IDEAS home Printed from https://ideas.repec.org/a/vrs/remava/v33y2025i3p1-10n1001.html
   My bibliography  Save this article

A-Reits Value Relevance of Performance Measures: Net Income, Funds from Operations and Fair Value of Investment Property

Author

Listed:
  • Sarpong-Oti William

    (School of Business, Western Sydney University, Parramatta NSW 2150, Australia)

  • Gholipour Hassan F.

    (School of Business, Western Sydney University, Parramatta NSW 2150, Australia)

  • Marzuki Jufri

    (School of Business, Western Sydney University, Parramatta NSW 2150, Australia)

  • Chege Fredrick

    (School of Business, Western Sydney University, Parramatta NSW 2150, Australia)

Abstract

This study investigates value relevance of three-performance measures (net income (NI), funds from operations (FFO), and fair values on investment property (FVIP) on stock prices of Australian Real Estate Investment Trusts (A-REITs). Using data from A-REITs over the period 2012–2021 and estimating a panel system Generalized Method of Moments (GMM), results suggest that of the three, only net income is significantly and positively related to the stock prices of A-REITs. The implication of this study for investors and fund managers is that net income is the most important accounting number that investors look for in the financial statements of A-REITs.

Suggested Citation

  • Sarpong-Oti William & Gholipour Hassan F. & Marzuki Jufri & Chege Fredrick, 2025. "A-Reits Value Relevance of Performance Measures: Net Income, Funds from Operations and Fair Value of Investment Property," Real Estate Management and Valuation, Sciendo, vol. 33(3), pages 1-10.
    • Handle: RePEc:vrs:remava:v:33:y:2025:i:3:p:1-10:n:1001
    DOI: 10.2478/remav-2025-0021
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/remav-2025-0021
    Download Restriction: no
    File URL: https://libkey.io/10.2478/remav-2025-0021?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:remava:v:33:y:2025:i:3:p:1-10:n:1001. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.