REIT Holdings and Performance

Russell Price

Journal of Real Estate Portfolio Management, 2009, vol. 15, issue 1, 33-44

Abstract: Executive Summary. This paper examines the information effects of REIT holdings: properties acquired, properties disposed, and dividends distributed to shareholders. Real estate investment trust (REIT) property acquisitions, dispositions, and dividend announcements from 1994 to 2005 are used to determine if there are any opportunities for abnormal returns immediately surrounding the day of the respective announcements. Investors could earn a return of 0.09% above the expected return on REITs on the day of their respective property announcements. There is a more pronounced return of 0.25% above the expected return on REITs over the three day announcement window (one day before, the day of, and one day after) of property dispositions. When a REIT announces their dividend before they announce earnings, there is a return of 0.16% above the expected return.

Date: 2009
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DOI: 10.1080/10835547.2009.12089833

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