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Real Estate Principles : A Value Approach

ISBN: 9780073196145 | 0073196142
Edition: 1st
Format: Hardcover
Publisher: MCG
Pub. Date: 1/1/2005

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SummaryTable of Contents
Real Estate Principles: A Value Approach by David Ling and Wayne Archer is an exciting new entry into the Principles of Real Estate market, presenting a strong focus on valuation. Value is central to virtually all real estate decision-making including whether and how to lease, buy, or mortgage a property acquisition, whether to renovate, refinance, demolish or expand a property, and when and how to divest (sell, trade, or abandon) a property. Ling and Archer' s goal in the theme of this book is to direct students toward an oriented and focused ... MORE
Prefacevii
part 1 SETTING THE STAGE
1(68)
The Nature of Real Estate and Real Estate Markets
2(18)
... MORE
Introduction
2(1)
Real Estate: Some Basic Definitions
3(4)
Real Estate: A Tangible Asset
3(2)
Real Estate: A Bundle of Rights
5(1)
Real Estate: An Industry and Profession
6(1)
Real Estate and the Economy
7(4)
Land Use in the United States
7(1)
Real Estate and U.S. Wealth
8(3)
Real Estate Markets and Participants
11(3)
User Markets
11(1)
Capital Markets
11(1)
The Role of Government
12(1)
The Interaction of Three Value-Determining Sectors
12(2)
The Production of Real Estate Assets
14(1)
Characteristics of Real Estate Markets
14(2)
Heterogeneous Products
15(1)
Immobile Products
15(1)
Localized Markets
15(1)
Segmented Markets
15(1)
Privately Negotiated Transactions with High Transaction Costs
16(1)
Summary
16(4)
Value and Real Estate Decisions
20(20)
Introduction
20(1)
The Idea of Investment Value
21(1)
Investment Value in Real Estate
22(4)
Investment Value and Time
22(1)
Investment Value and Nonmonetary Effects
23(1)
Incremental Investment Value
24(2)
Incremental Investment Value with Financing
26(1)
Investment Value and Risk
26(8)
Uncertainty of Costs
29(1)
Uncertainty of Value
30(1)
Managing Risk
31(2)
Revisiting Three Investment Risk Scenarios
33(1)
Risk, Investment Value, and Yield
33(1)
A Portfolio Perspective on Real Estate Investment
34(1)
Investment Value and Appraisal
35(1)
Summary
36(4)
The Effects of Time and Risk on Value
40(29)
Introduction
40(1)
The Time Value of Money
41(15)
The Timeline
42(1)
Terminology
43(1)
Equations, Calculators, and Spreadsheets
43(1)
Compounding Operations
44(5)
Discounting Operations
49(5)
Yields and Internal Rates of Return
54(2)
Determining Required Returns
56(2)
Comparing Investment Values to Acquisition Costs
58(2)
Summary
60(3)
Appendix: Solving Time-Value-of-Money Problems Using Excel
63(6)
part 2 SOURCES AND LIMITATIONS TO VALUE
69(118)
Legal Foundations to Value
70(29)
Introduction
70(1)
The Nature of Property
71(5)
The Nature of Rights
71(2)
Real Property and Personal Property: The Problem of Fixtures
73(3)
The Real Property Bundle of Rights
76(8)
Possessory Interests (Estates)
76(3)
Nonpossessory Interests
79(5)
Forms of Co-Ownership
84(7)
Indirect Co-Ownership through a Single Entity
84(1)
Direct Co-Ownership
85(5)
Timeshare
90(1)
Rights Related to Water
91(1)
Rights to Oil, Gas, and Minerals
91(2)
Summary
93(3)
Appendix: Property Rights Related to Water
96(3)
Market Determinants of Value
99(30)
Introduction
99(2)
Market Misjudgments in Real Estate
99(1)
Minimizing Market Errors
100(1)
The Creation, Growth, and Decline of Cities
101(8)
Where Cities Occur
101(1)
The Economic Base of a City
102(5)
Resources of a City: The Supply Side of Urban Growth
