最 低 价：￥376.00
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作 者：ProfessorSarahSayce 著 著
出 版 社：John Wiley & Sons
出版时间：2006-12-1
I S B N：9781405100014
| Professor Sarah Sayce is Head of the School of Surveying at Kingston University in which capacity she is responsible for a suite of undergraduate and postgraduate programmes and for the research programmes. She is a Chartered Surveyor and after some years in practice she moved into teaching and research. She has published widely on many aspects of commercial property from portfolio management to leisure property and sustainability. |
| Preface Acknowledgements About the authors 1 Introducing concepts of value and worth 1.1 Real estate: an introduction to the economic concepts 1.2 Aims of the book 1.3 New influences on the real estate market 1.4 Structure of the book 1.5 Worth v. price v. value: definitions 1.6 Conventional approaches to establishing value 1.7 Additional approaches to appraisal 1.8 An introduction to the drivers for DCF 1.9 Summary 2 Introduction to the purchase decision 2.1 Introduction 2.2 Criteria for purchase: the investment purchaser 2.3 Criteria for purchase: occupational property 2.4 The purchase transaction process 2.5 The regulatory framework 2.6 Due diligence and legal issues 2.7 Summary Property investment: placing property within the multi-asset investment spectrum 3.1 Introduction 3.2 A comparative analysis of investment media 3.3 An introduction to investment analysis and pricing 3.4 Definitions and simple examples of financial return 3.5 Property yields and returns 3.6 Yield and return distinguished 3.7 Compounding and discounting 3.8 Discounted cash flow (DCF) 3.9 An introduction to the imperfections of the property market as compared with the equities and bonds market 3.10 Property as an asset class compared with gilts and equities 3.11 The place of property within the multi-asset portfolio 3.12 Summary 4 The market appraisal approach: rental value 4.1 Introduction 4.2 Types of rent 4.3 Assessing rental value 4.4 Establishing rental value 4.5 The principle of rental value established through comparison 4.6 Challenges in assessing with reference to comparison 4.7 Non-standard leases 4.8 Establishing rental value where headline rents are used 4.9 The comparative approach: a reservation 4. l0 Continental European leases - an overview of the differences 4.11 Conclusion 5 Assessing capital value: analysing discount rates 5.1 Introduction 5.2 The valuation yield 5.3 The years purchase multiplier 5.4 Gilt yields 5.5 Index-linked gilts and strips 5.6 Property yields relative to gilts yields: the risk premium calculation 5.7 Property equity analysts' approach 5.8 Risk adjusted discount rate 5.9 Unbundling a valuation yield to derive the implied rate of rental growth 5.10 The individual investor's required rate of return or choice of discount rate 5.11 Pay back and discounted pay back 5.12 Certainty equivalent 5.13 Risk adjusted discount rate v. certainty equivalent 5.14 Freehold valuation approaches 5.15 Summary 6 Issuesofleasehold appraisal 6.1 The nature of leasehold interests 6.2 Leasehold value: the profit rent 6.3 Inherent disadvantages of leasehold interest compared to a freehold interest 6.4 A wasting asset and the need for replacement of capital 6.5 Establishing capital value for a leasehold interest 6.6 The conventional or historic perspective 6.7 Summary 7 Structuring investment appraisals to determine investment worth 7.1 Introduction 7.2 The efficient market hypothesis 7.3 The efficient market hypothesis in a property market context 7.4 The worth approach - discounted cash flow analysis 7.5 Introduction to property discounted cash flows …… 8 Rish within the appraisal and worth process 9 Occupational property: decision-making and appraisat 10 Funding and financial structrues 11 Measuring return 12 Handling risks within the portfolio 13 Forecasting Appendix A: Valuation and finance formulae Appendix B: Worked examples in the chapters: how to download spreadsheets from the web site Index |
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