Commercial Real Estate Explainedhttps://www.spreaker.com/podcast/commercial-real-estate-explained--6936987enBusinessLily Shen and CI Teamhttps://d3wo5wojvuv7l.cloudfront.net/t_rss_itunes_square_1400/images.spreaker.com/original/51ffecb6b5e07a495f59b98a76af6e80.jpgCommercial Real Estate Explainedhttps://www.spreaker.com/podcast/commercial-real-estate-explained--6936987Thu, 22 Oct 2026 20:55:06 +0000CI TeamLily Shenyannans@g.clemson.edu“CRE Explained” is your go-to audio guide for understanding the complex world of commercial real estate. Each episode breaks down challenging concepts from real estate finance, investment, and development into clear, conversational explanations,...false9993bb04-573e-5690-a3d6-160913c83a37trueepisodicChapter 11 Introduction – The Discount Rate: How Investors Measure Risk and Returnhttps://www.spreaker.com/episode/chapter-11-introduction-the-discount-rate-how-investors-measure-risk-and-return--75925174
Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75925174Thu, 22 Oct 2026 20:55:00 +0000CI TeamLily and Alex explain how the discount rate connects projected property cash flows to investor expectations. They introduce the risk-free rate and risk premium, clarify the property-before-tax perspective, and preview the chapter’s methods for...
Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>274falsefullChapter 10 Introduction – Commercial Property Leases: Why Businesses Rent and Landlords Ownhttps://www.spreaker.com/episode/chapter-10-introduction-commercial-property-leases-why-businesses-rent-and-landlords-own--75925163
Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75925163Thu, 22 Oct 2026 17:28:45 +0000CI TeamAlex and Lily introduce commercial property leases and explain how lease agreements shape property cash flow and value. They explore why businesses lease rather than own, including tax advantages, specialized property management, shared resource...
Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>232falsefullChapter 9 Introduction – Forecasting Cash Flow Growth: From Market Concepts to Property Valuationhttps://www.spreaker.com/episode/chapter-9-introduction-forecasting-cash-flow-growth-from-market-concepts-to-property-valuation--75924487
Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75924487Thu, 22 Oct 2026 16:48:35 +0000CI TeamAlex and Lily introduce Chapter 9’s practical approach to forecasting cash flow growth, connecting rent forecasts to property valuation. They discuss real economic depreciation, tenant lease schedules, local market data, lumpy capital expenses, and...
Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>247falsefullSection 8.3 - How Market Delays Create Real Estate Cycleshttps://www.spreaker.com/episode/section-8-3-how-market-delays-create-real-estate-cycles--75867107
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867107Tue, 20 Oct 2026 19:08:57 +0000CI TeamIn this episode, Alex and Lily explain the stock-flow model, a simplified framework for understanding how construction, demand, vacancy, and rents interact over time. They explore how past rents and a minimum “trigger rent” influence development...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>300false82fullSection 8.2.2 - What Drives Demand Across Property Typeshttps://www.spreaker.com/episode/section-8-2-2-what-drives-demand-across-property-types--75867101
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867101Tue, 20 Oct 2026 19:08:15 +0000CI TeamIn this episode, Alex and Lily explore the distinct demand drivers for office, housing, warehouse, and retail properties. They explain how office employment supports demand for workspace while work from home complicates that relationship, and how...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>230false81fullSection 8.2.1 - The Four Vital Signs of a Property Markethttps://www.spreaker.com/episode/section-8-2-1-the-four-vital-signs-of-a-property-market--75867091
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867091Tue, 20 Oct 2026 19:07:44 +0000CI TeamIn this episode, Alex and Lily break down four key indicators of commercial real estate market conditions: construction, absorption, vacancy, and rent. They explain how construction timelines and net additions shape future supply, then distinguish...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>141false80fullSection 8.2 - Connecting Demand, Vacancy, and Market Rentshttps://www.spreaker.com/episode/section-8-2-connecting-demand-vacancy-and-market-rents--75867075
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867075Tue, 20 Oct 2026 19:07:28 +0000CI TeamIn this episode, Alex and Lily take a conceptual look at general market analysis through three core physical variables: occupied space, total stock of space, and vacancy rate. They explain how these measures help forecast market rents and how demand,...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>167false79fullSection 8.1 - Defining the Market Before Making the Forecasthttps://www.spreaker.com/episode/section-8-1-defining-the-market-before-making-the-forecast--75867067
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867067Tue, 20 Oct 2026 19:06:23 +0000CI TeamIn this episode, Alex and Lily explore the nature and purpose of real estate market analysis, distinguishing site-specific micro analysis from macro analysis of an entire property market. They explain how market segmentation creates meaningful...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>266false78fullChapter 8 Introduction - Reading the Market and Forecasting What Comes Nexthttps://www.spreaker.com/episode/chapter-8-introduction-reading-the-market-and-forecasting-what-comes-next--75867048















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867048Tue, 20 Oct 2026 19:06:00 +0000CI TeamIn this episode, Alex and Lily introduce market analysis for commercial properties, explaining how forecasting rental rates and property prices supports project feasibility and investment decisions. They distinguish broad city-level analysis from...















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>326false77fullSection 7.4 - From New Construction to Redevelopmenthttps://www.spreaker.com/episode/section-7-4-from-new-construction-to-redevelopment--75867036
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867036Tue, 20 Oct 2026 19:05:22 +0000CI TeamIn this episode, Alex and Lily explore the property life cycle and how aging buildings, changing land uses, and redevelopment shape investment returns. Following a plot’s transformation from farmland to a single-family home and eventually apartments,...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>202false76fullSections 7.3.3 and 7.3.4 - The Rise of Urban Hubs and Neighborhood Renewalhttps://www.spreaker.com/episode/sections-7-3-3-and-7-3-4-the-rise-of-urban-hubs-and-neighborhood-renewal--75867022
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867022Tue, 20 Oct 2026 19:05:09 +0000CI TeamIn this episode, Alex and Lily explore polycentric cities and Neighborhood Succession Theory to explain how urban areas are structured and change over time. They discuss how Major Activity Centers, including suburban office parks, medical districts,...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>191false75fullSections 7.3.1 and 7.3.2 - How Competition and Spillovers Shape City Neighborhoodshttps://www.spreaker.com/episode/sections-7-3-1-and-7-3-2-how-competition-and-spillovers-shape-city-neighborhoods--75867007
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75867007Tue, 20 Oct 2026 19:04:50 +0000CI TeamIn this episode, Alex and Lily explore how real-world cities develop a mix of land uses and densities. They explain how transportation costs, accessibility, and competing bid-rent curves help determine which users occupy different locations and why...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>209false74fullSection 7.2 - Uncertainty and the Option to Waithttps://www.spreaker.com/episode/section-7-2-uncertainty-and-the-option-to-wait--75866974
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866974Tue, 20 Oct 2026 19:04:00 +0000CI TeamIn this episode, Alex and Lily explore how risk and uncertainty influence land values, development timing, and the shape of cities. They introduce Sheridan Titman’s view of undeveloped land as a call option, explaining why owners may rationally delay...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>257false73fullSection 7.1 - Tomorrow’s Potential and the Value of Waitinghttps://www.spreaker.com/episode/section-7-1-tomorrow-s-potential-and-the-value-of-waiting--75866624
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866624Tue, 20 Oct 2026 19:03:22 +0000CI TeamIn this episode, Alex and Lily explain why property value depends on expected future rents rather than today’s rental income alone. Focusing on rent growth, they explore how a “growth premium” can make land valuable even when it generates no current...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>260false72fullChapter 7 Introduction - How Timing and Change Shape Urban Real Estatehttps://www.spreaker.com/episode/chapter-7-introduction-how-timing-and-change-shape-urban-real-estate--75866597
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866597Tue, 20 Oct 2026 19:02:43 +0000CI TeamIn this episode, Alex and Lily introduce Chapter 7, “Urban Form, Land Value, and Real Estate Development,” exploring how uncertainty, timing, and evolving cities add complexity to basic land value models. They distinguish land rent from land value,...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>182false71fullSection 6.3.2 - How Real Estate Booms Set the Stage for Bustshttps://www.spreaker.com/episode/section-6-3-2-how-real-estate-booms-set-the-stage-for-busts--75866568
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866568Tue, 20 Oct 2026 19:01:58 +0000CI TeamIn this episode, Alex and Lily explore two ways real estate boom-and-bust cycles begin: rising tenant demand for space and rising investor demand for property assets. They explain how a surge in tenant demand initially pushes rents higher, encouraging...
















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>280false70fullSection 6.3.1 - Connecting the Four Corners of Real Estatehttps://www.spreaker.com/episode/section-6-3-1-connecting-the-four-corners-of-real-estate--75866520















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866520Tue, 20 Oct 2026 19:01:04 +0000CI TeamIn this episode, Alex and Lily break down the DiPasquale-Wheaton quadrant model, explaining how four connected quadrants link tenants, investors, and developers. Starting with the space market, they show how supply and demand determine rent, then...















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>226false69fullSection 6.3 - The Three Gears of Real Estate Marketshttps://www.spreaker.com/episode/section-6-3-the-three-gears-of-real-estate-markets--75866477















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866477Tue, 20 Oct 2026 19:00:42 +0000CI TeamIn this episode, Alex and Lily explain how the space market, asset market, and development industry work together as three interconnected gears. They trace how strong demand for space raises rents, how rental income increases property values, and how...















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>215false68fullSection 6.2.3 - What City Structure Reveals About Future Rentshttps://www.spreaker.com/episode/section-6-2-3-what-city-structure-reveals-about-future-rents--75866182
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866182Tue, 20 Oct 2026 19:00:23 +0000CI TeamIn this episode, Alex and Lily explore the practical implications of the monocentric city model for real estate investment and long-term forecasting. They explain how population growth and barriers to expansion can raise land rents, while...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>233false67fullSection 6.2.2 - How Growth and Transportation Reshape City Rentshttps://www.spreaker.com/episode/section-6-2-2-how-growth-and-transportation-reshape-city-rents--75866025















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866025Tue, 20 Oct 2026 18:59:47 +0000CI TeamIn this episode, Alex and Lily use the Monocentric City Model to explore how population growth, transportation improvements, and rising incomes affect urban rents. They explain why growing cities generally have higher location rents and how outward...















© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>367false66fullSection 6.2.1 - Welcome to Circlopolis Where Commuting Shapes Renthttps://www.spreaker.com/episode/section-6-2-1-welcome-to-circlopolis-where-commuting-shapes-rent--75866014
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75866014Tue, 20 Oct 2026 18:59:28 +0000CI TeamIn this episode, Alex and Lily explore Circlopolis, a hypothetical circular city used to explain how transportation costs shape housing rents and land values. With a fixed population, uniform housing density, and every job located in the Central...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>363false65fullSection 6.2 - The Trade-Off Between Rent and the Commutehttps://www.spreaker.com/episode/section-6-2-the-trade-off-between-rent-and-the-commute--75865578
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75865578Tue, 20 Oct 2026 18:58:59 +0000CI TeamIn this episode, Alex and Lily introduce the monocentric city model, an imaginary circular city where all employment is concentrated in a single Central Business District and the surrounding land is used for housing. They explore the central trade-off...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>231false64fullSection 6.1.4 - Why Place Still Matters in a Remote Worldhttps://www.spreaker.com/episode/section-6-1-4-why-place-still-matters-in-a-remote-world--75865510
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75865510Tue, 20 Oct 2026 18:58:38 +0000CI TeamIn this episode, Alex and Lily explain the economic principles behind land value and use, connecting residual value, transportation costs, bid-rents, and highest and best use. They explore why accessible locations command higher prices and how...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>254false63fullSection 6.1.3 - The Cost of Distance and the Value of Locationhttps://www.spreaker.com/episode/section-6-1-3-the-cost-of-distance-and-the-value-of-location--75865254














© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75865254Tue, 20 Oct 2026 18:57:01 +0000CI TeamIn this episode, Alex and Lily explore how transportation costs shape land value and influence a property’s Highest and Best Use. Using clothing factories and grocery stores as examples, they explain why accessibility matters and why transportation...














© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>235false62fullSection 6.1.2 - Finding the Perfect Match Through Land Market Competitionhttps://www.spreaker.com/episode/section-6-1-2-finding-the-perfect-match-through-land-market-competition--75865220
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75865220Tue, 20 Oct 2026 18:56:44 +0000CI TeamIn this episode, Alex and Lily explore how competition among both landowners and potential users shapes land value and leads to market equilibrium. Moving beyond the residual theory, they introduce Euler’s Theorem and Pareto Optimality to explain how...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>261false61fullSection 6.1.1 - How Land Gets Its Valuehttps://www.spreaker.com/episode/section-6-1-1-how-land-gets-its-value--75865060
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75865060Tue, 20 Oct 2026 18:56:13 +0000CI TeamWhy does land get paid last, and what happens when the amount left over grows? In this episode, Alex and Lily explore Section 6.1.1 and the Residual Theory of Land Value, explaining how land’s worth comes from what its location allows a business to...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>258false60fullChapter 6 Introduction - The Price of Placehttps://www.spreaker.com/episode/chapter-6-introduction-the-price-of-place--75864798
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75864798Tue, 20 Oct 2026 00:16:10 +0000CI TeamIn this episode of CRE Explained, hosts Alex and Lily explore Chapter 6 of Commercial Real Estate Analysis for Investment, Finance, and Development, breaking down the economics of land and urban growth. Using examples like port-side factories and...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>290false59fullSection 5.4 - Connecting the Proforma to DCF Valuationhttps://www.spreaker.com/episode/section-5-4-connecting-the-proforma-to-dcf-valuation--75853946
You’ll learn: Why forecasting Potential Gross Income (PGI) means forecasting future market conditions, and how it drives the entire valuation. The other critical projections every proforma needs: vacancy and collection loss, operating expenses, and capital expenditures. How these forecasts flow from Effective Gross Income to Net Operating Income (NOI) to Property Before-Tax Cash Flow (PBTCF). How annual cash flows and the reversion cash flow are discounted back to the present to estimate a property’s value. Finally, two common mistakes to avoid: forgetting the reversion cash flow and adding up cash flows without discounting them. This episode wraps up Chapter 5.

Next time, we’ll kick off Chapter 6 with an introduction to mortgage debt and its role in real estate finance. Credits: Created by Nicole Jordan, Allison Garmon, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853946Mon, 19 Oct 2026 17:50:52 +0000CI TeamHow do all the pieces of a proforma come together to determine what a property is worth? In this final episode of Chapter 5 of CRE Explained, Lily and Alex dive into Section 5.4 and connect the proforma to Discounted Cash Flow (DCF) valuation. You’ll...
You’ll learn: Why forecasting Potential Gross Income (PGI) means forecasting future market conditions, and how it drives the entire valuation. The other critical projections every proforma needs: vacancy and collection loss, operating expenses, and capital expenditures. How these forecasts flow from Effective Gross Income to Net Operating Income (NOI) to Property Before-Tax Cash Flow (PBTCF). How annual cash flows and the reversion cash flow are discounted back to the present to estimate a property’s value. Finally, two common mistakes to avoid: forgetting the reversion cash flow and adding up cash flows without discounting them. This episode wraps up Chapter 5.

Next time, we’ll kick off Chapter 6 with an introduction to mortgage debt and its role in real estate finance. Credits: Created by Nicole Jordan, Allison Garmon, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>234false58fullSection 5.3.3 - Property Before-Tax Cash Flow from the Reversionhttps://www.spreaker.com/episode/section-5-3-3-property-before-tax-cash-flow-from-the-reversion--75853936
You’ll learn: The difference between operating PBTCF, generated year after year from day-to-day operations, and reversion PBTCF, generated just once at the time of sale. The straightforward formula for reversion PBTCF: property sales value minus selling expenses. What counts as selling expenses, including brokerage commissions, legal fees, and other closing costs. Finally, why reversion PBTCF is the purest measure of an asset’s value at disposition, separate from the investor’s financing structure and tax situation.

Next time, we’ll move on to Section 5.4 and bring debt into the equation to calculate Equity Before-Tax Cash Flow. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853936Mon, 19 Oct 2026 17:50:38 +0000CI TeamWhat does a property actually generate when it’s sold? In this episode of CRE Explained, Lily and Alex dive into Section 5.3.3 and explore the Property Before-Tax Cash Flow from the reversion. You’ll learn: The difference between operating PBTCF,...
You’ll learn: The difference between operating PBTCF, generated year after year from day-to-day operations, and reversion PBTCF, generated just once at the time of sale. The straightforward formula for reversion PBTCF: property sales value minus selling expenses. What counts as selling expenses, including brokerage commissions, legal fees, and other closing costs. Finally, why reversion PBTCF is the purest measure of an asset’s value at disposition, separate from the investor’s financing structure and tax situation.

Next time, we’ll move on to Section 5.4 and bring debt into the equation to calculate Equity Before-Tax Cash Flow. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>226false57fullSection 5.3.2 - The Costs of Selling a Propertyhttps://www.spreaker.com/episode/section-5-3-2-the-costs-of-selling-a-property--75853928
You’ll learn: How engineering firms and appraisers help sellers assess a property’s condition and set a realistic asking price before listing. Why the brokerage commission is often the single largest selling expense, ranging from 1% to 8% of the sale price depending on deal size and complexity. Other closing costs sellers should expect, including legal fees, title insurance, surveys, and transfer taxes. Why total selling costs typically fall between 2.5% and 10% of the sale price. Finally, how economies of scale make selling costs a smaller percentage for larger properties, illustrated by comparing a $5 million sale to a $1 million sale.

Next time, we’ll move on to Section 5.3.3 and break down the Property Before-Tax Cash Flow from the reversion, revealing the actual cash you receive from a sale. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853928Mon, 19 Oct 2026 17:50:28 +0000CI TeamHow much of a property’s sale price actually ends up in your bank account? In this episode of CRE Explained, Lily and Alex dive into Section 5.3.2 and break down the expenses that come out of a commercial property sale. You’ll learn: How engineering...
You’ll learn: How engineering firms and appraisers help sellers assess a property’s condition and set a realistic asking price before listing. Why the brokerage commission is often the single largest selling expense, ranging from 1% to 8% of the sale price depending on deal size and complexity. Other closing costs sellers should expect, including legal fees, title insurance, surveys, and transfer taxes. Why total selling costs typically fall between 2.5% and 10% of the sale price. Finally, how economies of scale make selling costs a smaller percentage for larger properties, illustrated by comparing a $5 million sale to a $1 million sale.

Next time, we’ll move on to Section 5.3.3 and break down the Property Before-Tax Cash Flow from the reversion, revealing the actual cash you receive from a sale. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>263false56fullSection 5.3.1 - Net Operating Income and Capitalization Rateshttps://www.spreaker.com/episode/section-5-3-1-net-operating-income-and-capitalization-rates--75853914
You’ll learn: Why Net Operating Income (NOI) is the income used for cap rate valuation, and how it measures a property’s pure earning power. How to calculate terminal value by dividing the projected NOI for the year after your holding period, such as year 11 in a 10-year analysis, by the terminal cap rate. The difference between direct capitalization, a quick snapshot valuation, and the more thorough multi-year Discounted Cash Flow (DCF) approach that captures the timing of capital expenditures. Why NOI is preferred over Pre-Tax Cash Flow for its stability and comparability. Finally, how anchoring terminal value to future NOI helps protect investors from the “Greater Fool” fallacy and market bubbles.

Next time, we’ll move on to Section 5.3.2 and break down the costs of selling a property, from brokerage fees to total selling expenses. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853914Mon, 19 Oct 2026 17:50:17 +0000CI TeamHow do you turn a property’s income into a value? In this episode of CRE Explained, Alex and Lily dive into Section 5.3.1 and explore the relationship between Net Operating Income and capitalization rates. You’ll learn: Why Net Operating Income (NOI)...
You’ll learn: Why Net Operating Income (NOI) is the income used for cap rate valuation, and how it measures a property’s pure earning power. How to calculate terminal value by dividing the projected NOI for the year after your holding period, such as year 11 in a 10-year analysis, by the terminal cap rate. The difference between direct capitalization, a quick snapshot valuation, and the more thorough multi-year Discounted Cash Flow (DCF) approach that captures the timing of capital expenditures. Why NOI is preferred over Pre-Tax Cash Flow for its stability and comparability. Finally, how anchoring terminal value to future NOI helps protect investors from the “Greater Fool” fallacy and market bubbles.

Next time, we’ll move on to Section 5.3.2 and break down the costs of selling a property, from brokerage fees to total selling expenses. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>313false55fullSection 5.2.9 - The Income Funnel, From PGI to PBTCFhttps://www.spreaker.com/episode/section-5-2-9-the-income-funnel-from-pgi-to-pbtcf--75853903
You’ll learn: How Potential Gross Income (PGI) is reduced by vacancy and collection loss to reach Effective Gross Income (EGI), often about 92% of PGI. How subtracting operating expenses leads to Net Operating Income (NOI), often around 73% of EGI. How deducting capital expenditures brings you to Property Before-Tax Cash Flow (PBTCF), which is often only about 45% of the original PGI. Finally, the key difference between operating expenses and capital expenditures: OpEx is “must-pay-now,” while CapEx is “must-pay-eventually,” and why deferring it can only go on for so long.

