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Harvard University Extension School

Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management


Instructor:

Teo Nicolais, Owner


Nicolais, LLC
mgmte2037@dce.harvard.edu

Class Meeting Time:

Thursdays 7:40PM 9:40PM US Eastern

Section Meetings:

TBA

Class Format:

Live Online Lectures (recordings available)

Course Website:

https://canvas.harvard.edu/courses/18287

Course Description and Overview


You engage in a series of in-depth, practical decision making situations in the field of Real Estate investment through
real Harvard Business School Case Studies.
You first review the methods by which real property investments are analyzed including both financial and nonfinancial considerations. You then step into the shoes of a first time investor, meet the various players in the process,
and weigh the risks and opportunities from the standpoint of an individual investor as well as a lender. Next, you gain
experience in creating financial feasibility analyses of a several competing investments and learn how to identify
projects an investors specific needs and select appropriate investments.
You examine operational aspects of real estate projects as you grapple with coordinating a warehouse rehabilitation
project, decide how to set fair benchmark accountability standards for third-party contractors and how to align
incentives - all while staying on schedule and on budget (note: no prior construction experience is required for this
case).
You scrutinize different models for growing a real estate enterprise and explore the common challenges faced in
partnerships and family businesses. Shifting perspectives entirely, you experience the Real Estate field from a small
financial services company's viewpoint and address the perennial dilemma of whether to risk transitioning into a large,
institutionalized company or risk remaining a small entrepreneurial company indefinitely.
You study the art of negotiation in real estate, look at common pitfalls and traps, as well as equip yourself with
strategies and tools for creating win-win outcomes. You also gain experience in the time-honored Real Estate skills of
diplomacy, consensus building, and good old-fashioned horse trading as you negotiate with a large tenant.
You learn to face down panic and uncertainty when the half-way completed New York City skyscraper you are
responsible for building is threatened by a global financial crisis you quickly sort out what considerations are most
important and what risks are most relevant as you set a new course into an unknown future.
Finally, you learn how to create value out of distressed assets in a case study about a severely underperforming
apartment building.
You should prepare for active engagement with the instructor and their peers in this face-paced, online case
study driven course. You will be expected to review and make thoughtful contributions to online course
discussion boards on a weekly basis.
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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

What Is Case Learning?

___

Understanding the problems of business is more a question of pattern recognition


to recognize patterns, you need experience.
Bill Schiano and Epsen Andersen
Whether youre an Entrepreneur or a Manager, youll frequently find yourself having to make decisions that will have
significant and lasting consequences for you, your company, and your career. More often than not, you must make
these decisions with information which is imperfect and incomplete. It is up to you to judge which facts are most
important, which risks are most salient, which opportunities should be pursued and which should be abandoned.
Case Learning helps you prepare for those decisions. It is an experiential, context rich way of mastering both a
highly complex field and approaches to decision making.
In Case Learning, students examine a specific business scenario generally based on a real life situation - which is
presented in a five-to-fifteen page document (a Case Study). The learning takes place through the active class
discussions which are moderated by the instructor but in which students do most of the talking.
By concentrating the brainpower of an entire classroom of intelligent students, by focusing on how we approach
problems and recognizing patterns in decision-making, by allowing you to challenge approaches you disagree with or
attempt to persuade classmates on your viewpoint, you will gain critical insights about your own way of thinking
and augment it with ideas and strategies from your peers.
Used widely in business schools, law schools, and medical schools, Case Learning is a proven method for
preparing students for the complexities that await them in the real practice of their field.

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

How Does Case Learning Work in this Class?

___

The cycle of learning a case in this course is as follows:


1. You read the case on your own. For best results, we recommend you (1) quickly read the case all the way
through to get a feel for the various components of the situation and then (2) perform a second, more detailed
reading during which you take notes and analyze key themes.
2. You make discussion posts in response to prompts offered by the teaching staff in your Consulting Teams
private online discussion board. (More on this to follow below)
3. You attend the live online session during which the case is discussed at length with most of the talking done by
the students of the class.
To help facilitate a lively discussion, the class is split up into teams with each team being responsible for providing one
person, an Expert Consultant, to represent them during each case study session. Drawing on the wealth of
material provided by their peers during Step #2 above, Expert Consultants will be extra well prepared contribute to
the discussion.
Participation by students who are not playing the role of Expert Consultant that week is expected.
To get the most from this course, you should plan on attending all of the online class sessions: there is no substitute
for your live attendance. If you cant attend all of them, alternate participation options are available (see below).

