A Note on REIT Returns and the Case-Shiller Home Price Index

Michael J. Highfield, Kaustav Misra, Arif Qayyum and Charod Dodd

Journal of Real Estate Practice and Education, 2015, vol. 18, issue 1, 77-86

Abstract: In this note, we examine the relationship between real estate investment trust (REIT) returns and the Case-Shiller Home Price Index using panel data on 159 unique REITs over the 25-year period of 1989–2013. Although the literature provides conflicting evidence, after controlling for inflation, financial risk, size, and property focus, our empirical results suggest that a strong positive correlation exists between the Case-Shiller Home Price Index and REIT returns. While additional research is needed, these findings certainly have implications for investors utilizing REITs to obtain real estate portfolio diversification.

Date: 2015
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DOI: 10.1080/10835547.2015.12091744

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