Next time, we’ll move on to Section 5.3 and explore how NOI and the cap rate are used to determine what a property is actually worth. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853903Mon, 19 Oct 2026 17:49:57 +0000CI TeamHow much of a property’s potential rent actually ends up as cash? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.9 and follow the journey of income down the funnel, from the theoretical maximum to the cash an owner can actually...
You’ll learn: How Potential Gross Income (PGI) is reduced by vacancy and collection loss to reach Effective Gross Income (EGI), often about 92% of PGI. How subtracting operating expenses leads to Net Operating Income (NOI), often around 73% of EGI. How deducting capital expenditures brings you to Property Before-Tax Cash Flow (PBTCF), which is often only about 45% of the original PGI. Finally, the key difference between operating expenses and capital expenditures: OpEx is “must-pay-now,” while CapEx is “must-pay-eventually,” and why deferring it can only go on for so long.

Next time, we’ll move on to Section 5.3 and explore how NOI and the cap rate are used to determine what a property is actually worth. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>306false54fullSection 5.2.8 - Property Before-Tax Cash Flow (PBTCF)https://www.spreaker.com/episode/section-5-2-8-property-before-tax-cash-flow-pbtcf--75853891
You’ll learn: Why NOI can be misleading, since it treats a building as if it never gets older. How Capital Expenditures (CapEx), like a new roof, differ from routine maintenance, like patching a leak. What Property Before-Tax Cash Flow (PBTCF) is, and how it’s calculated by subtracting CapEx from NOI. Why PBTCF represents the true cash performance of the asset before mortgage payments and income taxes, and how it’s shared between lenders and equity investors. Finally, why you should always ask about CapEx assumptions when someone shows you only the NOI.

Next time, we’ll walk through the entire cash flow waterfall, from potential rent down to the cash an owner can actually use, and see why PBTCF is often less than half of a property’s potential income. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853891Mon, 19 Oct 2026 17:49:31 +0000CI TeamIs Net Operating Income really the bottom line? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.8 and go beyond NOI to find the actual cash a property generates. You’ll learn: Why NOI can be misleading, since it treats a...
You’ll learn: Why NOI can be misleading, since it treats a building as if it never gets older. How Capital Expenditures (CapEx), like a new roof, differ from routine maintenance, like patching a leak. What Property Before-Tax Cash Flow (PBTCF) is, and how it’s calculated by subtracting CapEx from NOI. Why PBTCF represents the true cash performance of the asset before mortgage payments and income taxes, and how it’s shared between lenders and equity investors. Finally, why you should always ask about CapEx assumptions when someone shows you only the NOI.

Next time, we’ll walk through the entire cash flow waterfall, from potential rent down to the cash an owner can actually use, and see why PBTCF is often less than half of a property’s potential income. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>241false53fullSection 5.2.7 - Capital Expenditures (CapEx)https://www.spreaker.com/episode/section-5-2-7-capital-expenditures-capex--75853884
You’ll learn: What Capital Expenditures (CapEx) are, from roof replacements and HVAC overhauls to major lobby renovations. Why CapEx is excluded from Net Operating Income (NOI), and how its “lumpy,” irregular nature would distort a property’s perceived performance. Why CapEx is still a very real cash cost that can significantly lower an investor’s actual return. How Tenant Improvements (TIs) and Leasing Commissions (LCs) count as major capital costs. Finally, why CapEx often averages 10% to 20% of NOI, and why lenders and smart investors require a CapEx reserve.

Next time, we’ll move on to Property Before-Tax Cash Flow, and see what’s left after subtracting capital expenditures from NOI. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853884Mon, 19 Oct 2026 17:49:19 +0000CI TeamWhat happens when the roof needs replacing? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.7 and explore Capital Expenditures, the major, infrequent costs that are essential to a property but kept separate from day-to-day...
You’ll learn: What Capital Expenditures (CapEx) are, from roof replacements and HVAC overhauls to major lobby renovations. Why CapEx is excluded from Net Operating Income (NOI), and how its “lumpy,” irregular nature would distort a property’s perceived performance. Why CapEx is still a very real cash cost that can significantly lower an investor’s actual return. How Tenant Improvements (TIs) and Leasing Commissions (LCs) count as major capital costs. Finally, why CapEx often averages 10% to 20% of NOI, and why lenders and smart investors require a CapEx reserve.

Next time, we’ll move on to Property Before-Tax Cash Flow, and see what’s left after subtracting capital expenditures from NOI. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>223false52fullSection 5.2.6 - Net Operating Income (NOI)https://www.spreaker.com/episode/section-5-2-6-net-operating-income-noi--75853875
You’ll learn: What Net Operating Income (NOI) is, and how it measures a property’s core ability to generate profit from day-to-day operations. How to calculate NOI by subtracting operating expenses from operating revenues. Why NOI excludes debt payments, allowing investors to compare properties on an apples-to-apples basis. The big limitation of NOI: it isn’t true cash flow, because it leaves out major capital expenditures like a new roof or HVAC overhaul. Finally, how NOI is used to calculate the cap rate, and why relying on NOI alone can overstate an investment’s true cash return.

Next time, we’ll dive into Capital Expenditures and how they give us a truer picture of a property’s profitability. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853875Mon, 19 Oct 2026 17:48:54 +0000CI TeamWhat’s the single most important metric in commercial real estate? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.6 and break down Net Operating Income, the financial heartbeat of a property. You’ll learn: What Net Operating...
You’ll learn: What Net Operating Income (NOI) is, and how it measures a property’s core ability to generate profit from day-to-day operations. How to calculate NOI by subtracting operating expenses from operating revenues. Why NOI excludes debt payments, allowing investors to compare properties on an apples-to-apples basis. The big limitation of NOI: it isn’t true cash flow, because it leaves out major capital expenditures like a new roof or HVAC overhaul. Finally, how NOI is used to calculate the cap rate, and why relying on NOI alone can overstate an investment’s true cash return.

Next time, we’ll dive into Capital Expenditures and how they give us a truer picture of a property’s profitability. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>251false51fullSection 5.2.5 - Operating Expenses (OpEx)https://www.spreaker.com/episode/section-5-2-5-operating-expenses-opex--75853869
You’ll learn: What operating expenses are, and why they’re defined as the mandatory, recurring costs of running a property. The core five examples: property taxes, insurance, utilities, maintenance, and property management fees. Why you should always include a management fee, even if the owner manages the property themselves, and how opportunity cost explains it. Typical management fee ranges, from about 2% for large prime office buildings up to 10% for smaller or more complex properties. Finally, the difference between fixed expenses, like taxes and insurance, and variable expenses, like utilities, that rise and fall with occupancy.

Next time, we’ll move on to Section 5.2.6 and explore Net Operating Income (NOI). Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853869Mon, 19 Oct 2026 17:48:39 +0000CI TeamWhat does it really cost to keep a property running day to day? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.5 and break down Operating Expenses, one of the most fundamental parts of the proforma. You’ll learn: What operating...
You’ll learn: What operating expenses are, and why they’re defined as the mandatory, recurring costs of running a property. The core five examples: property taxes, insurance, utilities, maintenance, and property management fees. Why you should always include a management fee, even if the owner manages the property themselves, and how opportunity cost explains it. Typical management fee ranges, from about 2% for large prime office buildings up to 10% for smaller or more complex properties. Finally, the difference between fixed expenses, like taxes and insurance, and variable expenses, like utilities, that rise and fall with occupancy.

Next time, we’ll move on to Section 5.2.6 and explore Net Operating Income (NOI). Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>271false50fullSection 5.2.4 - Other Incomehttps://www.spreaker.com/episode/section-5-2-4-other-income--75853866
You’ll learn: What counts as Other Income, from laundry facilities, vending machines, parking, storage units, and pet fees in apartment buildings. How commercial properties generate extra revenue through parking garages, billboards, rooftop cell tower leases, and even solar panels that sell electricity back to the grid. Why Other Income typically makes up only about 1% to 5% of total revenue, but should never be dismissed. Finally, how the Empire State Building’s observation deck serves as the ultimate case study, showing how Other Income can become a property’s primary income source.

Next time, we’ll move on to Section 5.2.5 and break down Operating Expenses, including the difference between fixed and variable expenses. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853866Mon, 19 Oct 2026 17:48:25 +0000CI TeamCan a property earn more from extras than from rent? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.4 and explore Other Income, the often-overlooked revenue streams beyond the primary rental of space. You’ll learn: What counts...
You’ll learn: What counts as Other Income, from laundry facilities, vending machines, parking, storage units, and pet fees in apartment buildings. How commercial properties generate extra revenue through parking garages, billboards, rooftop cell tower leases, and even solar panels that sell electricity back to the grid. Why Other Income typically makes up only about 1% to 5% of total revenue, but should never be dismissed. Finally, how the Empire State Building’s observation deck serves as the ultimate case study, showing how Other Income can become a property’s primary income source.

Next time, we’ll move on to Section 5.2.5 and break down Operating Expenses, including the difference between fixed and variable expenses. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>278false49fullSection 5.2.3 - Effective Gross Income (EGI)https://www.spreaker.com/episode/section-5-2-3-effective-gross-income-egi--75853858
You’ll learn: What Effective Gross Income (EGI) is, and why it’s a more realistic figure than Potential Gross Income (PGI). How a simple “leaky bucket” analogy explains the path from PGI to EGI. How analysts set a vacancy allowance based on a building’s history, comparable properties, and market conditions to account for turnover. Why investors budget a small collection loss allowance for tenants who default on their rent. Finally, why EGI grounds the entire financial forecast in reality and matters so much for budgeting and investment analysis.

Next time, we’ll move on to Section 5.2.4 and explore “Other Income,” from laundry facilities and parking to cell tower leases and the Empire State Building’s famous observation deck. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853858Mon, 19 Oct 2026 17:47:45 +0000CI TeamHow much rent can you realistically expect to collect? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.3 and bring the proforma back down to earth with Effective Gross Income. You’ll learn: What Effective Gross Income (EGI) is,...
You’ll learn: What Effective Gross Income (EGI) is, and why it’s a more realistic figure than Potential Gross Income (PGI). How a simple “leaky bucket” analogy explains the path from PGI to EGI. How analysts set a vacancy allowance based on a building’s history, comparable properties, and market conditions to account for turnover. Why investors budget a small collection loss allowance for tenants who default on their rent. Finally, why EGI grounds the entire financial forecast in reality and matters so much for budgeting and investment analysis.

