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Property-by-Property Valuation of Publicly Traded Real Estate Firms

Because the assets held by publicly traded real estate companies are infrequently traded, their values must be estimated to determine the relationship between share prices and net asset values for investment purposes. Alternative modeling approaches may be followed to accomplish these valuations, including income-based and transaction-based models. The real estate values of publicly traded firms are estimated in this study using a hedonic pricing model that combines the market’s valuation of the fundamental character-istics of the assets with the specific characteristics of each asset being valued. After converting asset values to estimates of net asset values, the net asset values are compared to the market valuations of firms’ equity claims. Valuations for two Hotel REITs provide information about market premiums commonly attributable to liquidity and REIT management.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 14 (1997)
Issue (Month): 1 ()
Pages: 77-90

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Handle: RePEc:jre:issued:v:14:n:1:1997:p:77-90
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American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323

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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. John L. Glascock & Wallace N. Davidson & C.F. Sirmans, 1989. "An Analysis of the Acquisition and Disposition of Real Estate Assets," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 131-140.
  2. Fayez A. Elayan & Brian A. Maris, 1991. "Stock Market Response to Voluntary Liquidations and Reorganizations of Real Estate Corporations," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(1), pages 92-101.
  3. Ronald C. Rutherford, 1990. "Empirical Evidence on Shareholder Value and the Sale-Leaseback of Corporate Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 522-529.
  4. Damodaran, Aswath & Liu, Crocker H, 1993. "Insider Trading as a Signal of Private Information," Review of Financial Studies, Society for Financial Studies, vol. 6(1), pages 79-119.
  5. Hoag, James W, 1980. " Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-580, May.
  6. R. Brian Webb & Mike Miles & David Guilkey, 1992. "Transactions-Driven Commercial Real Estate Returns: The Panacea to Asset Allocation Models?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 325-357.
  7. William B. Brueggeman & Jeffrey D. Fisher & David M. Porter, 1990. "Rethinking Corporate Real Estate," Journal of Applied Corporate Finance, Morgan Stanley, vol. 3(1), pages 39-50.
  8. repec:hrv:faseco:33077904 is not listed on IDEAS
  9. Lee, Charles M C & Shleifer, Andrei & Thaler, Richard H, 1990. "Closed-End Mutual Funds," Journal of Economic Perspectives, American Economic Association, vol. 4(4), pages 153-164, Fall.
  10. McIntosh, Willard & Ott, Steven H & Liang, Youguo, 1995. "The Wealth Effects of Real Estate Transactions: The Case of REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 10(3), pages 299-307, May.
  11. Jaime R. Alvayay & Ronald C. Rutherford & William S. Smith, 1995. "Tax Rules and the Sale and Leaseback of Corporate Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(2), pages 207-238.
  12. Wheaton William C. & Torto Raymond G., 1994. "Office Rent Indices and Their Behavior over Time," Journal of Urban Economics, Elsevier, vol. 35(2), pages 121-139, March.
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