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Briefings in Real Estate Finance最新文献

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Interview with Jack Cuneo, real estate investment banker 采访房地产投资银行家杰克·库尼奥
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.18
Dr Stephen E. Roulac, Jack Cuneo
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引用次数: 0
Single tenant net lease guidelines to achieve maximum financing 单租户净租赁指引，实现融资最大化
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.120
Gordon Monsen, Joseph C. Yiu
{"title":"Single tenant net lease guidelines to achieve maximum financing","authors":"Gordon Monsen,&nbsp;Joseph C. Yiu","doi":"10.1002/bref.120","DOIUrl":"10.1002/bref.120","url":null,"abstract":"<p>Developers and acquirers of single credit tenant properties sometimes overlook lease terms that can dramatically affect the ultimate capital leverage — or lowest and most accretive interest rate — that could be achievable on a particular property. Where remaining lease terms are greater than 15 years, this is a bit less of an issue; however, where terms are less than 15 years, it is critical. These lease issues can reduce the maximum leverage attainable based on the cash flows by more than 25 per cent. These issues are subtle and part of corporate America's push to sign shorter, more flexible leases than the 20-year bond-type leases that were common five to ten years ago. Real estate professionals cannot be faulted for not focusing on the financing implications of the structural nuances of these lease provisions and the financial constraints they create in the capital markets. This paper outlines the perspective of lenders and the capital markets on these lease issues and provisions to help developers and acquirers achieve the optimal capital structure and understand the specific economics of lease terms that impinge on the capital structure. Copyright © 2004 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.120","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77849948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Comparing mezzanine to alternative debt and equity products 将夹层债券与替代性债务和股票产品进行比较
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.122
Shawn Rosenthal
{"title":"Comparing mezzanine to alternative debt and equity products","authors":"Shawn Rosenthal","doi":"10.1002/bref.122","DOIUrl":"10.1002/bref.122","url":null,"abstract":"<p>The following paper will address the potential use of mezzanine debt by a real estate buyer who is purchasing an office building in a major US market. Advantages and disadvantages of using mezzanine debt will be discussed and contrasted with alternative financing structures, including the use of additional equity. A short case study will be utilised to monitor the economic returns to the buyer in a best and worst case scenario. Copyright © 2004 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.122","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81301629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Managing risk in apartment development 管理公寓开发中的风险
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.67
Marc A. Louargand Ph.D, Brian T. Murdy
{"title":"Managing risk in apartment development","authors":"Marc A. Louargand Ph.D,&nbsp;Brian T. Murdy","doi":"10.1002/bref.67","DOIUrl":"10.1002/bref.67","url":null,"abstract":"<p>Multifamily investment is popular with US institutional investors at present despite weak fundamentals in the rental market. There is evidence that apartments provide some protection from recessionary forces and are the first product type to recover from a downturn. Capital flows have increased to the sector, putting downward pressure on capitalisation rates. Development of new stock allows investors to capture the spread between return on cost to build and capitalisation rates on existing properties. Managing the risks inherent in development is a different prospect than underwriting existing properties. This paper examines methods for managing the risks associated with construction, marketing, financing and interest rate risk, among other factors. Copyright © 2002 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.67","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89063596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 38
How property companies are increasingly using non-vanilla hedging structures to reduce their interest rate exposure 房地产公司如何越来越多地使用非香草对冲结构来减少利率风险敞口
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.40
Mark Lambert, Lisa Burnand
{"title":"How property companies are increasingly using non-vanilla hedging structures to reduce their interest rate exposure","authors":"Mark Lambert,&nbsp;Lisa Burnand","doi":"10.1002/bref.40","DOIUrl":"10.1002/bref.40","url":null,"abstract":"<p>This paper looks at how the use of interest rate derivatives by property companies has evolved in recent years, beyond the most basic. It is now commonplace for many of these companies to employ quite sophisticated hedging strategies. The authors present two hedging structures that would be classified as ‘non basic’ or to use the correct jargon ‘non vanilla’ and suggest that there is more innovation to come. Copyright © 2002 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.40","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79701698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Financial incentive to prepay in fixed-rate mortgages 提前支付固定利率抵押贷款的财务激励
