The merger of two real estate investment trusts (REITs) consolidates two real estate portfolios. We classify equity REIT mergers according to whether they maintain portfolio focus, increase focus or are diversifying with respect to the predominant property type and the geography of the...

We explore a new investment dimension relating hedge fund exposure to the real estate market. Using fund level data from 1994 to 2012 from a major hedge fund data vendor, we identify 1,321 hedge funds as having significant exposure to direct or securitized real estate. We test for the economic...