Why Real Estate?
回顾了2003年期刊特刊中关于将房地产纳入机构投资组合的理由，包括分散风险、提升绝对收益、对冲通胀等，并通过最新实证分析继续支持这些观点，同时讨论了机构投资者面临的挑战。
Real estate for institutional investors is most broadly defined to comprise private commercial real estate equity, private commercial real estate debt, public real estate equity structured as real estate investment trusts or real estate operating companies, and public commercial real estate debt structured as commercial mortgage–backed securities. Arguments made in a 2003 Special Real Estate Issue of this Journal for adding real estate to a well–managed institutional investment portfolio include: portfolio diversification and risk reduction, absolute return enhancement, inflation hedging, reflection of the investment universe, and strong cash flows. A revisit of these portfolio issues and an updated empirical analysis continue to support the rationale for real estate. Particular challenges face institutional investors who invest in real estate; the articles in this 2005 Special Real Estate Issue address them.