REIT Performance during Hurricanes

Vivek Sah, Alan Ziobrowski and Brigitte Ziobrowski

Journal of Real Estate Portfolio Management, 2008, vol. 14, issue 1, 41-48

Abstract: Executive Summary. This paper examines the impact of hurricanes on the pricing of real estate investment trusts (REITs) listed on the New York Stock Exchange, American Stock Exchange, and NASDAQ using an event study methodology. The findings reveal that the REIT markets are generally efficient with respect to hurricanes. There is no evidence of abnormal returns assosiated with REITs concentrated along the southeastern coast during the time of the hurricanes. Furthermore, when REITs were analyzed corresponding to the hurricanes that made landfall in the state in which they had the maximum exposure, the results did not change.

Date: 2008
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DOI: 10.1080/10835547.2008.12089792

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