Premium Essay

Dancing Bird


Submitted By bouche911
Words 1738
Pages 7
11.431/15.426J Real Estate Finance & Investments I: Fundamentals & Micro-Level Analysis Fall 2006

Introductory Lecture Slides
(Selections from Chs.1, 2, 7 of text.)


Overview: 1. 2. 3. 4. 5. 6. Magnitude of Real Estate Investment Performance of R.E. Investment The “Real Estate System” (role of capital mkts) The space market The asset market & investment industry Example real world R.E. development investment


Figure 1a: Net Asset Value of U.S. Structures ($ billions, 2003, source BEA) Total = $ 23,747

Govt. R.E., $5,751

Houses, $11,917

Commercial R.E., $6,079



Figure 1b: Net Asset Value of U.S. Commercial Real Estate Structures ($ billions, 2003, source BEA) Total = $ 6,079 Billion

Institutional, $955 Hotel & Recreational, $554

Office, $1,131

Retail, $1,313 Residential (apts), $1,168 Industrial*, $958



U.S. Institutional Commercial Real Estate
Physical Stock: 44B SF
U.S. Commercial R.E. Physical Space (SF)

Capital Value: $3.3 Trillion
U.S.Commercial R.E. Capital Value ($)

Retail 25% Apartment 41%
Retail 34%

Apartment 25%

Warehouse 9%

Office 18% Warehouse 16%
Office 32%

Source: PPR, 2003


Asset Mkt

Exhibit 1-5: Major Types of Capital Asset Markets and Investment Products Public Markets: Equity Assets:
Stocks REITs Mutual funds

Private Markets:
Real Property Private firms Oil & Gas Partnerships Bank loans Whole Mortgages Venture Debt

Debt Assets:

Bonds MBS Money instruments



1.2.4 The Magnitude of Real Estate in the overall Capital Market…
Exhibit 1-7 US Capital Market Sectors, a $70 Trillion Pie…
U.S. Capital Market Sectors, a $70 Trillion Pie

Private Debt (49% RE), 16%

Public Debt (22% RE), 30%

Private Equity (78% RE), 30% Public Equity (17% RE*), 24%

*Corporate real estate owned by publicly traded

Similar Documents

Premium Essay

Prairie Chicken Research Paper

...cupido attwateri) is an endangered subspecies of the now extinct Heath Hen that historically resided throughout Texas and Louisiana. It is a ground bird, known as a grouse, and part of the North American grouse family. The Attwater’s Prairie Chicken is roughly 17-18 inches tall and is smaller than it’s lighter colored relative, the Greater Prarie-Chicken Image of a male Attwater’s Prairie Chicken showing typical habits of their mating dance: cheek sacs inflated and the longer feathers at the ears and tail erect. (Image from TDPW) This bird is a medium sized grouse heavily bands of dark brown, black and beige plumage. The male has flashy bright yellow eye combs and long...

Words: 855 - Pages: 4

Free Essay

Flora and Fauna

...PHILIPPINE FLORA AND FAUNA Flora and fauna refer to plant and wildlife, respectively. The indigenous plant and wildlife of a geographical region is often referred to as that region’s flora and fauna. Both are collective terms, referring to groups of plant or wildlife specific to a region or a time period. For example, the flora and fauna of a warm region may consist of tropical to warm-temperate vegetation and exotic species of birds. By definition, flora is a word of Latin origin referring to Flora, the goddess of flowers. Flora can refer to a group of plants, a disquisition of a group of plants, as well as to bacteria. Flora is the root of the word floral, which means pertaining to flowers. Fauna can refer to the animal life or classification of animals of a certain region, time period, or environment. Fauna is also of Latin origin. In Roman Mythology Fauna was the sister of Faunus, a good spirit of the forest and plains. The flora and fauna of any given region is usually explained in biological terms to include the genus and species of plant and animal life, their preferred growing or breeding habits, and their connection to one another in the environment as well. In addition to geographical groupings, environment also helps further classifications of flora and fauna. For example, aquatic flora andfauna of a region refers to the plant and animal life found in the waters in or surrounding a geographic region. FLORA Garden Plants and Flowers By Johnamendall (see also Flowers...

