By Arthur L. Schwartz Jr., Steven D. Kapplin
Arthur L. Schwartz, Jr. and Steven D. Kapplin the focal point of this quantity of the ARES Monograph sequence is new principles in actual property funding. inside of this quantity, empiricial stories, literature experiences, and tutorials study a vast diversity of significant funding matters. Many new and cutting edge rules are offered. This quantity can be a wealthy resource of genuine property funding rules for a few years to come back. Kapplin and Schwartz study the returns of 2 kinds of REITs, in addition to that of grasp constrained Partnerships (MLP), over the 1987-1989 period of time. Their pattern consisted of fifty four actual property securities; they finish that those entities didn't offer an efficient inflation hedge. MLP returns surpassed that of the final inventory industry, however the REIT forms didn't supply rates-of-return in way over the marked. an intensive evaluation of the industrial genuine property go back literature is gifted by means of Fletcher. He focuses upon experiences that make the most of commingled genuine property fund (CREF) facts. His exact review of the topic offers a miles wanted synthesis of the present literature. Roulac offers an in depth dialogue of the variations within the according to spectives of person as opposed to institutional traders. In his essay, he considers such components as scale, diversification, and comparable matters. Addi tionally, he examines quite a lot of literature from inside academia, 1 creation 2 in addition to the reviews of varied genuine property professionals. He concludes that behavioral components override fiscal considerations.
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Extra info for Alternative Ideas in Real Estate Investment
In a more recent article, Hartzell, Hekman, and Miles (1987) use a returns model similar to that used by Brueggeman, Chen, and Thibodeau (1984) to examine the inflation protection offered by different types of real estate in the portfolio. The sample of properties analysed in their study is taken from the same single pooled fund as was used in the Miles and McCue studies, but the period of analysis is from 1973 to 1983. Using portfolio returns constructed from this data base, they conclude that real estate is a good hedge against both expected and unexpected inflation, the one exception being that industrial properties do not clearly provide a hedge against unexpected inflation.
Although the attributes of this active investing strategy appeal to some, many are disinclined to pursue such approaches, either by preference or in recognition of their lack of the requisite attributes for success in direct real estate involvement (Reed, 1990). Institutional investors face similar issues as do individuals in crafting a strategy involving varying emphases between active direct involvement and passive indirect involvement. Although some major institutional investors are self-contained and fully integrated in their approaches to real estate investing, institutional investors electing involvement in real estate investing increasingly lack a tradition of involvement, and so have no organizational structure and strategy in place.
Journal of Financial Research 7 (1984b), 57-68. NCR ElF Report. Washington, DC: The National Council of Real Estate Investment Fiduciaries and the Frank Russell Company. _ Oliphant, Michael L. and John B. Corgel. " Pension World 25 (January 1989). Real Estate Profiles. Diversified edition. Westport, CT: Evaluation Associates. Sirmans, G. F. Sirmans. " Journal of Portfolio Managment 13 (Spring 1987), 22-3l. , Richard J. Curcio, and Jack H. Rubens. " Decision Sciences 19 (Spring 1988), 434-452.
Alternative Ideas in Real Estate Investment by Arthur L. Schwartz Jr., Steven D. Kapplin