Real estate finance and investments:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston
McGraw Hill
2005
|
| Ausgabe: | 12. ed., intern. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 640 S. |
| ISBN: | 0071238212 007286169X |
Internformat
MARC
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| 245 | 1 | 0 | |a Real estate finance and investments |c William B. Brueggeman ; Jeffrey D. Fisher |
| 250 | |a 12. ed., intern. ed. | ||
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Datensatz im Suchindex
| _version_ | 1804135230053810176 |
|---|---|
| adam_text | Table of Contents
PART ONE
INTRODUCTION
Chapter
An Introduction to Real Estate Investments:
Legal Concepts
Property Rights and Estates
Definition of Estate
Classification of Estates
Examples of Freehold Estates
Estates Not Yet in Possession (Future Estates)
Leasehold Estates
Interests and Easements
Assurance of Title
The Meaning of Title
Deeds
Methods of Title Assurance
Abstract and Opinion Method
The Title Insurance Method
Recording Acts
Limitations on Property Rights
Chapter
Financing: Notes and Mortgages
Notes
The Mortgage Instrument
Definition of a Mortgage
Relationship of Note to a Mortgage
Interests That Can Be Mortgaged
Minimum Mortgage Requirements
Important Mortgage Clauses
Assumption of Mortgage
Acquiring Title Subject to a Mortgage
Property Covered by a Mortgage
Junior Mortgages
Recording of Mortgages
Other Financing Sources
Seller Financing
Land Contracts
Default
What Constitutes Default
Alternatives to Foreclosure: Workouts
Restructuring the Mortgage Loan
Transfer of Mortgage to a New Owner
Voluntary Conveyance
Friendly Foreclosure
Prepackaged Bankruptcy
Foreclosure
Judicial Foreclosure
Redemption
Sales of Property
Effect of Foreclosure on Junior Lienors
Deficiency Judgment
Taxes in Default
Bankruptcy
Chapter
Chapter
Chapter
Chapter
The Interest Factor in Financing
Compound Interest
Compound or Future Value
Use of Compound Interest Tables
Use of Financial Calculators
Present Value
A Graphic Illustration of Present Value
Using Calculators for Finding Present Values
Compound or Future Value of an Annuity
Use of Compound Interest Factors for Annuities
Present Value of an Annuity
Use of the Present Value of an Annuity Factors
Accumulation of a Future Sum
Investments with Single Receipts
Determining Yields or Internal Rates of Return on
Investments
Yields on Investment Annuities
Effective Annual Yields: Extensions
Solving for Annual Yields with Partial Periods: An
Extension
PART TWO
FINANCING RESIDENTIAL
PROPERTIES
Chapter
Fixed Rate Mortgage Loans
Determinants of Mortgage Interest Rates: A Brief
Overview
x Table of Contents
The Real Rate of Interest: Underlying
Considerations
Interest Rates and Inflation Expectations
Interest Rates and Risk
A Summary of Factors Important to Mortgage
Pricing
Development of Mortgage Payment Patterns
Early Mortgage Lending Patterns
The Constant Amortization Mortgage Loan (CAM)
Fully Amortizing Constant Payment Mortgage Loans
(CPM)
Constant Payment and Constant Amortization Loans:
A Comparison
Determining Loan Balances
Loan Closing Costs and Effective Borrowing Costs: Fully
Amortized Loans
Truth-in-Lending Requirements and the Annual
Percentage Rate
Loan Fees and Early Repayment: Fully Amortized
Loans
Charging Fees to Achieve Yields, or Pricing CPMs
Other Loan Patterns
Partially Amortizing Constant Payment Loans
Zero Amortization or Interest Only
Increasing Loan Balances, or Negative
Amortization
Amortization Schedules and Callable Loans
Inflation and Mortgage Pricing Problems
Effects on Lenders and Borrowers
The Graduated Payment Mortgage (GPM)
Reverse Annuity Mortgages (RAMs)
Appendix
Graduated Payment Mortgages
Chapter
Adjustable Rate and Variable Payment
Mortgages
ARMs and Lender Considerations
The Price Level Adjusted Mortgage (PLAM)
PLAM: Payment Mechanics
ARMs: An Overview
ARMs Illustrated
Problems Lenders and Borrowers Face with ARMs
Risk Premiums, Interest Rate Risk, and Default Risk
on ARMs
Expected Yield Relationships and Interest Rate
Risk
ARM Payment Mechanics
Expected Yields on ARMs: A Comparison
Shared Appreciation Mortgages
Chapter
Residential Financial Analysis
140
Incremental Borrowing Cost
