On the Use of a Cash Flow Time-Series to Measure Property Performance

Modern portfolio theory is increasingly being used to guide real estate portfolio decisions. However, to obtain meaningful results from complex mathematical techniques, the input data must meet at least two conditions: property values must be measured accurately, and the process by which property valuations change over time must be known. Neither of these conditions are satisfied by data currently available. This paper closely examines how value is measured and reported for commercial property. Commonly used time-series from NREI, NCREIF and ACLI are found wanting. An index of value using the popular "repeat sales" method is derived using data from Freddie Mac's multifamily portfolio. The focus of this paper is on developing an alternative measure of property performance based on property net operating income. Two cash flow indices are constructed from publicly available data and evaluated. It is recommended that the methodology developed here be used to create cash flow indices that can supplement or replace existing value indices in property analysis. The cash flow indices have much to offer researchers applying option-based models to real estate.

Bubbles in Metropolitan Housing Markets

A commonsense and empirically supported approach to explaining metropolitan real house price changes is for the theory to describe an equilibrium price level to which the market is constantly adjusting. The determinants of real house price appreciation, then, can be divided into two groups, one that explains changes in the equilibrium price and the other that accounts for the adjustment dynamics or changing deviations from the equilibrium price. The former group includes the growth in real income and real construction costs and changes in the real after-tax interest rate. The latter group consists of lagged real appreciation and the difference between the actual and equilibrium real house price levels. Either group of variables can explain a little over two-fifths of the variation in real house price movements in 30 cities over the 1977-92 period; together, they explain three-fifths.

Three-dimensional architecture and hydrostratigraphy of cross-cutting buried valleys using airborne electromagnetics, glaciated Central Lowlands, Nebraska, USA

Buried valleys are characteristic features of glaciated landscapes, and their deposits host important aquifers worldwide. Understanding the stratigraphic architecture of these deposits is essential for protecting groundwater and interpreting sedimentary processes in subglacial and ice-marginal environments. The relationships between depositional architecture, topography and hydrostratigraphy in dissected, pre-Illinoian till sheets is poorly understood. Boreholes alone are inadequate to characterize the complex geology of buried valleys, but airborne electromagnetic surveys have proven useful for this purpose. A key question is whether the sedimentary architecture of buried valleys can be interpreted from airborne electromagnetic profiles. This study employs airborne electromagnetic resistivity profiles to interpret the threedimensional sedimentary architecture of cross-cutting buried valleys in a ca 400 km2 area along the western margin of Laurentide glaciation in North America. A progenitor bedrock valley is succeeded by at least five generations of tunnel valleys that become progressively younger northward. Tunnel-valley infills are highly variable, reflecting under-filled and over-filled conditions. Under-filled tunnel valleys are expressed on the modern landscape and contain fine sediments that act as hydraulic barriers. Over-filled tunnel valleys are not recognized in the modern landscape, but where they are present they form hydraulic windows between deep aquifer units and the land surface. The interpretation of tunnel-valley genesis herein provides evidence of the relationships between depositional processes and glacial landforms in a dissected, pre-Illinoian till sheet, and contributes to the understanding of the complex physical hydrology of glacial aquifers in general

Reconstruction of pre-Illinoian ice margins and glaciotectonic structures from airborne electromagnetic (AEM) surveys at the western limit of Laurentide glaciation, Midcontinent U.S.A.

Early and early Middle Pleistocene glaciations in midcontinental USA are poorly understood relative to more recent Illinoian and Wisconsinan glaciations, largely because pre-Illinoian glacial landforms and deposits are eroded and buried. In this paper, we present a new interpretation of buried, pre-Illinoian glacial features along the Laurentide glacial margin in northeastern Nebraska using Airborne ElectroMagnetics (AEM) supplemented with borehole logs and 2m LiDAR elevation data. We detect and map large-scale (101–102 km) geological features using contrasts in electrical resistivity. The Laurentide glacial limit is marked by a continuous (\u3e120 km) contrast between conductive (\u3c15 Ω-m), clayey tills and resistive (\u3e40 Ω-m) sandy sediments. Several smaller (102 km2) till salients extend 10s of km westward of this margin. We recognize a lithologically heterogeneous zone characterized by variable resistivity and complex geophysical structures extending as much as 17 km west of the glacial limit. This zone is interpreted as a glaciotectonic thrust complex, and it is analogous to a similar thrust complex in Denmark where structural analysis of co-located seismic and AEM surveys provides a standard for comparison. Our study suggests that the maximum advancement of pre-Illinoian glacial ice into Nebraska involved extensive deformation of sedimentary strata, local overriding of these deformed strata by smaller ice tongues, and emplacement of tills as much as 30 km west of the principal Laurentide ice margin. These insights provide the first glimpse of the large-scale stratigraphic architecture of glacial sediments in Nebraska and point to future clarifications of the geology and geomorphology of the Laurentide glacial limit

Patterns and Determinants of Metropolitan House Prices, 1977-91

Real metropolitan house prices have been quite volatile during the 1977-91 period, with half of our 30 areas having annual increases of above 15 percent in a single year and a third having decreases greater than 7.5 percent. Drawing on Capozza and Helsley's models of real land prices, we express real house price changes as a function of the rate of change in employment, real income growth, real construction cost inflation, and changes in real after-tax interest rates. Our explanatory power varies widely by region. We do quite well for the half of our cities in the more stable Upper Midwest and Southeast, less well for the coastal cities, and dismally for the two Texas cities.

