2nd Edition

Property and Money





ISBN 9780728202788
Published March 15, 1998 by Estates Gazette
380 Pages

USD $56.95

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Book Description

Property and Money is a simple guide to the investment and financial aspects of commercial property. Putting property into its financial context, it seeks to bridge the world of the surveyor and property developer and the investment and financial markets of the City of London.

The book starts from first principles, assuming no pre-existing knowledge. It is thus suitable for students as well as more established property practitioners and its appeal extends to bankers, solicitors, accountants and fund managers whose work brings them into contact with commercial property transactions. This updated and expanded edition includes coverage of:

- Principles and pitfalls of property finance

- How the property investment market works

- Evaluating property and its performance

- Understanding property companies and their accounts

- How property companies get into trouble

- Bank loans, bonds, profit-share agreements, leasebacks and other methods of property finance

- The crash of the early 1990's and its consequences.

Based on a widely acclaimed series of articles that appeared in Estates Gazette magazine, Property and Money is complemented by an extensive index and glossary and enlivened by Nick Newman's cartoonist-eye view of the property world.

Table of Contents

Introduction   1. Characteristics of property   2. What we mean by yield   3. Why values rise and fall   4. Valuing future rental increases   5. Evaluating the asking price   6. Calculating the actual return   7. Valuating leaseholds   8. What land is worth   9. Measuring property performance   10. When valuations are needed   11. How accurate are valuations?   12. Valuing from the armchair   13. Property financing constraints   14. Investors and traders   15. Property and property company shares   16. Foreword to the figurework   17. Tackling property company accounts   18. On and off balance sheet   19. Classes of capital and capital issues   20. Calculating with convertibles   21. The profit and loss account   22. Profit and loss refinements   23. Untangling a property trader   24. Off balance sheet traders   25. Cash flow before profit   26. Launches on the stock market   27. Property company takeovers   28. Categories of finance   29. Financing with commercial paper   30. Multiplying the financing options   31. Hedging interest rate risks   32. Borrowing for the long term   33. Yields and redemption yields   34. Problems of security   35. Tapping the euromarkets   36. Warrants, options and complex convertibles   37. Project loans for development   38. Loans with profit share   39. Lenders and loan enhancements   40. Mortgages for business   41. Credit risk and credit enhancement   42. Leasebacks old and new   43. Unitisation and securitisation   44. How property bucks the trend   45. Trends in finance and property cycles   46. The crash of the early 1990s   47. Valuing over-rented properties   48. Phoney rents and true rents   50. Why landlords like headline rents   51. Valuing with shorter leases   52. Who does what in property

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Author(s)

Biography

Michael Brett is a freelance financial journalist, part-time lecturer on financial topics and author of the business bestseller How to Read the Financial Pages.