Randall Zisler

Commercial Real Estate Investing (eBook, PDF)

An Evidence-Based Approach to Risk Management, Strategic Valuation, and Enhanced Returns

• Format: PDF

Produktbeschreibung

The hard, unfiltered truth about the biggest myths and mistakes in real estate investing

Commercial Real Estate Investing: An Evidence-Based Approach to Risk Management, Strategic Valuation, and Enhanced Returns is an evidence-based guide and critique of investment practices that teaches investors how to avoid uncompensated risk, improve risk-adjusted returns, and avoid wealth-destroying myths. Each chapter includes an executive summary and numerous exhibits. The book also features interviews with senior real estate industry leaders.

The author, Dr. Randall Zisler, legendary advisor to the largest global institutional investors, former Goldman Sachs real estate research director and Princeton University professor, has completed over $6 billion of institutional transactions. Not beholden to any investor or money manager, he is uniquely positioned to speak truth to capital and power; he is completely objective.

Topics include:

• Investment challenges like COVID, inflation, diversification, liquidity, downside, development risk, leverage, underfunded public pension funds, default, obsolescence, and the Winner's Curse
• The building blocks of real estate, including public and private equity and debt
• Property types, such as housing, retail, self-storage, industrial warehouses, and office
• Public policy, including land use controls, rent stabilization, affordability, and sprawl;
• Risk-based simulations of deals with leverage, limited and general partners and fees
• Investor checklist of risks and opportunities

Sidestepping industry platitudes and abstraction, Commercial Real Estate Investing is a must-read for all real estate professionals as well as novices who seek better decisions with greater confidence while avoiding one-size-fits-all solutions.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 515
• Erscheinungstermin: 6. Oktober 2025
• Englisch
• ISBN-13: 9781394326396
• Artikelnr.: 75622059

Autorenporträt

Randall Zisler, Ph.D., Co-Founder of Zisler Capital Associates, LLC, was a Princeton University professor teaching economics and finance. He was real estate research director at Goldman Sachs and Nomura Securities, co-head of investment banking at Jones Lang LaSalle, a partner at Pension Consulting Alliance, and CIO to Merv Griffin.

Inhaltsangabe

Acknowledgments vii About the Author xiii PREFACE xvii Part I Introduction to Real Estate and Risk 1 1 Who Should Read This Book
and Why? 3 Q&A: Interview with Danel Neidich
CEO and Founder
Dune Capital Management and former Goldman Sachs Partner 10 2 Statistics
Monte Carlo
Bayes Rule
Stochastic Arithmetic
and Uncertain Attributes 13 Q&A: Interview with Professor Joseph L. Pagliari
Jr.
John Mazarakis and Chicago Atlantic Clinical Professor of Real Estate
The University of Chicago 47 Part II The Building Blocks: Public
Private
Equity
and Debt 51 3 What Is Real Estate? Leases
Buildings
and Cities 53 Q&A: Interview with Michael Fascitelli
Chairman
MDF Capital 62 4 The Capital Stack
Optimal Leverage
WACC
and Mortgage Default 65 Q&A: Interview with Michael Giliberto
Co-Creator of the Giliberto-Levy Indexes; formerly senior portfolio manager at J. P. Morgan; and currently serving on corporate and pension fund boards 79 5 The Lease: An Options Approach and Upward-Only Adjusting Leases 81 Q&A: Interview with Doug Lyons
Managing Principal
Pearlmark 99 6 The Real Estate Quadrants: Interdependent and Predictive 101 Q&A: Interview with Ethan Penner
Chairman
MOSAIC 139 7 Property: The Macroeconomics of Performance and Risk 141 Q&A: Interview with Owen Thomas
Chairman and CEO
BXP
Inc. 152 8 Office Property: COVID-19
Obsolescence
Work From Home (WFH)
and Conversions 155 Q&A: Interview with John Sischo
Managing Principal
Coretrust Capital Partners
LLC 185 9 Risk Analysis in Practice: Retail
Self-Storage
and Housing 187 Q&A: Interview with Benjamin Shibe Macfarland III
CEO
SROACapital.com
LLC 199 Part III Performance Analysis
Risk
and Popular Myths 201 10 Asset Allocation
with and without Liabilities
and Shortfall Constraints 203 Q&A: Interview with Sonny Kalsi
Co-CEO
BGO 250 11 Optimal Development: Linkage
the Internal Cost of Capital
and Risk 253 Q&A: Interview with Steve Wechsler
President and CEO of National Association of Real Estate Investment Trusts 276 12 Cap Rates and Hidden Information: Avoiding Traps with Caps 279 Q&A: Interview with Steve Rosenberg
Founder and CEO
Greystone 313 13 Liquidity: Turnover
MSA Liquidity
and Investment Horizon 315 Q&A: Interview with Ron Havner
Chairman of Public Storage and Chairman Emeritus of Shurgard 340 14 Is Real Estate an Effective Inflation Hedge? Only in the Long Run 343 Q&A: Interview with Jason Benderly
President
Benderly Economics and former Chief Economist of Goldman Sachs 371 15 A Monte Carlo Model of GP and LP Interests in a Structured Joint Venture 373 Q&A: Interview with Ralph Rosenberg
Chairman of Real Assets
KKR 391 Part IV The Public Sector and Collective Risk 393 16 Public-Sector Risk: Introduction to Sprawl and Rent Control 395 Q&A: Interview with Matthew Zisler
Senior Managing Director
Greystone 401 17 Sprawl: An Options Perspective 403 Q&A: Interview with Daniel Cummings
Managing Director
Bain Capital 410 18 Rent Control Redux: Prediction
Assessment
and Opportunity 413 Q&A: Interview with Aly Worthington
Head of Capital Markets
Summit Development 425 Part V Behavioral Bias
Investment Risk
and An Investor's Guide 427 19 Cognitive Errors
Picking Winners
and the Risk of Overpaying 429 Q&A: Interview with Susan Stupin
Managing Director
Prescott Holdings
LLC; The Prescott Group
LLC 446 20 Underfunded Public Pension Funds
Risk
and Alternatives 449 Q&A: Interview with Richard F. Burns
Senior Advisor & Trustee
The NHP Foundation 460 21 Investor's Checklist and Conclusions 463 Q&A: Interview with Russell Platt
Co-Founder and CEO of Forum Partners 469 Notes 471 Index 477