Tenant stock market performance and retail Real Estate prices

References

• Ambrose, B., Shafer, M., & Yildirim, Y. (2018). The impact of tenant diversification on spreads and default rates for Mortgages on retail properties. The Journal of Real Estate Finance & Economics, 56(1), 1–32. https://doi.org/10.1007/s11146-016-9579-7
   Web of Science ®Google Scholar
• Benjamin, J. D., Boyle, G. W., & Sirmans, C. F. (1992). Price discrimination in shopping center leases. Journal of Urban Economics, 32(3), 299–317. https://doi.org/10.1016/0094-1190(92)90020-L
   Web of Science ®Google Scholar
• Benjamin, J. D., & Chinloy, P. (2004). The structure of a retail lease. Journal of Real Estate Research, 26(2), 223–236. https://doi.org/10.1080/10835547.2004.12091137
   Google Scholar
• Benjamin, J. D., Jud, D., & Winkler, D. (1998a). A simultaneous model and empirical test of the demand and supply of retail space. Journal of Real Estate Research, 16(1), 1–14. https://doi.org/10.1080/10835547.1998.12090938
   Google Scholar
• Benjamin, J. D., Jud, D., & Winkler, D. (1998b). The supply adjustment process in retail space markets. Journal of Real Estate Research, 15(3), 297–308. https://doi.org/10.1080/10835547.1998.12090931
   Google Scholar
• Beracha, E., Hardin, W. G., & Skiba, H. M. (2018). Real estate market segmentation: Hotels as exemplar. The Journal of Real Estate Finance & Economics, 56(2), 252–273. https://doi.org/10.1007/s11146-017-9598-z
   Web of Science ®Google Scholar
• Bliss, L., (2018). The ticking time bomb for suburban retail, Bloomberg, https://www.bloomberg.com/news/articles/2018-03-08/the-grim-outlook-for-suburban-retail.
   Google Scholar
• Chacon, R. G. (2023). Tenant concentration in REITs. The Journal of Real Estate Finance & Economics, 66, 636–679. https://doi.org/10.1007/s11146-021-09829-1
   Web of Science ®Google Scholar
• Chasco, C., & Le Gallo, J. (2013). The impact of objective and subjective measures of air quality and noise on house prices: A multilevel approach for Downtown Madrid. Economic Geography, 89(2), 127–148. https://doi.org/10.1111/j.1944-8287.2012.01172.x
   Web of Science ®Google Scholar
• Chen, H., Harrison, D. M., & Khoshnoud, M. (2020). Investors’ limited attention: Evidence from REITs. The Journal of Real Estate Finance & Economics, 61(3), 408–442. https://doi.org/10.1007/s11146-018-9667-y
   Web of Science ®Google Scholar
• Cho, H., & Shilling, J. D. (2007). Valuing retail shopping center lease contracts. Real Estate Economics, 35(4), 623–649. https://doi.org/10.1111/j.1540-6229.2007.00203.x
   Web of Science ®Google Scholar
• Chun, G. H., Eppli, M. J., & Shilling, J. D. (2001). A simulation analysis of the relationship between retail sales and shopping center rents. Journal of Real Estate Research, 21(3), 163–186. https://doi.org/10.1080/10835547.2001.12091052
   Google Scholar
• Chun, G. H., Eppli, M. J., & Shilling, J. D. (2003). The effect of firm characteristics on the use of percentage retail leases. The Journal of Real Estate Finance & Economics, 27(1), 25–37. https://doi.org/10.1023/A:1023655328856
   Web of Science ®Google Scholar
• Clayton, J., Ling, D. C., & Naranjo, A. (2009). Commercial real estate Valuation: Fundamentals versus investor sentiment. The Journal of Real Estate Finance & Economics, 38(1), 5–37. https://doi.org/10.1007/s11146-008-9130-6
   Web of Science ®Google Scholar
• Corgel, J. B., Liu, C., & White, R. M. (2015). Determinants of hotel property prices. The Journal of Real Estate Finance & Economics, 51(3), 415–439. https://doi.org/10.1007/s11146-015-9494-3
   Web of Science ®Google Scholar
• DeFranco, A., Koh, Y., Prem, P., & Love, B. (2022). Inclusion of condominium units in luxury hotels as a diversification strategy: Property performance perspective. Cornell Hospitality Quarterly, 63(1), 108–118. https://doi.org/10.1177/19389655211050398
   Web of Science ®Google Scholar
• Dermisi, S. V., & McDonald, J. F. (2010). Selling prices/sq.Ft. of office buildings in Downtown Chicago – how much is it worth to be an old but class a building. Journal of Real Estate Research, 32(1), 1–21. https://doi.org/10.1080/10835547.2010.12091270
   Web of Science ®Google Scholar
• Des Rosiers, F., Thériault, M., & Lavoie, C. (2009). Retail concentration and shopping center rents-A comparison of two cities. Journal of Real Estate Research, 31(2), 165–208. https://doi.org/10.1080/10835547.2009.12091250
   Web of Science ®Google Scholar
• Des Rosiers, F., Thériault, M., & Menetrier, L. (2005). Spatial versus non-spatial determinants of shopping center rents: Modeling location and neighborhood-related factors. Journal of Real Estate Research, 27(3), 293–320. https://doi.org/10.1080/10835547.2005.12091158
   Google Scholar
• DiPasquale, D., & Wheaton, W. C. (1996). Urban economics and real estate markets. Prentice-Hall.
