A successive effort on performance comparison between public and private real estate equity investment
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007.
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| Format: | Thesis |
| Language: | eng |
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Massachusetts Institute of Technology
2008
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| Online Access: | http://hdl.handle.net/1721.1/42016 |
| _version_ | 1811079787449417728 |
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| author | Tsai, Jengbin Patrick |
| author2 | Henry O. Pollakowski. |
| author_facet | Henry O. Pollakowski. Tsai, Jengbin Patrick |
| author_sort | Tsai, Jengbin Patrick |
| collection | MIT |
| description | Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007. |
| first_indexed | 2024-09-23T11:20:28Z |
| format | Thesis |
| id | mit-1721.1/42016 |
| institution | Massachusetts Institute of Technology |
| language | eng |
| last_indexed | 2024-09-23T11:20:28Z |
| publishDate | 2008 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/420162019-04-12T09:45:14Z A successive effort on performance comparison between public and private real estate equity investment Tsai, Jengbin Patrick Henry O. Pollakowski. Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. Urban Studies and Planning. Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007. This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. Includes bibliographical references (leaves 50-51). The research has a two-fold objective. Initially, the author compares the performance between public and private real estate equity investment represented by NAREIT Equity REIT Index and NCREIF Property Index from 1987 to 2005. Before comparison, the two return series are restated to eliminate their discrepancies in leverage, property-sector mix, and asset management fees. In addition to the 2.66% difference in mean returns between public and private markets over the 19-year research timeframe, the results indicate that the return restatement is able to reconcile the performance of the indices both by property sector (i.e. retail, apartment, office, and industrial) and at the aggregate level. Subsequently, the author compares MIT CRE's Transactions-Based Index (TBI) with NCREIF Property Index in order to confirm the advantage of transaction- over appraisal-based indices under some circumstances. After TBI goes through a similar restatement process, TBI and NCREIF Property Index are respectively benchmarked with NAREIT Equity REIT Index from 1995 to 2005. Although some conflicting results are found in the retail and apartment sectors, the research basically identifies TBI's relative proximity to the public market benchmark, which further supports the argument that transaction-based indices are better data sources for the analyses in which responsive reflections on private market conditions are necessary. by Jengbin Patrick Tsai. S.M.in Real Estate Development 2008-09-02T17:49:26Z 2008-09-02T17:49:26Z 2007 2007 Thesis http://hdl.handle.net/1721.1/42016 226319672 eng M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 54 leaves application/pdf Massachusetts Institute of Technology |
| spellingShingle | Urban Studies and Planning. Tsai, Jengbin Patrick A successive effort on performance comparison between public and private real estate equity investment |
| title | A successive effort on performance comparison between public and private real estate equity investment |
| title_full | A successive effort on performance comparison between public and private real estate equity investment |
| title_fullStr | A successive effort on performance comparison between public and private real estate equity investment |
| title_full_unstemmed | A successive effort on performance comparison between public and private real estate equity investment |
| title_short | A successive effort on performance comparison between public and private real estate equity investment |
| title_sort | successive effort on performance comparison between public and private real estate equity investment |
| topic | Urban Studies and Planning. |
| url | http://hdl.handle.net/1721.1/42016 |
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