GSD 5204 Real Estate Development and Finance Prof. Richard Peiser

Slides:



Advertisements
Similar presentations
ONE HUNDRED AND RISING FEASIBILITY STUDY, DESIGN & PLANNING PROJECT MANAGEMENT, COST CONTROL CONSTRUCTION MANAGEMENT, AGENCY MARKETING & PR, RESEARCH &
Advertisements

UBS – 2006 Global Real Estate Conference Delivering Value Across Europe Robert Watson CEO.
Real Estate Investment Trusts – By Prof. Simply Simple A Real Estate Investment Trust or REIT is a company that owns and operates income-producing real.
REALTY KNOWLEDGE ARBITRAGE ADDING VALUE THROUGH AT LandSmiths Projects Pvt. Ltd. Credentials Statement.
Property Types: Residential- Single family Multifamily   Nonresidential-
Chapter 1 The Nature of Real Estate and Real Estate Markets Real Estate FIN 331.
Chapter 1 The Real Estate Investment Decision Real Estate - Physical Land and Attached Structures Real Property - Legal Interest in land and structures.
“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Chapter 15 Valuation Analysis: Income Discounting, Cap Rates and DCF.
CHAPTER TWELVE FINANCIAL LEVERAGE AND FINANCING ALTERNATIVES.
SIGNATURE/DRS FUND I PRIVATE EQUITY FUND I REAL ESTATE.
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved CHAPTER15CHAPTER15 CHAPTER15CHAPTER15 Financing Corporate Real Estate.
Real Estate Counsel, Inc. Company Overview July 2010.
Real Estate Valuation. Real Estate Valuation: Market Comparison Approach.
VALUATION OF INCOME PROPERTIES: APPRAISAL AND THE MARKET FOR CAPITAL
Global (Real Estate) Capital Markets. Global (Real Estate) Capital Markets Residential Prices.
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved CHAPTER10CHAPTER10 CHAPTER10CHAPTER10 Valuation of Income Properties: Appraisal.
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved CHAPTER13CHAPTER13 CHAPTER13CHAPTER13 Risk Analysis.
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved CHAPTER11CHAPTER11 CHAPTER11CHAPTER11 Investment Analysis and Taxation of Income.
MODULE 10 Basic Premises w Risk/Return analysis is critical to establish project feasibility w Financial and ownership structures affect participants’
Theory and Practice 7th Edition Terrence M. Clauretie G. Stacy Sirmans
03 July 2015Course Overview1 Energy Project Evaluation RES Course ESP606 Goal: To build up knowledge to so that participants will be able to assess if.
Real Estate Valuation. Real Estate Valuation: Market Comparison Approach.
Financial Strategies For Property Projects. Development Plan  Residential units – area, no. of units, flat size, target buyers  Car parks – no. of car.
Transfer CUSTOMS Coursework in the areas of: Financial Accounting Taxation Cost Accounting Auditing Governmental Accounting ACCOUNTING.
CUSTOMS Coursework in the areas of: Financial Accounting Taxation Cost Accounting Auditing Governmental Accounting ACCOUNTING.
Advanced Real Estate Finance and Development GSD 5303
The Market for Real Estate Knowledge Chapter 1. Real Estate - Physical Land and Attached Structures What is Real Estate?
© South-Western Educational Publishing Chapter 14 Investing in Mutual Funds, Real Estate, and Other Alternatives Investing in Mutual Funds Investing in.
Investment Analysis and Taxation of Income Properties
© 2013 All rights reserved. Chapter 4 Real Estate Investments1 New York Real Estate for Brokers 5 th e By Marcia Darvin Spada Cengage Learning.
VALUATION BY INCOME CAPITALIZATION LEARNING OBJECTIVES Explain the difference between appraisal and investment analysis. Estimate the NOI in a reconstructed.
The Student Handbook to T HE A PPRAISAL OF R EAL E STATE 1 The Money and Capital Markets Chapter 5.
Chapter 13: Risk Analysis McGraw-Hill/Irwin Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved.
Chapter 11: Investment Analysis and Taxation of Income Properties McGraw-Hill/Irwin Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved.
© South-Western Educational Publishing Chapter 14 Investing in Mutual Funds, Real Estate, and Other Choices  Investing in Mutual Funds  Investing in.
© 2005 The McGraw-Hill Companies, Inc., All Rights Reserved McGraw-Hill/Irwin Slide 1 CHAPTER TWENTY-ONE REAL ESTATE INVESTMENT TRUSTS (REITS)
1 Ch 14 Property Investment Analysis Capital Budgeting Techniques Applied to Investments In Land And Buildings.
What areas of knowledge describe real estate? Legal Market/economics Financial Investment Real estate services Chapter 1 Introduction.
© 2005 The McGraw-Hill Companies, Inc., All Rights Reserved McGraw-Hill/Irwin Slide 1 CHAPTER TEN VALUATION OF INCOME PROPERTIES: APPRAISAL AND THE MARKET.
Real Estate Principles and Practices Chapter 16 Investment and Tax Aspects of Ownership © 2014 OnCourse Learning.
FINANCE MAP By Gaylen K. Bunker. Objectives of Workshop Principles: Time lag between investment and return. Compounding versus Summing Value = Discounted.
Chapter 1 The Market for Real Estate Knowledge.  The real estate body of knowledge consists of four broad collections of concepts: legal analysis concepts.
McGraw-Hill/Irwin Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 18: Structuring Real Estate Investments: Organizational.
Chapter 19 Permanent Financing of Commercial Real Estate Properties.
McGraw-Hill/Irwin Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 21: Real Estate Investment Trusts (REITs)
Real Estate Principles and Practices Chapter 16 Investment and Tax Aspects of Ownership © 2010 by South-Western, Cengage Learning.
INTRODUCTION TO DEVELOPMENT LEARNING OBJECTIVES Discuss issues specific to the development and construction business. Identify the members of development.
The Student Handbook to T HE A PPRAISAL OF R EAL E STATE 1 Real Estate Markets, Money Markets, and Capital Markets Chapter 6.
Def:It is an opinion of value rendered by an impartial person skilled in the analysis and evaluation of real estate Appraisals.
Chapter 1 Overview of Real Estate Finance. Chapter 1 Learning Objectives Understand the relationship between finance and real estate Understand the relationship.
Real Estate Finance Residential decision making: Buy or lease?
REAL ESTATE Investments Vocabulary Rental Property – real estate available for being rented and an alternative to investment opportunities available.
1 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 1 THE DISCIPLINE OF REAL ESTATE Classical and Neoclassical.
1 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 5 PRIMARY FORMS OF REAL ESTATE OWNERSHIP Sole Proprietorships.
Private Commercial Note Buyers You can sell a commercial owner financed mortgage note It is just like selling a promissory note on a residential property.
Malyshka PtyLtd Malyshka Pty Ltd Malyshka Pty Ltd is an Australian property development high-quality with a strong center on the active area of South East.
Chapter 8 Valuation Using the Income Approach
Overview of Real Estate Financing Ashesi University Lecture
Chinese Urbanism in Global Context
HOW TO PREPARE YOUR BUSINESS FOR SALE
About the Author. Creating an Apartment Feasibility Model For Park Cities By Terry Asante.
Chapter 17 Valuation of Hospitality Real Estate.
Chapter 8 Valuation Using the Income Approach
Phase 2 Exam Chapters Fall 2017
CBRE’s US Capital Markets Activity Levels
TIPS TO INVEST IN COMMERCIAL PROPERTY. INTRODUCTION IN INDIA, THE REAL ESTATE HAS ALWAYS BEEN LUCRATIVE AND FAVOURABLE INVESTMENT OPTION. HIGH GROWTH.
FIN 467 RANK Knowledge--fin467rank.com
TEMPLATE 1.
Real Estate Principles, 11th Edition
The CounterpointeSRE / Hannon Armstrong Partnership
Presentation transcript:

