MACROECONOMIC DETERMINANTS OF REAL ESTATE INVESTMENT TRUST’S (REIT’S) DIVIDEND RETURN IN NIGERIA

Olusegun O. Olanrele, Oluwatosin B. Fateye and Tomisi O. Adegunle

AfRES from African Real Estate Society (AfRES)

Abstract: PURPOSE: The Nigeria REIT market has been rated low in term of dividend return amidst the industry variables of Size, NAV, FFO, Leverage, Advisor Puzzle among others. Other Scholars have examined the influence of macro- economic variables (GDP, Inflation, etc.). This study examines the effect of the macroeconomic variables on Nigeria REIT’s dividend returnDESIGN/METHODOLOGY: The study is a quantitative econometric study. The data were collected from various government institutions CBN, NBS, NSE and annual Reports of the Skye Shelter REIT. The data covers the period of existence of REIT in Nigeria (2008-2016). The study utilized linear multiple regression and correlation analyses to establish the influence and relationship of the macroeconomics variables on REIT return.FINDINGS: The correlation study shows a significant relationship between REIT dividend to oil price (-ve) and exchange rate (+ve). The regression analysis confirmed the significant effect of oil prices of P=0.015 (P

Keywords: correlation; Determinant; dividend; regression; REIT Return (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017-09-01
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