107(2)
The Shape of a City
109(10)
Demand for Proximity and Bid-Rent Curves
114(1)
Bid-Rent Curves, Urban Land Use, and Land Value Contours
114(1)
Changing Transportation, Changing Technology, and Changing Urban Form
114(5)
Differing Location Patterns of Urban Land Use
119(5)
Convenience ``Goods'' and Central Place Patterns
119(3)
Comparison Goods and Clustering
122(1)
Industry Economies of Scale and Clustering
122(2)
The Role of Urban Analysis in Real Estate Decisions
124(1)
Summary
125(4)
Government Controls and Real Estate Markets
129(28)
Introduction
129(1)
The Power of Government to Regulate Land Use
130(4)
Monopolies, Externalities, and Other Market Distortions
130(4)
Public Planning for Land Use Control
134(3)
Comprehensive Planning
134(2)
Challenges in Public Land Use Planning
136(1)
Zoning and Other Tools for Public Land Use Control
137(4)
Zoning
138(1)
Building Codes
138(1)
Subdivision Regulations
139(1)
Zoning and Planned Administration
140(1)
Modern Tools of Land Use Control
141(1)
Private Restrictions
141(1)
Environmental Hazards
142(3)
Types of Hazardous Materials
143(1)
Implications for Real Estate Investors
144(1)
The Government's Power of Eminent Domain
145(2)
Public Use
146(1)
Just Compensation
146(1)
Inverse Condemnation and Regulatory Takings
147(1)
The Power of Government to Tax Real Property
147(1)
Mechanics of the Property Tax
148(4)
Determining a Jurisdication's Budget and Tax Rate
149(1)
Tax-Exempt Properties
149(1)
Homestead and Other Exemptions
150(1)
Calculating Tax Liability
150(1)
Special Assessments
151(1)
Nonpayment of Property Taxes
151(1)
Criticisms of the Property Tax
152(1)
Summary
152(5)
Forecasting Ownership Benefits and Value: Market Research
157(30)
Introduction
157(1)
Market Research: The Weak Link of Real Estate Valuation
158(1)
Market Segmentation
159(1)
Real Estate Market Research as Storytelling
159(3)
The Beginning Point: A Market-Defining Story
160(1)
Initial Collection of Data
161(1)
First Analysis
161(1)
Refining the Research
161(1)
A Reverse to Conventional Market Research
161(1)
Three Examples of Market Research
162(15)
Market Research Example 1: Elysian Forest, a Planned Unit Development
162(7)
Market Research Example 2: Palm Grove Office Complex
169(2)
Market Research Example 3: Plane Vista Apartments
171(6)
Some Final Notes on the Process of Market Research
177(1)
Improving One's Capacity in Real Estate Market Research
178(1)
Market Projections and Real Estate Cycles
178(2)
Some Tools of Market Research
180(3)
Geographic Information Systems (GIS)
180(2)
Psychographics
182(1)
Survey Research
182(1)
Summary
183(4)
part 3 MARKET VALUATION AND APPRAISAL
187(58)
Valuation Using the Sales Comparison and Cost Approaches
188(28)
Introduction
188(2)
Market Value, Investment Value, and Transaction Prices
190(1)
The Appraisal Process
191(4)
Definition of the Problem
192(1)
Data Selection and Collection
193(1)
Highest and Best Use Concepts
193(1)
Three Conventional Approaches to Estimating Market Value
193(1)
Reconciliation and a Final Estimate of Market Value
194(1)
The Appraisal Report
194(1)
Traditional Sales Comparison Approach
195(8)
Comparable Sales Data
196(1)
Sources of Market Data
196(1)
Adjustments to Comparable Property Transaction Prices
197(3)
Types of Adjustments
200(1)
Sequence of Adjustments
200(3)
A Note on the Selection of Comparables and Adjustments
203(1)
Reconciliation to an Indicated Value Estimate
203(1)
The Cost Approach
203(3)
Accrued Depreciation
204(2)
Final Reconciliation
206(1)
Multivariate Regression Analysis
206(6)
Interpreting the Regression Results
