  Real estate professionals wanting to add a strategic perspective to decisions Veteran non-real estate professionals  Professionals in related fields wanting to make better real estate decisions  Investors and advisors managing portfolios for themselves & clients

WhiteCenter@umkc.edu

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The MERE and More What We Offer Given the diversity of the discipline, there is no one-size-fits-all for real estate education. To that end, we offer an array of degrees and specialized real estate offerings all of which are compliant with the Bloch School’s AACSB Accreditation.

MERE: Our flagship Master of Entrepreneurial Real Estate MBA Emphasis in Real Estate BBA Emphasis in Real Estate Concentration in Real Estate Real Estate courses that supplement other degrees

Our Value Proposition Our program is a great value with total metro-area tuition and fees around $17,500. We offer a number of scholarships to help fund your studies. In addition to a great value, our students are nationally competitive.

What Graduates Do With Their Degree Our graduates work in a number of real estate and related fields including appraisal, banking, brokerage, consulting, corporate real estate, development, finance, investments, property and portfolio management. Our graduates are capitalizing on their specialized real estate degrees. Many of them have advanced in place, while others have moved on to new opportunities based in part on their studies and their ability to tap into industry connections made during their studies.

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Interdisciplinary/Life Cycle View Real Estate: A Unique Asset Class There are several features that make real estate a distinct asset class: its real asset base, the heterogeneity among assets, its unique and inefficient market system, the operational dimension it entails, and unique drivers that affect value. Specialized real estate education that introduces cutting-edge tools and cuts across disciplines can help professionals learn how to exploit market inefficiencies and consistently outperform passive players. Our Life Cycle approach to real estate helps our students create sustainable projects and launch sustainable careers that can withstand business cycles.

Real Estate & Related Professions/Life Cycle Stage Planning

Acquisition/Development

Operation

Disposition/Sale

Acquisition Officer Appraiser Attorney Broker Consultant Cost Estimator Developer Environmental Officer Financial Analyst Financial Advisor Feasibility Analyst Market Analyst Other Professionals

Acquisition Team Appraiser Architect Engineer Closing Attorney Conduit Lender Consultant(s) Contractor Construction Lender Due Diligence Officer Escrow Agent Equity Investor(s) Gap Lender General/Limited Partner(s) Grantor/Grantee Guarantor Interim Lender Investment Committee Interior Designer JV Partner(s) Landscape Architect Lease Abstractor/Agent Marketing Manager Mortgage Banker/Broker RE’s Permanent Lender Project Manager Subcontractor(s) Tax Advisor Title Search/Insurer

Accounting Team Appraiser Asset Manager Comptroller Engineer Financial Analyst Investor Relation Officer Lease administrator Leasing agent Lessee(s) Loan Servicing Team Management Company Portfolio Manager Property Manager Risk Manager

Accounting Team Asset Manager Disposition Team Appraiser Broker Closing Attorney Consultant(s) Financial Analyst General Partner Grantee Grantor Investment Committee Joint Venture Partner(s) Limited Partner(s) Management Company Market Analyst Portfolio Manager Property Manager Risk Manager Tax Advisor

WhiteCenter@umkc.edu

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Dual Space-Time/Money Time Nature

Real Estate Program Options The Master of Entrepreneurial Real Estate (MERE)        

36 credit hours: 24 core real estate credits and 12 elective credits Self-paced: 18-24 month program completion; summers optional; part-time welcome Rolling Admissions: Fall & Spring program admissions, rolling enrollment Technology-enhanced: experiential learning, team-building, and real world projects Professional Networking: guest lecturers and connections with industry leaders Blended Academic/Professional Instruction: adjuncts complement full-time faculty Customized Studies: ability to select from a range of electives to focus learning High Value Proposition: total cost of approximately $17,500 for Missouri residents and those in Kansas City metro

MBA Real Estate Emphasis To complete a Real Estate Emphasis at the graduate level, students must take three required real estate courses along with one elective real estate course. The electives can be drawn from any of the MERE courses; the required courses include: Entrepreneurial Real Estate Process (RL-EST 5556), Legal Context of Real Estate (RL-EST 5578), Real Estate Finance (RL-EST 5571

