This study provide empirical evidence whether bias in the standard errors of Jensen’s alpha explains conflicting results in the extant literature in real estate funds. Significant alphas in real estate mutual funds and REITs are compared with heteroskedasticity consistent covariance matrix estimators (HC1, HC2 and HC3), Newey-West standard errors, a robust regression tempering the effect of high leverage points, a GARCH model, and a HC3 adjusted wild bootstrap. In the analysis of real estate mutual funds and a separate sample set of REITs, the HCCME had a minimal impact attenuating the number of firms with excess returns. Contrary to expectations the differences from HC1 to HC2 to HC3 were also negligible. The Newey-West standard error provided highly variable results when compared with the OLS results particularly in the REIT sample. Of the techniques to adjust for bias in the standard error, the wild bootstrap with HC3 adjustment to the standard error provided the most conservative result to the number of real estate mutual funds and REITs with significant alphas. The co-movement of real estate funds suggests common exogenous influences. Including state variables such as the changes in unexpected inflation, term spread, default spread, market skewness and industrial production growth in a multi-factor model is used to identify systemic economic factors in significant alphas. The significant alphas varied with the inclusion of these variables, the time period and the bias adjustment.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2019 / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019 / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 89-93). / Historically, land use planning has treated industrial land uses either antagonistically or ambivalently. Traditional zoning approaches have restricted, regulated, spatially isolated, and pushed industrial land to the periphery of cities, resulting in a significant loss of urban industrial land across American cities. But as the United States experiences a manufacturing renaissance and cities begin to recognize the value of centrally located industrial land in its contribution to the regional economy, planners are grappling with the issue of how best to secure these viable but vulnerable sites of employment and production. Advanced technologies that are changing the nature of manufacturing and logistics present an exciting opportunity and potential solution: the industrial mixed-use zone. This thesis explores the emerging land use tool of industrial-mixed use zoning, using Los Angeles as a case study. / The intent of the industrial mixed-use zone, which permits non-industrial uses, to varying degrees of intensities, in otherwise industrial districts, is to protect central locations for industrial operations when market forces might otherwise price them out. On the one hand, the zone can impede industrial business displacement through offering protection to compatible lighter industrial uses in transitioning neighborhoods. In doing so, it aims to create a live/work urban district in which several planning agendas are met and balanced, providing for industrial employment alongside affordable housing and public realm improvements. On the other hand, without strict use definitions, mix requirements or consistent regulation, the industrial mixed-use zone risks both accelerating the land use conversion process, operating as residential and commercial upzoning, and gentrifying industrial districts toward more artisanal and boutique industrial operations. / In 2019, the Los Angeles Department of City Planning will rezone industrial land in Downtown Los Angeles under a new zoning classification: hybrid-industrial. Through an exploration of Los Angeles' industrial land use policies, a process tracing of the evolution of hybrid-industrial zoning, and a dissection of the zoning ordinance's text, this thesis demonstrates the trade-offs associated with a mixed-use district and the potential challenges and pitfalls of implementation. / by Sarah Brown. / M.C.P. / S.M. in Real Estate Development / M.C.P. Massachusetts Institute of Technology, Department of Urban Studies and Planning / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Abstract not available

The aim of this thesis is to investigate the difference between front-line employees' perception of service versus the customer's perception of the service delivery within the New Zealand Real Estate Industry. This research examines the service perception of the service delivery within the real estate industry using an exploratory study, pre-test and a survey. The lack of knowledge within real estate particularly around the importance of services has been a major motivator for this research. In reviewing the literature, a substantial amount of literature was available on service delivery however there was a gap in the literature on the service delivery in the real estate industry. This research addresses this gap through analysing the real estate industry, focusing on the Auckland market. Four dimensions of service were identified using SERVQUAL. Findings from the factor analysis showed that employees and clients have different perceptions of service. The management implications are wide and will positively impact the industry. For the industry, increasing service delivery will ensure the industry gains a more professional image and standing within New Zealand business.

I was interested in researching the underlying factors that drove resiliency in regional U.S. hotel markets. I did this by conducting an empirical analysis of twenty nine different markets post September 11 and investigating general, leisure and business variables. I concluded that leisure variables were the underlying drivers of resiliency in regional U.S. hotel markets. I then conducted an event study to try to apply my findings to stock market prices of publicly traded hotel companies. Although it was a challenge to differentiate between companies that depended more on leisure versus business customers due to their asset diversification, I categorized each company into one of the two subsets. If my findings held, I would assume that that the cumulative abnormal returns for the companies that relied on business customers would be more negative than the companies who relied on leisure customers. However, this was not the case, so the findings that leisure variables drive market resiliency were not a good predictor of stock market reaction.

This paper will assess the relationship between tenant characteristics and public REIT volatility. Specifically, we focus on the retail REIT subset of the industry. Given that retail REITs are one the most transparent asset classes, they provide an interesting landscape for evaluating the relationship between the firm and the customers, or in this case, the tenants. Specifically, we assess how major tenant ownership, public or private equity owned, impacts the volatility of the REIT’s stock price using 2010 data on 30 retail REITs. Controlling for tenant credit quality, leverage, ROE, book-to-market, size, age, region and property focus, we find that a higher percentage of rental revenue from private equity owned tenants is associated with lower REIT stock volatility, and a higher percentage of rental revenue from publicly owned tenants is associated with higher REIT stock volatility.

The recent economic recession has had a significant impact on residential real estate both nationally and regionally. Our research is focused specifically on Cobb County, Georgia and the impact that the declining economy has had on home buying and property values in this area. Specifically, this research aims to identify changes in the residential market in terms of significant characteristics of housing and their corresponding effect on home values.

The effect of parks on residential real estate has been well recorded; however little research has been done to estimate the effects of parks on commercial real estate values. With the help of Geographic Information Systems and the transactions of nearly 10,000 properties from 2000 to early 2011, I produced three different hedonic commercial real estate sales models. Controlling for building characteristics, demographic variations within census groups, and locational attributes, I find that proximity to parks plays a role in the valuation of some property types. Little evidence is found to support the hypothesis that properties in proximity to parks are valued higher; however co-location of parks and other attributes could play a beneficial role in supplying cities with more parks while boosting surrounding property values.

Thesis (M.B.A.)--University of Hong Kong, 1985.

Thesis (Ph. D.)--University of California, San Diego, 2010. / Title from first page of PDF file (viewed Feb. 19, 2010). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 59-60).