Strategic transactions around REIT conversions?
Frömel, Pascal; Wagner, Dominik; Woltering, René-Ojas; Downs, David H.; Sebastian, Steffen
2020

Résumé

This paper examines the conversion-related M&A activity and the post-conversion performance of 80 Real Estate Operating Companies (REOCs) adopting the Real Estate Investment Trust (REIT) status. We observe a distinct, higher M&A activity in the years around the conversion dates and relatively high premiums in conversion-related deals. The REIT format attracts equity inows from investors, which explains increased post-conversion M&A activity. Overall, converted REITs realize positive excess returns. Lower (higher) M&A activity before the conversion translates to superior absolute (risk-adjusted) post-conversion performance indicating bene_ts from strategic company realignment.

Détails

Titre Strategic transactions around REIT conversions?
Auteur(s)/ trice(s) Frömel, Pascal (University of Regensburg, International Real Estate Business School, Regensburg, Germany)
Wagner, Dominik (University of Regensburg, International Real Estate Business School, Regensburg, Germany)
Woltering, René-Ojas (Ecole hôtelière de Lausanne, HES-SO University of Applied Sciences Western Switzerland)
Downs, David H. (The Kornblau Institute and Department of Finance, Insurance and Real Estate, School of Business, Virginia Commonwealth University)
Sebastian, Steffen (University of Regensburg, International Real Estate Business School, Regensburg, Germany ; ZEW Mannheim, Germany)
Date 2020-11
Publié dans Proceedings of the 12th Real Estate Markets and Capital Markets (ReCapNet) Conference
Publié par Virtual conference, 10-19 November 2020
Pagination 28 p.
Présenté à 12th Real Estate Markets and Capital Markets (ReCapNet) Conference, Online, 2020-11-10, 2020-11-19
Type de papier non-published full paper
Domaine Economie et Services
Ecole EHL
Institut Aucun institut
Le document apparaît dans Documents de conférences
Global

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