{"id":989224,"date":"2024-05-01T20:42:00","date_gmt":"2024-05-01T20:42:00","guid":{"rendered":"https:\/\/explorecem.com\/?p=989224"},"modified":"2026-04-17T21:43:56","modified_gmt":"2026-04-17T21:43:56","slug":"market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios","status":"publish","type":"post","link":"https:\/\/explorecem.com\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\/","title":{"rendered":"Market efficiency and value added by listed and unlisted U.S. Institutional investor real estate portfolios"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"989224\" class=\"elementor elementor-989224\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7b16f6b6 e-flex e-con-boxed e-con e-parent\" data-id=\"7b16f6b6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"vamtam-has-theme-widget-styles elementor-element elementor-element-42afd074 elementor-widget elementor-widget-text-editor\" data-id=\"42afd074\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"et_pb_module et_pb_team_member et_pb_team_member_0_tb_body clearfix  et_pb_bg_layout_light et_pb_team_member_no_image\">\n<div class=\"et_pb_team_member_description\">\n<div>\n<p style=\"text-align: center;\"><strong>Maaike van Bragt, Senior Research Associate,<\/strong><br \/><strong>Alexander D. Beath, Founder and CEO, Alex Beath &amp; Associates<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"et_pb_module et_pb_text et_pb_text_2_tb_body  et_pb_text_align_center et_pb_bg_layout_light\">\u00a0<\/div>\n<div class=\"et_pb_row et_pb_row_0\">\n<div class=\"et_pb_column et_pb_column_4_4 et_pb_column_0  et_pb_css_mix_blend_mode_passthrough et-last-child\">\n<div class=\"et_pb_module et_pb_text et_pb_text_0  et_pb_text_align_left et_pb_bg_layout_light\">\n<div class=\"et_pb_text_inner\">\n<p>CEM research shows that institutional investors of sufficient size tend to outperform the market over long periods of time. The ability to outperform benchmark returns stems partly from the structural advantages; investors with more scale, more actively managed assets, and more assets managed in-house tend to outperform. However, what sources of value lay at the investment level?<\/p>\n<p>Here, we focus on the real estate market, demonstrating that real estate as an asset class offers the potential to add value both in listed and unlisted real estate. Average investment costs in unlisted (i.e., private) real estate exceed the gross value added generated, meaning that institutional investors, on average, underperform their benchmarks net of investment costs. By contrast, for the average listed equity REIT portfolio, nearly half of the 84 basis points of gross value added is returned to investors, providing them with 32 basis points of value added, net of all investment costs.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-22dff34 e-flex e-con-boxed e-con e-parent\" data-id=\"22dff34\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-554164e elementor-widget elementor-widget-html\" data-id=\"554164e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js.hsforms.net\/forms\/embed\/v2.js\"><\/script>\n<script>\n  hbspt.forms.create({\n    portalId: \"20903941\",\n    formId: \"ac32aea8-5ceb-4c13-b506-b73caf34542e\",\n    region: \"na1\"\n  });\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Maaike van Bragt, Senior Research Associate,Alexander D. Beath, Founder and CEO, Alex Beath &amp; Associates \u00a0 CEM research shows that institutional investors of sufficient size tend to outperform the market over long periods of time. The ability to outperform benchmark returns stems partly from the structural advantages; investors with more scale, more actively managed assets,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":989997,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[49],"tags":[],"class_list":["post-989224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market efficiency and value added by listed and unlisted U.S. Institutional investor real estate portfolios - CEM<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/explorecem.com\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market efficiency and value added by listed and unlisted U.S. Institutional investor real estate portfolios - CEM\" \/>\n<meta property=\"og:description\" content=\"Maaike van Bragt, Senior Research Associate,Alexander D. Beath, Founder and CEO, Alex Beath &amp; Associates \u00a0 CEM research shows that institutional investors of sufficient size tend to outperform the market over long periods of time. The ability to outperform benchmark returns stems partly from the structural advantages; investors with more scale, more actively managed assets,...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/explorecem.com\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\/\" \/>\n<meta property=\"og:site_name\" content=\"CEM\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-01T20:42:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-17T21:43:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/explorecem.com\/wp-content\/uploads\/2026\/03\/ivan-liu-hu-pgSG9d2iNFc-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Isha Soni\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Isha Soni\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/explorecem.com\\\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\\\/\"},\"author\":{\"name\":\"Isha Soni\",\"@id\":\"https:\\\/\\\/explorecem.com\\\/#\\\/schema\\\/person\\\/d1fd8c73fd58cfe92eaf36868e65268f\"},\"headline\":\"Market efficiency and value added by listed and unlisted U.S. Institutional investor real estate portfolios\",\"datePublished\":\"2024-05-01T20:42:00+00:00\",\"dateModified\":\"2026-04-17T21:43:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\\\/\"},\"wordCount\":183,\"publisher\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/explorecem.com\\\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/explorecem.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/ivan-liu-hu-pgSG9d2iNFc-unsplash-scaled.jpg\",\"articleSection\":[\"Research\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/explorecem.com\\\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\\\/\",\"url\":\"https:\\\/\\\/explorecem.com\\\/market-efficiency-and-value-added-by-listed-and-unlisted-u-s-institutional-investor-real-estate-portfolios\\\/\",\"name\":\"Market efficiency and value added by listed and unlisted U.S. Institutional investor real estate portfolios - 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