The Effect of Interest-Rate Movements on Real Estate Investment Trusts

Glenn R. Mueller and Keith R. Pauley
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Glenn R. Mueller: National Director of Real Estate Research Price Waterhouse, LLP Baltimore, Maryland 21090 faculty of the Berman Real Estate Institute at Johns Hopkins University, http://www.pwcglobal.com/andhttp://www.jhu.edu/
Keith R. Pauley: Senior Vice Department ABKB/LaSalle Securities Ltd. Baltimore, Maryland 21202, http://www.fin.depaul.edu/

Journal of Real Estate Research, 1995, vol. 10, issue 3, pages 319-326

Abstract: The rising interest-rate environment in early 1994 in the United States raised questions by investors as to how REITs will react to interest-rate movements. This study analyzes the movement of REIT price changes during past interest-rate cycles. The results indicate that REIT price movements have a low correlation with changes in interest rates and a lower correlation with interest rates than with movements in the stock market as a whole. The findings lead to a call for research into other areas in order to ascertain the determinants of REIT price movement.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1995
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