Investment Analysis for Real Estate Decisions, 7th Edition

Product Details

Investment Analysis for Real Estate Decisions is intended for university-level students studying finance or investment. The text provides the skills future investment analysts will need to make rational decisions based on research and analysis rather than "hot tips" or whims. There are eight parts in the book, each followed by case problems that involve the use of concepts presented in the previous chapters.

Part One contains an overview of basic concepts needed for investment analysis and Part Two relates this foundation to investors' expectations. In Part Three, the authors discuss financial markets, arrangements, and procedures, and income tax considerations are addressed in Part Four. Part Five shows how to apply decision criteria to the forecasting students learn in Part One through Part Four, and in Part Six, the risk element is introduced.

Once the entire real estate investment process has been covered, students can complete actual investment analysis problems in Part Seven. Part Eight contains information about real estate investment trusts.

The CD-ROM included with the book contains additional case studies and chapter reviews.

Extensive Instructor Resources are available on our Web site in both Word and PDF formats. Instructors also can access a test-building program on our site.

Table of Contents

• Preface.
• Part 1: Fundamental Issues in Real Estate Investment Analysis.
  • 1: The Real Estate Investment Decision.
  • 2: Investment Strategy and Market Efficiency.
  • 3: Land Utilization and the Rental Value of Real Estate.
• Part 2: Market Research and Cash-Flow Forecasting.
  • 4: Market Research Tools and Techniques.
  • 5: Reconstructing the Operating History.
  • 6: Forecasting Income and Property Value.
• Part 3: Using Borrowed Money.
  • 7: Financial Leverage and Investment Analysis.
  • 8: Credit Instruments and Borrowing Arrangements.
  • 9: The Cost of Borrowed Money.
• Part 4: Income Tax Considerations.
  • 10: Fundamental Income Tax Issues.
  • 11: Tax Consequences of Property Disposal.
• Part 5: Measuring Investment Performance.
  • 12: Traditional Measures of Investment Worth.
  • 13: Discounted Cash-Flow Analysis.
  • 14: Investment Goals and Decision Criteria.
• Part 6: The Risk Element.
  • 15: Risk in Real Estate Investment.
  • 16: Traditional Risk-Adjustment Methods.
  • 17: Contemporary Risk Measures.
  • 18: Risk Management in a Portfolio Context.
• Part 7: The Investment Analysis Process Illustrated.
  • 19: Investment Feasibility Analysis.
  • 20: Subdivision Proposal Analysis.
  • 21: Development and Rehabilitation.
  • 22: Industrial Property, Office Building, and Shopping Center Analysis.
• Part 8: Real Estate as a Security.
  • 23: Real Estate Investment Trusts.
• Appendix A: Mathematics of Compounding and Discounting.
• Appendix B: Compounding and Discounting with Financial Calculators.
• Appendix C: Normal Distribution Table.