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Journal of Real Estate Portfolio Management Volume 14, 2008 - Issue 4
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Research Articles

Assessing and Managing Risk in Institutional Real Estate Investing

Ronald Kaiser Bailard, Inc., Foster City, CA
&
Jim Clayton Pension Real Estate Association, Hartford, CT
Pages 287-306 | Published online: 18 Jun 2020

  • Baczewski, J., K. Hands, and C.R. Lathem. Real Estate Investment Styles: Trends from the Catwalk. NCREIF website white paper, 2003.
  • Brown, G.R. Reducing the Dispersion of Returns in U.K. Real Estate Portfolios. Journal of Real Estate Portfolio Management, 1997, 3:2, 129-39. Reducing the Dispersion of Returns in U.K. Real Estate Portfolios. Journal of Real Estate Portfolio Management 3 129 39
  • Buckles, B.W. Liquidity Dynamics in Commercial Real Estate. Journal of Real Estate Portfolio Management, 2008, 14:4, 307- 23. Liquidity Dynamics in Commercial Real Estate. Journal of Real Estate Portfolio Management 14 307 23
  • Clayton, J. Commercial Property Derivatives: The Developing U.S. Market. Real Estate Issues, 2007, 32:2, 33-40. Commercial Property Derivatives: The Developing U.S. Market. Real Estate Issues 32 33 40
  • Dhar, R. and W. Goetzmann. Institutional Perspectives on Real Estate Investing: The Role of Risk and Uncertainty. PREA Research Paper, May 2005.
  • Fisher, J.D. New Strategies for Commercial Real Estate Investment and Risk Management. Journal of Portfolio Management, Special Issue, September 2005, 154-61. New Strategies for Commercial Real Estate Investment and Risk Management. Journal of Portfolio Management 154 61
  • Fisher, J.D. and W. Goetzmann. Performance of Real Estate Portfolios. Journal of Portfolio Management, Special Issue, September 2005, 32-35. Performance of Real Estate Portfolios. Journal of Portfolio Management 32 35
  • Fisher, J.D., D. Geltner, and H. Pollakowski. A Quarterly Transaction-Based Index (TBI) of Institutional Real Estate Investment Performance and Movement in Supply and Demand. Journal of Real Estate Finance and Economics, 2007, 34:1, 5- 34. A Quarterly Transaction-Based Index (TBI) of Institutional Real Estate Investment Performance and Movement in Supply and Demand. Journal of Real Estate Finance and Economics 34 5 34
  • Fisher, J.D., R. Kaiser, and G. Mueller. Evidence of Gamma in the NCREIF Database. Paper presented at the annual meeting of the American Real Estate Society, Key West, FL April 2006.
  • Fisher, J.D., B.C. Smith, J.J. Stern, and R.B. Webb. Analysis of Economic Depreciation for Multi-Family Property. Journal of Real Estate Research, 2005, 27:4, 355-70. Analysis of Economic Depreciation for Multi-Family Property. Journal of Real Estate Research 27 355 70
  • Fisher, J.D. and Y. Liang. Is Sector Diversification More Important Than Regional Diversification? Real Estate Finance, 2000, 16:3, 35-40. Is Sector Diversification More Important Than Regional Diversification? Real Estate Finance 16 35 40
  • Gallo, J.G., L.J. Lockwood, and M. Rodriguez. Differentiating CREF Performance. Real Estate Economics, 2006, 34:2, 173- 209. Differentiating CREF Performance. Real Estate Economics 34 173 209
  • Geltner, D. Benchmarking Manager Performance Within the Private Real Estate Investment Industry. Real Estate Finance, Spring 2000, 23-34. Benchmarking Manager Performance Within the Private Real Estate Investment Industry. Real Estate Finance 23 34
  • Geltner, D. Why Can't a Practitioner Be More Like an Academic? An Academic’s Perspective on Real Estate Investment Risk. PREA Quarterly, Fall 2005, 30-4. Why Can't a Practitioner Be More Like an Academic? An Academic’s Perspective on Real Estate Investment Risk. Quarterly 30 4
  • Geltner, D. and D. Ling. Indices for Investment Benchmarking and Return Performance Analysis in Private Real Estate. International Real Estate Review, 2007, 10:1, 93-118. Indices for Investment Benchmarking and Return Performance Analysis in Private Real Estate. International Real Estate Review 10 93 118
  • Giliberto, S.M. Assessing Real Estate Volatility. Journal of Portfolio Management, Special Issue, September 2003, 122-28. Assessing Real Estate Volatility. Journal of Portfolio Management, 122 28
  • Gordon, J.N. and E.W.K. Tse. VaR: A Tool to Measure Leverage Risk. Journal of Portfolio Management, Special Issue, September 2003, 62-5. VaR: A Tool to Measure Leverage Risk. Journal of Portfolio Management 62 5
  • Hahn, T.C., D. Geltner, and N. Gerardo-Lietz. Real Estate Opportunity Funds. Journal of Portfolio Management, Special Issue, September 2005, 143-53. Gerardo-Lietz. Real Estate Opportunity Funds. Journal of Portfolio Management 143 53
  • Kaiser, R.W. The Long Cycle in Real Estate. Journal of Real Estate Research, 1997, 14:3, 233-58. The Long Cycle in Real Estate. Journal of Real Estate Research 14 233 58
