Historic Returns and Institutional Real Estate Portfolios |
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| Authors: | Mike Miles Tom Mc Cue |
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| Affiliation: | Graduate School of Business, University of North Carolina at Chapel Hill, Chapel Hill, North Carolina, 27514. |
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| Abstract: | This study employs a sample of equity REIT portfolios from 1972–78 to investigate various aspects of real estate returns. Return estimates are derived for the unlevered cash yields by property size, type and location. Based on these data, the effects of certain kinds of diversification on risk-adjusted returns are examined. Finally, historic REIT portfolios are compared to current commingled fund portfolios and suggestions made concerning the benefits of restructuring. |
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