Next time, we’ll move on to Section 5.2.4 and explore “Other Income,” from laundry facilities and parking to cell tower leases and the Empire State Building’s famous observation deck. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>257false48fullSection 5.2.2 - Vacancy and Collection Allowanceshttps://www.spreaker.com/episode/section-5-2-2-vacancy-and-collection-allowances--75853845
You’ll learn: Why Potential Gross Income (PGI) almost never reflects what a property actually collects. How the vacancy allowance accounts for empty space, and the two main ways to estimate it: a market-based percentage for properties with many short-term leases, like apartments, and a detailed lease-by-lease analysis for properties with fewer long-term tenants, like office buildings. How the collection allowance covers the risk of tenant default, typically around 0.5% to 1.5%. Finally, how subtracting both allowances from PGI gives you Effective Gross Income (EGI). 

Next time, we’ll move on to Section 5.2.3 and take a closer look at Effective Gross Income. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853845Mon, 19 Oct 2026 17:47:34 +0000CI TeamWhat happens when a building isn’t fully rented, or tenants don’t pay? In this episode of CRE Explained, Alex and Lily dive into Section 5.2.2 and explore how to adjust Potential Gross Income for the realities of property ownership. You’ll learn: Why...
You’ll learn: Why Potential Gross Income (PGI) almost never reflects what a property actually collects. How the vacancy allowance accounts for empty space, and the two main ways to estimate it: a market-based percentage for properties with many short-term leases, like apartments, and a detailed lease-by-lease analysis for properties with fewer long-term tenants, like office buildings. How the collection allowance covers the risk of tenant default, typically around 0.5% to 1.5%. Finally, how subtracting both allowances from PGI gives you Effective Gross Income (EGI). 

Next time, we’ll move on to Section 5.2.3 and take a closer look at Effective Gross Income. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>107false47fullSection 5.2.1 - Potential Gross Income (PGI)https://www.spreaker.com/episode/section-5-2-1-potential-gross-income-pgi--75853828
You’ll learn: What Potential Gross Income (PGI) is, and why it represents the theoretical maximum rental income, assuming 100% occupancy and no collection losses. How the rent roll serves as the real-world tool for finding PGI, listing every tenant, space, lease term, and rent payment. How to calculate PGI by multiplying rentable space by rent per unit, whether for an office building or an apartment complex. Finally, the crucial difference between Gross Area and Rentable Area, and why PGI must always be based on the space tenants actually pay for, not lobbies, hallways, and elevator shafts.

Next time, we’ll move on to Section 5.2.2 and explore how vacancy and collection allowances adjust PGI for reality. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins. 

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853828Mon, 19 Oct 2026 17:47:22 +0000CI TeamWhat’s the most a property could ever earn in rent? In this episode of CRE Explained, Lily and Alex dive into Section 5.2.1 and break down Potential Gross Income, the first line item of the proforma. You’ll learn: What Potential Gross Income (PGI)...
You’ll learn: What Potential Gross Income (PGI) is, and why it represents the theoretical maximum rental income, assuming 100% occupancy and no collection losses. How the rent roll serves as the real-world tool for finding PGI, listing every tenant, space, lease term, and rent payment. How to calculate PGI by multiplying rentable space by rent per unit, whether for an office building or an apartment complex. Finally, the crucial difference between Gross Area and Rentable Area, and why PGI must always be based on the space tenants actually pay for, not lobbies, hallways, and elevator shafts.

Next time, we’ll move on to Section 5.2.2 and explore how vacancy and collection allowances adjust PGI for reality. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins. 

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>287false46fullSection 5.1 - The Proformahttps://www.spreaker.com/episode/section-5-1-the-proforma--75853821
You’ll learn: What a proforma is, and how it projects a property’s future cash flows to serve as the numerator in a Discounted Cash Flow (DCF) analysis. Why its name, meaning “for the sake of form,” can be misleading, and why it must be a rigorously researched document rather than a box-checking exercise. How the proforma breaks cash flows into two main categories: operating cash flows from the day-to-day business of running the property, and the reversion cash flow from its eventual sale. Finally, why proformas typically project 5 to 10 years into the future to match the long-lived nature of real estate.

Next time, we’ll move on to Section 5.2.1 and break down the first line item of the proforma: Potential Gross Income (PGI). Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853821Mon, 19 Oct 2026 17:47:01 +0000CI TeamWhat is the single most important document in commercial real estate investment analysis? In this episode of CRE Explained, Lily and Alex dive into Section 5.1 and explore the purpose and power of the proforma. You’ll learn: What a proforma is, and...
You’ll learn: What a proforma is, and how it projects a property’s future cash flows to serve as the numerator in a Discounted Cash Flow (DCF) analysis. Why its name, meaning “for the sake of form,” can be misleading, and why it must be a rigorously researched document rather than a box-checking exercise. How the proforma breaks cash flows into two main categories: operating cash flows from the day-to-day business of running the property, and the reversion cash flow from its eventual sale. Finally, why proformas typically project 5 to 10 years into the future to match the long-lived nature of real estate.

Next time, we’ll move on to Section 5.2.1 and break down the first line item of the proforma: Potential Gross Income (PGI). Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>261false45fullChapter 5 Introduction - Forecasting Cash Flows with the Proformahttps://www.spreaker.com/episode/chapter-5-introduction-forecasting-cash-flows-with-the-proforma--75853758
You’ll learn: What a proforma is, and why it’s typically built as a five-to-ten-year financial forecast. How everything starts with the rent roll and flows down to Net Operating Income (NOI). The key difference between operating expenses, the day-to-day costs of running a property, and capital expenditures, the major investments that extend its life or increase its value. What Property-Before-Tax (PBT) cash flow is, and why asset-level analysis separates a property’s performance from financing and taxes. Finally, how the proforma serves as the numerator in a Discounted Cash Flow (DCF) analysis, capturing both annual operating cash flows and the reversion cash flow from the eventual sale.

Next time, we’ll move on to Section 5.1 and start building the proforma from the top down. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853758Mon, 19 Oct 2026 17:46:49 +0000CI TeamHow do you tell the story of an investment through numbers? In this episode of CRE Explained, Alex and Lily kick off Chapter 5 and introduce the essential tool of real estate investment analysis: the cash flow proforma. You’ll learn: What a proforma...
You’ll learn: What a proforma is, and why it’s typically built as a five-to-ten-year financial forecast. How everything starts with the rent roll and flows down to Net Operating Income (NOI). The key difference between operating expenses, the day-to-day costs of running a property, and capital expenditures, the major investments that extend its life or increase its value. What Property-Before-Tax (PBT) cash flow is, and why asset-level analysis separates a property’s performance from financing and taxes. Finally, how the proforma serves as the numerator in a Discounted Cash Flow (DCF) analysis, capturing both annual operating cash flows and the reversion cash flow from the eventual sale.

Next time, we’ll move on to Section 5.1 and start building the proforma from the top down. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>275false44fullSection 4.4.3 - The Hurdle Rate Decision Rulehttps://www.spreaker.com/episode/section-4-4-3-the-hurdle-rate-decision-rule--75853630
You’ll learn: How the hurdle rate rule uses the Internal Rate of Return (IRR) to make go/no-go investment decisions, and why many find a percentage return more intuitive than NPV’s dollar value. When the IRR and NPV rules agree, and why they can conflict when choosing between mutually exclusive projects of different sizes. A worked example comparing a $15 million project with a 15% IRR to a $5 million project with a 20% IRR, showing why the larger project adds more value despite its lower IRR. The problems with using a single, firm-wide hurdle rate instead of a property-specific opportunity cost of capital. Finally, how IRR can be manipulated through short holding periods, and why chasing the highest IRR without considering risk can lead investors astray. This episode wraps up Chapter 4.

Next time, we’ll kick off Chapter 5. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853630Mon, 19 Oct 2026 17:46:26 +0000CI TeamIs the highest IRR always the best choice? In this final episode of Chapter 4 of CRE Explained, Alex and Lily dive into Section 4.4.3 and explore the hurdle rate version of the investment decision rule. You’ll learn: How the hurdle rate rule uses the...
You’ll learn: How the hurdle rate rule uses the Internal Rate of Return (IRR) to make go/no-go investment decisions, and why many find a percentage return more intuitive than NPV’s dollar value. When the IRR and NPV rules agree, and why they can conflict when choosing between mutually exclusive projects of different sizes. A worked example comparing a $15 million project with a 15% IRR to a $5 million project with a 20% IRR, showing why the larger project adds more value despite its lower IRR. The problems with using a single, firm-wide hurdle rate instead of a property-specific opportunity cost of capital. Finally, how IRR can be manipulated through short holding periods, and why chasing the highest IRR without considering risk can lead investors astray. This episode wraps up Chapter 4.

Next time, we’ll kick off Chapter 5. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>363false43fullSection 4.4.2 - Choosing Between Zero-NPV Dealshttps://www.spreaker.com/episode/section-4-4-2-choosing-between-zero-npv-deals--75853610
You’ll learn: The difference between market value and investment value, and how unique advantages, like owning the building next door or having a high-credit tenant ready to lease, can turn a zero-NPV deal into a positive one for you. The softer factors that can break a tie, including synergies with your existing portfolio, trusted relationships, the quality of the information behind the numbers, and your own expertise. Finally, why a zero NPV is never an excuse to skip due diligence, since uncovering hidden cost savings or untapped revenue can reveal a truly positive deal.

Next time, we’ll move on to Section 4.4.3 and explore a popular alternative to NPV: the Internal Rate of Return (IRR) and the hurdle rate decision rule. Credits: Created by Nicole Jordan, Emma Chang and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853610Mon, 19 Oct 2026 17:46:06 +0000CI TeamWhat do you do when every deal on the table has an NPV of zero? In this episode of CRE Explained, Alex and Lily dive into Section 4.4.2 and explore how investors choose between deals that look equally fair on paper. You’ll learn: The difference...
You’ll learn: The difference between market value and investment value, and how unique advantages, like owning the building next door or having a high-credit tenant ready to lease, can turn a zero-NPV deal into a positive one for you. The softer factors that can break a tie, including synergies with your existing portfolio, trusted relationships, the quality of the information behind the numbers, and your own expertise. Finally, why a zero NPV is never an excuse to skip due diligence, since uncovering hidden cost savings or untapped revenue can reveal a truly positive deal.