BBA Emphasis In addition to our graduate programs, students can earn a Bachelor of Business Administration (BBA) degree with an emphasis in Real Estate This Bloch School designation is awarded to students who complete three required real estate courses and two electives from a list of real estate-related courses. The required courses include: Real Estate Principles (RL-EST 321), Fundamentals of Real Estate Finance (RL-EST 421), Principles of Real Estate Property Management (RL-EST 425)

Real Estate Concentration In the spirit of interdisciplinary collaboration, the Lewis White Center also offers a Real Estate Concentration. This concentration is not an official degree designation from the Bloch School or UMKC but is awarded as way of recognizing student achievement as measured by completion of a set of required courses. The program is currently offered to K-State architecture and other students enrolled in the KC Design Studio. Students pursuing the Concentration will take the Entrepreneurial Real Estate Process (RL-EST 5556) course, along with 2 other graduate level real estate courses for a total of 9 credits and may take the 1 credit Real Estate Forum. The specific courses will be specified by advisors to create the flexibility needed to meet particular student’s needs.

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Real Estate Study Plans Typical MERE Schedule and Timing Most of our students are employed full time and spread their studies over two years. This involves an average of 3 courses a semester including 2 real estate and one elective. Electives may also be taken in the summer to reduce the load. Other students approach their studies in a more accelerated manner, opting to finish in 15-18 months. As such, they may take additional electives in a semester or they may take courses during the summer.

Typical Schedule: 2-year Plan, Fall Admission Fall Semester

1st Year

Fall Semester

RL-EST 5556 Entrepreneurial RE (3) RL-EST 5578 Legal Context (3) RL-EST Real Estate Forum (1) Non Real Estate Elective (3) Total Semester Credit Hours 9-10

Spring Semester

1st Year

RL-EST 5577 Real Estate Valuation RL-EST 5571 Real Estate Finance Non Real Estate Elective Total Semester Credit Hours

RL-EST 5573 Feasibility & Mkt. Analysis (3) RL-EST 5572 Global Real Estate (3) RL-EST Real Estate Forum (1) Non Real Estate Elective (3) Total Semester Credit Hours 9-10

Spring Semester (3) (3) (3) 9

2nd Year

2nd Year

RL-EST 5574 Construction & Dev. RL-EST 5576 Property & Port. Mgmt.

Non Real Estate Elective Total Semester Credit Hours

(3) (3) (3) 9

MERE Electives To allow students to customize their studies for certain career paths, we have developed several approaches to electives. Depending on career aspirations, interests and backgrounds students may:  concentrate in Bloch areas (e.g., entrepreneurship, finance, marketing, public affairs),  spread their electives across campus (e.g., engineering, law), or  blend Bloch courses with non-Bloch courses to increase the interdisciplinary learning.

In general, students without an undergraduate business degree are encouraged to take some Bloch business courses to ensure they understand basic business concepts.

WhiteCenter@umkc.edu

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Specialized Course Descriptions Entrepreneurial Real Estate Process (RL-EST 5556) 3 Credit Hours This interdisciplinary course adopts an entrepreneurial approach to the real estate process spanning concept generation, planning, research, acquisition, design, construction, finance, and investment. The course is open to students from various units across campus. Students will engage in experiential learning to sensitize them to the breadth of inquiry, critical thinking and analysis involved in contemporary real estate. Instruction focuses on creation of optimal spatial solutions for targeted users on targeted sites that are economically viable, sustainable and environmentally responsible. The course emphasizes the importance of focusing on value creation, control and capture across the full life cycle of real estate.

Legal Context of Real Estate (RL-EST 5578) 3 Credit Hours This interdisciplinary course acquaints business and law school students with legal issues in development, ownership and operation of commercial real estate. It also explores the roles of various professionals in real estate transactions. Students will learn legal concepts and terminology, and acquire familiarity with key issues and documents relating to real estate decisions and entrepreneurship, including leasing, insurance, negotiations, construction and architect’s contracts, transactions, regulation, financing and bankruptcy.

Students learn how to apply risk management to design and construction contracts, insurance, bonding and indemnification, as well as choice of business entity, income tax planning and negotiation of joint ventures.

