News
REITS and INTEREST RATES
5th May 2021
In this article we look at interest rates and REITs. What is the true connection?
Read MoreNEW NAV METRICS
5th May 2021
In this article we examine the three new NAV measures introduced by EPRA
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VALUING REITS IN TIMES OF TURBULENCE
5th May 2021
In this article we examine implicit valuation models that can be used at times of market turbulence and disequilibrium
Read MoreNEW REPORT: REAL ASSET FUNDS AND REIT STRATEGIES
23rd July 2018
In our Q2 Performance update we take a detailed look at how listed real estate is used in real asset fund strategies. For details click here.
Read MoreNEW REPORT: INCOME FUNDS
9th April 2018
In the Q1 2018 performance update we take a detailed look at Income Funds. For details click here
Read MoreCHANGES TO OUR FUND CLASSIFICATIONS
1st December 2017
We have decided to modify the classification of the funds in our database, so that we may more easily identify and analyse the most pertinent trends going forward, i.e. the subjects which will comprise our research agenda. Full details of the changes can be found here. We believe that the key topics, and the areas we are interested in exploring, include, but are not limited to: 1) Real Estate vs Infrastructure : Performance, Growth of AuM, range of products and opportunities for blending, 2) Active vs Passive : Cost, Performance and Strategy Divergence, and 3) Alternative Strategy Funds : Income, sustainability, City/Prime exposure, Multifactor and Smart Beta products.
Read MoreNEW REPORT: SMART BETA STRATEGIES FOR REIT FUNDS
1st September 2017
Our latest monthly takes a detailed look at Smart Beta strategies for REIT Funds , as well as two new Multifactor Indices for global liated real estate which have just been launched. To see the report click here.
Read MoreNEW REPORT: ETFs - INVESTOR REQUIREMENTS
12th June 2017
In our latest report we look at the latest trends in investor requirements for ETFs and the implications for the listed real estate sector. To access the full report click here.
Read MoreNEW REPORT: STRATEGIES FOR THE POSTMODERN REIT ERA
10th April 2017
In our latest monthly report we look at the key trends which are likely to drive the next phase of the sector's evolution, which we call the Postmodern REIT era. To access the report click here.
Read MoreNEW REPORT: COMBINING LISTED REAL ESTATE WITH OTHER REAL ASSETS
13th March 2017
In our latest monthly report we look at the performance implications of combining listed real real estate with other real assets. To see the full report click here.
Read MoreNEW REPORT: REIT ETF FUND FLOWS
5th January 2017
The November Monthly report looks at REIT ETF Ffund flows, examining the link between flows, performance, and investor sentiment, using our proprietary database.
NEW REPORT: CONTRIBUTION OF REITS TO PENSION FUND PERFORMANCE
3rd January 2017
The October Monthly looks at the report by CEM Benchmarking which looks at asset allocation and net (of
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NEW REPORT: SIZE AND VINTAGE EFFECT IN FUND PERFORMANCE
2nd January 2017
The September Monthly report takes a look at the size and vintage effect in listed real estate securities fund performance. There has been a lot of work done on this topic for unlisted funds, but little for listed.
Using a sample of global real estate securities funds, we find that :
NEW REPORT: IMPACT OF FINANCIAL REGULATION
25th July 2016
We have recently published an EPRA sponsored study into the reaction of listed real estate companies share prices to forthcoming financial regulation. A brief summary of the report, which features in the latest EPRA newsletter is available here.
Read MoreNEW REPORT: LIQUIDITY OF REAL ESTATE SECURITIES
14th July 2016
Our latest monthly report features detailed performance analysis for real estate, infrastructure and real funds for both June and the 1st of half 2016. Our feature article is a paper we recently had published in the Journal of Property Finance and Investment on liquidity of real estate securities. To access the report click here.
Read MoreNEW REPORT: SINGLE SECTOR REIT STRATEGIES
8th July 2016
We recently presented our latest paper on single sector REITs at the American Real Estate and Urban Economics International Conference. For the presentation click here. We will be submitting the paper for publication shortly. In summary, we find that forming combinations of single-sector weightings with a trend following overlay has significant risk-adjusted performance benefits relative to standard benchmark on both a US and a Global sample.
Read MoreNEW REPORT: LEVERAGED AND INVERSE ETFs
11th April 2016
In our latest Monthly Report we feature Leveraged and Inverse Real Estate ETFs. Do they affect the underlying securities they are tracking? For the full report click here
Read MoreNEW REPORT: LISTED INFRASTRUCTURE FUNDS
11th March 2016
In our latest monthly report we look at the growth in listed infrastructure funds, and how they compare to real estate securities funds. For the full report click here.
Read MoreNEW REPORT: REAL ESTATE AND INFRASTRUCTURE ALLOCATIONS
17th February 2016
In our latest Monthly Report we feature a summary of the study commissioned by the Norwegian Ministry of Finance to examine allocations to real estate and infrastructure for the Norwegian Governmnet Pension Fund. To view the full report click here.
