Providing the richest educational experience.

“I have been using Peter’s and Bruce’s book for several years and they do an excellent job of combining the theory and practice of real estate finance and investments.” – Will McIntosh, Ph.D. | UTSA | Affinius Capital

Faculty Instructional Support Materials Provided


Sample Course Syllabi

Unlocked, dynamic Excel files for all chapter Figures

Lecture slides for all 26 chapters in .PPT and .PDF formats

7 Case Study Assignments with Solutions

Quiz Questions and Answers

3 Banks of Questions for Midterm and Final Exams

Access to quarterly Linneman Associates capital markets update slide decks

“Although I was hesitant changing textbooks, after much study and discussion with professors who had used previous versions of the Linneman book, I decided to take the plunge and rework my course. Looking back, I am so pleased with my decision as the 5th Edition Linneman-Kirsch textbook is not only topical but good at making simple, what can easily become complex. The on-line support materials, Excel sheets and exam questions are great as well. The course in turn has become more rigorous but the students are better positioned to succeed. And while I can’t give Linneman-Kirsch all the credit, more students than ever before have said that my real estate investments class is the best class they have taken in college and that it has changed their lives.”

Mathew Avrhami, Faculty Associate, W.P. Carey School of Business, Arizona State University


The 5th edition of the text, as expanded and reconfigured, serves as a more comprehensive source where information flows more logically than ever before. I say congratulations, this may well be the best textbook ever written concerning the subject of Real Estate Finance and Investment Analysis.
Mark Munizzo, Adjunct Professor, Roosevelt University ChicagoPrincipal, The Equity Network
It resolves the tension between the “tower” and “street” perspectives as well as any treatment of real estate investment to date. Moreover, it offers any reader… an indispensable guide to enlightened analysis.
Dr. George A. Overstreet, ProfessorMcIntire School of Commerce, University of Virginia
An excellent textbook… in commercial real estate investment and finance.  It is concise (no-nonsense), easy to read, merging seamlessly the industry practice with academic discipline in a logical way.
Dr. Peng (Peter) Liu, Associate ProfessorCornell SC Johnson College of Business
The best investment analysis of real estate that I have seen.  The book is comprehensive, clearly written, and the examples are both relevant and well presented.  It provides a compelling and satisfying answer for professors.
Dr. Joe Gyourko, ProfessorWharton School of Business, University of Pennsylvania
The text stimulates real analysis, as opposed to just number-crunching. It takes students above and beyond the mechanics of entering data into a spreadsheet and challenges them to think logically and economically.
Dr. Andrea Heuson, ProfessorUniversity of Miami
The book serves as an excellent primer on general real estate concepts and provides in-depth analysis of asset valuation, deal structuring and capital market considerations.
Thomas Burton, Adjunct ProfessorUniversity of Maryland


What’s In Edition 5.3


Pandemic-related commentary on market impact

An expanded Key Terms glossary, accessible by Amazon’s Alexa app

Consolidated Course Notes and Figures slides sets

Expanded Prerequisites slide sets

For book adopters, 200 Bonus chapter and quiz questions with answers.

What’s In Edition 5.3


Pandemic-related commentary on market impact

An expanded Key Terms glossary, accessible by Amazon’s Alexa app

Consolidated Course Notes and Figures slides sets

Expanded Prerequisites slide sets

For book adopters, 200 Bonus chapter and quiz questions with answers.

Adopt Edition 5.3 For Your Upcoming Courses

For its features, updates and additions …

  • Figures optimized for ease Of comprehension


  • The most recent industry data and topic discussion

  • More Hands-on Excel Financial Modeling Exercises

  • Access to Linneman Associates Capital Markets Webinars

Line-by-line instructions are given for recreating key Figures in the provided framework Excel files.  Faculty receive the solution set files.

for its Insightful Chapters …

  • International Real Estate Investing

  • Analyzing Metropolitan Long-Term Growth Patterns

  • Investment Return Profiles

  • The Forces Changing the Real Estate Industry Forever

… And For its mobile-friendly Companion Site For Students and Faculty

  • 29 Searchable Chapter Overviews And Summaries

  • 60 Supplemental Author Audio Interviews

  • 18 sets of Editable Excel Figure Frameworks

  • Hundreds of Mobile-friendly Flashcards

Listen to author audio interviews and review key glossary terms from wherever, whenever.

Sample interview on Chapter 9 topic of cap rate spreads

“I have been using Peter’s and Bruce’s book for several years and they do an excellent job of combining the theory and practice of real estate finance and investments.”

Will McIntosh, Ph.D. | UT San Antonio | Affinius Capital

Why Choose this Book?