Real Estate Finance (RL-EST 5571) 3 Credit Hours This course introduces students to the full spectrum of real estate finance and investment analysis. It helps students quantify the financial implications of various real estate decisions for individual properties as well as more strategic decision-making applied to real estate portfolios. Using a combination of experiential and incremental learning, students develop the foundation skills necessary to support more advanced concepts and financial theory. The course explores time value of money, law, leverage, underwriting, discounted cash flow, investment analysis, and capital markets. Students also develop advanced modeling skills and learn how to apply state-of-the art financial packages to support decisions.

Real Estate Valuation (RL-EST 5576) 3 Credit Hours This course provides students with an understanding of real estate appraisal garnered through a combination of lectures, projects and discussions. Students explore valuation theory, behavioral processes, and the unique nature of the inefficient real estate market. Through hands on exercises that constitute the experiential learning, students apply best practices embedded in the three approaches to value that underpin real estate appraisal: cost, income and sales comparisons. Students also analyze the impact of macroeconomic conditions, supply/demand conditions, capital flows, and investor behavior. Students develop proprietary valuation models and apply appropriate tools and software for predicting most probable prices.

Real Estate Forum (RL-EST 5555) 1 Credit Hour Real estate is an interdisciplinary field of study which involves a number of related professions. In this course students will be exposed to the full array of disciplines by listening to, and interacting with, a series of industry leaders. These leaders will come from such fields as architecture, brokerage, construction, development, finance, investment, and law. Students will learn the entrepreneurial spirit it takes to succeed.

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Course Descriptions (continued) Global Real Estate (RL-EST 5572) 3 Credit Hours Globalization is one of the key forces that have forced the real estate industry to recognize that while real estate may be located in a specific market, it is subject to a number of national and global forces. In this course, students will learn how globalization of the business, economic and capital markets affects real estate and how global capital flows affect the value of individual investments. Students will also learn how globalization has affected the key players –developers, investors, space users and lenders— and the impact on how they approach real estate on a country-specific and global basis.

Real Estate Feasibility and Market Analysis (RL-EST 5573) 3 Credit Hours This course helps students develop entrepreneurial, fact-based approaches to problem-solving and decision support. It incorporates experiential learning to help students deploy quantitative and qualitative approaches that incorporate the perspectives of space users, space producers, and market facilitators. Students learn how to address the goals and objectives of a particular client, while also considering the externalities and impacts such decisions have on the built environment. Students will integrate critical thinking with spatial and financial analytical methods and state-of-the-art tools to quantify market demand and to translate that demand to a spatial solution that is marketable and financially feasible.

Real Estate Construction and Development (RL-EST 5574) 3 Credit Hours This course explores principles and techniques of construction project management and real estate development. Adopting a holistic perspective, it places the production of real estate in a broader context of product life cycles drawing on systems analysis, planning, programming, budgeting and staffing, controlling major projects. Students apply experiential learning and assume the role of a developer who marshals the resources needed to produce real estate. It explores new projects and renovation of existing space with emphasis on customizing products to fit user needs. The course sensitizes students with emphasis on creating sustainable products that are socially responsible and economically viable.

Real Estate Property and Portfolio Management (RL-EST 5576) 3 Credit Hours This course explores the complexities and integration of property and portfolio management which are critical to the creation, control and capture of real estate value. Students learn how to approach real estate in a more holistic manner by integrating management functions that range from individual property types to portfolios of properties. Students learn how to incorporate marketplace factors in their decisions and apply modern portfolio theory and other tools to construct and manage properties and portfolios in a socially responsible manner. Using experiential methods and real world examples students learn to apply critical thinking to solve complex property and portfolio management problems.

Special Topics in Real Estate (RL-EST 5587) 2-3 Credit Hours This course provides a flexible option for students with an interest in a particular real estate or related topic. It is offered as a stand-alone course or in conjunction with another unit on campus as well as collaborating educational programs. This course may replace a non-real estate elective in a program of study.

