Abstract
The initial structure of real estate investment trusts was predicated on real estate as a long hold asset that benefits from ownership in a portfolio context. Using a sample of U.S. publicly traded equity real estate investment trusts (REITs) from 1995 to 2018, we find that REIT performance is positively correlated with the previous-year property holding periods. The results suggest that adopting long-term investing perspectives is profitable for REITs and their shareholders and highlight that the benefits related to portfolio construction and management are complementary with studies related to property location. Our findings are attributed to enhanced operational efficiency, property-level cash flows, and managerial efforts.
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