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

Tobias Pfeffer

ERES from European Real Estate Society (ERES)

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).

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2008-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2008_316

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