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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.57,Issue3,P.367-399

语言

英文

关键字

REITs; Internal; External; Managers; Internalization; ESTATE INVESTMENT TRUSTS; COMMON RISK-FACTORS; FREE CASH FLOW; REAL-ESTATE; CORPORATE-CONTROL; TAKEOVER TARGETS; AGENCY COSTS; RETURNS; OWNERSHIP; DIVIDEND

作者单位

[Yap, Kevin Hon Sheng] Ocean Financial Ctr, RHB Secur, 10 Collyer Quay 09-08, Singapore 049315, Singapore. [Ong, Seow Eng] Natl Univ Singapore, Sch Design & Environm, Dept Real Estate, 4 Architecture Dr, Singapore 117566, Singapore. [Yeo, Wee Yong] Natl Univ Singapore, NUS Business Sch, Dept Finance, 15 Kent Ridge Dr, Singapore 119245, Singapore. Ong, SE (reprint author), Natl Univ Singapore, Sch Design & Environm, Dept Real Estate, 4 Architecture Dr, Singapore 117566, Singapore. E-Mail: seong@nus.edu.sg

摘要

Real estate investment trusts (REITs) have grown to become an important financial product in Asia, which today stands as the second largest REIT market in the world. Although existing literature has shown that externally managed REITs have underperformed their internally managed counterparts, the Asian REITs market has a strong preference for the external management model. This paper investigates the factors that drive REITs to internalize or deter them from internalizing their manager by studying the characteristics of 26 internalization subjects in Australia at their point of internalization. We compare their financial, corporate governance and portfolio characteristics to a control group. We find the MBR, the parent of the REIT manager, the asset size, and the geographic diversity of assets to be significant determinants of the probability of these REITs internalizing their manager. The low growth prospect faced by large Australian REITs that had a domestic investment focus motivates them to internalize their manager.