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Determinants of private real estate fund performance, 2004-2010 : the roller coaster ride

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dc.contributor.advisor David M. Geltner. en_US
dc.contributor.author Gallinaro, Andrew (Andrew Joseph) en_US
dc.contributor.other Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. en_US
dc.date.accessioned 2011-04-04T18:46:15Z
dc.date.available 2011-04-04T18:46:15Z
dc.date.copyright 2010 en_US
dc.date.issued 2010 en_US
dc.identifier.uri http://hdl.handle.net/1721.1/62124
dc.description Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2010. en_US
dc.description Cataloged from PDF version of thesis. en_US
dc.description Includes bibliographical references (p. 39). en_US
dc.description.abstract The National Council of Real Estate Investment Fiduciaries (NCREIF) real estate fund database was analyzed for the time period 2004-2010. Real Estate funds were grouped in to three categories: core, value-add and opportunistic. The thesis explores several possible determinants of fund performance during the time period which was examined. Ultimately, the analysis indicates that there was generally no systematic indication that a given fund's characteristic(s) would portend either better or worse performance. The analysis did however yield the conclusion that in general core funds displayed a negative correlation between returns and leverage ratio. Finally, the thesis demonstrates the material difference in measured absolute and relative performance of opportunity funds when two different metrics are used: Time Weighted Return (TWR) and Internal Rate of Return (IRR). en_US
dc.description.statementofresponsibility by Andrew Gallinaro. en_US
dc.format.extent 42 p. en_US
dc.language.iso eng en_US
dc.publisher Massachusetts Institute of Technology en_US
dc.rights M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. en_US
dc.rights.uri http://dspace.mit.edu/handle/1721.1/7582 en_US
dc.subject Center for Real Estate. Program in Real Estate Development. en_US
dc.title Determinants of private real estate fund performance, 2004-2010 : the roller coaster ride en_US
dc.type Thesis en_US
dc.description.degree S.M.in Real Estate Development en_US
dc.contributor.department Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. en_US
dc.identifier.oclc 707932323 en_US


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