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The Journal of Portfolio Management

The Journal of Portfolio Management

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Primary Article

Why Real Estate?

Susan Hudson-Wilson, Frank J. Fabozzi and Jacques N. Gordon
The Journal of Portfolio Management Special Real Estate Issue 2003, 29 (5) 12-25; DOI: https://doi.org/10.3905/jpm.2003.319902
Susan Hudson-Wilson
Founder and CEO of Property & Portfolio Research, Inc., in Boston (MA 02108).
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Frank J. Fabozzi
Frederick Frank adjunct professor of finance at the School of Management at Yale University and a consultant based in New Hope (PA 18938).
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  • For correspondence: fabozzi321@aol.com
Jacques N. Gordon
The international director of strategy and research at LaSalle Investment Management in Chicago (IL 60601).
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  • For correspondence: jacques.gordon@lasalle.com
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Abstract

In the beginning real estate was regarded as a diversifier, bolstered by the Employee Retirement Security Act of 1974. However, given real estate's nature as a debt-equity hybrid and the emergence of new ways to invest in real estate markets, it is clear that there could be additional motivations for choosing to include real estate in a mixed asset portfolio. This article explores 5 possible uses for real estate: to reduce overall portfolio risk, to achieve high absolute returns, to hedge unexpected inflation or deflation, to reflect the overall investment universe and/or to deliver strong cash flows to the investor. But first we must re-define real estate to encompass the new public debt and equity markets that have joined the traditional private debt and equity markets for real estate. A new index of overall real estate performance is presented. The article concludes by considering the types of investors who might see a role for real estate; several classes of investor would likely benefit from the inclusion of real estate in their investment portfolio.

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Vol. 29, Issue 5
Special Real Estate Issue 2003
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Why Real Estate?
Susan Hudson-Wilson, Frank J. Fabozzi, Jacques N. Gordon
The Journal of Portfolio Management Aug 2003, 29 (5) 12-25; DOI: 10.3905/jpm.2003.319902

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Why Real Estate?
Susan Hudson-Wilson, Frank J. Fabozzi, Jacques N. Gordon
The Journal of Portfolio Management Aug 2003, 29 (5) 12-25; DOI: 10.3905/jpm.2003.319902
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