Value creation in REIT property sell-offs
Campbell, Robert D.
Value creation in REIT property sell-offs - 2006 - Real Estate Economics 34(2) Summer 2006, 329-342(14) .
Examines major sales of real property by public US REITs between 1992 and 2002, finding that abnormal returns in real estate sell-offs by all types of firms are derived largely from asset allocation efficiencies and not exclusively from tax benefits. Shareholder returns are lower in sell-offs motivated by a desire to reduce long-term debt. Returns are inversely related to the firm's operating performance prior to the sell-off announcement, supporting the case that improved asset efficiencies create value in real estate sell-offs. [Taken from journal abstract].
Value creation in REIT property sell-offs - 2006 - Real Estate Economics 34(2) Summer 2006, 329-342(14) .
Examines major sales of real property by public US REITs between 1992 and 2002, finding that abnormal returns in real estate sell-offs by all types of firms are derived largely from asset allocation efficiencies and not exclusively from tax benefits. Shareholder returns are lower in sell-offs motivated by a desire to reduce long-term debt. Returns are inversely related to the firm's operating performance prior to the sell-off announcement, supporting the case that improved asset efficiencies create value in real estate sell-offs. [Taken from journal abstract].