Gereglementeerde Vastgoedvennootschappen die beursgenoteerd zijn halen een hogere return over de lange termijn dan private fondsen.
Dit toont Jussi Askola aan in een artikel op Seeking Alpha
This result directly implies that private real estate funds have significant flaws in their structure as compared to REITs as they tend to underperform despite often using more leverage, applying riskier strategies and being illiquid.
We identify 3 simple reasons why private real estate funds are (structurally) expected to underperform REITs on average:
Dit toont Jussi Askola aan in een artikel op Seeking Alpha
Een kort overzicht
From 1992 until 2017, REITs returned more than 11% per year. In comparison, private equity real estate investments returned just 7% on average, or a ~4% annual underperformance. In other words, if you had a million dollars 25 years ago and invested it in REITs rather than in private equity real estate, you would have nearly two and half times more today.This result directly implies that private real estate funds have significant flaws in their structure as compared to REITs as they tend to underperform despite often using more leverage, applying riskier strategies and being illiquid.
We identify 3 simple reasons why private real estate funds are (structurally) expected to underperform REITs on average:
- Higher fees and lesser cost efficiencies.
- Greater conflicts of interest.
- Poorer access to capital.
 |
| Private equity real estate (geel) en beursgenoteerde vastgoedvennootschappen of REITS (groen) |
Over de korte termijn is een verschil in return onvoorspelbaar, maar over langere periodes presteren REITS (of GVVn) consistent beter dan 'private equity real estate'.
Het complete artikel met alle argumentatie vind je op bovenstaande link.
Geen opmerkingen:
Een reactie posten