Commercial Real Estate Explained
By CI Team
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Episodes: 133
Description
“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, making the material accessible whether you’re a student, professional, or simply curious. Using AI-generated scripts informed by leading textbooks, the podcast blends technical rigor with real-world examples, helping listeners learn at their own pace, reinforce key concepts, and see how commercial real estate works in the real world.
| Episode | Date |
|---|---|
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Section 13.4 - From Pre-Tax to After-Tax Investment Analysis and Why Pre-Tax Works as a Shortcut
|
Nov 10, 2026 |
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Section 13.3 - The Vertical Pro Forma, Positive Leverage, and Why Before-Tax Analysis Sets Market Value
|
Nov 10, 2026 |
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Section 13.2 - Capital Gains Tax in Real Estate and How the 1031 Exchange Defers It
|
Nov 10, 2026 |
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Section 13.1 - Accrual Versus Cash Flow, Depreciation, and Tax Shields in After-Tax Cash Flow
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Nov 10, 2026 |
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Section 13 Introduction - After-Tax Real Estate Investment Analysis
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Nov 10, 2026 |
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Section 12.5 - The Power and Peril of Leverage in CRE
|
Nov 10, 2026 |
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Section 12.4.3 - Equity Cash Flow, Equity IRR, and the Effect of Debt Cost on Leverage
|
Nov 10, 2026 |
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Section 12.4-12.4.1 - Why WACC Falls Short for Real Estate and How Mortgage Payments Work
|
Nov 10, 2026 |
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Section 12.3.2-12.3.3 - WACC, Return Components, and Risk
|
Nov 10, 2026 |
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Section 12.3.1 - Understanding WACC and Positive vs. Negative Leverage in Real Estate
|
Nov 10, 2026 |
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Section 12.2.2 - Leverage, Risk, and the Market Price of Risk
|
Nov 10, 2026 |
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Section 12.2.1 - How Leverage Affects Risk and Concentrates It on the Equity Investor
|
Nov 10, 2026 |
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Section 12.2 - How Leverage Boosts Expected Return and Magnifies Risk for the Equity Investor
|
Nov 10, 2026 |
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Section 12.1.1 - Understanding Financial Leverage and the Leverage Ratio
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Nov 10, 2026 |
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Section 12.1 - Why Debt and Leverage Are So Widespread in Real Estate
|
Nov 10, 2026 |
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Chapter 12 Introduction- The Use of Debt and Leverage
|
Nov 10, 2026 |
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Section 11.5 - Chapter 11 Summary: Mastering DCF Valuation and Looking Ahead to Leverage
|
Nov 10, 2026 |
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Section 11.4.3-11.4.4 - DCF Pitfalls: Market Cycles and Underwriting Haircuts
|
Nov 10, 2026 |
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Section 11.4.1-11.4.2 - DCF Pitfalls: The Smokescreen and Institutional Laziness
|
Nov 10, 2026 |
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Section 11.3 - The Exit Cap Rate and Cap Rate Creep
|
Nov 10, 2026 |
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Section 11.2.6 - Institutional vs. Non-Institutional Properties and Market Segmentation
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Nov 10, 2026 |
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Section 11.2.5 - Investor Surveys, Historical NPI Data, and Corporate Bond Yield Proxies
|
Nov 10, 2026 |
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Section 11.2.4 - Structural vs. Market-Based Approaches: Comparing Theory and Reality
|
Nov 10, 2026 |
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Section 11.2.3 - The Market-Based Approach to Estimating the Opportunity Cost of Capital
|
Nov 10, 2026 |
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Section 11.2.2 - The Structural Approach to Estimating the Opportunity Cost of Capital
|
Nov 10, 2026 |
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Section 11.2.1 - Determining the Long-Term Risk-Free Rate
|
Nov 10, 2026 |
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Section 11.2 - Determining the Opportunity Cost of Capital: Two-Step Approach and Return Models
|
Nov 10, 2026 |
