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The Handbook of Commercial Real Estate Investing

The Handbook of Commercial Real Estate Investing

1st Edition
By John McMahan
ISBN10: 007146865X
ISBN13: 9780071468657
Copyright: 2006

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ISBN10: 007146865X | ISBN13: 9780071468657

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Program Details

PART I: REAL ESTATE INVESTMENT PROCESS Chapter 1: How Value Is Created in Real Estate - Value cycle of real estate - How investors participate in the value creation process - Role of synergy in creating value - Role of location in enhancing value - Land use regulation - Submarket location factors - Property factors - Market timing - Asset management Chapter 2: Market Demand Drivers - Economics - Technology - Demographics - Business organizations - Physical workplace - Workplace location Chapter 3: Property Type Characteristics - Apartments - Retail - Office - Industrial - Hotels Chapter 4: Major Players - Life insurance companies - Foreign investors - Real Estate Investment Trusts (REITs) - Pension funds Chapter 5: Understanding Investor Objectives - Pension funds - Individual investors - Foreign investors - Differing investor objectives - Reconciling investment focus with portfolio diversification PART II: TRANSACTION MANAGEMENT Chapter 6: Sourcing, Screening, and Preliminary Underwriting - Property sourcing - Property screening - Preliminary underwriting Chapter 7: Preliminary Approvals and Negotiation - Preliminary approvals - Negotiations Chapter 8: Due Diligence - Role of due diligence - Managing the process - Physical due diligence - Legal due diligence - Business due diligence Chapter 9: Final Underwriting and Closing - Final underwriting - Final approvals - Closing documents - Title holding entity - Waive and closing - Transition to asset management Chapter 10: Disposition - Targeting buyers - Broker selection - Listing agreement - Confidentiality agreement - Offering memorandum - Property reports - Disposition alternatives - Transaction documents - Due diligence - Transition to buyer's asset management staff PART III: ASSET MANAGEMENT Chapter 11: Role of Asset Manager - The modern asset manager - Asset versus property management - Asset Manager's responsibilities Chapter 12: Role in Investment Transactions - Acquisitions - Transition to asset management - Dispositions Chapter 13: Tenant Relations - Know the tenant's business - Understanding the tenant's financial condition - Tenant's view of the building and management - Renewing leases - New leases Chapter 14: Building Operations - Maintenance - Construction management - Security - Disaster planning Chapter 15: Financial Reporting - Financial statements - Federal tax reporting - Comparative analysis PART IV: ENTERPRISE MANAGEMENT Chapter 16: Leadership - Why has it been so difficult? - How real estate is changing - What is leadership? - Qualities of a good leader - How leadership skills can be improved - Establishing a nurturing work environment - Allow broader participation in decision making Chapter 17: Strategic Planning - Strategic planning process - Evaluating alternatives - Formulating the final plan - Implementation - Summary Chapter 18: Market Positioning - Identifying the target market - Refining the target market - Competitive environment - Battlefield mapping - Proposed fund features - A learning process Chapter 19: Risk Management - Managing risk in a mixed asset portfolio - Managing real estate portfolio risks - Managing real estate enterprise risks Chapter 20: Governance - Collapse of Enron - Legislative and regulatory reform - Reaction to governance reforms: public firms - Public real estate companies and corporate governance - Board of directors governance guidelines - Continuing corporate governance - Current situation Appendix A: Technology and the Due Diligence Process Appendix B: Legal Documents Glossary