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Perspective on Debt-and-Equity Decomposition for Investors and Issuers of Real Estate Securities

The separation of commercial real estate into structured investment products as suggested by the debt-and-equity model can enhance property value due to positive net changes in agency costs and tax shields. In many cases this enhancement should be large enough to induce real estate owners to make property available for component separation. The resulting income component has the investment characteristics of a tax-sheltered corporate bond, and should be sold to taxable investors to realize the value enhancement.

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File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol07n04/v07p449.pdf
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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 7 (1992)
Issue (Month): 4 ()
Pages: 449-468

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Handle: RePEc:jre:issued:v:7:n:4:1992:p:449-468
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
Web page: http://www.aresnet.org/
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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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