مقدمه‌ای بر مالیات املاک و مستغلات

An Introduction to Real Estate Finance serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks with their encyclopedic but typically stale details, this book combines a short traditional text with a living website. The book gives students and professors highly applied information, and its regularly updated online features make it especially useful for this practitioner-oriented audience. Covering fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more, the book also addresses the 2008 financial crisis and its impact on the real estate profession. This volume is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field. Offers a concise, efficient, "finance-centric" alternative to traditional real estate finance texts. Website gives readers the tools to find current information about their own areas of specialization-a unique approach not found in other real estate finance textbooks. Gives students and professors the material to examine every subject in broad and highly detailed terms. Read more... An Introduction to Real Estate Finance......Page 2 Copyright......Page 3 Dedication......Page 4 Goal of this Textbook......Page 5 How to use this book......Page 6 Goal of this Textbook......Page 7 Section one: Financial Mechanics......Page 8 Dated Material......Page 9 Chapter Format......Page 10 Acknowledgments......Page 12 The US Real Estate Industry......Page 14 Historic Store of Value......Page 15 Inflation Protection......Page 16 Importance of Housing to US Economy......Page 17 Wealth Effect......Page 18 Economic Multiplier from Home Purchase......Page 19 Value of Annual Construction Activity......Page 20 Notes......Page 21 Thought Questions......Page 22 Review Questions......Page 23 1.1.1.2 Multifamily......Page 24 1.1.2.1 Office......Page 25 1.2 Interests in Real Property......Page 28 1.2.2 Types of Interests in Real Property......Page 29 1.2.3.1 Zoning......Page 30 1.2.3.3 Eminent Domain......Page 31 1.3.1.2 Tenants in Common......Page 32 1.3.2.1 Partnership......Page 33 1.3.2.3 Limited Liability Company......Page 34 1.3.2.6 Special-Purpose Entities......Page 35 1.4.3 Property Management......Page 36 1.4.5 Property Brokerage......Page 37 1.5.1.1 Developer/Owner/Manager......Page 38 1.6.1 Private......Page 39 1.7 Other Real Estate Industry Participants......Page 40 1.7.1.3 Mortgage Banks......Page 41 1.7.5.1 Property and Liability Insurance......Page 42 1.7.8 Engineering......Page 43 2.1.1 Importance of Supply and Demand......Page 47 2.1.2 Global and National Economic Factors’ Impact on the Overall Market for Real Estate......Page 48 2.2.1 Multifamily Housing......Page 49 2.2.4 Warehouse Space......Page 50 2.3.1.1 Metrics for National Economic Analysis......Page 51 2.3.1.3.1 Major Industries and Products......Page 52 2.3.1.4 Economic Advantages......Page 53 2.3.1.5.3 Age Trends......Page 54 2.3.1.5.4 Size and Growth of Workforce......Page 55 2.3.1.6.1 GDP......Page 56 2.3.2 Regional Economic Analysis......Page 57 2.3.2.1 Location of Economic Activity......Page 58 2.3.3.1 Location of Economic Activity......Page 59 2.3.3.4 Comparison of Local Area to Region and Nation......Page 60 2.4.1.3 Taxation......Page 61 2.4.1.5 Risk Management......Page 62 2.4.2.4 Presence of Infrastructure......Page 63 2.5.2 Measurement of Current Market Conditions......Page 64 2.5.3.2 Demand......Page 65 2.6.2 Review of Historic Performance......Page 66 2.6.6 Financial Pro Forma......Page 67 2.6.7.2 Lease Abstracts......Page 68 Thought Questions......Page 69 Review Questions......Page 70 3.1.1 Dual-Entry Accounting......Page 72 3.1.3 Accounting for Transactions......Page 73 3.1.5 The Closing Process......Page 74 3.1.6 Methods of Accounting......Page 75 3.1.6.2 GAAP......Page 76 3.1.7 Accounting for the Real Estate Business......Page 77 3.2.1 Revenues......Page 78 3.2.2 Expenses......Page 83 3.2.3 Net Operating Income......Page 84 3.2.4 Earnings Before Interest Taxes, Depreciation, and Amortization......Page 85 3.2.5.2 Tenant Allowances......Page 86 3.2.5.3 Depreciation......Page 