Real Estate Investment and Finance

Book Description The fully revised and updated version of the leading textbook on real estate investment, emphasising real estate cycles and the availability and flow of global capital
Real Estate Investment remains the most influential textbook on the subject, used in top-tier colleges and universities worldwide. Its unique, practical perspective on international real estate investment focusses on real-world techniques which measure, benchmark, forecast and manage property investments as an asset class. The text examines global property markets and real estate cycles, outlines market fundamentals and explains asset pricing and portfolio theory in the context of real estate. 
In the years since the text’s first publication, conditions in global real estate markets have changed considerably following the financial crisis of 2008-2009. Real estate asset prices have increased past pre-crisis levels, signalling a general market recovery. Previously scarce debt and equity capital is now abundant, while many institutions once averse to acquiring property are re-entering the markets. The latest edition – extensively revised and updated to address current market trends and practices as well as reflect feedback from instructors and students – features new content on real estate development, improved practical examples, expanded case studies and more. This seminal textbook:

• Emphasises practical solutions to real investing problems rather than complex theory
• Offers substantial new and revised content throughout the text
• Covers topics such as valuation, leasing, mortgages, real estate funds, underwriting and private and public equity real estate
• Features up-to-date sections on performance measurement, real estate debt markets and building and managing real estate portfolios
• Includes access to a re-designed companion website containing numerous problems and solutions, presentation slides and additional instructor and student resources

Written by internationally-recognised experts in capital management and institutional property investing strategies, Real Estate Investment, Second Edition: Strategies, Structures, Decisions is an indispensable textbook for instructors and students of real estate fund management, investment management and investment banking, as well as a valuable reference text for analysts, researchers, investment managers, investment bankers and asset managers.

Content

PART ONE - Real Estate as an Investment: An Introduction
CHAPTER 1. Real Estate – The Global Asset
CHAPTER 2. Global Property Markets and Real Estate Cycles, 1950–2020
CHAPTER 3. Market Fundamentals and Rent
CHAPTER 4. Asset Pricing, Portfolio Theory, and Real Estate

PART TWO - Making Investment Decisions at the Property Level
CHAPTER 5. Basic Valuation and Investment Analysis
CHAPTER 6. Leasing
CHAPTER 7. Techniques for Valuing Commercial Real Estate and Determining Feasibility: The Unleveraged Case
CHAPTER 8. Mortgages: An Introduction
CHAPTER 9. Commercial Mortgage Underwriting and Leveraged Feasibility Analysis
CHAPTER 10. Real Estate Development

PART THREE - Real Estate Investment Structures
CHAPTER 11. Unlisted Real Estate Funds
CHAPTER 12. Real Estate Private Equity: Fund Structure and Cash Flow Distribution
CHAPTER 13. Listed Equity Real Estate
CHAPTER 14. Real Estate Debt Markets

PART FOUR - Creating a Property Investment Portfolio
CHAPTER 15. Building the Portfolio
CHAPTER 16. International Real Estate Investment: Issues
CHAPTER 17. Performance Measurement and Attribution
CHAPTER 18. Conclusions