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The Role of Non-Traditional Real Estate Sectors in REIT Portfolios

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  • Graeme Newell
  • Hsu Wen

Abstract

Executive Summary.Recent years have seen increased attention given to the real estate investment opportunities available from the non-traditional real estate sectors such as self-storage, healthcare, and other specialty real estate sectors. In particular, these non-traditional real estate sectors in equity REITs currently account for over $43 billion in 23 REITs, representing 14.5% of the equity REIT sector market capitalization. This paper will assess the performance of these non-traditional real estate sector REITs compared to traditional sector REITs from 1994:Q1 through 2005:Q3. In particular, their risk-adjusted performance and portfolio diversification benefits will be compared to the more traditional REIT sectors (office, retail, industrial, residential, etc.) and to real estate, stocks, and bonds. Sub-period analyses will also be performed to assess whether the investment dynamics and portfolio diversification benefits for these non-traditional real estate sector REITs have been enhanced in recent years.

Suggested Citation

  • Graeme Newell & Hsu Wen, 2006. "The Role of Non-Traditional Real Estate Sectors in REIT Portfolios," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 12(2), pages 155-166, January.
    • Handle: RePEc:taf:repmxx:v:12:y:2006:i:2:p:155-166
    DOI: 10.1080/10835547.2006.12089758
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    Cited by:

    1. Sercan Demiralay & Erhan Kilincarslan, 2024. "Uncertainty Measures and Sector-Specific REITs in a Regime-Switching Environment," The Journal of Real Estate Finance and Economics, Springer, vol. 69(3), pages 545-584, October.

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