Risk And Return In Institutional Commercial Real Estate

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Risk and Return in Institutional Commercial Real Estate

Author : Ryan Hunter Jones
Publisher :
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (825 download)

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Book Synopsis Risk and Return in Institutional Commercial Real Estate by : Ryan Hunter Jones

Download or read book Risk and Return in Institutional Commercial Real Estate written by Ryan Hunter Jones and published by . This book was released on 2012 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commercial Real Estate is a large asset class, increasingly owned by professional investment managers. Investment managers need a thorough understanding of the risk return relationship and tools to adequate implement sound investing, portfolio management and risk management strategies. Equilibrium asset pricing models are tools that identify and quantify the risk factors priced by the capital market and establish risk adjusted LONG RUN expected returns. This thesis creates portfolios of properties by property type, geographic location and asset size. Total return indices are created for each portfolio to test single factor and multifactor asset pricing models cross sectionally within the commercial real estate asset class. Historical total return data is used from three sources including: NCREIF; the stock market-based FTSE NAREIT Pure-Property Index Series; and a novel "synthetic" total return index created by the researcher from the repeat sale transaction-based Moody's/RCA CPPI Indices. The asset pricing model test results for the NCREIF and PureProperty indices show that a substantial amount of the variation in LONG RUN total return can be explained by a portfolio's beta with respect to a market index and property specific variables such as property type, location and asset size. The asset pricing model test results for the RCA indices were poor and failed to explain the cross-section of commercial real estate returns. Thus, it appears that certain parts of the commercial real estate market may be operating without a systematic relationship of risk and return.

Real Estate Finance and Investments

Author : Peter Linneman
Publisher :
ISBN 13 : 9781792331916
Total Pages : pages
Book Rating : 4.3/5 (319 download)

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Book Synopsis Real Estate Finance and Investments by : Peter Linneman

Download or read book Real Estate Finance and Investments written by Peter Linneman and published by . This book was released on 2020-02 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Commercial Real Estate

Author : Michael Steven
Publisher : Independently Published
ISBN 13 :
Total Pages : 140 pages
Book Rating : 4.5/5 (834 download)

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Book Synopsis Commercial Real Estate by : Michael Steven

Download or read book Commercial Real Estate written by Michael Steven and published by Independently Published. This book was released on 2020-12-18 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Power up your investment portfolio and earn more than you ever thought possible Have you been investing for a while but wish it could give you better returns? Are you looking to expand your portfolio beyond stocks and bonds? Do you want to invest in a stable, yet high-return market? If so, commercial real estate may make a good addition to your portfolio. Commercial real estate may seem like something only institutional investors or millionaires get into. Yes, they cost a lot more than single-family residential properties, but they also give you the opportunity to make a lot more. According to the National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index, commercial real estate has made an average of 12.7% annually over the past 15 years compared to 8.8% in the S&P 500. And you don't have to be a millionaire to get involved in commercial real estate. There are a variety of ways you can get financing, without getting yourself into millions of dollars in debt. Although there are risks to any investment, with commercial real estate, your risk is cushioned by multiple and better-quality tenants and longer-term leases. Not only that, but you also have more control over how you mitigate those risks. To know more about what is involved in commercial real estate investing, refer to this useful introduction to commercial real estate that will help you make the right investment decisions for your portfolio. In Commercial Real Estate: Journey Towards Financial Freedom, you'll discover: The #1 rule to follow when finding a property to invest in that will protect you from making hasty decisions The biggest difference between residential and commercial real estate that makes commercial properties more attractive How to evaluate the income potential of an investment by calculating these key numbers The most crucial mistake many new commercial real estate investors make in a misguided attempt to save money 4 creative financing methods where you won't need to take out your own money for down payment How to be a commercial property owner for an investment of as low as $1,000 7 lazy ways to invest in commercial real estate if you don't want to be hands-on in your investment A comprehensive checklist to guide you through your due diligence and ensure that you leave no stone unturned before you invest in a property The secret to protecting your personal assets that experienced commercial real estate investors use for their business transactions Why you need to have several exit strategies in mind before you've even invested in any property And much more. Going from investing in bonds and stocks to investing in commercial real estate may seem like a big leap. They are vastly different types of investments to take on. There is plenty of additional research and work needed when investing in real estate, compared to investing in the stock market. But even if you don't have experience with real estate, even the residential kind, you can educate yourself enough to get into commercial properties with enough patience and determination. Nothing is too complex that it can't be learned if you put your mind to it. You just have to get started and put what you learn into action. What are you waiting for? The financial rewards await on the other side... If you want to accelerate your journey to financial freedom with smart, strategic, and well-researched investments in commercial properties, then scroll up and click the "Add to Cart" button right now.