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.112
Román Ferrer, Cristóbal González, Maria Paz Jordá
{"title":"Financial incentive to prepay in fixed-rate mortgages","authors":"Román Ferrer,&nbsp;Cristóbal González,&nbsp;Maria Paz Jordá","doi":"10.1002/bref.112","DOIUrl":"10.1002/bref.112","url":null,"abstract":"The borrower's financial incentive to prepay is a crucial determinant in estimating prepayment in mortgage pools and, consequently, in valuing mortgage-backed securities. In mortgage prepayment literature, this incentive to prepay has been proxied by both the ratio of the loan rate to the refinancing rate and by the arithmetic spread between the two rates; however, the former is considered to be a better proxy of the refinancing incentive than the latter by a section of the literature. In this paper, the authors check the accuracy of that statement and subsequently estimate two prepayment functions using, alternatively, the two proxies. The results indicate that the use of the ratio does not improve the estimates obtained using the arithmetic spread. Copyright © 2004 Henry Stewart Publications","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.112","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91032443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Where is ‘creative’ real estate finance going in the post-Enron era? 后安然时代的“创造性”房地产金融将何去何从?
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.66
Simon Beckett
{"title":"Where is ‘creative’ real estate finance going in the post-Enron era?","authors":"Simon Beckett","doi":"10.1002/bref.66","DOIUrl":"10.1002/bref.66","url":null,"abstract":"","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.66","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"111005209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Research review 研究评论
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.56
Alastair Adair
{"title":"Research review","authors":"Alastair Adair","doi":"10.1002/bref.56","DOIUrl":"https://doi.org/10.1002/bref.56","url":null,"abstract":"<p>The aim of the Research review is to focus on current academic research which contributes to and enhances professional practice. The objective is to provide the busy practitioner with a synopsis of leading edge research in the area and hopefully to stimulate a desire for greater understanding and application of knowledge and techniques that will enhance professional practice. Copyright © 2002 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.56","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137508270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A critique of using real options pricing models in valuing real estate projects and contracts 对使用实物期权定价模型评估房地产项目和合同的批评
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.69
Pete H. Oppenheimer Ph.D
{"title":"A critique of using real options pricing models in valuing real estate projects and contracts","authors":"Pete H. Oppenheimer Ph.D","doi":"10.1002/bref.69","DOIUrl":"10.1002/bref.69","url":null,"abstract":"<p>Discounted cash flow (DCF) models have been criticised for using risky discount rates and subjective estimates of future cash flows. In addition, DCF models do not incorporate valuations of implicit options imbedded in capital projects. Recently, researchers have applied real options pricing models to evaluate real estate projects and contracts. However, the required assumptions and criteria for using these models may be absent in real estate projects, which raises the question whether these models produce better results or create more uncertainties for end users. This paper contains a review of the conditions and methods that have been proposed for applying real option models in real estate valuations. Copyright © 2002 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.69","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72829841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
Property tax in the UK: changes in law and practice during labour's first term 1997–2001 英国房产税:1997-2001年工党第一任期内法律和实践的变化
Briefings in Real Estate Finance Pub Date : 2006-07-10 DOI: 10.1002/bref.25
Rosalind Rowe
{"title":"Property tax in the UK: changes in law and practice during labour's first term 1997–2001","authors":"Rosalind Rowe","doi":"10.1002/bref.25","DOIUrl":"10.1002/bref.25","url":null,"abstract":"<p>Rosalind Rowe provides an overview of the key changes in taxation law which have affected real estate during the Labour Government's first term. In the first section she looks at new tax law introduced by the Finance Act 2001. In the second she looks back at what has happened since 1997. Copyright © 2001 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.25","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79323293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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