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.

An evolutionary approach to the optimisation of autonomous pod distribution for application in an urban transportation service

For autonomous vehicles (AVs), which when deployed in urban areas are called “pods”, to be used as part of a commercially viable low-cost urban transport system, they will need to operate efficiently. Among ways to achieve efficiency, is to minimise time vehicles are not serving users. To reduce the amount of wasted time, this paper presents a novel approach for distribution of AVs within an urban environment. Our approach uses evolutionary computation, in the form of a genetic algorithm (GA), which is applied to a simulation of an intelligent transportation service, operating in the city of Coventry, UK. The goal of the GA is to optimise distribution of pods, to reduce the amount of user waiting time. To test the algorithm, real-world transport data was obtained for Coventry, which in turn was processed to generate user demand patterns. Results from the study showed a 30% increase in the number of successful journeys completed in a 24 hours, compared to a random distribution. The implications of these findings could yield significant benefits for fleet management companies. These include increases in profits per day, a decrease in capital cost, and better energy efficiency. The algorithm could also be adapted to any service offering pick up and drop of points, including package delivery and transportation of goods

Preliminary Studies Leading Toward the Development of a LIDAR Bathymetry Mapping Instrument

The National Aeronautics and Space Administration (NASA) at Goddard Space Flight Center (GSFC) has developed a laser ranging device (LIDAR) which provides accurate and timely data of earth features. NASA/GSFC recently modified the sensor to include a scanning capability to produce LIDAR swaths. They have also integrated a Global Positioning System (GPS) and an Inertial Navigation System (INS) to accurately determine the absolute aircraft location and aircraft attitude (pitch, yaw, and roll), respectively. The sensor has been flown in research mode by NASA for many years. The LIDAR has been used in different configurations or modes to acquire such data as altimetry (topography), bathymetry (water depth), laser-induced fluorosensing (tracer dye movements, oil spills and oil thickness, chlorophyll and plant stress identification), forestry, and wetland discrimination studies. NASA and HARC are developing a commercial version of the instrument for topographic mapping applications. The next phase of the commercialization project will be to investigate other applications such as wetlands mapping and coastal bathymetry. In this paper we report on preliminary laboratory measurements to determine the feasibility of making accurate depth measurements in relatively shallow water (approximately 2 to 6 feet deep) using a LIDAR system. The LIDAR bathymetry measurements are relatively simple in theory. The water depth is determined by measuring the time interval between the water surface reflection and the bottom surface reflection signals. Depth is then calculated by dividing by the index of refraction of water. However, the measurements are somewhat complicated due to the convolution of the water surface return signal with the bottom surface return signal. Therefore in addition to the laboratory experiments, computer simulations of the data were made to show these convolution effects in the return pulse waveform due to: (1) water depth, and (2) changes in bottom surface reflectivity

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.

Abell 2111: An Optical and Radio Study of the Richest Butcher-Oemler Cluster

We present an in-depth analysis of the Butcher-Oemler cluster A2111, including new optical spectroscopy plus a deep Very Large Array (VLA) radio continuum observation. These are combined with optical imaging from the Sloan Digital Sky Survey (SDSS) to assess the activity and properties of member galaxies. Prior X-ray studies have suggested A2111 is a head-on cluster merger, a dynamical state which might be connected to the high level of activity inferred from its blue fraction. We are able to directly assess this claim, using our spectroscopic data to identify 95 cluster members among 196 total galaxy spectra. These galaxy velocities do not themselves provide significant evidence for the merger interpretation, however they are consistent with it provided the system is viewed near the time of core passage and at a viewing angle >~30 degrees different from the merger axis. The SDSS data allow us to confirm the high blue fraction for A2111, f_b = 0.15 +/- 0.03 based on photometry alone and f_b = 0.23 +/- 0.03 using spectroscopic data to remove background galaxies. We are able to detect 175 optical sources from the SDSS in our VLA radio data, of which 35 have redshift information. We use the SDSS photometry to determine photometric redshifts for the remaining 140 radio-optical sources. In total we identify up to 26 cluster radio galaxies, 14 of which have spectroscopic redshifts. The optical spectroscopy and radio data reveal a substantial population of dusty starbursts within the cluster. The high blue fraction and prevalence of star formation is consistent with the hypothesis that dynamically-active clusters are associated with more active member galaxies than relaxed clusters.Comment: To appear in AJ; 53 pages including 10 figures and several long table

FARMERS' VEG RISK PERCEPTIONS AND ADOPTION OF VEG CROP INSURANCE

Producer survey results are analyzed to determine factors influencing value-enhanced grain (VEG) risk perceptions and VEG crop insurance adoption. VEG production is perceived to be riskier than commodity production. VEG types, input costs, and production problems affect risk perceptions. Factors including previous insurance use impact VEG crop insurance adoption.Risk and Uncertainty,

Lawyer Advertising in the Electronic Age

The April 5, 2001 symposium consisted of an informal roundtable discussion for the presenters from 2:30-4:30 p.m., followed by a public evening program, from 6:00-8:30 p.m., which featured a role-playing portrayal of a mock disciplinary proceeding about a dispute over lawyer advertising. Participants in the roundtable discussion were: Ronald D. Rotunda, the Albert E. Jenner, Jr. Professor of Law at the University of Illinois College of Law; Louise L. Hill, Professor of Law at the Widener University School of Law; and William Hornsby, Legal Counsel to the American Bar Association, Commission on Responsibility in Client Development. The Moot Court program included William Hornsby, Legal Counsel to the American Bar Association, as prosecutor from the state bar\u27s disciplinary council; Tom Spahn as defense lawyer for the firm; Ted Allen as chair of disciplinary council; and Louise L. Hill, Ronald Rotunda, and William Spruill as disciplinary council members. Rodney A. Smolla, the George E. Allen Chair in Law at the University of Richmond School of Law served as program coordinator and moderator