Early Repayment
Origination Fees
Incremental Borrowing Cost versus a Second
Mortgage
Relationship between the Incremental Cost and the
Loan-to-Value Ratio
Differences in Maturities
Loan Refinancing
Early Repayment: Loan Refinancing
Effective Cost of Refinancing
Borrowing the Refinancing Costs
Early Loan Repayment: Lender Inducements
Market Value of a Loan
Effective Cost of Two or More Loans
Second Mortgages and Shorter Maturities
Effect of Below Market Financing on House
Prices
Assuming a Lower Loan Balance
Cash Equivalency
Cash Equivalency: Smaller Loan Balance
Cash Equivalency: Concluding Comments
Wraparound Loans
Buydown Loans
Appendix
After-Tax Effective Interest Rate
Chapter
Single Family Housing: Pricing, Investment,
and Tax Considerations
Overview
Growth in House Prices
Demographics 1
Income and Employment
Renting versus Owning
Supply Overview
The Influences of Neighborhoods/Municipalities
Capitalization Effects: Price Premiums
Pricing Property: Appraisals
Chapter
Underwriting and Financing Residential
Properties
Underwriting Default Risk
Classification of Mortgage Loans
Conventional Mortgage Loans
Table of Contents xi
Insured Conventional Mortgage Loans
FHA Insured Mortgage Loans
VA
The Underwriting Process
Borrower Income
Verification of Borrower Assets
Assessment of Credit History
Estimated Housing Expense
Other Obligations
Compensating Factors
The Underwriting Process Illustrated
Underwriting Standards
Conventional Mortgages
Underwriting Standards
Underwriting Standards
Mortgages
Underwriting and Loan Amounts
The Closing Process
Fees and Expenses
Prorations,
Parties
Statutory Costs
Requirements under the Real Estate Settlement and
Procedures Act (RESPA)
Settlement Costs Illustrated
Federal Truth-in-Lending (FTL) Requirements
Truth-in-Lending Sample Disclosure
Establishing the APR under Federal Truth-in-Lending
Requirements
ARMs and Truth-in-Lending Disclosure
PART THREE
FINANCING INCOME PROPERTIES
(DEBT AND EQUITY)
Chapter
Introduction to Income-Producing
Properties: Leases and the Market for
Space
Property Types
Regional Economic Influences on Property
Values
Analogy with the Law of Comparative Advantage
Economic Base Analysis—Location Quotients
Supply and Demand Analysis
Local Market Studies of Supply and Demand
Location and User-Tenants
The Business of Real Estate
The Market for Income-Producing Real Estate
Leases
General Lease Terms for Specific Property Types
Financial Contents of Leases
Effective Rent
Income Potential
Vacancy
Chapter
Valuation of Income Properties: Appraisal
and the Market for Capital
Introduction
Valuation Fundamentals
Appraisal Process and Approaches to Valuation
Sales Comparison Approach
Income Approach
Capitalization Rate
Capitalization Rate
Discounted Present Value Techniques
Selection of a Discount Rate (r)
Using Approximations to Estimate Reversion Values
Land Values: Highest and Best Use Analysis
Volatility in Land Prices
Highest and Best Use
Mortgage-Equity Capitalization
Reconciliation: Sales Comparison and Income
Capitalization Approaches
Exploring the Relationships between Changing Market
Conditions, Cap Rates, and Property Values
A Closing Note on Cap Rates and Market
Conditions
A Word of Caution
Estate Market Forces and Interest Rates on Property
Values
Valuation of a Leased Fee Estate
Cost Approach
Valuation Case Study
ARGUS Solution
Chapter
Investment Analysis and Taxation of Income
Properties
Motivation for Investing
Real Estate Market Characteristics and Investment
Strategies
The Real Estate Cycle
Investment Strategies
Marketing Investments: Projecting Cash Flows
Office Building Example
Base Rent
CPI Adjustment
xîi Table
Expense
Net Operating Income
Expected Outlays for Replacements and Capital
Improvements
Estimated Sale Price
Introduction to Investment Analysis
Internal Rate of Return
Present Value
ARGUS Solution
Introduction to Debt Financing
Measures of Investment Performance Using Ratios
Before-Tax Cash Flow from Sale
Summary of Investment Analysis Calculations
Taxation of Income-Producing Real Estate
Taxable Income from Operation of Real Estate
Depreciation Allowances
Loan Points
Tax Liability and After- Tax Cash Flow
Taxable Income from Disposal of Depreciable Real