Grading
There are no problem sets in this course. Instead, you will be graded on your posts to online discussion boards
and your participation in the live case study discussions. Attendance is not required, but active participation is.
By design, your scores are awarded in small increments throughout the term to capture your overall contribution and
to allow you to adjust the level of your participation along the way if needed.
Youll also see that, by design, the number of available participation points far exceed the points required to
receive an A in the class. This means you have significant flexibility in fulfilling the participation requirements.
Your total semester points will be based on the following:
1.
2.
3.
4.

Individual Participation:
Team Participation:
Midterm Exam:
Final Exam:

30%
30%
20%
20%

The details for each component are as follows:

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Grading (Continued)
1. Individual Participation (30%)

100 possible points

Sharing your individual ideas and opinions are an essential part of the course. Formulating and expressing
your thinking help you work through the material and, by sharing your unique background and perspective, provide a
richer experience for your peers.
You can contribute to the case sessions (starting with Session #2) in any of the following three ways:
On-Camera Participation

Discussing the case live with audio and video via your webcam.

Chat Room Participation

Typing questions or comments through the chat room.

Pre-Lecture Discussion Post

Responding to a prompt posed by the teaching staff in a discussion prior to


the class so it can be incorporated in the case discussion. This is separate
from the Group Discussions noted below.

Each session is worth up to 10 points and we drop your lowest two session scores when calculating your
semester grade. Participation points are determined by the teaching staff after each session.
Since On-Camera Participation provides by far the greatest contribution to the discussion, those who participate are
eligible to receive up to a 50% bonus per session up to a total of 120 out of 100 possible points for the Individual
Participation Score.
2. Team Participation Score (30%)

100 possible points

At the beginning of the semester, you will be randomly assigned into a Consulting Team. Each week a different
member of your team will be responsible for presenting a portion of the case to the class as an Expert Consultant.
Expert Consultants are required to be on camera during the case discussion and be available to provide
insights and perspectives on behalf of their team.
***Each team member must be an Expert Consultant for two of the class sessions.***
Teams will be required to submit a schedule during the second week of class listing which team members will be
presenting during which lecture.
Preparing your Expert Consultant is a team effort. The Expert Consultant will draw on the thoughts and ideas of
all members of their team who will be posting to the teams private online discussion board in advance of that weeks
lecture.
The Team Participation component of your grade will be determined as follows:
Weekly Private Team Discussion Board Posts
Peer Evaluation for Team Contribution:
Expert Consultant Appearances:

8 points per week


10 per appearance

70 points (max)
10 points (at end of semester)
20 points total

We drop your three lowest weekly group discussion posts when calculating your semester score.
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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Grading (Continued)
You are expected to actively and positively contribute to the group effort. In cases where Peer Evaluations report
non-contribution or actions which are otherwise detrimental to the group, a larger deduction may be made. These
cases are extremely rare but have occurred.

***Bonus***
At the end of each of the twelve case study sessions, the class will (anonymously) vote on the Top Expert
Consultants. All members of the top teams will receive a bonus on their Team Participation Score (up to a
total of 20 additional points on top of each members total Team Participation Score).
3. Exams

100 possible points each

The Midterm and Final Exams will be based on the material and discussions from lectures. Questions will be similar
in content and format to the Weekly Group Discussion prompts and may include analysis of a short case.
The purpose of the exams is for you to demonstrate your knowledge of the framework of analysis we learned, the
major themes of cases we cover, and significant points made during the live class discussions.
Letter Grades
Letter grades are assigned according to the following fixed scale:

Letter Grade
A
AB+
B
B-

Percentage of
Semester
Points
93%
90%
87%
83%
80%

Letter Grade
C+
C
CD
E/F

Percentage of
Semester
Points
77%
73%
70%
65%
0%

The percentages above represent the lower bound of the letter grade range. For example, a student who earned an
86.9% would receive a B for the course. A student receiving exactly 87% of semester points would receive a B+ for
the course.

