Credit Line Availability and Utilization in REITs

Analysis of REIT credit line availability and use under normal conditions and during the recent financial crisis are provided. Descriptive statistics indicate REIT credit lines represent an important component of capital structure, credit line availability and utilization have increased substantially over the sample period, and REITs maintain precautionary liquidity via credit lines rather than holding cash. Multivariate results indicate that credit line availability is directly associated with cash flow uncertainty, dividend distributions, acquisitions, and capital market access and is inversely linked to the market-to-book ratio. Credit line use is unrelated to cash flow volatility and dividends, but is correlated with operating cash flow, acquisitions, and capital market access. Unlike with non-REITs, when setting credit limits lenders focus on dividends and not just operating cash flow. Despite finding that line availability is influenced by dividend payments, REITs do not systematically use lines to pay dividends implying that dividends are paid from operating cash flows.

Volume 15, Number 01

Full text of Volume 15, Number 01 of Reaching Through Teaching.https://digitalcommons.kennesaw.edu/rtt/1035/thumbnail.jp

Genetic heterogeneity of residual variance in broiler chickens

Aims were to estimate the extent of genetic heterogeneity in environmental variance. Data comprised 99 535 records of 35-day body weights from broiler chickens reared in a controlled environment. Residual variance within dam families was estimated using ASREML, after fitting fixed effects such as genetic groups and hatches, for each of 377 genetically contemporary sires with a large number of progeny ($>$100 males or females each). Residual variance was computed separately for male and female offspring, and after correction for sampling, strong evidence for heterogeneity was found, the standard deviation between sires in within variance amounting to 15–18% of its mean. Reanalysis using log-transformed data gave similar results, and elimination of 2–3% of outlier data reduced the heterogeneity but it was still over 10%. The correlation between estimates for males and females was low, however. The correlation between sire effects on progeny mean and residual variance for body weight was small and negative (-0.1). Using a data set bigger than any yet presented and on a trait measurable in both sexes, this study has shown evidence for heterogeneity in the residual variance, which could not be explained by segregation of major genes unless very few determined the trait

Ownership Structure, Property Performance, Multifamily Properties and REITs

This research extends literature that empirically evaluates the impact of ownership and management structure on property level performance. The results show that multifamily properties owned and managed by real estate investment trusts (REITs) generate higher effective rents at the property level than non-REIT-owned properties. After controlling for positive operating scale and brand effects, REIT property level performance is better than non-REIT property level performance in the market studied. The REIT structure represents diversified scale operators with property management skills. The results imply that the structure of property ownership can impact property performance.

Pressure distributions from high Reynolds number transonic tests of an NACA 0012 airfoil in the Langley 0.3-meter transonic cryogenic tunnel

Tests were conducted in the 2-D test section of the Langley 0.3-meter Transonic Cryogenic Tunnel on a NACA 0012 airfoil to obtain aerodynamic data as a part of the Advanced Technology Airfoil Test (ATAT) program. The test program covered a Mach number range of 0.30 to 0.82 and a Reynolds number range of 3.0 to 45.0 x 10 to the 6th power. The stagnation pressure was varied between 1.2 and 6.0 atmospheres and the stagnation temperature was varied between 300 K and 90 K to obtain these test conditions. Tabulated pressure distributions and integrated force and moment coefficients are presented as well as plots of the surface pressure distributions. The data are presented uncorrected for wall interference effects and without analysis

Scanning Electrochemical Microscopy of DNA Monolayers Modified with Nile Blue

Scanning electrochemical microscopy (SECM) is used to probe long-range charge transport (CT) through DNA monolayers containing the redox-active Nile Blue (NB) intercalator covalently affixed at a specific location in the DNA film. At substrate potentials negative of the formal potential of covalently attached NB, the electrocatalytic reduction of Fe(CN)63− generated at the SECM tip is observed only when NB is located at the DNA/solution interface; for DNA films containing NB in close proximity to the DNA/electrode interface, the electrocatalytic effect is absent. This behavior is consistent with both rapid DNA-mediated CT between the NB intercalator and the gold electrode as well as a rate-limiting electron transfer between NB and the solution phase Fe(CN)63−. The DNA-mediated nature of the catalytic cycle is confirmed through sequence-specific and localized detection of attomoles of TATA-binding protein, a transcription factor that severely distorts DNA upon binding. Importantly, the strategy outlined here is general and allows for the local investigation of the surface characteristics of DNA monolayers both in the absence and in the presence of DNA binding proteins. These experiments highlight the utility of DNA-modified electrodes as versatile platforms for SECM detection schemes that take advantage of CT mediated by the DNA base pair stack

On the precision of estimation of genetic distance

This article gives a formal proof of a formula for the precision of estimated genetic distances proposed by Barker et al. which can be used in designing experimental sampling programmes. The derivation is given in the general multiallelic case using the Sanghvi distance. Two sources of sampling are considered, i.e. i) among individuals (or gametes) within locus and ii) among loci within populations. Distribution assumptions about gene frequencies are discussed, especially the normal used in Barker et al. versus the Dirichlet via simulation