Real Estate Finance and Investments

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ISBN: 9780073524719 | 0073524719
Cover: Hardcover
Copyright: 11/10/2006

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Rigorous yet practical,Real Estate Finance and Investmentshas 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.

PART ONE INTRODUCTION

An Introduction to Real Estate Investment: Legal Concepts

(14)

Property Rights and Estates

(4)

Definition of Estate

(1)

Two General Classifications of Estates

(1)

Examples of Freehold Estates

(1)

Estates Not Yet in Possession (Future Estates)

(1)

Examples of Leasehold Estates

(1)

Interests, Encumbrances, and Easements

(1)

Assurance of Title

(2)

The Meaning of Title

(2)

Deeds

(1)

Methods of Title Assurance

(3)

Abstract and Opinion Method

(1)

The Title Insurance Method

(1)

Recording Acts

(1)

Limitations on Property Rights

(2)

Financing: Notes and Mortgages

(25)

Notes

(1)

The Mortgage Instrument

(5)

Definition of a Mortgage

(1)

Relationship of Note to Mortgage

(1)

Interests That Can Be Mortgaged

(1)

Minimum Mortgage Requirements

(2)

Important Mortgage Clauses

(2)

Assumption of Mortgage

(1)

Acquiring Title ``Subject to'' a Mortgage

(2)

Property Covered by a Mortgage

(1)

Junior Mortgages

(1)

Recording of Mortgages

(1)

Other Financing Sources

(1)

Seller Financing

(1)

Land Contracts

(1)

Default

(1)

What Constitutes Default

(1)

Alternatives to Foreclosure: Workouts

(4)

Restructuring the Mortgage Loan

(2)

Transfer of Mortgage to a New Owner

(1)

Voluntary Conveyance

(1)

Friendly Foreclosure

(1)

Prepackaged Bankruptcy

(1)

Foreclosure

(6)

Judicial Foreclosure

(1)

Redemption

(1)

Sales of Property

(3)

Effect of Foreclosure on Junior Lienors

(1)

Deficiency Judgment

(1)

Taxes in Default

(1)

Bankruptcy

(5)

Liquidation

(1)

Chapter 11

(1)

Chapter 13

(4)

The Interest Factor in Financing

(32)

Compound Interest

(1)

Compound or Future Value

(6)

Calculating Compound Interest Factors

(3)

Expanding the Use of Financial Calculators

(2)

Present Value

(4)

A Graphic Illustration of Present Value

(2)

Expanding the Use of Calculators for Finding Present Values

(2)

Compound or Future Value of an Annuity

(4)

Use of Compound Interest Factors for Annuities

(2)

Present Value of an Annuity

(4)

Use of the Present Value of an Annuity Factors

(3)

Accumulation of a Future Sum

(1)

Determining Yields, or Internal Rates of Return, on Investments

(10)

Investments with Single Receipts

(3)

Yields on Investment Annuities

(2)

Effective Annual Yields: Extensions

(1)

Solving for Annual Yields with Partial Periods: An Extension

(4)

PART TWO FINANCING RESIDENTIAL PROPERTIES

Fixed Rate Mortgage Loans

(40)

Determinants of Mortgage Interest Rates: A Brief Overview

(4)

The Real Rate of Interest: Underlying Considerations

(1)

Interest Rates and Inflation Expectations

(1)

Interest Rates and Risk

(1)

A Summary of Factors Important to Mortgage Loan Pricing

(1)

Development of Mortgage Loan Payment Patterns

(5)

Early Loan Patterns

(1)

The Constant Amortization Mortgage Loan (CAM)

(1)

Fully Amortizing, Constant Payment Mortgage Loan (CPM)

(3)

Constant Payment and Constant Amortization Loans: A Comparison

(12)

Determining Loan Balances

(1)

Loan Closing Costs and Effective Borrowing Costs: Fully Amortized Loans

(3)

Truth-in-Lending Requirements and the Annual Percentage Rate

(1)

Loan Fees and Early Repayment: Fully Amortizing Loans

(4)

Charging Fees to Achieve Yield, or Pricing FRMs

(1)

Other Loan Patterns

(10)

Partially Amortizing Constant Payment Loans

(1)

Zero Amortization, or ``Interest Only'' Loans

(1)

Increasing Loan Balances, or Negative Amortization

(1)

Interest-Only Option Mortgages

(1)

Amortization Schedules and Callable Loans

(1)

