New York Hilton Midtown
New York
New York
June 5, 2017
Event description


Conference Overview / Schedule / Research Papers / Register Now

Join NAREIT and the American Real Estate and Urban Economics Association (AREUEA) at the NAREIT/AREUEA Real Estate Research Conference on June 5 – the day before REITWeek opens – to hear results of leading REIT research.

NAREIT and AREUEA, publisher of Real Estate Economics, the premier academic journal for real estate investment related topics, will feature research papers focused on important real estate investment related topics including:

  • REIT investment activity in response to NAV premium/discount
  • REIT ability to identify and invest in outperforming metro areas
  • Performance comparison of modern-era REITs to 1930s-era real estate trusts
  • REIT corporate governance and activist shareholders
  • Effects of index membership on the tie between property values and REIT share prices

This event is complimentary and registration is open to anyone interested in the latest research related to REITs. To attend the NAREIT/AREUEA Real Estate Research Conference, a separate registration form from REITWeek is required.

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Conference Overview / Schedule / Research Papers / Register Now

All Conference Sessions will be held in Trianon Ballroom, on the 3rd Floor of the New York Hilton Midtown.

Monday, June 5
10:00 a.m. Conference Check-In, Trianon Ballroom Foyer
11:00 a.m. Conference Opens
11:05 a.m. - 12:20 p.m. Research Session I: The Nexus of Real Estate Conditions and REIT Returns Panel Discussion: The Nexus of Real Estate Conditions and REIT Returns

Brad Case, SVP-Research & Industry Information, NAREIT

David Downs, Professor, Virginia Commonwealth University
Mark Howard-Johnson, Managing Director & Global Head of Real Estate Securities, BlackRock
Eva Steiner, Assistant Professor, Cornell University
12:30 p.m. - 2:00 p.m. Luncheon Session: Presentation of “Distinguished Research Prize”


Robert Shiller, Best-selling Author, Finance and Real Estate Economist, and 2013 Nobel Laureate in Economics
2:15 p.m. - 3:30 p.m. Research Session II: Property Acquisition/Disposition Decisions by Equity REITs Panel Discussion: REIT Property Acquisition/Disposition Decisions

John Worth, SVP-Research & Investor Outreach, NAREIT

David Bragg, Managing Director, Green Street Advisors
David Ling, Professor, University of Florida
Owen Thomas, CEO, Boston Properties, Inc
Jon Wiley, Associate Professor, Georgia State University
3:45 p.m. - 5:00 p.m. Research Session III: Maturation of the REIT Market: Yesterday & Today, Equity & Debt Assets
  • Presentation One: “The Hybrid Nature of Real Estate Trusts”

    Presenter: Yildiray Yildirim, Professor in Real Estate, Zicklin School of Business, Baruch College

  • Presentation Two: “Survey of the Mortgage REIT Business Model”

    Presenter: Tim Riddiough, Graaskamp Professor of Real Estate and Urban Land Economics, University of Wisconsin

Panel Discussion: Maturation of the REIT Market: Mortgage REIT Focus

Merrie Frankel, President, Minerva Realty Consultants LLC

Jeffrey DiModica, President & Managing Director, Starwood Property Trust
Timothy Riddiough, Professor, University of Wisconsin
Yildiray Yildirim, Professor, Baruch College
William Gorin, CEO, MFA Financial, Inc.

5:00 p.m. Program Concludes



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Online registration for this conference is now CLOSED. If you would like to attend, you may register onsite at the New York Hilton Midtown.

Onsite registration will be open from 10:00 a.m. – 5:00 p.m. on Monday, June 5 in the Trianon Ballroom Foyer located on the 3rd Floor.

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Paper 1:
Shareholder Activism in REITs
Presented by David Downs, Professor of Real Estate, School of Business, Virginia Commonwealth University
Abstract: REITs are as likely as non-REITs to be targets of activist shareholder campaigns, and for the same reasons: less-profitable REITs whose share prices are discounted relative to the value of their assets are more likely targets, and activist shareholders generally benefit when such campaigns culminate in the acquisition of the target REIT.

Paper 2:
The Consequences of REIT Index Membership for Return Patterns
Presented by Eva Steiner, Assistant Professor of Real Estate, SC Johnson College of Business, Cornell University
Abstract: Inclusion of REITs in stock indices has benefited investors by increasing both REIT visibility and pricing efficiency: that is, by enhancing the link between REIT returns and the performance of their underlying real estate assets.

