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Commercial Real Estate Analysis for Investment, Finance and Development, a fully revised fourth edition of the authors' leading textbook, presents the foundations of real estate investment analysis with the rigor of general finance and economics.
List of contents
Preface
Organization of Book
About the Authors
PART I. Real Estate Investment Foundation, Time Value of Money and NPV Decision Rule1 Introduction to Commercial Real Estate Investment
2 Present Value Mathematics for Real Estate
3 Measuring Investment Performance: The Concept of Returns
4 Micro-level Valuation of Real Estate: DCF & NPV
PART II. Nuts and Bolts of Property Income Analysis5 Income Definitions for Commercial Real Estate
6 Determinants of Rent I: Market Level
7 Determinants of Rent II: Property Level
8 Forecasting the Space Market I: Real Estate Market Analysis
9 Forecasting the Space Market II: Estimating Cash Flow Growth
10 Leases and Leasing Strategies
PART III. Completing the Basics of Micro-level Real Estate Investment & Finance11 Finding the Cost of Capital for Your Real Estate Investment
12 Use of Debt in Real Estate Investment: The Effect of Leverage
13 After-Tax Real Estate Investment Analysis
14 Advanced Topics I: Investment Value in Property Investment & Debt Financing
15 Advanced Topics II: Capital Structure
The following online chapters are available at www.routledge.com/cw/geltner-millerPART IV. Real Estate Development16 Real Options and Land Value
17 Investment Analysis of Real Estate Development Projects I: Overview & Background
18 Investment Analysis of Real Estate Development Projects II: Economic Analysis
Part V. Mortgages from an Investment Perspective19 Mortgage Basics I: An Introduction and Overview
20 Mortgage Basics II: Payments, Yields and Values
21 Commercial Mortgage Analysis and Underwriting
Part VI. Macro-Level Real Estate Investment Analysis22 Real Estate and Portfolio Theory: Strategic Investment Considerations
23 Equilibrium Asset Valuation and Real Estate's Price of Risk in the Capital Market
24 Data Challenges in Measuring Real Estate Periodic Returns
25 Real Estate Investment Management
Part VII. REITS, Climate, and Other Selected Topics26 Real Estate Investment Trusts (REITS)
27 International Real Estate Investments: Markets, Strategies, and Implementation
28 Real Estate, Sustainability, and Climate Risk
29 Technology and Real Estate: A Synthesis
About the author
David Geltner is Professor Emeritus of Real Estate Finance at the Massachusetts Institute of Technology. He taught real estate investments for 13 years at the University of Cincinnati, and for 20 years at MIT where he held leadership positions in the Center for Real Estate and the Master of Science in Real Estate Development degree program. He is the recipient of the David Ricardo Medal of the American Real Estate Society, the James Graaskamp Award of the Pension Real Estate Association, and the John Quigley Medal for Advancing Real Estate and Urban Economics of the American Real Estate and Urban Economics Association. Geltner was the lead author of the prior three editions of this textbook.
Norm Miller is an Emeritus Professor at the University of San Diego and the University of Cincinnati, and Vice-President of the Homer Hoyt Institute, a think tank of global urban economic scholars and industry research directors. He is a housing, finance and capital markets expert. He started the Journal of Sustainable Real Estate, and served as the President of the American Real Estate Society. See https://www.linkedin.com/in/norm-miller-8167935/ Contact at nmiller@sandiego.edu
Alex van de Minne received his PhD from the University of Amsterdam in 2015. After which, he tried his luck on the other side of the pond in the United States. Since then, he held both academic and industry positions in renowned institutes, including MIT, Moody's, Real Capital Analytics, and the Federal Reserve of Philadelphia.
Piet Eicholtz is Department Chair and Professor of Real Estate Finance, School of Business and Economics at Maastricht University in the Netherlands. His practical experience includes positions at ABP and NIBC Bank, and non-executive board memberships of NSI, Oppenheim.He has had an advisory position to Redevco Europe, the RO Group,the Blue Sky Group and Servatius, and is currently on the Housing Scenario Group of Bouwfonds and the investment Committee of bpfBouw. He has been on the boards of the ROZ-IPD Commercial Property Index foundation, and was chairman of the board of the AEDEX-IPD Dutch Social Housing Index foundation.
Thies Lindenthal is the Grosvenor Professor of Real Estate Finance at the Department of Land Economy, University of Cambridge, England, and a professorial fellow at Pembroke College. His research interests are twofold: First, he analyzes property investments in the very long-term, tracking rents, prices, and returns for up to 500 years. The second research line focuses on applied machine learning techniques to utilize high-dimensional "Big(ish)" data. Put differently, he uses images and other data that are too complex for spreadsheets to better understand property values, household preferences, and decisions made by very human and not always rational agents.
