Role Of Real Estate Research Articles

The Real Estate Research Interests of the Plan Sponsor Community: Survey Results

This paper presents the findings from a survey of plan sponsors on future research directions in real estate. The Pension Real Estate Association (PREA) and the National Council of Real Estate Investment Fiduciaries (NCREIF) sponsored the survey in fall 1992. Among other things, results indicate a need for further research into the The Role of Real Estate in a Mixed-Asset Portfolio and Real Estate Cycles and Their Predictability. When analyzed by size and type of fund, the largest funds (government) tend to be interested in performance issues, whereas smaller funds are interested in how much real estate and appropriate investment vehicles.

The Role of Real Estate in the Portfolio Allocation Process

This study explores the role of direct real estate investment in a portfolio context incorporating the real estate imperfections of indivisible assets and no short sales. Mean‐variance efficient portfolios are calculated using Treasury‐bills, bond and equity indices together with cash flows and appraised values from a set of twenty‐two properties having an aggregate appraised value of $336 million. Real estate diversification benefits are shown to be the greatest with smaller properties and are most advantageous at higher target levels of return. The study suggests that a 9% allocation to real estate is optimal, rather than the 20% figure suggested in other studies.

The Real Estate Investment Management Firm

Today’s real estate investment firm needs a structure, culture, and operating procedures that put the objectives of its pension fund clients first. The ten real estate investment principles discussed here serve as guides to focusing on the role of real estate in a total, multiasset context, keeping in mind the relationship of real estate investing to the capital markets in general, and actively managing and monitoring the real estate portfolio.This presentation comes from the Real Estate: An Alternative or Mainstream Asset? conference held in Chicago, Illinois, on September 13-14, 1994.

The Role of Real Estate in Efficient Investment Portfolios

Looks at the risk/return characteristics of real estate on the basis of both appraisal and market values. Broadens this analysis to include inflation. Makes a series of observations about the role of real estate in efficient investment portfolios. Concludes that as long as direct real estate is valued at appraisal value it is unmistakably a solid inflation hedge.

The Allocation of Real Estate to Future Mixed-Asset Institutional Portfolios

This paper uses the mean-variance framework to investigate real estate's role in an institutional portfolio. Unlike previous research, however, the paper does not assume a value for future real est...

Appendix: The Role of Real Estate in a Multi-Asset Portfolio

This presentation comes from the Real Estate Investing conference held in New York on April 19, 1985.