Based on his Wharton classes, this book reflects Dr. Linneman’s frustration with texts that concentrate excessively on theoretical detail and literature, while ignoring important aspects of financial decision making.  This book balances the “real world” aspects of real estate finance without compromising key theoretical underpinnings.  It covers the basic mathematics of real estate finance and investments, while stressing the ambiguity of decision making.

The book is an exploration of the key concepts of real estate finance and investment strategy.  It is not a mere formulaic analysis of numbers designed to give you “the answer” to any and all real estate investment decisions.  Instead, the book is designed to help you understand that there is no singular or simplistic answer to any real estate finance problem.  Rather, real estate finance is fundamentally driven by judgment and experience, with an eye to the numbers.  The goal is to help you evaluate the risks and opportunities of real estate assets and investments, and will hopefully help you embark upon the long and unending road of strengthening your judgment.

The formulas and templates provided in the book are intended to help its reader assemble and organize information. Understanding and mastering the tools included in the book is the beginning of real estate finance. This book focuses on what to do after you have mastered the basic financial tools. Just as knowing how to use a hammer and saw is not the same as building a wonderful building that will last the ages, knowing how to build a financial model and calculating the internal rate of return for a spreadsheet is not the same as making a profitable real estate investment. Judgment comes one mistake at a time.

The book has been adopted by more than 120 colleges and universities, including The Wharton School, The University of Chicago, The University of Michigan, Notre Dame, Columbia, Yale, New York University, University of California – Berkeley, University of California – Los Angeles, Brigham Young, DePaul, Duke, Villanova, Ohio State and many others.  In addition, numerous companies have adopted the book for training and reference for their personnel, including Morgan Stanley, Tishman Speyer, Freddie Mac, Lubert-Adler, Welsh Property Trust, M3 Capital Partners, Stoltz USA, and others.

Use of this book gives one the chance at earning a valued resume credential, REFAI Certification. Thousands of students and professionals have used the book as part of the rigorous online self study program. You can learn more about REFAI Certification here.


Registration for REFAI Certification is not included with the textbook. Any previous book purchase amount can be applied towards the REFAI Certification Registration fee.

About the Authors

Peter Linneman, PhD
Founder and CEO, Linneman Associates

For over 40 years, Dr. Peter Linneman’s unique blend of scholarly rigor and practical business insight has won him accolades from around the world, including PREA’s prestigious Graaskamp Award for Real Estate Research, Wharton’s Zell-Lurie Real Estate Center’s Lifetime Achievement Award, Realty Stock Magazine’s Special Achievement Award, being named “One of the 25 Most Influential People in Real Estate” by Realtor Magazine and inclusion in The New York Observer’s “100 Most Powerful People in New York Real Estate”.

After receiving both his Masters and Doctorate in Economics under the tutelage of Nobel Prize winners Milton Friedman, Gary Becker, George Stigler, Ted Schultz and Jim Heckman, Peter had a distinguished academic career at both The University of Chicago and the  Wharton School of Business at the University of Pennsylvania.  For 35 years, he was a leading member of Wharton’s faculty, serving as the Albert Sussman Professor of Real Estate, Finance and Public Policy as well as the Founding Chairman of the Real Estate Department and Director of the prestigious Zell-Lurie Real Estate Center.  During this time, he was co-editor of The Wharton Real Estate Review. In addition, he published over 100 scholarly articles, four editions of the acclaimed book Real Estate Finance and Investments: Risks and Opportunities, and the widely read Linneman Letter quarterly report.

Peter’s long and ongoing business career is highlighted by his roles as Founding Principal of Linneman Associates, a leading real estate advisory firm; CEO of American Land Fund; and CEO of KL Realty and AOZA Fund.  For more than 35 years, he has advised leading corporations and served on over 20 public and private boards, including serving as Chairman of Rockefeller Center Properties, where he led the successful restructuring and sale of Rockefeller Center in the mid-1990s.

Although retired from Wharton’s faculty, Dr. Linneman continues his commitment to education through his SAM Elimu Foundation educational charity for orphans and children of extreme poverty in rural Kenya. He has been married for over 40 years and is an exercise enthusiast.

Bruce Kirsch, REFAI®
Founder and CEO, Real Estate Financial Modeling

As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis.  In addition, REFM’s self-study products, Excel-based templates and its Valuate® property valuation and investment analysis software are used by more than 250,000 professionals.  Mr. Kirsch’s firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts.

Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group.  After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential.

While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area.  In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company’s existing D.C.-area development portfolio.

Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence.  Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies.  Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies.  Mr. Kirsch graduated with a BA in Communication from Stanford University.