Gallo, John G.; Lockwood, Larry J.; Rodriguez, Mauricio - In: Real Estate Economics 34 (2006) 2, pp. 173-209
We examine factors underlying the differences in commingled real estate fund (CREF) performance using a sample of 65 CREFs during 1985-2002. More than half of the individual CREFs underperformed the employed benchmark. However, portfolios of CREFs performed well in both up and down markets,...