On Setting Apartment Rental Rates: A Regression-Based Approach

This study presents a regression-based analysis of apartment rents for a cross-section of properties located in an "edge city" submarket. It attempts to provide a solution for owners and managers of apartments to the thorny problem of setting a property's rental rate. The approach used in this analysis differs from previous studies in at least three important respects: (1) vacancy is treated as part of the dependent variable, (2) the property-specific rental rate generated by the regression analysis is compared to the property's actual effective rent, and (3) each property in the submarket is ranked by the difference between its actual effective rent and its characteristic-adjusted effective rent. This is then followed by several observations concerning the advantages and disadvantages of such an analysis in a practical setting.

A Fundamental Examination of Securitized and Unsecuritized Real Estate

Most studies (including this one) have found a weak statistical relationship between total returns for securitized and unsecuritized real estate equities. Some studies argue that REIT shares behave more like the stock market, than real estate. In an attempt to focus this discussion, this study examines the fundamental underlying return-generating components: dividends, investment values, and dividend yields using NAREIT and NCREIF data from 1978 through 1994. While dividends have been part of the REIT pricing calculus for some time, relatively few studies have focused upon the "dividends" paid by NCREIF properties. The short-run relationships between these fundamental components are weak and many of their distributions display significant non-normal tendencies. Even when quarterly lags of up to two years are examined, these distributions also tend to be weakly correlated with one another. Of the three fundamental components, the long-run path of prices exhibited the strongest relationship. Interestingly, the volatility of the NCREIF dividend series is approximately 150% of the NAREIT volatility, while the volatility of the NCREIF asset values is roughly 25% of the NAREIT volatility. This is contradictory: in a simplified setting, greater dividend volatility should be accompanied by greater price volatility, not less, as observed here. Nevertheless, such comparisons suffer due to the incompatibility of the data sources and, accordingly, this study should be viewed as a preliminary examination of securitized and unsecuritized real estate returns.

Assessment of Real Estate Brokerage Service Quality with a Practicing Professional's Instrument

This study explores factors that affect service quality for a large residential real estate brokerage in a diverse midwestern city. It examines the extent to which overall service quality influences homebuyers to recommend the brokerage firm and to use the firm for future transactions. A Linear Structural Relations model is fit to data using the firm's service quality instrument. Results indicate statistically significant relationships between both agent characteristics and the tangible aspects of the firm, and three measures of overall service quality. Implications for the real estate industry are discussed and suggestions for improvement and future research are provided.

Teacher training for mathematical literacy: A case study taking the past into the future

With the advent of the Minimum Requirements for Teacher Education Qualifications policy (MRTEQ), higher education institutions (HEIs) are rethinking curricula for teacher training in order to enable entree for in-service teachers to reskill, retrain and have access to higher qualifications. In the field of mathematical literacy (ML), most teacher training has been offered via government-funded Advanced Certificate in Education (ACE) qualifications, which have now largely been phased out. In this article we examine two ACE ML programmes offered in KwaZulu-Natal (KZN) in order to present some lessons that have been learnt. We put forward some elements that we consider to be essential for training ML teachers and also raise concerns about future training of ML teachers.Keywords: contextual attributes; mathematical literacy; reflection; teacher trainin

A Fundamental Comparison of International Real Estate Returns

This study analyzes commercial real estate returns in Australia, Canada, the United Kingdom, and the United States over the period 1985-95, from the perspective of a U.S. investor. Because national indices can consist of differing property mixes, this study separately analyzes the office, retail, and warehouse sectors. Moreover, these analyses also convert total returns into their fundamental components: initial yield, growth in income, and shifts in capitalization rates. The paths of currency-adjusted income and asset values and, therefore, capitalization rates are also presented. Generally speaking, the fundamental components of retail returns across the four countries exhibit greater divergence than the office and warehouse sectors. It is interesting that the U.S. property sectors showed the worst performance, while the Australian retail and the British office and warehouse sectors were the best performers (both before and after currency adjustments). Additionally, the currency-adjusted Australian returns were adversely effected by exchange rate movements, while the British returns were positively effected. Lastly, the correlation of the quarterly percentage change in income was generally lower and less statistically significant that the correlation patterns observed among the other components of return. This might suggest that more idiosyncratic risk can be found in the real estate space markets (as proxied by income changes) than in the real estate capital markets (as proxied by the pricing of the income--that is, capitalization rates), which appear to be more globally influenced.

Protection of Private Groundwater Drinking Supplies

There are three general objectives that this slide presentation concentrates on; First of all, we want to acquaint you with the hydrologic cycle. If one understands this cycle; then, an appreciation for what activities might contaminate our water supplies can be obtained. Secondly, we want to review some of the land use practices that may result in water resource contamination. Thirdly, we want to review well construction and maintenance practices that may result in contamination of an individuals source of drinking water. That brings us to the major goal of this entire program. This major goal is to get each person to think about protecting his source of groundwater supply from contamination, whether that source be a well or a spring. If each person protects his own groundwater supply, then the regional groundwater supply will be protected and available for future use

Development of a Dynamic Investment Strategy under Alternative Inflation Cycle Scenarios

Inflation and inflation cycles have been a major underlying reason for the financial successes and failures of real estate investors in recent history. These cycles have complex impacts on cash flow variables and thus on real estate returns and investment values. This study presents a decision framework and operational model to project investment returns for alternative inflation cycle scenarios and demonstrates their application for developing a dynamic real estate investment strategy. Such a strategy provides for portfolio revisions during different stages of the inflation cycle and assumes that investors seek to maximize expected "real" rates of return and hence owner's wealth. A probabilistic discounted cash flow model is designed and used to inflation-adjust each cash flow variable affected. Mathematical relationships are developed for specifying unique cash flow variable linkages and sensitivities, with lead and lag periods consistent with empirical evidence of timing of inflation impacts. Finally strategic implications for acquisition and disposition policy are discussed.

Multiwall/RSI concept for local application to space shuttle body flap

A titanium multiwall/reusable surface insulation (MW/RSI) TPS concept designed to prevent local erosion of the RSI tiles on the upper surface of the Space Shuttle Orbiter body flap was investigated. The concept, which consisted of a combination of a titanium multiwall tile and an RSI tile, was evaluated by thermal analysis and structural and thermal testing of one configuration to assess the attachment scheme and thermal behavior. Results indicate that the MW/RSI concept will remain attached to the vehicle and provide the required thermal protection