The role of U.S. timberland in real estate portfolios
Newell, Graeme & Eves, Chris (2009) The role of U.S. timberland in real estate portfolios. Journal of Real Estate Portfolio Management, 15(1), pp. 95-106.
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Timberland is seen as a long-term investment which has recently received increased institutional investor attention in many countries and potentially provides added value in a mixed-asset portfolio. Using the National Council of Real Estate Investment Fiduciaries (NCREIF) timberland series, this paper analyses the risk-adjusted performance and portfolio diversification benefits of timberland in the United States over the period of 1987-2007. U.S. timberland is seen to have been a strongly performed asset class with significant portfolio diversification benefits over this period; with a significant portfolio role separate to that of real estate. However, recent years have seen reduced risk-adjusted returns, with some loss of portfolio diversification benefits of timberland with stocks and real estate. Global drivers are likely to see increased future demand for timberland investment.
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|Item Type:||Journal Article|
|Keywords:||Property Investment, Timberland, Portfolio Analysis, Property Diversification, Plantation Returns|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400)|
|Divisions:||Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering|
Past > Schools > School of Urban Development
|Copyright Owner:||Copyright 2009 Americal Real Estate Society|
|Deposited On:||27 Apr 2010 07:32|
|Last Modified:||29 Feb 2012 23:54|
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