Next time, we’ll move on to Section 4.4.3 and explore a popular alternative to NPV: the Internal Rate of Return (IRR) and the hurdle rate decision rule. Credits: Created by Nicole Jordan, Emma Chang and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>291false42fullSection 4.4.1 - The NPV Investment Decision Rulehttps://www.spreaker.com/episode/section-4-4-1-the-npv-investment-decision-rule--75853584
You’ll learn: Why a zero-NPV deal is not a zero-profit deal, since the required return is already built into the discount rate. How the buyer’s NPV is the negative of the seller’s NPV, and why competitive markets push NPV toward zero for both sides. Why a large positive NPV is often an illusion, and the common mistakes that create it, like using too low a discount rate, leaving out transaction costs, capital expenditures, or tenant improvements, relying only on the cost of debt instead of a blended cost of capital, and ignoring the value of your own sweat equity. Finally, why a zero-NPV deal is a fair deal that pays you appropriately for the risk you take.

Next time, we’ll move on to Section 4.4.2 and explore how to choose between multiple deals that all appear to have a zero NPV. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853584Mon, 19 Oct 2026 17:45:49 +0000CI TeamDo you really need a big positive NPV for a deal to make sense? In this episode of CRE Explained, Alex and Lily dive into Section 4.4.1 and explore the Net Present Value (NPV) investment decision rule. You’ll learn: Why a zero-NPV deal is not a...
You’ll learn: Why a zero-NPV deal is not a zero-profit deal, since the required return is already built into the discount rate. How the buyer’s NPV is the negative of the seller’s NPV, and why competitive markets push NPV toward zero for both sides. Why a large positive NPV is often an illusion, and the common mistakes that create it, like using too low a discount rate, leaving out transaction costs, capital expenditures, or tenant improvements, relying only on the cost of debt instead of a blended cost of capital, and ignoring the value of your own sweat equity. Finally, why a zero-NPV deal is a fair deal that pays you appropriately for the risk you take.

Next time, we’ll move on to Section 4.4.2 and explore how to choose between multiple deals that all appear to have a zero NPV. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>228false41fullSection 4.3 - Discount Rate, Opportunity Cost of Capital, and IRRhttps://www.spreaker.com/episode/section-4-3-discount-rate-opportunity-cost-of-capital-and-irr--75853551
You’ll learn: How the discount rate works as the mechanical tool for translating future cash flows into present value. How the Opportunity Cost of Capital (OCC) gives “r” its economic meaning by reflecting the expected return on similar-risk investments. What the Internal Rate of Return (IRR) is, and the difference between a going-in IRR and a realized IRR. Why all three converge only when the price paid equals market value. Finally, a worked example where a property with an 8% OCC is worth $15 million, and how offering $14 million raises the buyer’s IRR to 9.6% without changing the market’s OCC or the property’s fair value.

Next time, we’ll move on to Section 4.4.1 and explore why a zero-NPV deal is not a zero-profit deal. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853551Mon, 19 Oct 2026 17:45:31 +0000CI TeamCan one letter mean three different things? In this episode of CRE Explained, Alex and Lily dive into Section 4.3 and clear up the confusion around the letter “r” in Discounted Cash Flow analysis. You’ll learn: How the discount rate works as the...
You’ll learn: How the discount rate works as the mechanical tool for translating future cash flows into present value. How the Opportunity Cost of Capital (OCC) gives “r” its economic meaning by reflecting the expected return on similar-risk investments. What the Internal Rate of Return (IRR) is, and the difference between a going-in IRR and a realized IRR. Why all three converge only when the price paid equals market value. Finally, a worked example where a property with an 8% OCC is worth $15 million, and how offering $14 million raises the buyer’s IRR to 9.6% without changing the market’s OCC or the property’s fair value.

Next time, we’ll move on to Section 4.4.1 and explore why a zero-NPV deal is not a zero-profit deal. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>245false40fullSection 4.2.3 - Multi-Period DCF Analysis and the Terminal Periodhttps://www.spreaker.com/episode/section-4-2-3-multi-period-dcf-analysis-and-the-terminal-period--75853532
You’ll learn: How atypical long-term lease structures, like flat rents followed by sudden spikes or stepped increases, call for year-by-year modeling that a single-year snapshot can’t capture. Why a DCF is essential when you expect variable cash flow growth, illustrated by a half-empty shopping center undergoing renovation and lease-up. What the terminal period is, and why analysts typically use a 5, 7, or 10-year modeling horizon. Finally, how the terminal (or reversion) value captures the property’s worth beyond that horizon, and why it’s a modeling convention rather than a requirement to sell. 

Next time, we’ll move on to Section 4.3. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853532Mon, 19 Oct 2026 17:45:04 +0000CI TeamWhen is a simple valuation not enough? In this episode of CRE Explained, Alex and Lily dive into Section 4.2.3 and explore when and why to use a multi-period Discounted Cash Flow (DCF) analysis instead of direct capitalization. You’ll learn: How...
You’ll learn: How atypical long-term lease structures, like flat rents followed by sudden spikes or stepped increases, call for year-by-year modeling that a single-year snapshot can’t capture. Why a DCF is essential when you expect variable cash flow growth, illustrated by a half-empty shopping center undergoing renovation and lease-up. What the terminal period is, and why analysts typically use a 5, 7, or 10-year modeling horizon. Finally, how the terminal (or reversion) value captures the property’s worth beyond that horizon, and why it’s a modeling convention rather than a requirement to sell. 

Next time, we’ll move on to Section 4.3. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>226false39fullSection 4.2.2 - Constant Growth, Perpetuities, and the Cap Ratehttps://www.spreaker.com/episode/section-4-2-2-constant-growth-perpetuities-and-the-cap-rate--75853518
You’ll learn: Why analysts simplify cash flow forecasts by assuming a single, constant annual growth rate, and how it’s like predicting the climate instead of the daily weather. The key principle of keeping the numerator simple and putting risk in the denominator through the discount rate. How the reversion value is estimated by treating the property as a perpetuity, and why a stream of cash flows that lasts forever doesn’t have an infinite value. How the Gordon Growth Model values a growing perpetuity, and the big reveal that the cap rate is simply the discount rate minus the growth rate. Finally, how the two pieces of the DCF, the holding period cash flows and the terminal value, come together to give a property’s total value.

Next time, we’ll move on to Section 4.2.3 and look at when a more detailed, year-by-year analysis is needed. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853518Mon, 19 Oct 2026 17:44:47 +0000CI TeamHow can you value a property without predicting every boom and bust? In this episode of CRE Explained, Alex and Lily dive into Section 4.2.2 and explore how to make the Discounted Cash Flow (DCF) model practical for real-world use. You’ll learn: Why...
You’ll learn: Why analysts simplify cash flow forecasts by assuming a single, constant annual growth rate, and how it’s like predicting the climate instead of the daily weather. The key principle of keeping the numerator simple and putting risk in the denominator through the discount rate. How the reversion value is estimated by treating the property as a perpetuity, and why a stream of cash flows that lasts forever doesn’t have an infinite value. How the Gordon Growth Model values a growing perpetuity, and the big reveal that the cap rate is simply the discount rate minus the growth rate. Finally, how the two pieces of the DCF, the holding period cash flows and the terminal value, come together to give a property’s total value.

Next time, we’ll move on to Section 4.2.3 and look at when a more detailed, year-by-year analysis is needed. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>221false38fullSection 4.2.1 - The Discount Rate in DCF Analysishttps://www.spreaker.com/episode/section-4-2-1-the-discount-rate-in-dcf-analysis--75853483
You’ll learn: How the discount rate converts future cash flows into present value, accounting for both the time value of money and risk. The foundational formula of the risk-free rate plus a risk premium. Why not all of a property’s cash flows carry the same risk, and the theory behind using a lower intralease discount rate for contractual lease payments and a higher interlease discount rate for speculative future income and resale value. Why that approach is rarely used in practice due to complexity and uncertainty. Finally, how the industry instead relies on a single, blended discount rate derived from the IRRs buyers are paying for comparable properties. 

Next time, we’ll move on to Section 4.2.2. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853483Mon, 19 Oct 2026 17:44:29 +0000CI TeamWhat is a dollar you’ll receive five years from now worth to you today? In this episode of CRE Explained, Alex and Lily dive into Section 4.2.1 and explore the critical role of the discount rate in Discounted Cash Flow (DCF) analysis. You’ll learn:...
You’ll learn: How the discount rate converts future cash flows into present value, accounting for both the time value of money and risk. The foundational formula of the risk-free rate plus a risk premium. Why not all of a property’s cash flows carry the same risk, and the theory behind using a lower intralease discount rate for contractual lease payments and a higher interlease discount rate for speculative future income and resale value. Why that approach is rarely used in practice due to complexity and uncertainty. Finally, how the industry instead relies on a single, blended discount rate derived from the IRRs buyers are paying for comparable properties. 

Next time, we’ll move on to Section 4.2.2. Credits: Created by Nicole Jordan, Elizabeth Schrim, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>265false37fullSection 4.1 - Prices and Expected Returnshttps://www.spreaker.com/episode/section-4-1-prices-and-expected-returns--75853474
You’ll learn: Why a property’s future rents and sale price are set by the market, not by your purchase price. A simple example of a property earning $10,000 in net income with a $105,000 expected sale price, showing how paying $95,000, $100,000, or $105,000 changes your return from over 21% to 15% to about 9.5%. How the “fog of war” in deal-making leads to wishful thinking and backward reasoning to justify a high price. Finally, how the Greater Fool Theory fuels asset price bubbles, from the famous Tulip Bulb Bubble to today, and why disciplined, fundamentals-based valuation matters. 

Next time, we’ll move on to Section 4.2 and introduce the primary tool for valuing property: the Discounted Cash Flow (DCF) model. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853474Mon, 19 Oct 2026 17:44:05 +0000CI TeamDoes what you pay for a property really change what you earn? In this episode of CRE Explained, Alex and Lily dive into Section 4.1 and explore the core principle that the prices investors pay determine their expected returns. You’ll learn: Why a...
You’ll learn: Why a property’s future rents and sale price are set by the market, not by your purchase price. A simple example of a property earning $10,000 in net income with a $105,000 expected sale price, showing how paying $95,000, $100,000, or $105,000 changes your return from over 21% to 15% to about 9.5%. How the “fog of war” in deal-making leads to wishful thinking and backward reasoning to justify a high price. Finally, how the Greater Fool Theory fuels asset price bubbles, from the famous Tulip Bulb Bubble to today, and why disciplined, fundamentals-based valuation matters. 

