Historic Returns and Institutional Real Estate Portfolios

Mike Miles and Tom Mc Cue

Real Estate Economics, 1982, vol. 10, issue 2, 184-199

Abstract: 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.

Date: 1982
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