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An Introduction to Real Estate Finance,

Edition 1

Editors: By Edward Glickman

Publication Date: 18 Nov 2013

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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

Offers a concise, efficient, "finance-centric" alternative to traditional real estate finance texts
Website gives readers the tools to find current information about their own areas of specialization—a unique approach not found in other real estate finance textbooks
Gives students and professors the material to examine every subject in broad and highly detailed terms

About the author

By Edward Glickman, New York University, NY, USA

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

Book Reviews

"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."—David M. Sinow, University of Illinois

ISBN: 9780123786265

Page Count: 480

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Companion Site

Primary: upper-division undergraduates taking a single-semester first course in Real Estate Finance and graduate students in MBA programs. Secondary: financial analysts and portfolio managers working for real estate investors, real estate securities investors, and members of mortgage banking firms.