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Commercial Real Estate Analysis and Investments with CDROMby David M. Geltner
Synopses & Reviews
The well-known and respected authorship team of Geltner and Miller bring you a new edition of what has become the undisputed and authoritative resource on commercial real estate analysis and investment. Streamlined and completely updated with expanded coverage of corporate and international real estate investment, this upper-level real estate text presents the essential concepts, principles and tools for the analysis of commercial real estate (income producing) from an investment perspective. Once again, COMMERCIAL REAL ESTATE ANALYSIS AND INVESTMENTS, 2e, bridges the gap between mainstream finance and the current cutting edge of professional real estate practice, in order to address the implications of their key differences. This new edition continues to integrate relevant aspects of urban and financial economics to provide users with a fundamental analytical understanding and application of real estate investments ? now using a student version of ARGUS« software on CD-ROM included with the book. ARGUS software is a Windows-based program used extensively throughout the real estate investment industry to solve complex investment and valuation problems. Also included free on CD is a student version of Crystal Ball«, professional-grade software used to perform risk analysis on commercial investments. Contributing author Piet Eichholtz from the University of Maasstricht contributes an entire chapter that explores international real estate investments, both opportunistically and structurally, by outlining elements for developing and implementing real estate investments successfully abroad. Jim Clayton from the University of Cincinnati thoroughly revised and updated the finance coverage and end-of-chapters questions throughout. In this edition Geltner and Miller enhance their unmatched pedagogy by adding in a discussion of the real options application to real estate development and streamlining the discussion of data returns.
Book News Annotation:
For graduate students, Geltner (Massachusetts Institute of Technology) et al. provide a text on commercial real estate analysis and investments with an emphasis on economics, both urban and financial. This edition has been updated to include more examples, and topics such as real estate development projects, after-tax valuation, own vs. rent analysis, real options valuation, and others. A new chapter considers international real estate investments and new sections cover derivatives and deal structuring. The CD-ROM contains additional readings, spreadsheet examples, data, slides, and other learning supplements like ARGUS and CRYSTAL BALL software. Annotation ©2007 Book News, Inc., Portland, OR (booknews.com)
Learn to analyze commercial real estate from an investment perspective with COMMERICAL REAL ESTATE ANALYSIS AND INVESTMENTS and its accompanying CD-ROM! Presenting the essential concepts, principles, and tools for the analysis of commercial real estate, this real estate text provides you with the tools you need to understand real estate investments in today's dynamic economy. Studying is made easy with the CD-ROM that provides expanded coverage as well as spreadsheet examples of methodologies, data used in exhibits, lecture slide notes, and answers to study questions.
This comprehensive book is ideal for graduate-level/MBA or anyone interested in learning more about real estate. The content presents the essential concepts, principles, and tools for the analysis of commercial Real Estate (income producing) from an investment perspective. This book integrates relevant aspects of urban and financial economics to provide learners with a fundamental analytical understanding of Real Estate investments. It bridges the gap between mainstream finance and the current cutting edge of professional Real Estate practice, in order to address the implications of their key difference.
About the Author
David Geltner is a professor at MIT where he is also Director of the Real Estate Center. He received his Ph.D. in 1989 from the Massachusetts Institute of Technology and was a Professor of Real Estate at the University of Cincinnati from 1989 through Spring, 2002. He specializes in the areas of real estate investments, urban economics, and the financial economics of the real estate industry. He has published extensively in leading academic journals, including Real Estate Economics (formerly The AREUEA Journal), The Journal of Urban Economics, The Journal of Real Estate Finance and Economics, The Journal of Real Estate Research, The Journal of Housing Economics, and The Journal of Property Research, among others. He serves on the editorial boards of the three leading US academic real estate journals (Real Estate Economics, The Journal of Real Estate Finance and Economics, and The Journal of Real Estate Research) and of the leading British journal (The Journal of Property Research). He is a co-managing editor of a leading real estate research journal, Real Estate Economics for AREUEA. He serves on the Academic Advisory Board of the Real Estate Research Institute, a research promotion and funding agency sponsored by the leading real estate investment firms. Dr. Geltner has consulted for leading real estate investment advisory firms including serving on the Board of Ohio based STRS.Norman G. Miller has been the Director of the Real Estate Program at the University of Cincinnati since 1981 when he launched a new real estate program, and holder of the West Shell, Jr. Professorship in real estate since 1988. He received his Ph.D. from the Ohio State University in 1977, after which he was