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作者

来源

REAL ESTATE ECONOMICS,Vol.47,Issue1SI,P.138-177

语言

英文

关键字

REAL-ESTATE; INVESTMENT; MARKETS; CONSTRAINTS; INVESTORS; ISSUANCE; FINANCE; GAINS; SALES

作者单位

[Kim, Dongshin] Pepperdine Univ, Graziadio Sch Business & Management, 24255 Pacific Coast Highway, Malibu, CA 90263 USA. [Wiley, Jonathan A.] Georgia State Univ, J Mack Robinson Coll Business, Dept Real Estate, POB 3991, Atlanta, GA 30302 USA. Kim, D (reprint author), Pepperdine Univ, Graziadio Sch Business & Management, 24255 Pacific Coast Highway, Malibu, CA 90263 USA. E-Mail: dongshin.kim@pepperdine.edu; jwiley@gsu.edu

摘要

This study explores the outcome for REIT investment in response to NAV premiums considering (1) the volume of acquisition activity, and (2) relative prices paid for individual assets. Regarding the first, we provide evidence that REIT managers increase real estate investment following positive changes in NAV premiums. Regarding the second, we use a large sample of transactions for retail, office and multifamily property and find that REITs appear to pay significantly higher prices relative to other investors. Transaction prices paid by REIT managers for all three property types are positively and significantly affected by market-wide NAV premiums.