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PERFORMANCE OF REITS - A Sector- and Company-based Analysis of the Link between Market Cycles, Real Estate and REIT Returns

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  • Tobias Pfeffer

Abstract

The purpose of the study is to analyze critically the importance of physical market cycles for the performance of REITs on a sector- and company-level. This is done in a two-tiered analysis. First, by analyzing the underlying assets ñ the property holdings ñ that REITs have in different markets over 48 quarters and combining them with the corresponding market cycles. Second, analyzing the link between the ìphysical market cycleî of a REIT sector or company with performance measures like FFO (proxy for profitability), stock price and FFO-multiples (proxy for pricing).

Suggested Citation

  • Tobias Pfeffer, 2008. "PERFORMANCE OF REITS - A Sector- and Company-based Analysis of the Link between Market Cycles, Real Estate and REIT Returns," ERES eres2008_316, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2008_316
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2008-316
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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