   Google Scholar
• Djurdjevic, D., Eugster, C., & Haase, R. (2008). Estimation of Hedonic Models using a multilevel approach: An application for the Swiss rental market. Swiss Journal of Economics and Statistics, 144(4), 679–701. https://doi.org/10.1007/BF03399271
   Google Scholar
• Eppli, M. J., & Laposa, S. P. (1997). A descriptive analysis of the retail Real Estate markets at the Metropolitan level. Journal of Real Estate Research, 14(3), 321–338. https://doi.org/10.1080/10835547.1997.12090899
   Google Scholar
• Eppli, M. J., & Shilling, J. D. (1996). How critical is a good location to a regional shopping center? Journal of Real Estate Research, 12(2), 459–468. https://doi.org/10.1080/10835547.1996.12090840
   Google Scholar
• Eppli, M. J., Shilling, J. D., & Vandell, K. D. (1998). What Moves retail property returns at the Metropolitan level? The Journal of Real Estate Finance & Economics, 16(3), 317–342. https://doi.org/10.1023/A:1007783900583
   Web of Science ®Google Scholar
• Freybote, J., & Seagraves, P. (2017). Heterogeneous investor sentiment and institutional Real Estate Investments. Real Estate Economics, 45(1), 154–176. https://doi.org/10.1111/1540-6229.12132
   Web of Science ®Google Scholar
• Freybote, J., & Seagraves, P. (2018). The impact of investor sentiment on commercial Real Estate market liquidity. Journal of Real Estate Research, 40(4), 597–628. https://doi.org/10.1080/10835547.2018.12091513
   Web of Science ®Google Scholar
• Freybote, J., Simon, L., & Beitelspacher, L. (2016). Understanding the contribution of curb appeal to retail real estate values. Journal of Property Research, 33(2), 147–161. https://doi.org/10.1080/09599916.2015.1135978
   Web of Science ®Google Scholar
• Fry, R. (2020). Prior to COVID-19, urban core counties in the U.S. were gaining vitality on key measures, Pew Research Institute, July 2020, https://www.pewresearch.org/social-trends/2020/07/29/prior-to-covid-19-urban-core-counties-in-the-u-s-were-gaining-vitality-on-key-measures/.
