Pension Funds and Real Estate

Sources

Sources: Stock and bond data from Board of Governors of the Federal Reserve, Financial Accounts of the United States, 2020Q4; commercial real estate market size data based on Nareit analysis of CoStar property data and CoStar estimates of Commercial Real Estate Market Size, 2020Q4.
Examples of studies within the stated range include: Ibbotson Associates, Morningstar, and Wilshire Funds Management. For more information see footnote 4.
Source: Nareit analysis of Preqin Real Estate Online data as of December 2020.
Sources: Stock and bond data from Board of Governors of the Federal Reserve, Financial Accounts of the United States, 2020Q4; commercial real estate market size data based on Nareit analysis of CoStar property data and CoStar estimates of Commercial Real Estate Market Size, 2020Q4
The Role of REITs and Listed Real Estate Equities in Target Date Fund Allocations, Wilshire Funds Management, 2019 https://www.reit.com/data-research/research/nareit-research/reits-critical-retirement-portfolios; Global Listed Real Estate Investment: Asset Allocation in a Non-Normal World, Morningstar December 2010; Commercial Real Estate Investment Through Global Public Markets, Morningstar, November 2011; The Role of REITs and Listed Real Estate Equities in Target Date Fund Asset Allocations, Wilshire Funds Management, January 2013; Real Estate Investment In Liability-Driven Portfolios, Morningstar Inc., July 2011; Real Estate Investment Through REITs, Morningstar Inc., September 2008.
Source:Nareit analysis of quarterly net total returns for NCREIF Fund Index – Open-End Diversified Core Equity (ODCE) and FTSE Nareit All Equity REITs Index, 1978Q1-2020Q4, after subtracting assumed fees of 12.5 bps/qtr for REITs. Performance results are provided only as a barometer or measure of past performance, and future values will fluctuate from those used in the underlying data.
Source: Market Capitalization based on the FTSE Nareit All REITs index via FactSet.
Source: CEM Benchmarking, 2020 available, at https://www.reit.com/sites/default/files/media/DataResearch/NAREIT_CEM_ES_2020_October.pdf
Source: CEM Benchmarking, 2020 available, at https://www.reit.com/sites/default/files/media/DataResearch/NAREIT_CEM_ES_2020_October.pdf
Source: CEM Benchmarking, 2020 available, at https://www.reit.com/sites/default/files/media/DataResearch/NAREIT_CEM_ES_2020_October.pdf

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