Download e-book for iPad: 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 focal point of this quantity of the ARES Monograph sequence is new rules in actual property funding. inside this quantity, empiricial stories, literature studies, and tutorials research a extensive diversity of vital funding matters. Many new and cutting edge rules are offered. This quantity could be a wealthy resource of genuine property funding rules for a few years to come back. Kapplin and Schwartz learn the returns of 2 kinds of REITs, in addition to that of grasp restricted 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 general inventory industry, however the REIT forms didn't supply rates-of-return in far more than the marked. an in depth evaluation of the industrial actual property go back literature is gifted by means of Fletcher. He focuses upon experiences that make the most of commingled genuine property fund (CREF) info. His particular review of the topic offers a miles wanted synthesis of the present literature. Roulac provides an intensive dialogue of the variations within the according to­ spectives of person as opposed to institutional traders. In his essay, he considers such elements as scale, diversification, and similar concerns. Addi­ tionally, he examines a variety of literature from inside of academia, 1 advent 2 in addition to the evaluations of assorted actual property professionals. He concludes that behavioral components override fiscal considerations.

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INSTITUTIONAL REAL ESTATE INVESTING STRATEGIES 37 Scale implications Many perceive that scale also is a direct proxy for sophistication and a primary determinant of investing strategies for individuals and institutional investors in real estate. Indeed, lessons from capital market theory on real estate investment performance suggest that superior returns can be realized by more sophisticated approaches (Roulac, 1978), which approaches are more readily implemented by institutional investors. While scale is not considered to be a major impediment in the application of modern portfolio theory strategies to corporate securities investing (Fama, 1970), scale considerations do exert a profound influence on viable real estate investing strategies, but in ways that are very different than what might commonly be perceived.

For example, at one time, over a quarter of the value of the index was made up of properties from a single CREF (the Prudential Insurance PRISA I CREF). Also, as previously mentioned, the original NCREIFI FRC Index contained less than 250 properties, while it is now made up of over 1000 properties. Although the index is now more broadly represented by a larger number of CREFs and properties than in the past, studies using the historical returns on the index and its subcategories should be viewed with caution due to the many changes in the index over time.

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. 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.

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