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

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 rules in actual property funding. inside of this quantity, empiricial stories, literature studies, and tutorials learn a wide variety of vital funding matters. Many new and cutting edge principles are provided. This quantity could be a wealthy resource of actual property funding principles for a few years to come back. Kapplin and Schwartz study the returns of 2 sorts of REITs, in addition to that of grasp restricted 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 supply a good inflation hedge. MLP returns surpassed that of the general inventory marketplace, however the REIT kinds didn't offer rates-of-return in way over the marked. an intensive evaluation of the industrial actual property go back literature is gifted through Fletcher. He focuses upon reports that make the most of commingled genuine property fund (CREF) facts. His exact evaluation of the topic presents a far 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 concerns. Addi­ tionally, he examines a variety of literature from inside academia, 1 creation 2 in addition to the critiques of varied genuine property professionals. He concludes that behavioral components override monetary considerations.

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They find little advantage in diversifying across either property type or location, and they conclude that diversifying in this manner is little more than naive diversification. This particular finding is consistent with previously discussed results. 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.

Alternatively, many of the real estate portfolio combinations that are highly diversified across property type or region also maximize return while minimizing risk. Also, over the 1978 to 1985 sample period, the East was clearly the COMMERCIAL REAL ESTATE INVESTMENTS AND RETURNS 25 most favorable region of the country for real estate investing in terms of risk-adjusted return, and offices appeared to be the least favorable type of property in which to invest on the basis of historical returns. These latter observations, of course, are time-specific, and do not imply that future returns will be similarly determined.

One serious drawback to the combined fund index, however, is that it measures the performance of a total of only thirteen open-end and closed-end fund managers; thus, its usefulness (as well as the usefulness of the "open-end only" and "closed-end only" indexes) as a reliable industry benchmark may be questioned due to its sample size. Also, the combined index reflects returns on both liquid and illiquid real estate investments, since closed-end CREF participation lasts for the duration of the existence of the closed-end fund.

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