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Ownership Structure, Property Performance, Multifamily Properties and REITs


  • William G. Hardin III

    () (Florida International University)

  • Matthew D. Hill

    () (University of Mississippi)

  • James J. Hopper

    (Mississippi State University)


This research extends literature that empirically evaluates the impact of ownership and management structure on property level performance. The results show that multifamily properties owned and managed by real estate investment trusts (REITs) generate higher effective rents at the property level than non-REIT-owned properties. After controlling for positive operating scale and brand effects, REIT property level performance is better than non-REIT property level performance in the market studied. The REIT structure represents diversified scale operators with property management skills. The results imply that the structure of property ownership can impact property performance.

Suggested Citation

  • William G. Hardin III & Matthew D. Hill & James J. Hopper, 2009. "Ownership Structure, Property Performance, Multifamily Properties and REITs," Journal of Real Estate Research, American Real Estate Society, vol. 31(3), pages 285-306.
  • Handle: RePEc:jre:issued:v:31:n:3:2009:p:285-306

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    References listed on IDEAS

    1. 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.
    2. Brent W. Ambrose & Michael J. Highfield & Peter D. Linneman, 2005. "Real Estate and Economies of Scale: The Case of REITs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(2), pages 323-350, June.
    3. 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.
    4. G. Donald Jud & James Frew, 1986. "Real Estate Brokers, Housing Prices, and the Demand for Housing," Urban Studies, Urban Studies Journal Limited, vol. 23(1), pages 21-31, 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.
    2. Mamoru Nagano, 2016. "Financing Patterns and Property Acquisitions of Sponsor-backed REITs: Evidence from J-REIT Markets," International Real Estate Review, Asian Real Estate Society, vol. 19(2), pages 223-248.

    More about this item

    JEL classification:

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


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