Read MoreNEW REPORT: IMPACT OF LEVERAGE ON PERFORMANCE
15th November 2015
In our latest monthly report we highlight a paper by Tim Riddiough and Eva Steiner which looks at the impact of different financial characteristics such as LTV, % of fixed rate debt, use of convertible issues, on firm performance , as measured by Tobin's q. To see the full report click here.
Read MoreNEW REPORT:DO FOREIGN BUYERS COMPRESS CAP RATES
18th October 2015
In our latest monthly report we highlight the paper which won the 2015 Nick Tyrell Prize, by Pat McAllister and Anupam Nanda of Henley Buiness School which investigates the relationship between the activity of foreign investors and capitlisation rates in major European office markets. To view the full report click here.
Read MoreNEW REPORT : BLENDED APPROACH TO REAL ESTATE ALLOCATIONS
22nd September 2015
In our latest monthly report we highlight a paper we presented at the EPRA conference in Berlin , 7-9th September, which looks at the performance implications of combining an unlisted real estate allocation (in this case German Spezialfonds) with a (global) listed real estate element. to view the full report click here.
Read MoreNEW REPORT: FUNDAMENTAL INDICES
12th May 2015
In our latest monthly report we look at Fundamental Indices for the real estate sector. To see the full report click here.
Read MoreRECENT ACADEMIC ARTICLES PUBLISHED
11th May 2015
The performance of a blended real estate portfolio for UK DC investors
Journal of Property Investment & Finance
Blending Public and Private Real Estate Allocations
Joutnal of Real Estate Portfolio Management
Impact of Liquidity on the Valuation of Listed Securities
Journal of European Real Estate Research
Read MoreNEW REPORT: TRADING STRATEGIES FOR GLOBAL REITS
15th April 2015
In our latest monthly report we look at using momentum and trend following strategies for managing REITs portfolios, both in isolation and as part of a multi-asset strategy.
For the full report click here
Read MoreNEW REPORTS: GLOBAL CORRELATIONS
18th March 2015
In our first two monthly reports for 2015 we look at global corrrelations in the global listed and direct property markets. In January's report we look at a paper by CBRE on correlations in global cities returns as well as academic evidence on dissecting risk premia in REIT returns,, whilst in February's report we analyse the correlations in the regional listed office sectors, using EPRA indices.
Read MoreNEW REPORT: SMART BETA FOR GLOBAL REITS
1st February 2015
This month we look at how utilising different Smart Beta strategies can affect returns. For the full report click here
Read MoreNEW REPORT: ANNUAL PERFORMANCE REVIEW
19th January 2015
In our latest monthly report we look at 2014 performance in context. To seethe full report click here
Read MoreNEW REPORT: TOPICS FOR 2015
22nd December 2014
In our latest monthly report we preview some of the topics we will be covering in 2015. These include Smart Beta and Momentum strategies for REIT Mutual Funds, blended (listed and unlisted ) portfolios using transaction based indices, the impact of liquidity on valuations and capital raising, and the impact of financial regulations on the European listed sector. To veiw the report click here
Read MoreInfrastructure Investment: The benefits of combining listed and unlisted
22nd October 2014
In this report, written with AMP Capital Investors we examine the benfits of adding a global listed infrastructure exposure to an unlisted allocation. For the full report click here
Read MoreNEW REPORT: RISK ADJUSTED PERFORMANCE METRICS
16th October 2014
In this months edition we look at risk-adjusted performance metrics for the asset classes we cover: Global Real Estate, Infrastructure, and Real Assets. In particular, we look at Sharpe, Treynor, and Sortino ratios, as well as maximum drawdown metrics.
To view the full report click here.
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NEW REPORT: VALUE vs GROWTH STRATEGIES
16th September 2014
In our latest monthly report we look at evidence of the effectiveness of value vs growth strategies for International REITs. To see the full report click here.
Read MoreNEW REPORT: SECONDARY PRICING FOR UNLISTED FUNDS
18th August 2014
In our latest monthly report we look at recent evidence on price discovery in UK unlisted funds. To view the full report click here.
Read MoreNEW REPORT: ASIAN LISTED REAL ESTATE
25th July 2014
This paper seeks to provide a better understanding of the performance of Asia Pacific listed real estate, the factors which determine this performance, and current and poterntial roles and applications within portfolio management. For a summary of the report click here. The full report is available to APREA members only. To access the full report click here.
Read MoreNEW REPORT :PERFORMANCE FROM THE PEAK
21st July 2014
In our latest monthly we look at the performance of listed funds since the peak of the listed real estate equity market in 2007. We also look at whether there is a vintage effect for listed real estate securities funds.
Read MoreNEW REPORT: LIQUIDITY AND PERFORMANCE
21st May 2014
In our latest monthly report we use our databases of listed real estate companies and real estate securities funds to analyse the link between liquidity and performance over the cycle. To see the full report click here
Read MoreNEW REPORT: 1Q 2014 PERFORMANCE
22nd April 2014
Our latest monthly report features performance figures for March and 1Q 2014. There is also a feature article on three external academic papers presented at the ARES conference on : 1) The use of leveraged and inverse ETFs , 2) ATM offerings from REITs. and 3) the risk contribution of REITs in a blended portfolio. To see the full report click here
Read MoreARES San Diego Presentations
7th April 2014
Two new presentations, one on liquidity premia in European listed valuations, the other on the benefit of blending listed and unlisted real estate, have been uploaded . These were given at the American Real Estate Society conference in San Diego 1st-5th April. To view the liquidity presentation click here. To view the blended presentation click here.
