This paper examines major sales of real property by public U.S. Real Estate Investment Trusts (REITs) 1998-2002, and uses event study methodology to measure shareholder returns related to these events. In contrast to results reported for REIT sell-offs prior to 1990, but consistent with findings...

We examine 111 mergers and acquisitions by public U.S. Real Estate Investment Trusts (REITs) 1997-2005. We find that acquirer abnormal shareholder returns are significantly positive for mergers with private targets and significantly negative for public targets, a result that is consistent with...