Real Estate Accounting Made Easy

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  • Edition: 2nd
  • Format: Hardcover
  • Copyright: 2010-08-02
  • Publisher: Wiley
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Boiling down the complicated details of real estate accounting into manageable essentials, Real Estate Accounting Made Easy equips you with the tools you need to successfully run the financial and accounting operations within your organization.

Author Biography

Obioma Anthony Ebisike, a leading authority on real estate accounting, offers workable information in basic terminology. Even if you do not have a professional grasp of accounting principles and financial reporting, this book makes it all clear with accounting rules explained in terms anyone can understand, to help you better fulfill your duties. Suitable for investors, analysts, accountants, and auditors, Real Estate Accounting Made Easy is your essential guide for a clear, concise explanation of real estate accounting finance.

Table of Contents

About the Authorp. xi
Prefacep. xiii
Introduction to Real Estatep. 1
Types of Real Estate Assetsp. 1
Common Industry Termsp. 8
Basic Real Estate Accountingp. 17
History of Double-Entry Bookkeepingp. 17
Types of Accountsp. 18
Accounting Methodsp. 21
Recording of Business Transactions in the Accounting Systemp. 23
Journal Entriesp. 24
Basic Accounting Reportsp. 26
Forms of Real Estate Organizationsp. 37
Sole Ownershipp. 38
Common and Joint Ownershipp. 38
Partnershipsp. 39
Joint Venturesp. 41
Corporationsp. 41
Limited Liability Companiesp. 43
Real Estate Investment Trustsp. 44
Accounting for Operating Property Revenuesp. 47
Types of Leasesp. 47
Revenue Recognitionp. 52
Lease Classificationp. 53
Additional Cost Recoveriesp. 55
Operating Expenses Gross-upp. 56
Contingent Rentsp. 57
Rent Straight-Liningp. 58
Modification of an Operating Leasep. 61
Sublease of Operating Leasep. 65
Accounting for Operating Property Expensesp. 67
Operating Costsp. 67
Operating Expenses Reconciliation and Recoveriesp. 77
Most Common Recoverable Operating Expensesp. 78
Most Common Nonrecoverable Operating Expensesp. 78
Calculating Tenant Pro-Rata Share of Expensesp. 79
Lease Incentives and Tenant Improvementsp. 83
Lease Incentivesp. 83
Tenant Improvementsp. 85
Tenant Improvement Journal Entriesp. 85
Further Comparison of Lease Incentives and Tenant Improvementsp. 86
Differences in Cash Flow Statement Presentationp. 87
Demolition of Building Improvementp. 87
Budgeting for Operating Propertiesp. 89
What Is a Budget?p. 89
Components of a Budgetp. 89
Variance Analysisp. 95
Sample Operating Property Variance Analysisp. 95
Salient Points on a Variance Analysisp. 98
Market Research and Analysisp. 99
Market Research Definedp. 99
Market Analysis Definedp. 99
Market Research: Practical Processp. 100
Real Estate Valuation and Investment Analysisp. 107
What Is Real Estate Valuation?p. 107
Approaches to Real Estate Valuationp. 108
Financing of Real Estatep. 119
Equityp. 119
Debt Financingp. 119
Other Financing Sourcesp. 122
Types of Loansp. 123
Debt Agreementsp. 123
Financing Costsp. 127
Relationship Between a Note and a Mortgagep. 128
Accounting for Financing Costsp. 128
Accounting for Real Estate Investments and Acquisition Costsp. 129
Methods of Accounting for Real Estate Investmentsp. 129
Purchase Price Allocation of Acquisition Costs of an Operating Propertyp. 135
Accounting for Project Development Costs on GAAP Basisp. 139
Stages of Real Estate Development Projectp. 139
Postdevelopment Stagep. 147
Development Project Revenue Recognitionsp. 149
Full Accrual Methodp. 150
Deposit Methodp. 154
Installment Methodp. 156
Reduced-Profit Methodp. 157
Percentage-of-Completion Methodp. 159
Cost Recovery Methodp. 170
Auditsp. 173
Audit Overviewp. 173
Types of Auditsp. 179
Indexp. 185
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