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In Real Estate Investment We Trust : State De-risking and the Ownership of Listed US and German Residential Real Estate Investment Trusts

Title data

Aalbers, Manuel B. ; Taylor, Zac J. ; Klinge, Tobias J. ; Fernandez, Rodrigo:
In Real Estate Investment We Trust : State De-risking and the Ownership of Listed US and German Residential Real Estate Investment Trusts.
In: Economic Geography. Vol. 99 (2023) Issue 3 . - pp. 312-335.
ISSN 1944-8287
DOI: https://doi.org/10.1080/00130095.2022.2155134

Abstract in another language

Real estate investment trusts (REITs) have been around since 1960 but have only become major players in housing markets in the last twenty years. The current and ongoing wave of residential REIT (R-REIT) expansion has attracted significant scholarly and broader public interest. This article examines how real estate, finance, and the state are configured in relation to each other through R-REITs. While much of the housing financialization literature has focused on the real estate/state axis of this relationship, we explore the underexamined connections between the real estate/finance axis and the finance/state axis of the real estate–finance–state triangle. We analyze the financial accounts of the world’s fifteen largest publicly traded R-REITs and R-REIT–like funds in the two largest markets: the United States and Germany. Our findings demonstrate how the ownership of R-REIT stock is remarkably homogeneous: the largest shareholders in each of the studied R-REITs are the three largest index exchange-traded funds, which are heavily backed by pension fund capital. For these investors, it is important that R-REITs provide a healthy return on investment at the lowest possible risk. The investors require the state, in its various guises, to guarantee attractive risk-adjusted returns on R-REITs investments. We identify six dimensions of state de-risking in this context, deepening our understanding of the role of the state in housing financialization. It is the state that creates the trust in real estate investment trusts, and it thus is what generates the investment in real estate investment trusts.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: housing; financialization; real estate investment trust (REIT); exchange traded fund (ETF); institutional investors; asset class
Institutions of the University: Faculties > Faculty of Biology, Chemistry and Earth Sciences
Faculties > Faculty of Biology, Chemistry and Earth Sciences > Department of Earth Sciences
Faculties > Faculty of Biology, Chemistry and Earth Sciences > Department of Earth Sciences > Chair Economic Geography
Faculties > Faculty of Biology, Chemistry and Earth Sciences > Department of Earth Sciences > Chair Economic Geography > Chair Economic Geography - Univ.-Prof. Dr. Stefan Ouma
Result of work at the UBT: No
DDC Subjects: 300 Social sciences > 300 Social sciences, sociology and anthropology
300 Social sciences > 320 Political science
300 Social sciences > 330 Economics
900 History and geography > 910 Geography, travel
Date Deposited: 17 Nov 2023 07:57
Last Modified: 17 Nov 2023 07:57
URI: https://eref.uni-bayreuth.de/id/eprint/87642