This paper is an analysis of the equivalent yield as defined by IPD, Investment Property Databank. It investigates the historical development of equivalent yields in the UK between 1998 and 2012 across different locations, investor types, lot sizes and sectors. Due to the size and quality of the data set, courtesy of MSCI – IPD, it is further possible to compare equivalent yields of freehold and leasehold properties.The second part of the analysis focuses on ex-post property valuations. Detailed information on net income and costs make it possible to derive historical capital values based on actual (ex-post) rather than expected (ex-ante) income streams. Real Estate valuations act as a point of reference for capital employed and hence influence the investment performance of a property. Since the boom and bust of the recent real estate crisis was unknown to valuers at the time of valuation, it is expected that the estimated ex-post capital values differ significantly from their corresponding ex-ante valuations. The derived ex-post values can be used to re-measure performance and compare it to that of the initial valuations.The analysis shows 1) how perceptions of risk and future performance change over time, across sectors, locations and investors and 2) how reliable property valuations really are, especially in times of unanticipated crises.