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

A Few Last Words on Grading


Our philosophy on grading mirrors that of Bill Schiano, who specializes in the Case Study method:
If you know yourself to be particularly nervous about grades, please try to treat this class an
opportunity to grow beyond such anxiety. If you focus on preparing for class and learning, the
grades will follow. Try to think about your own performance in class: Was it the best you could do?
Was it constructive? Insightful? Are you as active as your fellow students?
In your career, you will not get regular formal feedback. If you are lucky, your annual or semi-annual
reviews will be related to your performance. Developing an ability to objectively assess your
performance will be a useful skill.
In awarding scores for your discussion posts and live participation, we look at both Quantity and Quality.
Quantity refers not to how long you spoke or how many sentences you wrote (in fact, we place soft limits
both of these) but rather Did you contribute, or attempt to contribute, throughout the discussion?
Our measurement of Quality can be summed up in the following questions:
Did you demonstrate direct knowledge of the case?
Did you draw in different aspects of the case into the on-going discussion?
Did your comment move the conversation forward?
Above all: after you've spoken, are your classmates better off because you did so?

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Online Exams
There will be two exams. The first exam will cover the Sessions #1 - #8. The second exam will cover Sessions #9
#13 sessions. Both exams will be two hours in duration, carry equal weight, and will be administered online.
Important: You will have a 24-hour window during which you can take your exam. The examination window starts
at 7:40pm US Eastern on the exam date and ends the following day at 7:40pm. You can take your exam at any point
during that examination window.
All exams are closed book (no notes or study aides of any kind) and are administered via Proctorio, an easy-to-use
online proctoring, which is just like having an in-person proctor, only it is done via the internet.
This easy to use service ensures the integrity of your exam while saving you the expense and inconvenience of using
an in-person proctoring facility. With Proctorio, you can take your Exams online anywhere and anytime during
the examination window.

Technology Check-ins
Every student required to schedule and attend a brief Technology Check-in which will be scheduled early in the
semester. The check-in will take approximately ten minutes during which you will get experience turning on your
web cam, using your microphone, and operating the online presentation client.
A sign-up sheet will be created on the course website.

Other Logistics
Prerequisites:

High school algebra. No prior real estate or finance background is required for this course.

Technology:

Your live participation is an important part of this class. A computer equipped with a
microphone, webcam, and a high-speed internet connection are required.

Communication Outside of Class:


Students are welcome and encouraged to ask questions of the teaching staff outside of class. Our
experience has been that Canvas Discussions or our Live Class Sessions with the benefit of
video, audio, and whiteboards (all of which are recorded and posted the Canvas site for later review)
are incomparably more effective and efficient in answering student questions than e-mail.
We encourage you to send us questions by posting to a Canvas Discussion and we will be glad to
answer those questions on the discussion thread or *during the next section class.*
E-mails for which neither class nor the Canvas Discussion are best suited (i.e. questions
about your grade or circumstances specific to one student) will answered within one
business day during regular business hours (excluding weekends, evenings, and holidays).
Word of advice: keep a careful eye on the course calendar in the syllabus. Do not wait until the night
before the weekly assignments are due start on them if you want assistance from the teaching staff
be sure to e-mail us **before the scheduled meetings** so we can answer your questions during the
recorded sessions.
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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Readings
All of the case studies referenced in this syllabus will be made available in downloadable Coursepack from Harvard
Business Publishing at a cost of approximately $75.00.
In addition, we strongly recommend the purchase of the following book:
Poorvu, Willliam J. Creating and Growing Real Estate Wealth: The 4 Stages of a Lifetime of Success,
(FT Press, 2008).
ISBN-13: 978-0132434539
(Retail Price: Approximately $26.00)
While no readings are assigned for Poorvus book, it is an excellent resource for those interested in starting a real
estate business and some of the lecture discussions are grounded in material covered in depth by Poovu.

