Inflation and Real Estate Investments
National Association of Real Estate Investment Trusts®
Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate
November 29, 2011
U of Penn, Inst for Law & Econ Research Paper No. 11-33
This paper analyzes the inflation sensitivity of real estate investments, comparing them to other inflation-sensitive assets. The most transparent source of real estate investment returns comes from publicly traded stocks of real estate investment trusts (REITs). The authors examine the available return data, with an emphasis on their relationship to US inflation, although conclusions may apply elsewhere as well.
Number of Pages in PDF File: 23
Keywords: Property, securities, real estate investment trusts, REIT, REITs, hedge effectiveness, illiquid assets, portfolio allocation, Sharpe ratio, inflation protection, inflation sensitivity
JEL Classification: E31, G11, G21working papers series
Date posted: November 29, 2011 ; Last revised: May 15, 2012
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