Abstract
Executive Summary. This study examines whether theoperating performance improves following real estate investmenttrust (REIT) open-market stock repurchase announcements.Based on REIT repurchases announcedover the 1991–2001 period, we do not find any evidencethat the operating performance of REITs improves in thefour years following the repurchase announcement. Furthermore,we do not find any evidence that the size of arepurchase program is positively related to future operatingperformance. Consequently, the announcement ofopen-market stock repurchases by REITs does not containany positive information about the long-term futureprospect of REITs.
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