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Institutional-Grade Properties: Performance and Ownership

Author

Listed:
  • John D. Benjamin

    () (American University, Washington, DC 20016)

  • Peter Chinloy

    () (Kogod School of Business American University Washington, DC 20016)

  • William G. Hardin III

    () (Florida International University 11200 SW 8th Street, RB 208 Miami, FL 33199)

Abstract

Quality commercial properties differ in operating performance not only on physical characteristics but in type of ownership, management, and control. For 1996?001 data on Atlanta apartments, a primary market for multiple types of investors, there is varying operating performance by ownership. Larger-scale owners and local property managers earn higher effective rents.

Suggested Citation

  • John D. Benjamin & Peter Chinloy & William G. Hardin III, 2007. "Institutional-Grade Properties: Performance and Ownership," Journal of Real Estate Research, American Real Estate Society, vol. 29(3), pages 219-240.
  • Handle: RePEc:jre:issued:v:29:n:3:2007:p:219_240
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol29n03/01.219_240.pdf
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    References listed on IDEAS

    as
    1. Jeffrey Fisher & Dean Gatzlaff & David Geltner & Donald Haurin, 2003. "Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(2), pages 269-303, June.
    2. Val E. Lambson & Grant R. McQueen & Barrett A. Slade, 2004. "Do Out-of-State Buyers Pay More for Real Estate? An Examination of Anchoring-Induced Bias and Search Costs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(1), pages 85-126, March.
    3. John D. Benjamin & G. Stacy Sirmans & Emily Norman Zietz, 1997. "Security Measures and the Apartment Market," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 347-358.
    4. Malpezzi, Stephen & Shilling, James D, 2000. "Institutional Investors Tilt Their Real Estate Holdings toward Quality, Too," The Journal of Real Estate Finance and Economics, Springer, vol. 21(2), pages 113-140, September.
    5. Harrison Hong & Jeffrey D. Kubik & Jeremy C. Stein, 2005. "Thy Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers," Journal of Finance, American Finance Association, vol. 60(6), pages 2801-2824, December.
    6. William G. Hardin, III & Marvin L. Wolverton, 1999. "Equity REIT Property Acquisitions: Do Apartment REITs Pay a Premium?," Journal of Real Estate Research, American Real Estate Society, vol. 17(1), pages 113-126.
    7. Peter Chinloy & Eric Maribojoc, 1998. "Expense and Rent Strategies in Real Estate Management," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 267-282.
    8. Graff, Richard A & Young, Michael S, 1996. "Real Estate Return Correlations: Real-World Limitations on Relationships Inferred from NCREIF Data," The Journal of Real Estate Finance and Economics, Springer, vol. 13(2), pages 121-142, September.
    9. John P. Harding & Stuart S. Rosenthal & C. F. Sirmans, 2003. "Estimating Bargaining Power in the Market for Existing Homes," The Review of Economics and Statistics, MIT Press, vol. 85(1), pages 178-188, February.
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    Cited by:

    1. Michelsen, Claus & Rosenschon, Sebastian & Schulz, Christian, 2015. "Small might be beautiful, but bigger performs better: Scale economies in “green” refurbishments of apartment housing," Energy Economics, Elsevier, vol. 50(C), pages 240-250.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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