Real Estate Finance & Investments

Rigorous yet practical, Real Estate Finance and Investments has been the leading real estate finance and investments text for over 25 years, consistently setting the standard for currency and coverage in real estate finance and investments textbooks. The 13th edition continues to provide students with the tools they need to understand and analyze real estate markets and the investment alternatives available to both debt and equity investors. New content and problems addressing current trends in real estate finance and investments have been seamlessly incorporated into the text, without disrupting the material and organization instructors have relied on in past editions.Other new topics introduced in the 13th edition include both residential and commercial derivatives; newer types of mortgages such as ARMs, hybrid, and żinterest onlyż mortgages; and subprime and home equity loans. Significantly expanded discussion of leases, including methods of determining rents, expense recoveries and other important options for all major property types. New problems have been added throughout the end-of-chapter material. Extensive use of Excel spreadsheets helps students perform analysis and solve problems. Real Estate Finance and Investments comes with access to Excel templates tied closely to both the exhibits and to many of the end of chapter problems. Excel exhibits and end of chapter questions tied to these templates are marked in the text with a distinctive icon. Available with the text, ARGUS is software that allows for complicated lease analysis using up to three leases. The end-of-chapter problems for various chapters require the use of ARGUS, and other textbook examples have been revised to be "ARGUS compatible." This software is hosted on the bookżs website. The book offers substantial Internet integration, with the inclusion of Internet exercises and many URLs that help students find and use the vast amount of information available on the web. Real Estate Online is a free online resource that allows students to complete challenging exercises and discussion questions that draw on recent articles, company reports, government data and other Web-based resources for topics such as market feasibility and analysis, valuation and appraisal, mortgage financing, investment analysis, ownership and transactions, and leasing and management. Includes many student friendly pedagogical features such as boxes showing calculator solutions to many problems. Traditional table solutions are also shown in the early chapters to aid in the understanding of the time-value of money. Complete treatment of real estate partnerships, secondary mortgage markets, fixed and adjustable rate mortgages, and real estate construction and land development. The text emphasizes the importance of understanding the underlying economic factors that affect the value of properties. This is important because the factors that affect the supply and demand for different property types are very dynamic and ultimately affect the risk and value of residential and commercial properties. Strong and thorough coverage of corporate real estate, including lease versus own analysis, sale and leaseback decisions, and the role of real estate in corporate restructuring. To better relate concepts and techniques presented in the real world, many short readings and illustrations are based on current events in real estate finance and investments. This text can be used in either a Real Estate Finance course or a Real Estate Investments course; often these will be collapsed into a single course. The book can be used at both the graduate and undergraduate level. It can also serve as a reference for real estate professionals, as it includes material pertinent to everyday practice. Coverage of international real estate is expanded in many ways by including non-US REITs, global diversification and international web references. A revised chapter on Housing as an Investment discusses investing in distressed properties, as well as issues related to housing bubbles. The chapter on joint ventures has been significantly updated to reflect current investment structures being used in partnerships between developers and investors. Because finding information on the web is an important part of any real estate investment decision, this edition includes an expanded number of Web App boxes that require finding relevant information on the internet. The 13th edition adds discussion of Collateralized Debt Obligations (CDOs) that have emerged in recent years.