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Article

Non-Traditional Property Types: Part of a Diversified Real Estate Portfolio?

Will McIntosh, Mark Fitzgerald and John Kirk
The Journal of Portfolio Management Special Real Estate Issue 2017, 43 (6) 62-72; DOI: https://doi.org/10.3905/jpm.2017.43.6.062
Will McIntosh
is global head of research at USAA Real Estate Company in San Antonio, TX
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Mark Fitzgerald
is a senior director of research at USAA Real Estate Company in San Antonio, TX
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John Kirk
is a senior associate in research at USAA Real Estate Company in San Antonio, TX
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Abstract

Large institutional investors continue to direct increased amounts of capital toward commercial real estate, further fueling the growth and institutionalization of this asset class. Although historically these investments have been focused in five major property sectors (apartment, office, retail, industrial, and hotel), investors and managers are increasingly looking for opportunities in non-traditional sectors, such as self-storage, healthcare, student housing, manufactured housing, and other niche sectors. In this article, the authors analyze the opportunities and obstacles associated with these investments, with preliminary indications that adding non-traditional property sectors to a diversified portfolio can significantly boost the return–risk profile for investors. The optimal allocation to non-traditional property sectors, in both the public and private real estate sectors, may be well above its current share of the real estate investment trust and National Council of Real Estate Investment Fiduciaries indexes, respectively.

  • © 2017 Institutional Investor, LLC
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The Journal of Portfolio Management: 43 (6)
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Vol. 43, Issue 6
Special Real Estate Issue 2017
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Non-Traditional Property Types: Part of a Diversified Real Estate Portfolio?
Will McIntosh, Mark Fitzgerald, John Kirk
The Journal of Portfolio Management Sep 2017, 43 (6) 62-72; DOI: 10.3905/jpm.2017.43.6.062

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Non-Traditional Property Types: Part of a Diversified Real Estate Portfolio?
Will McIntosh, Mark Fitzgerald, John Kirk
The Journal of Portfolio Management Sep 2017, 43 (6) 62-72; DOI: 10.3905/jpm.2017.43.6.062
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  • Article
    • Abstract
    • INVESTOR DEMAND FOR ALTERNATIVE ASSET CLASSES
    • RISING PROMINENCE OF NON-TRADITIONAL PROPERTY SECTORS
    • DO NON-TRADITIONAL PROPERTY SECTORS QUALIFY AS REAL ESTATE?
    • HISTORICAL PERFORMANCE OF NON-TRADITIONAL REAL ESTATE
    • COMMERCIAL REAL ESTATE PORTFOLIO ENHANCEMENT
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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