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Real Estate Finance and Investments

by
Edition:
13th
ISBN13:

9780073524719

ISBN10:
0073524719
Format:
Hardcover
Pub. Date:
11/10/2006
Publisher(s):
McGraw-Hill/Irwin
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Summary

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.

Table of Contents

PART ONE INTRODUCTION
An Introduction to Real Estate Investment: Legal Concepts
1(14)
Property Rights and Estates
2(4)
Definition of Estate
4(1)
Two General Classifications of Estates
4(1)
Examples of Freehold Estates
4(1)
Estates Not Yet in Possession (Future Estates)
5(1)
Examples of Leasehold Estates
5(1)
Interests, Encumbrances, and Easements
6(1)
Assurance of Title
7(2)
The Meaning of Title
7(2)
Deeds
9(1)
Methods of Title Assurance
9(3)
Abstract and Opinion Method
10(1)
The Title Insurance Method
11(1)
Recording Acts
12(1)
Limitations on Property Rights
13(2)
Financing: Notes and Mortgages
15(25)
Notes
15(1)
The Mortgage Instrument
16(5)
Definition of a Mortgage
17(1)
Relationship of Note to Mortgage
17(1)
Interests That Can Be Mortgaged
17(1)
Minimum Mortgage Requirements
17(2)
Important Mortgage Clauses
19(2)
Assumption of Mortgage
21(1)
Acquiring Title ``Subject to'' a Mortgage
21(2)
Property Covered by a Mortgage
22(1)
Junior Mortgages
22(1)
Recording of Mortgages
22(1)
Other Financing Sources
23(1)
Seller Financing
23(1)
Land Contracts
23(1)
Default
24(1)
What Constitutes Default
24(1)
Alternatives to Foreclosure: Workouts
25(4)
Restructuring the Mortgage Loan
25(2)
Transfer of Mortgage to a New Owner
27(1)
Voluntary Conveyance
28(1)
Friendly Foreclosure
28(1)
Prepackaged Bankruptcy
28(1)
Foreclosure
29(6)
Judicial Foreclosure
29(1)
Redemption
29(1)
Sales of Property
30(3)
Effect of Foreclosure on Junior Lienors
33(1)
Deficiency Judgment
33(1)
Taxes in Default
34(1)
Bankruptcy
35(5)
Liquidation
35(1)
Chapter 11
35(1)
Chapter 13
36(4)
The Interest Factor in Financing
40(32)
Compound Interest
40(1)
Compound or Future Value
41(6)
Calculating Compound Interest Factors
44(3)
Expanding the Use of Financial Calculators
47(2)
Present Value
49(4)
A Graphic Illustration of Present Value
49(2)
Expanding the Use of Calculators for Finding Present Values
51(2)
Compound or Future Value of an Annuity
53(4)
Use of Compound Interest Factors for Annuities
55(2)
Present Value of an Annuity
57(4)
Use of the Present Value of an Annuity Factors
58(3)
Accumulation of a Future Sum
61(1)
Determining Yields, or Internal Rates of Return, on Investments
62(10)
Investments with Single Receipts
62(3)
Yields on Investment Annuities
65(2)
Effective Annual Yields: Extensions
67(1)
Solving for Annual Yields with Partial Periods: An Extension
68(4)
PART TWO FINANCING RESIDENTIAL PROPERTIES
Fixed Rate Mortgage Loans
72(40)
Determinants of Mortgage Interest Rates: A Brief Overview
72(4)
The Real Rate of Interest: Underlying Considerations
73(1)
Interest Rates and Inflation Expectations
73(1)
Interest Rates and Risk
74(1)
A Summary of Factors Important to Mortgage Loan Pricing
75(1)
Development of Mortgage Loan Payment Patterns
76(5)
Early Loan Patterns
76(1)
The Constant Amortization Mortgage Loan (CAM)
77(1)
Fully Amortizing, Constant Payment Mortgage Loan (CPM)
78(3)
Constant Payment and Constant Amortization Loans: A Comparison
81(12)
Determining Loan Balances
84(1)
Loan Closing Costs and Effective Borrowing Costs: Fully Amortized Loans
85(3)
Truth-in-Lending Requirements and the Annual Percentage Rate
88(1)
Loan Fees and Early Repayment: Fully Amortizing Loans
88(4)
Charging Fees to Achieve Yield, or Pricing FRMs
92(1)
Other Loan Patterns
93(10)
Partially Amortizing Constant Payment Loans
93(1)
Zero Amortization, or ``Interest Only'' Loans
94(1)
Increasing Loan Balances, or Negative Amortization
95(1)
Interest-Only Option Mortgages
96(1)
Amortization Schedules and Callable Loans
97(1)
Reverse Annuity Mortgages (RAMs)
97(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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