Words: 10485 - Pages: 42

Premium Essay

Short Summary: Song Of Love In The Spring '

...Listen to the tunes the birds do sing Chirping to you, hoping joy they bring Maybe a song of love is in the air Or maybe just loud noises because they don't care Spread your wings and take flight Don't be afraid to go out at night Even the nights can be warm during spring Go out for a walk, have a fling Spread some seeds, share the love Just don't get too rough, if you see a dove Pure in beauty and full of life Reminding you to don't think twice Heckle a tree, ask it why it barks Beware if it begins to arc The wind will come and will blow Letting you know, fly a kite, must be yellow Do not run into the rains It could hurt and bring owwy pains One last reason to enjoy Spring Time to break out the old bling bling Can you hear that?...

Words: 1705 - Pages: 7

Free Essay

Word Up

...Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma ma Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma ma Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma ma Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma ma Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma ma Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma ma Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma ma Bird Bird Birds the Word Ma ma ma u maw maw mu mum mu mah maw, don’t you know about the bird, everybody knows that the bird is the word, bird bird bird bird bird bird, ma ma ma...

Words: 328 - Pages: 2

Free Essay

Animal Intelligence

...animal intelligent VS animal instinct using relevant examples. The example will further look into the different disagreement presented on this issue. Judging intelligence and other mental skills in animals is usually a difficult task. When examining animals, we should test them in situation that have meaning for their lives, not ours and not just look to see how much they resemble us. We like to know how close animals are to humans- Do they think like us? Do they have the capacity to solve the problems like us? Some of them may have an intelligent. Some researchers say that apes have shown intelligence to us, i.e. their mental processes are similar to ours. This is no wonder because they are our closet biological relatives. In addition, bird species such as parrot and pigeons also have intelligence like some parrots can talk some words. Moreover dolphins and killer whales can perform spectacular feats at marine parks. There are many controversies about the animal intelligence. Some people disagree with intelligence. They observe that animals have instinct rather than intelligence and also they state that we cannot say animals are intelligent when a chimp raise a cub. It is just an instinct. On the other hand, scientists believe that animals have intelligent behavior because they have been tested in many ways. They have trained animals to do specific tasks or tricks but sometimes animals can do the things that were not being taught to them. Scientists judge that it is a form...

Words: 492 - Pages: 2

Free Essay

Polutry Farm

...Pre-Feasibility Study BROILER FARM (7500 Birds) Small and Medium Enterprise Development Authority Government of Pakistan HEAD OFFICE Waheed Trade Complex, 1 Floor , 36-Commercial Zone, Phase III, Sector XX, Khayaban-e-Iqbal, DHA Lahore Tel: (042) 111-111-456, Fax: (042) 5896619, 5899756 st REGIONAL OFFICE PUNJAB Waheed Trade Complex, 1st Floor, 36-Commercial Zone, Phase III, Sector XX, Khayaban-e-Iqbal, DHA Lahore. Tel: (042) 111-111-456 Fax: (042) 5896619, 5899756 REGIONAL OFFICE SINDH 5TH Floor, Bahria Complex II, M.T. Khan Road, Karachi. Tel: (021) 111-111-456 Fax: (021) 5610572 REGIONAL OFFICE NWFP Ground Floor State Life Building The Mall, Peshawar. Tel: (091) 9213046-47 Fax: (091) 286908 REGIONAL OFFICE BALOCHISTAN Bungalow No. 15-A Chaman Housing Scheme Airport Road, Quetta. Tel: (081) 831623, 831702 Fax: (081) 831922 April, 2002 Pre-Feasibility Study Broiler Farm (7500 Birds) DISCLAIMER The purpose and scope of this information memorandum is to introduce the subject matter and provide a general idea and information on the said area. All the material included in this document is based on data/information gathered from various sources and is based on certain assumptions. Although, due care and diligence has been taken to compile this document, the contained information may vary due to any change in...

