Ownership Structure, Property Performance, Multifamily Properties and Reits

Posted: 8 Jul 2009 Last revised: 16 Jul 2009

See all articles by William G. Hardin

William G. Hardin

Florida International University (FIU) - College of Business Administration

Matthew D. Hill

Arkansas State University

Date Written: July 7, 2009

Abstract

This research extends literature that empirically evaluates the impact of ownership and management structure on property level performance. The results show that multifamily properties owned and managed by real estate investment trusts (REITs) generate higher effective rents at the property level than non-REIT owned properties. After controlling for positive operating scale and brand effects, REIT property level performance is better than non-REIT property level performance in the market studied. The REIT structure represents diversified scale operators with property management skills. The results imply that the structure of property ownership can impact property performance.

Keywords: REIT, ownership structure, value

Suggested Citation

Hardin, William G. and Hill, Matthew D., Ownership Structure, Property Performance, Multifamily Properties and Reits (July 7, 2009). Journal of Real Estate Research, Forthcoming, Available at SSRN: https://ssrn.com/abstract=1431038

William G. Hardin

Florida International University (FIU) - College of Business Administration ( email )

Miami, FL 33199
United States

Matthew D. Hill (Contact Author)

Arkansas State University ( email )

2713 Pawnee
P.O. Box 1750
Jonesboro, AR 72467-115
United States

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