Real Estate Investment: A Value Based Approach
Springer Science & Business Media, Jul 11, 2012 - Business & Economics - 298 pages
This book fills a gap in the existing resources available to students and professionals requiring an academically rigorous, but practically orientated source of knowledge about real estate finance. Written by a bank vice-president who for many years has practiced as a commercial lender and who teaches real estate investment at university level, and an academic whose area of study is finance and particularly valuation, this book will lead readers to truly understand the fundamentals of making a sound real estate investment decision. The focus is primarily on the valuation of leased properties such as apartment buildings, office buildings, retail centers, and warehouse space, rather than on owner occupied residential property.
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amortization analysis annual apartment Appraisal Institute assets assumed bank borrower BTIRR building calculated cap rate capital gains Chap CMBS construction cost credit enhancement debt service depreciation determine discounted cash flow discussed economic equity estimated exchange expected FNMA foreclosure Freddie Mac given property holding period increase interest rate interest rate swap internal rate investment property investment real estate investor land lease rate lease term lender LESSOR loan loan to value located mortgage mutual fund NAREIT occupancy rates office property operating expenses operating income ownership payment portfolio prepayment prepayment penalties primary projected property manager property type property value property’s purchase rate of return real estate investment REIT rental rates replacement reserve residential retail property risk securities securitization self-storage space specific square foot storage subject property swap tenant tranches typically units utilized vacancy rates valuation value investment warehouse