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Comparing The Quality Of Alternative Summary Performance Measures In The Real Estate Investment Trust Reit Industry
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Book Synopsis Comparing the Quality of Alternative Summary Performance Measures in the Real Estate Investment Trust (REIT) Industry by : Desmond Tsang
Download or read book Comparing the Quality of Alternative Summary Performance Measures in the Real Estate Investment Trust (REIT) Industry written by Desmond Tsang and published by . This book was released on 2006 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Comparing the Quality of Accruals for Alternative Summary Performance Measures in the Real Estate Investment Trust (REIT) Industry by : Desmond Tsang
Download or read book Comparing the Quality of Accruals for Alternative Summary Performance Measures in the Real Estate Investment Trust (REIT) Industry written by Desmond Tsang and published by . This book was released on 2006 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines Funds from Operations (FFO), a non-GAAP summary performance measure used extensively by the Real Estate Investment Trust (REIT) industry, by comparing the quality of accruals in FFO and in net income. Accrual quality is empirically evaluated from regressions relating accruals to past, present, future cash flows and changes in revenue, with larger residuals implying lower accrual quality. Results show that the accruals component of FFO is of higher quality than the accruals component of net income. The study then considers how the individual accrual items excluded from FFO, but included in net income contribute to the accrual quality differences of the two measures. I show that all these accrual items (including depreciation and some non-recurring accruals) are of low quality and are insignificant in predicting future cash flows. Since accounting depreciation is supposed to help match revenue with expenses, it is surprising to find that depreciation accruals are of low quality for the REIT industry. Further analysis on depreciation shows that the low quality of depreciation accruals for REIT firms is due to estimation errors and managerial manipulation and, to some extent, extreme changes in market inflation.
Book Synopsis Toward a More Informative Measure of Operating Performance in the Reit Industry by : Richard Gore
Download or read book Toward a More Informative Measure of Operating Performance in the Reit Industry written by Richard Gore and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the value relevance and information content of alternative measures of operating performance in the Real Estate Investment Trust (REIT) industry. The National Association of Real Estate Investment Trusts (NAREIT) has suggested that Net Income (NI) is a misleading measure of operating performance for REITs. They asset that historical cost depreciation is inappropriate for income-producing real estate because it is not correlated with changes in the value of those assets. Accordingly the industry has promoted Funds From Operations (FFO) as a supplemental measure of operating performance. FFO is calculated as net income before depreciation expense and realized gains/losses from the sale of real estate. NAREIT asserts that FFO is a more informative measure of firm performance in the REIT industry. We test the industry?s proposal by comparing the association of NI and FFO with REIT stock returns. In addition, we also examine specific components of NI that differ from FFO to assess their value-relevance.The results suggest that FFO is more closely associated with stock returns than NI. In particular, the association of returns with the components of NI indicates that FFO and gains/losses from the sale of investments are significantly related to stock returns while depreciation expense is not. These results generally support the industry?s claim that GAAP-based depreciation expense does not provide value-relevant information. However, the fact that gains/losses form the sale of investments are associated with returns indicates that FFO excludes value-relevant accounting data. Therefore, this study provides evidence regarding which components of NI are considered most information by investors in REITs.
Book Synopsis Alternative Investments by : H. Kent Baker
Download or read book Alternative Investments written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2013-03-25 with total page 660 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to alternative investments that reveals today's latest research and strategies Historically low interest rates and bear markets in world stock markets have generated intense interest in alternative investments. With returns in traditional investment vehicles relatively low, many professional investors view alternative investments as a means of meeting their return objectives. Alternative Investments: Instruments, Performance, Benchmarks, and Strategies, can put you in a better position to achieve this difficult goal. Part of the Robert W. Kolb Series in Finance, Alternative Investments provides an in-depth discussion of the historic performance, benchmarks, and strategies of every major alternative investment market. With contributions from professionals and academics around the world, it offers valuable insights on the latest trends, research, and thinking in each major area. Empirical evidence about each type of alternative investment is featured, with research presented in a straightforward manner. Examines a variety of major alternative asset classes, from real estate, private equity, and commodities to managed futures, hedge funds, and distressed securities Provides detailed insights on the latest research and strategies, and offers a thorough explanation of historical performance, benchmarks, and other critical information Blends knowledge from the conceptual world of scholars with the pragmatic view of practitioners in this field Alternative investments provide a means of diversification, risk control, and return enhancement and, as such, are attractive to many professional investors. If you're looking for an effective way to hone your skills in this dynamic area of finance, look no further than this book.
