Evidence for the Atlas Approach
Private Real Estate
Real Estate: Index and Selected Benchmark Statistics (Cambridge Associates – December 2023)
Private real estate outcomes have been well behind the performance of REITS.
CEM Study Shows REITs Outperform Private Real Estate by Nearly 2.3% in DB Plans (Nareit – December 2023)
Another study showing that private real estate returns have been below the returns of REITS.
Demystifying Illiquid Assets: Expected Returns for Private Real Estate (Ilmanen, Chandra, McQuinn – October 2019)
“Oddly enough, in North America, REITs have outperformed [private real estate] by 1-3% since inception, suggesting an inverse illiquidity premium.”