1. 1 Web Chapter 18 Real Estate and Other Tangible Investments (Art Only)

2. 2 Table 18.1 Applying the Income Approach

3. 3 Table 18.2 The Effect of Positive Leverage on Return: An Example*

4. 4 Table 18.3 The Effect of Negative Leverage on Return: An Example*

5. 5 Figure 18.1 Framework for Real Estate Investment Analysis

6. 6 Table 18.4 Income Statement, Academic Arms Apartments, 2006

7. 7 Table 18.5 Projected Income Statement, Academic Arms Apartments, 2007

8. 8 Table 18.6 Cash Flow Analysis, Academic Arms Apartments, 2007–2011

9. 9 Table 18.7 Estimated After-Tax Net Proceeds from Sale, Academic Arms Apartments, 2011

10. 10 Table 18.8 Net Present Value, Academic Arms Apartments*

11. 11 Table 18.9 Yield Estimation, Academic Arms Apartments

12. 12 Figure 18.2 The Price of Gold, 1975–2006