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 principles in genuine property funding. inside of this quantity, empiricial reviews, literature experiences, and tutorials study a wide variety of significant funding matters. Many new and cutting edge principles are provided. This quantity could be a wealthy resource of actual property funding rules for a few years to come back. Kapplin and Schwartz study the returns of 2 different types 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 supply a good inflation hedge. MLP returns surpassed that of the final inventory industry, however the REIT forms didn't supply rates-of-return in far more than the marked. an in depth evaluation of the economic genuine property go back literature is gifted by means of Fletcher. He focuses upon reviews that make the most of commingled genuine property fund (CREF) information. His designated review of the topic offers a far wanted synthesis of the present literature. Roulac offers an in depth dialogue of the diversities within the in step with spectives of person as opposed to institutional traders. In his essay, he considers such elements as scale, diversification, and similar matters. Addi tionally, he examines quite a lot of literature from inside of academia, 1 creation 2 in addition to the evaluations of assorted actual property authorities. He concludes that behavioral components override fiscal considerations.
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30 ALTERNATIVE IDEAS IN REAL ESTATE INVESTMENT The authors attributed the benefits of diversifying across funds to differences in managment style, although they provided no evidence of any actual measures of style differences. They did, at least, offer half a dozen potential reasons why managers may not act in a similar fashion. Examples of these difficult to quantify hypothesized differences include research abilities and specialization skills, property management arrangements, and buying, selling, and financing policies.
INDIVIDUAL VS. 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.
AREUEA Journal 18 (1990),403-430. Miles, Mike and Arthur Esty. " The Journal of Portfolio Management 8 (1982), 62-68. Miles, Mike and Tom McCue. " AREUEA Journal 10 (1982), 184-199. Miles, Mike and Tom McCue. " AREUEA Journal 12 (1984a), 355-377. Miles, Mike and Tom McCue. " 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).