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

Oyedele Joseph Bamidele and Aderibigbe John Oyewole

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 macroeconomic variables (GDP, Inflation, etc.). This study examines the effects of these macroeconomic variables and other specific factors on Nigeria REIT’s dividend return.DESIGN/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 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; macroeconomics; 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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