私人房地产投资信托基金和破产房地产投资信托基金的投资机会:实证检验

Q2 Economics, Econometrics and Finance

Journal of Real Estate Portfolio Management Pub Date : 2016-01-01 DOI:10.1080/10835547.2016.12089978

T. Jones, Justin D. Benefield, Jocelyn D. Evans

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引用次数: 2

摘要

本文在第七章和第十一章中首次提供了私营房地产公司破产资产出售的大样本证据。《破产法》第363(f)条授权出售财产而不涉及该财产的任何利益。使用一个独特的数据集，我们发现65.9%的私人房地产投资信托基金(REITs)和房地产有限合伙企业(relp)在破产期间出售资产。结果显示，relp比REITs更常被清算和出售，而那些幸存下来并避免资产出售的REITs是那些与母公司有圈养关系的REITs。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Investment Opportunities for Private REITs and RELPs Bankrupt Properties: An Empirical Examination

Executive Summary This paper provides the first large-sample evidence on privately-held real estate firm bankruptcy asset sales within Chapter 7 and 11. Section 363(f) of the Bankruptcy Code authorizes a sale of property free and clear of any interest in such property. Using a unique dataset, we find that 65.9% of private real estate investment trusts (REITs) and real estate limited partnerships (RELPs) sell assets within bankruptcy. The results reveal that RELPs are liquidated and sold more often than REITs and the REITs that survive and avoid asset sales are those that have captive relationships with a parent corporation.

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来源期刊

Journal of Real Estate Portfolio Management Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

自引率

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发文量

期刊介绍： The Journal of Real Estate Portfolio Management (JREPM) is a publication of the American Real Estate Society (ARES). Its purpose is to disseminate applied research on real estate investment and portfolio management.