2009•Journal of Real Estate Portfolio ManagementRequires access

The Role of Residential REITs in REIT Portfolios

Graeme R. Newell, Franz Fischer

Abstract

Executive Summary. Residential real estate investment trusts (REITs) make a significant contribution to the overall REIT market, accounting for 13.5% of the equity REIT market capitalization at December 2007. The current housing crisis in the United States has seen an increased focus on residential REITs. This paper assesses the significance of residential REITs in a REIT portfolio over Q1:1994–Q4:2007. In particular, their risk-adjusted performance and portfolio diversification benefits are compared with the other REIT sub-sectors and to stocks, bonds, and real estate. The ongoing effect of the current U.S. housing downturn on the future outlook for residential REITs is also assessed.

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Key concepts: Real estate investment trust, Executive summary, Business, Portfolio, Equity (law), Market capitalization, Real estate, Capitalization