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Sale Leaseback Transactions: Price Premiums and Market Efficiency

Listed author(s):
  • C.F. Sirmans


    (Florida State University)

  • Barrett A. Slade


    (Brigham Young University)

Registered author(s):

    Sale-leaseback transactions are ubiquitous in real estate markets in the United States with annual volume estimated to be greater than $7 billion. However, there is no evidence concerning the price impact of such transactional arrangements. Using a data set of sale-leaseback transactions, this study examines the price impact on commercial property transactions across seven markets. The findings reveal that transactions structured as saleleasebacks occur at significantly higher prices than market transactions. In addition, after accounting for income differentials, buyers and sellers are appropriately pricing the transactions resulting in no undue advantage to either party, that is, the expected price premium is accounted for in the saleleaseback prices.

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

    Volume (Year): 32 (2010)
    Issue (Month): 2 ()
    Pages: 221-242

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    Handle: RePEc:jre:issued:v:32:n:2:2010:p:221-242
    Contact details of provider: Postal:
    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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