   Google Scholar
• Gatzlaff, D. H., Sirmans, G. S., & Diskin, B. A. (1994). The effect of anchor tenant loss on shopping center rents. Journal of Real Estate Research, 9(1), 99–110. https://doi.org/10.1080/10835547.1994.12090738
   Google Scholar
• Gerbich, M. (1998). Shopping center rentals: An empirical analysis of the retail tenant mix. Journal of Real Estate Research, 15(3), 283–296. https://doi.org/10.1080/10835547.1998.12090926
   Google Scholar
• Gould, E. D., Pashigian, B. P., & Prendergast, C. J. (2005). Contracts, externalities, and incentives in shopping malls. The Review of Economics and Statistics, 87(3), 411–422. https://doi.org/10.1162/0034653054638355
   Web of Science ®Google Scholar
• Guven, G., Inci, E., & Russo, A. (2022). Competition, concentration and percentage rent in retail leasing. Real Estate Economics, 50(2), 401–430. https://doi.org/10.1111/1540-6229.12288
   Web of Science ®Google Scholar
• Hardin, W., & Carr, J. (2006). Disaggregating neighborhood and community center property types. Journal of Real Estate Research, 28(2), 167–192. https://doi.org/10.1080/10835547.2006.12091174
   Web of Science ®Google Scholar
• Hardin, W. G., & Wolverton, M. L. (2001). Neighborhood center Image and rents. The Journal of Real Estate Finance & Economics, 23(1), 31–46. https://doi.org/10.1023/A:1011112707018
   Web of Science ®Google Scholar
• Hardin, W. G., Wolverton, M. L., & Carr, J. (2002). An empirical analysis of Community center rents. Journal of Real Estate Research, 23(1–2), 163–178. https://doi.org/10.1080/10835547.2002.12091078
   Google Scholar
• Hendershott, P. H., & Ward, C. W. R. (2003). Valuing and pricing retail leases with renewal and overage options. The Journal of Real Estate Finance & Economics, 26(2–3), 223–240. https://doi.org/10.1023/A:1022982809636
   Web of Science ®Google Scholar
• Hui, E. C. M., Yiu, C. Y., Yau, Y., & Ooi, J. (2007). Retail properties in Hong Kong: A rental analysis. Journal of Property Investment & Finance, 25(2), 136–146. https://doi.org/10.1108/14635780710733825
   Google Scholar
• Isakson, H. (2004). Analysis of the effects of large lot zoning. Journal of Real Estate Research, 26(4), 397–416. https://doi.org/10.1080/10835547.2004.12091144
   Google Scholar
• Kaiser, C., & Freybote, J. (2022). Is E-commerce an investment risk priced by retail Real Estate investors? An investigation. Journal of Property Research, 39(3), 197–214. https://doi.org/10.1080/09599916.2021.1996447
   Web of Science ®Google Scholar
• Koller, K. P., & Pennington-Cross, A. (2019). The density of convenience retail and the type of traffic—commuting, local and retail. Journal of Real Estate Research, 41(2), 319–346. https://doi.org/10.1080/10835547.2019.12091528
   Web of Science ®Google Scholar
• Konishi, H., & Sandfort, M. (2003). Anchor stores. Journal of Urban Economics, 53(3), 413–435. https://doi.org/10.1016/S0094-1190(03)00002-0
   Web of Science ®Google Scholar
• Lee, K. (1995). Optimal retail lease contracts: The principal-agent approach. Regional Science and Urban Economics, 25(6), 727–738. https://doi.org/10.1016/0166-0462(95)02104-3
   Web of Science ®Google Scholar
• Lee, M.-L., & Pace, R. K. (2005). Spatial Distribution of Retail Sales. The Journal of Real Estate Finance & Economics, 31(1), 53–69. https://doi.org/10.1007/s11146-005-0993-5
   Web of Science ®Google Scholar
• Ling, D. C., Naranjo, A., & Scheick, B. (2014). Investor sentiment, limits to arbitrage, and private market returns. Real Estate Economics, 42(3), 531–577. https://doi.org/10.1111/1540-6229.12037
   Web of Science ®Google Scholar
• Liu, C., & Liu, P. (2013). Is what’s bad for the goose (tenant), bad for the gander (landlord)? A retail real estate perspective. Journal of Real Estate Research, 35(3), 249–282. https://doi.org/10.1080/10835547.2013.12091369
   Web of Science ®Google Scholar
• Liu, C. H., Liu, P., & Zhang, Z. (2019). Real assets, liquidation value and choice of financing. Real Estate Economics, 47(2), 478–508. https://doi.org/10.1111/1540-6229.12148
   Web of Science ®Google Scholar
