Property development and other co-requisite courses have been embedded within academic programs in Estate Management. Among the objectives of this study include identifying the co-requisite courses that accounted for a variation in students' academic performance in property development, and to examine the characteristics of the diagnostics of ordinary least square (OLS) regression model for this relationship over time. Data for this study comprised 2007/2008 to 2014/2015 (8-year) scores for the 1st- and 2nd semester property development and its co-requisite courses in the Department of Estate Management of the Federal Polytechnic Idah, Nigeria. Tools of analysis comprised descriptive statistics (mean score, standard deviation, and coefficient of variation), fitted trend equations, multiple linear regression analysis, and a multi-temporal visualization of the regression diagnostics comprising *ZRESID vs. *ZPRED, normality tests for residuals, and the Durbin-Watson test. The variation in the scores for property development courses during the 8-year period was attributed to specific 1st- and 2nd semester co-requisite courses. EST311 (Valuation I) was found to be the most consistent regressor for EST313 (Property Development I) in the 1st semester, while EST325 (Estate Accounting), was the most consistent regressor for EST323 (Property Development II) in the 2nd semester. Multi-temporal diagnostics analyses did not provide any sufficient evidence to invalidate the OLS regression models for the 1st- and 2nd semester Property Development courses and their co-requisites. Stakeholders' commitment to the teaching and learning of the co-requisite courses was recommended as triggers for a sustained pass rate in the property development courses.

While the use of simple deterministic models to calculate rental value growth (RVGrowth) rate of reversionary freeholds across epochs prior to upward rent review appears illusive, literature evidence of the synthesis between short-cut DCF valuation and Solver tools in a spreadsheet does not constitute an exhaustive list of solutions. This study examined alternative spreadsheet and iteration tools that can determine RVGrowth rate of freehold investment properties across rent review epochs. With recourse to a hypothetical case of a freehold investment property, this experimental study identified the mathematical composition of RVGrowth in an explicit DCF framework, performed short-cut DCF Valuation and equivalent yield calculation at specific epochs prior to and including the full reversion; as well as using Goal Seek to calculate RVGrowth across all epochs prior to- and including the full reversion. Excel® Solver and Goal Seek, as well as the graphing/root-solving tool in Kyplot® were found to feasibly produce identical results for RVGrowth rate. This is among the limited studies that identified and researched the veracity of alternative tools for RVGrowth rate iteration. The value of this study is the awareness of alternative analytical tools avail freehold investors who desire knowledge of RVGrowth rate when making purchase-, hold-, and sales decisions.

Equivalent yield is a single discount rate that implicitly reflects the characteristics of a freehold property, as well as its redemption value and cash flow changes. Within the context of the synergy between equivalent yield analysis and the growth explicit discounted cash flow (DCF) techniques, this study assessed how the methodologies for equivalent yield calculation can influence the pricing of under-rented freehold property investments. Identified from existing literature were six techniques of equivalent yield calculation comprising the use of valuation and investment tables, formula method, linear interpolation, the @IRR-, and the goal seek functions in Microsoft Excel, and the use of mathematical software with in-built root-solving algorithm. These six methods were used to calculate the nominal net equivalent yield for a hypothetical case of under-rented freehold property. The decision rule for property pricing revolved around the net present value (NPV) criterion which is the difference between the market value of the property at the equivalent yield (PV1) and the price paid for the same property (PV0). The study demonstrated that mispricing of property might be attributed to the choice of methodology for the calculation of equivalent yield. It was found that equivalent yields derived from the spreadsheet-and polynomial root-solving approaches led to correct pricing of the property contrary to overpricing, which was attributed to equivalent yield derived from the linear interpolation method, and the phenomenon of underpricing associated with equivalent yields determined using valuation and investment tables, and the formula methods respectively. An added value of this study is that it has re-strategized the science of investment decision-making by identifying methodologies for processing investment data that would likely facilitate appropriate pricing decisions pertaining to the sale, purchase, or retention of under-rented freehold property investments.

No abstract

This study is a design of an alternative real value hybrid model for the valuation of reversionary leasehold investment properties characterized by divergence in the revision period of sub-rent and head rent respectively. The development of this model commenced with a synthesis of inputs for the modified rational- and real value hybrid models, and the derivation of an equivalent cash flow multiplier for terminal investments. With exception of the generic real value model, term incomes across all other contemporary models including the alternative real value hybrid model were discounted using the equated yield. The discounted reversionary cash flows in the valuation template associated with the alternative real value hybrid model appears identical to that in the generic real value model, while exhibiting itself as a surrogate reversionary income multiplier for the modified rational, and the real value/short-cut DCF models respectively. The alternative real value hybrid model was validated as capable of producing valuations that are identical to those churned out from all the existing contemporary models for the valuation of this category of reversionary leasehold investment property. The study is a novel attempt towards redesigning the modified rational model of leasehold investment property valuation and according it a real value perspective.