Payment Choice in REIT Property Acquisitions
AbstractThis study examines payment choice in equity real estate investment trust (REIT) property acquisitions. Particular attention is paid to the tax-advantaged medium of exchange available to some REITs (i.e., operating partnership units). The tax argument that is often cited as an underlying rationale for hypotheses relating bidder gains, payment method and acquisitions is empirically tested via the relationship between sales price differentials and the method of payment. The payment signaling hypothesis and other competing medium of exchange hypotheses are also empirically tested using a data set generously provided by the National Association of Real Estate Investment Trusts.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 21 (2001)
Issue (Month): 1/2 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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