关于私募股权房地产，25年的业绩数据教会了我们什么

Q2 Economics, Econometrics and Finance

Journal of Real Estate Portfolio Management Pub Date : 2015-10-20 DOI:10.1080/10835547.2015.12089968

B. Case

{"title":"关于私募股权房地产，25年的业绩数据教会了我们什么","authors":"B. Case","doi":"10.1080/10835547.2015.12089968","DOIUrl":null,"url":null,"abstract":"Executive Summary 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.","PeriodicalId":35895,"journal":{"name":"Journal of Real Estate Portfolio Management","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2015-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"9","resultStr":"{\"title\":\"What Have 25 Years of Performance Data Taught Us About Private Equity Real Estate\",\"authors\":\"B. Case\",\"doi\":\"10.1080/10835547.2015.12089968\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Executive Summary 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.\",\"PeriodicalId\":35895,\"journal\":{\"name\":\"Journal of Real Estate Portfolio Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2015-10-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"9\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Real Estate Portfolio Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/10835547.2015.12089968\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Real Estate Portfolio Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/10835547.2015.12089968","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}

引用次数: 9

摘要

NCREIF发布了涵盖25年历史的机构投资业绩数据，这些机构投资遵循私募股权房地产资产的核心、增值和机会策略。在本文中，我总结了关于资本增值、收入、费用和费用、总收益的收入份额、现金储备和杠杆的影响、净总收益、系统风险和风险调整后的表现在五个信息市场时期的显著观察结果:两个严重的房地产市场低迷期、一个完整的房地产牛市和两个不完整的牛市时期。现有数据挑战了有关私募股权房地产回报的几个传统观点。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

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

Executive Summary 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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Real Estate Portfolio Management Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

自引率

0.00%

发文量

期刊介绍： The Journal of Real Estate Portfolio Management (JREPM) is a publication of the American Real Estate Society (ARES). Its purpose is to disseminate applied research on real estate investment and portfolio management.