Abstract
Investors can include real estate in a diversified portfolio in two ways. They can acquire direct investment in real property, or they can acquire a security backed by direct real estate investment. This paper examines the benefits of the latter—investment in real estate securities. Presently, there are four types of real estate securities: Real Estate Limited Partnerships (RELPs), Real Estate Investment Trusts (REITs), Finite Life REITs (FREITs), and Master Limited Partnerships (MLPs). This study examines only REITs, FREITs, and MLPs. Real Estate Limited Partnerships (RELPs) have been omitted from this study because RELPs are not publicly traded as are REITs, FREITs and MLPs (Kapplin and Schwartz, 1988a,b, 1989, 1986; Kensinger and Martin, 1986; The Stanger Register, 1989).KeywordsReal EstateConsumer Price IndexMarket IndexReal Estate Investment TrustReal Estate InvestmentThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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