Words: 5934 - Pages: 24

Free Essay

Science- Adaptation

...Adaptations. The animals: In the desert. There are numerous animals that live within the Sahara desert; all of these are adapted to cope with the conditions of the habitat. They all have certain features that make them different to animals that may live in a different habitat, like a polar bear. When we look at animals it’s not always obvious that they have all these essential adaptations that make them stay alive. For example, Fennec fox has large 6” ears, thick fur, sand coloured fur, fur on their feet and kidneys that restrict water loss. This is all important; in fact without all this the fennec fox may be unable to live! The large ears help get rid of heat quickly in hot dessert days because they have a large surface area, the thick fur insulates in the cold, open nights in the Sahara, the golden brown fur is camouflage against any predators that might also live in the habitat and not only is the fur a camouflage and insulator it also helps them walk on the loose sand- it does a lot! The kidneys are vital to the sand fox as well; they are specially formed to restrict water loss which is very important as there is a struggle for water in the desert. Another animal that is widely adapted to the desert habitat is the camel; the most obvious of all is that it has a hump to store water, or is it? Surprisingly, a camel doesn’t store water in its hump it in fact store fat so it can be released slowly as energy when needed. A camel can go a week without water and several months...

Words: 1293 - Pages: 6

Free Essay


...20 facts about baby animals 1. Some animal babies are tiny versions of adults. 2. Baby animals start life in different ways. 3. Some hatch out of eggs and some are born live. 4. Birds, amphibians, fish, and many reptiles do this inside an egg. 5. A baby bird enters the world by hatching out of a hard – shelled egg laid by its mother. 6. Many birds incubate their eggs by sitting on them to keep them warm until they hatch. 7. Emperor and king penguins, which live in Antarctica, warm their eggs by resting them on top of their feet. 8. Many snakes begin life in eggs too, but snake eggs are tough and leathery rather than hard and brittle. 9. A snake called the Indian rock python lays between 50 and 100 eggs at a time. 10. Since snakes are cold blooded, the mother rock python has to twitch her muscles to create heat. 11. During the two months it takes for the eggs to hatch, the mother python stays in one place and dose not even eat. 12. Frogs lay their eggs in jelly – like clumps along the edge of a pond. 13. Mother frogs do not take care of their eggs. 14. When a baby, or tadpole, hatches, it doesn’t look anything like an adult frog. 15. It has a tail, it has no legs or eyes, and it is completely helpless. 16. The tadpole grows legs, its tail begins to shrink, and it looks more and more like its parents. 17. Some baby animals do not hatch from eggs. 18. Mammals differ from other kinds of animals in other ways...

Words: 317 - Pages: 2

Premium Essay


...Case Study: SAP Implementation in Poultry (Hatcheries) Industry Applies to: Live Stock industries that deal with the poultry breeding and feed manufacturing processes. Poultry segment is involved in the production of day old commercial layer and broiler chicks, rearing of commercial broilers, and trading of poultry and poultry related products. Summary Poultry breeding process includes parents farming of broilers and layers to produce the “day-old-chick (DOC)” and growing them in turn produce the broilers. Breeding Broiler/Layer chicks involves three unique production stages namely, Brooding, Growing and Laying. Each stage is notable specific to time frame say brooding is for 8 weeks, growing is from 9-24th weeks and laying from 25th week till the life span of the chick. In each of the three stages there is a need to feed chicks, need to raise the pullets to maturity and while fertile harvest their egg production. When hatched these eggs are the next generation of the cross-bed chicks. The final products of this process—are the broilers marketed to the meat industry and the market. The layers are sold to the farmers which again go through the distinct stages and produce table eggs that are available in the market. During these stages distinguished parameters are maintained to produce real good chicken. An example would be the daily /weekly decision of feed ration for the breeding flock which is dependent on the following inputs- daily mortalities for veterinary...

