“Peter’s book brings a much needed blend of theory and practice to the analysis of real estate finance and investment. Too often this field is presented as little more than algebra, with students assembling rows and columns of numbers, but having no idea what they mean.”
-Samuel Zell
Chairman of Equity Office Properties and Equity Residential Properties
Chairman of Equity Investment Group
"Linneman's new text provides the best investment analysis of real estate that I have seen. The book is comprehensive, clearly written, and the examples are both relevant and well presented. For students, professors, and young professionals desiring a thorough grounding in real estate finance and investment analysis, this text will provide a compelling and satisfying answer."
-Dr. Joe Gyourko
Martin Bucksbaum Professor of Real Estate and Finance
Wharton School of Business, University of Pennsylvania
“I enjoy using this book because it is straightforward and not afraid to tackle nuances that are often ignored, such as problems with using cap rates to evaluate hotel investments. The structure also allows you to teach at multiple levels within the same class. Topics are covered succinctly in a nuts-and-bolts manner; but there are supplemental chapters that bring more complex analyses within the context of historic events and current markets.”
-Glenn Williamson
Amber Real Estate LLC
Adjunct Professor, Georgetown University
“Peter Linneman’s text is unique in that it teaches students to apply logic and common sense to their quantitative analysis of real estate. I am not aware of any other textbook that does this better. By the end of the course my students were able to analyze and make good judgment calls in complicated real estate case studies. Several have reported back that they are applying the practical tools and skills they acquired in the course to their jobs and internships. Analyzing the risks and opportunities the way Linneman does is what it is all about.”
-Irene Z. McFarland
Edward J. Bloustein School of Planning and Public Policy
Rutgers, The State University of New Jersey
“The new edition is a great improvement – it incorporates a lot of material that I used supplements for last time…Overall, the tone and level are exactly what I was looking for – something that respects quantitative analysis and explains it clearly while encouraging students to understand its limits.”
-Marshall Tracht
New York Law School
“I think the new edition of Dr. Linneman’s book is an excellent textbook…in commercial real estate investment and finance. It is concise (no-nonsense), easy to read, merging seamlessly the industry practice with academic discipline in a logical way. I found the real world examples and cases refreshing.”
-Peng (Peter) Liu
Cornell University
“I found it to be a very comprehensive and easy to read text that provided a valuable mix of theory and practice. The widespread use of case study examples and supplementary material is very useful and clearly based on a great deal of first-hand experience. On a presentational note, the use of color and illustrations helps too and is something sadly lacking from many UK text books…Some specific areas of material that I particularly liked were: the use of a ‘stacking plan’ for illustrating occupation of multi-let buildings and the build-up of a property level pro forma using unlevered, levered, and after-tax cash-flows.”
-Dr. Peter Wyatt
University of Reading
“The book contains excellent case studies and examples that are very relevant and insightful for the students. The case studies are very well developed, and illustrate the integration of theories and real world applications.”
-Tien Foo Sing
National University of Singapore
“Let me compliment you on its clarity and simplicity - a welcome carryover from the second edition. I cannot emphasize that enough because that is what is missing in most real estate texts. Adding contemporary sketches (your articles) about the most recent situation (sub-prime mortgage crisis, etc…) is equally important. It gives the reader a sense of reality and reveals that you and the text are up-do-date.”
-Alex Garvin
Yale University
“Not surprisingly in view of Peter’s experience, this book combines the discipline and breadth of a top scholar, with the feel and judgment of a top industry professional. The book is well written and students will enjoy its style, clear examples, and logical presentation of challenging material.”
-Brent Ambrose
Kentucky Real Estate Professor
Gatton College of Business and Economics, University of Kentucky
“Finally, a real estate book that I can feel good about assigning. Peter’s book is clear and to the point, allowing students to grasp the fundamentals. At the same time, the book conveys the subtleties of real estate analysis which are rarely covered. The book covers all of the major topics, and should quickly establish itself as the dominant book in the field.”