Property
After-Tax Investment Analysis
After-Tax Cash Flow from Operations
After-Tax Cash Flow from Sale
After-Tax
Effective Tax Rate
A Note about Passive Losses
Special Expectations to PAL Rules
Chapter
Financial Leverage and Financing
Alternatives
Introduction to Financial Leverage
Conditions for Positive Leverage
Conditions for Positive Leverage
Break-Even Interest Rate
Risk and Leverage
Underwriting Loans on Income Properties
Market Study and Appraisal
Borrower
The Loan-to- Value Ratio
The Debt Coverage Ratio
Other Loan Terms and Mortgage Covenants
Alternatives to Fixed Rate Loan Structures
Participation Loans
Lender Motivations
Investor Motivations
Participation Example
Sale-Leaseback of the Land
Effective Cost of the Sale-Leaseback
Interest-Only Loans
Accrual Loans
Structuring the Payment for a Target Debt Coverage
Ratio
Convertible Mortgages
Lender s Yield on Convertible Mortgage
Comparison of Financing Alternatives
Monument Office Example
with a Loan
Chapter
Risk Analysis
355
Introduction
Comparing Investment Returns
Types of Risk
Due Diligence in Real Estate Investment Risk
Analysis
Sensitivity Analysis
Partitioning the
Variations in Returns and Risk
Retail Case Study
Westgate
Westgate
Lease Rollover Risk
Market Leasing Assumptions with Renewal
Probabilities
Market Rent
Months Vacant
Leasing Commissions
Tenant Improvements
Industrial Case Study
Center
Solution with ARGUS
Risk and Leverage
A Real Options Approach to Investment
Decisions
Traditional Approach to Land Valuation
Real Option Approach to Land Valuation
Real Options Extensions and Strategy
Chapter
Disposition and Renovation of Income
Properties
Disposition Decisions
A Decision Rule for Property Disposal
IRR
Returns to a New Investor
Marginal Rate of Return
Refinancing as an Alternative to Disposition
Incremental Cost of Refinancing
Refinancing at a Lower Interest Rate
Table of Contents xiii
Renovation as an Alternative to Disposition
Renovation and Refinancing
Rehabilitation Investment Tax Credits
Low-Income Housing
Chapter
Financing Corporate Real Estate
406
Lease-versus-Own Analysis
Leasing versus Owning
Cash Flow from Leasing
Cash Flow from Owning
Cash Flow from Owning versus Leasing
Return from Owning versus Leasing
Importance of the Residual Value of Real Estate
The Investor s Perspective
A Note on Project Financing
Factors Affecting Loan-versus-Lease Decisions
The Role of Real Estate in Corporate
Restructuring
Sale-Leaseback
Refinancing
Investing in Real Estate for Diversification
Appendix
Real Estate Asset Pricing and Capital Budgeting
Analysis: A Synthesis
PART FOUR
FINANCING PROPOSED PROJECTS
Chapter
Financing Project Development
429
Introduction
Overview: The Planning and Permitting Process
The Development of Income-Producing Property
Market Risks and Project Feasibility
Project Risks
Project Development Financing
Lender Requirements in Financing Project
Development
Loan Submission Information for Loan Requests
Overview
Contingencies in Lending Commitments
The Construction or Interim Loan
Methods of Disbursement
Interest Rates and Fees
Additional Information for Interim Loan
Submission
Requirements to Close the Interim Loan
The Permanent Loan Closing
Project Development Illustrated
Project Description and Project Costs
Market Data and Tenant Mix
Pro Forma Construction Costs and Cash Flow
Projections
Feasibility, Profitability, and Risk
Issues
Profitability before and after Taxes
Sensitivity Analysis, Risk, and Feasibility Analysis
Chapter
Financing Land Development Projects
466
Characterization of the Land Development
Business
The Land Development Process
Acquisition of Land
Financing and Development
Lender Requirements in Financing Land
Development
Detailed Cost Breakdowns
General Contracts and Subcontracts
Residential Land Development Illustrated
Market Conditions and Site Plan
Estimating Development Cost and Interest Carry
Estimating Release Prices per Parcel Sold
Loan Request and Repayment Schedule
Project Feasibility and Profitability
Project
Entrepreneurial Profits
Sensitivity Analysis
PART FIVE
ALTERNATIVE REAL ESTATE
INVESTMENT VEHICLES
Chapter
Partnerships, Joint Ventures, and
Syndications
Introduction: What Is a Syndicate?
