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Empirical Evidence on Shareholder Value and the Sale‐Leaseback of Corporate Real Estate

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  • Ronald C. Rutherford

Abstract

This study examines the valuation effect of the sale‐leaseback of corporate real estate on the stock prices of the selling and purchasing firms. The issue tested is whether the sale‐leaseback transaction offers a net benefit to the corporate seller/lessee or purchaser/lessor. The empirical evidence suggests that the sale‐leaseback of corporate real estate has substantial benefits for the seller/lessee common stockholders. Additionally, the sale‐leaseback transaction produces an insignificant loss for the corporate purchaser/lessor.

Suggested Citation

  • Ronald C. Rutherford, 1990. "Empirical Evidence on Shareholder Value and the Sale‐Leaseback of Corporate Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 522-529, December.
    • Handle: RePEc:bla:reesec:v:18:y:1990:i:4:p:522-529
    DOI: 10.1111/1540-6229.00535
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    Cited by:

    1. Natacha Aveline-Dubach, 2020. "The Financialization of Rental Housing in Tokyo [La financiarisation des logements locatif à Tokyo]," Post-Print halshs-02440007, HAL.
    2. Aveline-Dubach, Natacha, 2022. "The financialization of rental housing in Tokyo," Land Use Policy, Elsevier, vol. 112(C).
    3. Chris Manning & Stephen E. Roulac, 2001. "Lessons from the Past and Future Directions for Corporate Real Estate Research," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 7-58.
    4. Noriko Ashiya, 2015. "Determinants of Potential Seller/Lessee Benefits in Sale¡VLeaseback Transactions," International Real Estate Review, Global Social Science Institute, vol. 18(1), pages 89-112.
    5. Longinidis, Pantelis & Georgiadis, Michael C., 2014. "Integration of sale and leaseback in the optimal design of supply chain networks," Omega, Elsevier, vol. 47(C), pages 73-89.
    6. David Ling & Andy Naranjo & Michael Ryngaert, 2012. "Real Estate Ownership, Leasing Intensity, and Value: Do Stock Returns Reflect a Firm’s Real Estate Holdings?," The Journal of Real Estate Finance and Economics, Springer, vol. 44(1), pages 184-202, January.
    7. Linda L. Johnson & Terry Keasler & Stellan Lundstrom, 1993. "An Industry Profile of Corporate Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 445-474.
    8. Dirk Brounen & Mathijs van Dijk & Piet M.A. Eichholtz, 2008. "Corporate Real Estate and Corporate Takeovers: International Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 30(3), pages 293-314.
    9. John B. Corgel, 1997. "Property-by-Property Valuation of Publicly Traded Real Estate Firms," Journal of Real Estate Research, American Real Estate Society, vol. 14(1), pages 77-90.
    10. Jacques Sarremejeanne, 2011. "Les déterminants financiers des cessions-bail," Post-Print hal-00650571, HAL.
    11. Dirk Brounen & Piet Eichholtz, 2005. "Corporate Real Estate Ownership Implications: International Performance Evidence," The Journal of Real Estate Finance and Economics, Springer, vol. 30(4), pages 429-445, June.

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