Abstract
The restrictions of the institutional environment for Equity Real Estate Investment Trusts (EREITS) causes major restructuring to be a more important aspect of strategic planning for EREITs than it is for other firms. This study examines the literature regarding four major categories of EREIT restructuring activity: (1) sell-offs of property; (2) mergers with other REITs; (3) mergers with privately-held entities; and (4) joint ventures. The wealth effects of these forms of restructuring in REITs are different from those observed in conventional corporations. The EREIT's use of the Umbrella Partnership REIT (UPREIT) form of organization is also examined, because it is closely related to the firm's restructuring strategy.
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