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Section 11.1 - Real Estate in the Capital Markets and the Opportunity Cost of Capital
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Nov 10, 2026 |
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Chapter 11 Introduction - The Discount Rate and Chapter Roadmap
|
Nov 10, 2026 |
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Section 10.5.2 - Percentage Rents and Shared Success
|
Nov 10, 2026 |
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Section 10.5.1 - Micro-Spatial Considerations, Space Size, and Tenant Mix Synergies
|
Nov 10, 2026 |
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Section 10.5 - Leasing Strategies, Micro-Spatial Synergies, and Tenant Mix
|
Nov 10, 2026 |
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Section 10.4.4 - Lease Expiration Timing: Staggering vs. Bunching Strategies
|
Nov 10, 2026 |
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Section 10.4.3 - The Value of Flexibility and Lease Options
|
Nov 10, 2026 |
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Section 10.4.2 - Lease Term Expectations and Opportunity Costs
|
Nov 10, 2026 |
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Section 10.4.1 - Releasing Costs and the Economics of Lease Turnovers
|
Nov 10, 2026 |
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Section 10.3.2-10.3.3 - Comparing Lease Proposals with ALV and Weighing Strategic Factors
|
Nov 10, 2026 |
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Section 10.3.1 - Determining the Discount Rate for ALV: Tenant vs. Landlord Perspectives
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Nov 10, 2026 |
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Section 10.3 - Annuitized Lease Value (ALV) and Effective Rent Comparison
|
Nov 10, 2026 |
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Section 10.2 - Lease Characteristics Affecting Value or Rent
|
Nov 10, 2026 |
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Section 10.1 - Commercial Property Lease Structures: Gross, Net, and Hybrid
|
Nov 10, 2026 |
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Chapter 10 Introduction - Commercial Property Leases: The Engine of Real Estate Value
|
Nov 10, 2026 |
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Section 9.4 - Projecting Long-Term Net Operating Income: Vintage Leases, Depreciation, and Vacancy
|
Nov 10, 2026 |
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Section 9.3.4 - Property-Level Cash Flow Depreciation and Comparative Analysis
|
Nov 10, 2026 |
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Section 9.3.3 - Mechanics of Physical Depreciation and Cash Flow Impact
|
Nov 10, 2026 |
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Section 9.3.2 - Quantitative Impact of Depreciation on Net Rent
|
Nov 10, 2026 |
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Section 9.3.1 - Three Components of Real Economic Depreciation
|
Nov 10, 2026 |
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Section 9.2 - Managing Uncertainty in Real Estate Analysis: Risk, Sensitivity, and Flexibility
|
Nov 10, 2026 |
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Section 9.2 - Regression Analysis and Forecasting Uncertainty in Real Estate Markets
|
Nov 10, 2026 |
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Section 9.1.1 - Forecasting Market Space Conditions: Supply, Demand, and Directional Analysis
|
Nov 10, 2026 |
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Chapter 9 Introduction – Forecasting Cash Flow Growth: From Market Concepts to Property Valuation
|
Oct 22, 2026 |
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Section 8.3 - How Market Delays Create Real Estate Cycles
|
Oct 20, 2026 |
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Section 8.2.2 - What Drives Demand Across Property Types
|
Oct 20, 2026 |
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Section 8.2.1 - The Four Vital Signs of a Property Market
|
Oct 20, 2026 |
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Section 8.2 - Connecting Demand, Vacancy, and Market Rents
|
Oct 20, 2026 |
|
Section 8.1 - Defining the Market Before Making the Forecast
|
Oct 20, 2026 |
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Chapter 8 Introduction - Reading the Market and Forecasting What Comes Next
|
Oct 20, 2026 |
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Section 7.4 - From New Construction to Redevelopment
|
Oct 20, 2026 |
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Sections 7.3.3 and 7.3.4 - The Rise of Urban Hubs and Neighborhood Renewal
|
Oct 20, 2026 |
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Sections 7.3.1 and 7.3.2 - How Competition and Spillovers Shape City Neighborhoods
|
Oct 20, 2026 |
