Foundations of real estate financial modelling:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
Routledge
2018
|
| Ausgabe: | Second edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | xvii, 541 Seiten |
| ISBN: | 9781138046139 |
Internformat
MARC
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| 245 | 1 | 0 | |a Foundations of real estate financial modelling |c Roger Staiger |
| 250 | |a Second edition | ||
| 264 | 1 | |a London |b Routledge |c 2018 | |
| 300 | |a xvii, 541 Seiten | ||
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| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Mathematisches Modell | |
| 650 | 4 | |a Real estate investment |x Mathematical models | |
| 650 | 4 | |a Real estate investment |x Finance |x Mathematical models | |
| 650 | 4 | |a Real estate development |x Finance |x Mathematical models | |
| 650 | 4 | |a Real property |x Finance |x Mathematical models | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
MS Excel formulae utilized
Preface
A ckn owledgm en ts
xvni
xm
XVI
PART 1
Real estate valuation basics, theory, and skills
1
1 Real estate basics
3
What is real estate? 3
Calculating terminal gross sale price at period n 6
A Iternative gross sale price methodology 6
Traditional gross sale price methodology 7
Basic methods of valuation: Net Present Value (NPV) and
Internal Rate of Return (IRR) 7
NPV practical application 16
IRR practical application 17
Modified Internal Rate of Return (MIRJR) 17
MIRR practical application 20
Risk 20
Scenario risk quantification 22
Distribution shape(s) 24
Probability of Gain (P(Gain)) 25
Efficiency and Probability of Gain (P(Gain)) problems 32
Asset class consideration(s) 32
Problem set(s) 33
Solutions 35
NPV practical application answers 35
IRR practical application answers 35
MIRR practical application answers 35
Efficiency and Probability of Gain (P(Gain)) problem(s) (answers) 36
MS Excel formulae 42
vi Contents
2 Asset valuation defined 43
Physical repositioning 43
Physical methods to reposition, i.e. adjust the structure
of cash flows 45
Cost basis 51
Cash flow magnitude 53
Cash flow timing 56
Riskiness 59
Finance method to reposition 61
Capital structure 62
Interest rate(s) adjustments), e.g. fixed vs. variable 65
Derivatives (Futures/Forwards/Options) 67
Waterfall/securitization (Bifurcating Cash Flows) 71
Addendum (XIRR vs. IRR) 76
Addendum (XNPVvs. NPV) 78
MS Excel formulae 79
3 Real estate characteristics defined 80
Risk assignment 85
Hints 86
Histogram assignment (risk visualization) 86
Single-family residential (for sale property) 87
Retail 88
Office 90
Multifamily/apartment 90
Hotel 91
Exercises 93
MS Excel formulae 93
4 Interest rates 94
Simple interest 95
Simple interest problems 95
Compound interest 96
Compound interest problems 96
Future Value/Present Value 97
Future Value/Present Value problems 97
Periodic rates 97
Annual compounding 98
Semi-annual compounding 98
Quarterly compounding 98
Monthly compounding 98
Effective Nominal Annual Rate (ENAR) 99
Annual (one period) 99
Semi-annual (two periods) 99
Contents vii
Quarterly (four periods) 99
Monthly (12 periods) 99
Variable rates of interest (Prime vs. LIBOR) ¡00
Prime Rate 101
LIBOR 101
Risk-free rate(s) 102
Yield curve — theory 102
Inflation 103
Simple interest problems (answers) 106
Compound interest problems (answers) 107
Future Value/Present Value problems (answers) 107
Periodic rates problems (answers) 107
5 Amortization 109
Constant Payment Mortgage (CPM) 109
interest Only (IO) 109
Custom amortization 109
Constant Payment Mortgage (CPM) 110
CPM problems (assume 12-period loan amortization) 114
Interest Only 114
IO problems (assume 12-period loan amortization) 115
Custom Amortization 115
Custom Amortization problems: (assume 12-period loan
amortization) 117
Amortization schedules (the combination) 117
Amortization problems (use 12 periods only) 122
Amortization table construction: scalable, modular; portable 123
Visualization (Figure 5.27) 131
Amortization problems (cont’d) 132
Addendum — HP-12C versus fundamental amortization table 132
Constant Payment Mortgage — by hand vs. HP-12C vs.
