Lets say the first REIT in country started to trade in 1994, but you would like to estimate how much an investor would have earned in the decades before that. As inputs, you have data like house prices, inflation and interest rates. Is there a model or formula to do such estimate? it doesnt have to be perfect, a rough approximation would be suficient I guess i could do some regressions on the existing data (from 1994 and on) but i wonder if there is already some kind of formula for this