In this paper we simulate the performance of real estate portfolios using cash flows from commercial properties over the period 1977 Q4 through 2004 Q2. Our methodology differs from analyses that rely upon historical time-weighted rates of return on property. We relax implicit rebalancing and...

Introduction to income property valuation -- Appraisal principles and highest and best use -- Market area and neighborhood analysis -- Compound interest and discount factors -- Cash-flow forecasting -- Investment return calculations -- Income capitalization approach -- Sales comparison approach...

Comparing a fund or any portfolio's performance to a benchmark usually involves risk analysis and attribution analysis. Risk analysis considers measures such as beta and Jensen's alpha to determine if the portfolio is riskier than the benchmark. Attribution analysis decomposes the spread between...