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The Financial Performance of Real Estate Investment Trusts

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    The intent of this article is to update the performance evaluation of Real Estate Investment Trusts. This update is important for three reasons. First, REITs today are one type of vehicle that permits the analysis of real estate assets in a modern portfolio context. Second, the performance of REITs was considered exceptionally good in recent years on a risk-adjusted basis. This would suffice as a market imperfection in the pricing of REIT shares which is difficult to support in light of the efficient market hypothesis. Third, recent studies o the performance of REITs have only covered time periods from 1963 to 1979 and an update to include the most recent six-year time period would offer valuable insight into REIT performance.

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    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 1 (1986)
    Issue (Month): 1 ()
    Pages: 67-75

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    Handle: RePEc:jre:issued:v:1:n:1:1986:p:67-75
    Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    1. Hoag, James W, 1980. " Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-80, May.
    2. Friedman, Harris C., 1971. "Real Estate Investment and Portfolio Theory," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 6(02), pages 861-874, March.
    3. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, 09.
    4. Mike Miles & Tom McCue, 1984. "Commercial Real Estate Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 355-377.
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