Commercial Real Estate Investment

Author : Andrew Baum
Publisher : Taylor & Francis
ISBN 13 : 072820567X
Total Pages : 436 pages
Book Rating : 4.7/5 (282 download)

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Book Synopsis Commercial Real Estate Investment by : Andrew Baum

Download or read book Commercial Real Estate Investment written by Andrew Baum and published by Taylor & Francis. This book was released on 2009 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book uniquely combines academic literature and practical experience to provide a straightforward and integrated view on global real estate investment for pension funds, other institutions and professionals. Thanks to growing investment in commercial property research, property investment has become better understood and better managed than ever before. Many of the problems associated with property investment in the 1980s have found workable solutions through better understanding and management. We can now say that the measurement, benchmarking, forecasting and quantitative management techniques applied to property investments are comparable with other asset classes. Unfortunately, these techniques were not enough to help investors avoid the crash of 2007-2009. We can hope that in the hands of the next generation of investment managers, advisors and analysts, the approaches described in these pages will help to provide a foundation for a responsible and professionally guided recovery. Designed for practitioners facing the tough global market challenges, this book provides a fascinating read for fund managers, investors, banking staff, property advisors and advanced level students.

Real Estate Investment

Author : Colin A. Jones
Publisher : Springer Nature
ISBN 13 : 3031009681
Total Pages : 320 pages
Book Rating : 4.0/5 (31 download)

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Book Synopsis Real Estate Investment by : Colin A. Jones

Download or read book Real Estate Investment written by Colin A. Jones and published by Springer Nature. This book was released on 2022-08-18 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook, aimed at undergraduate and postgraduate real estate programmes, provides an overview of real estate investment and pricing in a global context with special attention to the diversification of asset types in three parts. Designed as a successor to Will Fraser’s successful student-led investment book, Principles of Property Investment and Pricing, it encompasses the microeconomics of real estate markets and context alongside pricing failures of real estate highlighted by the impact of the global financial crisis, especially with regard to irrationality and risk. Part 1 focuses on the microeconomics of the real estate sector, covering the complex nature of real estate and the consequences for economic analysis and the operation of the market, the underlying essential processes and principles of real estate investment decision making, including a pricing model, and the significance of real estate cycles and why they occur. Part 2 begins with the characteristics of real estate as an investment, differentiated between direct and indirect investment, and making comparisons with alternative stock market assets, then examines real estate investors and their objectives, including financial institutions, REITs and other indirect vehicles. Additionally, it sets out the frameworks within which real estate investment decisions are made in relation to other investments and focuses on decision-making processes and the practicalities of performance measurement. Emerging real estate debates are discussed in Part 3. These chapters are primarily forward-looking to the implications and challenges for real estate investment, including the consequences of recent aspects of regulation, changes to occupier demand, partly driven by technology but also sustainability pressures, the logic and difficulties of international investment, with a particular focus on emerging markets.

Commercial Real Estate Investments and the Term Structure of Risk and Return

Author : Christian Rehring
Publisher :
ISBN 13 :
Total Pages : 234 pages
Book Rating : 4.:/5 (72 download)

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Book Synopsis Commercial Real Estate Investments and the Term Structure of Risk and Return by : Christian Rehring

Download or read book Commercial Real Estate Investments and the Term Structure of Risk and Return written by Christian Rehring and published by . This book was released on 2010 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Cases in Commercial Real Estate Investing

Author : John McMahan
Publisher :
ISBN 13 : 9780977018901
Total Pages : 484 pages
Book Rating : 4.0/5 (189 download)

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Book Synopsis Cases in Commercial Real Estate Investing by : John McMahan

Download or read book Cases in Commercial Real Estate Investing written by John McMahan and published by . This book was released on 2005 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Commercial Real Estate

Author : David Geltner
Publisher : South Western Educational Publishing
ISBN 13 : 9781133108825
Total Pages : 826 pages
Book Rating : 4.1/5 (88 download)

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Book Synopsis Commercial Real Estate by : David Geltner

Download or read book Commercial Real Estate written by David Geltner and published by South Western Educational Publishing. This book was released on 2014 with total page 826 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rev. ed. of: Commercial real estate analysis and investments / David M. Geltner ... [et al.]. Mason, Ohio: Thompson South-Western, c2007.

Alternative Ideas in Real Estate Investment

Author : Arthur L. Schwartz Jr.
Publisher : Springer Science & Business Media
ISBN 13 : 9400903677
Total Pages : 206 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Alternative Ideas in Real Estate Investment by : Arthur L. Schwartz Jr.

