TAILIEUCHUNG - Monetary Policy & Real Estate Investment Trusts

If you’re an absentee landlord — or just too busy to handle maintenance — a property manager may be a good solution. This third-party manager runs the place, does the bookkeeping, scouts out the best repair people, and takes those 3 . phone calls. In addition, the manager collects monthly rents and even leases the property for you. While they remove all the burdens from your shoulders, they come at a price. You can expect to pay 5% to 10% of your gross income, and even more if additional services are performed. Considering that it makes your investment virtually stress-free, that may be a bargain. Before. | VuĨlỉn UCD Business Schools Monetary Policy Real Estate Investment Trusts Don Bredin Gerard O Reilly and Simon Stevenson Banking Finance Subject Area UCD Business Schools Corresponding author WP 08 12 Monetary Policy Real Estate Investment Trusts Don Bredin University College Dublin1 Gerard O Reilly Central Bank and Financial Services Authority of Ireland Simon Stevenson Cass Business School City University The authors would like to thank participants at the 2006 American Real Estate Society conference and the 2007 American Real Estate Urban Economics Association annual conference especially our discussant David Downs for comments on earlier drafts of this paper. School of Business University College Dublin Blackrock County Dublin Ireland. E-Mail Economic Analysis and Research Department Central Bank and Financial Services Authority of Ireland PO Box 559 Dame Street Dublin 2 Ireland. E-mail Faculty of Finance Cass Business School City University 106 Bunhill Row London EC1Y 8TZ UK. Tel 44-20-7040-5215 Fax 44-20-7040-8881 E-Mail 1 Monetary Policy Real Estate Investment Trusts Abstract This paper assesses the response of Real Estate Investment Trusts REIT s to unexpected changes in US monetary policy. A critical element in this study is the use of futures markets to isolate unexpected changes in the policy rate. We find a significant negative response of REIT returns to a surprise change in the policy rate. The paper then examines the potential sources behind such an observed response. We find important differences between the REIT market and the broader equity market. Intuitively the impact of monetary policy on dividend news appears to be more pronounced in the REIT case. However the decomposition of the response to monetary shocks is largely driven by revision in expectations regarding future excess returns. The results indicate the particular sensitivity of the general real

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