210(2)
Summary
212(4)
Valuation Using the Income Approach
216(29)
Introduction
216(2)
Direct Capitalization versus Discounted Cash Flow
217(1)
Estimating Net Operating Income
218(6)
Potential Gross Income
220(1)
Effective Gross Income
221(1)
Operating Expenses
222(1)
Capital Expenditures
222(2)
Net Operating Income
224(1)
Using Direct Capitalization for Valuation
224(8)
Abstracting Cap Rates from the Market
224(3)
Understanding Capitalization Rates
227(1)
Other Methods of Estimating Cap Rates
228(1)
Reconciling Cap Rates and Estimating an Indicated Value
229(1)
Gross Income Multiplier
230(2)
Using Discounted Cash Flow Analysis for Valuation
232(5)
A Word of Caution
233(1)
Estimating Future Sale Proceeds
233(1)
Levered versus Unlevered Cash Flows
234(1)
Valuing Unlevered Cash Flows
234(2)
Valuing Levered Cash Flows
236(1)
Other Approaches
237(1)
Final Reconciliation
238(1)
Valuing Partial and Other Interests
238(1)
Summary
239(6)
part 4 FINANCING REAL ESTATE OWNERSHIP
245(164)
Real Estate Finance: The Laws and Contracts
246(27)
Introduction
246(1)
The Note
247(6)
Interest Rate and Interest Charges
247(1)
Adjustable Rates
248(2)
Payments
250(1)
Term
251(1)
Right of Prepayment
251(1)
Prepayment Penalties
252(1)
Late Fees
252(1)
Personal Liability
252(1)
Demand Clause
252(1)
Inclusion of Mortgage Covenants by Reference
253(1)
The Mortgage
253(3)
Description of the Property
254(1)
Insurance Clause
254(1)
Escrow Clause
254(1)
Acceleration Clause
254(1)
Due-on-Sale Clause
254(1)
Hazardous Substances Clause and Preservation and Maintenance Clause
255(1)
Deed of Trust
255(1)
When Things Go Wrong
256(5)
Default
256(1)
Nonforeclosure Responses to Default
257(1)
Foreclosure
258(1)
Deficiency Judgment
259(1)
Judicial Foreclosure versus Power of Sale
259(1)
Bankruptcy and Foreclosure
260(1)
Acquiring a Property with an Existing Debt
261(1)
Real Estate Debt without a Mortgage
262(2)
Regulation of Home Mortgage Lending
264(4)
Equal Credit Opportunity Act
264(1)
Truth-in-Lending Act
264(1)
Real Estate Settlement Procedures Act
265(1)
Home Ownership and Equity Protection Act
266(1)
Other Laws Regulating Discrimination in Home Mortgage Lending
266(2)
Summary
268(5)
Mortgage Mechanics and Calculations
273(26)
Introduction
273(1)
Basic Computations
274(7)
Payments
274(1)
Loan Balance
275(1)
Lender's Yield
276(1)
Effective Borrowing Cost (EBC)
277(2)
Up-front Costs, Holding Period, and Effective Borrowing Cost
279(2)
Fixed-Rate Mortgages
281(5)
Level-Payment, Fully Amortized Mortgages
281(1)
The Choice of Loan Term: A Question of Present Value
282(2)
Alternative Amortization Schedules
284(2)
Adjustable Rate Mortgages
286(5)
The Mechanics of Adjustable Rate Mortgages
286(2)
Initial Adjustment Periods, Rate Caps, and Other Options
288(3)
Other Mortgage Types and Uses
291(3)
Interest Rate Buydown
291(1)
Wraparound Mortgages
292(2)
Summary
294(5)
Residential Mortgage Types and Borrower Decisions
299(26)
Introduction
299(2)
The Primary and Secondary Mortgage Markets
300(1)
Conventional Mortgage Loans
301(4)
Fixed-Rate Conventional Mortgages
301(1)
Adjustable Rate Mortgages
302(1)
Private Mortgage Insurance
303(2)
Government-Sponsored Mortgage Programs
305(4)
FHA-Insured Loans
305(3)
VA-Guaranteed Loans
308(1)
Other Mortgage Types and Uses
309(4)
Purchase-Money Mortgage
309(1)
Package Mortgage
309(1)
Home Equity Loan
310(1)
Reverse Mortgage
310(3)
The Borrower's Mortgage Loan Decisions
313(8)
Mortgage Choice
313(1)
Loan Size
314(1)
The Refinancing Decision
315(5)
The Default Decision
320(1)
Summary
321(4)
Sources of Funds for Residential Mortgages
