Performance Evaluation of Finite-Life Real Estate Investment Trusts
This study analyzes the investment performance of real estate investment trusts, comparing the finite-life trusts (FREIT) with traditional REITs and stock returns. The results indicate that the FREITs performed more poorly than the REITs, with both the FREITs and REITs underperforming the market index over the period studied. It was also found that while portfolio risk diversification benefits may exist for the REITs and FREITs, it is not clear that the reduced risk is warranted by the large reduction in returns. Finally, this research shows that little total or unanticipated inflation hedging capability exists for the REITs or FREITs over the period studied, although anticipated inflation hedging capabilities were found.
Volume (Year): 4 (1989)
Issue (Month): 2 ()
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- Chen, Andrew H & Boness, A J, 1975. "Effects of Uncertain Inflation on the Investment and Financing Decisions of a Firm," Journal of Finance, American Finance Association, vol. 30(2), pages 469-83, May.
- W. B. Brueggeman & A. H. Chen & T. G. Thihodeau, 1984. "Real Estate Investment Funds: Performance and Portfolio Considerations," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 333-354.
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