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

Real Estate

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

Arthur L. Schwartz, Jr. and Steven D. Kapplin the focal point of this quantity of the ARES Monograph sequence is new principles in actual property funding. inside this quantity, empiricial reviews, literature reports, and tutorials learn a huge variety of significant funding concerns. Many new and leading edge rules are provided. This quantity can be a wealthy resource of actual property funding rules for a few years to return. Kapplin and Schwartz research the returns of 2 different types 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 handed that of the final inventory marketplace, however the REIT forms didn't offer rates-of-return in way over the marked. an in depth evaluate of the economic genuine property go back literature is gifted via Fletcher. He focuses upon experiences that make the most of commingled actual property fund (CREF) info. His exact assessment of the topic offers a miles wanted synthesis of the present literature. Roulac offers an in depth dialogue of the diversities within the according to­ spectives of person as opposed to institutional traders. In his essay, he considers such components as scale, diversification, and comparable concerns. Addi­ tionally, he examines a variety of literature from inside academia, 1 advent 2 in addition to the critiques of assorted actual property experts. He concludes that behavioral elements override fiscal considerations.

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Fletcher, Stuart and Barry A. Diskin. " The Appraisal Journal (1994), 103-112. Gau, George W. Ko Wang. " AREUEA Journal 18 (1990), 41-48. Geitner, David. (1989). " AREUEA Journal 17 (1989), 463-481. Giliberto, S. Michael. " AREVEA Journal 16 (1988), 77-83. Guilkey, David, Mike Miles, and Rebel Cole. " AREUEA Journal 17 (1989), 70-86. Hartzell, David, John Hekman, and Mike Miles. " AREUEA Journal 14 (1986), 230-254. Hartzell, David, John Hekman, and Mike Miles. " AREUEA Journal 15 (1987), 617-637.

Oliphant. " Real Estate Review 19 (1989), 67-70. , Stephen A. Ross, and Randall C. Zisler. " Journal of Portfolio Management 14 (1988), 22-34. Firstenburg, Paul B. and Charles H. Wurtzebach. " Real Estate Review 19 (1989), 61-65. Fletcher, Stuart. "Portfolio Considerations in Commingled Real Estate Funds. Journal of Real Estate Research 8 (1993),171-187. Fletcher, Stuart and Barry A. Diskin. " The Appraisal Journal (1994), 103-112. Gau, George W. Ko Wang. " AREUEA Journal 18 (1990), 41-48. Geitner, David.

But whether such properties are attractive as financial investments is another question. Although there is the premise that larger scale properties enjoy operating advantages over smaller scale ones, various factors suggest this may not be the case. Property scale Economic theory holds that scale allows economies of operation, leading to lower costs and therefore higher profits, but whether the economic principle of scale economies applies to real estate is debatable. Surveys of property management economics, specifically those for apartment buildings by the Institute of Real Estate Management, for office buildings by the Building Owners and Managers Association, and for shopping centers by the Urban Land Institute, indicate some diseconomies of scale in that bigger properties have higher expenses per foot and as a percentage of revenue.

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