This paper was presented at a meeting of the American Finance Association in Washington, D.C., on December 28, 1953. The program was under the chairmanship of Paul F. Wendt, University of California, Berkeley. The paper was presented informally on the basis of charts which showed some of the results of a study of long-term operating and investment experience in real estate in New York City, covering the period from 1900 to 1950 and the record of about 600 properties. The study is scheduled for publication late this year by Columbia University Press. The following statement is a non-quantitative summary of conclusions suggested by the findings.