Use of the Limited Partnership in Private and Public
Syndicates
Private Syndication Problem Illustrated
Financial Considerations
Operating Projections
Statement of Before- Tax Cash Flow (BTCF)
Calculation of Net Income or Loss
Calculation of Capital Gain from Sale
xiv Table of Contents
Capital Accounts
Distribution of Cash from Sale of Asset
Calculation of After-Tax Cash Flow andATIRR on
Equity
Partnership Allocations and Substantial Economic
Effect
Capital Accounts and Gain Charge-Backs
Use of the Limited Partnership in Private and Public
Syndicates
Use of Corporate General Partners
Private versus Public Syndicates
Accredited Investors
Regulation of Syndicates
Investment Objectives and Policies
Promoters
Investor Suitability Standards
Federal and State Securities Authorities
Joint Ventures
Chapter
The Secondary Mortgage Market:
Pass-Through Securities
Introduction
Evolution of the Secondary Mortgage Market
Early Buyers of Mortgage Loans
A Secondary Market after
FNMA
The Government National Mortgage Association
Mortgage-Backed Securities and the GNMA Payment
Guarantee
The Federal Home Loan Mortgage Corporation
Operation of the Secondary Mortgage Market
Direct Sale Programs
The Development of Mortgage-Related Security-
Pools
Mortgage-Backed Bonds
Pricing Mortgage-Backed Bonds
Subsequent Prices
Mortgage Pass-Through Securities
Important Characteristics of Mortgage Pools
Mortgage Pass-Through Securities: A General Approach
to Pricing
Mortgage Pass-Through Payment Mechanics
Illustrated
Prepayment Patterns and Security Prices
Prepayment Assumptions
The Effects of Prepayment Illustrated
Security Prices and Expected Yields
Market Interest Rates and Price Behavior on Mortgage
Pass-Throughs
A Note on MBBs and MPTs
Chapter
The Secondary Mortgage Market: CMOs
and Derivative Securities
Introduction
Mortgage Pay-Through Bonds (MPTBs)
Collateralized Mortgage Obligations
CMOs Illustrated
CMO Mechanics
CMOs: Pricing and Expected Maturities
CMO Price Behavior and Payment Rates
CMO Tranche Variations
Derivatives Illustrated
Yield Enhancement
IO
Convexity
Residential Mortgage-Related Securities:
A Summary
Residential Mortgage-Related Securities: Some
Closing Observations
Commercial Mortgage-Backed Securities
(CMBSs)
Rating Commercial Mortgage-Backed Securities
Mortgage-Related Securities and REMICs
REMICs: Other Considerations
Appendix
Duration
Measurement
Chapter
Real Estate investment Trusts (REITs)
Introduction
Legal Requirements
Tax Treatment
Violation Penalties and Status Termination
Taxable
Types of Trusts
Equity Trusts
The Investment Appeal of Equity Trusts
Private REITs
Importance ofFFO (Funds from Operations)
REIT
Important Issues in Accounting and Financial
Disclosure: Equity REITs
Tenant Improvements and Free Rents: Effects
on FFO
Leasing Commissions and Related Costs
Use of Straight-Line Rents
FFO and Income from Managing Other Properties
Types of Mortgage Debt and Other Obligations
Existence of Ground Leases
Table of Contents xv
Lease Renewal Options and
Occupancy Numbers: Leased Space or Occupied
Space?
Retail REITs and Sales per Square Foot
Additional Costs of Being a Public Company
The Investment Appeal of Mortgage REITs
Financial Analysis of an Equity
Chapter
Real Estate Investment Performance and
Portfolio Considerations
Introduction
The Nature of Real Estate Investment Data
Sources of Data Used for Real Estate Performance
Measurement
REIT
Hybrid and Mortgage REITs
NCRE1F Property Index: Property Values
Data Sources for Other Investments
Cumulative Investment Return Patterns
Computing Holding Period Returns
Computing Investment Returns
Risk, Return, and Performance Measurement
Risk-Adjusted Returns: Basic Elements
Elements of Portfolio Theory
Calculating Portfolio Returns
Portfolio Risk
Portfolio Weighting: Trading Off Risk and Return
Real Estate Returns, Other Investments, and the
Potential for Portfolio Diversification
Portfolio Diversification: EREITs and Other
Investments
Public versus Private Real Estate Investments
Real Estate Performance and Inflation
INDEX
|
| adam_txt |
Table of Contents
PART ONE
INTRODUCTION
Chapter
An Introduction to Real Estate Investments:
Legal Concepts
Property Rights and Estates
Definition of Estate
Classification of Estates
Examples of Freehold Estates
Estates Not Yet in Possession (Future Estates)
Leasehold Estates
Interests and Easements
Assurance of Title
The Meaning of Title
Deeds
Methods of Title Assurance
Abstract and Opinion Method
The Title Insurance Method
Recording Acts
Limitations on Property Rights
Chapter
Financing: Notes and Mortgages
Notes
The Mortgage Instrument
Definition of a Mortgage
Relationship of Note to a Mortgage
Interests That Can Be Mortgaged
Minimum Mortgage Requirements
Important Mortgage Clauses
Assumption of Mortgage
