(EBook PDF) Real Estate Investment and Finance Strategies Structures Key Decisions 1st edition by David Hartzell, Andrew Baum 1119526159 9781119526155 full chapters

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ISBN-10 :  1119526159 

ISBN-13 :  9781119526155

Author: David Hartzell, Andrew E. Baum 

Real Estate Investment remains the most influential textbook on the subject, used in top-tier colleges and universities worldwide. Its unique, practical perspective on international real estate investment focusses on real-world techniques which measure, benchmark, forecast and manage property investments as an asset class. The text examines global property markets and real estate cycles, outlines market fundamentals and explains asset pricing and portfolio theory in the context of real estate. 

Real Estate Investment and Finance: Strategies, Structures, Key Decisions 1st Table of contents:

CHAPTER 1: Real Estate – The Global Asset
1.1 THE GLOBAL PROPERTY INVESTMENT UNIVERSE
1.2 MARKET PLAYERS
1.3 PROPERTY – ITS CHARACTER AS AN ASSET CLASS
1.4 CONCLUSION
CHAPTER 2: Global Property Markets and Real Estate Cycles, 1950–2020
2.1 INTRODUCTION AND BACKGROUND
2.2 A PERFORMANCE HISTORY
2.3 THE GLOBAL MARKET
2.4 REAL ESTATE CYCLES: CONCLUSIONS
NOTES
CHAPTER 3: Market Fundamentals and Rent
3.1 INTRODUCTION: THE GLOBAL PROPERTY CYCLE AND RENT
3.2 THE ECONOMICS OF RENT
3.3 FORECASTING RENTS
3.4 CONCLUSION
CHAPTER 4: Asset Pricing, Portfolio Theory, and Real Estate
4.1 RISK, RETURN, AND PORTFOLIO THEORY
4.2 A PROPERTY APPRAISAL MODEL
4.3 THE MODEL COMPONENTS
4.4 THE REQUIRED RETURN FOR PROPERTY ASSETS
4.5 FORECASTING REAL ESTATE RETURNS
4.6 CONCLUSION: A SIMPLE WAY TO THINK ABOUT REAL ESTATE RETURNS
PART Two: Making Investment Decisions at the Property Level
CHAPTER 5: Basic Valuation and Investment Analysis
5.1 INTRODUCTION
5.2 ESTIMATING FUTURE CASH FLOWS
5.3 THE DISCOUNT RATE
5.4 CONCLUSION
CHAPTER 6: Leasing
6.1 INTRODUCTION
6.2 LEGAL CHARACTERISTICS OF LEASES
6.3 THE LEASING PROCESS
6.4 IMPORTANT ECONOMIC ELEMENTS OF A LEASE
6.5 LEASE ECONOMICS AND EFFECTIVE RENT
6.6 CONCLUSION
NOTES
CHAPTER 7: Techniques for Valuing Commercial Real Estate and Determining Feasibility: The Unleveraged Case
7.1 INTRODUCTION
7.2 BACKGROUND ON THE INVESTMENT OPPORTUNITY
7.3 DEVELOPING A PRO FORMA INCOME STATEMENT
7.4 VALUATION USING NET OPERATING INCOME: SINGLE-YEAR CASH FLOW
7.5 INVESTMENT ANALYSIS USING OPERATING INCOME: MULTIPLE-YEAR CASH FLOWS
7.6 APPLYING DISCOUNTED CASH FLOW TO ANALYZE INVESTMENT FEASIBILITY
7.7 SENSITIVITY ANALYSIS
7.8 CONCLUSION
CHAPTER 8: Mortgages: An Introduction
8.1 INTRODUCTION
8.2 WHAT IS A MORTGAGE?
8.3 THE RISKS AND RETURNS OF MORTGAGE INVESTMENT
8.4 THE FINANCIAL COMPONENTS OF A MORTGAGE
8.5 THE MORTGAGE MENU
8.6 AN INTRODUCTION TO MORTGAGE MATH
8.7 CALCULATING PREPAYMENT PENALTIES
8.8 CONCLUSION
NOTES
CHAPTER 9: Commercial Mortgage Underwriting and Leveraged Feasibility Analysis
9.1 INTRODUCTION
9.2 MORTGAGE UNDERWRITING AND THE UNDERWRITING PROCESS
9.3 INVESTMENT FEASIBILITY WITH LEVERAGE: BEFORE-TAX ANALYSIS
9.4 SENSITIVITY ANALYSIS
9.5 CONCLUSION
NOTES
