Research & Publications

The Daniel M. DiLella Center for Real Estate serves as a major thought leadership resource within the business community—and within academia—for real estate expertise. To achieve this objective, the center pursues an industry-relevant research agenda and organizes thought leadership events.

Recent Publications

Please contact Shawn Howton to learn more about recent center publications. ___________________________________________________________________

Hartzell, David, Shawn Howton, Shelly Howton, and Benjamin Scheick. (2015). Financial Flexibility and At-the-Market (ATM) Equity Offerings: Evidence from Real Estate Investment Trusts. Real Estate Economics, forthcoming.

Abstract: This paper examines at-the-market (ATM) equity programs as an additional source of financial flexibility for Real Estate Investment Trusts (REITs). We find that firms with higher market-to-book ratios and greater institutional ownership are more likely to announce an ATM program. Firms using ATM programs are also more likely to issue shares when they have exhausted other viable financing alternatives, have timely investment opportunities, and when market conditions are favorable. Finally, we document a significant negative announcement effect around the establishment of an ATM program, though the magnitude of this effect is significantly less negative than that of a comparable SEO.  

 

Ling, David C., Andy Naranjo and Benjamin Scheick. (2014). Investor Sentiment, Limits to Arbitrage, and Private Market Returns. Real Estate Economics, 42(3), 531.

 

Howton, S. D., Howton, S. W., Lee, J. J., Luo, M. (2012). REIT Ownership and Property Performance: Evidence from the Lodging Industry. Journal of Real Estate Portfolio Management, 18(2), 169-185.  (Nominated for best paper in JREPM 2012)

 

Diavatopoulos, C., Fodor, A., Howton, S. D., Howton, S. W. (2011). The Impact of Option Introduction on Real Estate Investment Trusts. The Journal of Real Estate Portfolio Management, 17, 213-226.

 

Diavatopoulos, C., Fodor, A., Howton, S. D., Howton, S. W. (2010). Do REIT Announcements of Open Market Repurchase Programs Signal Value Changes in Rivals? Journal of Real Estate Portfolio Management, 16(2), 131-140.

 

Diavatopoulos, C., Fodor, A., Howton, S. D., Howton, S. W. (2010). The Predictive Power of REIT Implied Volatility and Implied Idiosyncratic Volatility. Journal of Real Estate Portfolio Management, 16(1), 29-40.

 

Higgins, E. J., Howton, S. D., Howton, S. W. (2004). Shareholder Wealth Effects of Private Placements of Debt Made By REITs. Briefings in Real Estate Finance, 3(4), 305-314.

 

Howton, S. D., Howton, S. W., McWilliams, V. B. (2003). Determinants of the Security Issue Decision in Real Estate Investment Trusts. Briefings in Real Estate Finance, 3(3), 147 - 157.

 

Howton, S., Howton, S. W., McWilliams, V. (2003). Equity vs. Debt Financing of REITS: A Survey of the Determinants of the Security Issue Decision. Briefings in Real Estate Finance, 3(2), 147-157.

 

Howton, S., Howton, S. W. (2001). The Wealth Effects of REIT Straight Debt Offerings. Journal of Real Estate Portfolio Management, 7(2), 151-157.

 

Friday, H. S., Howton, S., Howton, S. W. (2000). Long Run Underperformance in REITs Following Seasoned Equity Offerings. Journal of Real Estate Portfolio Management, 6(4), 76-87.

 

Conover, M. C., Friday, H. S., & Howton, S. W. (2000). An analysis of the cross section of returns for EREITS using a varying-risk beta model. Real Estate Economics, 28(1), 141-163.

 

Friday, H. S., Howton, S., Howton, S. W. (2000). Anomalous Evidence on Operating Performance Following Seasoned Equity Offerings: The Case of REITS. Financial Management, 29(2), 76-87.

 

Conover, M. C., Friday, H. S., & Howton, S. (1998). The relationship between size and return for foreign real estate investments. Journal of Real Estate Portfolio Management, 4(2), 107-112.

For More Information

Daniel M. DiLella Center for Real Estate
Villanova School of Business
800 East Lancaster Avenue
Villanova, PA 19085
(610) 519-4334
vsb.realestate@villanova.edu

Shawn Howton, PhD
Faculty Director
shawn.howton@villanova.edu

Jessica Taylor
Director
jessica.taylor@villanova.edu

Angela Layne
Program Coordinator
angela.layne@villanova.edu

Charlie Davidson
Clinical Faculty
charles.davidson@villanova.edu

Tony Ziccardi
Center Fellow
anthony.ziccardi@villanova.edu