Acquiring Title "Subject to" a Mortgage
Property Covered by a Mortgage
Junior Mortgages
Recording of Mortgages
Other Financing Sources
Seller Financing
Land Contracts
Default
What Constitutes Default
Alternatives to Foreclosure: Workouts
Restructuring the Mortgage Loan
Transfer of Mortgage to a New Owner
Voluntary Conveyance
Friendly Foreclosure
Prepackaged Bankruptcy
Foreclosure
Judicial Foreclosure
Redemption
Sales of Property
Effect of Foreclosure on Junior Lienors
Deficiency Judgment
Taxes in Default
Bankruptcy
Chapter
Chapter
Chapter
Chapter
The Interest Factor in Financing
Compound Interest
Compound or Future Value
Use of Compound Interest Tables
Use of Financial Calculators
Present Value
A Graphic Illustration of Present Value
Using Calculators for Finding Present Values
Compound or Future Value of an Annuity
Use of Compound Interest Factors for Annuities
Present Value of an Annuity
Use of the Present Value of an Annuity Factors
Accumulation of a Future Sum
Investments with Single Receipts
Determining Yields or Internal Rates of Return on
Investments
Yields on Investment Annuities
Effective Annual Yields: Extensions
Solving for Annual Yields with Partial Periods: An
Extension
PART TWO
FINANCING RESIDENTIAL
PROPERTIES
Chapter
Fixed Rate Mortgage Loans
Determinants of Mortgage Interest Rates: A Brief
Overview
x Table of Contents
The Real Rate of Interest: Underlying
Considerations
Interest Rates and Inflation Expectations
Interest Rates and Risk
A Summary of Factors Important to Mortgage
Pricing
Development of Mortgage Payment Patterns
Early Mortgage Lending Patterns
The Constant Amortization Mortgage Loan (CAM)
Fully Amortizing Constant Payment Mortgage Loans
(CPM)
Constant Payment and Constant Amortization Loans:
A Comparison
Determining Loan Balances
Loan Closing Costs and Effective Borrowing Costs: Fully
Amortized Loans
Truth-in-Lending Requirements and the Annual
Percentage Rate
Loan Fees and Early Repayment: Fully Amortized
Loans
Charging Fees to Achieve Yields, or Pricing CPMs
Other Loan Patterns
Partially Amortizing Constant Payment Loans
Zero Amortization or "Interest Only
Increasing Loan Balances, or Negative
Amortization
Amortization Schedules and Callable Loans
Inflation and Mortgage Pricing Problems
Effects on Lenders and Borrowers
The Graduated Payment Mortgage (GPM)
Reverse Annuity Mortgages (RAMs)
Appendix
Graduated Payment Mortgages
Chapter
Adjustable Rate and Variable Payment
Mortgages
ARMs and Lender Considerations
The Price Level Adjusted Mortgage (PLAM)
PLAM: Payment Mechanics
ARMs: An Overview
ARMs Illustrated
Problems Lenders and Borrowers Face with ARMs
Risk Premiums, Interest Rate Risk, and Default Risk
on ARMs
Expected Yield Relationships and Interest Rate
Risk
ARM Payment Mechanics
Expected Yields on ARMs: A Comparison
Shared Appreciation Mortgages
Chapter
Residential Financial Analysis
140
Incremental Borrowing Cost
Early Repayment
Origination Fees
Incremental Borrowing Cost versus a Second
Mortgage
Relationship between the Incremental Cost and the
Loan-to-Value Ratio
Differences in Maturities
Loan Refinancing
Early Repayment: Loan Refinancing
Effective Cost of Refinancing
Borrowing the Refinancing Costs
Early Loan Repayment: Lender Inducements
Market Value of a Loan
Effective Cost of Two or More Loans
Second Mortgages and Shorter Maturities
Effect of Below Market Financing on House
Prices
Assuming a Lower Loan Balance
Cash Equivalency
Cash Equivalency: Smaller Loan Balance
Cash Equivalency: Concluding Comments
Wraparound Loans
Buydown Loans
Appendix
After-Tax Effective Interest Rate
Chapter
Single Family Housing: Pricing, Investment,
and Tax Considerations
Overview
Growth in House Prices
Demographics 1
Income and Employment
Renting versus Owning
Supply Overview
The Influences of Neighborhoods/Municipalities
Capitalization Effects: Price Premiums
Pricing Property: Appraisals
Chapter
Underwriting and Financing Residential
Properties
Underwriting Default Risk
Classification of Mortgage Loans
Conventional Mortgage Loans
Table of Contents xi
Insured Conventional Mortgage Loans
FHA Insured Mortgage Loans
VA
The Underwriting Process
Borrower Income
Verification of Borrower Assets
Assessment of Credit History
Estimated Housing Expense
Other Obligations
Compensating Factors
The Underwriting Process Illustrated
Underwriting Standards
Conventional Mortgages
Underwriting Standards
Underwriting Standards
Mortgages
Underwriting and Loan Amounts
The Closing Process
Fees and Expenses
Prorations,
Parties
Statutory Costs
Requirements under the Real Estate Settlement and
Procedures Act (RESPA)
Settlement Costs Illustrated
Federal Truth-in-Lending (FTL) Requirements
Truth-in-Lending Sample Disclosure
Establishing the APR under Federal Truth-in-Lending
Requirements
ARMs and Truth-in-Lending Disclosure