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Section 7.2 - Uncertainty and the Option to Wait
|
Oct 20, 2026 |
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Section 7.1 - Tomorrow’s Potential and the Value of Waiting
|
Oct 20, 2026 |
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Chapter 7 Introduction - How Timing and Change Shape Urban Real Estate
|
Oct 20, 2026 |
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Section 6.3.2 - How Real Estate Booms Set the Stage for Busts
|
Oct 20, 2026 |
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Section 6.3.1 - Connecting the Four Corners of Real Estate
|
Oct 20, 2026 |
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Section 6.3 - The Three Gears of Real Estate Markets
|
Oct 20, 2026 |
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Section 6.2.3 - What City Structure Reveals About Future Rents
|
Oct 20, 2026 |
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Section 6.2.2 - How Growth and Transportation Reshape City Rents
|
Oct 20, 2026 |
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Section 6.2.1 - Welcome to Circlopolis Where Commuting Shapes Rent
|
Oct 20, 2026 |
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Section 6.2 - The Trade-Off Between Rent and the Commute
|
Oct 20, 2026 |
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Section 6.1.4 - Why Place Still Matters in a Remote World
|
Oct 20, 2026 |
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Section 6.1.3 - The Cost of Distance and the Value of Location
|
Oct 20, 2026 |
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Section 6.1.2 - Finding the Perfect Match Through Land Market Competition
|
Oct 20, 2026 |
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Section 6.1.1 - How Land Gets Its Value
|
Oct 20, 2026 |
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Chapter 6 Introduction - The Price of Place
|
Oct 20, 2026 |
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Section 5.4 - Connecting the Proforma to DCF Valuation
|
Oct 19, 2026 |
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Section 5.3.3 - Property Before-Tax Cash Flow from the Reversion
|
Oct 19, 2026 |
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Section 5.3.2 - The Costs of Selling a Property
|
Oct 19, 2026 |
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Section 5.3.1 - Net Operating Income and Capitalization Rates
|
Oct 19, 2026 |
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Section 5.2.9 - The Income Funnel, From PGI to PBTCF
|
Oct 19, 2026 |
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Section 5.2.8 - Property Before-Tax Cash Flow (PBTCF)
|
Oct 19, 2026 |
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Section 5.2.7 - Capital Expenditures (CapEx)
|
Oct 19, 2026 |
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Section 5.2.6 - Net Operating Income (NOI)
|
Oct 19, 2026 |
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Section 5.2.5 - Operating Expenses (OpEx)
|
Oct 19, 2026 |
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Section 5.2.4 - Other Income
|
Oct 19, 2026 |
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Section 5.2.3 - Effective Gross Income (EGI)
|
Oct 19, 2026 |
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Section 5.2.2 - Vacancy and Collection Allowances
|
Oct 19, 2026 |
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Section 5.2.1 - Potential Gross Income (PGI)
|
Oct 19, 2026 |
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Section 5.1 - The Proforma
|
Oct 19, 2026 |
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Chapter 5 Introduction - Forecasting Cash Flows with the Proforma
|
Oct 19, 2026 |
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Section 4.4.3 - The Hurdle Rate Decision Rule
|
Oct 19, 2026 |
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Section 4.4.2 - Choosing Between Zero-NPV Deals
|
Oct 19, 2026 |
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Section 4.4.1 - The NPV Investment Decision Rule
|
Oct 19, 2026 |
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Section 4.3 - Discount Rate, Opportunity Cost of Capital, and IRR
|
Oct 19, 2026 |
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Section 4.2.3 - Multi-Period DCF Analysis and the Terminal Period
|
Oct 19, 2026 |
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Section 4.2.2 - Constant Growth, Perpetuities, and the Cap Rate
|
Oct 19, 2026 |
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Section 4.2.1 - The Discount Rate in DCF Analysis
|
Oct 19, 2026 |
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Section 4.1 - Prices and Expected Returns
|
Oct 19, 2026 |
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Chapter 4 Introduction - How Much Is the Asset Worth?