Reverse Annuity Mortgages (RAMs)

(6)

Appendix Inflation, Mortgage Pricing, and Payment Structuring

103

(9)

Adjustable Rate Mortgages

112

(29)

ARMs and Lender Considerations

113

(1)

The Price Level Adjusted Mortgage (PLAM)

114

(27)

PLAM: Payment Mechanics

115

(2)

ARMs: An Overview

117

(1)

ARM Basics Illustrated

117

(1)

Other ARM Characteristics

118

(2)

Additional Basic ARM Loans

120

(1)

Importance of the ``Teaser Rate'' on ARMs

121

(2)

Risk Premiums, Interest Rate Risk, and Default Risk on ARMs

123

(2)

Expected Yield Relationships and Interest Rate Risk

125

(1)

More Complex ARM Features

126

(2)

ARM Payment Mechanics

128

(5)

Expected Yields on ARMs: A Comparison

133

(8)

Residential Financial Analysis

141

(35)

Incremental Borrowing Cost

141

(8)

Early Repayment

143

(1)

Origination Fees

144

(1)

Incremental Borrowing Cost versus a Second Mortgage

145

(1)

Relationship between the Incremental Cost and the Loan-to-Value Ratio

145

(3)

Differences in Maturities

148

(1)

Loan Refinancing

149

(6)

Early Repayment: Loan Refinancing

150

(1)

Effective Cost of Refinancing

151

(1)

Borrowing the Refinancing Costs

152

(1)

Other Considerations

153

(2)

Early Loan Repayment: Lender Inducements

155

(1)

Market Value of a Loan

156

(1)

Effective Cost of Two or More Loans

157

(3)

Second Mortgages and Shorter Maturities

159

(1)

Effect of Below-Market Financing on House Prices

160

(3)

Assuming a Lower Loan Balance

162

(1)

Cash Equivalency

163

(1)

Cash Equivalency: Smaller Loan Balance

164

(1)

Cash Equivalency: Concluding Comments

165

(1)

Wraparound Loans

166

(2)

Buydown Loans

168

(4)

Appendix After-Tax Effective Interest Rate

172

(4)

Single Family Housing: Pricing, Investment, and Tax Considerations

176

(37)

Overview

176

(9)

Appreciation in House Prices

176

(1)

Income and Employment

177

(1)

Renting versus Owning

178

(7)

Regional Economic Influences on Property Values

185

(5)

Analogy with the Law of Comparative Advantage

188

(1)

Economic Base Analysis---Location Quotients

189

(1)

Supply Overview

190

(10)

The Influences of Neighborhoods/Municipalities

190

(1)

Capitalization Effects: Price Premiums

191

(1)

Pricing Property in Specific Submarkets/Locations

192

(8)

Investing in ``Distressed Properties''

200

(13)

Financial Framework for Analyzing Distressed Properties

201

(1)

Acquisition Phase

201

(4)

Holding Period Phase

205

(1)

Disposition Phase---Exit Strategies

205

(8)

Underwriting and Financing Residential Properties

213

(32)

Underwriting Default Risk

213

(1)

Classification of Mortgage Loans

214

(4)

Conventional Mortgage Loans

214

(2)

Insured Conventional Mortgage Loans

216

(1)

FHA Insured Mortgage Loans

216

(1)

VA Guaranteed Mortgage Loans

217

(1)

The Underwriting Process

218

(5)

Borrower Income

218

(2)

Verification of Borrower Assets

220

(1)

Assessment of Credit History

220

(2)

Estimated Housing Expense

222

(1)

Other Obligations

222

(1)

Compensating Factors

222

(1)

The Underwriting Process Illustrated

223

(7)

Underwriting Standards---Conventional and Insured Conventional Mortgages

224

(2)

Underwriting Standards---FHA Insured Mortgages

226

(2)

Underwriting Standards---VA Guaranteed Mortgages

228

(1)

Underwriting and Loan Amounts---A Summary

229

(1)

The Closing Process

230

(6)

Fees and Expenses

231

(1)

Prorations, Escrow Costs, and Payments to Third Parties

231

(2)

Statutory Costs

233

(1)

Requirements under the Real Estate Settlement and Procedures Act (RESPA)

233

(3)

Settlement Costs Illustrated

236

(9)

Federal Truth-in-Lending (FTL) Requirements

237

(1)

Truth-in-Lending Sample Disclosure

238

(1)

