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Thank you for using Real Estate Finance and Investments by Professor Peter Linneman of the Wharton School.

ACKNOWLEDGEMENTS I
PREFACE II
ABOUT THE AUTHOR III
REVIEWS IV
PERMISSIONS TO RE-PRINT VIII
CHAPTER 1: INTRODUCTION: RISKS AND OPPORTUNITIES 1
CHAPTER 2: WHAT IS REAL ESTATE?
Supplement A: International Real Estate Investing
(Wharton Real Estate Review, Spring 2001, Peter Linneman)

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CHAPTER 3: THE FUNDAMENTALS OF COMMERCIAL LEASES 34
CHAPTER 4: PROPERTY LEVEL PRO FORMA ANALYSIS
Supplement A: The Connection Between Capital and
Physical Markets: Drivers of Real Estate
(Immobilien Manager Verlag, IMV GmbH & Co. KG
Handbook Real Estate Capital Markets, 2008)
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64
CHAPTER 5: FINANCIAL MODELING 71
CHAPTER 6: REAL ESTATE DUE DILIGENCE ANALYSIS
Supplement A: Forecasting 2020 U.S. Country and
MSA Populations
(Wharton Real Estate Review, Fall 2006, Peter Linneman/Albert Saiz)
Supplement B: Regional Growth Variability
(Wharton Real Estate Review, Spring 2007,
Peter Linneman/Debbie Moy)
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103
CHAPTER 7: THE USE AND SELECTION OF CAP RATES
Supplement A: A Disconnect in Real Estate Pricing?
(Wharton Real Estate Review, Spring 2004, Peter Linneman)
Supplement B: The Equitization of Real Estate
(Wharton Real Estate Review, Fall 2006, Peter Lnneman)
Supplement C: How Should Commercial Real Estate Be Priced?
(Wharton Real Estate Review, Spring 2008, Peter Linneman)
Supplement D: What Determines Cap Rates?
(The Linneman Letter, Summer 2015 Vol. 15, Issue 2)

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CHAPTER 8: DEVELOPMENT PRO FORMA ANALYSIS 156
CHAPTER 9: DEVELOPMENT FEASIBILITY ANALYSIS
Supplement A: Construction Costs
(The Linneman Letter, Fall 2006)
Supplement B: Construction Costs
(The Linneman Letter, Summer 2010)

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CHAPTER 10: REAL ESTATE COMPANY ANALYSIS 189
CHAPTER 11: REAL ESTATE BANKRUPTCY BASICS 199
CHAPTER 12: SHOULD YOU BORROW? 203
CHAPTER 13: THE USE OF DEBT AND MORTGAGES 214
CHAPTER 14: COMMERCIAL MORTGAGE BACKED SECURITIES
Supplement A: How We Got to the Credit Crisis
(The Linneman Letter, Spring 2008)
Supplement B: The Capital Markets Disarray
(Wharton Real Estate Review, Fall 2007, Peter Linneman)

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CHAPTER 15: GROUND LEASES AS A SOURCE OF FINANCE 248
CHAPTER 16: REAL ESTATE EXIT STRATEGIES 253
CHAPTER 17: REAL ESTATE PRIVATE EQUITY FUNDS
Supplement A: Revisiting Return Profiles of Real Estate
Investment Vehicles
(The Linneman Letter,Winter 2005)
Supplement B: Understanding the Return Profiles of Real Estate
Investment Vehicles
(Wharton Real Estate Review, Fall 2003,
Peter Linneman/Debbie Moy)

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CHAPTER 18: REITS AND LIQUID REAL ESTATE
Supplement A: The Forces Changing the Real Estate
Industry Forever
(Wharton Real Estate Center, January 1997, Peter Linneman)
Supplement B: The Forces Changing the Real Estate
Industry Forever; 5 Years Later
(Wharton Real Estate Review, Fall 2002, Peter Linneman)
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CHAPTER 19: CORPORATE REAL ESTATE DECISION MAKING
Supplement A: A New Look at the Homeownership Decision
(Housing Finance Review, Winter 1986, Peter Linneman)
Supplement B: Evaluating the Decision to Own
Corporate Real Estate
(Wharton Real Estate Review, Spring 2008, Peter Linneman)
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CHAPTER 20: REAL ESTATE CYCLES
Supplement A: Is This The Worst Ever?
(The Linneman Letter, Fall 2008)
Supplement B: Is This The Worst Ever Yet?
(The Linneman Letter, Winter 2008)
Supplement C: Will We Need More Office Space?
(Wharton Real Estate Review, Fall 1997, Peter Linneman)
358
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CHAPTER 21: THERE ARE A LOT OF RIGHT WAYS TO DO IT
Supplement A: Some Observations on Real Estate
Entrepreneurship
(Wharton Real Estate Review, Fall 2007, Peter Linneman)
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402
PREREQUISITE I: THE BASICS OF DISCOUNTED CASH FLOW & NET
PRESENT VALUE ANALYSES
411
PREREQUISITE II: IRR: WHAT IT IS AND WHAT IT ISN'T 423
PREREQUISITE III: AMORTIZATION FUNDAMENTALS 428
SUPPLEMENTAL I: THE RETURN CHARACTERISTICS OF
COMMERCIAL REAL ESTATE
Supplement A: The Return Volatility of Publicly and
Privately Owned Real Estate
(Wharton Real Estate Review, Fall 2004, Peter Linneman)
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SUPPLEMENTAL II: A LOOK AT A REAL CMBS ISSUE 453
SUPPLEMENTAL III: CAREERS IN REAL ESTATE 459
SUPPLEMENTAL IV: ARGUS Enterprise by ARGUS Software 462
SUPPLEMENTAL V: CASES 479
INDEX   490
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