We study the comovement of U.S. REIT equity returns and inflation shocks over 1981 to 2019, measured using both survey-based expected inflation and the realized CPI. Our empirical analysis reveals a complex relation between REIT equity returns and inflation shocks that changes sign depending on...

We investigate the relation between heat stress and commercial real estate (CRE) return and find a negative cross-sectional relationship. The total return on commercial property decreases when the local temperature is abnormally high. Furthermore, we show a negative cross-sectional association...

Since the onset of the Global Financial Crisis, the presence of institutional investors in housing markets has steadily increased over time. Real estate funds (REIFs) and other housing investment Örms leverage large-scale buy-to-rent real estate investments that enable them to set prices in...