amortization table 132
Incremental interest for a Constant Payment Mortgage (CPM) 137
Incremental cost of funding between two Constant Payment
Mortgages (CPM) 144
HP- 12C problems ¡48
CPM problems (assume 12-period loan amortization) (answers) 148
IO problems (assume 12-period loan amortization) (answers) 149
Custom amortization problems: (assume 12-period loan amortization)
(answers) 151
Amortization problems (use 12 periods only) (answers) 153
Amortization problems (coni d) (answers) 157
HP- 12C problems (answers) 158
MS Excel formulae 160
viii Contents
PART 2
Real estate pro forma modelling 161
6 Single-family rental (single page) 163
Pro forma construction (basics) 163
Lending metrics/valuation metrics (important) 177
Problem sets (by hand) ¡80
Bonus 181
Problem Sets (by hand) (solutions) 182
Bonus 187
MS Excel formulae 188
Case study: S. Chester 188
Case study: Chestnut 192
Association 193
Case study: Wimbledon Place (author: A lie Kelso) 194
Executive summary 194
The property 195
Site overview 196
Uptown ;s appeal 200
Dallas macro-economic trends 204
Residential market analysis 206
Competitive properties analysis 211
Supply and demand analysis 214
Project timeline 215
Financial analysis 216
Annotated bibliography 221
1 5-unit multifamily 223
Multifamily construction 223
Section 1: Inputs 224
Section 2: Debt/amortization 233
Section 3: Pro Forma 236
Section 4: Summary/Valuation 241
MS Excel formulae 248
Case study: Thames 248
Case study: Stephen Street (author: A lie Kelso) 249
Financing options 251
Stephen Street 252
Operations 253
Case study: Bridgehampton (author: Paige Winebrenner) 257
Project summary 257
Project background 258
Market overview and property value 259
Bridgehampton purchase opportunity 261
Purchaser goals 263
Transaction analysis 264
Legal advice and risks 267
Conclusion 270
Case study questions 270
8 “N”-unit rent roll
Unit characteristics page construction 272
N-unit scalability (Figure 8.1) 272
Add Unit Characteristics page 279
Valuation improvement 283
Alternative gross sale price method 285
Traditional gross sale price method 289
Bonus section 294
Lease-up 294
Seasonality 296
Rent-rollover 299
Common Area Maintenance (CAM) — general discussion 302
MS Excel formulae 303
Case study: The Redwood (author: Bob Rajewski) 303
9 Development page
Development page construction 307
Header/schedule atid cost item percentage distribution 307
Cost item amount/month 313
Inflow/outflow during construction per period 315
Cost distribution shape, i.e. straight-line vs. normal distribution
Development add-on to existing models 320
MS Excel formulae 325
Case study: The Overlook 325
Background on case 326
Property description 326
Original investment decision and modification (debt fund
perspective) 326
Market description and performance 327
Leasing plan 327
Retention rate assumptions 328
Lender(s) 328
Capital markets 328
10 N-unit for sale
N-unit for sale construction 331
For sale page 332
Summary inputs page 341
317
x Contents
Development page 347
Pro_Forma page 349
Exercises (time = money?) 355
MS Excel formulae 355
Exercises (time = money?) (answers) 355
Case study: The Woodlands 356
Addendum — pricing house deposits (2007perspective) 358
Home buyer s perspective 359
European call option 359
European put option 360
Home buyer option strategy 360
Homebuilder ;s perspective 360
Homebuilder;s option strategy 361
European call option 362
European put option 362
Short strangle (‘normal ’ conditions) 362
European call option 363
European put option 363
Short strangle (2008 conditions) 363
11 Hotel
Hotel construction 364
Rooms 365
Food and Beverage (F B) 365
Other departments 365
Department 366
Unallocated department 366
Other deductions 366
MS Excel formulae 384
Case study: The Powell 384
PART 3
Real estate pro forma (enhancements)
12 Accounting statement(s)
Balance Sheet 391
Overview: what information can be learned from the balance
sheet? 394
Income Statement 395
Overview: what information can be learnedfrom the income
statement? 397
Statement of Cash Flow 397
Overview: what information can be learnedfrom the statement
of cash flow? 398
Contents
xi
Model structure and accounting stand-alone file 399
Adding the accounting statements to existing models 400
Process steps 401
Copy statements 402
Inputs on summary page (Figure 12.8) 402
Link schedules, i.e. calendar/period headers 403
Complete income page to EBITDA (Figure 12.9) 403
Complete grey Balance Sheet (T= 0) 404
Complete depreciation page (Figure 12.12) 406
Complete income sheet (less: book value, A/R, A/P, return of cash to
partners, federal + state tax) (Figure 12.13) 407
Complete tax page 408
Complete statement of cash flow (less: WC inc or dec, return of min
cash balance) 409
Complete balance sheet (1st column) (note . . . does not balance; set
Days Rec and Days Pay to zero . . . will balance) 412
Complete Remaining... 415