PART THREE
FINANCING INCOME PROPERTIES
(DEBT AND EQUITY)
Chapter
Introduction to Income-Producing
Properties: Leases and the Market for
Space
Property Types
Regional Economic Influences on Property
Values
Analogy with the Law of Comparative Advantage
Economic Base Analysis—Location Quotients
Supply and Demand Analysis
Local Market Studies of Supply and Demand
Location and User-Tenants
The Business of Real Estate
The "Market" for Income-Producing Real Estate
Leases
General Lease Terms for Specific Property Types
Financial Contents of Leases
Effective Rent
Income Potential
Vacancy
Chapter
Valuation of Income Properties: Appraisal
and the Market for Capital
Introduction
Valuation Fundamentals
Appraisal Process and Approaches to Valuation
Sales Comparison Approach
Income Approach
Capitalization Rate
Capitalization Rate
Discounted Present Value Techniques
Selection of a Discount Rate (r)
Using Approximations to Estimate Reversion Values
Land Values: Highest and Best Use Analysis
Volatility in Land Prices
"Highest and Best Use
Mortgage-Equity Capitalization
Reconciliation: Sales Comparison and Income
Capitalization Approaches
Exploring the Relationships between Changing Market
Conditions, Cap Rates, and Property Values
A Closing Note on Cap Rates and Market
Conditions
A Word of Caution
Estate Market Forces and Interest Rates on Property
Values
Valuation of a Leased Fee Estate
Cost Approach
Valuation Case Study
ARGUS Solution
Chapter
Investment Analysis and Taxation of Income
Properties
Motivation for Investing
Real Estate Market Characteristics and Investment
Strategies
"The Real Estate Cycle
Investment Strategies
Marketing Investments: Projecting Cash Flows
Office Building Example
Base Rent
CPI Adjustment
xîi Table
Expense
Net Operating Income
Expected Outlays for Replacements and Capital
Improvements
Estimated Sale Price
Introduction to Investment Analysis
Internal Rate of Return
Present Value
ARGUS Solution
Introduction to Debt Financing
Measures of Investment Performance Using Ratios
Before-Tax Cash Flow from Sale
Summary of Investment Analysis Calculations
Taxation of Income-Producing Real Estate
Taxable Income from Operation of Real Estate
Depreciation Allowances
Loan Points
Tax Liability and After- Tax Cash Flow
Taxable Income from Disposal of Depreciable Real
Property
After-Tax Investment Analysis
After-Tax Cash Flow from Operations
After-Tax Cash Flow from Sale
After-Tax
Effective Tax Rate
A Note about Passive Losses
Special Expectations to PAL Rules
Chapter
Financial Leverage and Financing
Alternatives
Introduction to Financial Leverage
Conditions for Positive Leverage
Conditions for Positive Leverage
Break-Even Interest Rate
Risk and Leverage
Underwriting Loans on Income Properties
Market Study and Appraisal
Borrower
The Loan-to- Value Ratio
The Debt Coverage Ratio
Other Loan Terms and Mortgage Covenants
Alternatives to Fixed Rate Loan Structures
Participation Loans
Lender Motivations
Investor Motivations
Participation Example
Sale-Leaseback of the Land
Effective Cost of the Sale-Leaseback
Interest-Only Loans
Accrual Loans
Structuring the Payment for a Target Debt Coverage
Ratio
Convertible Mortgages
Lender's Yield on Convertible Mortgage
Comparison of Financing Alternatives
Monument Office Example
with a Loan
Chapter
Risk Analysis
355
Introduction
Comparing Investment Returns
Types of Risk
Due Diligence in Real Estate Investment Risk
Analysis
Sensitivity Analysis
Partitioning the
Variations in Returns and Risk
Retail Case Study
Westgate
Westgate
Lease Rollover Risk
Market Leasing Assumptions with Renewal
Probabilities
Market Rent
Months Vacant
Leasing Commissions
Tenant Improvements
Industrial Case Study
Center
Solution with ARGUS
Risk and Leverage
A "Real Options" Approach to Investment
Decisions
Traditional Approach to Land Valuation
Real Option Approach to Land Valuation
Real Options Extensions and Strategy
Chapter
Disposition and Renovation of Income
Properties
Disposition Decisions
A Decision Rule for Property Disposal
IRR
Returns to a New Investor
Marginal Rate of Return
Refinancing as an Alternative to Disposition
Incremental Cost of Refinancing
Refinancing at a Lower Interest Rate
Table of Contents xiii
Renovation as an Alternative to Disposition
Renovation and Refinancing
Rehabilitation Investment Tax Credits
Low-Income Housing
Chapter
Financing Corporate Real Estate
406
Lease-versus-Own Analysis
Leasing versus Owning
Cash Flow from Leasing
Cash Flow from Owning
Cash Flow from Owning versus Leasing
Return from Owning versus Leasing
Importance of the Residual Value of Real Estate
The Investor's Perspective
A Note on Project Financing
Factors Affecting Loan-versus-Lease Decisions
The Role of Real Estate in Corporate
Restructuring
Sale-Leaseback
Refinancing