87 3.2.5.4 Interest......Page 88 3.2.5.6 Income Taxes......Page 89 3.2.6.1 Dividends......Page 90 3.3.1.1 Long-term Assets......Page 91 3.3.1.2 Short-Term Assets......Page 93 3.3.2.1 Long-Term Liabilities......Page 94 3.3.2.2 Short-Term Liabilities......Page 95 3.3.2.5 Retained Earnings......Page 96 3.3.3.2 Historical Cost versus Market Values......Page 97 3.3.3.6 Variation for Partnership Structure......Page 98 3.4.1 Source of Cash versus Accrual Differences......Page 99 3.4.2 Cash Flow from Operations......Page 100 3.4.3 Cash Flow from Investments......Page 101 3.4.5 Cash Flow Metrics......Page 102 3.5.1 Income Taxes......Page 103 3.5.2 Taxes Due on Sale......Page 105 3.5.3 Other Taxes......Page 106 3.6.1 Tax Deferral as Motivator......Page 107 3.6.3 Tax Deferral versus Tax Avoidance......Page 109 4.1.2 Rent......Page 116 4.1.2.1 Measurement of Space......Page 117 4.1.2.2 Minimum Rent Adjustments......Page 118 4.1.2.3 Participating Rents......Page 119 4.1.2.6 Rent Accounting Issues......Page 120 4.1.2.7 Modeling Rent Revenue......Page 122 4.1.4 Expense Participation......Page 124 4.1.4.1 Ground Leases......Page 126 4.1.5.1 Working Capital......Page 127 4.2 Modeling Development and Construction......Page 128 4.2.1.1 Hard Costs......Page 129 4.2.1.1.4 Contingencies......Page 130 4.2.1.2.1 Planning and Entitlements......Page 131 4.2.1.2.5 Project Management......Page 132 4.2.1.3 Financing Costs......Page 133 4.2.1.4.1 Timing of Lease-up......Page 134 4.3.1 Working Capital......Page 135 4.3.2 Noncash Expenses......Page 136 4.3.6 Stabilized Cash Flow versus Actual Cash Flow......Page 137 4.3.7.1 Tax Shield from Depreciation......Page 138 4.3.8 Tax Treatment of a Property Sale......Page 139 4.4.2 Multifamily......Page 140 4.4.3 Retail......Page 141 4.4.4 Office......Page 142 4.5.1.2 Local versus Global Variables......Page 143 4.5.1.3.2 Discounted Cash Flow......Page 144 4.6.1 Sensitivity to Key Variables......Page 145 4.6.2 Scenario Creation......Page 146 Review Questions......Page 147 5.1.1 Valuation Using Cap Rates......Page 150 5.1.3.2 Vacancy Allowance......Page 151 5.1.3.4 Leasing Costs......Page 152 5.1.4.2 Perceived Risks of Asset Class......Page 153 5.1.4.4 Unique Attributes of a Property......Page 154 5.1.5 Cap Rate Data from Comparable Properties......Page 155 5.1.6 Reconciling the Reported Cap Rate Data......Page 156 5.2.1 Pro Forma Model of Property Cash Flows......Page 157 5.2.2.1 Lease Expirations, Tenant Replacement, and Lease-Up of Vacancy......Page 158 5.2.3 Discount Rates......Page 159 5.2.3.1 Yield Curve–Based Discount Rates......Page 160 5.2.5.2 Forecast Error Increases with Time......Page 161 5.3.3 Adjustments to Comparable Data......Page 162 5.3.4 Mechanics of Valuation Using Comparable Property Data......Page 163 5.5.1 Asset Value Is Independent of Financing......Page 164 5.6.1 Above-/Below-Market-Rate Debt......Page 165 5.6.2 Buyer Concerns About In-Place High Loan-to-Value �䰀吀嘀 Financing......Page 166 5.7 Appraisal Process......Page 167 5.7.2 Reconciliation of Differences in Results......Page 168 Review Questions......Page 169 6.1.1.1.1 Low Covariance with Other Asset Types......Page 173 6.1.1.4 Low Volatility of Returns......Page 174 6.2.2.1 Ground Lease......Page 175 6.3.1.1 Investors......Page 176 6.4 Types of Real Estate Securities......Page 177 6.4.2.1 Debt Basics......Page 178 6.4.2.2.1 Asset-Based Financing......Page 182 6.4.2.2.3 Construction Finance......Page 183 6.4.2.2.4 Stabilized Property Debt......Page 184 6.4.2.2.6 Balance Sheet Debt......Page 185 6.4.3.1 Equity Basics......Page 187 6.4.3.2 Equity Advanced......Page 188 6.4.3.3 Hybrid Securities......Page 190 6.4.3.4 Derivative Securities......Page 191 6.5.2 Investment Banks......Page 195 6.5.4 Pension Funds......Page 196 6.6.1.1 Principal......Page 197 6.7.1.1 Global......Page 198 6.7.1.2 Domestic......Page 199 6.7.2.1 The Global Demand for Real Estate......Page 201 6.7.2.2 US Demand for Real Estate......Page 202 6.7.2.3 REIT and REOC Debts......Page 204 Thought Questions......Page 205 Review