Global real estate capital markets: theory and practice
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London ; New York, NY
Routledge
[2025]
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xii, 177 Seiten Illustrationen, Diagramme |
| ISBN: | 9781032288017 9781032288000 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text |
Contents Acknowledgements The authors A user guide Global real estate markets 1 Global real estate in context ix x x[ 1 3 Objectives 3 1.1 Background 3 1.2 Reason for this book 5 1.3 Globa] real estate capital markets in context 6 1.4 The quadrant model 7 1.5 Structure of this book 7 2 Understanding different shareholders’ objectives 12 Objectives 12 Key concepts 12 2.1 Sice 12 2.2 Differing time horizons 16 2.3 Allocation, return and performance criteria 18 2.4 Sample applications of listed real estate 19 3 Direct real estate capital markets Overview 23 Objectives 23 Key concepts 23 3.1 Direct real estate 23 3.2 Commercial real estate sectors 24 3.3 Size of the direct real estate capital markets 27 3.4 Participating in direct real estate capital markets 29 3.5 Creating new investible stock 30 23
vi Contents 4 Analysing a direct real estate investment Objectives 33 4.1 Assessing and projecting income 33 4.2 Capital expenditure and pricing 36 4.3 Entry and exit capitalisation 37 4.4 Putting it all together - projecting total returns 38 33 5 Valuing direct real estate assets Objectives 41 5.1 Basics of valuation 41 5.2 Market valuations of commercial real estate assets 42 5.3 Investment worth - DCF modebbased approach 43 5.4 Putting it all together - an example DCF model valuation 45 41 Private markets 51 6 Private real estate fund structures Objectives 53 Key concepts 53 6.1 Introduction to private real estate funds 53 6.2 Defining the private real estate fund market universe 54 6.3 Growth of the PREF market universe 55 6.4 Fund structures 56 6.5 Private real estate fund economics 58 53 7 Valuing private real estate vehicles Objectives 64 Key concepts 64 7.1 Introduction 64 64 8 Private commercial real estate debt structures Objectives 74 8.1 Introduction 74 8.2 Commercial real estate mortgages 75 8.3 Junior or mezzanine loans 80 8.4 Current regulatory environment 81 74 Public markets 9 Public market structure Objectives 87 Key concepts 87 9.1 Who are the key players? 87 9.2 Buv-side and selbside motivations 88 9.3 Benchmarking 89 85 87
Contents 9.4 9.5 vii Consensus views and market expectations 93 Key institutions and data sources 94 10 Analysing a public real estate company 97 Objectives 97 Key concepts 97 10.1 Why listed real estate is different from other equity market sectors 97 10.2 The five key accounting metrics that analysts use 99 10.3 Difference between accounting-based metrics and investor-based metrics 101 10.4 A sell-side approach to analysis 102 10.5 Data sources to be used 102 10.6 EPRA BPRs 103 10.7 How to undertake the analysis of a real estate company 103 10.8 Steps to produce forecasts for a listed real estate company 106 11 Analysing public real estate debt 110 Objectives 110 Key concepts 110 11.1 Characteristics of REIT bonds 110 11.2 The size of the market 112 11.3 Trends in issuance 113 11.4 Credit rating methodology 115 12 Valuing a public real estate company 119 Objectives 119 Key concepts 119 12.1 How to value any listed real estate company globally 119 12.2 Identifying and defining key per share items 119 12.3 Defining the per share metrics 120 12.4 Three key valuation methodologies 121 12.5 Regional variations 124 12.6 Sensitivity of valuation shifts 125 12.7 Time-variant nature offair value 125 13 Setting a target price Objectives 127 Key concepts 127 13.1 The purpose of a target price 127 13.2 The range of different target price methodologies available 128 13.3 Difference between sell-side and buy-side approaches 131 13.4 Assumptions and catalysts that drive the target price 131 127
