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Future Outlook in Single-Family Residential Real Estate Investment Trusts

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This paper takes a critical look at single-family real estate investment trusts’ generative returns since the 2008 Housing Crisis. The research paper presents an overview of REITs legal qualifications, the 2008 Housing Crisis and how the crisis led to the advent of the single-family home REIT industry, a case study…

This paper takes a critical look at single-family real estate investment trusts’ generative returns since the 2008 Housing Crisis. The research paper presents an overview of REITs legal qualifications, the 2008 Housing Crisis and how the crisis led to the advent of the single-family home REIT industry, a case study on a single-family home REIT, the current market sentiment, trends that are impacting the performance of publicly traded single-family home REITs, and future opportunity for maximizing returns in the sector. Home pricing discrepancies will arise from the lack of housing starts and increased demand for available homes, leading to diminished returns with pure acquisition strategies. After detailing accessible empirical data on the American single-family home industry, we seek to find alternatives for single-family home REITs to continue to post their prior yield to investors after the 2008 Housing Crisis. Strategies such as development and expansion into rural markets will be examined as potential growth opportunities for single-family REITs.
ContributorsKania, Adrian Janusz (Co-author) / Buyer, Jason (Co-author) / Lawrence, Licon (Thesis director) / Koblenz, Blair (Committee member) / Department of Finance (Contributor, Contributor) / Department of Management and Entrepreneurship (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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Comparing the Performance of Publicly Traded REITs: Low Price to FFO vs. High Price to FFO

Description
This thesis is broken up into two parts: a research paper and a creative project. The paper provides an overview of the REIT universe as well as important historical and legal information about REITs. The creative project explores how REIT performance varied based on valuation multiples during a five-month period…

This thesis is broken up into two parts: a research paper and a creative project. The paper provides an overview of the REIT universe as well as important historical and legal information about REITs. The creative project explores how REIT performance varied based on valuation multiples during a five-month period from October of 2021 to March of 2022. My initial objective was to determine whether a “growth” or “value” investment strategy worked best in the current market. However, I quickly discovered that the prevailing market conditions were far different than I expected. As a result, I gained valuable insight into how REITs behave during periods of market uncertainty.
ContributorsLicon, Lawrence (Author) / Koblenz, Blair (Thesis director) / Stapp, Mark (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor)
Created2022-05