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Empirical Evidence on Shareholder Value and the Sale-Leaseback of Corporate Real Estate

  • Ronald C. Rutherford
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    This study examines the valuation effect of the sale-leaseback of corporate real estate on the stock prices of the selling and purchasing firms. The issue tested is whether the sale-leaseback transaction offers a net benefit to the corporate seller/lessee or purchaser/lessor. The empirical evidence suggests that the sale-leaseback of corporate real estate has substantial benefits for the seller/lessee common stockholders. Additionally, the sale-leaseback transaction produces an insignificant loss for the corporate purchaser/lessor. Copyright American Real Estate and Urban Economics Association.

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    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 18 (1990)
    Issue (Month): 4 ()
    Pages: 522-529

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    Handle: RePEc:bla:reesec:v:18:y:1990:i:4:p:522-529
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