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Real Estate Investment Acquisition Rules for REITs: A Survey

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Abstract

Real estate comprises the major wealth of the United States as well as the world and institutional investors (life insurance companies, pension funds, and real estate investment trusts (REITs)) have become major investors in real estate due to their large portfolios and annual cash inflows. A recent comprehensive study of real estate investment acquisition rules included life insurance companies and pension funds but omitted real estate investment trusts (REITs). This study surveys REITs on all facets of their real estate investments. The survey covers real estate portfolio size and type, portfolio composition, investment by property type, international investments, before-tax analysis, after-tax analysis, diversification strategies, computer usage, holding period assumptions and criteria for obtaining mortgages, equity positions, and construction loans. The results of this study are then compared and contrasted with previous studies.

Suggested Citation

  • James R. Webb & Willard McIntosh, 1986. "Real Estate Investment Acquisition Rules for REITs: A Survey," Journal of Real Estate Research, American Real Estate Society, vol. 1(1), pages 77-98.
    • Handle: RePEc:jre:issued:v:1:n:1:1986:p:77-98
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    1. James R. Webb, 1984. "Real Estate Investment Acquisition Rules for Life Insurance Companies and Pension Funds: A Survey," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(4), pages 495-520, December.
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    Cited by:

    1. Jun Han & Youguo Liang, 1995. "The Historical Performance of Real Estate Investment Trusts," Journal of Real Estate Research, American Real Estate Society, vol. 10(3), pages 235-262.
    2. Arnold L. Redman & John R. Tanner, 1989. "The Acquisition and Disposition of Real Estate by Corporate Executives: A Survey," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 67-80.
    3. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    4. Tiffany Hutcheson & Graeme Newell, 2018. "Decision-making in property Investment by Property Fund Managers," ERES eres2018_295, European Real Estate Society (ERES).
    5. Cheng, Ping & Lin, Zhenguo & Liu, Yingchun, 2010. "Illiquidity, transaction cost, and optimal holding period for real estate: Theory and application," Journal of Housing Economics, Elsevier, vol. 19(2), pages 109-118, June.
    6. Tiffany Hutcheson & Graeme Newell, 2018. "Decision-making in the management of property investment by Australian superannuation funds," Australian Journal of Management, Australian School of Business, vol. 43(3), pages 404-420, August.
    7. Fayez A. Elayan & Thomas O. Meyer & Jingyu Li, 2006. "Evidence from Tax-Exempt Firms on Motives for Participating in Sale-Leaseback Agreements," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 381-410.
    8. Dennis R. Capozza & Sohan Lee, 1995. "Property Type, Size, and REIT Value," Journal of Real Estate Research, American Real Estate Society, vol. 10(4), pages 363-380.
    9. Leon G. Shilton & James R. Webb, 1989. "Commercial Loan Underwriting and Option Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 1-12.
    10. Pfnür, Andreas & Armonat, Stefan, 2001. "Immobilienkapitalanlage institutioneller Investoren – Risikomanagement und Portfolioplanung," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35586, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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