Establishing the APR under Federal Truth-in-Lending Requirements

238

(1)

ARMs and Truth-in-Lending Disclosure

239

(6)

PART THREE FINANCING INCOME PROPERTIES (DEBT AND EQUITY)

Introduction to Income-Producing Properties: Leases, Rents, and the Market for Space

245

(35)

Property Types

245

(2)

Supply and Demand Analysis

247

(6)

Local Market Studies of Supply and Demand

250

(1)

Location and User-Tenants

251

(2)

The Business of Real Estate

253

(1)

The ``Market'' for Income-Producing Real Estate

254

(1)

Income Potential---Real Estate Assets

255

(2)

Vacancy

256

(1)

Underwriting Leases

257

(1)

General Contents of Leases

257

(9)

Leases and Rental Income

258

(3)

Leases and Responsibility for Expenses (Recoveries)

261

(2)

Comparing Leases: Effective Rent

263

(3)

Developing Statements of Cash Flow

266

(2)

Leases: Office Properties

268

(2)

Rent Premiums and Discounts for Office Space

268

(2)

Leases: Industrial and Warehouse Properties

270

(1)

Leases: Retail Properties

271

(2)

The Retail Leasing Environment

271

(1)

CAM Charges --- Recoveries

272

(1)

Leases: Apartment Properties

273

(7)

Valuation of Income Properties: Appraisal and the Market for Capital

280

(39)

Introduction

280

(1)

Valuation Fundamentals

280

(1)

Appraisal Process and Approaches to Valuation

281

(1)

Sales Comparison Approach

282

(2)

Income Approach

284

(10)

Capitalization Rate

286

(2)

Capitalization Rate---A Note of Caution

288

(1)

Discounted Present Value Techniques

288

(1)

Selection of a Discount Rate (r)

289

(2)

Using Approximations to Estimate Reversion Values

291

(3)

Land Values: Highest and Best Use Analysis

294

(2)

Volatility in Land Prices

295

(1)

``Highest and Best Use'' Analysis

295

(1)

Mortgage-Equity Capitalization

296

(2)

Reconciliation: Sales Comparison and Income Capitalization Approaches

298

(1)

Exploring the Relationships between Changing Market Conditions, Cap Rates, and Property Values

298

(4)

A Closing Note on Cap Rates and Market Conditions

302

(1)

A Word of Caution---Simultaneous Effects of Real Estate Market Forces and Interest Rates on Property Values

303

(1)

Valuation of a Leased Fee Estate

303

(1)

Cost Approach

304

(3)

Valuation Case Study---Oakwood Apartments

307

(12)

ARGUS Solution

311

(8)

Investment Analysis and Taxation of Income Properties

319

(29)

Motivation for Investing

319

(1)

Real Estate Market Characteristics and Investment Strategies

320

(2)

``The Real Estate Cycle''

320

(2)

Investment Strategies

322

(1)

Marketing Investments: Projecting Cash Flows

322

(1)

Office Building Example

322

(9)

Base Rent

325

(1)

CPI Adjustment

326

(1)

Expense Stops

327

(1)

Net Operating Income

328

(1)

Expected Outlays for Replacements and Capital Improvements

328

(1)

Estimated Sale Price

329

(2)

Introduction to Investment Analysis

331

(1)

Internal Rate of Return (IRR)

331

(1)

Present Value

331

(1)

ARGUS Solution

332

(1)

Introduction to Debt Financing

332

(4)

Measures of Investment Performance Using Ratios

332

(2)

Before-Tax Cash Flow from Sale

334

(1)

Summary of Investment Analysis Calculations

335

(1)

Taxation of Income-Producing Real Estate

336

(1)

Taxable Income from Operation of Real Estate

336

(3)

Depreciation Allowances

337

(1)

Loan Points

338

(1)

Tax Liability and After-Tax Cash Flow

338

(1)

Taxable Income from Disposal of Depreciable Real Property

339

(1)

After-Tax Investment Analysis

339

(4)

After-Tax Cash Flow from Operations

339

(2)

After-Tax Cash Flow from Sale

341

(1)

After-Tax IRR

342

(1)

Effective Tax Rate

342

(1)

A Note about Passive Losses

343

(5)

Special Expectations to PAL Rules

344

(4)

Financial Leverage and Financing Alternatives

348

(36)

Introduction to Financial Leverage

348

(6)

Conditions for Positive Leverage---Before Tax

349

(4)