-Dr. Kenneth T. Rosen
California State Professor of Real Estate and Urban Economics
Haas School of Business, University of California at Berkeley
“This book offers students a rare glimpse into the tools and decision making of real estate finance. Its straightforward exposition allows one to grasp the challenges facing real estate investors, and provides them with an excellent foundation upon which to build their careers. This book will be required reading for new real estate professionals for many years to come.”
-Dean Adler
Principal, Lubert-Adler Real Estate Funds
“Dr. Linneman's text has drawn the much needed line between the theoretical world and the real world. The text applies the necessary theory with a large dose of reality. It is concise, well written and the 'real world' examples are invaluable. Students and professionals will profit from this book for many years to come.”
Coleman Rector
Principal, The Rector Companies
Johns Hopkins University, Professor of Real Estate Investments
“The Second Edition of Peter’s text augments what was already a highly insightful, accessible and technically robust guide to real estate finance. I loved teaching the text, my students loved reading it, and many vowed to keep it as a permanent reference. In addition, the case study and quiz materials included with the text are a phenomenal pre-packaged way to test learning at the same level of intensity which it was tested when I was a student of Peter’s at Wharton.”
Bruce Kirsch
Georgetown University
“It resolves the tension between the “tower” and “street” perspectives as well as any treatment of real estate investment to date. Moreover, it offers any reader—advanced or neophyte—an indispensable guide to enlightened analysis.”
George A. Overstreet
McIntire School of Commerce, University of Virginia
“Real Estate Finance & Investments served as the primary text and reference for Real Estate Design & Development, an undergraduate and graduate school elective we taught in the Fall of 2009 at Syracuse University. The text clearly explained real estate fundamentals to those new to the industry while also offering more in depth financial analysis and underwriting instruction for our more advanced students. In addition, Linneman’s straightforward approach and balanced outlook helped support our exploration of the more nuanced and personal issues of risk mitigation, capitalization and exit goals and industry ethics.”
Jared Della Valle & AJ Pires
Real Estate Design & Development, Syracuse University
“What I love about Real Estate Finance and Investments is the way Dr. Linneman blends finance theory with real world application. This book, unlike many others, discusses the realistic limits of real estate quantitative analysis and recognizes the value of experience and good decision making skills. The real estate market is very different from other financial markets and this book is the first I’ve used that fully reflects the different skills and thought processes that are needed for success in real estate investment.”
Bruce L. Gordon, CRB, Ph.D
University of North Alabama
"Dr. Linneman's book has proven to be the single best resource for my students as it explains the fundamentals of real estate finance in a way that non real estate professionals can easily understand. I have also been told by professional real estate brokers that this book explained certain concepts as simply and completely as they had seen it done in their entire career."
Kyle Miller
University of Houston
“It (the book) is so rich I can’t afford not to use it! I plan on using it exclusively for Fall 2010!”
Tony Graham
North Carolina A & T State University
“I think it is an excellent book to use for the undergraduate Real Estate Investment course. It is direct, practical and succinctly covers all the bases.”
Paul Jones, President
Pyramid Realty Group, Inc.
And adjunct Professor at Florida International University
“I love the way it brings together the “real world” aspects of real estate to academia…, coming from 20+ years of experience as a real estate developer, commercial contractor, property manager and broker. The students understand and respond to the text better than other more technical texts that I have taught from over the years.”
Coleman Rector,
Weber Rector Real Estate
“His book is far superior to the other ones I was offered to use in the course I teach this Fall, Finance & Investment Analysis. Peter's perspective is so obviously more practical and influenced by his daily practice of the field, not just the academic pursuit of it. Peter's textbook is most helpful, informative, well written (by a practitioner, not academic) excellent in its explanations of some "mysterious" points in finance and most useful in our class students gave it solid thumbs up reviews. What I like most about it is the very practical approach and clear explanations Peter uses in all his topics/examples good simple examples too; he also refuses to give black and white answers to questions (especially in the pro formas) when no such clarity exists in the real world where so much judgment/discretion is involved....very good for students to read that.”
