Asset Markets

This section explores the performance and dynamics of the real estate asset market, with a focus on property returns, cap rates, and the fundamental components that drive value. It is organized into three sections: 

1. Link to Paper (1)

Highlights the study “Twenty Years of the NCREIF Property Index” by Joseph L. Pagliari, Frederich Lieblich, Mark Schaner, and James R. Webb, which provides a comprehensive analysis of property-level returns, risk characteristics, and trends across two decades of U.S. commercial real estate data.

2. Link to Paper (2)

Highlights the paper “Some Thoughts on Real Estate Pricing” by Joseph L. Pagliari Jr., published in The Journal of Portfolio Management, Special Real Estate Issue (2017). The study examines valuation mechanisms in institutional real estate, focusing on how market pricing reflects risk–return trade-offs, expected returns, and portfolio theory principles.

3. Cap Rates & Property Values

Examines the evolution of market values, net operating income, and capitalization rates across different property types and the NCREIF index.

4. Fundamental Components of Return

Examines the evolution of net operating income, cash flows and dividend payout ratios across different property types and the NCREIF index.