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 principles in actual property funding. inside of this quantity, empiricial reviews, literature studies, and tutorials study a huge variety of significant funding concerns. Many new and cutting edge rules are provided. This quantity may be a wealthy resource of genuine property funding principles for a few years to come back. Kapplin and Schwartz learn the returns of 2 forms 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 handed that of the general inventory marketplace, however the REIT kinds didn't supply rates-of-return in way over the marked. an in depth overview of the industrial genuine property go back literature is gifted by way of Fletcher. He focuses upon experiences that make the most of commingled actual property fund (CREF) info. His certain review of the topic presents a far wanted synthesis of the present literature. Roulac provides an in depth dialogue of the diversities within the in keeping 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 authorities. He concludes that behavioral elements override fiscal considerations.

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In the former article, they examine the variation of return rates on different size portfolios of individual properties. They find real estate assets to have relatively low levels of systematic risk as compared to other asset classes such as stocks and bonds, suggesting that the benefits of diversifying within real estate portfolios are quite large relative to other mediums of investment. They also find that the gains from naive diversification within real estate portfolios may be just as great as from diversifying by type or region.

Several important observations can be made from the results of their study. First, little, if any, diversification across the broad categories of either property type or property location is necessary in order to maximize risk-adjusted portfolio return, since some of the region- or type-specific portfolios lie on the dominant region of the efficient frontier. Alternatively, many of the real estate portfolio combinations that are highly diversified across property type or region also maximize return while minimizing risk.

Cole, Rebel, David Guilkey, and Mike Miles. " The Appraisal Journal 54 (1986), 422-432. Cole, Rebel, David Guilkey, and Mike Miles. " Real Estate Review 17 (1987), 84-89. Cole, Rebel, David Guilkey, Mike Miles, and Brian Webb. " Real Estate Review 19 (1989), 59-66. Corgel, John B. and Michael L. Oliphant. " Real Estate Review 19 (1989), 67-70. , Stephen A. Ross, and Randall C. Zisler. " Journal of Portfolio Management 14 (1988), 22-34. Firstenburg, Paul B. and Charles H. Wurtzebach. " Real Estate Review 19 (1989), 61-65.

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