Alternative Ideas in Real Estate Investment - download pdf or read online

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

ISBN-10: 9400903677

ISBN-13: 9789400903678

ISBN-10: 9401066515

ISBN-13: 9789401066518

Arthur L. Schwartz, Jr. and Steven D. Kapplin the focal point of this quantity of the ARES Monograph sequence is new rules in genuine property funding. inside of this quantity, empiricial reviews, literature stories, and tutorials learn a huge variety of vital funding matters. Many new and cutting edge principles are offered. This quantity might be a wealthy resource of genuine property funding principles for a few years to come back. Kapplin and Schwartz learn 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 actual property securities; they finish that those entities didn't offer an efficient inflation hedge. MLP returns surpassed that of the general inventory industry, however the REIT varieties didn't offer rates-of-return in far more than the marked. an intensive overview of the economic genuine property go back literature is gifted via Fletcher. He focuses upon reviews that make the most of commingled actual property fund (CREF) information. His specific evaluate of the topic presents a far 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 components as scale, diversification, and comparable matters. Addi­ tionally, he examines quite a lot of literature from inside of academia, 1 creation 2 in addition to the evaluations of varied genuine property specialists. He concludes that behavioral elements override financial considerations.

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In their analysis of diversification by geographic location, Firstenburg, Ross, and Zisler find that both the "East only" and "Midwest only" nondiversified portfolios fall on the efficient frontier, although the "Midwest only" portfolio is not on the dominant region where return is maximized for a given level of risk. Both the "South only" and "West only" portfolios, on the other hand, are clearly inferior in terms of risk-adjusted return over the same period, with the "South only" being farthest from the efficient frontier.

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. Webb, James R. and Jack H. Rubens "How Much in Real Estate?

A study by Fletcher (1993) exaillines the return rates and portfolio characteristics of 18 CREPs from 1983 through 1988 using regression analysis and paired comparisons of portfolios of CREFs. The most significant observation made in terms of property characteristics and return rates is that the size of the real estate investment was found to be strongly positively related to both appreciation and total return over the sample period. In terms of property type and location, it was found that the East was the most profitable region, and that offices were the least profitable type of real estate over the sample period.

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


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