Questions......Page 206 7.1.1.3 Multifamily Property......Page 209 7.1.1.5 Construction Loans......Page 210 7.1.1.6 Land Loans......Page 211 7.1.1.8 Bridge Loans......Page 212 7.2 Determining the Best Type and Source of Financing......Page 213 7.3.3 Interest Rate......Page 214 7.3.5 Amortization......Page 215 7.3.6 Mortgage Constant......Page 218 7.3.7 Covenants......Page 219 7.4.1 Mortgage Metrics......Page 220 7.4.2 Market Credit Metrics......Page 221 7.4.4 Determining Interest Rates......Page 223 7.4.4.1 US Treasury Yield Curve......Page 224 7.4.6 Credit Issues......Page 227 7.5 Property Lifecycle Issues......Page 228 7.5.2 Defaults......Page 231 7.5.4 Restructuring......Page 232 7.5.6 Deed in Lieu......Page 233 Review Questions......Page 235 Multiple Choice Questions......Page 237 8.1 The Development of Mortgage-Backed Securities......Page 239 8.1.1 Development of the Residential Mortgage-Backed Security Market......Page 240 8.1.2 Application to Commercial Property Mortgage Lending......Page 241 8.2.2 Securitization......Page 242 8.2.3 REMICs......Page 243 8.3.1.2 Economic Climate During the Period When Mortgages Are Originated......Page 245 8.3.2.3 Investor Risk......Page 246 8.3.3.3 Investor......Page 247 8.3.4.2 Closed System......Page 248 8.4.1 Collateral is a Portfolio of Commercial Mortgages......Page 249 8.4.2.2 Classes of Securities......Page 251 8.4.2.4 Example CMBS Transaction......Page 253 8.4.3.1 Role of Mortgage Underwriter......Page 256 8.4.3.3 Securitization Process......Page 257 8.4.4.2 Least Flexible Type of Loan......Page 258 8.4.4.3 Strategic Utilization by Borrower......Page 259 8.4.5.3 Trends......Page 260 8.5.1.1 Collateral......Page 261 8.5.1.3 Default Risk......Page 262 8.5.2.2 Mortgage Pass-Through Securities......Page 263 8.5.3 Collateral Pool Credit Support......Page 264 8.5.3.3 Senior/Subordinate Structure......Page 265 8.5.3.4 Example of RMBS Securitization......Page 266 8.5.4.2 Trends......Page 269 Thought Questions......Page 271 Multiple Choice Questions......Page 272 9.1.2 Unlimited Upside and Downside......Page 275 9.1.5 No Set Cash Flow Stream......Page 276 9.2.1 Proprietorship......Page 277 9.2.2.1 Capital Calls......Page 278 9.2.3 Joint Ventures......Page 279 9.2.4.1 Corporations as Partners......Page 280 9.3.1 Allocation of Profit......Page 281 9.3.2.3 Debt Financing......Page 284 9.3.3.1 Right of First Offer......Page 285 9.3.4.2 Disposition......Page 286 9.3.4.5 Property Management......Page 287 9.3.5.1 Syndications......Page 288 9.3.5.2 Underwriting......Page 289 9.3.5.4 Regulation D Offering......Page 290 9.4.1.3 Master Limited Partnerships �䴀䰀倀猀......Page 291 9.4.2.4 Private REITs......Page 292 9.5 Strategic Utilization of Equity by the Entrepreneur......Page 293 9.5.2 Implications of Buy–Sell Agreements......Page 294 9.5.4.3 Section 1031 Like-Kind exchange......Page 295 9.5.4.4 Contribution to a REIT Umbrella Partnership......Page 296 10.1.1.1 Ordered by Seniority of Claims......Page 301 10.1.2 Optimization of Capital Structure......Page 302 10.2.1 Debt is Lower/“Fixed” Cost......Page 303 10.2.3 Leverage Causes Yield to Rise on Equity......Page 304 Case C:......Page 305 10.2.4.1.1 Expect NOI to Grow......Page 306 10.4.1 Mezzanine Debt......Page 307 10.4.3 Participating Loans......Page 308 10.4.5 Preferred Equity......Page 309 10.4.7 Sale Leaseback......Page 310 10.4.8 Ground Lease......Page 311 10.4.9.3 “Pad” Sales......Page 312 10.5.1 Availability of High LTV Loans Increases Property Value......Page 313 10.5.1.1 DSCR and Alternative Metrics......Page 314 10.6.1.1 Interest......Page 315 10.6.1.2.2 Amortization Requirement Protects Lender Against Value Decline......Page 316 10.7 Deconstructing a Debt Quote......Page 317 10.7.1 Cost of marginal dollar of debt......Page 319 10.7.2 Comparison of marginal debt cost to ROA......Page 320 Review Questions......Page 322 Multiple Choice Questions......Page 324 11.1.1 Concept Development......Page 327 11.1.4 Entitlement......Page 328 11.1.6.1 Risk Management......Page 330 11.1.6.2.2 Guaranteed Maximum Price......Page 