Description

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 with their encyclopedic but typically stale details, this book combines a short traditional text with a living website. The book gives students and professors highly applied information, and its regularly updated online features make it especially useful for this practitioner-oriented audience.

Covering fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more, the book also addresses the 2008 financial crisis and its impact on the real estate profession. This volume is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field.

Key Features

  • 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

Readership

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.

Table of Contents

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

Details

No. of pages:
480
Language:
English
Copyright:
© 2014
Published:
Imprint:
Academic Press
Electronic ISBN:
9780123786272
Print ISBN:
9780123786265

About the author

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.

Reviews

"This book provides a comprehensive treatment of real estate finance accessible to those just learning about the subject, yet detailed enough to serve as a valuable reference for the experienced manager.   It should be a welcome resource for practitioners and academics alike."  --Eric Sussman, University of California, Los Angeles

"Edward Glickman's 'An Introduction to Real Estate Finance' is a terrific addition to real estate literature.  This is written from the practitioner's viewpoint and draws on Professor Glickman's extensive experience in the industry.  I think it will serve as a great vehicle for real estate programs wanting their students to be well versed in real estate finance as practiced in the industry."  --Martin Heflin, Vanderbilt University

"Glickman’s text 'An Introduction to Real Estate Finance' is the first real estate textbook that truly blends academic theory with real world practice.  The text is not only suitable for both introductory and advanced college classes but also a must read for any professional seriously considering a career in real estate."  --David M. Sinow, University of Illinois