caa a22 4500 445316497 CHVBK 20180317142649.0 cr unu---uuuuu 170323e20110701xx s 000 0 eng 10.1007/s11146-010-9295-7 doi (NATIONALLICENCE)springer-10.1007/s11146-010-9295-7 Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions [Elektronische Daten] [David Ling, Milena Petrova] This paper first identifies the characteristics of publicly-traded REITs associated with an increased probability of becoming the target of an announced merger or acquisition bid. Second, conditional on being a target, we determine which target characteristics influence the probability of the bidder being a private versus a public firm. Third, we document the magnitude of the wealth effects that accrue to the shareholders of target REITs in both privatizations and public-to-public transactions and how these effects vary with the characteristics of the target firms. Finally, we investigate the extent to which privatizations differ from "staying public” acquisitions in the type of financing employed and the motivation of the two investor types. We find that REITs more likely to become acquisition targets are smaller and less liquid with higher dividend yields than non-targets. The existence of an umbrella partnership (UPREIT) structure reduces the probability of becoming a target. Private acquirers are more likely to bid on underleveraged REITs with poor operating performance. Conversely, public buyers are more focused on acquiring highly levered REITs with greater institutional ownership and superior operating results. The determinants of abnormal returns also differ in privatizations and public-to-public deals. Springer Science+Business Media, LLC, 2010 Mergers nationallicence Privatization nationallicence Corporate control nationallicence Real estate investment trusts nationallicence Ling David Department of Finance, Insurance and Real Estate, Hough Graduate School of Business Administration, University of Florida, 32611, Gainesville, FL, USA aut Petrova Milena Department of Finance, Whitman School of Management, Syracuse University, 13244, Syracuse, NY, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 99-129 0895-5638 43:1-2<99 2011 43 11146 https://doi.org/10.1007/s11146-010-9295-7 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-010-9295-7 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ling David Department of Finance, Insurance and Real Estate, Hough Graduate School of Business Administration, University of Florida, 32611, Gainesville, FL, USA aut NATIONALLICENCE 700 1- Petrova Milena Department of Finance, Whitman School of Management, Syracuse University, 13244, Syracuse, NY, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 99-129 0895-5638 43:1-2<99 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer