Alternative Ideas in Real Estate Investment

1. Front Matter

   Pages i-xiv

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2. Introduction

   • Arthur L. Schwartz Jr., Steven D. Kapplin

   Pages 1-3

3. Recent Performance of U.S. Real Estate Securities

   • Steven D. Kapplin, Arthur L. Schwartz Jr.

   Pages 5-18

4. Commercial Real Estate Investments and Returns: A Review of the Literature Using Cref Data

   • Stuart Fletcher

   Pages 19-34

5. Implications of Individual Versus Institutional Real Estate Investing Strategies

   • Stephen E. Roulac

   Pages 35-58

6. Superior Real Estate Investment Performance: Enigma or Illusion? A Critical Review of the Literature

   • Crocker H. Liu, Terry V. Grissom, David J. Hartzell

   Pages 59-82

7. The Effect of Unbundling Asset Returns on Restricted Mixed-Asset Portfolios

   • James R. Webb, Jack H. Rubens

   Pages 83-97

8. Real Estate Portfolio Diversification by Sources of Return

   • John E. Williams

   Pages 99-111

9. An Empirical Analysis of Efficient Real Property Liquidity Premiums

   • David N. Leggett

   Pages 113-127

10. Farmland as an Inflation Hedge

    • Jack H. Rubens, James R. Webb

    Pages 129-142

11. Performance Measures of Real Estate Firm Common Stock Returns

    • John L. Glascock, Wallace N. Davidson III

    Pages 143-156

12. A Tutorial on Partitioning Real Estate Investment Cash Flows Using the Internal Rate of Return

    • Mark G. Dotzour, Donald R. Levi

    Pages 157-176

13. Statistical Inference in Event Studies Using Multiple Regression

    • John J. Glascock, Imre Karafiath

    Pages 177-189

14. Back Matter

    Pages 191-198

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Arthur L. Schwartz, Jr. and Steven D. Kapplin The focus of this volume of the ARES Monograph Series is new ideas in real estate investment. Within this volume, empiricial studies, literature reviews, and tutorials examine a broad range of important investment issues. Many new and innovative ideas are presented. This volume should be a rich source of real estate investment ideas for many years to come. Kapplin and Schwartz examine the returns of two types of REITs, as well as that of Master Limited Partnerships (MLP), over the 1987-1989 time period. Their sample consisted of 54 real estate securities; they conclude that these entities did not provide an effective inflation hedge. MLP returns exceeded that of the overall stock market, but the two REIT types did not provide rates-of-return in excess of the marked. An extensive review of the commercial real estate return literature is presented by Fletcher. He focuses upon studies that utilize commingled real estate fund (CREF) data. His detailed overview of the subject provides a much needed synthesis of the current literature. Roulac presents an extensive discussion of the differences in the per­ spectives of individual versus institutional investors. In his essay, he considers such factors as scale, diversification, and related issues. Addi­ tionally, he examines a wide range of literature from within academia, 1 INTRODUCTION 2 as well as the opinions of various real estate gurus. He concludes that behavioral factors override economic considerations.

• Hedging
• Investment
• cash flow
• liquidity

• University of South Florida, USA

  Arthur L. Schwartz

• University of Sourh Florida, USA

  Steven D. Kapplin

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