Conditions for Positive Leverage---After Tax

353

(1)

Break-Even Interest Rate

354

(2)

Risk and Leverage

356

(2)

Underwriting Loans on Income Properties

358

(2)

Market Study and Appraisal

358

(1)

Borrower Financials

358

(1)

The Loan-to-Value Ratio

359

(1)

The Debt Coverage Ratio

359

(1)

Other Loan Terms and Mortgage Covenants

360

(2)

Alternatives to Fixed Rate Loan Structures

362

(1)

Participation Loans

363

(5)

Lender Motivations

363

(1)

Investor Motivations

364

(1)

Participation Example

364

(4)

Sale-Leaseback of the Land

368

(2)

Effective Cost of the Sale-Leaseback

370

(1)

Interest-Only Loans

370

(1)

Accrual Loans

370

(4)

Structuring the Payment for a Target Debt Coverage Ratio

372

(2)

Convertible Mortgages

374

(2)

Lender's Yield on Convertible Mortgage

374

(2)

Comparison of Financing Alternatives

376

(2)

Monument Office Example---ARGUS Solution with a Loan

378

(2)

Other Financing Alternatives

380

(4)

Risk Analysis

384

(31)

Introduction

384

(12)

Comparing Investment Returns

384

(1)

Types of Risk

385

(2)

Due Diligence in Real Estate Investment Risk Analysis

387

(1)

Sensitivity Analysis

387

(4)

Partitioning the IRR

391

(1)

Variation in Returns and Risk

392

(4)

Retail Case Study---Westgate Shopping Center

396

(3)

Westgate Shopping Center Scenario Analysis

399

(1)

Westgate Shopping Center---ARGUS Analysis

399

(1)

Lease Rollover Risk

399

(2)

Market Leasing Assumptions with Renewal Probabilities

401

(2)

Market Rent

402

(1)

Months Vacant

402

(1)

Leasing Commissions

402

(1)

Tenant Improvements

402

(1)

Industrial Case Study---Worthington Distribution Center

403

(1)

Solution with ARGUS

404

(1)

Risk and Leverage

404

(5)

A ``Real Options'' Approach to Investment Decisions

409

(6)

Traditional Approach to Land Valuation

410

(1)

Real Option Approach to Land Valuation

410

(1)

Real Options Extensions and Strategy

411

(4)

Disposition and Renovation of Income Properties

415

(22)

Disposition Decisions

415

(2)

A Decision Rule for Property Disposal

416

(1)

IRR for Holding versus Sale of Property

417

(3)

Return to a New Investor

420

(4)

Marginal Rate of Return

420

(4)

Refinancing as an Alternative to Disposition

424

(2)

Incremental Cost of Refinancing

424

(1)

Refinancing at a Lower Interest Rate

425

(1)

Other Disposition Considerations---Portfolio Balancing

426

(1)

Renovation as an Alternative to Disposition

427

(2)

Renovation and Refinancing

429

(2)

Rehabilitation Investment Tax Credits

431

(6)

Low-Income Housing

432

(5)

Financing Corporate Real Estate

437

(22)

Lease-versus-Own Analysis

437

(13)

Leasing versus Owning---An Example

437

(1)

Cash Flow from Leasing

438

(1)

Cash Flow from Owning

438

(2)

Cash Flow from Owning versus Leasing

440

(1)

Return from Owning versus Leasing

440

(1)

Importance of the Residual Value of Real Estate

441

(2)

The Investor's Perspective

443

(1)

A Note on Project Financing

444

(1)

Factors Affecting Own-versus-Lease Decisions

445

(5)

The Role of Real Estate in Corporate Restructuring

450

(1)

Sale-Leaseback

451

(3)

Refinancing

454

(1)

Investing in Real Estate for Diversification

454

(3)

Appendix Real Estate Asset Pricing and Capital Budgeting Analysis: A Synthesis

457

(2)

PART FOUR FINANCING PROPOSED PROJECTS

Financing Project Development

459

(37)

Introduction

459

(1)

Overview: The Planning and Permitting Process

459

(3)

The Development of Income-Producing Property

462

(4)

Market Risks and Project Feasibility

464

(2)

Project Risks

466

(1)

Project Development Financing---An Overview

466

(2)

Lender Requirements in Financing Project Development

468

(9)

Loan Submission Information for Loan Requests---An Overview

468

(4)

