- CFA Exams
- Level II 2021
- Study Session 15. Alternative Investments
- Reading 39. Private Real Estate Investments
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Learning Outcome Statements PDF Download
| 1. Basic forms of real estate investments a. classify and describe basic forms of real estate investments; | |
| 2. Characteristics and classifications b. describe the characteristics, the classification, and basic segments of real estate; | |
| 3. Private market real estate equity investments c. explain the role in a portfolio, economic value determinants, investment characteristics, and principal risks of private real estate; d. describe commercial property types, including their distinctive investment characteristics; | |
| 4. The income valuation approach e. compare the income, cost, and sales comparison approaches to valuing real estate properties; f. estimate and interpret the inputs (for example, net operating income, capitalization rate, and discount rate) to the direct capitalization and discounted cash flow valuation methods; g. calculate the value of a property using the direct capitalization and discounted cash flow valuation methods; h. compare the direct capitalization and discounted cash flow valuation methods; | |
| 5. The cost and sales comparison approaches to valuation i. calculate the value of a property using the cost and sales comparison approaches; | |
| 6. Due diligence j. describe due diligence in private equity real estate investment; | |
| 7. Indices k. discuss private equity real estate investment indices, including their construction and potential biases; | |
| 8. Private market real estate debt l. explain the role in a portfolio, the major economic value determinants, investment characteristics, principal risks, and due diligence of private real estate debt investment; m. calculate and interpret financial ratios used to analyze and evaluate private real estate investments. |
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