CHAPTER 10: Real Estate Development
10.1 INTRODUCTION
10.2 THE DEVELOPMENT PROCESS
10.3 PRELIMINARY ANALYSIS OF “THE STATION” DEVELOPMENT
10.4 FORMAL ANALYSIS OF DEVELOPMENT OF “THE STATION”
10.5 BUDGET FOR “THE STATION” OFFICE PROJECT
10.6 FINANCING DEVELOPMENT
10.7 DEVELOPER PROFIT AND RETURN
10.8 COMPARISON TO “BACK-OF-THE-ENVELOPE” ANALYSIS
10.9 A LONDON OFFICE DEVELOPMENT THROUGH THE CYCLE
10.10 CONCLUSION
NOTES
PART Three: Real Estate Investment Structures
CHAPTER 11: Unlisted Real Estate Funds
11.1 INTRODUCTION TO UNLISTED REAL ESTATE FUNDS
11.2 THE GROWTH OF THE UNLISTED REAL ESTATE FUND MARKET
11.3 UNLISTED FUND STRUCTURES
11.4 CHARACTERISTICS OF UNLISTED REAL ESTATE FUNDS
11.5 LIQUIDITY AND VALUATION ISSUES
11.6 THE CASE FOR AND AGAINST UNLISTED REAL ESTATE FUNDS
11.7 CONCLUSIONS
CHAPTER 12: Real Estate Private Equity: Fund Structure and Cash Flow Distribution
12.1 INTRODUCTION: THE FOUR QUADRANTS AND PRIVATE EQUITY
12.2 PRIVATE EQUITY FUNDS: THE BACKGROUND
12.3 THE LIFECYCLE OF A PRIVATE EQUITY FUND
12.4 FUND ECONOMICS
12.5 WATERFALL STRUCTURES
12.6 PRIVATE EQUITY STRUCTURES IN THE CREDIT CRISIS
12.7 CONCLUSION
NOTES
CHAPTER 13: Listed Equity Real Estate
13.1 INTRODUCTION
13.2 REITs AND REOCS
13.3 LISTED FUNDS AND MUTUAL FUNDS
13.4 EXCHANGE-TRADED FUNDS
13.5 THE US REIT EXPERIENCE
13.6 THE GLOBAL MARKET
13.7 REIT PRICING
13.8 CONCLUSION
NOTES
CHAPTER 14: Real Estate Debt Markets
14.1 INTRODUCTION
14.2 A BRIEF HISTORY LESSON
14.3 WALL STREET ACT I: THE EARLY RESIDENTIAL MORTGAGE-BACKED SECURITIES MARKET
14.4 WALL STREET ACT II: SENIOR-SUBORDINATED SECURITIES, THE ADVENT OF STRUCTURED FINANCE
14.5 WALL STREET ACT III: THE EVOLUTION OF STRUCTURED FINANCE
14.6 COLLATERALIZED DEBT OBLIGATIONS
14.7 MEZZANINE DEBT
14.8 WHOLE LOANS AND SYNTHETIC MEZZANINE
14.9 INCOME STRIPS
14.10 CASH-OUT REFINANCING
14.11 ALL GOOD THINGS MUST COME TO AN END
14.12 POST-CRISIS RECOVERY
14.13 CONCLUSION
NOTES
PART Four: Creating a Property Investment Portfolio
CHAPTER 15: Building the Portfolio
15.1 THE TOP-DOWN PORTFOLIO CONSTRUCTION PROCESS
15.2 STRENGTHS, WEAKNESSES, CONSTRAINTS: PORTFOLIO ANALYSIS
15.3 PORTFOLIO CONSTRUCTION
15.4 CONCLUSION
CHAPTER 16: International Real Estate Investment: Issues
16.1 INTRODUCTION: THE GROWTH OF CROSS-BORDER REAL ESTATE CAPITAL
16.2 THE GLOBAL REAL ESTATE MARKET
16.3 THE CASE FOR INTERNATIONAL REAL ESTATE INVESTMENT
16.4 THE PROBLEMS
16.5 FORMAL BARRIERS
16.6 INFORMAL BARRIERS
16.7 A PRICING APPROACH FOR INTERNATIONAL PROPERTY
16.8 MANAGING CURRENCY EXPOSURE AND CURRENCY RISK
16.9 BUILDING A PORTFOLIO
16.10 CONCLUSION
CHAPTER 17: Performance Measurement and Attribution
17.1 PERFORMANCE MEASUREMENT: AN INTRODUCTION
17.2 RETURN MEASURES
17.3 ATTRIBUTION ANALYSIS: SOURCES OF RETURN
17.4 ATTRIBUTION ANALYSIS: THE PROPERTY LEVEL
17.5 ATTRIBUTION ANALYSIS: THE PORTFOLIO LEVEL
17.6 ATTRIBUTION AND PORTFOLIO MANAGEMENT: ALPHA AND BETA
17.7 PERFORMANCE MEASUREMENT AND RETURN ATTRIBUTION FOR PROPERTY FUNDS
17.8 CONCLUSION
CHAPTER 18: Conclusion
18.1 WHY PROPERTY?
18.2 LESSONS LEARNED
18.3 THE FUTURE
18.4 CONCLUSION

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