Actuarial Notes

Commercial Real Estate Analysis for Investment, Finance, and Development

By David M. Geltner, Norman G. Miller, Alex Van De Minne, Piet Eichholtz, Thies Lindenthal and Lily Shen · Routledge · 2026

Study guide: Exam INV-101

A fully revised fourth edition that presents the foundations of real estate investment analysis with the rigor of general finance and economics, introducing market assumptions, valuation, financial analysis and development. Its topics include value concepts, mortgage analysis, financing alternatives, option value, leverage and risk analysis, and institutional and capital market trends, and the new edition addresses climate risks, alternative property types and the impact of technology on real estate as an asset class. The publisher lists chapters 16 to 29 as online chapters.

On the syllabus

  • Exam INV-101 — Section VI Introduction (background only) and Ch. 19 Mortgage Basics I: An Introduction and Overview (outcome 1a); Ch. 13 After-Tax Real Estate Investment Analysis, Ch. 14 Advanced Topics I: Investment Value in Property Investment and Debt Financing, and Ch. 26 Real Estate Investment Trusts, section 26.2 only (outcome 1b)

Preface

Organization of Book

Part I Real Estate Investment Foundation, Time Value of Money and NPV Decision Rule

1 Introduction to Commercial Real Estate Investment

2 Present Value Mathematics for Real Estate

3 Measuring Investment Performance: The Concept of Returns

4 Micro-level Valuation of Real Estate: DCF & NPV

Part II Nuts and Bolts of Property Income Analysis

5 Income Definitions for Commercial Real Estate

6 Determinants of Rent I: Market Level

7 Determinants of Rent II: Property Level

8 Forecasting the Space Market I: Real Estate Market Analysis

9 Forecasting the Space Market II: Estimating Cash Flow Growth

10 Leases and Leasing Strategies

Part III Completing the Basics of Micro-level Real Estate Investment & Finance

11 Finding the Cost of Capital for Your Real Estate Investment

12 Use of Debt in Real Estate Investment: The Effect of Leverage

13 After-Tax Real Estate Investment Analysis

14 Advanced Topics I: Investment Value in Property Investment & Debt Financing

15 Advanced Topics II: Capital Structure

Part IV Real Estate Development

16 Real Options and Land Value

17 Investment Analysis of Real Estate Development Projects I: Overview & Background

18 Investment Analysis of Real Estate Development Projects II: Economic Analysis

Part V Mortgages from an Investment Perspective

19 Mortgage Basics I: An Introduction and Overview

20 Mortgage Basics II: Payments, Yields and Values

21 Commercial Mortgage Analysis and Underwriting

Part VI Macro-Level Real Estate Investment Analysis

22 Real Estate and Portfolio Theory: Strategic Investment Considerations

23 Equilibrium Asset Valuation and Real Estate’s Price of Risk in the Capital Market

24 Data Challenges in Measuring Real Estate Periodic Returns

25 Real Estate Investment Management

Part VII REITS, Climate, and Other Selected Topics

26 Real Estate Investment Trusts (REITS)

27 International Real Estate Investments: Markets, Strategies, and Implementation

28 Real Estate, Sustainability, and Climate Risk

29 Technology and Real Estate: A Synthesis

Sources