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Global Securitized Real Estate Benchmarks and Performance

Serrano, Camilo
Year 2009
Collection Cahiers de recherche; 2009.06
Abstract Choosing an appropriate benchmark is not unproblematic for academics or practitioners. Index construction methodologies vary from index to index as tradeos are made between the breadth of market coverage and the investability of the securities in the index. This paper examines the nuances between the most commonly used global securitized real estate benchmarks. A comparison of their construction methodologies, returns, and risk is performed, and the correlations between the various benchmarks are assessed. The composition of global securitized real estate markets is also analyzed. We conclude that the GPR General Property Share Index and the S&P/Citigroup World Property Index are more appropriate to examine the performance of the market as a whole, while the GPR 250 Property Share Index and the FTSE EPRA/NAREIT Global Real Estate Index are better suited to evaluate portfolio performance.
Keywords Global Securitized Real EstateREITsBenchmarkIndex CharacteristicsPerformanceGlobal Securitized Real EstateREITsBenchmarkIndex CharacteristicsPerformance
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SERRANO, Camilo, HOESLI, Martin E. Global Securitized Real Estate Benchmarks and Performance. 2009 https://archive-ouverte.unige.ch/unige:5710

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Deposited on : 2010-04-15

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