viii Contents 13.5 13.6 Sensitivity of target prices and how to adjust them in response to market conditions 132 How to make a logical investment recommendation 132 14 Operational mechanics of a public real estate company Objectives 134 Key concepts 134 14.1 How a listed real estate company operates 134 14.2 Strategies for growth 136 14.3 Evolution of a shareholder base 138 14.4 The day company figures are released 139 14.5 Understanding what your share price is telling you 140 134 Applications 143 15 Public market applications Objectives 145 Key concepts 145 15.1 Structure and purpose of dedicated real estate securities funds 145 15.2 Combining public real estate with other assets 148 15.3 Blending public and private real estate 153 145 Appendix 157 Appendix: Quiz questions and answers Index 159 173 |
| any_adam_object | 1 |
| author | Moss, Alex Farrelly, Kieran |
| author_GND | (DE-588)1341660419 |
| author_facet | Moss, Alex Farrelly, Kieran |
| author_role | aut aut |
| author_sort | Moss, Alex |
| author_variant | a m am k f kf |
| building | Verbundindex |
| bvnumber | BV049797598 |
| classification_rvk | QK 800 |
| ctrlnum | (OCoLC)1449545124 (DE-599)KXP1883251559 |
| dewey-full | 332.63/24 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.63/24 |
| dewey-search | 332.63/24 |
| dewey-sort | 3332.63 224 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV049797598 |
| illustrated | Illustrated |
| indexdate | 2024-12-06T13:07:11Z |
| institution | BVB |
| isbn | 9781032288017 9781032288000 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-035138276 |
| oclc_num | 1449545124 |
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| owner_facet | DE-355 DE-BY-UBR DE-1043 |
| physical | xii, 177 Seiten Illustrationen, Diagramme |
| publishDate | 2025 |
| publishDateSearch | 2024 |
| publishDateSort | 2024 |
| publisher | Routledge |
| record_format | marc |
| spelling | Moss, Alex Verfasser (DE-588)1341660419 aut Global real estate capital markets theory and practice Alex Moss and Kieran Farrelly London ; New York, NY Routledge [2025] xii, 177 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Immobilienmarkt (DE-588)4123416-9 gnd rswk-swf Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Immobilienhandel (DE-588)4161357-0 gnd rswk-swf Immobilienwirtschaft (DE-588)4113997-5 gnd rswk-swf Real estate business Real estate investment Real estate development / Finance Immobilienwirtschaft (DE-588)4113997-5 s Immobilienmarkt (DE-588)4123416-9 s Immobilienhandel (DE-588)4161357-0 s Immobilienanlage (DE-588)4120474-8 s b DE-604 Farrelly, Kieran aut Erscheint auch als Online-Ausgabe 978-1-003-29856-4 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=035138276&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moss, Alex Farrelly, Kieran Global real estate capital markets theory and practice Immobilienmarkt (DE-588)4123416-9 gnd Immobilienanlage (DE-588)4120474-8 gnd Immobilienhandel (DE-588)4161357-0 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd |
| subject_GND | (DE-588)4123416-9 (DE-588)4120474-8 (DE-588)4161357-0 (DE-588)4113997-5 |
| title | Global real estate capital markets theory and practice |
| title_auth | Global real estate capital markets theory and practice |
| title_exact_search | Global real estate capital markets theory and practice |
| title_full | Global real estate capital markets theory and practice Alex Moss and Kieran Farrelly |
| title_fullStr | Global real estate capital markets theory and practice Alex Moss and Kieran Farrelly |
| title_full_unstemmed | Global real estate capital markets theory and practice Alex Moss and Kieran Farrelly |
| title_short | Global real estate capital markets |
| title_sort | global real estate capital markets theory and practice |
| title_sub | theory and practice |
| topic | Immobilienmarkt (DE-588)4123416-9 gnd Immobilienanlage (DE-588)4120474-8 gnd Immobilienhandel (DE-588)4161357-0 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd |
| topic_facet | Immobilienmarkt Immobilienanlage Immobilienhandel Immobilienwirtschaft |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=035138276&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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