John S. B. Oler, President
JSBO Realty & Capital Inc.
Adjunct Professor at New York University
“There are plenty of excellent examples of real life issues which I found very refreshing.”
Professor Norman Hutchison
University of Aberdeen Business School
“As a real estate industry professional at Hines and a professor at New York University, I can say that Dr. Linneman's textbook provides a detailed and comprehensive analysis of real estate finance and provides a solid base (and recap) of real estate fundamentals. The textbook is an "easy read" (as opposed to most textbooks) and has been very well received and appreciated by my students.”
Bart Swenson
Vice President, Hines
Adjunct Prof NYU
“As a University of Chicago economics PhD and Professor of Real Estate Finance at The Wharton School of the University of Pennsylvania, one of the few business schools that teaches the real estate business in a thoroughgoing way, Peter Linneman is the top real estate finance academic in the country. I recently heard him speak at a conference on real estate mergers in NYC, and he was one of the best professional speakers of any kind that I have ever heard in 20 years of real estate law practice. His splendid textbook, Real Estate Finance & Investments, reads almost exactly like he speaks. It's like a superb, clear, and witty set of lectures, all encapsulated in a textbook. Linneman is not only a topflight academic, but has substantial direct involvement in the real estate business. This very much shows in the book, which takes the most abstract scholarly knowledge and makes it easy to understand through examples of crystalline clarity. It is a godsend to those who work in the real estate sector that someone as smart as Linneman would take the time to write this awesome textbook, which not only must be the best textbook on real estate finance, but is one of the best textbooks of any kind I have ever read.”
There are only opportunities, and no risks in buying and reading this super textbook.
Charles Schilke
Adjunct Professor Georgetown University
“The coverage and pedagogic framework are both compelling as it assembles diverse tools and analytic techniques for evaluating issues in the marketplace. Far from burying the student in mathematical constructs, the book brings out the fundamentals quickly as it fosters an understanding of both the conceptual and practical dimensions of the business.”
Jide Iwarere
Howard University
At the core of Dr. Peter Linneman’s text, you will find the sound principles every successful real estate finance professional must comprehend. That core lays the foundation to fully employ the text’s most dynamic teaching materials—the case studies. When effectively consumed together, your class will have very meaningful and engaging discussions that will provide the seeds of growth for the best and brightest real estate professionals of tomorrow.”
David Neel
Concordia University
“I read Dr. Peter Linneman's real estate finance and investments textbook from cover to cover a found it to be an excellent and balanced blend of real estate finance theory and practice. I plan to recommend it to my students … and colleagues who may be searching for an excellent commercial real estate finance textbook.”
Dr. Seth Gakpo
Eastern Kentucky University
“Having worked in the commercial and corporate real estate community for a number of years…I find the realism of the material a welcomed change from the spoon fed material of most texts. The text is well suited for a four year program or for a graduate program or for continuing education for commercial real estate agents.
William Cahaney
University of Louisville
“I believe it is an excellent publication partly because it is straightforward, no-nonsense, and teaches at a high level, partly leaving the basic matters of metes and bounds, sample broker agreements, sample leases, etc. out of the publication. Those can be found in any number of other resources and they don't elevate the classroom discussion, which is a priority for me.”
Thomas L. Peterson
Marriott School of Management
Brigham Young University
“Linnemann’s text makes real estate finance accessible, from single-project investments and development to public markets and corporate real estate. My students typically have no finance background, but REF&I enables them to develop a broad grasp of real estate asset and capital markets and a nuanced understanding of the uses – and limitations – of quantitative real estate analysis in one semester.”
Marshall Tracht
New York Law School
“Peter Linneman presents the material in a clear manner, minimizing the use of jargon. The book becomes easy to read and apply, whether among practitioners or advanced graduate students.”
Peter Chinloy, Kogod School of Business, American University.”
Peter Chinloy
Kogod School of Business
American University
