Commercial Real Estate Analysis & Investments with CD

Geltner/Miller/Clayton/Eichholtz
Publication Date: 2013/04/15
Edition: 3
ISBN 10: 1-133-10882-2
ISBN 13: 978-1-133-10882-5
© 2014

Availability: In stock

$193.95
Format: Price
Hardcover
$193.95

Book Description

Streamlined and completely updated with expanded coverage of corporate and international real estate investment, this upper-level real estate text presents the essential concepts, principles, and tools necessary to analyze income-producing commercial real estate from an investment perspective. This new edition continues to integrate relevant aspects of urban and financial economics to provide users with a fundamental analytical understanding and application of real estate investments—now using a student version of ARGUS(R) software on CD included with the book. ARGUS(R) software is a Windows-based program used extensively in the real estate investment industry to solve complex investment and valuation problems. Also included on the CD is a student version of Crystal Ball(R), professional-grade software used to perform risk analysis on commercial investments. Author Piet Eichholtz contributes a chapter that explores international real estate investments, both opportunistically and structurally, by outlining elements for developing and implementing real estate investments successfully abroad. Jim Clayton from the University of Cincinnati thoroughly revised and updated the finance coverage and end-of-chapter questions throughout.


Table of Contents

Part I: INTRODUCTION TO REAL ESTATE ECONOMICS.
1. Real Estate Space and Asset Markets.
2. Real Estate System.
Part II: URBAN ECONOMICS AND REAL ESTATE ANALYSIS.
3. Central Place Theory and the System of Cities.
4. Inside the City I: Some Basic Urban Economics.
5. Inside the City II: A Closer Look.
6. Real Estate Market Analysis.
Part III: BASIC FINANCIAL ECONOMIC CONCEPTS AND TOOLS.
7. Real Estate as an Investment: Some Background Information.
8. Present Value Mathematics for Real Estate.
9. Measuring Investment Performance: The Concept of Returns.
Part IV: REAL ESTATE VALUATION AND INVESTMENT ANALYSIS AT THE MICROLEVEL.
10. The Basic Idea: DCF and NPV.
11. Nuts and Bolts for Real Estate Valuation: Cash Flow Proformas.
12. Advanced Microlevel Valuation.
Part V: COMPLETING THE BASIC INVESTMENT ANALYSIS PICTURE.
13. Use of Debt in Real Estate Investment: The Effect of Leverage.
14. After-Tax Investment Analysis & Corporate Real Estate.
15. Real Estate Investment Capital Structure.
Part VI: MORTGAGES FROM AN INVESTMENT PERSPECTIVE.
16. Mortgage Basics I: An Introduction and Overview.
17. Mortgage Basics II: Payments, Yields and Values.
18. Commercial Mortgage Analysis and Underwriting.
19. Commercial Mortgage Economics and Investment.
20. Introduction to Commercial Mortgage-Backed Securities.
Part VII: MACROLEVEL REAL ESTATE INVESTMENT ISSUES.
21. Real Estate Portfolio Theory: Strategic Investment Considerations.
22. Equilibrium Asset Valuation and Real Estate Price of Risk in the Capital Market.
23. Real Estate Investment Trusts (REITs).
24. International Real Estate Investment.
25. Data Challenges in Measuring Real Estate Periodic Returns.
26. Real Estate Investment Management: Performance Attribution and Evaluation.
Part VIII: REAL ESTATE DEVELOPMENT AND OTHER SELECTED TOPICS.
27. Real Options and Land Value.
28. Investment Analysis of Real Estate Development Projects: Overview & Background.
29. Investment Analysis of Real Estate Development Projects: Economic Analysis.
30. Leases and Leasing Strategy.
Appendix: Real Estate Price Indices Based on Regression Analysis.
Index.

Geltner/Miller/Clayton/Eichholtz

David Geltner has been at MIT since 2002 where he has held the George Macomber Chair and currently is Professor of Real Estate Finance in the Department of Urban Studies & Planning with a joint appointment in Engineering Systems in MIT’s School of Engineering. Geltner served as Academic Director of the MIT Center for Real Estate during 2003–2008 and has served as the faculty chair of MIT’s Master of Science in Real Estate Development (MSRED) program. Dr. Geltner was the 2011 recipient of the prestigious Graaskamp Award for excellence and influence in real estate investment research awarded by the Pension Real Estate Association. He has served as Academic Advisor to the National Council of Real Estate Investment Fiduciaries (NCREIF), and as Director of MIT’s Commercial Real Estate Data Laboratory which has developed pioneering commercial property price and investment performance indices based on transactions prices. Prior to MIT, Geltner was the REEAC Professor of Real Estate in the Finance Department of the College of Business Administration at the University of Cincinnati. He has been teaching graduate level real estate investments and finance since 1989. Geltner received his PhD in 1989 from the Massachusetts Institute of Technology, in the Civil Engineering Department in the field of infrastructure finance & economics. A 2006 study published in Real Estate Economics found Geltner to be the most influential academic real estate writer, based on number of citations during 2000–2004 in top academic real estate journals.

Norm Miller is a Professor of Real Estate at the University of San Diego. For much of his academic career he was at the University of Cincinnati as Academic and Center Director. He received his Ph.D. from the Ohio State University. He is active on the Editorial Board of several national/international journals and a past President of the American Real Estate Society. Known for his pioneering work on the economics of green and sustainable real estate, he edits the Journal of Sustainable Real Estate. Dr. Miller worked as Vice President of Analytics at CoStar, and is a research principal with Collateral Analytics. He is also on the advisory boards of Pathfinders, Measurabl, and Verdani. His most recent book with David Geltner, Commercial Real Estate Analysis and Investment is in its third edition and is the leading graduate real estate textbook in the world. He is currently a Homer Hoyt Land Use Institute Faculty and Board member, where he is involved with some premier thought leaders among academics and industry professionals in a think tank setting. He has worked with as an expert on several valuation disputes in behalf of local county governments.

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Great textbook Review by David
This textbook is very clear. It brings in interesting and timely data on commercial real estate. The numeric examples are very helpful. The coverage of the book is extensive. I highly recommend this textbook for learning the financial aspects of commercial real estate. (Posted on 3/6/2015)

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