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Article
Publication date: 1 February 1985

STEPHEN HARGITAY

The traditional approach and methodology can no longer cope effectively with the complexities and problems associated with large scale property investment. The level of…

Abstract

The traditional approach and methodology can no longer cope effectively with the complexities and problems associated with large scale property investment. The level of sophistication of the analysis of property investments is still much lower than the analysis of investments in other media. There is a need to establish an analytical framework which could facilitate the management of the complex decision making and management problems associated with large property investment portfolios. The principal aim of this paper is to identify and rationalise the property portfolio problem in order to pave the way for the applications of recent developments in investment and portfolio theory. The definition of the general portfolio problem is followed by a comparison of the nature and characteristics of property portfolios and stock market security portfolios. The property portfolio problem is defined as a complex decision making problem requiring effective decision making in three stages: investment policy, selection and portfolio assembly, and finally management and portfolio rationalisation.

Details

Journal of Valuation, vol. 3 no. 2
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 March 1989

Stephen L. Lee

Examines the role of property in a portfolio investment context.Demonstrates that the return an asset is required to achieve depends onthe variability and correlation of…

Abstract

Examines the role of property in a portfolio investment context. Demonstrates that the return an asset is required to achieve depends on the variability and correlation of returns and not simply average returns. Shows that property, as measured by the Jones Lang Wootton Index, should have been included in institutional portfolios using both nominal and real returns, even if the variability of property was more than doubled. Suggests that property portfolios still offer considerable benefits to existing gilt/equity dominated funds in terms of improved risk‐adjusted performance.

Details

Journal of Valuation, vol. 7 no. 3
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 March 1990

Bryan D. MacGregor

Considers the role of property in a multi‐asset portfolio andhighlights the need for property to be subject to the same analyticalframework as other assets in the portfolio

Abstract

Considers the role of property in a multi‐asset portfolio and highlights the need for property to be subject to the same analytical framework as other assets in the portfolio. Discusses the principles of portfolio construction, consisting of development of economic scenarios; forecasts of return on asset classes; asset allocation and portfolio construction; and stock selection. Sets out a strategic framework for the construction of a property portfolio, which involves an explicit consideration of risk and return relative to an appropriate benchmark. States that both the structure and stock of the fund need to be considered. Suggests that most of the published work on the subject is seriously flawed by inadequate data.

Details

Journal of Valuation, vol. 8 no. 3
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 13 March 2007

Graeme Newell and Wen Peng Hsu

Retail property is an important property investment sector. The purpose of this paper is to assess the importance of retail property type, size and region in Australian…

Abstract

Purpose

Retail property is an important property investment sector. The purpose of this paper is to assess the importance of retail property type, size and region in Australian retail property and the strategic role of direct retail property and retail listed property trusts (LPTs) in a mixed‐asset portfolio.

Design/methodology/approach

This paper analyses the performance of retail property in Australia over 1995‐2005 for both direct and indirect retail property. Risk‐adjusted performance analysis is used to assess the added value of retail property in a mixed‐asset portfolio, with the portfolio diversification benefits of retail property also assessed.

Findings

The paper finds that retail property and retail LPTs have delivered substantial risk‐adjusted returns and portfolio diversification benefits over 1995‐2005. The retail property sub‐sectors of retail property type, size and region have different performance characteristics; particularly highlighting the substantial role of geographic diversification as the most effective portfolio diversification strategy for retail property investors. Direct retail property and retail LPTs are also identified as having different performance characteristics and each contributing substantially to an institutional property investment strategy.

Originality/value

Previous retail research has been at an “overall” Australian retail property level. This paper rigorously assesses retail property at a retail sub‐sector level regarding retail property type, size and location. This level of analysis enables more informed and practical investment decision‐making regarding the role of retail property in a mixed‐asset portfolio for both direct and indirect retail property as part of an institutional property investment strategy.

Details

Journal of Property Investment & Finance, vol. 25 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 June 2002

Jeffrey D. Fisher

The purpose of this paper is to stimulate thinking as to how we might produce timely and more reliable estimates of changes in the value of portfolios, price indices based…

Abstract

The purpose of this paper is to stimulate thinking as to how we might produce timely and more reliable estimates of changes in the value of portfolios, price indices based on a portfolio of properties, and other aggregate measures of trends in property values. It is argued that a traditional market value appraisal of each individual property may not be necessary or optimal when the objective is to value portfolios or get a leading indicator of shifts in market value at an aggregate level. Rather, it is more important to use a critical mass of current market data that captures systematic movements in property values. Although a traditional market value appraisal is always more likely to capture the unique unsystematic characteristics of an individual property, automated valuation models using a database of valuation data may provide the best way to get real time interim updates of real estate portfolios and create more timely real estate indices.

