Sale-leaseback transactions: Price premiums and market efficiency

Journal of Real Estate Research

Volumn 32, Issue 2, 2010, Pages 221-241

  Sirmans, C F ^a   Slade, Barrett A ^b  

^a FLORIDA STATE UNIVERSITY   (United States)

^b BRIGHAM YOUNG UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 77957105150     PISSN: 08965803     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (33)

1. Alvayay, J., R. Rutherford, and W. Smith. Tax Rules and the Sale and Leaseback of Corporate Real Estate. Real Estate Economics, 1995, 23:2, 207-38.
2. Attebery, W. and R. Rutherford. Industrial Real Estate Prices and Market Efficiency. Journal of Real Estate Research, 1993, 8:3, 377-86.
3. Barris, R. Sale-leasebacks Move to the Forefront: What is Motivating Buyers and Seller and What are Their Preferred Methods? Briefings in Real Estate Finance, 2002, 2:2, 103-12.
4. Berry, J., S. McGreal, S. Stevenson, J. Young, and J.R. Webb. Estimation of Apartment Submarkets. Journal of Real Estate Research, 2003, 25:2, 159-70.
5. Castle, D. Sale/Leasebacks: Taking Advantage of Hidden Value. Management Review, 1987, 76:11, 39-43.
6. Clayton, J. Further Evidence on Real Estate Market Efficiency. Journal of Real Estate Research, 1998, 15:1, 41-58.
7. de Leeuw, F. A Price Index for New Multifamily Housing. Survey of Current Business, 1993, 73:2, 33-42.
8. Des Rosiers, F. and M. Theriault. Rental Amenities and the Stability of Hedonic Prices: A Comparative Analysis of Five Market Segments. Journal of Real Estate Research, 1996, 12:1, 17-36.
9. Elayan, F., J. Li, and T. Meyer. Evidence from Tax-Exempt Firms on Motives for Participating in Sale-Leaseback Agreements. Journal of Real Estate Research, 2006, 28:4, 381-409.
10. Frew, J. and G. Jud. Estimating the Value of Apartment Buildings. Journal of Real Estate Research, 2003, 25:1, 77-86.
11. Fiore, N. From the Tax Adviser: Sale and Leaseback of Real Property. Journal of Accountancy, 2001, 191:5, 100-03.
12. Fisher, L. The Wealth Effects of Sale and Leasebacks: New Evidence. Real Estate Economics, 2004, 32:4, 619-43.
13. Grenadier, S. An Equilibrium Analysis of Real Estate Leases. Journal of Business, 2005, 78:4, 1173-1213.
14. Halvorsen, R. and R. Palmquist. The Interpretation of Dummy Variables in Semilogrithmic Regressions. American Economic Review, 1980, 70, 474-75.
15. Hardin, W. and M. Wolverton. Equity REIT Property Acquisitions: Do Apartment REITs Pay a Premium? Journal of Real Estate Research, 1999, 17:1, 113-26.
16. Holmes, A. and P. Horvitz. Mortgage Redlining: Race, Risk, and Demand. Journal of Finance, 1994, 49:1, 81-99.
17. Horn, J. Elusive Sources of Capital Forcing Corporations to Re-Focus on Benefits of Sale-Leaseback Financing. Real Estate Issues, 2000, 25:2, 35-41.
18. Hunter, W. and M. Walker. The Cultural Affinity Hypothesis and Mortgage Lending Decisions. Journal of Real Estate Finance and Economics, 1996, 13:1, 57-70.
19. Kim, E., W. Lewellen, and J. McConnell. Sale-and-Leaseback Agreements and Enterprise Valuation. Journal of Financial and Quantitative Analysis, 1978, 13:5, 871-83.
20. Lambson, V., G. McQueen, and B. Slade. Do Out-of-State Buyers Pay More for Real Estate? An Examination of Anchoring-Induced Bias and Search Costs. Real Estate Economics, 2004, 32:1, 85-126.
21. Lewellen, W., M. Long, and J. McConnell. Asset Leasing in Competitive Capital Markets. Journal of Finance, 1976, 31:3, 787-98.
22. Martinez, B. Why Own? Sell it and Then Lease Back the Space. Wall Street Journal, April 20, 1999, p. 1.
23. Moyer, C. and V. Krishnan. Sale and Leaseback Transactions: The Case of Electric Utilities. Quarterly Journal of Business & Economics, 1995, 34:4, 46-59.
24. Myers, S., D. Dill, and A. Bautista. Valuation of Financial Lease Contracts. Journal of Finance, 1976, 31:3, 799-819.
25. Phillips-Patrick, F. and C. Rossi. Statistical Evidence of Mortgage Redlining? A Cautionary Tale. Journal of Real Estate Research, 1996, 11:1, 13-23.
26. Polonchek, J., M. Slovin, and M. Sushka. Restructuring Transactions by Bank Holding Companies: The Valuation Effects of Sale-and-Leasebacks and Divestitures. Journal of Banking & Finance, 1991, 15:2, 237-55.
27. Polonchek, J., M. Slovin, and M. Sushka. Corporate Sale-and-Leasebacks and Shareholder Wealth. Journal of Finance, 1990, 45:1, 289-99.
28. Redman, A. and J. Tanner. The Financing of Corporate Real Estate: A Survey. Journal of Real Estate Research, 1991, 6:2, 217-40.
29. Richard, P. Corporate Property Sale and Leaseback Securitisation. Briefings in Real Estate Finance, 2003, 3:2, 117-29.
30. Rutherford, R. Empirical Evidence on Shareholder Value and the Sale-Leaseback of Corporate Real Estate, Journal of the American Real Estate and Urban Economics Association, 1990, 18:4, 522-29.
31. Saderion, Z., B. Smith, and C. Smith. An Integrated Approach to the Evaluation of Commercial Real Estate. Journal of Real Estate Research, 1994, 9:2, 151-68.
32. Shaw, J. Sale-Leasebacks Gain Popularity. Wall Street Journal, December 11, 2002, p. 1.
33. Valachi, D. Sale-Leaseback Solutions: Examine the Business and Tax Considerations of These Solutions. Commercial Investment Real Estate, 1999, 34-7.