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Expected Equity Returns on Real Estate Financed with Life Insurance Company Loans: 1967–1977

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  • C. F. Sirmans
  • James R. Webb

Abstract

This paper estimates the internal rate of return on eleven real property types for the period 1967–1977 using a national sample of over 39 billion dollars worth of real property. Returns are calculated four ways—1) before tax, before financing. 2) before tax, after financing, 3) after tax, before financing, and 4) after tax, after financing. Comparisons are then made to determine the effects of taxes and financing on the returns. Finally, the results are compared to an earlier study for the period 1954–1966 to determine the changes of the various factors over time.

Suggested Citation

  • C. F. Sirmans & James R. Webb, 1980. "Expected Equity Returns on Real Estate Financed with Life Insurance Company Loans: 1967–1977," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(2), pages 218-228, June.
    • Handle: RePEc:bla:reesec:v:8:y:1980:i:2:p:218-228
    DOI: 10.1111/1540-6229.00214
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    Cited by:

    1. Austin J. Jaffe & C. F. Sirmans, 1984. "The Theory and Evidence on Real Estate Financial Decisions: A Review of the Issues," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 378-400, September.
    2. Kim, k. & Suh, s. & Feridun, M., 2006. "Real State Business Cycle and Real Estate Policies: The Case of Korea," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 6(1).

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