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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 often stale details, it combines a short traditional text with a living website. Chapter 11 - Residential Real Estate as an Investment and a Place to Live written for Economics 104 Financial Economics by Prof Gary R. First edition.
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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 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. Key Features. 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.
'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.' Sinow, University of Illinois.