Download or read book Alternative Ideas in Real Estate Investment written by Arthur L. Schwartz Jr. and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

A Different Look at Commercial Real Estate Returns

Author : Rebel A. Cole
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis A Different Look at Commercial Real Estate Returns by : Rebel A. Cole

Download or read book A Different Look at Commercial Real Estate Returns written by Rebel A. Cole and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Commercial real estate makes up a relatively small percentage of most institutional portfolios, even though the existing literature has consistently reported attractive risk-return characteristics that would suggest much larger allocations. The discrepancy has been explained by a perceived lack of comparability between return series calculated for real estate and those calculated for other asset classes. Just as investors actively involved in the futures markets do not consider individual common stocks to be traded continuously, those active in the stock market do not consider real estate to be traded continuously. In both cases, adjustments to reported returns are necessary to achieve a degree of comparability. This study makes such adjustments, using sales data from the properties that help comprise the National Council of Real Estate Fiduciaries/Frank Russell Company (NCREIF/FRC) Index to generate a transaction-driven commercial real estate return series. Examination of the risk-return characteristics of this series shows that it is quite different from traditionally reported real estate return series and is far more consistent with risk-return characteristics that have been reported for other asset classes.

Real Estate Finance in the New Economy

Author : Piyush Tiwari
Publisher : John Wiley & Sons
ISBN 13 : 1118836626
Total Pages : 288 pages
Book Rating : 4.1/5 (188 download)

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Book Synopsis Real Estate Finance in the New Economy by : Piyush Tiwari

Download or read book Real Estate Finance in the New Economy written by Piyush Tiwari and published by John Wiley & Sons. This book was released on 2014-01-29 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial deregulation of the last quarter century has meantlarge flows of funds around the world seeking the highestrisk-adjusted return for investors. Real estate is now establishedas an important asset class and advances in information technologyprovide the necessary tools to complement global developments inreal estate finance and investment. A variety of investment vehicles have emerged, andReal EstateFinance in the New Economy examines these along withfinancing and risk in the context of globalization, deregulationand an increasingly integrated international world economy byexploring questions like: How have real estate financial structures evolved as economiesgrow and become internationalised? What role do economic change and financial systems play in thedevelopment of real estate investment? Are the risks associated with the ‘new economy’really new? What is the future direction for real estate financing? The authors develop an economic framework for discussions onindividual financial products to examine how real estate financialstructures change with economic growth and internationalisation andalso to show how developments in real estate finance impacteconomic growth.

The Handbook of Real Estate Portfolio Management

Author : Joseph L. Pagliari
Publisher : McGraw-Hill
ISBN 13 :
Total Pages : 1256 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis The Handbook of Real Estate Portfolio Management by : Joseph L. Pagliari

Download or read book The Handbook of Real Estate Portfolio Management written by Joseph L. Pagliari and published by McGraw-Hill. This book was released on 1995 with total page 1256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spurred by the passage of ERISA in 1974, the ownership and management of commercial real estate has shifted from deal-driven entrepreneurs to strategic institutional investors. This shift, which shows little sign of abatement, has revolutionized the real estate industry, as pension funds, insurance companies, and other institutional investors continue to dominate real estate investment activities - and realize the risk-return enhancing characteristics of mixed-asset portfolios.

The Handbook of Commercial Real Estate Investing

Author : John McMahan
Publisher : McGraw Hill Professional
ISBN 13 : 0071491783
Total Pages : 409 pages
Book Rating : 4.0/5 (714 download)

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Book Synopsis The Handbook of Commercial Real Estate Investing by : John McMahan

Download or read book The Handbook of Commercial Real Estate Investing written by John McMahan and published by McGraw Hill Professional. This book was released on 2007-06-10 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Codifying “Best Practices” Guide to Effectively Managing the Entire Real Estate Investment Process The Handbook of Commercial Real Estate Investing delivers an authoritative “best practices” approach to the three major areas of the industry: investment transactions, asset management, and enterprise management. Skillfully written by John McMahan, a leader of the U.S. commercial real estate investment industry, The Handbook of Commercial Real Estate Investing presents state-of-the-art methods needed to successfully invest in and manage commercial properties such as office buildings, shopping centers, industrial buildings, apartments, and hotels. Designed to codify the industry “best practices” encouraged by financial institutions, The Handbook of Commercial Real Estate Investing offers: Complete guidelines for the critical “due diligence” stage of the investment process Effective asset management techniques for leasing, property management, and tenant relations Detailed procedures for reporting to investors on the financial performance of the real estate portfolio Information on using technology in the “due diligence” process A wealth of sample forms and checklists used in real estate investment A valuable glossary of real estate investment terms Authoritative and easy to use, The Handbook of Commercial Real Estate Investing will serve as a valuable strategic guide to managing the overall real estate investment process, as well as a “best practices” tool for improving each operating area.>

Winning with Commercial Real Estate

Author : Harmel S. Rayat
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781519613226
Total Pages : 0 pages
Book Rating : 4.6/5 (132 download)

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Book Synopsis Winning with Commercial Real Estate by : Harmel S. Rayat

