Abstract
Executive Summary. This study analyzes the performance of non-securitized real estate investments in relation to two phenomena—the effect of asset management fees and the persistence of the returns. This is done using data from the Townsend Real Estate Universe on CREFs. Cumulative returns and Jensen's alpha are used for seventy-two CREFS. The NCREIF Index is used as the benchmark return. The results indicate that performance rankings are not effected by asset management fees and that the choice of a risk-adjusted performance measure (Jensen's alpha) or a non-risk-adjusted performance measure (the cumulative return) have a significant impact.
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