Contingencies in Lending Commitments

472

(1)

The Construction or Interim Loan

473

(1)

Methods of Disbursement---Construction Lending

474

(1)

Interest Rates and Fees

474

(1)

Additional Information for Interim Loan Submission

475

(1)

Requirements to Close the Interim Loan

475

(1)

The Permanent Loan Closing

476

(1)

Project Development Illustrated

477

(9)

Project Description and Project Costs

477

(5)

Market Data and Tenant Mix

482

(1)

Pro Forma Construction Costs and Cash Flow Projections

483

(3)

Feasibility, Profitability, and Risk---Additional Issues

486

(10)

Profitability before and after Taxes

486

(3)

Sensitivity Analysis, Risk, and Feasibility Analysis

489

(7)

Financing Land Development Projects

496

(29)

Characterization of the Land Development Business

496

(2)

The Land Development Process---An Overview

498

(5)

Acquisition of Land---Use of the Option Contract

498

(2)

Financing and Development

500

(3)

Lender Requirements in Financing Land Development

503

(3)

Detailed Cost Breakdowns

505

(1)

General Contracts and Subcontracts

505

(1)

Residential Land Development Illustrated

506

(11)

Market Conditions and Site Plan

506

(3)

Estimating Development Cost and Interest Carry

509

(8)

Estimating Release Prices per Parcel Sold

517

(1)

Loan Request and Repayment Schedule

517

(1)

Project Feasibility and Profitability

517

(8)

Project IRR and Net Present Value

520

(1)

Entrepreneurial Profits

521

(1)

Sensitivity Analysis

521

(4)

PART FIVE ALTERNATIVE REAL ESTATE FINANCING AND INVESTMENT VEHICLES

Joint Ventures, Syndications, and Partnerships

525

(29)

Joint Ventures

525

(1)

Organizational Forms

526

(1)

Profit Sharing

526

(1)

Initial Capital Contributions

526

(1)

Sharing Cash Flow from Operations

527

(1)

Sharing of Cash Flow from Sale

528

(1)

Summary of Cash Flows Distributed in Each Operating Year

529

(1)

Cash Flow from Sale

530

(1)

IRR to Each Joint Venture Party

531

(1)

Variation on the Preferred IRR---``IRR Lookback''

531

(1)

Syndications

532

(1)

Use of the Limited Partnership in Private and Public Syndicates

533

(1)

Private Syndication Problem Illustrated

534

(4)

Financial Considerations---Partnership Agreement

534

(2)

Operating Projections

536

(1)

Statement of Before-Tax Cash Flow (BTCF)

536

(1)

Calculation of Net Income or Loss

537

(1)

Calculation of Capital Gain from Sale

537

(1)

Capital Accounts

538

(4)

Distribution of Cash from Sale of Asset

539

(1)

Calculation of After-Tax Cash Flow and ATIRR on Equity

539

(3)

Partnership Allocations and Substantial Economic Effect

542

(1)

Capital Accounts and Gain Charge-Backs

543

(2)

Use of Limited Partnership in Private and Public Syndicates

545

(2)

Use of Corporate General Partners

546

(1)

Private versus Public Syndicates

546

(1)

Accredited Investors---Regulation D

546

(1)

Regulation of Syndicates

547

(2)

Investment Objectives and Policies

548

(1)

Promoters' and Managers' Compensation

548

(1)

Investor Suitability Standards

549

(1)

Federal and State Securities Authorities

549

(5)

The Secondary Mortgage Market: Pass-Through Securities

554

(27)

Introduction

554

(1)

Evolution of the Secondary Mortgage Market

554

(1)

Early Buyers of Mortgage Loans

555

(1)

The Secondary Market after 1954

555

(1)

FNMA's Changing Role

556

(1)

The Government National Mortgage Association

556

(2)

Mortgage-Backed Securities and the GNMA Payment Guarantee

557

(1)

The Federal Home Loan Mortgage Corporation

558

(1)

Operation of the Secondary Mortgage Market

558

(2)

Direct Sale Programs

558

(1)

The Development of Mortgage-Related Security Pools

559

(1)

Mortgage-Backed Bonds

560

(4)

Pricing Mortgage-Backed Bonds

561

(1)

Subsequent Prices

562

(2)

Mortgage Pass-Through Securities

564

(11)

Important Characteristics of Mortgage Pools

565

(4)

Mortgage Pass-Through Securities: A General Approach to Pricing

569

(2)

