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 principles in actual property funding. inside this quantity, empiricial stories, literature experiences, and tutorials learn a wide diversity of vital funding matters. Many new and cutting edge rules are offered. This quantity can be a wealthy resource of genuine property funding rules 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 genuine property securities; they finish that those entities didn't offer an efficient inflation hedge. MLP returns handed that of the final inventory marketplace, however the REIT kinds didn't offer rates-of-return in far more than the marked. an intensive evaluate of the industrial genuine property go back literature is gifted by means of Fletcher. He focuses upon reviews that make the most of commingled actual property fund (CREF) information. His distinctive evaluate of the topic offers a miles wanted synthesis of the present literature. Roulac offers an intensive dialogue of the variations within the in line with­ spectives of person as opposed to institutional traders. In his essay, he considers such elements as scale, diversification, and comparable concerns. Addi­ tionally, he examines a variety of literature from inside of academia, 1 creation 2 in addition to the reviews of varied genuine property authorities. He concludes that behavioral elements override fiscal considerations.

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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. Fletcher, Stuart. "Portfolio Considerations in Commingled Real Estate Funds. Journal of Real Estate Research 8 (1993),171-187. Fletcher, Stuart and Barry A. Diskin. " The Appraisal Journal (1994), 103-112. Gau, George W. Ko Wang. " AREUEA Journal 18 (1990), 41-48. Geitner, David. (1989). " AREUEA Journal 17 (1989), 463-481. Giliberto, S.

Reasons for this include the greater oversight attention by the smaller manager, the coordination costs involving multiple layers of reporting for larger staffs and bigger properties, the greater compliance burdens with full-time employees on larger properties as opposed to part-time employees on smaller properties (Reed, 1992). Additionally, a larger size property with more employees and layers of reporting implies greater distance between the decision maker and the tenant, a distancing of relationship that violates the "close to customer" management principle 44 ALTERNATIVE IDEAS IN REAL ESTATE INVESTMENT articulated in Peters' and Waterman's In Search of Excellence (Peters and Waterman, 1982).

For example, studies such as those by Webb, Curcio, and Rubens (1988) and Firstenburg, Ross, and Zisler (1988), which specifically examine and identify several "efficient combinations" of stocks, bonds, and equity real estate assets, imply that equity real estate should be at least one-third of the total value of the mixed-asset portfolio, as weighted by asset class in the institutional portfolio. "Efficient combinations" or "efficient portfolios" are nothing more than combinations of assets in a portfolio that maximize risk-adjusted portfolio return.

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