Paper 3:
NAV Premiums and REIT Property Transactions
Presented by Jon Wiley, Associate Professor in Real Estate, J. Mack Robinson College of Business, Georgia State University
Abstract: Data confirm that REIT managers generally increase acquisitions and reduce dispositions when share prices exceed the implied value of equity claims based on net asset value; moreover, while other studies have suggested that REITs pay more than other buyers, restricting the comparison to similar assets purchased by REIT and non-REIT institutional investors causes the difference to disappear.

Paper 4:
Asset Location, Timing Ability, and the Cross-Section of Commercial Real Estate Returns
Presented by David Ling, Professor of Real Estate, Warrington College of Business, University of Florida
Abstract: Property acquisition and disposition patterns reveal that REIT managers are generally able both to identify metro areas that will outperform in the coming year and to take advantage of such local market differences by increasing allocations to outperforming MSAs.

Paper 5:
The Hybrid Nature of Real Estate Trusts
Presented by Yildiray Yildirim, Professor in Real Estate, Zicklin School of Business, Baruch College
Abstract: The authors compare the investment performance of modern REITs to Real Estate Trusts (RETs), a precursor to REITs that traded in the late 19th and early 20th centuries. In both eras, securitized real estate reflected the performance of underlying property markets; outperformance relative to stocks and underlying real estate markets depended in part on capital market and construction conditions.

Paper 6:
Survey of the Mortgage REIT Business Model



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    Registration Fee
    This event is complimentary and open to anyone interested in the latest research related to REITs.

    New York Hilton Midtown
    1335 Avenue of the Americas
    New York, NY 10019
    Phone: 212-586-7000
    NOTE:This is the link to the New York Hilton Midtown website. This is NOT the link to reserve your hotel room at the NAREIT group rate. You must first register for the Real Estate Research Conference 2017 in order to book your hotel room. After your registration is confirmed, you will receive a confirmation e-mail that will contain the hotel reservation link

    NAREIT Room Rate
    $419.00 Guest Rooms (Single/Double Occupancy)

    Check-In: 3:00PM
    Check-Out: 12:00PM

    Hotel Reservation Policy
    In order to reserve a hotel room within the NAREIT negotiated group block, you must first register for the conference. Should you have questions regarding the hotel, contact Lacey Rimoli-Wiesel at You can reach Staged Right Events offices by calling 954-404-8252. Please do not contact the hotel directly.

    NOTE: All room reservations will be charged a one-night, non-refundable deposit at the time of reservation request. Hotel reservations are due no later than Friday, May 12, 2017, to receive the group rate (pending availability).

    Hotel Cancellation Policy
    NAREIT requires a one night, non-refundable deposit paid to the hotel at the time of reservation. To cancel your entire hotel reservation, all requests must be received in writing to Lacey Rimoli-Wiesel at 72 hours prior to your arrival date. Please do not contact the hotel directly.

    NOTE: Hotel reservations at the group rate are subject to availability after Friday, May 12, 2017.

    Guest Room Amenities

    • High Speed Internet
    • Black Out Curtains
    • Two-line Speaker Phones, with Voicemail and Dataport Television with Premium Channels
    • Complimentary Weekday Delivery of USA Today
    • Work Desk with Lamp and Ergonomic Chair
    • Alarm Radio
    • 24-hour housekeeping

    Restaurants & Lounges

    Herb N’ Kitchen
    Serving breakfast buffet from 6:30am – 11:00am and takeaway coffee and light fare items from 6:00am – 1:00am
    Dress attire: Casual

    Minus5 Ice Bar and Lounge
    Dress attire: Casual

    Bridges Bar and Lounge
    Dress attire: Casual

    Fitness Center
    The Fitness Center is located on the 5th floor and features Lifecycles, Quinton, and Tredex Treadmills, Stairmaster, NordicTrack, a cybex UBE and Free Weights. 24 hour access is complimentary to hotel guests.

    Dry Cleaning, Laundry, Valet
    Dry cleaning, laundry, and valet services are available 7 days a week.

    No pets are allowed. However, service animals are welcome and will be accommodated.

    Safe Deposit Boxes
    Most guest rooms are equipped with a combination safe. There are also safety deposit boxes located next to the front desk.

    Business Center
    The Business Center offers a complete range of technological, internet and business services 7 days a week.

    The Business Center hours are:
    Mon. - Fri., 7:00AM - 9:00PM
    Sat. - Sun., 7:00AM - 7:00PM

    For further information, call (212) 586-7000, ex. 5212.


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Conference Overview / Schedule / Research Papers / Register Now


Conference Programming
Brad Case
SVP, Research & Industry Information

Conference Registration
Tracie Desjardins
Operations Coordinator

Afia Boone
Director, Membership & Meetings

Hotel Reservations
Lacey Rimoli-Wiesel
Housing Director, Staged Right Events