2021
DOI: 10.1007/s11156-021-00965-6
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Concentrate or diversify? The relationship between tenant concentration and REIT performance

Abstract: This paper examines how a concentrated tenant base affects the operating performance and market valuations of US REITs. We observe that REITs adopting a concentrated tenant base present higher corporate cash flows and lower expenses. However, we identify a concentration discount effect that REITs with a more concentrated tenant base experience lower market valuations. We argue that this concentration discount is a result of the trade-offs between the impacts of the tenant base on the operating performance, ris… Show more

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Cited by 7 publications
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References 47 publications
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