|
Oct 19, 2026 |
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Section 3.3.2 - The Internal Rate of Return (IRR)
|
Oct 19, 2026 |
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Section 3.3.1 - Time-Weighted Average Returns
|
Oct 19, 2026 |
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Section 3.2.6 - Three Ways to View Total Return
|
Oct 19, 2026 |
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Sections 3.2.4 and 3.2.5 - Risk, Return, and the Risk Premium
|
Oct 19, 2026 |
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Section 3.2.3 - Nominal vs. Real Returns
|
Oct 19, 2026 |
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Section 3.2.2 - The Timing of Cash Flows and Time-Weighted Returns
|
Oct 19, 2026 |
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Section 3.2.1 - Total Return
|
Oct 19, 2026 |
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Section 3.2 - Investment Returns and the Holding Period Return
|
Oct 19, 2026 |
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Section 3.1.2 - Advantages and Disadvantages of Return Measures
|
Oct 19, 2026 |
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Section 3.1.1 - Quantifying Investment Performance
|
Oct 19, 2026 |
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Chapter 3 Introduction: Investment Returns and Risk
|
Oct 07, 2026 |
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Sections 2.2.10–2.2.11 – Loan Repayment Periods & Mortgage Structures
|
Oct 02, 2026 |
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Section 2.2.9 – Solving for Loan Payments (PMT) & Mortgage Cash Flow
|
Oct 02, 2026 |
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Section 2.2.8 – Future Value of Annuities & Compounding
|
Oct 02, 2026 |
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Section 2.2.7 – Long-Term Leases & the Perpetuity of Successive Annuities
|
Oct 01, 2026 |
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Section 2.2.6 – Gordon Growth Model, Cap Rates & Real Estate Valuation
|
Oct 01, 2026 |
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Section 2.2.5 – Constant-Growth Perpetuities & Real Estate Valuation
|
Oct 01, 2026 |
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Section 2.2.4 – Constant-Growth Annuities & Present Value
|
Oct 01, 2026 |
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2.2.1–2.2.3 – Annuities, Perpetuities & Payment Timing
|
Oct 01, 2026 |
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Section 2.2 – Multiperiod Cash Flows & Real Estate Investment Valuation
|
Oct 01, 2026 |
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Sections 2.1.4–2.1.6 – Compounding Frequency, Effective Rates & Continuous Compounding
|
Apr 19, 2026 |
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Section 2.1.3 – Compound vs. Simple Interest Rates
|
Apr 19, 2026 |
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Section 2.1.2 – Multi-Period Compounding & Investment Growth
|
Apr 19, 2026 |
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Section 2.1.1 – Single-Period Discounting, Compounding & Cash Flow Valuation
|
Apr 19, 2026 |
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Chapter 2 Introduction – Time Value of Money & Present Value in Real Estate Finance
|
Apr 19, 2026 |
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Section 1.3.2 – Historical Asset Class Returns & Real Estate Market Cycles
|
Apr 19, 2026 |
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Section 1.3.1 – The Four Major Asset Classes: Risk, Return & Diversification
|
Apr 19, 2026 |
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Section 1.3 – Historical Real Estate Performance & Four Investment Strategies
|
Apr 19, 2026 |
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Section 1.2.2 (Part 2) – Indirect Real Estate Investment: REITs & Real Estate Debt
|
Apr 19, 2026 |
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Section 1.2.2 (Part 1) – Direct Real Estate Investment & Its Unique Characteristics
|
Apr 19, 2026 |
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Section 1.2.1 – Commercial Real Estate & Property Markets
|
Apr 10, 2026 |
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Section 1.1.2 – Underlying Assets, Investment Products & Risk
|
Apr 10, 2026 |
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Section 1.1.1 – Investment Industry & Investor Objectives
|
Apr 10, 2026 |
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Chapter 1 – Introduction to the Investment Industry and Real Estate as an Asset Class
|
Apr 10, 2026 |