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Public Real Estate Markets and Investments
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Public Real Estate Markets and Investments

H. Kent Baker and Peter Chinloy

Abstract

Real estate is typically classified as an alternative investment to more traditional assets such as stocks and bonds. Real estate investing involves the purchase, ownership, management, rental, or sale of real estate for profit. Real estate investments can be income-producing or non-income-producing. Although real estate can produce income like a bond and appreciate like a stock, this tangible asset has several unique characteristics as well as advantages and disadvantages relative to other investment alternatives. Benefits of including real estate in a portfolio include diversification, yield ... More

Keywords: real estate markets, investments, diversification, reasl estate equity REITs, mortgage-backed securities, subprime mortgage crisis

Bibliographic Information

Print publication date: 2014 Print ISBN-13: 9780199993277
Published to Oxford Scholarship Online: September 2014 DOI:10.1093/acprof:oso/9780199993277.001.0001

Authors

Affiliations are at time of print publication.

H. Kent Baker, editor
Kogod School of Business, American University

Peter Chinloy, editor
Kogod School of Business, American University

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Contents

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Part One Foundations of Public Real Estate

1 Public Real Estate Markets and Investments: An Overview

H. Kent Baker University Professor of Finance, Kogod School of Business, American University Peter Chinloy Professor of Finance and Real Estate, Kogod School of Business, American University

2 Diversification Benefits of Real Estate

Brad Case Senior Vice President, Research and Industry Information, National Association of Real Estate Investment Trusts (NAREIT)

3 International Real Estate Markets

K. W. Chau Chair Professor, Department of Real Estate and Construction and the Ronald Coase Centre for Property Rights Research, The University of Hong Kong S. K. Wong Associate Professor, Department of Real Estate and Construction and the Ronald Coase Centre for Property Rights Research, The University of Hong Kong C. Y. Yiu Associate Professor, Department of Geography and Resource Management, The Chinese University of Hong Kong

4 Strategy: Seeking Alpha Opportunities and Managing Risks in Global Markets

Stephen E. Roulac Chief Executive Officer, Roulac Global Places LLC

Part Two Public Debt Markets and Investments

5 Mortgage Markets: The United States

Eric S. Belsky Managing Director, Joint Center for Housing Studies, Harvard University

6 Mortgage Markets: International

Kyung-Hwan Kim President, Korea Research Institute for Human Settlements (KRIHS), Professor of Economics, Sogang University, Korea Man Cho Professor of Public Policy and Management, The KDI School of Public Policy and Management and Director, The Real Asset Research, Korea Development Institute (KDI), Korea

7 Development of the Market for Mortgage-Backed Securities

Stephen A. Buser Emeritus Professor of Finance, The Ohio State University John J. Mcconnell Emanuel T. Weiler Distinguished Professor of Management, Purdue University

8 Prepayment and Default Risk

Stephen L. Buschbom Graduate Assistant, Department of Insurance, Legal Studies and Real Estate, Terry College of Business, University of Georgia James B. Kau Professor Emeritus of Real Estate, Department of Insurance, Legal Studies and Real Estate, Terry College of Business, University of Georgia Donald C. KeenanProfessor, UFR d’Économie et Gestion, THEMA Université de Cergy-Pontoise

9 Commercial Mortgages and Commercial Mortgage-Backed Securities

Xudong An Associate Professor of Finance, College of Business Administration, San Diego State University Kerry D. Vandell Dean’s Professor of Finance and Director of the Center for Real Estate, The Paul Merage School of Business, University of California–Irvine

10 The Subprime Mortgage Crisis

Anthony B. Sanders Professor of Finance, School of Management, George Mason University

Part Three Public Equity Markets and Investments

11 REITs: Structure and Performance

Walter I. Boudry Assistant Professor of Real Estate, School of Hotel Administration, Cornell University Jarl G. Kallberg Alvin C. Wolff Distinguished Professor of Real Estate, Washington State University

12 REITs: International Dimensions

Ehsan Nikbakht Professor of Finance, Frank G. Zarb School of Business, Hofstra University Garrett Smith Doctoral Student, Florida Atlantic University Andrew Spieler Professor of Finance, Frank G. Zarb School of Business, Hofstra University

13 REITs: Capital Structure

Zhonghua Wu Associate Professor, Tibor and Sheila Hollo Research Fellow, Florida International University

14 Real Estate Operating Companies

Peter Zabierek Chief Executive Officer, Presima, Inc.