Value creation in REIT property sell-offs
Language: English Series: Real Estate Economics ; 34(2) Summer 2006, 329-342(14)Publication details: 2006Subject(s): Summary: 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].| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | L133938 (Browse shelf(Opens below)) | 1 | Available | 133938-1001 |
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].