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Course Schedule
Module 1: The Why? and How? of Real Estate
Thu, Sep. 1, 2016 Session #1: Running a Real Estate Enterprise: Its Not a Job, Its an Adventure
Lecture: Why pursue Real Estate as a career?
o Four Stages of a Real Estate Career
o Strategies for long-term success
o Course Logistics
Thu, Sep. 8, 2016 Session #2: How Real Estate Investments are Analyzed?
Lecture: Entrepreneurship as a Way of Life
Case Study: Note on Real Estate Investments
o Case Summary: This note covers the basics of real estate from a portfolio manager's perspective. It
examines how money is made in real estate, how real estate is valued, the differences among various
types of real estate, and how to do basic financial modelling such as net present value (NPV) and
internal rate of return (IRR).
Case Study: Financial Analysis of Real Property Investments
o Case Summary: Develops a conceptual framework for financial analysis of real estate investments,
taking into consideration the necessity for baseline data, project trends, and forecast discontinuities.
Module 2: Getting Started in Real Estate
Thu, Sep. 15, 2016 Session #3: Your First Project
Lecture: What Kind of Investor Are You?
o Identifying and playing to your strengths
Case Study: Lance Johnstone: Developing 3000 North Broad
o Case Summary: The case focuses on Lance Johnstone, a former NFL player, who has dabbled in real
estate development during his playing career, and now, as a retired player, is trying to pursue the
development of a 10-unit rental apartment building in a depressed area of Philadelphia, his
hometown. The case presents the process Johnstone and his partner went through to purchase the
vacant land, develop a construction budget and financing plan, and asks students to evaluate the
prospective financials for this development and assess the viability of the development plan and its
prospective returns.
Thu, Sep. 22, 2016 Session #4: Renovation as an Alternative to Development
Case Study: Steel Street
o Case Summary:
The case involves repositioning an old 6-story warehouse in Pittsburgh and many of the issues of
rehabilitation and selecting and managing the development team especially in a world of capital
market uncertainty. The case also demonstrates the alignment of interests of the players, the
construction process and the various methods available to contract with the general contractor
including lump sum, cost-plus and guaranteed maximum price.

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Course Schedule (Continued)


Thu, Sep. 22, 2016 Session #5: Picking and Choosing Between Multiple Real Estate Investments
Case Study: Angus Cartwright IV Case Study
o Case Summary: Judy and John DeRight, looking to diversify their investment portfolios, have
retained Angus Cartwright, Jr. to identify prospective real estate acquisitions. Mr. Cartwright has
four potential properties that he feels merit an in-depth financial analysis. The case provides an
opportunity to examine the various components of real estate return--cash flow, tax benefits, and
futures--and measure the profitability of a proposed investment through the calculation of net
present value, internal rate of return, and capitalization rate.
Module 3: Growing Your Real Estate Enterprise
Thu, Sep. 29, 2016 Session #6: Strategies for Growth
Lecture: What kind of organization should you build?
o Five Approaches to Scaling-up
o Advice for Finding and Developing Partnerships
Case Study: Note on Forms of Real Estate Ownership
o Case Summary: Examines the legal forms of ownership of real property. Included are the
corporation, partnership, limited partnership, business trust, real estate investment trust, sole
proprietorship, and joint venture. Tax factors and business management considerations are
included.
Thu, Oct. 6, 2016 Session #7: Building a Family Business
Case Study: Creating a Family Business: The Genesis of Rogers Family Enterprises
o Case Summary: Steven Rogers had always thought that someday he would like to own a business
with one or both of his daughters. As his eldest daughter, Akilah, finished her final semester at
Harvard Business School, she told Rogers that she would like to create with him a Chicago-based
real estate venture that included buying, rehabbing and renting homes in the Englewood and
South Shore neighborhoods of Chicago. Rogers quickly realized that his biggest challenge was
how to equitably structure the ownership of the business.
Case Study: Cardon Family
o Case Summary: Wil Cardon is the third-generation steward of his family's real estate land
development business. He grapples with issues of business structure, intergenerational business,
compensation, and family values.

