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978-3-86853-934-9, Reihe Management

Johannes Richter
Property Types and Return Characteristics - An Analysis of Direct Real Estate Investments in Germany

120 Seiten, Dissertation EBS Universität für Wirtschaft und Recht Wiesbaden (2011), Softcover, A5

Zusammenfassung / Abstract

The book provides a basic understanding of return characteristics such as return distribution shapes, serial correlation structures, and the impact of active property management on returns. Moreover, it is tested for possible relationships between physical property characteristics and financial return characteristics. The approach undertaken in all three studies is to compare different groups of properties with respect to statistical properties of their investment returns. The results obtained suggest that it can, at least in some cases, be reasonable to perform an analysis of return characteristics for different groups of properties separately in order to improve portfolio management, asset management, or property management. Another feature of this thesis is the fact that in the second and fourth chapter a separation of income return, capital growth and total return is undertaken, which provide useful information for different types of investors, respectively investors with differing planning horizons or requirements of information.

In conclusion, the gap in research concerning direct property investments has been narrowed by incorporating property characteristics, yet ample opportunities for further research still remain within the field of direct real estate investments. The availability of even more comprehensive datasets in the future will enable researchers to shed more light on the given area as it will certainly remain a topic of interest to investors as well as researchers given the importance of the underlying asset class of direct real estate investments.