Rewarding a Long-Term Investment Strategy: REITs

Feng, Zifeng; Hardin, William G.; Wang, Chongyu

doi:10.1080/08965803.2021.2001896

Cited by 18 publications

(5 citation statements)

References 44 publications

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“…However, their core distinction from other entities or companies involved in real estate investment resides in their tax structure and distribution requirements. Enacted through the REIT Act of 1960, REITs were established as an investment instrument to promote long-term investment and broad ownership of commercial real estate assets (Feng et al, 2022). From an investor's standpoint, a primary advantage of this vehicle lies in the use of tax-efficient framework within the corporate structure, as outlined by the U.S. Internal Rev-enue Code (Feng et al, 2011).…”

Section: Legislative Background Of Rideamentioning

confidence: 99%

Business Model Transformation of Reits in the Senior Housing Sector

Yoo,

Jeon

2024

International Journal of Strategic Property Management

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This study examines the transformative impact of the REIT Investment Diversification and Empowerment Act (RIDEA) of 2007 on Real Estate Investment Trusts (REITs) and their partnerships with operating entities in the U.S. senior housing industry. We explore how REITs, functioning as both asset owners and managers, adapt their business strategies in response to the evolving business landscape. Employing a case study approach rooted in Zott and Amit’s (2010) conceptualization of business models, the study identifies and analyzes notable shifts in market participants’ recognition of value-enhancing approaches, encompassing not only traditional rental income but also the operational performance of property managers. The findings reveal an expanded risk and profit-sharing mechanism propelled by the newly implemented business framework based on RIDEA, fostering enhanced alignment of interests between REITs and operators compared to the traditional business framework. While this effect under the new model holds the potential for significant enhancements in operational efficiency for asset managers, it concurrently introduces complexities arising from heightened financial and market risks, as well as challenges related to workforce management. Our findings offer valuable insights to industry experts, including REITs, operators, investors, and policymakers, enriching their comprehension of the evolving business models within the senior housing sector.

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Section: Legislative Background Of Rideamentioning

confidence: 99%

Business Model Transformation of Reits in the Senior Housing Sector

Yoo,

Jeon

2024

International Journal of Strategic Property Management

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“…Historically, they have developed as ports of entry into a country. Conventional wisdom and prior research (Devaney et al, 2019;Feng et al, 2022;Ling et al, 2019) consider Boston, Chicago, New York, Los Angeles, San Francisco, and Washington, D.C. as gateway markets. We use this six-city definition as our initial set of gateway markets.…”

Section: Gateway Versus Non-gateway Marketsmentioning

confidence: 99%

“…Zhu and Lizieri (2022) find evidence that such risk is priced in U.S. REITs, with allocations to more volatile markets being compensated with higher returns. Using a six-market definition of gateway markets, Feng et al (2022) find that REITs with higher allocations to those markets exhibit higher returns on assets, after controlling for several other characteristics. On the basis of the same classification of markets, Ling et al (2019) find evidence that it is only possible to time MSA outperformance in non-gateway markets, suggesting that those are less efficient.…”

Section: Introductionmentioning

confidence: 97%

Portfolio Diversification across U.S. Gateway and Non-Gateway Real Estate Markets

Hoesli

Johner

2021

SSRN Journal

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“…The real estate and brokerage markets are therefore intertwined and highly dependent on each other (Zumpano et al. , 2000), yet they differ in structure, as the real estate market is capital-intense whereas the brokerage industry is human-intense (Feng et al. , 2022; Chinloy, 1988; Groot et al.…”

Section: Introductionmentioning

confidence: 99%

“…The mediating function of real estate brokerage (brokerage) is crucial for the real estate market as it is a prerequisite for secure and efficient real estate transactions (Elder et al, 1999;Yavas, 1994;Yavas, 2007). The real estate and brokerage markets are therefore intertwined and highly dependent on each other (Zumpano et al, 2000), yet they differ in structure, as the real estate market is capital-intense whereas the brokerage industry is human-intense (Feng et al, 2022;Chinloy, 1988;Groot et al, 2011;Zumpano et al, 2000). Over time however, brokerage firms are becoming more aware of the value of talented employees as assets needing to be managed in a proper way since each individual real estate broker (broker) are affecting revenues (Philips and Roper, 2009).…”

Section: Introductionmentioning

confidence: 99%

The occupational life cycle of real estate brokers: a cohort study

Ahlenius

Berggren

Gerdemark

et al. 2022

JERER

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PurposeThe purpose of this article is to describe and analyze the occupational life cycle of Swedish real estate brokers.Design/methodology/approachVoluntary turnover among real estate brokers could lead to occupational turnover and/or employee turnover and has been described as problematic by both practitioners and researchers alike. Most previous studies focusing on this issue have explored connections between real estate brokers' personality, economic and market conditions and turnover. Employee turnover involves shifting jobs within the profession (real estate brokerage), whereas occupational turnover concerns movement to a job not related to the real estate brokerage profession. Both perspectives on turnover are however lacking data about the average time spent as a broker. This study fills this gap by exploring real estate brokers' life cycle through data analysis using a cohort study consisting of a sample of 5,304 real estate brokers registered and/or deregistered over a ten-year period from 2010 to 2019.FindingsThe analysis show that the decline is almost linear, resulting in 50% of the newly registered real estate brokers remain in the occupation eight years after registration. These findings are not in line with previous assumptions as the real estate brokers' life cycle is substantially longer. The results also reveal that there are differences in life cycles due to gender and year of registration.Originality/valueThe analysis of longitudinal, aggregated data on the life cycle of real estate brokers is highly relevant as it serves as a point of reference for future longitudinal studies analyzing the motives for leaving the occupation.

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Rewarding a Long-Term Investment Strategy: REITs

Cited by 18 publications

References 44 publications

Business Model Transformation of Reits in the Senior Housing Sector

Business Model Transformation of Reits in the Senior Housing Sector

Portfolio Diversification across U.S. Gateway and Non-Gateway Real Estate Markets

The occupational life cycle of real estate brokers: a cohort study

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