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Course Schedule (Continued)


Thu, Oct. 13, 2016 Session #8: Disciplined Growth: Playing to Your Strengths
Case Study: Aspen Financial
o Case Summary: Brothers Bruce and Jack Aspen are at a critical crossroad in the execution of
their business plan. They had been aggressively growing their commercial real estate finance
company. The Company had three robust businesses - brokerage, loan servicing, and principal
investing - and recently completed the year with revenues exceeding $50 million and with health
profit margins. Increasingly, the brothers believed that Aspen Financial would have to accelerate
its growth to accomplish their objectives and this would require picking up the pace of
acquisitions.
Case Study: Hotel Perennial
o Case Summary: Dan Jameson, founder and CEO of a boutique real estate private equity firm
called EL Investments (ELI), wrestles with the decision of whether or not to acquire the
distressed Hotel Perennial, a 194-room hotel on the north side of Chicago, Illinois. When
making the investment decision, Jameson must consider: What is ELI's implicit investment
strategy, and what are the firm's core competencies? What are Jameson's goals for growing ELI,
and how might the acquisition of the Hotel Perennial fit with those goals? What opportunities
and challenges might ELI face if it decides to acquire the hotel? How much would a buyer likely
have to pay for the Hotel Perennial to achieve an attractive return?
Thu, Oct. 20, 2016 MIDTERM EXAM
Module 4: Negotiations in Real Estate
Thu, Oct. 27, 2016 Session #9: Strategies for Successful Negotiations
Lecture: The Art of Negotiations
Case Study: Framing and Negotiation
o Case Summary: How can framing--alternative description of an object, event, or situation--can
be used effectively in negotiation? A real estate dialog is used to illustrate three common varieties
of framing: losses versus gains; short and long horizons; and aggregation and segregation.
Case Study: Two Psychological Traps in Negotiation
o Case Summary: Anchoring and framing, and their role in negotiation are described. The
anchoring section describes how first or opening offers can be used effectively in negotiation.
Examines how opening offers serve as an anchor, changing one side's perception of the other
side's bottom line and hence the set of possible outcomes. The framing section describes how
framing--alternative description of an object, event, or situation--can be used effectively in
negotiation. Uses a real-estate dialogue to illustrate three common varieties of framing: losses
versus gains, short and long horizons, and aggregation and segregation.

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Course Schedule (Continued)


Thu, Nov. 3, 2016 Session #10: Engaging Stakeholders Part I: Landlord-Tenant Negotiations
Case Study: Alexander Plaza
o Case Summary: Henry Bower, an asset manager for a real estate adviser, Medcem, has to
negotiate the details of a lease after signing a letter of intent with a high technology company,
Defentek, Inc for a large block of space in a recently acquired Class A suburban office building
outside of Washington, D.C., which has had a history of problem tenants in a problem market
that is now somewhat improving. Henry must determine a negotiating strategy and take a
position on the various issues raised by the tenant and the tenant's lawyer.
Thu, Nov. 10, 2016 Session #11: Negotiation Simulation
Case Study: Real Property Negotiation Game
o Case Summary: The Real Property Negotiation Game simulates the experience negotiating the
sale, purchase, or financing of a property.
Module 5: Managing Risk
Thu, Nov. 17, 2016 Session #12: Understanding Risk
Lecture: Types of Risk in the Real Estate World
o Performing financial and operational triage in a time of crisis
Case Study: Golds Star Properties: Financial Crisis
o Case Summary: The managing director, the financial director, and the technical director of a large
construction and property firm in Hong Kong are in disagreement. The firm is being squeezed
and needs to free cash to pay maturing loans that the banks are calling in in response to the
Asian financial crisis. Differing ideas regarding relationships and control are rooted in their
different cultural traditions. The managing director and his financial director have to decide what
to do.
Thu, Nov. 24, 2016 UNIVERSITY HOLIDAY (Thanksgiving)
Thu, Dec. 1, 2016 Session #13: Surviving a Financial Crisis
Case Study: 8 Spruce Street
Case Summary: Half way through the construction of a 76-story apartment building in New York
City the great financial crisis of 2008 struck. The developer must decide whether to stop
construction at 38 floors or attempt to forge on and complete the building (and if so whether to
convert the upper 38 floors to for sale condominiums). With bank balance sheets evaporating,
would the financing of the $875 million project remain intact? Would the financial metrics of 8
Spruce make sense if they were to stop building at 38-stories?

