Existing empirical studies indicate that transaction participants, or clienteles, can impact real estate prices. This study extends current research on the impact of transaction participants on asset pricing to one type of institutional real estate investor, REITs, and highlights that clienteles can affect real asset prices. The clientele effect is temporal and is based on clientele expectations and capital sources. REITs have paid acquisition premiums at times, but the REIT form of property ownership and management is not systematically associated with an acquisition premium. This implies that REITs do not have the ability to consistently outbid other investors simply due to their ownership, management, and capital structures. Institutional investors must recognize that changes in the composition of market participants can affect real estate values and investment strategy.