325(29)
Introduction
326(1)
The Market for Residential Finance
326(1)
Depository Lenders in the Primary Market
327(5)
Savings Institutions (Thrifts) and Their Decline
327(4)
Credit Unions
331(1)
Commercial Banks
331(1)
Nondepository Lenders in the Primary Market
332(6)
Mortgage Bankers
333(4)
Mortgage Brokers
337(1)
Other Nongovernment-Sponsored Lenders
338(1)
The Secondary Market for Residential Mortgages
338(2)
Mortgage-Backed Securities
339(1)
Purchasers of Residential Mortgages in the Secondary Market
340(6)
Ginnie Mae (GNMA)
340(1)
Fannie Mae
341(1)
Freddie Mac
342(1)
The Importance of Fannie Mae and Freddie Mac
343(2)
Federal Home Loan Banks
345(1)
Life Insurance Companies
345(1)
Other Secondary Market Purchasers
345(1)
The Lender's Mortgage Loan Decisions
346(2)
Traditional Home Mortgage Underwriting
346(1)
Modern Home Mortgage Underwriting
347(1)
Cash Down Payment Requirement
348(1)
Home Financing for Marginal Borrowers
348(3)
Affordable Housing Loans
349(1)
Subprime Lending
350(1)
Summary
351(3)
Commercial Mortgage Types and Decisions
354(28)
Introduction
354(1)
Loan Documents and Provisions
355(2)
The Note
355(1)
The Mortgage
356(1)
Common Types of Permanent Mortgages
357(3)
Balloon Mortgages
357(2)
Restrictions on Prepayments
359(1)
Alternative Financing Arrangements
360(3)
Floating-Rate Loans
360(1)
Installment Sale Financing
360(1)
Joint Ventures
361(1)
Sale-Leasebacks
361(1)
Other Products and Structures
362(1)
Government-Sponsored Programs
362(1)
The Borrower's Decision-Making Process
363(8)
Typical Loan Terms
364(2)
Loan Size
366(1)
Financial Risk
366(1)
Increased Variability of Equity Returns from Leverage
366(4)
Choosing among Alternative Financing Structures
370(1)
The Prepayment and Default Decisions
371(1)
Requesting a Permanent Loan
371(2)
Loan Application Package
372(1)
Channels of Submission
373(1)
The Lender's Decision-Making Process
373(3)
The Property and the Borrower
374(1)
Maximum Loan Amount
375(1)
The Economic Justification
376(1)
From Application to Commitment
376(1)
Land Acquisition, Development, and Construction Financing
376(1)
Summary
377(5)
Sources of Commercial Debt and Equity Capital
382(27)
Introduction
382(2)
How Large Is the Commercial Real Estate Market?
383(1)
Sources of Commercial Real Estate Equity Capital
384(6)
Publicly Owned Commercial Real Estate
384(3)
Privately Owned Commercial Real Estate
387(3)
Forms of Ownership for Pooled Equity Investments
390(4)
C Corporation
390(1)
S Corporation
391(1)
General Partnership
392(1)
Limited Partnership
392(1)
Limited Liability Company
393(1)
Sources of Commercial Real Estate Debt
394(2)
Mortgage Orginators versus Long-Term Holders
395(1)
Development and Construction Lending
396(1)
How Information Standards Help Attract More Capital
396(1)
A Closer Look at Real Estate Syndications
397(2)
The Role of the Syndicator/Organizer
397(1)
Regulation
397(2)
Evaluating a Syndication Opportunity
399(1)
A Closer Look at Real Estate Investment Trusts
399(6)
The Growing Importance of Public Real Estate Markets
399(1)
REIT Management
400(2)
REIT Valuation
402(1)
Measuring REIT Income
403(1)
REIT Investment Performance
404(1)
Summary
405(4)
part 5 INVESTMENT VALUATION
409(58)
Valuing Investment Opportunities
410(30)
Introduction
410(1)
Investment Valuation versus Market Valuation
411(1)
Investment Value Calculation
412(3)
Centre Point Office Building Example
412(2)
Treatment of Capital Expenditures
414(1)
Evaluating the Cash Flow Estimates
415(1)
Effects of Debt Financing on Pro Forma Cash Flows
416(5)
Why Do Investors Borrow?