Next time, we’ll move on to Section 4.2 and introduce the primary tool for valuing property: the Discounted Cash Flow (DCF) model. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>305false36fullChapter 4 Introduction - How Much Is the Asset Worth?https://www.spreaker.com/episode/chapter-4-introduction-how-much-is-the-asset-worth--75813320
You’ll learn: The three fundamental economic principles behind valuation: opportunity cost, market equilibrium, and wealth maximization. Why price and expected returns move in opposite directions, and how overpaying shrinks your future return. What the “Greater Fool Theory” is, and how speculation can fuel asset price bubbles. How the Discounted Cash Flow (DCF) method values a property based on the present value of its future cash flows, and how it leads to the Net Present Value (NPV) decision rule and the idea of a hurdle rate. Finally, why shortcut methods like direct capitalization are really simplified versions of the same DCF logic. 

Next time, we’ll move on to Section 4.1 and explore the mathematical link between asset values and returns. Credits: Created by Nicole Jordan, Allison Garmon, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75813320Mon, 19 Oct 2026 17:43:37 +0000CI TeamHow do you figure out what a property is really worth? In this episode of CRE Explained, Alex and Lily kick off Chapter 4 by tackling the core question behind every real estate investment. You’ll learn: The three fundamental economic principles...
You’ll learn: The three fundamental economic principles behind valuation: opportunity cost, market equilibrium, and wealth maximization. Why price and expected returns move in opposite directions, and how overpaying shrinks your future return. What the “Greater Fool Theory” is, and how speculation can fuel asset price bubbles. How the Discounted Cash Flow (DCF) method values a property based on the present value of its future cash flows, and how it leads to the Net Present Value (NPV) decision rule and the idea of a hurdle rate. Finally, why shortcut methods like direct capitalization are really simplified versions of the same DCF logic. 

Next time, we’ll move on to Section 4.1 and explore the mathematical link between asset values and returns. Credits: Created by Nicole Jordan, Allison Garmon, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>156false35fullSection 3.3.2 - The Internal Rate of Return (IRR)https://www.spreaker.com/episode/section-3-3-2-the-internal-rate-of-return-irr--75809661
You’ll learn: Why the IRR is so practical for long-term real estate holdings, requiring only the purchase price, periodic cash flows, and the sale or current value. What it means for the IRR to be a money-weighted return, and how it rewards smart timing of capital flows. Why it’s called an “internal” rate of return. The key limitations of the IRR, including how it can mislead when managers don’t control timing, why it can’t show when returns were earned or measure volatility, and how complex deals can produce multiple IRRs or none at all. Finally, the two special cases where the IRR equals the time-weighted return.

Next time, we’ll kick off Chapter 4 and begin exploring property-level pro forma analysis. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75809661Mon, 19 Oct 2026 17:43:22 +0000CI TeamWhat makes the IRR the classic measure of real estate performance, and where does it fall short? In this final episode of Chapter 3 of CRE Explained, Lily and Alex dive into Section 3.3.2 and take a close look at the Internal Rate of Return. You’ll...
You’ll learn: Why the IRR is so practical for long-term real estate holdings, requiring only the purchase price, periodic cash flows, and the sale or current value. What it means for the IRR to be a money-weighted return, and how it rewards smart timing of capital flows. Why it’s called an “internal” rate of return. The key limitations of the IRR, including how it can mislead when managers don’t control timing, why it can’t show when returns were earned or measure volatility, and how complex deals can produce multiple IRRs or none at all. Finally, the two special cases where the IRR equals the time-weighted return.

Next time, we’ll kick off Chapter 4 and begin exploring property-level pro forma analysis. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>324false34fullSection 3.3.1 - Time-Weighted Average Returnshttps://www.spreaker.com/episode/section-3-3-1-time-weighted-average-returns--75809644
You’ll learn: How the TWR measures an investment’s own performance, independent of when money is added or withdrawn. The difference between the arithmetic mean, best for forecasting, and the geometric mean, best for measuring historical performance. A simple example of a 50% gain followed by a 50% loss, showing how the arithmetic mean can suggest you broke even when you actually lost money. Why income and appreciation components add up neatly under the arithmetic mean but not the geometric mean. Finally, how volatility and the frequency of calculation affect the gap between the two averages.

Next time, we’ll move on to Section 3.3.2 and explore the money-weighted average return and the Internal Rate of Return (IRR). Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75809644Mon, 19 Oct 2026 17:42:03 +0000CI TeamHow do you measure the return you’ve really earned over several years? In this episode of CRE Explained, Lily and Alex dive into Section 3.3.1 and unpack the Time-Weighted Average Return (TWR), the first of two main approaches to multiperiod returns....
You’ll learn: How the TWR measures an investment’s own performance, independent of when money is added or withdrawn. The difference between the arithmetic mean, best for forecasting, and the geometric mean, best for measuring historical performance. A simple example of a 50% gain followed by a 50% loss, showing how the arithmetic mean can suggest you broke even when you actually lost money. Why income and appreciation components add up neatly under the arithmetic mean but not the geometric mean. Finally, how volatility and the frequency of calculation affect the gap between the two averages.

Next time, we’ll move on to Section 3.3.2 and explore the money-weighted average return and the Internal Rate of Return (IRR). Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>336false33fullSection 3.2.6 - Three Ways to View Total Returnhttps://www.spreaker.com/episode/section-3-2-6-three-ways-to-view-total-return--75853288
You’ll learn: The Operational view, which breaks total return into income plus growth, illustrated with a four-unit apartment building that earns net income and gains value in a single year. The Economic view, which sees total return as the risk-free rate plus a risk premium, and why investors demand extra compensation for risks like illiquidity, tenant default, and unexpected repairs. Finally, the Purchasing Power view, which splits total return into the real return plus an inflation premium, revealing whether an investment actually made you wealthier.

Next time, we’ll move on to Section 3.3. Credits: Created by Nicole Jordan, Adam Zulewski and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853288Mon, 19 Oct 2026 17:41:27 +0000CI TeamCan one return number tell three different stories? In this episode of CRE Explained, Alex and Lily dive into Section 3.2.6 and explore the three distinct lenses for viewing an investment’s total return. You’ll learn: The Operational view, which...
You’ll learn: The Operational view, which breaks total return into income plus growth, illustrated with a four-unit apartment building that earns net income and gains value in a single year. The Economic view, which sees total return as the risk-free rate plus a risk premium, and why investors demand extra compensation for risks like illiquidity, tenant default, and unexpected repairs. Finally, the Purchasing Power view, which splits total return into the real return plus an inflation premium, revealing whether an investment actually made you wealthier.

Next time, we’ll move on to Section 3.3. Credits: Created by Nicole Jordan, Adam Zulewski and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>344false32fullSections 3.2.4 and 3.2.5 - Risk, Return, and the Risk Premiumhttps://www.spreaker.com/episode/sections-3-2-4-and-3-2-5-risk-return-and-the-risk-premium--75853245
You’ll learn: How finance defines risk as volatility, measured by standard deviation, and what a wide versus narrow range of possible outcomes really means. Why higher risk cuts both ways, bringing greater potential for both losses and gains, illustrated by comparing a tech startup to a government bond. Why risk-averse investors need a higher expected return to take on more uncertainty. Finally, how expected return breaks down into two parts: the risk-free rate, which pays you for the time value of money, and the risk premium, which rewards you for taking on risk.

Next time, we’ll move on to Section 3.2.6 and explore the three main ways to view total return: operationally, economically, and as purchasing power. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853245Mon, 19 Oct 2026 17:41:11 +0000CI TeamWhy do investors demand higher returns for riskier investments? In this episode of CRE Explained, Alex and Lily dive into Sections 3.2.4 and 3.2.5 and explore the foundational relationship between risk and return. You’ll learn: How finance defines...
You’ll learn: How finance defines risk as volatility, measured by standard deviation, and what a wide versus narrow range of possible outcomes really means. Why higher risk cuts both ways, bringing greater potential for both losses and gains, illustrated by comparing a tech startup to a government bond. Why risk-averse investors need a higher expected return to take on more uncertainty. Finally, how expected return breaks down into two parts: the risk-free rate, which pays you for the time value of money, and the risk premium, which rewards you for taking on risk.

Next time, we’ll move on to Section 3.2.6 and explore the three main ways to view total return: operationally, economically, and as purchasing power. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>262false31fullSection 3.2.3 - Nominal vs. Real Returnshttps://www.spreaker.com/episode/section-3-2-3-nominal-vs-real-returns--75853236
You’ll learn: What a nominal return is, and why it only shows your profit at face value. How inflation erodes purchasing power, and how it’s measured using the Consumer Price Index (CPI). Why the real return, your profit after inflation, is the number that truly matters. A simple example where a property gains 2% in value while inflation runs at 3.3%, leaving you with a negative real return. Finally, the quick shortcut for estimating real return, and why beating inflation is the first goal of any investment. 

Next time, we’ll move on to Sections 3.2.4 and 3.2.5 and explore risk, volatility, and the all-important risk premium. Credits: Created by Nicole Jordan, Adam Zulewski and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853236Mon, 19 Oct 2026 17:40:53 +0000CI TeamAre you really making money, or just keeping up with rising prices? In this episode of CRE Explained, Alex and Lily dive into Section 3.2.3 and unpack the crucial difference between nominal and real returns. You’ll learn: What a nominal return is,...
You’ll learn: What a nominal return is, and why it only shows your profit at face value. How inflation erodes purchasing power, and how it’s measured using the Consumer Price Index (CPI). Why the real return, your profit after inflation, is the number that truly matters. A simple example where a property gains 2% in value while inflation runs at 3.3%, leaving you with a negative real return. Finally, the quick shortcut for estimating real return, and why beating inflation is the first goal of any investment. 

Next time, we’ll move on to Sections 3.2.4 and 3.2.5 and explore risk, volatility, and the all-important risk premium. Credits: Created by Nicole Jordan, Adam Zulewski and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>282false30fullSection 3.2.2 - The Timing of Cash Flows and Time-Weighted Returnshttps://www.spreaker.com/episode/section-3-2-2-the-timing-of-cash-flows-and-time-weighted-returns--75853220
You’ll learn: Why the textbook “end-of-period” assumption doesn’t match the reality of rent collected throughout the year. How the simple Holding Period Return (HPR) can misrepresent performance by ignoring when money comes in, especially over longer periods. How the time-weighted approach adjusts the HPR’s denominator to reflect cash flows received mid-period. A worked example of a $100 property producing a $10 cash flow early in the quarter, where the simple HPR shows 10% but the time-weighted HPR gives 10.71%, nearly identical to the true IRR of 10.70%. Finally, why this practical shortcut is so valuable for reporting returns and comparing properties.

