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Corporate focus, residential assets, and the performance of French REITs

Beaubrun-Diant, Kévin; Maury, Tristan-Pierre (2021), Corporate focus, residential assets, and the performance of French REITs, Bulletin of Economic Research, p. 1-23. 10.1111/boer.12311

Type
Article accepté pour publication ou publié
Date
2021
Journal name
Bulletin of Economic Research
Publisher
Wiley
Pages
1-23
Publication identifier
10.1111/boer.12311
Metadata
Show full item record
Author(s)
Beaubrun-Diant, Kévin
Laboratoire d'Economie de Dauphine [LEDa]
Maury, Tristan-Pierre
ESSEC Business School
Research Center on Economics
Abstract (EN)
This paper raises the question of the specific impact of the share of residential assets on the performance of real estate investment trusts (REITs). In the literature, many articles questioning the importance of the nature of assets held in general (and residential assets in particular) do not take the level of diversification of REITs into account. We incorporate this factor into our analysis and integrate our measure of the effects of residential assets in a framework controlling for the impact of the diversification of the type of real estate assets held. Based on French data, we question whether REITs holding residential assets perform better than REITs holding little or no residential assets for a given level of diversification. We do not detect any significant diversification effect on the performances of French REITs. We also test the impact of asset diversification on REITs market volatility. We provide some evidence that firms with strongly concentrated balance sheets are more volatile than diversified firms, but this effect is weaker for REITs holding mostly residential rather than other types of assets.
Subjects / Keywords
Diversification; Residential real estate market; REITS
JEL
R31 - Housing Supply and Markets
R33 - Nonagricultural and Nonresidential Real Estate Markets
G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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