416(1)
Effect on Initial Investment
417(1)
Effect on Cash Flows from Operations
418(1)
Effect on Cash Flows from Sale
419(1)
More Detailed Cash Flow Projections
419(2)
Investment Valuation Using Discounted Cash Flow Models
421(4)
Net Present Value
421(1)
Internal Rate of Return
422(1)
Comparing Net Present Value and the Internal Rate of Return
423(1)
Effects of Debt on Return and Risk
424(1)
Partnerships and Other Direct Forms of Ownership
425(1)
Effects of Income Taxes
426(3)
Effects on Discount Rate
428(1)
Effects on Net Present Value and the Internal Rate of Return
428(1)
Other Investment Criteria
429(5)
Profitability Ratios
429(2)
Multipliers
431(1)
Financial Risk Ratios
432(2)
Limitations of Ratio Analyses
434(1)
Varying the Assumptions
434(1)
Summary
435(5)
Enhancing Value through Ongoing Management
440(27)
Introduction
441(1)
Owners as Managers
442(1)
Functions of a Property Manager
442(9)
Marketing the Property
442(2)
Selecting Tenants
444(1)
Signing Leases
445(2)
Collecting Rent
447(1)
Complying with Landlord-Tenant Laws
448(1)
Maintaining Tenant Relations
448(1)
Communicating with Owners
448(1)
Repairing and Maintaining the Premises
449(2)
Property Management Agreements
451(3)
Management Fees
453(1)
Professional Associations and Designations
454(1)
Asset Management
455(5)
The Development of a Profession
456(1)
Asset Management Functions
456(1)
Performance Evaluation and Compensation
457(1)
A Closer Look at the Decision to Improve or Alter a Property
458(2)
Demolition and Reuse
460(1)
Managing Corporate Real Estate Assets
460(4)
Summary
464(3)
part 6 ACQUIRING AND DISPOSING OF OWNERSHIP INTERESTS
467(86)
Conveying Real Property Interests
468(23)
Introduction
468(1)
Deeds
469(5)
Requirements of a Deed
469(3)
Types of Deeds
472(2)
Modes of Conveyance of Real Property
474(3)
Voluntary Conveyance by a Deed
474(1)
Involuntary Conveyance by a Deed
474(1)
Voluntary Conveyance without a Deed
475(1)
Involuntary Conveyance without a Deed
476(1)
Real Property Complexity and Public Records
477(4)
The Doctrine of Constructive Notice
477(1)
Statute of Frauds
477(1)
Recording Statutes
477(1)
Actual Notice
478(1)
Title
478(1)
Title Search, Title Abstract, and Chain of Title
478(1)
Evidence of Title
479(2)
Land Descriptions
481(5)
Metes and Bounds
481(2)
Subdivision Plat Lot and Block Number
483(1)
Government Rectangular Survey
483(3)
Summary
486(5)
Real Estate Brokerage and Listing Contracts
491(31)
Introduction: Brokerage---The Best-Known Type of Real Estate Business
491(3)
Real Estate Brokers as Market Facilitators
492(1)
Economic Rationale for Employing a Broker
493(1)
Law of Agency
494(5)
Types of Agents
494(1)
Fiduciary Responsibilities
495(1)
Real Estate Agents
495(2)
Problems in Real Estate Agency Relationships and Disclosures
497(2)
Transaction Brokers
499(1)
Licensing of Real Estate Brokers and Salespersons
499(3)
Brokerage Licensing Administration
500(1)
How to Obtain a Real Estate License
501(1)
License Law Infractions
501(1)
Certification of Real Estate Occupations
502(1)
The Marketing Function
502(6)
Market Segmentation and Specialization and Service
502(1)
Commercial Brokerage
503(1)
Residential Brokerage
503(4)
International Aspects of Brokerage
507(1)
Listing Contracts
508(1)
Types of Listing Contracts
508(3)
Open Listing
509(1)
Exclusive Agency Listing
509(1)
Exclusive Right of Sale Listing
510(1)
Innovation in Brokerage
510(1)
Listing Contract Provisions
511(1)
Termination of a Listing Contract
511(1)
Splitting the Commission
511(1)
A Listing Situation---Example
512(6)
Summary
518(4)
Contracts for Sale and Closing
522(31)
Introduction: The Most Important Document in Real Estate
522(1)
Rights and Obligations of Sellers and Buyers
523(1)
Requirements of a Contract for Sale
523(3)
Competency of the Parties to Act
524(1)
Lawful Intent of the Parties
524(1)
An Offer and an Acceptance
524(1)
Consideration
525(1)
No Defects to Mutual Assent
525(1)
A Written Real Estate Contract
525(1)
Proper Description of the Property
526(1)
Legal Title versus Equitable Title
526(1)
The Form of the Contract for Sale
526(10)
Simple Contract
527(1)
Standard Form Contracts
527(2)
