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Abstract
Executive Summary. This study examines whether the operating performance improves following real estate investment trust (REIT) open-market stock repurchase announcements. Based on REIT repurchases announced over the 1991–2001 period, we do not find any evidence that the operating performance of REITs improves in the four years following the repurchase announcement. Furthermore, we do not find any evidence that the size of a repurchase program is positively related to future operating performance. Consequently, the announcement of open-market stock repurchases by REITs does not contain any positive information about the long-term future prospect of REITs.