Real estate investment strategies, structures, decisions

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.

Real estate investment strategies, structures, decisions

Andrew Baum, David Hartzell

Wiley

2021

Abstract

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.

TABLE OF CONTENTS:

1. 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

2. 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

3. 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 MarketsPart 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

Citation

Andrew Baum, David Hartzell , Real estate investment strategies, structures, decisions , Wiley, 2021.

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