Arthur L. Schwartz Jr., Steven D. Kapplin's Alternative Ideas in Real Estate Investment PDF

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 point of interest of this quantity of the ARES Monograph sequence is new principles in genuine property funding. inside of this quantity, empiricial experiences, literature studies, and tutorials research a extensive diversity of vital funding matters. Many new and cutting edge rules are offered. This quantity can be a wealthy resource of actual property funding principles for a few years to come back. Kapplin and Schwartz research 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 a good inflation hedge. MLP returns surpassed that of the final inventory marketplace, however the REIT varieties didn't offer rates-of-return in way over the marked. an intensive evaluation of the economic actual property go back literature is gifted through Fletcher. He focuses upon experiences that make the most of commingled genuine property fund (CREF) info. His exact evaluate of the topic presents a miles wanted synthesis of the present literature. Roulac provides an in depth dialogue of the variations 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 concerns. Addi­ tionally, he examines quite a lot of literature from inside academia, 1 advent 2 in addition to the reviews of assorted genuine property authorities. He concludes that behavioral components override fiscal considerations.

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There may be less competition of larger properties while many competing buyers tend to drive up the prices on the smaller properties. With a larger property, further advantages are achieved through professional property management, which professional management may be uneconomic for smaller properties. Because the cost of expertise and professional service is spread over a number of partners, the syndicate can hire the very best talent, which cost would be prohibitive if this talent were to do similar work for a private investor (Roulac, 1988).

AREUEA Journal 14 (1986), 230-254. Hartzell, David, John Hekman, and Mike Miles. " AREUEA Journal 15 (1987), 617-637. , David G. Shulman, and Charles H. Wurtzebach. " Journal of Real Estate Research 2 (1987), 85-96. Lowenstein, Roger. " The Wall Street Journal (November 8, 1988), p. 214, Cl. Miles, Mike, Rebel Cole, and Guilkey David. " 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.

COMMERCIAL REAL ESTATE INVESTMENTS AND RETURNS 31 One drawback to the Miles and Esty study is that it is based on a single year of returns data. Thus, there is little likelihood that observations made on the basis of one year of returns will indicate future relationships between returns and portfolio characteristics, unless those observed relationships remain constant over time. Other admitted weaknesses of the study are the relative "newness" of many of the funds (since the sample period was 1979) and the fact that the two largest funds in their sample held more real estate assets than the remaining 18 funds combined.

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

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