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Performance of Canadian E-REITs

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  • Lawrence Kryzanowski

    ()
    (Finance Department, John Molson School of Business, Concordia University, 1455 de Maisonneuve Blvd. West, Montreal, Quebec, Canada, H3G)

  • Margarita Tcherednitchenko

    ()
    (Finance Department, John Molson School of Business, Concordia University, 1455 de Maisonneuve Blvd. West, Montreal, Quebec, Canada, H3G)

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    Abstract

    The return performance and factor sensitivities of Canadian equity real estate investment trusts (E-REITs) are examined. Today, typical and average Canadian E-REIT IPOs are correctly priced based on first-day and subsequent short-run returns. The overpricing evident earlier in the 1993-96 period for typical and average E-REIT IPOs has corrected. E-REITs are equity investments with about one-half the market risk, and greater ensitivity to interest-rate changes, than the S&P/TSX Composite Index. E-REITs outperformed the S&P/TSX Composite over the 1996-2004 period on a return, risk, and market- and/or risk-adjusted basis. Thus, E-REITs provided material diversification benefits with no sacrifice in return, when added to a common stock portfolio during the studied period.

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    File URL: http://www.umac.mo/fba/irer/papers/past/vol10n2_pdf/01Kryzanowski%20and%20Tcherednitchenko%20_1-22.pdf
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    Bibliographic Info

    Article provided by Asian Real Estate Society in its journal International Real Estate Review.

    Volume (Year): 10 (2007)
    Issue (Month): 2 ()
    Pages: 1-22

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    Handle: RePEc:ire:issued:v:10:n:02:2007:p:1-22

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    Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web page: http://www.asres.org/

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    Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web: http://www.asres.org/

    Related research

    Keywords: equity REIT; IPO; interest-rate sensitivity; risk-adjusted return performance;

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    1. Below, Scott & Zaman, Mir A & McIntosh, Will, 1995. "The Pricing of Real Estate Investment Trust Initial Public Offerings," The Journal of Real Estate Finance and Economics, Springer, vol. 11(1), pages 55-64, July.
    2. Richard J. Buttimer & David C. Hyland & Anthony B. Sanders, 2005. "REITs, IPO Waves and Long-Run Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(1), pages 51-87, 03.
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