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- Corporate Real Estate Site Selection: A Community-Specific Information Framework
- A key decision corporations must make is site selection. Such decisions have been receiving increasing attention, as companies begin to appreciate how site location can affect the bottom line and future prospects for a firm. The article presents the major factors and individual items that should enter such decisions. Finally,...
- White papers 2001-07-01
- Homeownership and Investment in Real Estate Stocks
- This paper provides an interpretation of owner-occupied housing as an investment and presents empirical results on the financial performances of houses and financial assets, including REITs, as individual investments and within a portfolio. The analysis shows that portfolios with 10% to 20% allocations to REITs historically have generally been able...
- White papers 2003-11-04
- Ex-Ante and Ex-Post Performance of Optimal REIT Portfolios
- This study examines the out-of sample performance of equity real estate investment trust portfolios based on the NAREIT sector indices. The article examines the use of alternative techniques to reduce estimation error and this improves out-of-sample performance. The findings reveal that unlike previous studies of the capital markets, the tangency...
- White papers 2003-02-12
- A Sector View of Public Market Ownership of Commercial Real Estate in the United States
- A popular topic in financial research has been the development and perfection of models for pricing stocks. A three-factor pricing model that incorporates a real estate factor along with stock market and interest rate factors is developed. Results of the analysis lend support to the application of the three-factor model...
- White papers 2003-02-12
- Some Structural Attributes of Institutional Office Investments
- This study explores some of the less cyclical characteristics of the office investment market. Offices comprise more than one-third of investable commercial real estate by value among the major property types. Private institutional investors allocate about this proportion of offices to their real estate portfolios, but REITs own a somewhat...
- White papers 2003-06-20
- Synthetic Debt: Off-Balance-Sheet Corporate Finance for the Twenty-First Century
- Off-balance-sheet fixed-income financial obligations can arise in an efficiently regulated market environment. Recent advances in financial technology have resulted in a class of lease-based fixed income products to finance off-balance-sheet corporate acquisitions of tangible assets. Such products as synthetic leases and synthetic debt enable corporations to lease assets and also...
- White papers 2002-07-30
- Real Estate as a Surrogate for Bonds: A Dynamic Asset Allocation View
- Twenty-five years of experience with high bond yields, combined with appreciation resulting from gradually declining interest rates, has produced an investor mind-set that bonds should occupy a major portion of a mixed-asset portfolio. However, that historical experience is not the norm. The long-term average bond return since 1926 is only...
- White papers 2004-04-20
- The Use of GIS & OLAP for Accurate Valuation of Developable Land
- The purpose of this study is to describe a beginning of best practice technique for the valuation of brownfields that incorporates business cycle as well as market analysis. This study examines approaches to market analysis and illustrates how technology can provide more accurate results. It suggests a reference scope of...
- White papers 2002-03-11
- Mature and Yet Imperfect: Real Estate Capital Market Arbitrage
- The familiar boom-and-bust pattern of the real estate market has been tempered recently by an increased amount of discipline administered by the capital markets, and by the debt markets in particular. Additionally, due to the emergence of the public REIT and CMBS markets in the 1990s, and the accompanying proliferation...
- White papers 2002-03-11
- Economic Analysis Suggests That REIT Investment Characteristics Are Not as Advertised
- Commercial real estate is a cyclical asset with partial inflation-hedging characteristics. Investment characteristics of regulated investment companies are shaped by two sets of economic attributes: investment portfolio characteristics and legal constraints on the companies. Both sets of real estate investment trust REIT attributes differ from corresponding attributes of regulated funds...
- White papers 2001-07-16
- The Evolution of Real Estate in the Economy
- While the economy as a whole has been rapidly changing in response to technological innovation, real estate has evolved from a depository of wealth for households and assets for corporations into a major force in the debt and equity markets. In contrast, the role of real estate as a contributor...
- White papers 2001-07-16
- Point of View: Styles of Higher Return Strategies
- This paper identifies four broad categories of investment strategies with which to further subdivide the universe of funds pursuing greater-than-core return objectives. These categories, defined as wealth creation, value added, income enhancement, and incremental risk, represent four distinct approaches to generating excess returns. Clearly, fund managers can and often do...
- White papers 2000-12-29
- Corporate-Owned Real Estate Represents a Substantial Investment Universe
- Corporate-owned real estate is a much more significant component of the real estate investment universe than is broadly recognized. In this article the results of recent research concerning the magnitude of the investment universe represented by corporate-owned real estate is presented, and the implications of the significance of corporate real...
- White papers 2003-11-04
- The Devaluation of Capital Budgeting in Real Estate Development Firms
- The capital budgeting process in real development firms is a vital part of their regular operations. Developers invest large amounts of money in this process. Their finance departments frequently hire highly paid staffs to conduct studies of proposed projects. Under the best of conditions, capital budgeting for real estate development...
- White papers 2004-01-19
- Point of View: REIT Joint Venture Use is on the Rise
- This report examines the joint ownership of properties held by public real estate investment trusts REITs. It uses a detailed property database of real estate firms maintained by SNL Securities, which included more than 18,600 properties owned or partly owned by 171 firms. The findings indicate that rather than reducing...
- White papers 2004-04-20
- Ski Resort Real Estate: Does Supply Prevent Appreciation?
- This paper examines the behavior of ski resort property in a major New England market over the last 25 years. A property price series is constructed for the Loon Mountain resort, which is believed to be quite typical of New England Ski areas. This series reveals that nominal prices are...
- White papers 2003-12-10
- A Frequency Domain Analysis of Common Cycles in Property and Related Sectors
- This paper examines cycles and common cycles in property and related sectors in the frequency domain. The frequency domain approach is empirically more effective in revealing cycle and common cycle features. It describes the closeness of two time series using coherence and phase as against correlation and leads/lags in the...
- White papers 2003-07-22
- Strategic Significance of the Inner City to the Property Discipline
- Central to strategies for and involvement in the inner city real estate market is their ability to attract people. A central part of the overall metropolis of a place, the inner city is the mechanism that mediates the larger top-down global concerns and the more intimate, personal concerns of day-to-day...
- White papers 2003-11-04
- Interdependence Effects of Housing Abandonment and Renovation
- This study uses a methodology for analyzing the interdependence effects of abandonment and renovation for profit-maximizing landlords. After using a Prisoner's Dilemma game of abandonment to establish the existence of the interdependence phenomenon between internal rates of return, a Stackelberg framework is employed to model the interdependence effects of abandonment...
- White papers 2003-11-04
- Industrial Land Values-A Guide to Future Markets?
- The study provides empirical evidence of industrial land prices as a factor explaining variations in industrial rents in local markets. Evidence is obtained from the estimation of a regression model of rents in six markets in the United Kingdom using King Sturge data. The conclusion is that industrial land values...
- White papers 2001-01-19
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