Historic Returns and Institutional Real Estate Portfolios
利用1972-78年权益型REIT样本，估算不同物业规模、类型和地点的无杠杆现金收益率，分析多元化对风险调整后回报的影响，并比较历史REIT组合与当前混合基金组合，提出重组建议。
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.