WhiteCenter@umkc.edu

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Admission Process Traditional Admission Process To be accepted, students must have an undergraduate degree. Given that criterion, the traditional admissions process is as follows.  Apply online at www.umkc.edu/apply ($35 application fee).  Submit Official Transcripts to Office of Admissions address (5100 Rockhill Road, 120 Administrative Center, KC, MO 64110). Send electronic transcripts to umkc-admtranscript@umkc.edu  Complete and submit standardized test scores as follows:  Applicants can apply for the GMAT at www.mba.com/us. Typical GMAT scores range from 450-800 and must be less than 5 years old. Unofficial scores can be used until official are received.  Applicants may also submit a GRE http://www.ets.org/gre which will be compared to a GMAT using a comparison chart GMAT/GRE Conversion.  LSAT and PCAT scores can be used if less than 5 years old.  Professional designations that are educationally based may also be considered if on the pre-approved list at http://www.bloch.umkc.edu/graduate-program/mere/ admissions.aspx  Resume and statements should be sent to blochadvising@umkc.edu.  Resume with education, work history and professional certifications  0ne-page personal goal statement describing your background, career plans, why you want to attend UMKC, and why you want to earn the MERE.

GMAT/GRE Waiver and Qualification for Automatic Admission

 Applicants who meet one of the following conditions will be waived from the GMAT/GRE and qualify for automatic admission if they have:  a cumulative undergraduate grade point average of 3.5 or higher (on a 4.0 scale), or  a graduate/terminal degree (e.g., MBA, JD, MPA, MS)  GMAT/GRE Waivers can also be granted to applicants holding education-based professional designations (e.g., CCIM, MAI, RICS) can petition. Check with the White Center for a listing of accepted designations.

Our Buildings Mirror Our Philosophy: Blending Entrepreneurial Style with the Best of Traditional Knowledge

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Entrepreneurial Admissions Our Entrepreneurial Avenue to Admission While undergraduate GPAs and standard tests are helpful in admission decisions, we realize other factors may also be important indicators of success including: level of commitment, experience, and track records Thus, applicants who do not qualify for traditional admissions may still be admitted under a formula approach that includes such factors. To be considered, applicants must submit the following incremental materials and must complete an interview with the Real Estate Admissions Committee.  Expanded personal goal statement  Two letters of recommendation  A summary of related work experience and other evidence of professional achievement

Visiting Students Our visiting student classification allows applicants not seeking a a full degree or those not able to complete our formal admission process access to enroll. This will allow students to take up to 6 graduate credit hours that can be applied for MERE credit. Admission as a Visiting Student is for only one term; students attending a second term must complete regular application or seek readmission in visiting status. In addition to the standard materials, the following additional documents must be filed and applicants must complete an interview with the Real Estate Admissions Committee.  UMKC Visiting Student Application  Expanded personal goal statement  Two letters of recommendation

Visiting Exchange Students To increase access to specialized real estate education and expand interdisciplinary offerings, the White Center is working on collaborative arrangements with other institutions. Operating under these agreements, students may be accepted as Visiting Exchange Students. Admission requirements are the same as Visiting Students, although under this program students may be permitted to take up to 12 real estate credits. Students completing the required courses may receive a non-academic “Concentration” in real estate from the White Center.

Scholarships To increase access to specialized real estate education, we have created a pool of scholarships to help recruit and sustain students. If you have financial needs and/or are interested in tuition support or have any admission questions, contact the White Center directly.

WhiteCenter@umkc.edu

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Class Schedule and Faculty Contacts Fall 2015 Class Schedule Graduate Classes Entrepreneurial Real Estate Process RL-EST 5556 Legal Context of Real Estate RL-EST 5578 Real Estate Forum * RL-EST 5555 Global Real Estate RL-EST 5572 Real Estate Feasibility and Market Analysis RL-EST 5573 Special Topics: Law, Tech & Policy** RL-EST 5587

Th W W T

7 :00-9:45p 7:00-8:45p 5:30-6:45p 7:00-9:45p

T/Th 5:30-6:45p W 3:00-5:00p

DeLisle DiGiovanni Connely Connely DeLisle DeLisle/Robak

* Legal Context and Forum Combined for 3 credit total for 1st year MERE students ** Team taught with Law School

Undergraduate Classes Real Estate Principles

RL-EST-321

TR 4:00-5:15p

Loiacono

For more information, connect with us at the whitecenter@umkc.edu or feel free to contact our faculty

Chuck Connely, CCIM, CFP速, CPM速 Associate Teaching Professor

Jim DeLisle, Ph.D. Director & Associate Professor

Phone: e-mail: LinkedIn:

Phone: e-mail: LinkedIn:

(816) 235-5131 connelyc@umkc.edu Charles Connely

(816) 235-6288 delislej@umkc.edu Jim DeLisle

Call Callfor forinformation: information (816) 235-5188