  • Kaiser, R.W. Investment Styles and Style Boxes in Equity Real Estate: Can the Emerging Model Succeed in Classifying Real Estate Alternatives? Journal of Real Estate Portfolio Management, 2005, 11:1, 5-18. Investment Styles and Style Boxes in Equity Real Estate: Can the Emerging Model Succeed in Classifying Real Estate Alternatives? Journal of Real Estate Portfolio Management 11 5 18
  • Kaiser, R.W. Analyzing Real Estate Portfolio Returns. Journal of Portfolio Management, Special Issue, September 2005, 134-42. Analyzing Real Estate Portfolio Returns Journal of Portfolio Management 134 42
  • Liang, Y. and W. McIntosh. Measuring the Overall and Diversification Benefits of an Investment. Real Estate Finance, Fall 1999, 55-63. Measuring the Overall and Diversification Benefits of an Investment. Real Estate Finance 55 63
  • Mahoney, J., S. Malpezzi, and J.D. Shilling. Implications of Income Property Stock Data for Real Estate Investment Portfolio Location. Real Estate Finance, 2000, 16:4, 53-66. Implications of Income Property Stock Data for Real Estate Investment Portfolio Location. Real Estate Finance 16 53 66
  • Miles, M.E. The Enhanced Core: Performance Distinctions Between Alternative Definitions of the Baseline Real Estate Portfolio. Real Estate Finance, Spring 1996, 83-94. The Enhanced Core: Performance Distinctions Between Alternative Definitions of the Baseline Real Estate Portfolio. Real Estate Finance 83 94
  • Mitchell, P. and S. Bond. Alpha and Persistence in U.K. Property Fund Management. Paper prepared for the Investment Property Forum (IPF), April 2008.
  • Mueller, G.R. and B.A. Ziering. Real Estate Diversification Using Economic Diversification. Journal of Real Estate Research, 1992, 7:4, 375-86. Real Estate Diversification Using Economic Diversification. Journal of Real Estate Research 7 375 86
  • Pai, A. and D. Geltner. Stocks Are From Mars, Real Estate Is From Venus: The Cross-Section of Long-Run Investment Performance. Journal of Portfolio Management, Special Real Estate Issue, 2007. Stocks Are From Mars, Real Estate Is From Venus: The Cross-Section of Long-Run Investment Performance. Journal of Portfolio Management
  • Plazzi, A., W. Torous, and R. Valkanov. The Cross-Sectional Dispersion of Commercial Real Estate Returns and Rent Growth: Time Variation and Economic Fluctuations. Real Estate Economics, 2008, 36:3, 403-39. The Cross-Sectional Dispersion of Commercial Real Estate Returns and Rent Growth: Time Variation and Economic Fluctuations. Real Estate Economics 36 403 39
  • Sivitanides, P.S. Property-Type Diversification in Real Estate Portfolios: Multi-Period Return Measures vs. Single-Period Return Measures. Journal of Real Estate Portfolio Management, 1996, 2:2, 127-40. Property-Type Diversification in Real Estate Portfolios: Multi-Period Return Measures vs. Single-Period Return Measures. Journal of Real Estate Portfolio Management 2 127 40
  • Smith, K.R. and R. Hess. Diverging Strategies: NCREIF Index Insights. Prudential Real Estate Investors White Paper, December 2006.
  • Viezer, T.W. Evaluating “Within Real Estate” Diversification Strategies. Journal of Real Estate Portfolio Management, 2000, 6:1, 75-95. Evaluating “Within Real Estate” Diversification Strategies. Journal of Real Estate Portfolio Management 6 75 95
  • Wheaton, W.C., R.G. Torto, P.S. Sivitanides, J.A. Southard, R.E. Hopkins, and J. Costello. Real Estate Risk: A Forward- Looking Approach. Real Estate Finance, Fall 2001, 20-8. Real Estate Risk: A Forward- Looking Approach. Real Estate Finance 20 8
  • Wheaton, W.C., R.G. Torto, J.A. Southard, and P.S. Sivitanides. Evaluating Real Estate Risk: Equity Applications. Real Estate Finance, Winter 2002, 7-42. Evaluating Real Estate Risk: Equity Applications. Real Estate Finance 7 42
  • Young, M.S. and R.A. Graff. Performance Persistence in Equity Real Estate Returns. Real Estate Finance, Spring 1997, 37-42. Performance Persistence in Equity Real Estate Returns. Real Estate Finance 37 42
  • Ziering, B.A. and R.C. Hess. A Further Note on Economic Versus Geographic Diversification. Real Estate Finance, 2005, 12: 3, 53-60. A Further Note on Economic Versus Geographic Diversification. Real Estate Finance 12 3 3
  • Ziering, B.A. and W. McIntosh. Property Size and Risk: Why Bigger is Not Always Better. Journal of Real Estate Portfolio Management, 1999, 5:2, 105-12. Property Size and Risk: Why Bigger is Not Always Better. Journal of Real Estate Portfolio Management 5 105 12
  • Ziering, B.A. and J.W. Stoesser. Development and Implementation of an Integrated Portfolio Management Paradigm. Real Estate Finance, Spring 1997, 21-35. Development and Implementation of an Integrated Portfolio Management Paradigm. Estate Finance 21 35

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