Mortgage Pass-Through Payment Mechanics Illustrated

571

(1)

Prepayment Patterns and Security Prices

572

(2)

Prepayment Assumptions

574

(1)

The Effects of Prepayment Illustrated

575

(6)

Security Prices and Expected Yields

577

(1)

Market Interest Rates and Price Behavior on Mortgage Pass-Throughs

577

(1)

A Note on MBBs and MPTs

578

(3)

The Secondary Mortgage Market: CMOs and Derivative Securities

581

(40)

Introduction

581

(1)

Mortgage Pay-Through Bonds (MPTBs)

581

(1)

Collateralized Mortgage Obligations

582

(14)

CMOs Illustrated

583

(2)

CMO Mechanics

585

(5)

CMOs: Pricing and Expected Maturities

590

(3)

CMO Price Behavior and Payment Rates

593

(1)

CMO Tranche Variations

594

(2)

Derivatives Illustrated

596

(6)

Yield Enhancement

599

(1)

IO and PO Strips

599

(3)

Convexity

602

(1)

Residential Mortgage-Related Securities: A Summary

602

(2)

Residential Mortgage-Related Securities: Some Closing Observations

604

(1)

Commercial Mortgage-Backed Securities (CMBSs)

605

(13)

Rating Commercial Mortgage-Backed Securities

608

(2)

Collateralized Debt Obligations (CDOs)

610

(2)

Mortgage-Related Securities and REMICs

612

(2)

REMICs: Other Considerations

614

(4)

Appendix Duration---An Additional Consideration in Yield Measurement

618

(3)

Real Estate investment Trusts (REITs)

621

(27)

Introduction

621

(3)

Legal Requirements

621

(2)

Tax Treatment

623

(1)

Violation Penalties and Status Termination

624

(1)

Taxable REIT Subsidiaries

624

(1)

Types of Trusts

624

(11)

Equity Trusts

625

(1)

The Investment Appeal of Equity Trusts

626

(4)

Private REITs

630

(1)

Importance of FFO (Funds from Operations)

630

(2)

REIT Expansion and Growth

632

(3)

Important Issues in Accounting and Financial Disclosure: Equity REITs

635

(5)

Tenant Improvements and Free Rents: Effects on FFO

636

(1)

Leasing Commissions and Related Costs

636

(1)

Use of Straight-Line Rents

636

(1)

FFO and Income from Managing Other Properties

637

(1)

Types of Mortgage Debt and Other Obligations

637

(1)

Existence of Ground Leases

638

(1)

Lease Renewal Options and REIT Rent Growth

638

(1)

Occupancy Numbers: Leased Space or Occupied Space?

639

(1)

Retail REITs and Sales per Square Foot

639

(1)

Additional Costs of Being a Public Company

639

(1)

The Investment Appeal of Mortgage REITs

640

(8)

Financial Analysis of an Equity REIT Illustrated

641

(7)

Real Estate Investment Performance and Portfolio Considerations

648

(27)

Introduction

648

(1)

The Nature of Real Estate Investment Data

648

(1)

Sources of Data Used for Real Estate Performance Measurement

649

(2)

REIT Data: Security Prices

649

(1)

Hybrid and Mortgage REITs

650

(1)

NCREIF Property Index: Property Values

651

(1)

Data Sources for Other Investments

651

(1)

Cumulative Investment Return Patterns

651

(1)

Computing Holding Period Returns

652

(2)

Computing Investment Returns

654

(1)

Risk, Return, and Performance Measurement

654

(2)

Risk-Adjusted Returns: Basic Elements

655

(1)

Elements of Portfolio Theory

656

(7)

Calculating Portfolio Returns

658

(1)

Portfolio Risk

658

(3)

Portfolio Weighting: Trading Off Risk and Return

661

(2)

Real Estate Returns, Other Investments, and the Potential for Portfolio Diversification

663

(12)

Portfolio Diversification: EREITs and Other Investments

663

(2)

Public versus Private Real Estate Investments

665

(1)

Real Estate Performance and Inflation

666

(1)

Diversification by Property Type and Location

666

(1)

Global Diversification

667

(3)

Risks of Global Investment

670

(1)

Use of Derivatives to Hedge Portfolio Risk

670

(1)

Example---Swap Office for Retail

671

(4)

Index

675

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Real Estate Finance and Investments

Summary

Table of Contents

Supplemental Materials