LIMITED OFFER
Save 50% on book bundles
Immediately download your ebook while waiting for your print delivery. No promo code needed.
An Introduction to Real Estate Finance
- 1st Edition - October 14, 2013
- Author: Edward Glickman
- Language: English
- Hardback ISBN:9 7 8 - 0 - 1 2 - 3 7 8 6 2 6 - 5
- eBook ISBN:9 7 8 - 0 - 1 2 - 3 7 8 6 2 7 - 2
An Introduction to Real Estate Finance serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks… Read more
Purchase options
Institutional subscription on ScienceDirect
Request a sales quoteAn Introduction to Real Estate Finance serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks, with their encyclopedic but often stale details, it combines a short traditional text with a living website.
The book gives students and professors highly applied information, and its regularly updated online features makes it especially useful for this practitioner-oriented audience. It covers fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more. It also addresses the 2008 financial crisis and its impact on the real estate profession.
This text is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field.
- Offers a concise, efficient, "finance-centric" alternative to traditional real estate finance texts
- Website gives readers the tools to find current information about their own areas of specialization—a unique approach not found in other real estate finance textbooks
- Gives students and professors the material to examine every subject in broad and highly detailed terms
Primary: upper-division undergraduates taking a single-semester first course in Real Estate Finance and graduate students in MBA programs. Secondary: financial analysts and portfolio managers working for real estate investors, real estate securities investors, and members of mortgage banking firms.
Dedication
Preface
Note for the Practitioner
Note for the Student
Note for the Instructor
Acknowledgments
Principles of Real Estate Finance
Introduction
Glossary
Thought Questions
Review Questions
Chapter 1. The Real Estate Industry
1.1 Types of Real Estate
1.2 Interests in Real Property
1.3 Forms of Property Ownership
1.4 Real Estate Functions
1.5 Types of Real Estate Companies
1.6 Ownership of Real Estate Companies
1.7 Other Real Estate Industry Participants
Glossary
Chapter 2. Market Analysis
2.1 Impact of the Economy on the Real Estate Market
2.2 Economic Influences on Specific Property Types
2.3 Economic and Demographic Analysis
2.4 Governmental and Political Factors
2.5 Analysis of Local Supply and Demand
2.6 Property-Specific Due Diligence
Glossary
Chapter 3. Accounting and Tax
3.1 Accounting Standards
3.2 Real Estate Income Statement
3.3 Real Estate Balance Sheet
3.4 Real Estate Cash Flow Statement
3.5 Taxation
3.6 Tax as a Transactional Consideration
Glossary
Chapter 4. Cash Flows and Modeling
4.1 Fundamental Principles
4.2 Modeling Development and Construction
4.3 Cash versus Accrual Modeling
4.4 Property-Type-Specific Issues
4.5 Building a Spreadsheet
4.6 Spreadsheet Analysis
Glossary
Chapter 5. Property Valuation
5.1 Capitalized NOI Method
5.2 Discounted Cash Flow (DCF) Method
5.3 Comparable Sales
5.4 Cost Approach
5.5 Value of Asset versus Value of Equity
5.6 Impact of In-Place Financing
5.7 Appraisal Process
Glossary
Chapter 6. Capital Markets
6.1 Why Invest in Real Estate?
6.2 Types of Real Estate Interests
6.3 Forms of Real Estate Investments
6.4 Types of Real Estate Securities
6.5 Real Estate Investors
6.6 Capital Market Participants
6.7 Market Statistics
Glossary
Chapter 7. Property Finance: Debt
7.1 Types of Real Estate Loans
7.2 Determining the Best Type and Source of Financing
7.3 Loan Terms
7.4 Determining Loan Amount
7.5 Property Lifecycle Issues
Glossary
Chapter 8. Mortgage-Backed Securities
8.1 The Development of Mortgage-Backed Securities
8.2 Benefits to Lenders and Borrowers from Securitization
8.3 Structuring Mortgage-Backed Securities
8.4 CMBS
8.5 RMBS
Glossary
Chapter 9. Property Finance: Equity
9.1 Characteristics
9.2 Forms of Equity Investment
9.3 Structuring Issues
9.4 Investors
9.5 Strategic Utilization of Equity by the Entrepreneur
Glossary
Chapter 10. Capital Structure
10.1 The Capital Stack
10.2 Use of Debt to Enhance Equity Yields
10.3 Impact of Leverage on Risk
10.4 Hybrid Financing Forms
10.5 Impact of Credit Markets on Property Valuation
10.6 Impact of Debt Terms on Optimum Capital Structure
10.7 Deconstructing a Debt Quote
Glossary
Chapter 11. Development Finance
11.1 Development Process
11.2 Key Participants
11.3 Financing Stages
11.4 Government Finance
11.5 Development Risks
11.6 Real Options
Glossary
Chapter 12. Housing Finance
12.1 Housing Finance
12.2 The Economic Impact of the U.S. Housing Market
12.3 History
12.4 Single-Family Home Financing
12.5 Multifamily
12.6 Housing Development
12.7 Impact of Housing Development on Local Infrastructure
Glossary
Chapter 13. REITs and Real Estate Corporate Finance
13.1 What is a REIT?
13.2 REIT Qualification Tests
13.3 Benefits to Investors
13.4 Capital Requirements
13.5 The REIT Operating Partnership
13.6 REIT Financial Statements
13.7 Common REIT Financial Metrics
13.8 Current REIT Market Statistics
13.9 The Non-REIT Real Estate Company
13.10 Real Estate Company Operations
13.11 History
Glossary
Chapter 14. Corporate Real Estate
14.1 Function
14.2 Goals
14.3 Strategic Real Estate Financing for Corporations
14.4 Financing Structures
14.5 Alternative Capital Sources for Corporate Real Estate
Glossary
Chapter 15. International Real Estate
15.1 Overview
15.2 Rewards
15.3 Risks
15.4 Investment Structure
15.5 Participants
Glossary
Index
Answers
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
- No. of pages: 480
- Language: English
- Edition: 1
- Published: October 14, 2013
- Imprint: Academic Press
- Hardback ISBN: 9780123786265
- eBook ISBN: 9780123786272
EG
Edward Glickman
Edward Glickman is the Executive Director of the Center for Real Estate Finance Research and Clinical Professor of Finance at New York University's Stern School of Business. He has more than 30 years' experience in the real estate and financial services industry.
Affiliations and expertise
New York University, NY, USARead An Introduction to Real Estate Finance on ScienceDirect