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  "documentTitle": "N/A (asset-class advocacy)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
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  "presentationDate": "2021-09-01 00:00:00",
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      "kind": "callout",
      "text": "KEY POINTS: Public Real Estate Historical Returns Superior to Private Real Estate; Public Real Estate Has Clear Advantages Over Private Real Estate Including Sector Diversity & Liquidity; Public Real Estate Well Positioned to Benefit from Economic Expansion; Public Real Estate Today Trading Cheap to Bonds",
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      "kind": "callout",
      "text": "Overall, we find that closed-end PERE [private equity real estate] funds have underperformed listed REITs, even before adjusting for risk, leverage, illiquidity, and the uncertain investment timing associated with unfunded capital commitments.",
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      "text": "annualized total return: 10.5%",
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      "text": "The annualized total return of public real estate stocks has averaged 10.5% annually over the past 20 years, well ahead of the returns of private real estate equity at 6.5%.",
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      "text": "Overall, we find that closed-end PERE [private equity real estate] funds have underperformed listed REITs, even before adjusting for risk, leverage, illiquidity, and the uncertain investment timing associated with unfunded capital commitments. — University of Florida study, published in the Journal of Portfolio Management",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Land & Buildings; Note: Returns through 6/30/2021.",
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      "text": "Trailing Period | Public Real Estate | Private Real Estate | Public REIT Outperformance",
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      "text": "PUBLICLY TRADED REAL ESTATE – A BETTER MOUSETRAP THAN PRIVATE REAL ESTATE",
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