Table 1 Summary statistics: Nareit...

Table 1

Summary statistics: Nareit returns (January 1994–December 2023)

	Mean	STD	Skew	Kurt	Min	Max
Portfolios: REIT size
Apart	0.975	5.696	−0.628	3.541	−26.832	23.141
Diver	0.699	6.324	−0.425	8.086	−31.960	39.687
Health	0.985	6.204	−0.623	4.358	−33.449	27.730
Indus	1.229	8.207	0.227	23.057	−56.188	70.483
Lodging	0.748	9.056	0.874	11.203	−36.555	67.525
Office	0.817	6.505	−0.233	4.290	−31.796	32.458
Regio	1.107	8.189	−0.318	14.828	−53.979	59.091
Resid	0.997	5.536	−0.714	3.570	−26.656	22.242
Retail	0.945	6.767	−0.763	12.174	−42.678	43.516
Shop	0.889	6.952	−0.545	10.440	−41.617	39.573

	Mean	STD	Skew	Kurt	Min	Max
Portfolios: REIT size
Apart	0.975	5.696	−0.628	3.541	−26.832	23.141
Diver	0.699	6.324	−0.425	8.086	−31.960	39.687
Health	0.985	6.204	−0.623	4.358	−33.449	27.730
Indus	1.229	8.207	0.227	23.057	−56.188	70.483
Lodging	0.748	9.056	0.874	11.203	−36.555	67.525
Office	0.817	6.505	−0.233	4.290	−31.796	32.458
Regio	1.107	8.189	−0.318	14.828	−53.979	59.091
Resid	0.997	5.536	−0.714	3.570	−26.656	22.242
Retail	0.945	6.767	−0.763	12.174	−42.678	43.516
Shop	0.889	6.952	−0.545	10.440	−41.617	39.573

Note(s): This table reports the means (percent), standard deviations (STD), skewness (Skew), kurtosis (Kurt), minima (Min) and maxima (Max) of the return for the FTSE Nareit US Real Estate Index considered in the paper. The sample includes monthly observations from January 1994 to December 2023. The real estate sectors considered are: (1) Apartments; (2) Diversified; (3) Health Care; (4) Industrial; (5) Lodging/Resorts; (6) Office; (7) Regional Malls; (8) Residential; (9) Retail; (10) Shopping Centers

Source(s): Table created by authors

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