Read MoreNEW REPORT: 5 YEAR RISK ADJUSTED PERFORMANCE
14th March 2014
In addition to the usual metrics our February monthly has a separate feature on 5 year risk adjusted performance across the mandates. To view the report click here.
Read MoreNEW REPORT: LISTED REAL ESTATE IN DC SCHEMES
18th February 2014
Our latest monthly report features January performance data for real estate, infrastructure and real asset funds as well as a summary of our recent report with Kieran Farrelly of the Townsend Group on using listed real estate for DC schemes. To view the report click here.
Read MoreNEW REPORT: 2013 PERFORMANCE
20th January 2014
Our latest monthly report provides detailed analysis for both 2013 and 10 year time horizons for real estate, infrastructure, and real asset funds.
Read MoreNEW REPORT: DIVERSIFICATION BENEFITS OF LISTED REAL ESTATE
14th December 2013
Our latest monthly report looks at performance data to November for real estate, infrastructure and real asset funds. In addition there is a special paper on the diversification benefits of listed real estate.Click here for the report
Read MoreNEW REPORT: REAL ESTATE IN DC SCHEMES
13th November 2013
As well as the normal performance analysis our latest monthly report for October looks at real estate in DC pension schemes. We feature a summary of the recent report from the Pensions Institute at Cass Business School, "Returning to the Core" , as well as a simple study we undertook on the impact of using different forms of "liquid real assets" such as global listed real estate and infrastructure funds for DC schemes. Click here for the report
Read MoreNEW REPORT: ADDING LISTED REAL ESTATE TO AN UNLISTED PORTFOLIO
15th October 2013
In this report we examine the impact of combining a (UK) unlisted real estate protfolio with a (Global) listed portfolio. We find consistent outperformance by adding 30% listed to 70% unlisted, resulting in absolute return enhancement of 30% over a 10 year period, and relative return enhancement of 50%. Click here for the report.
Read MoreNEW REPORT: FUND FLOWS
2nd October 2013
Our latest monthly report looks at performance data for securities funds specialising in real estate, infrastructure and real assets. This month's feature article is on fund flows in the first nine months of this year. We identify inflows for Japanese and Global Funds, and outflows for US and Global REIT Funds. Click here for the report.
Read MoreFORTHCOMING CONFERENCES
1st October 2013
Alex Moss will be speaking at the IPD/IPF Property Investment Conference, Brighton , 14th, 15th November 2013. Topic: The role of property within defined contribution pension schemes. For details please click here
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NEW REPORT: IS LISTED REAL ESTATE MANAGED AS PART OF THE REAL ESTATE ALLOCATION?
1st October 2013
This report was commissioned by EPRA and undertaken with Property Funds Research. We find that only half of the institutions surveyed treated listed real estate as part of their real estate allocation, and only 14% had developed an integrated solution for manging the process. To view the report click here.
Read MoreFUNDS MONITOR REPORT
19th September 2013
Our latest monthly report looks at performance data from our proprietary database of real estate securities funds, infrastructure funds and real asset funds for August 2013. The feature articles this month are on whether listed real estate is regarded as part of the real estate allocation, and the performance impact of adding listed real estate to an unlisted portfolio. Click here for the report.
Read MoreREPORT ON USES AND APPLICATIONS OF LISTED REAL ESTATE IN ASSET MANAGEMENT
15th April 2013
This report, commissioned by EPRA, provides the most detailed survey yet of the use of listed real estate in asset management, from both a theoretical and practical viewpoint. To view the report click here.
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REAL ESTATE SECURITIES FUNDS MONITOR
11th April 2013
Our third monthly report on real estate securities funds has now been published. This combines performance data with recent academic research. This month we focus on risk adjusted performance measures and trading rules to reduce portfolio drawdown.
Read MoreNEW REPORT : "ACROSS THE UNIVERSE" November 2012
7th November 2012
Our new report, produced jointly with Property Funds Research, is now out, looking at the listed and unlisted market.
Read MoreReport for EPRA on the growth of the European listed market - September 2012
1st November 2012
Read MoreNEW BOOK ON REAL ESTATE RISK JUST PUBLISHED
30th October 2012
Nicole Lux has just published an excellent, and timely new book entitled Assessing Real Estate Risk - Applied Models and Concepts published by Euromoney. Consilia Capital contributed to the chapters on REITs
Read MoreInvestor attitudes towards listed real estate allocations - September 2012
1st September 2012
Read MoreNEW REPORT: 10 YEARS ON FROM LEHMANS
In this report we provide our regular monthly performance analysis as well as taking a look at at performance from the market peak (2007) and trough (2009)for:
- Global Real Estate vs Global Infrastructure and Real Assets
- Global Real Estate : active vs passive management
- Global Real Estate: Large vs small funds
- Regional mandates
- Alternative strategies
- To see the full report please click here