331 11.1.7 Sitework......Page 332 11.2.1 Developer......Page 333 11.2.5 Planners and Architects......Page 334 11.2.6.4 Mechanical......Page 335 11.2.6.9 Local Officials......Page 336 11.2.6.12 Leasing Agents......Page 337 11.3.1 Predevelopment......Page 338 11.3.2 Construction......Page 339 11.3.3 Take-Out......Page 341 11.4.4 Low-Interest Loans......Page 342 11.4.6 Tax Abatements......Page 343 11.5.3 Unexpected Conditions......Page 344 11.5.6 Delayed Speculative Lease-Up......Page 345 11.5.7 Excessive Interest Carry......Page 346 11.6.1 Ability to Continue Development......Page 347 11.6.2 Real Options are Undervalued in Acquisition Analysis......Page 348 Review Questions......Page 350 Multiple Choice Questions......Page 351 12.1.3 Major Driver of Overall Economy......Page 354 12.2 The Economic Impact of the U.S. Housing Market......Page 355 12.3.3 Pre-Depression......Page 356 12.3.5.3 Post Depression: Improved Mortgage Financing......Page 357 12.3.6 Veterans’ Mortgages and Development of Suburbs......Page 358 12.3.8 The Era of Mortgage Backed Securities......Page 359 12.4.1 Typical American Family Real Estate Life Cycle......Page 360 12.4.1.4 Obtains “Conforming” Mortgage......Page 361 12.4.1.6 Sells to Downsize on Retirement to Recapture Investment......Page 362 12.5.1.1 Low-Rise Housing......Page 363 12.5.1.3 High-Rise Housing......Page 364 12.5.2.1 Rental......Page 365 12.5.2.2 Owner Occupied......Page 366 12.6.1.1 Land Acquisition and Development......Page 367 12.6.1.4 Development of Mortgage Pools......Page 368 12.6.2.3 Takeout Permanent Loans......Page 369 12.6.3.3 Low-Income Housing Tax Credits......Page 370 12.7.1 Population Growth Requires Public Services......Page 372 12.7.3.2 Water......Page 373 12.7.4.3 Health Care......Page 374 13.1.3.1 Equity: Ownership of Property......Page 380 13.1.4 Property Type Focus......Page 381 13.1.5 Portfolio Geography: from Regional to Global......Page 382 13.2.1 Investment Limitations......Page 383 13.2.2 Distribution Requirements......Page 384 13.2.5 Taxation of REIT Shareholders......Page 385 13.3.4 Liquidity through Public Market......Page 386 13.4.2 Corporate Finance Alternatives......Page 387 13.5.1 Operating Partnership......Page 388 13.5.2 Tax-Advantaged Vehicle for Property Acquisition......Page 389 13.6 REIT Financial Statements......Page 390 13.6.1 Balance Sheet......Page 391 13.6.1.3 Income Statement......Page 394 13.7.3 Debt-to-Market Cap......Page 397 13.7.5 Interest Coverage......Page 398 13.7.7 Percent G&A Ratio......Page 399 13.7.8 Property Statistics......Page 400 13.9 The Non-REIT Real Estate Company......Page 401 13.10.1 Business Development Functions......Page 402 13.10.3 Property Management......Page 403 13.10.4 Financial Functions......Page 404 13.10.5 Administrative Functions......Page 406 13.11 History......Page 407 13.11.2 Third-Party Management Inhibited Growth of the Industry......Page 408 13.11.4 End of Tax Shelters Became an Impetus for the Modern REIT......Page 409 13.11.7 The Roll-Up......Page 410 13.11.8 Era of the Entrepreneurial REIT......Page 411 13.11.9 Strong Enough to Weather the Storm......Page 412 14.2.2 Zoned for Intended Use......Page 417 14.2.3.2 Materials for Use in Manufacturing......Page 418 14.2.4 Ability to Ship Goods......Page 419 14.2.6.1 The Corporate Office......Page 420 14.2.6.1.2 Sustainability......Page 421 14.2.6.3 Retail Stores: Brand in a Box......Page 422 14.2.7 Flexible Occupancy Terms......Page 423 14.3.1.1.1 Does the Company Have Capital?......Page 424 14.3.1.2 Quantitative Issues......Page 425 14.4.1.1.1 Example of Operating Lease......Page 426 14.4.1.3 Taxation......Page 427 14.4.2.1 Implementation......Page 428 14.5.1.1 Economic Development Initiatives......Page 429 14.5.1.1.4 Industrial Development Bonds �䤀䐀䈀......Page 430 14.5.1.2.2 Future Tax Revenues......Page 431 14.5.1.3.4 Landlord Has Core Competence in Real Estate......Page 432 14.5.1.3.5 Landlord Incentives......Page 433 Thought Questions......Page 434 Multiple Choice Questions......Page 435 15.2.1 Exposure to Higher