103 Real Estate Ownership by Non-Real Estate Firms: The Impact on Firm Returns

Yongheng Deng and Joseph Gyourko

No 8665, Working Paper from USC Lusk Center for Real Estate

Abstract: For many years operating companies around the world generally have owned their realestate assets. In the United States alone it is estimated that corporate users own nearly $2 trillion,or roughly half of all commercial property. Companies own not only their production facilities,but frequently their offices, warehouses, and retail outlets. Although many of these properties aresuitable for a broad range of users, these operating companies choose to commit their scarcecapital to the ownership and operation of real estate, rather than re-deploying this capital to theircore operating businesses.

Keywords: Real Estate; Firm Returns; Investment (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:luk:wpaper:8665

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