We examine institutional investors' entry into the equity side of the single‐family detached
housing market using an asset illiquidity framework. We find that institutional investors …

This study explores the outcome for REIT investment in response to NAV premiums
considering (1) the volume of acquisition activity, and (2) relative prices paid for individual …

Occupancy discount is a long-accepted doctrine in literature. Search theory supports such a
proposition, but the empirical evidence is mixed. In this study, we revisit this dilemma and …

US inflation measures, such as the Consumer Price Index, are adjusted for an aging-bias
based on estimates of the average rent depreciation. This study analyzes the characteristics …

Purpose With the marked increase in the awareness of earthquake risks following the
Canterbury earthquakes, the purpose of this paper is to assess if the reassessment of risk …

Triple-net leases are legal agreements by which tenants, beyond rent payments, are
responsible for operating expenses such as real estate taxes, insurance, and maintenance …

Purpose The purpose of this paper is to investigate whether energy-efficient green buildings
tend to provide net lease structures over gross lease ones. It then considers whether owners …

Purpose Automated valuation models (AVMs) are statistical asset pricing models
omnipresent in residential real estate markets, where they inform property tax assessment …

The importance of commercial real estate is clearly shown by the role it plays, worldwide, in
the sustainability of economic activities, with a substantial global impact when measured in …

This paper provides an analytical formula for valuing lease contracts in the most general
case, including adjustable leases, with cancellation, purchase, and default options. We then …