2009 Due Diligence Forum

What the future holds for listed property


Getting Real - Property


Resolution Capital / Pinnacle

Research Paper

Recent REIT price performance and volatility has resulted in disenchantment about the asset class including concerns that listed REITs are not a surrogate for real estate. Whilst the volatility has been less than ideal, in harsh terms there has been a Darwinian like clean out of bad ideas and poor execution for REITs and investors alike. Nevertheless, what should not be overlooked is that the sector has continued to provide a critically important feature: liquidity. This paper examines how the REIT industry disappointed investors, and the long term merits of the sector.


Andrew Parsons, MD & Senior Portfolio Manager, Resolution Capital