Sale-leasebacks are associated with an average price premium of 23.63 percent.

Price effects from sale-leaseback transactions range from 15.82 percent in Phoenix to

37.76 percent in Detroit. These results are of statistical and economic significance and

support the evidence that there is a price premium associated with sale-and-leaseback

transactions.

 Portfolio sales are associated with a price premium of 17.01 percent in Detroit and

29.04 percent in Dallas, and a price discount of 20.04 percent in Seattle. These results

present mixed evidence of a price premium (discount) associated with portfolio

transactions.

 The next chapter summarizes the results and offers concluding remarks.