Next time, we’ll move on to Section 3.2.3 and break down nominal versus real returns, and why inflation can erase gains in purchasing power. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins. 

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853220Mon, 19 Oct 2026 17:40:38 +0000CI TeamDoes it matter when your rent checks actually arrive? In this episode of CRE Explained, Alex and Lily dive into Section 3.2.2 and explore how the timing of cash flows affects the way we measure investment performance. You’ll learn: Why the textbook...
You’ll learn: Why the textbook “end-of-period” assumption doesn’t match the reality of rent collected throughout the year. How the simple Holding Period Return (HPR) can misrepresent performance by ignoring when money comes in, especially over longer periods. How the time-weighted approach adjusts the HPR’s denominator to reflect cash flows received mid-period. A worked example of a $100 property producing a $10 cash flow early in the quarter, where the simple HPR shows 10% but the time-weighted HPR gives 10.71%, nearly identical to the true IRR of 10.70%. Finally, why this practical shortcut is so valuable for reporting returns and comparing properties.

Next time, we’ll move on to Section 3.2.3 and break down nominal versus real returns, and why inflation can erase gains in purchasing power. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins. 

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>252false29fullSection 3.2.1 - Total Returnhttps://www.spreaker.com/episode/section-3-2-1-total-return--75853211
You’ll learn: How total return combines two distinct parts: income return and appreciation return. What income return, or current yield, is, and why steady cash flow from net operating income matters so much to investors like retirees and pension funds. How appreciation return captures the change in a property’s market value, whether it’s a capital gain or a loss. Why illiquidity makes it so important to track these components separately in real estate, since unlike a stock, you can’t sell off a slice of a building to cash in on its gains. Finally, how income return reflects a property’s day-to-day health while appreciation return speaks to its long-term growth potential. 

Next time, we’ll move on to Section 3.2.2 and explore how time-weighted returns keep cash flows in the middle of a period from distorting the final return. Credits: Created by Nicole Jordan, Adam, Zulewski and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75853211Mon, 19 Oct 2026 17:30:45 +0000CI TeamWhat does your real estate investment actually earn in a given period? In this episode of CRE Explained, Alex and Lily dive into Section 3.2.1 and break down total return, the most basic and complete measure of periodic performance. You’ll learn: How...
You’ll learn: How total return combines two distinct parts: income return and appreciation return. What income return, or current yield, is, and why steady cash flow from net operating income matters so much to investors like retirees and pension funds. How appreciation return captures the change in a property’s market value, whether it’s a capital gain or a loss. Why illiquidity makes it so important to track these components separately in real estate, since unlike a stock, you can’t sell off a slice of a building to cash in on its gains. Finally, how income return reflects a property’s day-to-day health while appreciation return speaks to its long-term growth potential. 

Next time, we’ll move on to Section 3.2.2 and explore how time-weighted returns keep cash flows in the middle of a period from distorting the final return. Credits: Created by Nicole Jordan, Adam, Zulewski and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>260false28fullSection 3.2 - Investment Returns and the Holding Period Returnhttps://www.spreaker.com/episode/section-3-2-investment-returns-and-the-holding-period-return--75809585
You’ll learn: Why most individual investors and small partnerships rarely calculate formal periodic returns, focusing instead on monthly cash flow and the eventual sale. Why regular performance measurement is non-negotiable for pension funds and REITs managing billions of dollars. How comparability lets real estate speak the same “language of returns” as stocks and bonds, opening the door to institutional capital. Finally, what the Holding Period Return (HPR) is, and why it serves as the foundational measure of total investment performance, capturing both income and changes in market value.

Next time, we’ll move on to Section 3.2.1 and break the HPR down into its two core components: income return and appreciation return. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75809585Mon, 19 Oct 2026 17:30:28 +0000CI TeamWhy do Wall Street investors track real estate returns so differently from the everyday property owner? In this episode of CRE Explained, Lily and Alex dive into Section 3.2 and explore the two worlds of real estate investing: the individual owner and...
You’ll learn: Why most individual investors and small partnerships rarely calculate formal periodic returns, focusing instead on monthly cash flow and the eventual sale. Why regular performance measurement is non-negotiable for pension funds and REITs managing billions of dollars. How comparability lets real estate speak the same “language of returns” as stocks and bonds, opening the door to institutional capital. Finally, what the Holding Period Return (HPR) is, and why it serves as the foundational measure of total investment performance, capturing both income and changes in market value.

Next time, we’ll move on to Section 3.2.1 and break the HPR down into its two core components: income return and appreciation return. Credits: Created by Nicole Jordan, Adam Zulewski, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>233false27fullSection 3.1.2 - Advantages and Disadvantages of Return Measureshttps://www.spreaker.com/episode/section-3-1-2-advantages-and-disadvantages-of-return-measures--75809551
You’ll learn: Why period-by-period returns are the go-to for macro-level, portfolio analysis. How they allow direct comparison with stocks and bonds, and why co-movement matters so much for diversification and risk management. Why time-weighted returns are the fairer scorecard for managers who don’t control the timing of capital flows, like pension fund managers. How the Internal Rate of Return (IRR) became the dominant metric for analyzing individual properties, since it skips costly appraisals. Finally, why IRR is the right tool for evaluating managers who do control timing, like private equity fund managers whose buy and sell decisions drive results.

Next time, we’ll move on to Section 3.2 and explore why periodic returns were rarely computed in traditional real estate, yet are essential to modern institutional investing. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75809551Mon, 19 Oct 2026 17:29:39 +0000CI TeamWhich return measure should you use, and when? In this episode of CRE Explained, Alex and Lily dive into Section 3.1.2 and weigh the pros and cons of period-by-period and multiperiod returns. You’ll learn: Why period-by-period returns are the go-to...
You’ll learn: Why period-by-period returns are the go-to for macro-level, portfolio analysis. How they allow direct comparison with stocks and bonds, and why co-movement matters so much for diversification and risk management. Why time-weighted returns are the fairer scorecard for managers who don’t control the timing of capital flows, like pension fund managers. How the Internal Rate of Return (IRR) became the dominant metric for analyzing individual properties, since it skips costly appraisals. Finally, why IRR is the right tool for evaluating managers who do control timing, like private equity fund managers whose buy and sell decisions drive results.

Next time, we’ll move on to Section 3.2 and explore why periodic returns were rarely computed in traditional real estate, yet are essential to modern institutional investing. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>375false26fullSection 3.1.1 - Quantifying Investment Performancehttps://www.spreaker.com/episode/section-3-1-1-quantifying-investment-performance--75809504
You’ll learn: The two fundamental objectives of property investment, income and growth, and the basic formula for calculating return. The difference between ex-post (historical) and ex-ante (expected) returns, and how each is used. How periodic returns, or holding period returns (HPR), work, illustrated by the S&P 500’s swings from 2008 to 2010. Why the Internal Rate of Return (IRR) is so practical for real estate, since it doesn’t require valuing the property along the way. Finally, the key distinction between time-weighted and money-weighted returns, and when each one fits best.

Next time, we’ll move on to Section 3.1.2 and weigh the advantages and disadvantages of these return measures. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins. 

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75809504Mon, 19 Oct 2026 17:29:10 +0000CI TeamHow do you put a number on how well a real estate investment is really doing? In this episode of CRE Explained, Alex and Lily dive into Section 3.1.1 and break down the different ways to measure investment returns.  You’ll learn: The two fundamental...
You’ll learn: The two fundamental objectives of property investment, income and growth, and the basic formula for calculating return. The difference between ex-post (historical) and ex-ante (expected) returns, and how each is used. How periodic returns, or holding period returns (HPR), work, illustrated by the S&P 500’s swings from 2008 to 2010. Why the Internal Rate of Return (IRR) is so practical for real estate, since it doesn’t require valuing the property along the way. Finally, the key distinction between time-weighted and money-weighted returns, and when each one fits best.

Next time, we’ll move on to Section 3.1.2 and weigh the advantages and disadvantages of these return measures. Credits: Created by Nicole Jordan, Emma Chang, and Shaun Collins. 

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>300false25fullChapter 3 Introduction: Investment Returns and Riskhttps://www.spreaker.com/episode/chapter-3-introduction-investment-returns-and-risk--75627017
You'll learn: What total (holding period) return means, and how it breaks down into income return and appreciation return. A quick preview of the Internal Rate of Return (IRR). How risk is defined as the variability of returns and measured with standard deviation. Why investors demand higher returns for taking on more risk. Finally, the difference between nominal and real returns, and why inflation matters to your purchasing power.

This episode sets up the rest of Chapter 3. Next time, we'll dig into Section 3.1.1 and take a closer look at holding period returns. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75627017Wed, 07 Oct 2026 20:39:54 +0000CI TeamHow do you know if a real estate investment is paying off, and what are you risking to get there? In this episode of CRE Explained, Alex and Lily introduce Chapter 3 by walking through the core ideas behind measuring performance and uncertainty in...
You'll learn: What total (holding period) return means, and how it breaks down into income return and appreciation return. A quick preview of the Internal Rate of Return (IRR). How risk is defined as the variability of returns and measured with standard deviation. Why investors demand higher returns for taking on more risk. Finally, the difference between nominal and real returns, and why inflation matters to your purchasing power.

This episode sets up the rest of Chapter 3. Next time, we'll dig into Section 3.1.1 and take a closer look at holding period returns. Credits: Created by Nicole Jordan and Shaun Collins.

This audio has been created with the help of AI.

© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>182false24fullSections 2.2.10–2.2.11 – Loan Repayment Periods & Mortgage Structureshttps://www.spreaker.com/episode/sections-2-2-10-2-2-11-loan-repayment-periods-mortgage-structures--75520340
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75520340Fri, 02 Oct 2026 12:37:05 +0000CI TeamIn this episode of CRE Explained, Alex and Lily wrap up Chapter 2 by exploring Sections 2.2.10 and 2.2.11, covering how to solve for the number of payments (N) and how the time value of money applies to mortgages. They explain how investors can...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>276false23fullSection 2.2.9 – Solving for Loan Payments (PMT) & Mortgage Cash Flowhttps://www.spreaker.com/episode/section-2-2-9-solving-for-loan-payments-pmt-mortgage-cash-flow--75520289
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75520289Fri, 02 Oct 2026 12:35:02 +0000CI TeamIn this episode of CRE Explained, Alex and Lily explore Section 2.2.9 and explain how to solve for the payment amount (PMT) using the present value formula. Using an $80,000 loan with a 1% monthly interest rate and a 30-year repayment period, they...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>187false22fullSection 2.2.8 – Future Value of Annuities & Compoundinghttps://www.spreaker.com/episode/section-2-2-8-future-value-of-annuities-compounding--75489014
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75489014Fri, 02 Oct 2026 12:32:21 +0000CI TeamIn this episode of CRE Explained, Alex and Lily explore Section 2.2.8 and explain how to calculate the future value of annuities. Building on the concept of the time value of money, they discuss the difference between present value and future value...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>181false21fullSection 2.2.7 – Long-Term Leases & the Perpetuity of Successive Annuitieshttps://www.spreaker.com/episode/section-2-2-7-long-term-leases-the-perpetuity-of-successive-annuities--75487493
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75487493Thu, 01 Oct 2026 17:12:42 +0000CI TeamIn this episode of CRE Explained, Alex and Lily explore Section 2.2.7 and the valuation of properties with long-term leases. They explain how a signed lease creates a predictable stream of cash flows and introduce the concept of a “perpetuity of...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>197false20fullSection 2.2.6 – Gordon Growth Model, Cap Rates & Real Estate Valuationhttps://www.spreaker.com/episode/section-2-2-6-gordon-growth-model-cap-rates-real-estate-valuation--75487024
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75487024Thu, 01 Oct 2026 17:08:20 +0000CI TeamIn this episode of CRE Explained, Alex and Lily explore Section 2.2.6 and the economic implications of the constant-growth perpetuity formula. They break down the relationship between expected cash flow, discount rates, and growth rates, and explain...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>205false19fullSection 2.2.5 – Constant-Growth Perpetuities & Real Estate Valuationhttps://www.spreaker.com/episode/section-2-2-5-constant-growth-perpetuities-real-estate-valuation--75486988
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75486988Thu, 01 Oct 2026 17:05:12 +0000CI TeamIn this episode of CRE Explained, Alex and Lily explore Section 2.2.5: the Present Value of a Constant-Growth Perpetuity. They break down the concept of a perpetuity—an income stream that continues indefinitely—and explain how constant growth can be...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>147false18fullSection 2.2.4 – Constant-Growth Annuities & Present Valuehttps://www.spreaker.com/episode/section-2-2-4-constant-growth-annuities-present-value--75486902
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75486902Thu, 01 Oct 2026 17:02:44 +0000CI TeamIn this episode of CRE Explained, Alex and Lily explore Section 2.2.4: the Present Value of a Constant-Growth Annuity in Arrears. Building on the concept of level payment annuities, this episode introduces cash flow streams that grow or decrease by a...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>126false17full2.2.1–2.2.3 – Annuities, Perpetuities & Payment Timinghttps://www.spreaker.com/episode/2-2-1-2-2-3-annuities-perpetuities-payment-timing--75486852
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75486852Thu, 01 Oct 2026 16:57:20 +0000CI TeamIn this episode of CRE Explained, Alex and Lily dive into Sections 2.2.1–2.2.3 and explore the foundational concepts of regular cash flow streams in commercial real estate. They break down the difference between annuities and perpetuities, explaining...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>162false16fullSection 2.2 – Multiperiod Cash Flows & Real Estate Investment Valuationhttps://www.spreaker.com/episode/section-2-2-multiperiod-cash-flows-real-estate-investment-valuation--75486698
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/75486698Thu, 01 Oct 2026 16:47:30 +0000CI TeamIn this episode of CRE Explained, we dive into Section 2.2 and explore how investors analyze multiple cash flows over time. Moving beyond single payments, Alex and Lily explain why real estate investments often involve streams of cash flows, including...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>145false15fullSections 2.1.4–2.1.6 – Compounding Frequency, Effective Rates & Continuous Compoundinghttps://www.spreaker.com/episode/sections-2-1-4-2-1-6-compounding-frequency-effective-rates-continuous-compounding--71461815
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/71461815Sun, 19 Apr 2026 15:49:04 +0000CI TeamIn this episode, we explore how interest rates are applied when compounding occurs more frequently than once per year, a key concept in real estate finance. We introduce the difference between nominal rates and effective annual rates (EAR), explaining...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>189false14fullSection 2.1.3 – Compound vs. Simple Interest Rateshttps://www.spreaker.com/episode/section-2-1-3-compound-vs-simple-interest-rates--71461576











© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/71461576Sun, 19 Apr 2026 15:46:46 +0000CI TeamIn this episode, we explore different ways to define interest rates across multiple periods, focusing on the difference between compound interest and simple interest. We revisit how the same investment growth can be expressed using different rate...











© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>188false13fullSection 2.1.2 – Multi-Period Compounding & Investment Growthhttps://www.spreaker.com/episode/section-2-1-2-multi-period-compounding-investment-growth--71461538
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/71461538Sun, 19 Apr 2026 15:42:51 +0000CI TeamIn this episode, we build on single-period analysis by introducing multi-period compounding and how returns grow over time. We explain how earning a return across multiple periods leads to compound growth, where investors earn returns not only on...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>186false12fullSection 2.1.1 – Single-Period Discounting, Compounding & Cash Flow Valuationhttps://www.spreaker.com/episode/section-2-1-1-single-period-discounting-compounding-cash-flow-valuation--71461476
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/71461476Sun, 19 Apr 2026 15:40:26 +0000CI TeamIn this episode, we introduce single sums and the concept of single-period discounting and growing, the most basic building blocks of time value of money. We explore how to compare a cash flow today with a cash flow in the future and determine when...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>168false11fullChapter 2 Introduction – Time Value of Money & Present Value in Real Estate Financehttps://www.spreaker.com/episode/chapter-2-introduction-time-value-of-money-present-value-in-real-estate-finance--71461378
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>https://api.spreaker.com/episode/71461378Sun, 19 Apr 2026 15:30:11 +0000CI TeamIn this episode, we introduce Chapter 2 and the fundamental concept of the time value of money, a core principle in real estate finance. We explain why a dollar today is worth more than a dollar in the future and how investors use present value...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net ]]>162false10fullSection 1.3.2 – Historical Asset Class Returns & Real Estate Market Cycleshttps://www.spreaker.com/episode/section-1-3-2-historical-asset-class-returns-real-estate-market-cycles--71461120











© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71461120Sun, 19 Apr 2026 15:25:50 +0000trueCI TeamIn this episode, we analyze the historical performance of the four major asset classes, highlighting how stocks, bonds, real estate, and cash have grown over time. We compare long-term returns, risk, and income generation, showing how stocks have...











© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>291false9fullSection 1.3.1 – The Four Major Asset Classes: Risk, Return & Diversificationhttps://www.spreaker.com/episode/section-1-3-1-the-four-major-asset-classes-risk-return-diversification--71461051
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71461051Sun, 19 Apr 2026 15:23:19 +0000trueCI TeamIn this episode, we introduce the four major asset classes in the investment universe, cash, stocks, bonds, and real estate, and explain why they are essential for portfolio planning. Each asset class offers unique characteristics, supported by...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>274false8fullSection 1.3 – Historical Real Estate Performance & Four Investment Strategieshttps://www.spreaker.com/episode/section-1-3-historical-real-estate-performance-four-investment-strategies--71461003
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71461003Sun, 19 Apr 2026 15:19:01 +0000trueCI TeamIn this episode, we take a step back and look at the big picture of real estate as an investment asset class, exploring how commercial real estate has performed historically and where it fits within the broader investment universe. We focus on core,...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>233false7fullSection 1.2.2 (Part 2) – Indirect Real Estate Investment: REITs & Real Estate Debthttps://www.spreaker.com/episode/section-1-2-2-part-2-indirect-real-estate-investment-reits-real-estate-debt--71460973
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71460973Sun, 19 Apr 2026 15:15:09 +0000trueCI TeamIn this episode, we explore indirect ways to invest in commercial real estate, focusing on listed REITs and real estate debt. We break down how REITs provide stock market access to real estate, offering liquidity and diversification without the burden...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>284false6fullSection 1.2.2 (Part 1) – Direct Real Estate Investment & Its Unique Characteristicshttps://www.spreaker.com/episode/section-1-2-2-part-1-direct-real-estate-investment-its-unique-characteristics--71460899
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71460899Sun, 19 Apr 2026 15:11:09 +0000trueCI TeamIn this episode, we introduce the core ways investors can gain exposure to commercial real estate, focusing on direct ownership and how it differs from traditional “mainstream” investments. We explore what makes real estate unique as an asset class,...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>203businesseducation,commercialrealestate,financefalse5fullSection 1.2.1 – Commercial Real Estate & Property Marketshttps://www.spreaker.com/episode/section-1-2-1-commercial-real-estate-property-markets--71185374
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71185374Fri, 10 Apr 2026 01:37:30 +0000trueCI TeamIn this episode, we define commercial real estate and its role in the investment landscape. We cover land, buildings, and property rights, focusing on income-producing assets such as apartments, office, retail, and industrial properties. We also...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>236false4fullSection 1.1.2 – Underlying Assets, Investment Products & Riskhttps://www.spreaker.com/episode/section-1-1-2-underlying-assets-investment-products-risk--71185057
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71185057Fri, 10 Apr 2026 01:37:02 +0000trueCI TeamThis episode explains how the investment industry connects investors to real, income-generating assets in the economy. We break down the difference between underlying assets and investment products, and how products like stocks, bonds, options, mutual...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>341false3fullSection 1.1.1 – Investment Industry & Investor Objectiveshttps://www.spreaker.com/episode/section-1-1-1-investment-industry-investor-objectives--71184751
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71184751Fri, 10 Apr 2026 01:24:35 +0000trueCI TeamThis episode focuses on Section 1.1.1, introducing the fundamental structure of the investment industry and the key factors that drive investor behavior. The discussion highlights the primary objectives of investors, including risk and return...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>294false2fullChapter 1 – Introduction to the Investment Industry and Real Estate as an Asset Classhttps://www.spreaker.com/episode/chapter-1-introduction-to-the-investment-industry-and-real-estate-as-an-asset-class--71183209
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>https://api.spreaker.com/episode/71183209Fri, 10 Apr 2026 01:06:42 +0000trueCI TeamWelcome to the first episode of the CI podcast series. This episode introduces Chapter 1 and provides a foundational overview of the investment industry, with a focus on real estate as a key asset class. Throughout this episode, we examine the...
© 2026 CRE Explained Podcast Team.
Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.
Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.
Reference Material: Commercial Real Estate Resources | CREBook.net 

This episode includes AI-generated content.]]>126false1full