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"Developments in the sophistication of global real estate markets mean that global real estate investment is now being executed professionally. Thanks to academic enquiry, professional analysis and entrepreneurial activity, backed by the globalisation of all investment activity, there is now an available body of material which forms the basis of this scholarly but practical summary of the new state of this art. The measurement, benchmarking, forecasting and quantitative management techniques applied to property investments are now compatible with those used in other asset classes, and advances in property research have at last put the ongoing debate about the role of real estate onto a footing of solid evidence. The truly global scope and authorship of this book is unique, and both authors here are singularly well qualified to summarise the impact and likely future of global innovations in property research and fund management. Between them, they have experienced three real estate crashes, and have observed at first hand the creation of the real estate debt and equity instruments that led to the global crisis of 2008-9. Global Property Investment: strategies, structure, decisions offers a unique perspective of the international real estate investment industry with: a close focus on solutions to real life investment problems no excessive theoretical padding a target of both students and professionals highly qualified dual-nationality authorship"--
Machine generated contents note: Preface. Acknowledgements. PART ONE REAL ESTATE AS AN INVESTMENT: AN INTRODUCTION. Chapter 1 Real estate -- the global asset. 1.1 The global property investment universe. 1.2 Market players. 1.3 Property -- its character as an asset class. 1.4 Conclusions. Chapter 2 Global property markets and real estate cycles, 1950-2010. 2.1 Introduction. 2.2 The United States. 2.3 The United Kingdom. 2.4 Continental Europe. 2.5 Asia. 2.6 Conclusions. Chapter 3 Market fundamentals and rent. 3.1 Introduction: the global property cycle. 3.2 The economics of rent. 3.3 Forecasting rents. 3.4 Conclusions. Chapter 4 Asset pricing, portfolio theory and real estate. 4.1 Risk, return and portfolio theory. 4.2 A property appraisal model. 4.3 The model components. 4.4 The required return for property assets. 4.5 Forecasting real estate returns. 4.6 Conclusions: a simple way to think about real estate returns. PART TWO MAKING INVESTMENT DECISIONS AT THE PROPERTY LEVEL. Chapter 5 Basic valuation and investment analysis. 5.1 Introduction. 5.2 Estimating future cash flows. 5.3 The discount rate. 5.4 Conclusions. Chapter 6 Leasing. 6.1 Introduction. 6.2 Legal characteristics of leases. 6.3 The leasing process. 6.4 Important economic elements of a lease. 6.5 Lease economics and comparison: effective rent. 6.6 Conclusions. Chapter 7 Valuing commercial real estate: the unleveraged case. 7.1 Introduction: the investment opportunity. 7.2 Developing a pro forma income statement. 7.3 Valuation using the cap rate. 7.4 Valuation using cash flows. 7.5 Applying discounted cash flow to analyze investment feasibility. 7.6 Conclusions. Chapter 8 Mortgages: an introduction. 8.1 Introduction. 8.2 What is a mortgage? 8.3 The risks and returns of mortgage investment. 8.4 The financial components of a mortgage. 8.5 The mortgage menu. 8.6 An introduction to mortgage mathematics. 8.7 Conclusions Chapter 9 Commercial mortgage underwriting and leveraged feasibility analysis. 9.1 Introduction. 9.2 The mortgage underwriting process. 9.3 Investment feasibility with leverage: before-tax analysis. 9.4 Investment feasibility with leverage: after tax analysis. 9.5 Conclusions. Chapter 10 Valuing the private real estate entity. 10.1 Introduction: the four quadrants and private equity. 10.2 Sponsor economics. 10.3 The life cycle of a private equity fund. 10.4 Fund economics. 10.5 Waterfall structures. 10.6 Private equity funds in the credit crisis. 10.7 Conclusions. PART THREE REAL ESTATE INVESTMENT STRUCTURES. Chapter 11 Unlisted real estate funds. 11.1 Introduction to unlisted real estate funds. 11.2 The growth of the unlisted real estate fund market. 11.3 Unlisted fund structures. 11.4 Characteristics of unlisted real estate funds. 11.5 Liquidity and valuation issues. 11.6 The case for and against unlisted real estate funds. 11.7 Conclusions. Chapter 12 Public equity real estate. 12.1 Introduction. 12.2 REITs and REOCs. 12.3 Listed funds and mutual funds. 12.4 Exchange traded funds (ETFs). 12.5 The U.S. REIT experience. 12.6 The global REIT market. 12.7 REIT pricing. 12.8 Conclusions. Chapter 13 Real estate debt markets. 13.1 Introduction. 13.2 A brief history lesson. 13.3 Wall Street Act I: the early residential mortgage-backed securities market. 13.4 Wall Street Act II: senior-subordinated securities, the advent of structured finance. 13.5 Wall Street Act III: the evolution of structured finance. 13.6 Collateralized debt obligations (CDOs). 13.7 Summary. 13.8 Mezzanine debt. 13.9 Cash-out refinancing. 13.10 All good things must come to an end. 13.11 Conclusions. Chapter 14 Real estate derivatives. 14.1 Introduction. 14.2 A short history of the real estate derivatives market. 14.3 Total return swaps. 14.4 Structured real estate index notes. 14.5 Traded property futures and options. 14.6 Pricing property derivatives. 14.7 Property derivatives: pros and cons. 14.8 Property derivatives: spin-offs. 14.9 Conclusions. PART FOUR CREATING A GLOBAL REAL ESTATE STRATEGY. Chapter 15 International real estate investment: issues. 15.1 Introduction: the growth of cross-border real estate capital. 15.2 The global real estate market. 15.3 The case for international real estate investment. 15.4 The problems: an introduction. 15.5 Technical issues. 15.6 Formal barriers. 15.7 Informal barriers. 15.8 Conclusions. Chapter 16 Building the global portfolio. 16.1 The top-down portfolio construction process. 16.2 Strengths, weaknesses, constraints: portfolio analysis. 16.3 A pricing approach for international property. 16.4 Managing currency exposure and currency risk. 16.5 Portfolio construction. 16.6 Conclusions. Chapter 17 Performance measurement and attribution. 17.1 Performance measurement: an introduction. 17.2 Return measures. 17.3 Attribution analysis: sources of return. 17.4 Attribution analysis: the property level. 17.5 Attribution analysis: the portfolio level. 17.6 Attribution and portfolio management: alpha and beta. 17.7 Performance measurement and return attribution for property funds. 17.8 Conclusions. Chapter 18 Conclusions. 18.1 Why property? 18.2 Liquid structures. 18.3 Unlisted funds. 18.4 International investing. 18.5 Best practice real estate investing. 18.6 Pricing. 18.7 The future. References. Glossary. Index.
Includes bibliographical references and index.
Chichester, West Sussex ; Hoboken, NJ : Wiley-Blackwell, 2011