In this online appendix, we provide additional information and results. Appendix A.1 provides more details on the data sources used in this paper. Appendix A.2 reviews and implements existing time-series tests for classic rational bubbles. Appendix A.3 reviews the institutional framework that regulates the relationship between leaseholders and freeholders in the U.K., focusing on characteristics that might affect the relative value of extremely-long leaseholds (with maturities of 700 years or more). Finally, Appendix A.4 expands on some of the theoretical derivations in the paper.