PERFORMANCE OF REITS – A Sector- and Company-based Analysis of the Link between Market Cycles, Real Estate and REIT Returns
||PERFORMANCE OF REITS – A Sector- and Company-based Analysis of the Link between Market Cycles, Real Estate and REIT Returns
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||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 – the property holdings – that REITs have in different markets over 48 quarters and combining them with the corresponding market cycles. Second, analyzing the link between the “physical market cycle” of a REIT sector or company with performance measures like FFO (proxy for profitability), stock price and FFO-multiples (proxy for pricing).
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