家庭收入、资产位置与房地产价值:来自REITs的证据

Zifeng Feng
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引用次数: 2

摘要

本文研究了房地产的市场估值与资产所在地的收入增长之间的关系。本文基于美国国税局(IRS) 2000年至2018年的所得税数据和美国股权房地产投资信托基金(REITs)的个人财产信息,根据各REIT在不同大都市地区的资产位置,构建了每个REIT的家庭收入增长汇总指标。本文采用一种识别策略,将家庭收入冲击与房地产价值联系起来。首先,它表明,位于高家庭收入增长地区的房地产投资信托基金与较低的上限率(较高的市场估值)相关。然后,它说明了家庭收入增长正影响REITs的公司价值(以公司Q衡量)和股东价值(以市净率衡量)。此外,工资和薪金增长对房地产价值的影响程度远高于投资收入增长。进一步的分析提供了证据,表明在高收入增长地区拥有更多物业的REITs平均入住率更高,并且当使用不同的实证方法时,主要结果是稳健的。这些发现表明,在房地产投资组合的建设和运营中,应该考虑当地居民的收入问题。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Household Income, Asset Location and Real Estate Value: Evidence from REITs
This article investigates how the market valuation of properties is related to the income growth of their asset locations. Based on the income tax data from the Internal Revenue Service (IRS) and the individual property information of U.S. equity real estate investment trusts (REITs) from 2000-2018, the article constructs an aggregated measure of household income growth for each REIT based on its asset locations in different metropolitan areas. The paper adopts an identification strategy that links household income shocks to real estate value. First, it shows that REITs with more properties located in high household income growth areas are associated with lower cap rates (higher market valuation). Then, it illustrates that household income growth positively affects REITs' firm value (measured as firm Q) and shareholder value (measured as market-to-book equity ratio). Moreover, the magnitude of the impact on real estate value from wages & salaries growth is much higher than from investment income growth. Further analysis provides evidence that REITs with more properties located in high income growth areas have, on average, higher occupancy rates and that the main results are robust when a different empirical approach is used. These findings suggest that local residents' income matters and should be considered in real estate portfolio construction and operation.
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