The Long-Term Advantages to Incorporating Indirect Securities in Direct Real Estate Portfolios

Abstract

Executive Summary. This study examines the longterm diversification opportunities potentially available to real estate managers from using firstly real estate investment trusts and secondly international real estate securities as a diversification tool. The results show that when optimal direct real estate portfolios are used as the base, while indirect securities do gain allocations in the extended optimal portfolios, the improvement in performance is not statistically significant. However, when the national NCREIF Index is used, thereby assuming a diversified direct market portfolio, significant results are obtained.

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