Growth Markets......Page 437 15.2.5 Diversification......Page 438 15.3.1.2 Customs......Page 439 15.3.2.2 Titles and Recording......Page 440 15.3.3.2 Managing Multiple Sites......Page 441 15.3.4.2 Local Property Law......Page 442 15.3.4.4.1.1 Financing Should Match Rent Stream to Avoid Currency Risk......Page 443 15.3.6.1 Presence of First Responders......Page 444 15.4.1.1.1 Requires Structured Communication......Page 445 15.4.2.1.1 Liquidity Is Easier than Selling Assets......Page 446 15.5 Participants......Page 447 15.5.1.4.1 Understand Implications of Global Operations......Page 448 Multiple Choice Questions......Page 449 C......Page 452 E......Page 454 I......Page 455 M......Page 456 P......Page 457 R......Page 458 S......Page 459 U......Page 460 Z......Page 461 Chapter 3:......Page 462 Chapter 4:......Page 465 Chapter 6:......Page 466 Chapter 7:......Page 467 Chapter 8:......Page 470 Chapter 9:......Page 471 Chapter 10:......Page 473 Chapter 11:......Page 478 Chapter 12:......Page 480 Chapter 15:......Page 486 Blank Page......Page 1

An Introduction to Real Estate Finance serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks with their encyclopedic but typically stale details, this book combines a short traditional text with a living website. The book gives students and professors highly applied information, and its regularly updated online features make it especially useful for this practitioner-oriented audience.

Covering fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more, the book also addresses the 2008 financial crisis and its impact on the real estate profession. This volume is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field.

• Offers a concise, efficient, "finance-centric" alternative to traditional real estate finance texts
• Website gives readers the tools to find current information about their own areas of specialization—a unique approach not found in other real estate finance textbooks
• Gives students and professors the material to examine every subject in broad and highly detailed terms

__An Introduction to Real Estate Finance__ serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks with their encyclopedic but typically stale details, this book combines a short traditional text with a living website. The book gives students and professors highly applied information, and its regularly updated online features make it especially useful for this practitioner-oriented audience. Covering fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more, the book also addresses the 2008 financial crisis and its impact on the real estate profession. This volume is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field. * Offers a concise, efficient, ''finance-centric'' alternative to traditional real estate finance texts * Website gives readers the tools to find current information about their own areas of specialization-a unique approach not found in other real estate finance textbooks * Gives students and professors the material to examine every subject in broad and highly detailed terms An Introduction to Real Estate Finance serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks, with their encyclopedic but often stale details, it combines a short traditional text with a living website. The book gives students and professors highly applied information, and its regularly updated online features makes it especially useful for this practitioner-oriented audience. It covers fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more. It also addresses the 2008 financial crisis and its impact on the real estate profession. This text is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field. Offers a concise, efficient,'finance-centric'alternative to traditional real estate finance texts Website gives readers the tools to find current information about their own areas of specialization—a unique approach not found in other real estate finance textbooks Gives students and professors the material to examine every subject in broad and highly detailed terms