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Global Property Investment Strategies, Structures, Decisions

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ISBN-10: 1444335286

ISBN-13: 9781444335286

Edition: 2012

Authors: Andrew E. Baum, David Hartzell

List price: $56.00
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Description:

Developments in the sophistication of global real estate markets mean that global real estate investment is now being executed professionally. Thanks to academic enquiry, professional analysis and entrepreneurial activity, backed by the globalisation of all investment activity, there is now an available body of material which forms the basis of this scholarly but practical summary of the new state of this art. The measurement, benchmarking, forecasting and quantitative management techniques applied to property investments are now compatible with those used in other asset classes, and advances in property research have at last put the ongoing debate about the role of real estate onto a…    
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Book details

List price: $56.00
Copyright year: 2012
Publisher: John Wiley & Sons, Limited
Publication date: 12/30/2011
Binding: Paperback
Pages: 576
Size: 6.75" wide x 9.75" long x 1.25" tall
Weight: 2.486
Language: English

Preface
Acknowledgements
Real Estate as an Investment: an Introduction
Real estate � the global asset
The global property investment universe
Market players
Property � its character as an asset class
Conclusions
Global property markets and real estate cycles
Introduction
The United States
The UK property market � a performance history
Continental Europe
Asia
Conclusions
Market fundamentals and rent
Introduction: the global property cycle
The economics of rent
Forecasting rents
Conclusions
Asset pricing, portfolio theory and real estate
Risk, return and portfolio theory
A property appraisal model
The model components
The required return for property assets
Forecasting real estate returns
Conclusions: a simple way to think about real estate returns
Making Investment Decisions at the Property Level
Basic valuation and investment analysis
Introduction
Estimating future cash flows
The discount rate
Conclusions
Leasing
Introduction
Legal characteristics of leases
The leasing process
Important economic elements of a lease
Lease economics and effective rent
Conclusions
Valuing commercial real estate: the unleveraged case
Introduction: the investment opportunity
Developing a pro-forma income statement
Valuation using the cap rate
Valuation using cash flows
Applying discounted cash flow to analyze investment feasibility
Conclusions
Mortgages: an introduction
Introduction
What is a mortgage?
The risks and returns of mortgage investment
The fi nancial components of a mortgage
The mortgage menu
An introduction to mortgage mathematics
Conclusions
Commercial mortgage underwriting and leveraged feasibility analysis
Introduction
The mortgage underwriting process
Investment feasibility with leverage: before-tax analysis
Investment feasibility with leverage: after-tax analysis
Global variations in real estate debt
Conclusions
Valuing the private real estate entity
Introduction: the four quadrants and private equity
Sponsor economics
The life cycle of a private equity fund
Fund economics
Waterfall structures
Private equity structures in the credit crisis
Conclusions
Real Estate Investment Structures
Unlisted real estate funds
Introduction to unlisted real estate funds
The growth of the unlisted real estate fund market
Unlisted fund structures
Characteristics of unlisted real estate funds
Liquidity and valuation issues
The case for and against unlisted real estate funds
Conclusions
Public equity real estate
Introduction
REITs and REOCs
Listed funds and mutual funds
Exchange-traded funds (ETFs)
The US REIT experience
The global market
REIT pricing
Conclusions
Real estate debt markets
Introduction
A brief history lesson
Wall Street Act I: the early residential mortgage-backed securities market
Wall Street Act II: senior-subordinated securities, the advent of structured finance
Wall Street Act III: the evolution of structured finance
Collateralized debt obligations (CDOs)
Summary
Mezzanine debt
Cash-out refinancing
All good things must come to an end
Conclusions
Real estate derivatives
Introduction
A short history of the real estate derivatives market
Total return swaps
Structured real estate index notes
Traded property futures and options
Pricing property derivatives
Property derivatives: pros and cons
Property derivatives: spin-offs
Conclusions
Creating a Global Real Estate Strategy
International real estate investment: issues
Introduction: the growth of cross-border real estate capital
The global real estate market
The case for international real estate investment
The problems: an introduction
Technical issues
Formal barriers
Informal barriers
Conclusions
Building the global portfolio
The top-down portfolio construction process
Strengths, weaknesses, constraints: portfolio analysis
A pricing approach for international property
Managing currency exposure and currency risk
Portfolio construction
Conclusions
Performance measurement and attribution
Performance measurement: an introduction
Return measures
Attribution analysis: sources of return
Attribution analysis: the property level
Attribution analysis: the portfolio level
Attribution and portfolio management: alpha and beta
Performance measurement and return attribution for property funds
Conclusions
Conclusions
Why property?
Liquid structures
Unlisted funds
International investment
Best-practice real estate investment
Pricing
The future