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“ We believe that sustainability, environmental quality, and resource consumption present risks that should be managed by the same structure and process as are other risks. as a leader in the real estate industry, we are dedicated to increasing building performance throughout our portfolio of properties.” | A THE INTERNAL RATE OF RETURN IN REAL ESTATE INVESTMENTS A Research Monograph by CHARLES B. AKERSON CRE MAI Prepared for the American Society of Real Estate Counselors Published jointly by the American Society of Real Estate Counselors American Institute of Real Estate Appraisers 430 N. Michigan Avanue Chicago Illinois 60611 INTRODUCTION I Th American Society of Real Estate Counselor and the American Institute of Real Estate Appraiser are - pleased to make available this research publication on the Internal Rate of Return. It represents th first joint project of ASREC s Research Committee and AIREA s Division of Research. Special thanks go to author Charles B. Akerson CRE MAI for the time and effort he has devoted tothitr project. Already recognized for his contributions in the field of real estate financial analysis Mr. Akersore gives a concise and careful explanation of this subject that will expand the field of knowledge for all real estate consultant . - .2. James L. Harper CRey AI W 1975 ASREC Research Committe Chakm . J. B. Featherston MAI 1975 AIREA Division of Research Chairman THE INTERNAL RATE OF RETURN in Real Estate investments The concept of an internal rate of return as a measure of performance or return on investment is not new nor is it peculiar to real estate investments. It is safe to say however that the internal rate of return- or IR R did not enjoy widespread use until modem computer technology simplified the process of cash flow - Jp analysis and removed the drudgery of repetitive calculations. Use of the IRR and related yardsticks is no longer impractical and has become commonplace. The increase in practical applications has been so rapid that the rationale of the IRR is sometimes left unexplained. The purpose of this monograph is to explore in JW depth the meaning of the IRR and its uses in the analysis of real estate investments. SIMILARITY TO INTEREST RATE YIELD RATE AND DISCOUNT RATE 4Ệ The IRR Is the rate of return on invested capital .