Words: 1463 - Pages: 6

Free Essay

Lab Report

...Evolution Lab “Evolution by Natural Selection” The object of this experiment is to determine how changing the size of the beak of a finch will affect the population as well as the growth rate of the finch’s beak. The reason for the experiment is to evaluate evolution and how it affects the finch’s population, and how natural selection is always present in life. In this experiment I will show that the finch will continue to evolve until its beak has reached the optimal size for sustaining life, when changing the beak size to a much larger size we will see that the finch will have no need for further evolution of its beak and that its population will become much more stable and consistent throughout the years. The only materials I will need for this experiment are simply just the evolution lab applet. This applet contains all the information needed to be able to manipulate the characteristics of the finch and see the final outcome over a long period of time. For the first experiment I left all the variables as is and didn’t change anything. This left all the inputs as you see in FIG. 1. I then ran the experiment and examined all the information very carefully, paying special attention to the population and beak size trends. Then I did my second experiment changing the beak size to the maximum allowable size of 30mm. I left all the other variables alone (as seen in FIG. 2) so that I would be able to clearly see how this would affect the bird’s evolution and population...

Words: 593 - Pages: 3

Free Essay


...Bird 1. He eats like a bird. 2.A bird in the hand is worth two in the bush. 3.We’re all early birds in my family because we live on a farm. 4. Birds of a feather flock together. 5.That’s for the birds! 6.It’s an ill bird that fouls own nest. 7. A little bird told me. Horse 马 8. He eats like a horse. 10.It’s time to study now and stop horsing around. 11.I got it straight from the horse s mouth. 12. Just hold your horses! 13. She works like a horse all day long. 14.That’s a horse of a different color! 15.You can take a horse to the water,but you can't make him drink! Monkey 16.Don't get your monkey up for nothing. 17. You shouldn't monkey about with that machine, if you don't know how to fix it. 18.What kind of monkey business has been going on while I've been away? Chicken 19.Come on! Don’t be chicken! 20.Well,she’s certainly no spring chicken. 21.Don't count your chickens before they're hatched! Owl 22. He is as blind as an owl. 23. He’s a wise old owl. Bear 24.Every time l see my grandfather,he gives me a big bear hug. 25.Her husband is a real bear. Bee 26.She’s always as busy as a bee. Snail 27.He walks at a snail's pace. Worm 28.He wormed his way through the narrow passage. 29.Every time l take the kids to the movies,they always worm around in their seats. 30.l am a worm today. 31.A worm will turn. Ants 32.You’d think he has ants in his pants. ...

Words: 563 - Pages: 3

Free Essay

The Effect of Noise Pollution

...The effects of noise pollution (final draft) Noise pollution is a common phenomenon in our daily society. It is any sound that is interfere with human life. The noise is commonly produced by vehicular traffic, construction sites and other sources. It is the unpleasant sound that may affect nearly every aspect of life. It is unlikely produce the physical substances such as environmental pollution, but it will cause a lot of damages to both human and animals in many ways. Noise pollution has serious effects on human health. This is a matter of great concern to the society. Hearing loss is the most probable outcome to the people who are always under this type of pollution. The sustained and loud noise can cause hearing loss. We may suffer from hearing impairment if we are exposed to this excessive noise for a long time. Therefore, occupational hearing loss is one of the common problems among the industrial diseases. Construction workers are most likely to be influenced by the noise pollution among all other jobs. The noise is hazardous to hearing in the construction industry. They are exposed to the excessive noise pollution in a long period. By retirement, many of them are having a noticeable hearing loss problem. This type of permanent hearing loss can never be repaired. It is sadly that it is impossible to restore hearing. Hearing impairment may lead to some accidents, because the people cannot hear the waning signals from others clearly, they may ignore the dangerous. It...