an Assistant Professor at the University of Georgia until 1981. During 1985-86 he was the Visiting Chairholder at the University of Hawaii. He is active on the Editorial Board of several nation/international, journals including The Journal of Real Estate Research, The JouJim Clayton is an Associate Professor at the University of Cincinnati where he teaches courses in real estate finance, investment and development. He received his Ph.D. in Urban Land Economics in 1994 from the Faculty of Business Administration at the University of British Columbia. He also has an MA degree in Economics from the University of Western Ontario (1988) and an Honours BA in Economics from Queen's University (1987). Jim serves on the editorial board of Real Estate Economics and the advisory board of the Real Estate Research Institute (RERI). Awards and honors include the Journal of Property Research best paper at the 2005 European Real Estate Society meetings, best paper in the Journal of Real Estate Portfolio Management in 2001, best paper in real estate valuation at the 1996 American Real Estate Society meeting, four research grants from the Real Estate Research Institute (RERI), and a Homer-Hoyt Institute post-doctoral fellowship in 2000. His articles have appeared in Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research, Journal of Real Estate Portfolio Management, Journal of Property Research, Canadian Journal of Administrative Sciences, Canadian Investment Review and Real Estate Finance. Professor Clayton created and is the lead instructor for an Advanced Real Estate Finance course offered through the National Association of Office and Industrial Properties (NAIOP). He has also taught professional development courses in Real Estate Finance and Capital Markets at the MIT Center for Real Estate and for PriceWaterhouseCoopers Real Estate Group.Piet Eichholtz is Professor of Real Estate Finance and chair of the Finance Department at Maastricht University in the Netherlands. He teaches courses in Finance and in Real Estate Finance and Investments. His practical experience includes positions at the ABP and NIB Capital, and non-executive board memberships of property investment companies NSI and Oppenheim Immobilien Kapitalanlagengeselschaft. Eichholtz has also earned a solid reputation as an entrepreneur. In 1996 he started Global Property Research, an international consultancy firm specialized in property companies, which was acquired by Kempen and Co in 2001. After leaving Kempen in 2004, he became co-founder of Finance Ideas, a financial consultancy company. He is currently a member of the Advisory Boards of Redevco and the RO Group, of the Investment Committees of Blue Sky Group and Servatius, and of the Housing Scenario Group of Bouwfonds.
Eichholtz has provided extensive services to public society, mainly through board memberships of industry organizations in the property sector, but also as an advisor to various government agencies. In early 2004, he was a special property advisor to the UN Good Offices Mission on Cyprus, and he has consulted with the Dutch ministry of housing on several occasions. He has been on the board of the ROZ-IPD Commercial Property Index foundation, and is currently the chairman of the board of the AEDEX-IPD Dutch Social Housing Index foundation. Eichholtz' academic work has resulted in a great number of publications, both in the Netherlands and internationally. Most of his work regards real estate markets, with a focus on international investment, portfolio management and housing markets.
Table of Contents
Part I: INTRODUCTION TO REAL ESTATE ECONOMICS. 1. Real Estate Space and Asset Markets. 2. Real Estate System. Part II: URBAN ECONOMICS AND REAL ESTATE ANALYSIS. 3. Central Place Theory and the System of Cities. 4. Inside the City I: Some Basic Urban Economics. 5. Inside the City II: A Closer Look. 6. Real Estate Market Analysis. Part III: BASIC FINANCIAL ECONOMIC CONCEPTS AND TOOLS. 7. Real Estate as an Investment: Some Background Information. 8. Present Value Mathematics for Real Estate. 9. Measuring Investment Performance: The Concept of Returns. Part IV: REAL ESTATE VALUATION AND INVESTMENT ANALYSIS AT THE MICROLEVEL. 10. The Basic Idea: DCF and NPV. 11. Nuts and Bolts for Real Estate Valuation: Cash Flow Proformas. 12. Advanced Microlevel Valuation. Part V: COMPLETING THE BASIC INVESTMENT ANALYSIS PICTURE. 13. Use of Debt in Real Estate Investment: The Effect of Leverage. 14. After-Tax Investment Analysis and Corporate Real Estate. 15. Real Estate Investment Capital Structure. Part VI: MORTGAGES FROM AN INVESTMENT PERSPECTIVE. 16. Mortgage Basics I: An Introduction and Overview. 17. Mortgage Basics II: Payments, Yields and Values. 18. Commercial Mortgage Analysis and Underwriting. 19. Commercial Mortgage Economics and Investment. 20. Introduction to Commercial Mortgage-Backed Securities. Part VII: MACROLEVEL REAL ESTATE INVESTMENT ISSUES. 21. Real Estate Portfolio Theory: Strategic Investment Considerations. 22. Equilibrium Asset Valuation and Real Estate Price of Risk in the Capital Market. 23. Real Estate Investment Trusts (REITs). 24. International Real Estate Investment. 25. Data Challenges in Measuring Real Estate Periodic Returns. 26. Real Estate Investment Management: Performance Attribution and Evaluation. Part VIII: REAL ESTATE DEVELOPMENT AND OTHER SELECTED TOPICS. 27. Real Options and Land Value. 28. Investment Analysis of Real Estate Development Projects: Overview and Background. 29. Investment Analysis of Real Estate Development Projects: Economic Analysis. 30. Leases and Leasing Strategy. Appendix: Real Estate Price Indices Based on Regression Analysis. Index.
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