房地产集群对房地产投资信托运营效率和公司价值的影响

Daniel Huerta, Christopher Mothorpe
{"title":"房地产集群对房地产投资信托运营效率和公司价值的影响","authors":"Daniel Huerta, Christopher Mothorpe","doi":"10.1007/s11146-023-09973-w","DOIUrl":null,"url":null,"abstract":"<p>Conditioned geographical clustering is the strategy of grouping portions of a REIT’s property portfolio within a contiguous region to exploit economies of scale through spatial proximity. This paper examines the impact of conditioned geographical clustering on REIT operational efficiency and value. Our results suggest REITs create value by employing a strategy of property clustering and that operational efficiency is the primary channel through which increases in value are achieved. In addition, results suggest conditioned geographic clustering mitigates the REIT geographical diversification discount. Our findings support an optimal degree of property clustering within the 5th to 35th percentiles of the sample distribution and suggest the optimal cluster size has a radius between 50 and 75 miles.</p>","PeriodicalId":22891,"journal":{"name":"The Journal of Real Estate Finance and Economics","volume":"29 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Impact of Property Clustering on REIT Operational Efficiency and Firm Value\",\"authors\":\"Daniel Huerta, Christopher Mothorpe\",\"doi\":\"10.1007/s11146-023-09973-w\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Conditioned geographical clustering is the strategy of grouping portions of a REIT’s property portfolio within a contiguous region to exploit economies of scale through spatial proximity. This paper examines the impact of conditioned geographical clustering on REIT operational efficiency and value. Our results suggest REITs create value by employing a strategy of property clustering and that operational efficiency is the primary channel through which increases in value are achieved. In addition, results suggest conditioned geographic clustering mitigates the REIT geographical diversification discount. Our findings support an optimal degree of property clustering within the 5th to 35th percentiles of the sample distribution and suggest the optimal cluster size has a radius between 50 and 75 miles.</p>\",\"PeriodicalId\":22891,\"journal\":{\"name\":\"The Journal of Real Estate Finance and Economics\",\"volume\":\"29 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-01-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Journal of Real Estate Finance and Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1007/s11146-023-09973-w\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Journal of Real Estate Finance and Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s11146-023-09973-w","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

摘要

有条件的地域集群是指将房地产投资信托基金的部分物业组合集中在一个毗邻区域内,通过空间上的邻近性利用规模经济的策略。本文研究了有条件地理集群对房地产投资信托基金运营效率和价值的影响。我们的研究结果表明,房地产投资信托基金通过采用房地产集群战略来创造价值,而运营效率是实现价值增长的主要渠道。此外,结果表明,有条件的地域集群可以减轻房地产投资信托基金的地域多样化折扣。我们的研究结果支持在样本分布的第 5 至第 35 百分位数范围内进行最佳物业集群,并表明最佳集群规模的半径在 50 至 75 英里之间。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

The Impact of Property Clustering on REIT Operational Efficiency and Firm Value

The Impact of Property Clustering on REIT Operational Efficiency and Firm Value

Conditioned geographical clustering is the strategy of grouping portions of a REIT’s property portfolio within a contiguous region to exploit economies of scale through spatial proximity. This paper examines the impact of conditioned geographical clustering on REIT operational efficiency and value. Our results suggest REITs create value by employing a strategy of property clustering and that operational efficiency is the primary channel through which increases in value are achieved. In addition, results suggest conditioned geographic clustering mitigates the REIT geographical diversification discount. Our findings support an optimal degree of property clustering within the 5th to 35th percentiles of the sample distribution and suggest the optimal cluster size has a radius between 50 and 75 miles.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信