Geographic Portfolio Allocations, Property Selection and Performance Attribution in Public and Private Real Estate Markets
研究了1996-2013年间美国公开房地产投资信托与私人商业房地产的地理集中度对回报的影响，发现物业选择而非地理配置解释了公开市场相对于私人市场的超额回报。
Abstract This article examines the effects of geographic portfolio concentrations on the return performance of U.S. public real estate investment trusts versus private commercial real estate over the 1996–2013 time period. Adjusting private market returns for differences in geographic concentrations with public markets, we find that core private market performance falls. Using return performance attribution analysis, we find that the geographic allocation effect constitutes only a small portion of the total return difference between listed and private market returns, whereas individual property selection within geographic locations explains, in part, the documented outperformance of listed versus private real estate market returns.