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Long Run Underperformance in REITs Following Seasoned Equity Offerings

Author

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  • Shawn Howton
  • Shelly Howton
  • H. Friday

Abstract

Executive Summary. This study examines the long-run performance of real estate investment trusts (REITs) following seasoned equity offerings (SEOs). Over 61% of the 178 REITs examined underperform an index of REITs for the first year after the issue, and over 72% of the firms underperform the index for three years following the issue. The sample is partitioned according to book-to-market value of equity ratio, market value of equity and REIT type. The results reveal that all REIT subsamples except the highest book-to-market quintile and the lowest size quintile exhibit the same patterns of underperform-ance observed in the full sample. In addition, equity REITs underperform the index for both one and three years while non-equity REITs underperform for three years but exhibit no underperformance for one year following the SEO.

Suggested Citation

  • Shawn Howton & Shelly Howton & H. Friday, 2000. "Long Run Underperformance in REITs Following Seasoned Equity Offerings," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 6(4), pages 355-363, January.
    • Handle: RePEc:taf:repmxx:v:6:y:2000:i:4:p:355-363
    DOI: 10.1080/10835547.2000.12089619
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