Words: 861 - Pages: 4

Free Essay

Domestication and Classification of Non Ruminants

...Introduction Domestication is the process of adapting wild plants and animals for human use in which individual species have been altered to create breeds with characteristics more desirable to human needs. Some of our earliest evidence of man (and art) is tied to animals. Dogs were the first species of animals to be domesticated due to security. SWINE  BRIEF HISTORYOF DOMESTICATION All Pigs were descended from the European wild boar as early as 13,000 BC. And the Local breeds were introduced to African countries by the colonists DISTRIBUTION OF PIGS ACROSS THE WORLD The distribution of pigs around the world is not the same. Almost half the exotic world’s pig population is in Asia (China) 30 per cent in Europe and the former USSR. The population of pigs in large parts of the tropical and sub-tropical developing regions for example Africa and Latin America is relatively small. Local breeds are widely distributed in west- African countries ( Ghana and Nigeria). A typical example of local breeds is the Ashanti dwarf pig or Nigerian hairy black pig. CLASSIFICATION OF PIGS  Generally, Pigs can be classified as; 1. Classification Based On functionality: Meat Type: They are meaty pigs with little fats e.g Berkshire, Chester white Duroc, Hampshire. Lard Type: These are small lardy pigs (composed of high percentage of fats). Bacon Type: They build sufficient muscles for desirable bacon (meat from the sides, belly, or back of a pig). Typical...

Words: 2212 - Pages: 9

Premium Essay

Odi Lenses

...DARRALL G. CLARKE Optical Distortion, Inc. (A) In late fall 1974, Daniel Garrison, president and chief executive officer of Optical Distortion, Inc. (ODI), had asked Ronald Olson, marketing vice president, to develop a marketing plan for ODI’s new and only product—a contact lens for chickens.1 While contact lenses serve mainly to improve human eyesight, the lens developed by ODI was made to partially blind the chickens. Garrison explained: Like so many other great discoveries, our product concept was discovered quite by accident. In 1962 a chicken farmer in Arizona had a flock of chickens that developed a severe cataract problem. When he became aware of the problem, he separated the afflicted birds from the rest of the flock and subsequently observed that the afflicted birds seemed to eat less and were much easier to handle. So dramatic was the difference that a poultry medical detailman visiting the farm, rather than being asked for a cure, was asked if there was any way to similarly afflict the rest of the flock. It has not proved possible chemically or genetically to duplicate the reduced vision of the chickens, resulting from the cataracts, but a chicken wearing the ODI lenses has its vision reduced enough to obtain the good behavior the Arizona farmer observed. This behavior has important economic implications for the chicken farmer. By the end of 1974 the ODI lens had been tested on a number of farms in California and Oregon with satisfactory results, and...

Words: 5542 - Pages: 23

Free Essay

Alternate Ending to the Birds

...knew that those birds were going to come back. And at that moment he heard a tapping on the door. Once more, just like the beginning, and he turned his head around as fast as he could and peered at the door. He grabbed his rifle, marched towards the door, put a stern hand on the handle and pulled the door open with all the strength he could. Nat was furious! However when he opened the door he saw nothing there, except one small bird. His wife now behind him said, “ that is no harm to us at all, calm down Nat. Its just one small bird… actually not even a bird its only a chick.” Nat, now calm says, “ well thats true he doesn’t look like any harm.” and with that the bird made one small chirp and a swarm of majestic large birds swarmed into their home. Attacking both Nat and his wife. Screaming, the two ran as fast as they could heading towards the children but the birds had already got to them… blood splattered everywhere, on the walls, on the sheets, and the children lay there ripped to shreds from these disgusting, evil, birds. A large shrill scream came from Nat’s wife with one look at her kids and she collapsed to the floor. Nat now in a state of panic, rushed and closed the door to the room thinking of what he could possibly do next to save his wife and himself. He thought long and carefully, Nat decided that this is his fate and aloud he said, “ I will die, but I will not die without a fight” slowly making his hand into a fist. And with that the birds blew open the door...

Words: 422 - Pages: 2