Brad Case

Brad Case
bcase@nareit.com
Brad Case

Brad Case is Nareit's senior vice president, research and industry information. He conducts original research on the role of real estate investing through REITs in institutional and individual investment portfolios, assists in managing Nareit's sponsored research agenda, and monitors and facilitates REIT-related research by independent academics.

  • Market Commentary Blog
    1/10/2019

    Downside Beta and Upside Beta: REITs Have Generally Protected Against Stock Market Declines

    REITs have generally protected against stock market declines, with downside beta typically well below one; moreover, their upside beta has usually been higher, giving investors a chance to “have it both ways.”
  • Market Commentary Blog
    1/4/2019

    In the Wake of Stock Market Turmoil: Returns, Volatility, Correlation, Beta, Diversification Benefits, and Forward Expectations for REITs

    December 2018 was bitter for investors. Total returns in the broad REIT market were -7.73 percent—but that was good news compared with large-cap stocks (-9.03 percent according to the S&P 500), small-cap stocks (-11.88 percent for the Russell 2000) and especially small-cap value stocks (-12.09 percent).
  • Market Commentary Blog
    9/5/2018

    IRR is an Easily Manipulated “Performance” Metric

    Most private equity investment managers measure their performance using IRR, and illustrates how SLOCs and forward commitments can be used to manipulate IRR computations to make performance appear better than it really is. 
  • Market Commentary Blog
    8/21/2018

    The REIT-Stock Correlation Has NOT “Spiked to One” During Market Crises

    It is often said that “correlations spike to one during a crisis,” but REIT-stock correlations have actually been lower during the worst stock market downturns in history, reinforcing the case for REITs as a portfolio diversifier even during crises.
  • Market Commentary Blog
    7/20/2018

    Inflation Protection from REITs: Constructing a Diversified Inflation-Protecting Portfolio

    How to construct an inflation-protecting portfolio without exposing yourself to the risk of guessing wrong about an increase the inflation rate.
  • Market Commentary Blog
    7/18/2018

    Inflation Protection from REITs: Don’t Jump Out of the Frying Pan Into the Fire

    Investors who depend on commodity investments to protect against inflation risk negative returns if inflation doesn’t meet their expectations, whereas REITs have historically provided strong returns in both high-inflation and low-inflation environments.
  • Market Commentary Blog
    7/16/2018

    Inflation Protection from REITs: Solving a Growing Problem

    Ask anybody which investments “hedge” against inflation, and real estate is one of the three that pretty much everybody will identify, along with commodities and inflation-linked bonds

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