Valuation 416
Financial statement analysis 419
Liquidity ratio(s) 419
Asset utilization ratio(s) 419
Capital structure/solvency ratio(s) 420
Profitability 420
Financial statement analysis exercises 421
Accounting inputs with step process of incorporation (Figure 12.26) 422
Balance sheet structure (Figure 12.27) 422
Exercises (answers) 429
MS Excel formulae 431
13 Waterfall
Waterfall theory 432
Waterfall construction 435
Waterfall construction 436
Section 1: Project summary 436
Section 2: Tranche structures 439
Section 3: Tranche cash flows 442
Section 4: Investor cash flows 445
Sponsor 446
Equity partner (investor) 446
Waterfall incorporation 448
Section 1 448
Section 2 448
Section 3 448
Section 4 449
432
xii Contents
Practical waterfall incorporation (waterfall added to N-unit model) 449
MS Excel formulae 455
Joint venture agreement (example) 456
Case study: Hidden Lakes 465
14 Stochastic modelling (Crystal Ball) 475
Stochastic modelling overview 475
What is Crystal Ball? 480
Random sampling techniques 480
Crystal Ball mechanics (abridged discussion . . . see Crystal Ball manual
for detailed discussion) 481
Assumption Cells 481
Forecast Cells 483
Running the real estate proforma model with Crystal Ball 490
Incorporating Crystal Ball into an existing real estate pro forma
model 493
Crystal Ball report — excerpt 498
15 Optimization (OptQuest) 500
Optimization overview 500
Efficiency ratios 500
[Asset]: (Return%, Risk%) 503
What is Solver? 506
Solver and optimization 506
What is OptQuest? 511
Assets (Return%, Risk%) 513
Using OptQuest for real estate optimization 523
Adding OptQuest to an existing spreadsheet model (Figure 15.45) 529
Exercises 536
Optimization in practice 536
Portfolio exercises (answers) (note: answers may differ at hundredth
decimal when rounding) 536
Index
539
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| id | DE-604.BV045009031 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T08:06:52Z |
| institution | BVB |
| isbn | 9781138046139 |
| language | English |
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| physical | xvii, 541 Seiten |
| publishDate | 2018 |
| publishDateSearch | 2018 |
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| publisher | Routledge |
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| spelling | Staiger, Roger Verfasser (DE-588)1160731381 aut Foundations of real estate financial modelling Roger Staiger Second edition London Routledge 2018 xvii, 541 Seiten txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Mathematisches Modell Real estate investment Mathematical models Real estate investment Finance Mathematical models Real estate development Finance Mathematical models Real property Finance Mathematical models Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Modellierung (DE-588)4170297-9 gnd rswk-swf Finanzierungstheorie (DE-588)4154418-3 gnd rswk-swf Immobilienanlage (DE-588)4120474-8 s Finanzierungstheorie (DE-588)4154418-3 s Modellierung (DE-588)4170297-9 s b DE-604 Erscheint auch als Online-Ausgabe 978-1-315-17152-4 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030401004&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Staiger, Roger Foundations of real estate financial modelling Mathematisches Modell Real estate investment Mathematical models Real estate investment Finance Mathematical models Real estate development Finance Mathematical models Real property Finance Mathematical models Immobilienanlage (DE-588)4120474-8 gnd Modellierung (DE-588)4170297-9 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
| subject_GND | (DE-588)4120474-8 (DE-588)4170297-9 (DE-588)4154418-3 |
| title | Foundations of real estate financial modelling |
| title_auth | Foundations of real estate financial modelling |
| title_exact_search | Foundations of real estate financial modelling |
| title_full | Foundations of real estate financial modelling Roger Staiger |
| title_fullStr | Foundations of real estate financial modelling Roger Staiger |
| title_full_unstemmed | Foundations of real estate financial modelling Roger Staiger |
| title_short | Foundations of real estate financial modelling |
| title_sort | foundations of real estate financial modelling |
| topic | Mathematisches Modell Real estate investment Mathematical models Real estate investment Finance Mathematical models Real estate development Finance Mathematical models Real property Finance Mathematical models Immobilienanlage (DE-588)4120474-8 gnd Modellierung (DE-588)4170297-9 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
| topic_facet | Mathematisches Modell Real estate investment Mathematical models Real estate investment Finance Mathematical models Real estate development Finance Mathematical models Real property Finance Mathematical models Immobilienanlage Modellierung Finanzierungstheorie |
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