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REIT Economies of Scale: Fact or Fiction?

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Author Info
Ambrose, Brent W, et al

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Abstract

The real estate industry has recently witnessed significant and pervasive consolidation with further growth and consolidation generally viewed as inevitable. For example, between 1990 and 1997, growth in average net real estate investments by large REITs outpaced growth in average net real estate investments by small REITs by 13 percent. However, no systematic study of the benefits of this consolidation exists. This research studies whether or not there are gains to consolidation due to economies of scale from size, brand imaging, and informational gains from geographic specialization. Our sample consists of 41 multifamily equity REITs, for whom financial and property level data are available in the SNL REIT Database. Using this data, we construct shadow portfolios that mimic each REIT's exposure to changes in local market conditions. Our results show no size economies, that branding in real estate is allusive, and that geographic specialization, in agreement with Gyourko and Nelling (1996), has no significant benefit. Copyright 2000 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 20 (2000)
Issue (Month): 2 (March)
Pages: 211-24
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Handle: RePEc:kap:jrefec:v:20:y:2000:i:2:p:211-24

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  1. Joseph T.L. Ooi & Kim-Hiang Liow, 2004. "Risk-Adjusted Performance of Real Estate Stocks: Evidence From Developing Markets," Journal of Real Estate Research, American Real Estate Society, vol. 26(4), pages 371-396. [Downloadable!]
  2. John Topuz & Ihsan Isik, 2009. "Structural changes, market growth and productivity gains of the US real estate investment trusts in the 1990s," Journal of Economics and Finance, Springer, vol. 33(3), pages 288-315, July. [Downloadable!] (restricted)
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