Download or read book Winning with Commercial Real Estate written by Harmel S. Rayat and published by Createspace Independent Publishing Platform. This book was released on 2015-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As interest rates hover near recent lows, and investors search for anything with yield, commercial real estate is finding its footing yet again, outperforming the broader U.S. stock market," claims a CNBC report. The Washington Post advises: "Commercial real estate can be a great way to balance your portfolio." Proving this to be true, in less than a decade, superstar investor Harmel S. Rayat built a commercial real estate portfolio of half a million square feet with an appraised value of $145 million. Now, in his new book, Winning with Commercial Real Estate, Mr. Rayat reveals for the first time how both accredited investors as well as big institutional players alike can invest in highly sought after, highly profitable Class-A commercial properties for as little as $100,000. In, Winning with Commercial Real Estate, you will discover the awful truth about stocks, mutual funds, bonds, CDs, annuities, hedge funds, and REITs in today's volatile market. In chapter three you'll learn a field-tested, battle proven methodology for identifying and valuating which commercial properties to invest in now. Chapter four introduces you to Mr. Rayat's proprietary TROPHY formula for achieving lasting success as a commercial real estate investor. Mr. Rayat's proven S.U.C.C.E.S.S. formula for winning at any challenge in business or in life is fully described in chapter four and he explains in chapter six how accredited investors can now buy into some of the market's top-performing commercial properties for as little as $100,000. You'll also discover how to enjoy all the financial rewards and benefits of commercial real estate ownership foregoing the headaches of buying or managing your own buildings by investing in private limited partnerships that own a portfolio of premium Class-A and high quality, well located Class-B commercial properties. Sit back and enjoy quarterly preferred returns of 6% or more and share in the potential capital appreciation of buildings with high rents, stellar occupancy rates, and strong resale values.

Asset Pricing

Author : Hsien-hsing Liao
Publisher : World Scientific
ISBN 13 : 9812795618
Total Pages : 265 pages
Book Rating : 4.8/5 (127 download)

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Book Synopsis Asset Pricing by : Hsien-hsing Liao

Download or read book Asset Pricing written by Hsien-hsing Liao and published by World Scientific. This book was released on 2003 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate finance is a fast-developing area where top quality research is in great demand. In the US, the real estate market is worth about US$4 trillion, and the REITs market about US$200 billion; tens of thousands of real estate professionals are working in this area. The market overseas could be considerably larger, especially in Asia. Given the rapidly growing real estate securities industry, this book fills an important gap in current real estate research and teaching. It is an ideal reference for investment professionals as well as senior MBA and PhD students. Contents: Introduction: Real Estate Analysis in a Dynamic Risk Environment; The Predictability of Returns on Equity REITs and Their Co-Movement with Other Assets; The Predictability of Real Estate Returns and Market Timing; A Time-Varying Risk Analysis of Equity and Real Estate Markets in the US and Japan; Price Reversal, Transaction Costs, and Arbitrage Profits in Real Estate Securities Market; Bank Risk and Real Estate: An Asset Pricing Perspective; Assessing the OC Santa ClausOCO Approach to Asset Allocation: Implications for Commercial Real Estate Investment; The Time-Variation of Risk for Life Insurance Companies; The Return Distributions of Property Shares in Emerging Markets; Conditional Risk Premiums of Asian Real Estate Stocks; Institutional Factors and Real Estate Returns: A Cross-Country Study. Readership: Financial researchers, real estate investors and investment bankers, as well as senior MBA and PhD students."

Econometric Analysis of the Real Estate Market and Investment

Author : Peijie Wang
Publisher : Routledge
ISBN 13 : 113454877X
Total Pages : 185 pages
Book Rating : 4.1/5 (345 download)

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Book Synopsis Econometric Analysis of the Real Estate Market and Investment by : Peijie Wang

Download or read book Econometric Analysis of the Real Estate Market and Investment written by Peijie Wang and published by Routledge. This book was released on 2003-09-02 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an economic and econometric analysis of real estate investment and real estate market behaviour. Peijie Wang examines fluctuations in the real estate business to reveal the mechanisms governing the interactions between the industry and other sectors of the economy.

The Economics of Commercial Property Markets

Author : Michael Ball
Publisher : Routledge
ISBN 13 : 113474966X
Total Pages : 422 pages
Book Rating : 4.1/5 (347 download)

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Book Synopsis The Economics of Commercial Property Markets by : Michael Ball

Download or read book The Economics of Commercial Property Markets written by Michael Ball and published by Routledge. This book was released on 2012-10-12 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new text provides a rigorous analysis of real estate markets. Three main sections cover: microeconomics of property markets the macroeconomics of commercial property the financial economics of property Global empirical examples illustrate the theories and issues. This often complex area is made accessible: each chapter contains a boxed summary and questions for self-testing or discussion.