Economic Analysis Suggests that REIT Investment Characteristics are Not as Advertised

Richard A. Graff

29 citations0/0 files storedJournal of Real Estate Portfolio Management

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Financial Markets and Investment Strategies Housing Market and Economics Financial Analysis and Corporate Governance

Abstract

Executive Summary. Commercial real estate is a cyclical asset with partial inflation-hedging characteristics. The inflation-hedging characteristics can account for the observed long-term appreciation in institutional-grade real estate value over the last two decades. Investment characteristics of regulated investment companies are shaped by two sets of economic attributes: investment portfolio characteristics and legal constraints on the companies. Both sets of real estate investment trust (REIT) attributes differ from corresponding attributes of regulated funds that invest in corporate securities. Analysis of the REIT attributes suggests that REIT investment performance since industry inception has been more or less as could have been anticipated. Despite imminent regulatory changes, it also suggests that future REIT investment performance should be similar to performance in the recent past.

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References

1997A Survey of Corporate Governance 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1976Information and Competitive Price Systems 1992What Does the Stock Market Tell Us About Real Estate Returns?1989The wealth effects of second-generation state takeover legislation 1990Equity Real Estate Investment Trusts and Real Estate Returns 1998Institutional Investment in REITs: Evidence and Implications 1995The Historical Performance of Real Estate Investment Trusts

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