Three-dimensional architecture and hydrostratigraphy of cross-cutting buried valleys using airborne electromagnetics, glaciated Central Lowlands, Nebraska, USA

Buried valleys are characteristic features of glaciated landscapes, and their deposits host important aquifers worldwide. Understanding the stratigraphic architecture of these deposits is essential for protecting groundwater and interpreting sedimentary processes in subglacial and ice-marginal environments. The relationships between depositional architecture, topography and hydrostratigraphy in dissected, pre-Illinoian till sheets is poorly understood. Boreholes alone are inadequate to characterize the complex geology of buried valleys, but airborne electromagnetic surveys have proven useful for this purpose. A key question is whether the sedimentary architecture of buried valleys can be interpreted from airborne electromagnetic profiles. This study employs airborne electromagnetic resistivity profiles to interpret the threedimensional sedimentary architecture of cross-cutting buried valleys in a ca 400 km2 area along the western margin of Laurentide glaciation in North America. A progenitor bedrock valley is succeeded by at least five generations of tunnel valleys that become progressively younger northward. Tunnel-valley infills are highly variable, reflecting under-filled and over-filled conditions. Under-filled tunnel valleys are expressed on the modern landscape and contain fine sediments that act as hydraulic barriers. Over-filled tunnel valleys are not recognized in the modern landscape, but where they are present they form hydraulic windows between deep aquifer units and the land surface. The interpretation of tunnel-valley genesis herein provides evidence of the relationships between depositional processes and glacial landforms in a dissected, pre-Illinoian till sheet, and contributes to the understanding of the complex physical hydrology of glacial aquifers in general

Non-healing chronic cutaneous abscess wound infected with Proteus mirabilis in a Shami goat

A wound is the disruption in the continuity of skin. Infected wound leads to collection of pus in a cavity formed by disintegration of tissues within the dermis or deeper skin tissues leading to cutaneous abscess. Cutaneuos abscesses wounds are common in goats and sheep but infection due to Proteus mirabilis (P. mirabilis) is very rare. In this case report, a Shami goat which had a ruptured abscess at the neck and head region was initially suspected for caseous lymphadenitis (CLA) caused by Corynebacterium pseudotuberculosis (C. pseudotuberculosis) however, the isolation and identification of pus and blood swab samples in an aseptic manner revealed the presence of Proteus species. The Proteus species showed resistance to wide range of antibiotic used in the treatment and causes a non healing abscess wound in the Shami goat

Toxicity of tryptophan manganese(I) carbonyl (Trypto-CORM), against Neisseria gonorrhoeae

The potential for carbon monoxide-releasing molecules (CO-RMs) as antimicrobials represents an exciting prospective in the fight against antibiotic resistance. Trypto-CORM, a tryptophan-containing manganese(i) carbonyl, is toxic against E. coli following photo-activation. Here, we demonstrate that Trypto-CORM is toxic against Neisseria gonorrhoeae in the absence of photoactivation. Trypto-CORM toxicity was reversed by the high CO affinity globin leg-haemoglobin (Leg-Hb), indicating that the toxicity is due to CO release. Release of CO from Trypto-CORM in the dark was also detected with Leg-Hb (but not myoglobin) in vitro. N. gonorrhoeae is more sensitive to CO-based toxicity than other model bacterial pathogens, and may serve as a viable candidate for antimicrobial therapy using CO-RMs

Series of clinical cases and management of histopathologically diagnosis of squamous cell carcinoma in African pygmy hedgehogs (Atelerix albiventris)

Squamous cell carcinoma (SCC) is frequently seen as an invasive cutaneous tumour that can be fatal in animals. In this case series, the clinical management of histopathologically diagnosis of SCC in three different individuals of African pygmy hedgehogs is described. In two of the cases presented, the tumours were presented as an oral mass on the gingiva, which were ulcerative and septic. Lumpectomy was performed in both cases and histopathology revealed encapsulated mass composed of neoplastic cells showing squamous differentiation arranged in islands with presence of keratin pearls, intercellular bridges and frequent mitotic figures which are typical features of squamous cell carcinoma. Following lumpectomy, the two hedgehogs were discharged but were later found to developed ocular lesion and anorexia before they were found dead. In the third case, SCC was diagnosed on the phalanges of the 3rd and 4th digits and surgical resection was successfully performed in this case and post-surgical complications were not recorded. Squamous cell carcinoma is one of the most common malignant tumours in African pygmy hedgehogs. In this case series, three cases of SCC were diagnosed using histopathology which two of the cases had predilections in the oral cavity while the third one only involved the digits