What Have 25 Years of Performance Data Taught Us About Private Equity Real Estate?

Brad Case

Journal of Real Estate Portfolio Management, 2015, vol. 21, issue 1, 1-20

Abstract: NCREIF has published performance data covering a 25-year historical period for institutional investments following core, value-add, and opportunistic strategies in private equity real estate assets. In this paper, I summarize salient observations regarding capital appreciation, income, fees and expenses, the income share of total return, the effects of cash reserves and leverage, net total returns, systematic risk, and risk-adjusted performance during five informative market periods: two severe real estate market downturns, one complete real estate bull market, and two incomplete bull market periods. The available data challenge several points of conventional wisdom regarding private equity real estate returns.

Date: 2015
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DOI: 10.1080/10835547.2015.12089968

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