Here is a list of recommended capitalization rate readings that will help you better understand what capitalization rates are; how to calculate them; what are the factors that drive their movements through time and determine their differences across markets, property types, and specific properties; what are the major measurement and other issues in their use for valuation purposes. If you have any suggestions for additional capitalization rate readings that you feel are appropriate to be added on this list please contact us with your recommendation. We will be glad to add it in our list. Due to high security settings, our e-mail facility will accept only e-mails from subcribers to our website. The capitalization rate readings that follow are ordered on the basis of publication time with the more recent featured on top of the list.
Sivitanides, P., J. Southard, R. G. Torto and W. C. Wheaton. "The Determinants of Appraisal-Based Capitalization Rates".
Real Estate Finance 18 (2001), 27-37.
Fisher, J. “Trends in Capitalization Rates from the NCREIF Database: Twenty Years of Sold Properties.”
Real Estate Finance 17 (2000), 35-40.
Sivitanidou, R. and P Sivitanides. “Office Capitalization Rates: Real Estate and Capital Market Influences.”
Journal of Real Estate Finance and Economics 18:3 (1999) 297-322.
Sivitanides, P., and R. Sivitanidou.
"Exploring Capitalization Rates Differentials Across Property Types." Real Estate Issues 22 (1997) 47-54.
W. N. Kinnard, Jr., M. B. Geckler, J. K. Geckler, and J. W. DeLottie.
"Capitalization Rates for Regional Shopping Centers: Anchor Department Stores vs. Mall stores." Real Estate Issues 22 (1997)
Chai W.Y.
"A Simplified Approach to Understanding Capitalization Rates".
Real Estate Issues 21 (1996)
Sivitanides, P. and R. Sivitanidou.
"Office Capitalization Rates: Why Do they Vary Across Metropolitan Areas?" Real Estate Issues 21 (1996), 34-39.
Jud, D., and D. Winkler.
"The Capitalization Rate of Commercial Properties and Market Returns." Journal of Real Estate Research 10 (1995), 509-518.
Saderion, Zahra, Barton Smith and Charles Smith:
"An Integrated Approach to the Evaluation of Commercial Real Estate." Journal of Real Estate Research, Volume 9, Number 2, Spring (1994), pp. 151-167.
Ambrose, B., and H. Nourse.
"Factors Influencing Capitalization Rates." Journal of Real Estate Research 8 (1993), 221-237.
Fisher, J. D.
"Integrating Research on Markets for Space and Capital." Real Estate Economics 20 (1992), 161-180.
Nourse, H. "The 'Cap Rate', 1966-1984: A Test of the Impact of Income Tax Changes on Income Property."
Land Economics 63 (1987), 147-152.
Gibbons, James: "What to Do About Capitalization,"
The Appraisal Journal, October (1986), 618-623.
Sirmans, C.F., Stacy Sirmans and Ben Beasly: "Income Property Valuation and the Use of Market Extracted Overall Capitalization Rates,"
The Real Estate Appraiser and Analyst, Summer (1986), pp. 64-68. <
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