Investment decision analysis/投资决策分析
1.Introduction to investment decision making/投资决策简介
1.1Overview/概述
1.2Investors/投资者
1.2.1Investment alternatives/投资方式
1.2.2Bond market/债券市场
1.2.3Stock market/股票市场
1.2.4Real estate/房地产
1.2.5Four quadrants of real estate investment/房地产投资四象限
1.2.6sources of debt and equity capital/债权和股权资本来源
1.3Space market versus capital market/空间市场与资本市场
1.3.1Capital market/资本市场
1.3.2Space market/空间市场
1.3.3Interaction between the space and capital market/相互影响
1.3.4key topics/关键主题
1.3.5Cap rate trends/资本化率趋势
2.Ownership entities/所有权实体
2.1Legal ownership forms/法定所有权形式
2.1.1Sole proprietorship/独资企业
2.1.2Partnerships/合伙公司
2.1.3Corporations/法人公司
2.2Public real estate investment trusts/公募REITs
2.3Real estate investment vehicles/房地产投资载体
2.3.1Pension funds/养老基金
2.3.2Joint ventures/合资企业
2.3.3Syndication/group funding sources银团/集团资金来源
3.Taxation/税务
3.1Tax consideration at acquisition/获取时税务考虑
3.1.1classification/分类
3.1.2Basis and adjustments/基数及其调整
3.2Tax considerations during operations/运营期税务考虑
3.2.1Adjustment to basis/基数调整
3.2.2Depreciation/折旧
3.2.3Operation/运营
3.2.4Methods of depreciation/折旧方法
3.2.5Capital expenditures/资本性支出
3.3Tax considerations at disposition/处置时税务考虑
3.3.1Methods of disposition/处置方法
3.3.2Effective tax rate/实际税率
4.Financing real estate investments/房地产投资融资
4.1Financial leverage/融资杠杆
4.1.1Types of leverage/杠杆类型
4.1.2Reasons for using debt financing/债务融资原因
4.1.3The effects of leverage on a before-tax basis/税前杠杆影响
4.2Loan underwriting/贷款审核
4.2.1Loan sources/贷款来源
4.2.2Underwriting criteria/审核标准
4.2.3Underwriting process/审核流程
4.3Commercial real estate loan structure/贷款结构
4.3.1Initial loan amount/初始贷款额
4.3.2Nominal interest rate/名义利率
4.3.3Amortization period/分期偿还期
4.3.4Loan term/贷款期限
4.3.5Period payment/定期还款额
4.3.6Mortgage constant/贷款常数
4.3.7Loan balance/贷款余额
4.4Calculating loan components /计算贷款构成
4.5Determining loan amount/确定贷款金额
4.5.1Loan-to-value ratio/贷款价值比
4.5.2Debt-service coverage ratio/偿债备付率
4.5.3Annual debt service/年度还款额
4.5.4Note on debt coverage/偿债偿付说明
4.6Loan fees and loan costs/贷款费用和贷款成本
4.6.1Impact of loan fees/贷款费用的影响
4.6.2Lender’s effective yield with given loan fees amount/有效收益计算
4.6.3After-tax effective cost of funds/税后有效资金成本
4.7Financing alternatives/融资方式
4.7.1Sources of first lien debt /第一留置权债务来源
4.7.2Advantages and disadvantages of each source/每种来源的优缺点
4.8Terms/条款
4.9Participation loans/参股式贷款
4.10Groud leases/土地租赁
4.11Joint ventures/合资企业
4.12Borrower analysis/借款人分析
5.Real estate risk analysis/房地产风险分析
5.1Risk concepts /风险概念
5.1.1Risk and return/风险与收益
5.1.2What is risk/风险是什么?
5.1.3Risk versus uncertainty/风险与不确定性
5.2The risk and return tradeoff/风险收益权衡
5.2.1Expected returns/预期收益
5.2.2Standard deviation of returns/收益标准差
5.3Types of risk/风险类型
5.4Important risk measures/重要风险测算
5.4.1Scenarios/情景分析
5.4.2Sensitivity analysis/敏感性分析
5.4.3Diversification and return correlation/多元化与收益的相关性
5.5Mitigating and managing risk/减轻并管理风险
5.5.1Hedging risks/对冲风险
5.5.2Diversification/多元化
5.5.3Due diligence: a chance to investigate the causes of risk/尽职调查
5.5.4Contracting to manage and shift risks/承包与风险转移
5.5.5Options/期权
6..Investment valuation and performance/投资评估与绩效
6.1Basic value concepts/基础价值概念
6.1.1Market value/市场价值
6.1.2Investment value/投资价值
6.1.3Other types of value/其它价值类型
6.2Approaches to valuation/估值方法
6.2.1Sales comparison approach/销售比较法
6.2.2Cost approach/成本法
6.2.3Income capitalization approach/收入资本化法
6.3Investment comparison: investment ratios/投资比较
6.3.1Gross rent multiplier/总租金乘数
6.3.2Capitalization rate/资本化率
6.3.3Cash on cash/现金比
6.4Valuation for commercial investment/商业投资评估
6.4.1Cap rate and return on investment/资本化率和投资收益
6.4.2Investment analysis using the cash flow model/CFM投资分析
6.4.3Capital accumulation/资本积累
7.Asset management/资产管理
7.1Asset management and real estate analysis/资产管理与房地产分析
7.1.1Evaluating property markets/物业市场评估
7.1.2Evaluating capital markets/资本市场评估
7.1.3Evaluating space markets/空间市场评估
7.2Ownership and disposition phases/持有与处置阶段
7.2.1Ownership phase/持有阶段
7.2.2The refinance decision/再融资决策
7.2.3Renovation decisions/改造决策
7.2.4Disposition phase/处置阶段
7.3Calculating the investment base /计算投资基数
7.3.1Comparing ownership and disposition alternatives/持有和处置比较
7.3.2Refinance as an alternative to sale/再融资替代出售
7.3.3Investment base for hold and refinance/持有并再融资的投资基数
7.3.4Exchange/置换
7.3.5Using investment bae/运用投资基数
8.Hold and dispose alternatives/持有后处置方案
8.1Outright (all cash) sale/全现金销售