Investing in Real Estate for Diversification
Appendix
Real Estate Asset Pricing and Capital Budgeting
Analysis: A Synthesis
PART FOUR
FINANCING PROPOSED PROJECTS
Chapter
Financing Project Development
429
Introduction
Overview: The Planning and Permitting Process
The Development of Income-Producing Property
Market Risks and Project Feasibility
Project Risks
Project Development Financing
Lender Requirements in Financing Project
Development
Loan Submission Information for Loan Requests
Overview
Contingencies in Lending Commitments
The Construction or Interim Loan
Methods of Disbursement
Interest Rates and Fees
Additional Information for Interim Loan
Submission
Requirements to Close the Interim Loan
The Permanent Loan Closing
Project Development Illustrated
Project Description and Project Costs
Market Data and Tenant Mix
Pro Forma Construction Costs and Cash Flow
Projections
Feasibility, Profitability, and Risk
Issues
Profitability before and after Taxes
Sensitivity Analysis, Risk, and Feasibility Analysis
Chapter
Financing Land Development Projects
466
Characterization of the Land Development
Business
The Land Development Process
Acquisition of Land
Financing and Development
Lender Requirements in Financing Land
Development
Detailed Cost Breakdowns
General Contracts and Subcontracts
Residential Land Development Illustrated
Market Conditions and Site Plan
Estimating Development Cost and Interest Carry
Estimating Release Prices per Parcel Sold
Loan Request and Repayment Schedule
Project Feasibility and Profitability
Project
Entrepreneurial Profits
Sensitivity Analysis
PART FIVE
ALTERNATIVE REAL ESTATE
INVESTMENT VEHICLES
Chapter
Partnerships, Joint Ventures, and
Syndications
Introduction: What Is a Syndicate?
Use of the Limited Partnership in Private and Public
Syndicates
Private Syndication Problem Illustrated
Financial Considerations
Operating Projections
Statement of Before- Tax Cash Flow (BTCF)
Calculation of Net Income or Loss
Calculation of Capital Gain from Sale
xiv Table of Contents
Capital Accounts
Distribution of Cash from Sale of Asset
Calculation of After-Tax Cash Flow andATIRR on
Equity
Partnership Allocations and Substantial Economic
Effect
Capital Accounts and Gain Charge-Backs
Use of the Limited Partnership in Private and Public
Syndicates
Use of Corporate General Partners
Private versus Public Syndicates
Accredited Investors
Regulation of Syndicates
Investment Objectives and Policies
Promoters
Investor Suitability Standards
Federal and State Securities Authorities
Joint Ventures
Chapter
The Secondary Mortgage Market:
Pass-Through Securities
Introduction
Evolution of the Secondary Mortgage Market
Early Buyers of Mortgage Loans
A Secondary Market after
FNMA
The Government National Mortgage Association
Mortgage-Backed Securities and the GNMA Payment
Guarantee
The Federal Home Loan Mortgage Corporation
Operation of the Secondary Mortgage Market
Direct Sale Programs
The Development of Mortgage-Related Security-
Pools
Mortgage-Backed Bonds
Pricing Mortgage-Backed Bonds
Subsequent Prices
Mortgage Pass-Through Securities
Important Characteristics of Mortgage Pools
Mortgage Pass-Through Securities: A General Approach
to Pricing
Mortgage Pass-Through Payment Mechanics
Illustrated
Prepayment Patterns and Security Prices
Prepayment Assumptions
The Effects of Prepayment Illustrated
Security Prices and Expected Yields
Market Interest Rates and Price Behavior on Mortgage
Pass-Throughs
A Note on MBBs and MPTs
Chapter
The Secondary Mortgage Market: CMOs
and Derivative Securities
Introduction
Mortgage Pay-Through Bonds (MPTBs)
Collateralized Mortgage Obligations
CMOs Illustrated
CMO Mechanics
CMOs: Pricing and Expected Maturities
CMO Price Behavior and Payment Rates
CMO Tranche Variations
Derivatives Illustrated
Yield Enhancement
IO
Convexity
Residential Mortgage-Related Securities:
A Summary
Residential Mortgage-Related Securities: Some
Closing Observations
Commercial Mortgage-Backed Securities
(CMBSs)
Rating Commercial Mortgage-Backed Securities
Mortgage-Related Securities and REMICs
REMICs: Other Considerations
Appendix
Duration
Measurement
Chapter
Real Estate investment Trusts (REITs)
Introduction
Legal Requirements
Tax Treatment
Violation Penalties and Status Termination
Taxable
Types of Trusts
Equity Trusts
The Investment Appeal of Equity Trusts
Private REITs
Importance ofFFO (Funds from Operations)
REIT
Important Issues in Accounting and Financial
Disclosure: Equity REITs
Tenant Improvements and Free Rents: Effects
on FFO
Leasing Commissions and Related Costs
Use of Straight-Line Rents
FFO and Income from Managing Other Properties
Types of Mortgage Debt and Other Obligations
Existence of Ground Leases
Table of Contents xv
Lease Renewal Options and
Occupancy Numbers: Leased Space or Occupied
Space?
