Abstract
Investors can include real estate in a diversified portfolio in two ways. They can acquire direct investment in real property, or they can acquire a security backed by direct real estate investment. This paper examines the benefits of the latter—investment in real estate securities. Presently, there are four types of real estate securities: Real Estate Limited Partnerships (RELPs), Real Estate Investment Trusts (REITs), Finite Life REITs (FREITs), and Master Limited Partnerships (MLPs). This study examines only REITs, FREITs, and MLPs. Real Estate Limited Partnerships (RELPs) have been omitted from this study because RELPs are not publicly traded as are REITs, FREITs and MLPs (Kapplin and Schwartz, 1988a,b, 1989, 1986; Kensinger and Martin, 1986; The Stanger Register, 1989).
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Collins, J.M. and R.P. Bey. “The Master Limited Partnership: An Alternative to the Corporation”. Financial Management (Winter 1986).
Goebel, P.R. and K.S. Kim. “Performance Evaluation of Finite-Life Real Estate Investment Trusts”. Journal of Real Estate Research (Summer 1989).
Kapplin, S.D. and A.L. Schwartz, Jr. “Public Real Estate Limited Partnership Returns: A Preliminary Comparison with Other Investments”. Journal of American Real Estate and Urban Economics Association (Spring 1988a).
Kapplin, S.D. and A.L. Schwartz, Jr. “A Preliminary Analysis of the Risk and Return Aspects of Real Estate Master Limited Partnerships”. Unpublished paper presented at the annual meetings of the American Real Estate Society (April 1989).
Kapplin, S.D. and A.L. Schwartz, Jr. “Real Estate Investing Through Master Limited Partnerships”. American Association of Individual Investors (September 1988b).
Kapplin, S.D. and A.L. Schwartz, Jr. “Investing in Real Estate Limited Partnerships”. American Association of Individual Investors (September 1986).
Kensinger, J.W. and J.D. Martin. “Royalty Trusts, Master Partnerships and Other Organizational Means of ‘Unfirming the Firm’”. Midland Corporate Finance Journal (Summer 1986).
Rogers, R.C. and J.E. Owers. “The Investment Performance of Real Estate Limited Partnerships”. American Real Estate and Urban Economics Journal (Summer 1985).
The Stanger Register. Public Partnership Market Focus, September 1989, p. 18.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1995 Kluwer Academic Publishers
About this chapter
Cite this chapter
Kapplin, S.D., Schwartz, A.L. (1995). Recent Performance of U.S. Real Estate Securities. In: Schwartz, A.L., Kapplin, S.D. (eds) Alternative Ideas in Real Estate Investment. Research Issues in Real Estate, vol 2. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-0367-8_2
Download citation
DOI: https://doi.org/10.1007/978-94-009-0367-8_2
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-6651-8
Online ISBN: 978-94-009-0367-8
eBook Packages: Springer Book Archive