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The Financial Performance of Real Estate Investment Trusts

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Abstract

The intent of this article is to update the performance evaluation of Real Estate Investment Trusts. This update is important for three reasons. First, REITs today are one type of vehicle that permits the analysis of real estate assets in a modern portfolio context. Second, the performance of REITs was considered exceptionally good in recent years on a risk-adjusted basis. This would suffice as a market imperfection in the pricing of REIT shares which is difficult to support in light of the efficient market hypothesis. Third, recent studies o the performance of REITs have only covered time periods from 1963 to 1979 and an update to include the most recent six-year time period would offer valuable insight into REIT performance.

Suggested Citation

  • James L. Kuhle & Carl H. Walther & Charles H. Wurtzebach, 1986. "The Financial Performance of Real Estate Investment Trusts," Journal of Real Estate Research, American Real Estate Society, vol. 1(1), pages 67-75.
  • Handle: RePEc:jre:issued:v:1:n:1:1986:p:67-75
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    1. Friedman, Harris C., 1971. "Real Estate Investment and Portfolio Theory," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 6(02), pages 861-874, March.
    2. Hoag, James W, 1980. " Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-580, May.
    3. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    4. Mike Miles & Tom McCue, 1984. "Commercial Real Estate Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 355-377.
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    1. repec:bla:abacus:v:53:y:2017:i:3:p:349-370 is not listed on IDEAS
    2. repec:kap:jrefec:v:54:y:2017:i:3:d:10.1007_s11146-016-9572-1 is not listed on IDEAS
    3. Joseph T.L. Ooi & Kim-Hiang Liow, 2004. "Risk-Adjusted Performance of Real Estate Stocks: Evidence From Developing Markets," Journal of Real Estate Research, American Real Estate Society, vol. 26(4), pages 371-396.
    4. Pierpaolo Pattitoni & Barbara Petracci & Massimo Spisni, 2011. "Fee Structure, Financing, and Investment Decisions: The Case of REITs," Working Paper series 30_11, Rimini Centre for Economic Analysis.
    5. Su-Jane Chen & Chengho Hsieh & Timothy W. Vines & Shur-Nuaan Chiou, 1998. "Macroeconomic Variables, Firm-Specific Variables and Returns to REITs," Journal of Real Estate Research, American Real Estate Society, vol. 16(3), pages 269-278.
    6. Leon G. Shilton & John Teall, 1994. "Option-Based Prediction of Commercial Mortgage Defaults," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 219-236.
    7. Devaney, Michael, 2001. "Time varying risk premia for real estate investment trusts: A GARCH-M model," The Quarterly Review of Economics and Finance, Elsevier, vol. 41(3), pages 335-346.
    8. Lynne B. Sagalyn, 1990. "Real Estate Risk and the Business Cycle: Evidence from Security Markets," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 203-220.
    9. Benefield, Justin D. & Anderson, Randy I. & Zumpano, Leonard V., 2009. "Performance differences in property-type diversified versus specialized real estate investment trusts (REITs)," Review of Financial Economics, Elsevier, vol. 18(2), pages 70-79, April.
    10. Muhammad Najib Razali, 2011. "Portfolio Optimisation Model for Malaysian Property Market," ERES eres2011_131, European Real Estate Society (ERES).
    11. F.C. Neil Myer & James R. Webb, 1993. "The Effect of Benchmark Choice on Risk-Adjusted Performance Measures for Commingled Real Estate Funds," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 189-204.
    12. Roger M. Shelor & Dwight C. Anderson, 1998. "The Financial Performance of REITs Following Initial Public Offerings," Journal of Real Estate Research, American Real Estate Society, vol. 16(3), pages 375-388.
    13. David C. Ling, 1993. "Probabilistic Valuation Models and Income Tax Asymmetries with an Application to the Analysis of Passive Loss Restrictions," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 205-220.
    14. repec:ire:issued:v:20:n:03:2017:p:287-324 is not listed on IDEAS

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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