Payment Choice in REIT Property Acquisitions

Edward Pierzak

Journal of Real Estate Research, 2001, vol. 21, issue 1-2, 105-140

Abstract: This article is the winner of the Real Estate Investment Trusts manuscript prize (sponsored by the National Association of Real Estate Investment Trusts) presented at the 2000 American Real Estate Society Annual Meeting.This study examines payment choice in equity real estate investment trust (REIT) property acquisitions. Particular attention is paid to the tax-advantaged medium of exchange available to some REITs (i.e., operating partnership units). The tax argument that is often cited as an underlying rationale for hypotheses relating bidder gains, payment method and acquisitions is empirically tested via the relationship between sales price differentials and the method of payment. The payment signaling hypothesis and other competing medium of exchange hypotheses are also empirically tested using a data set generously provided by the National Association of Real Estate Investment Trusts.

Date: 2001
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DOI: 10.1080/10835547.2001.12091044

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