GSD 5204 Real Estate Development and Finance Prof. Richard Peiser

Course Goal This course serves students in the real estate concentration and all students interested in understanding real estate investment and development. It teaches all of the critical financial skills necessary to participate in the real estate market as a buyer, seller, developer, or professional services provider.

Who should take this class This is a basic real estate designed for students who have no prior background in finance as well as those with finance training. An economics course is helpful as bacground. Students in architecture, planning, urban design, and landscape architecture will find the class very helpful both for personal real estate investment and for developing and/or acquiring real estate assets

Basic financial skills 6 functions of a dollar (PV, FV, PMT) IRRs and NPVs Mortgage analysis Valuation and appraisal Investment analysis REITs and Secondary markets

How to finance your project Financing alternatives Private equity versus public markets Debt versus equity Joint ventures Public-private development Mortgage financing, securitization, capital markets

All Property Types Residential Office Industrial Retail Land For-sale and rental apartments Office Industrial Retail Land Hotel, resorts, recreation

What creates long-term value?

Why are some office buildings more profitable than others?

How do you evaluate building upgrades for sustainability?

How do you determine residential profit?

How do you add value to retail?

How do you create profitable economic development?

Why do new towns almost always go bankrupt?

5 Stages of Analysis Stage 1 - Simple Capitalization methods Stage 2 - Discounted Cash Flows during Operating Period (Investment Analysis for income properties) Stage 3 - Combined Cash Flows of Development and Operating Periods Stage 4 - Monthly Cash Flows during Development Period Stage 5 - Joint Venture and Syndication Analysis

Process Development process Existing versus new development Site selection, due diligence, design, financing, leasing/marketing, construction, operations, sale Existing versus new development You make money in real estate by adding value through many different means (zoning, entitlements, leasing, finance, ownership, tax)

Issues Factors that have impact on real estate value (location, market, financing, government, infrastructure, ownership) Investment value Urban growth, sprawl, and redevelopment – impact on the city’s short-term and long-term health Impact on society

Class Meetings Class meetings M-W 11:30-1:00 Discussion Section – Thursdays 6:00-7:15 Weekly homework assignments due Review of financial computations and homework problems