News

CHANGES 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 More

Alex Moss Introduces the new EPRA Research Digest

1st September 2017

Read More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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. 

Our findings are that for both US and International Real ETFs net inflows matched the performance and
sentiment in the first half of 2016, whilst in the second half there was a divergence between Global Real Estate
ETFs which suffered net out flows (as expected) and US Real Estate ETFs which managed to maintain positive
inflows, albeit at a significantly reduced rate.
 
The full report can be found here.
Read More

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

investment cost) returns for US Pension Funds over the period 1998-2014. We focus on the contribution of REITS.
To see the full report click here.

 

Read More

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 :

 Since 2011 large global real estate securities have outperformed smaller ones.
 In the bull market of 2004-2007 larger funds underperformed.
 Funds launched pre 2000 have better 3 and 5 year track records
 Funds launched in 2011 have outperformed
 
The full report can be found here
Read More

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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

RECENT 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

Infrastructure 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 More

NEW 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.

 

Read More

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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

ARES 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

NEW 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 More

FORTHCOMING 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

 

Read More

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 More

FUNDS 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 More

REPORT 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

 

Read More

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 More

NEW 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 More

Report for EPRA on the growth of the European listed market - September 2012

1st November 2012

Read More

NEW 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 More

Assessing Real Estate Risk - SPR Event 6pm 17th October 2012

17th October 2012

Read More

Investor attitudes towards listed real estate allocations - September 2012

1st September 2012

Read More