Real Estate Mathematics: Applied Analytics and Quantitative Methods for Private Real Estate Investment

By McCarthy, William P. J. | Real Estate Issues, Summer 2012 | Go to article overview

Real Estate Mathematics: Applied Analytics and Quantitative Methods for Private Real Estate Investment


McCarthy, William P. J., Real Estate Issues


RECOMMENDED READING Real Estate Mathematics: Applied Analytics and Quantitative Methods for Private Real Estate Investment by David J. Lynn, Ph.D., CRE, with Tim Wang, Ph.D. (©2011, PEI, 250 pages)

THERE IS AN EXCELLENT NEW ADDITION to the already crowded collection of texts on real estate math and its applications entitled Real Estate Mathematics: Applied Analytics and Quantitative Methods for Private Real Estate Investment. The Counselors of Real Estate® can take pride in the fact that five Counselors contributed excellent chapters to it, and one, David J. Lynn, also served as co-editor.

Real Estate Mathematics, published last year by the Private Equity Institute (PEI) presents in nineteen detailed, yet succinct chapters what its subtitle states: an applied analytical and quantitative method for private real estate investment. The publication of this book is timely, as is its structure and format. For real estate markets to improve and to avoid the nonsense and corruption that led to the global meltdown in markets will require a return to solid real estate analysis and the application of tested real estate mathematics, calculations and measurements. These standards, used by skilled and ethical practitioners, are the best safeguard against bad practices, behavior and results.

More than 25 leading real estate experts contributed to this publication. These include our five fellow CREs whose chapter contributions give a flavour to both the quality of the writers and the text as a whole.

David J. Lynn, CRE, managing director, senior strategist and generalist portfolio manager, Clarion Partners, New York City, co-edited the book and wrote the chapter on "Distressed Debt Investing" (co-authored with fellow editor Tim Wang). This chapter is an excellent primer to the characteristics of distressed debt, especially in light of recent developments and practices. The authors provide practical investment strategies that capitalize on the increasing amounts of distressed debt on banks' balance sheets. The chapter illustrates how either loan-to-own or hold-to-maturity purchasing approaches for distressed debt investments can be utilized in today's markets.

Hugh F. Kelly, CRE, 2012 CRE vice chair and clinical professor of real estate, New York University Schack Institute of Real Estate, Brooklyn, N.Y., contributed the chapter entitled "Real Estate Investment, Capital Structure." Kelly's chapter focuses on the concept of capital structuring and its consistent reliance on debt financing which, so long as the debt is prudently structured and adequately hedged, can serve as a means of maximizing real estate values for a variety of investor types. Using detailed mathematics and capital structuring, Kelly shows how various strategies, including hybrid capital structuring can prudently utilize both debt and equity financings.

Scott R. Muldavin, CRE, president, The Muldavin Company, Inc., San Rafael, Calif., wrote the chapter "Special Considerations in Sustainable Property Financial Analysis." This chapter is both analytical and topical, as sustainable property investment is increasingly in vogue and will likely remain so going forward. The chapter focuses on the author's six steps towards analyzing and refining the qualitative nature of their research, and which will produce viable results considering the effects of sustainability.

Roy J. Schneiderman, CRE, principal, Bard Consulting LLC, San Francisco, co-authored with Dean Altshuler, the chapter entitled "Key Considerations in Joint-Venture Projects." The approach of this chapter focuses on cash flow issues, and their critical importance on various types of joint venture projects including single and multi-asset projects and programmatic joint ventures. …

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