Details

Journal of Property Investment & Finance, vol. 20 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 September 1995

Gerald R. Brown and George A. Matysiak

The measurement of property portfolio performance is an importantissue that, superficially, appears very straightforward. All that isrequired is an index of property

Abstract

The measurement of property portfolio performance is an important issue that, superficially, appears very straightforward. All that is required is an index of property market movements which can then be used as a reference point for comparing performance. Problems can arise, however, if the statistical characteristics of the index are different from the portfolio being analysed. This is not a trivial issue as the difference can be large enough to obscure the true performance of the portfolio and can lead to an inaccurate diagnosis of investment skill. Draws on recent research into index construction and examines some of the issues surrounding these problems. Discusses tracking errors and benchmarking issues.

Details

Journal of Property Finance, vol. 6 no. 3
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 1 March 1984

Patrick Hall and Stephen Hargitay

Introduction The principal objective of a portfolio manager's work is the construction and maintenance of successful, efficient portfolios of investment assets. It is…

Abstract

Introduction The principal objective of a portfolio manager's work is the construction and maintenance of successful, efficient portfolios of investment assets. It is necessary, therefore, that methods are designed and made available through which the success and efficiency of portfolios may be assessed. Only through the continuous monitoring of the achieved results can long term investment strategies succeed.

Details

Property Management, vol. 2 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 18 June 2020

Yu-Cheng Lin, Chyi Lin Lee and Graeme Newell

As significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the…

Abstract

Purpose

As significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the traditional industrial properties with logistic properties to gain strategic exposure to recent e-commerce trends. This paper aims to assess the investment performance of I&L REITs by assessing the significance, risk-adjusted performance and portfolio diversification benefits of I&L REITs in the Pacific Rim region from July 2011 to December 2018. The strategic property investment implications for I&L REITs are also identified.

Design/methodology/approach

Monthly total returns from July 2011 to December 2018 were used to analyse the risk-adjusted performance and portfolio diversification benefits for I&L REITs in the United States, Japan, Australia and Singapore. An asset allocation diagram was employed to assess the strategic role of I&L REITs in a mixed-asset portfolio in each case.

Findings

I&L REITs generally possessed superior average annual returns compared with the other sub-sector REITs, stocks and bonds in the United States, Japan, Australia and Singapore between July 2011 and December 2018, with desirable portfolio diversification benefits. Importantly, a more significant role for I&L REITs was generally observed in the mixed-asset portfolio compared to the other sub-sector REITs in each of these four markets across the broad portfolio risk spectrum. This reflects I&L REITs delivering enhanced portfolio returns and offering portfolio diversification benefits in a mixed-asset portfolio in the United States, Japan, Australia and Singapore.

Practical implications

Property investors, particularly property securities funds (PSFs) and income-oriented investors, should consider including I&L REITs in their mixed-asset portfolios, as Pacific Rim–based I&L REITs provided an attractive REIT investment sub-sector, co-existing alongside the other sub-sector REITs and major asset classes in a mixed-asset portfolio in a Pacific Rim context, as well as being a portfolio diversifier. These results confirm the added-value and strategic role of I&L REITs in a mixed-asset portfolio, seeing I&L REITs as an effective investment pathway for I&L property exposure in the Pacific Rim region.

Originality/value

This is the first study to assess the investment performance of I&L REITs in the Pacific Rim region, evaluating their significance, risk-adjusted performance and portfolio diversification benefits, and the role of I&L REITs in a mixed-asset portfolio in the United States, Japan, Australia and Singapore. More importantly, this research is the first paper to provide empirical evidence on I&L REITs, which have often transformed their traditional industrial property portfolios with increased levels of logistics property to gain exposure to recent e-commerce trends. This research enables more informed and practical property investment decision-making regarding I&L REITs and their added-value and strategic role in a mixed-asset portfolio, as well as delivering effective I&L property exposure in the Pacific Rim region, with the added benefits of liquidity, transparency and fiscal efficiency.

Details

Journal of Property Investment & Finance, vol. 38 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 September 2000

Martin Fojt

The virtual organization is upon us, or so we are led to believe. No longer will we have to worry about finding enough space for so many workstations, as people will be…

Abstract

The virtual organization is upon us, or so we are led to believe. No longer will we have to worry about finding enough space for so many workstations, as people will be sitting in cyberspace waiting either to send or receive their next communication. It will not matter where in the universe someone is, provided that they can communicate. People will be working in physical isolation, but this does not matter as they can, yes you’ve guessed it, communicate! There is no doubting that communicating is good and absolutely necessary, but it is quality of communication which is needed, not just any old garbled message. Are standards of communication deteriorating? The media by which we are sending messages are improving, of that there is little doubt, but it is the content and usefulness of this content which must be brought to question.

Details

Facilities, vol. 18 no. 9
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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