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Course Schedule (Continued)


Thu, Dec. 8, 2016 Session #14: Creating Value with Distressed Assets
Case Study: Collett Realty: A Struggling Apartment Complex
o Stephanie Collett's family just inherited an apartment complex in Los Angeles, CA which was
behind on its maintenance schedule, taxes, and the mortgage. Collett's brother-in-law, had been
working hard to bring the property back to profitability, but the bank was threatening to
foreclose. Should the family pay off the loan and continue renting the property, which would
require taking out a mortgage on the family home? Should they sell the property and use the
proceeds to pay off the loan? Or should they just hand over the keys? The West 92nd/94th
Street complex was hemorrhaging cash, and the bank was preparing the foreclosure paperwork.
Whatever they were to decide, they would need to decide fast.
Thu, Dec. 15, 2016 FINAL EXAM

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

About the Instructor


Teo Nicolais is a real estate entrepreneur who loves to teach.
Nicolais lived and breathed real estate as the Director of Finance and Acquisitions for a $500 million real estate
investment company in Illinois which specializes in apartment communities and single-family home developments. In
addition to developing cash flow forecasts and performing financial due diligence, Nicolais personally identified and
negotiated the purchase of new investments and arranged project financing using equity, taxable and tax-exempt
bonds, institutional debt, and conventional bank loans.
Nicolais currently lives in Denver where he owns a real estate investment company, Nicolais, LLC. With the help of
his employees, Nicolais invests in multifamily rental properties in the Denver metro area and is active in the citys fixand-flip market. Nicolais has served as the Vice President of the Apartment Association of Metro Denver (AAMD),
Chair of the AAMDs Independent Rental Owners Council, President of the Kiwanis Club of Alameda West, and as
a Director of the US Fund for UNICEF. He is also a member of the Urban Land Institute,
Throughout his professional life, Nicolais has always made time to teach. Nicolais recently taught his 57th course at
the Harvard Extension School with a cumulative enrollment of over 9,000 students.
Nicolais was awarded Harvard Extension Schools 2016 Distinguished Teaching Award, Harvards university-wide
2016 Teaching Innovator Prize for his work in online education, and has twice received Harvards Students
Choice Award. His students recently honored him with an overall rating of 4.96 out of 5.00 in their course
evaluations of Principles of Real Estate. He was also the recipient of the Harvard Extension Schools First Annual
Dean Michael Shinagel Award in 2014.
He earned his bachelors degree from Harvard College with a concentration in economics. As part of his
undergraduate academic work, he studied advanced real estate finance at the Harvard Graduate School of Design and
leadership at the Harvard Business School.

Academic Integrity
You are responsible for understanding Harvard Extension School policies on academic integrity
(www.extension.harvard.edu/resources-policies/student-conduct/academic-integrity) and how to use sources
responsibly.
Not knowing the rules, misunderstanding the rules, running out of time, submitting the wrong draft, or being
overwhelmed with multiple demands are not acceptable excuses. There are no excuses for failure to uphold academic
integrity.
To support your learning about academic citation rules, please visit the Harvard Extension School Tips to Avoid
Plagiarism (www.extension.harvard.edu/resources-policies/resources/tips-avoid-plagiarism), where you'll find links to
the Harvard Guide to Using Sources and two free online 15-minute tutorials to test your knowledge of academic
citation policy. The tutorials are anonymous open-learning tools.

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Harvard University Extension School


Instructor: Teo Nicolais

Fall 2016

MGMT E-5805 Real Estate Enterprise Management

Accessibility

______

The Extension School is committed to providing an accessible academic community. The Accessibility Office offers a
variety of accommodations and services to students with documented disabilities. Please visit
www.extension.harvard.edu/resources-policies/resources/disability-services-accessibility for more information.

Professional Conduct
Professional behavior is expected throughout the class. This means respectful communication. During discussions,
negotiations, and debriefs, civil discourse should be maintained at all times and comments should be aimed at moving
the discussion forward. This does not mean that students must always agree with others since reasoned, respectful
dissention may be part of the discovery process and lead to previously unconsidered options. Opportunities to
provide feedback to classmates will be provided in class in our debriefing sessions.

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