Retail REITs and Sales per Square Foot
Additional Costs of Being a Public Company
The Investment Appeal of Mortgage REITs
Financial Analysis of an Equity
Chapter
Real Estate Investment Performance and
Portfolio Considerations
Introduction
The Nature of Real Estate Investment Data
Sources of Data Used for Real Estate Performance
Measurement
REIT
Hybrid and Mortgage REITs
NCRE1F Property Index: Property Values
Data Sources for Other Investments
Cumulative Investment Return Patterns
Computing Holding Period Returns
Computing Investment Returns
Risk, Return, and Performance Measurement
Risk-Adjusted Returns: Basic Elements
Elements of Portfolio Theory
Calculating Portfolio Returns
Portfolio Risk
Portfolio Weighting: Trading Off Risk and Return
Real Estate Returns, Other Investments, and the
Potential for Portfolio Diversification
Portfolio Diversification: EREITs and Other
Investments
Public versus Private Real Estate Investments
Real Estate Performance and Inflation
INDEX |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Brueggeman, William B. Fisher, Jeffrey D. |
| author_GND | (DE-588)130100668 (DE-588)130100706 |
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| dewey-full | 332.72 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.72 |
| dewey-search | 332.72 |
| dewey-sort | 3332.72 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 12. ed., intern. ed. |
| format | Book |
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| id | DE-604.BV021499549 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T14:15:01Z |
| indexdate | 2024-07-09T20:37:12Z |
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| isbn | 0071238212 007286169X |
| language | English |
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| spelling | Brueggeman, William B. Verfasser (DE-588)130100668 aut Real estate finance and investments William B. Brueggeman ; Jeffrey D. Fisher 12. ed., intern. ed. Boston McGraw Hill 2005 XV, 640 S. txt rdacontent n rdamedia nc rdacarrier Propriété immobilière - États-Unis - Finances Prêts hypothécaires - États-Unis Mortgage loans United States Real property United States Finance Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Immobiliengeschäft (DE-588)4161356-9 gnd rswk-swf Hypothekarkredit (DE-588)4161146-9 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Immobiliengeschäft (DE-588)4161356-9 s Immobilienanlage (DE-588)4120474-8 s Hypothekarkredit (DE-588)4161146-9 s b DE-604 Fisher, Jeffrey D. Verfasser (DE-588)130100706 aut Digitalisierung UBRegensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014716297&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Brueggeman, William B. Fisher, Jeffrey D. Real estate finance and investments Propriété immobilière - États-Unis - Finances Prêts hypothécaires - États-Unis Mortgage loans United States Real property United States Finance Immobilienanlage (DE-588)4120474-8 gnd Immobiliengeschäft (DE-588)4161356-9 gnd Hypothekarkredit (DE-588)4161146-9 gnd |
| subject_GND | (DE-588)4120474-8 (DE-588)4161356-9 (DE-588)4161146-9 (DE-588)4078704-7 |
| title | Real estate finance and investments |
| title_auth | Real estate finance and investments |
| title_exact_search | Real estate finance and investments |
| title_exact_search_txtP | Real estate finance and investments |
| title_full | Real estate finance and investments William B. Brueggeman ; Jeffrey D. Fisher |
| title_fullStr | Real estate finance and investments William B. Brueggeman ; Jeffrey D. Fisher |
| title_full_unstemmed | Real estate finance and investments William B. Brueggeman ; Jeffrey D. Fisher |
| title_short | Real estate finance and investments |
| title_sort | real estate finance and investments |
| topic | Propriété immobilière - États-Unis - Finances Prêts hypothécaires - États-Unis Mortgage loans United States Real property United States Finance Immobilienanlage (DE-588)4120474-8 gnd Immobiliengeschäft (DE-588)4161356-9 gnd Hypothekarkredit (DE-588)4161146-9 gnd |
| topic_facet | Propriété immobilière - États-Unis - Finances Prêts hypothécaires - États-Unis Mortgage loans United States Real property United States Finance Immobilienanlage Immobiliengeschäft Hypothekarkredit USA |
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