Components of a Form Contract
529(7)
Contracts with Contingencies
536(1)
Assignment
536(1)
Remedies for Nonperformance
537(1)
Escrow
537(1)
The Closing and Closing Statements
537(5)
Role of the Brokers
537(1)
Role of the Lenders
537(1)
Real Estate Settlement Procedures Act
538(1)
Preparation of Closing Statements
539(3)
The Continuing Story of a Sale
542(7)
Good Faith Estimate of Closing Costs
542(2)
Steps before Closing
544(4)
Steps at Closing
548(1)
Summary
549(4)
part 7 ADVANCED TOPICS
553(118)
Leases and Property Types
555(27)
Introduction
555(1)
Essential Elements of a Lease
556(1)
Negotiated Lease Provisions
556(8)
Use of the Premises
557(1)
Lease Term
557(1)
Rental Payments
558(1)
Responsibility for Operating Expenses
559(2)
Concessions
561(1)
Alternations and Improvements
561(1)
Assignments and Subletting
562(1)
Lease Options
562(2)
Other Common Clauses
564(1)
Effective Rent
564(3)
Broader Lease Considerations
566(1)
Residential Rental Properties and Leases
567(2)
Common Lease Provisions of Residential Rental Properties
568(1)
Office Properties and Leases
569(3)
Defining Rentable Space in Office Properties
570(1)
Common Lease Provisions
571(1)
Retail Properties and Leases
572(3)
Defining Leasable Area in Rental Properties
573(1)
Common Lease Provisions of Rental Properties
573(2)
Industrial Properties and Leases
575(2)
Common Lease Provisions of Industrial Properties
576(1)
Hospitality Properties
577(1)
Summary
577(5)
Income Taxation and Value
582(32)
Introduction
582(1)
Objectives and Implementation of United States Tax Law
583(1)
Comparing the Taxation of Individuals and Corporations
583(1)
Four Classes of Real Property
583(1)
Income Subject to Taxation
584(2)
Tax Rates
586(1)
Estimating Taxable Income from Operations
587(10)
Cash Calculation versus Tax Calculation
588(1)
Operating Expenses versus Capital Improvements
588(1)
Costs of Mortgage Financing
589(1)
Depreciation Deductions
589(5)
Tax Credits
594(1)
Centre Point Office Building: Taxes from Operations
595(1)
What Is a Tax Shelter?
596(1)
Estimating Taxable Income from Sale
597(9)
Fully Taxable Sale
597(5)
Centre Point Office Building: Taxes Due on Sale
602(2)
Net Benefits of Tax Depreciation
604(1)
Effect of Taxes on Values and Returns
604(2)
Complications Caused by Alternative Ownership Forms
606(1)
Methods of Deferring Taxes on Disposition
606(1)
Installment Sale
606(1)
Like-Kind Exchanges
607(1)
Tax Factors Affecting Homeowners
607(1)
Summary
608(6)
Risk Management in a Portfolio Context
614(31)
Introduction
614(1)
Sources of Risk
615(3)
Microeconomic Risk Factors
617(1)
Macroeconomic Risk Factors
617(1)
The Concept of Variability
618(2)
Specification of Risk Preferences
620(2)
Measuring Project-Specific Risk
622(2)
Variance and Standard Deviation
622(2)
Return per Unit of Risk
624(1)
The Use of Subjective Probabilities
624(1)
Risk Management
624(3)
Avoiding Risky Projects
625(1)
Insurance
625(1)
Due Diligence
625(1)
Diversification as a Risk-Management Tool
626(1)
The Portfolio Concept of Risk
627(4)
Diversifiable Portfolio Risk
627(1)
Covariance and Correlation
628(1)
Examples of Diversifiable Risk
629(1)
Basic Real Estate Diversification Strategies
630(1)
Nondiversifiable Risk
631(1)
Constructing an Efficient Portfolio
631(2)
Why Are So Many Investors Not Well Diversified?
631(2)
How Risky Is Real Estate?
633(4)
Appraisal-Based Index of Unsecured Returns
633(1)
REIT-Based Index of Securitized Returns
634(1)
Historical Returns, Risk, and Correlations
634(3)
Risk-Adjusted Discount Rate
637(3)
Quantifying Required Risk Premiums with Asset-Pricing Models
638(2)
Summary
640(5)
Development: The Dynamics of Creating Value
645(26)
Introduction
645(1)
The Process of Development
646(17)
Establishing Site Control
647(1)
Feasibility Analysis, Refinement, and Testing
648(1)
Obtaining Permits
649(4)
Design
653(2)
Financing
655(3)
Construction
658(2)
Marketing and Leasing
660(2)
Operation
662(1)
The ``Numbers'' of Development
663(2)
What Is It Like to Be a Developer?
665(2)
What Does It Take to Enter Development?
667(1)
Summary
668(3)
Glossary671(15)
Photo Credits686(2)
Index688

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