Real Estate

Alternative Ideas in Real Estate Investment by Arthur L. Schwartz Jr., Steven D. Kapplin

By Arthur L. Schwartz Jr., Steven D. Kapplin

Arthur L. Schwartz, Jr. and Steven D. Kapplin the point of interest of this quantity of the ARES Monograph sequence is new rules in genuine property funding. inside of this quantity, empiricial reports, literature stories, and tutorials learn a wide diversity of vital funding matters. Many new and cutting edge principles are offered. This quantity can be a wealthy resource of genuine property funding rules for a few years to return. Kapplin and Schwartz research the returns of 2 varieties of REITs, in addition to that of grasp constrained Partnerships (MLP), over the 1987-1989 period of time. Their pattern consisted of fifty four genuine property securities; they finish that those entities didn't offer a good inflation hedge. MLP returns passed that of the final inventory industry, however the REIT varieties didn't supply rates-of-return in far more than the marked. an in depth overview of the economic actual property go back literature is gifted through Fletcher. He focuses upon stories that make the most of commingled actual property fund (CREF) info. His particular review of the topic offers a miles wanted synthesis of the present literature. Roulac offers an intensive dialogue of the variations within the consistent with­ spectives of person as opposed to institutional traders. In his essay, he considers such components as scale, diversification, and similar matters. Addi­ tionally, he examines a variety of literature from inside of academia, 1 creation 2 in addition to the evaluations of varied genuine property professionals. He concludes that behavioral elements override fiscal considerations.

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However, real estate has sometimes, but not always, been found to be a good hedge against unanticipated inflation, depending on the method of analysis and the time period examined. 32 ALTERNATIVE IDEAS IN REAL ESTATE INVESTMENT Examinations of real estate returns and property-specific characteristics indicate that property diversification "within real estate" by traditional subcategories, such as property type and location, amounts to little more than naive diversification, because the definitions of region and type are too broad to be of much use in constructing scientifically diversified portfolios.

Sirmans. " Journal of Portfolio Managment 13 (Spring 1987), 22-3l. , Richard J. Curcio, and Jack H. Rubens. " Decision Sciences 19 (Spring 1988), 434-452. Webb, James R. and Jack H. Rubens "How Much in Real Estate? " Journal of Portfolio Management 13 (Spring 1987), 10-14. Wheaton, William C. and Raymond G. Torto. " AREUEA Journal 17 (1989), 439-449. Zerbst, Robert H. and Barbara R. Cambon. " Journal of Portfolio Management 10 (Spring 1984), 5-20. 3 IMPLICATIONS OF INDIVIDUAL VERSUS INSTITUTIONAL REAL ESTATE INVESTING STRATEGIES Stephen E.

In terms of mean returns and diversification characteristics based on property size, they observe that properties of greater than $20 million in value tended to outperform those properties with values of between $1 million and $20 million. The smallest properties with values of less than $1 million appeared to do well, too, relative to midsized properties. Upon further examination, however, the statistics revealed the superior performance of small properties to be driven by outliers, since the mean quarterly return rates on the smallest properties exceeded the median quarterly rates of return by more than 2%.

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