Evaluating the investment performance of Australian retirement living and aged care assets

Towart, LC

Evaluating the investment performance of Australian retirement living and aged care assets

Towart, LC

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Publication Type:: Journal Article
Citation:: Pacific Rim Property Research Journal, 2018, 24 (1), pp. 35 - 48
Issue Date:: 2018-01-01

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Field	Value	Language
dc.contributor.author	Towart, LC https://orcid.org/0000-0002-2420-5911	en_US
dc.date.issued	2018-01-01	en_US
dc.identifier.citation	Pacific Rim Property Research Journal, 2018, 24 (1), pp. 35 - 48	en_US
dc.identifier.issn	1444-5921	en_US
dc.identifier.uri	http://hdl.handle.net/10453/121211
dc.description.abstract	© 2017 Pacific Rim Real Estate Society. In Australia, the Retirement Living and Aged Care (RLAC) sector lacks a historic benchmark performance metric. Institutional investors utilising modern portfolio theory require such benchmarks for making future decisions. It has been considered that this lack of a benchmark has hindered investment in the RLAC sector. This paper evaluates historical investment performance of listed entities in the sector and constructs a market capitalisation weighted return index. From this, the historical performance and diversification potential was analysed from 2004 to 2016. Compared to other investments, RLAC had an inferior risk-adjusted performance. Due to this performance, the inclusion of RLAC in a portfolio did not lead to optimisation. The heterogeneity of the sector coupled with changing business models has implications for drawing conclusions from this historical performance.	en_US
dc.relation.ispartof	Pacific Rim Property Research Journal	en_US
dc.relation.isbasedon	10.1080/14445921.2017.1409171	en_US
dc.title	Evaluating the investment performance of Australian retirement living and aged care assets	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	24	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	12 Built Environment and Design	en_US
utslib.for	14 Economics	en_US
utslib.for	15 Commerce, Management, Tourism and Services	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	closed_access
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	24	en_US

Abstract:

© 2017 Pacific Rim Real Estate Society. In Australia, the Retirement Living and Aged Care (RLAC) sector lacks a historic benchmark performance metric. Institutional investors utilising modern portfolio theory require such benchmarks for making future decisions. It has been considered that this lack of a benchmark has hindered investment in the RLAC sector. This paper evaluates historical investment performance of listed entities in the sector and constructs a market capitalisation weighted return index. From this, the historical performance and diversification potential was analysed from 2004 to 2016. Compared to other investments, RLAC had an inferior risk-adjusted performance. Due to this performance, the inclusion of RLAC in a portfolio did not lead to optimisation. The heterogeneity of the sector coupled with changing business models has implications for drawing conclusions from this historical performance.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/121211