Mariya Letdin, G. Stacy Sirmans, Greg T. Smersh, Tingyu Zhou
{"title":"The Role of Tenant Characteristics in Retail Cap Rate Variation","authors":"Mariya Letdin, G. Stacy Sirmans, Greg T. Smersh, Tingyu Zhou","doi":"10.1007/s11146-023-09958-9","DOIUrl":"https://doi.org/10.1007/s11146-023-09958-9","url":null,"abstract":"<p>This study examines the pricing of tenant credit risk utilizing variation in cap rates for single- tenant net lease (STNL) properties. Despite an abundant literature on micro- and macroeconomic factors that influence capitalization rates there is virtually no existing literature to evaluate investment risk pricing for individual tenants. Using a unique dataset of more than 8,200 single-tenant retail property transactions from 2001 to 2019 in the United States, we quantify the asset pricing implications of risk associated with tenant credit characteristics. Our results show that these tenant characteristics play an important role in explaining cap rate variations, and that investors are especially sensitive to expected income risk. Pricing implications of expected tenant income uncertainty, tenant income growth and asset location quality are also explored.</p>","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138538277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Do Higher House Prices Crowd-Out or Crowd-In Manufacturing? A Spatial Econometrics Approach","authors":"Ping Feng, Mahmut Yasar, Jeffrey P. Cohen","doi":"10.1007/s11146-023-09956-x","DOIUrl":"https://doi.org/10.1007/s11146-023-09956-x","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83511270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Marc K. Francke, Lyndsey Rolheiser, Alex M. van de Minne
{"title":"Estimating Census Tract House Price Indexes: A New Spatial Dynamic Factor Approach","authors":"Marc K. Francke, Lyndsey Rolheiser, Alex M. van de Minne","doi":"10.1007/s11146-023-09957-w","DOIUrl":"https://doi.org/10.1007/s11146-023-09957-w","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72902225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Unpledged Collateral, REIT Liquidity Constraints, and Asset Sales","authors":"Irem Demirci, Mehdi Rasteh, Erkan Yönder","doi":"10.1007/s11146-023-09950-3","DOIUrl":"https://doi.org/10.1007/s11146-023-09950-3","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88267850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
David M. Harrison, Michael J. Seiler, Liuming Yang
{"title":"The Impact of iBuyers on Housing Market Dynamics","authors":"David M. Harrison, Michael J. Seiler, Liuming Yang","doi":"10.1007/s11146-023-09954-z","DOIUrl":"https://doi.org/10.1007/s11146-023-09954-z","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"137 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72704530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Firm Leverage and Stock Price Crash Risk: The Chinese Real Estate Market and Three-Red-Lines Policy","authors":"Xiaoling Chu, Yongheng Deng, Desmond Tsang","doi":"10.1007/s11146-023-09953-0","DOIUrl":"https://doi.org/10.1007/s11146-023-09953-0","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"103 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89012264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Shadow Bank, Risk-Taking, and Real Estate Financing: Evidence from the Online Loan Market","authors":"Xiaoying Deng, Chong Liu, S. Ong","doi":"10.1007/s11146-022-09936-7","DOIUrl":"https://doi.org/10.1007/s11146-022-09936-7","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88211410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Hidden Financial Costs of the Opioid Crisis: Evidence from Mortgage Originations","authors":"S. Luo, Alan Tidwell","doi":"10.1007/s11146-023-09946-z","DOIUrl":"https://doi.org/10.1007/s11146-023-09946-z","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"89 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80370526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Revisit of Supply Elasticity and Within-city Heterogeneity of Housing Price Movements","authors":"Ren Ren, S. Wong, K. Chau","doi":"10.1007/s11146-023-09952-1","DOIUrl":"https://doi.org/10.1007/s11146-023-09952-1","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"504 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77345684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Lucas Critique of Mortgage Lending: Theory, Evidence, and Implications","authors":"Brent C. Smith, A. Yezer","doi":"10.1007/s11146-023-09951-2","DOIUrl":"https://doi.org/10.1007/s11146-023-09951-2","url":null,"abstract":"","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89455117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}