The Future of Investment in Real Estate
探讨了房地产作为养老基金和个人投资者投资工具的现状，分析了房地产投资信托和有限合伙的业绩与风险，为投资者选择提供参考。
Real estate is an established investment medium for pension funds and for individual investors seeking to maximize after-tax income. Successful real estate investment requires analytical and management skills, for which most nonprofessional investors rely upon real estate investment trusts (REITs) or limited partnership syndicates. Many REITs have achieved a creditable yield performance over the past decade and are highly suitable for the investor not requiring tax shelter. Analysis of the limited partnership presents greater difficulties, although track records for offerings in the 1970s can be a useful guide. Front-end loads, management cash-flow participation, and back-end loads are major considerations for the purchaser of limited partnership interests.