• Lu-Andrews, R. (2017). Tenant quality and REIT liquidity management. The Journal of Real Estate Finance & Economics, 54(3), 272–296. https://doi.org/10.1007/s11146-016-9575-y
   Web of Science ®Google Scholar
• Mejia, L., & Benjamin, J. (2002). What do we know about the determinants of shopping center sales? Spatial vs. Non-spatial factors. Journal of Real Estate Literature, 10(1), 1–26. https://doi.org/10.1080/10835547.2002.12090107
   Google Scholar
• Nase, I., Berry, J., & Adair, A. (2013). Hedonic modelling of high street retail properties: A quality design perspective. Journal of Property Investment & Finance, 31(2), 160–178. https://doi.org/10.1108/14635781311302582
   Google Scholar
• Neil, F., & Webb, J. (1994). Retail Stocks, retail REITs and retail Real Estate. Journal of Real Estate Research, 9(1), 65–84. https://doi.org/10.1080/10835547.1994.12090736
   Google Scholar
• Okoruwa, A., Nourse, H., & Terza, J. (1994). Estimating sales for retail centers: An application of the poisson gravity model. Journal of Real Estate Research, 9(1), 85–97. https://doi.org/10.1080/10835547.1994.12090741
   Google Scholar
• Ownbey, K., Davis, K., & Sundel, H. (1994). The effect of location variables on the gross rents of neighborhood shopping centers. Journal of Real Estate Research, 9(1), 111–123. https://doi.org/10.1080/10835547.1994.12090742
   Google Scholar
• Parker, K., Horowitz, J., Brown, A., Fry, R., Cohn, D., & Igielnik, R. (2018). What unites and divides urban, suburban and rural communities. Pew Research Center, May 22, 2018, https://www.pewresearch.org/social-trends/2018/05/22/what-unites-and-divides-urban-suburban-and-rural-communities/.
   Google Scholar
• Parlette, V., & Cowen, D. (2011). Dead malls: Suburban activism, local spaces, global logistics. International Journal of Urban and Regional Research, 35(4), 794–811. https://doi.org/10.1111/j.1468-2427.2010.00992.x
   Web of Science ®Google Scholar
• RERC, National Association of Realtors, Deloitte Development LLC & SitusAMC. (2021). Expectations & Market Realities in Real Estate: 2021: Finding Alpha, available at: https://store.rerc.com/products/expectations-market-realities-in-real-estate-2021.
   Google Scholar
• Riley, S. F. (2012). Land use regulations and the returns to low-income homeownership. The Annals of Regional Science, 49(3), 745–766. https://doi.org/10.1007/s00168-011-0450-8
   Web of Science ®Google Scholar
• Schlauch, A., & Laposa, S. (2001). E-tailing and internet-related Real Estate cost savings: A comparative analysis of E-tailers and retailers. Journal of Real Estate Research, 21(1–2), 43–54. https://doi.org/10.1080/10835547.2001.12091042
   Google Scholar
• Shin, W.-J., Saginor, J., & Van Zandt, S. (2011). Evaluating subdivision characteristics on single-family housing value using hierarchical linear modeling. Journal of Real Estate Research, 33(3), 317–348. https://doi.org/10.1080/10835547.2011.12091310
   Web of Science ®Google Scholar
• Sirmans, C. F., & Guidry, K. A. (1993). The determinants of shopping center rents. Journal of Real Estate Research, 8(1), 107–115. https://doi.org/10.1080/10835547.1993.12090700
   Google Scholar
• Tsolacos, S. (1999). Retail building cycles: Evidence from Great Britain. Journal of Real Estate Research, 18(1), 197–218. https://doi.org/10.1080/10835547.1999.12090991
   Google Scholar
• Wheaton, W. C. (2000). Percentage rent in retail leasing: The alignment of landlord-tenant Interests. Real Estate Economics, 28(2), 185–204. https://doi.org/10.1111/1540-6229.00798
   Web of Science ®Google Scholar
• Wiley, J. A., Benefield, J. D., & Johnson, K. H. (2010). Green design and the market for commercial office space. The Journal of Real Estate Finance & Economics, 41(2), 228–243. https://doi.org/10.1007/s11146-008-9142-2
   Web of Science ®Google Scholar
• Zhang, S., Duijn, M. V., & Vlist, A. V. D. (2020). Tenant mix and retail rents in High street shopping districts. The Journal of Real Estate Finance & Economics, 67(1), 72–107. https://doi.org/10.1007/s11146-020-09768-3
   Web of Science ®Google Scholar