Book Synopsis Brazilian REITs Performance by : Bruno Milani
Download or read book Brazilian REITs Performance written by Bruno Milani and published by . This book was released on 2016 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real Estate investments have been used to provide diversification without increasing portfolio risk, although direct real estate investment has several disadvantages, such as low liquidity and high transaction costs, and Real Estate Investment Trusts (REITs) are an alternative investment aim to overcome these difficulties. This paper analyzes the REITs performance, comparing it to Ibovespa (proxy of market) and Ifix (Brazilian REITs proxy). For a better analysis we used the wavelet method, that allows to compare the results of different scales of time. Analyzing the wavelet transform, the REITs have significant coefficients when compared to the market, index Ibovespa, but considering the relationship between the REITs and the real estate funds, Ifix, influence happens in the long run. Market volatility has a negative effect in REITs returns in the long run, probably because a REITs investor tries to avoid risk. That's because maybe in the long run, REITs investors can change their investments to direct Real Estate if those are presenting better returns, what would reduce REITs demand and consequently, their price. It was noted that REITs returns are influenced by Real Estate companies returns in different scales, indicating that Brazilian REITs returns depend on market volatility. In a general way, this study showed that the relationships between REITs returns, Real Estate Companies returns and Market returns depend on the time scale analyzed, but they tend to be stronger at large scales. Differently of what was found by Milani and Ceretta (2014), Brazilian REITs returns can be better explained by Real Estate Sector Companies returns than by market returns, in the long run. Also, higher moments influence their returns and should be part of a model that tries to explain REITs returns.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2007 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Estate Investment Trust (REITs) Efficiency: DEA Approach (UUM Press) by : Siti Latipah
Download or read book Real Estate Investment Trust (REITs) Efficiency: DEA Approach (UUM Press) written by Siti Latipah and published by UUM Press. This book was released on 2014-10-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is designed to explain the concepts, issues and method used in measuring efficiency of REITs in Malaysia. Real Estate Investment Trust is a type of investment trust focusing on Real Estate. The best examples of Real Estate are building, office, land and plantations. Therefore, many people including operator, customer, regulator, academicians, university’s students and community as a whole will benefit from it. Its guide readers through the importance of measuring efficiency of REITs and help them in making investment decision. This book had been developing to help people to understand and explain the issue as well as the development of REITs in Malaysia.
Book Synopsis Management of Performance Measures Other Than Earnings by : Hong Zhu
Download or read book Management of Performance Measures Other Than Earnings written by Hong Zhu and published by . This book was released on 2005 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Estate Investment Trusts by : Su Han Chan
Download or read book Real Estate Investment Trusts written by Su Han Chan and published by Oxford University Press. This book was released on 2002-11-07 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides up-to-date original research on REITs based on the authors' own database, which is the most extensive data base available on REITs that is free of suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.
Book Synopsis Economies of Scale and the Operating Efficiency of REITs by : Michael J. Highfield
Download or read book Economies of Scale and the Operating Efficiency of REITs written by Michael J. Highfield and published by . This book was released on 2020 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on past research regarding the operating efficiency of Real Estate Investment Trusts (REITs) and recognizing the substantial changes in this industry since the turn of the millennium, we examine REIT efficiency over the period 2001-2015. Using both time-varying stochastic frontier and linear models of costs, revenues, and performance measures, we find evidence showing that the REIT industry is slowly moving away from both cost and revenue efficiency over time; however, size remains positively correlated with efficiency. Despite the rapid expansion of asset sizes and evidence of diminishing efficiencies of scale, larger REITs still enjoy comparative advantages over smaller REITs in both revenue (production) and costs. We also find evidence that post-recession efficiencies exceed pre-recession efficiencies, and we document modest evidence of the “weeding-out” of inefficient enterprises during the market downturn. The results suggest, through a diverse set of measures, that additional efficiency opportunities for REITs may be achievable through continued growth and consolidation.
Book Synopsis Performance of REITs by : Tobias Pfeffer
Download or read book Performance of REITs written by Tobias Pfeffer and published by . This book was released on 2009 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advanced REIT Portfolio Optimization by : W. Brent Lindquist
Download or read book Advanced REIT Portfolio Optimization written by W. Brent Lindquist and published by Springer Nature. This book was released on 2022-11-09 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an investor-friendly presentation of the premises and applications of the quantitative finance models governing investment in one asset class of publicly traded stocks, specifically real estate investment trusts (REITs). The models provide highly advanced analytics for REIT investment, including: portfolio optimization using both historic and predictive return estimation; model backtesting; a complete spectrum of risk assessment and management tools with an emphasis on early warning systems, risk budgeting, estimating tail risk, and factor analysis; derivative valuation; and incorporating ESG ratings into REIT investment. These quantitative finance models are presented in a unified framework consistent with dynamic asset pricing (rational finance). Given its scope and practical orientation, this book will appeal to investors interested in portfolio optimization and innovative tools for investment risk assessment.
Book Synopsis Manipulation in U.S. REIT Investment Performance Evaluation by : Jamie Alcock
Download or read book Manipulation in U.S. REIT Investment Performance Evaluation written by Jamie Alcock and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether Real Estate Investment Trust (REIT) managers actively manipulate performance measures in spite of the strict regulation under the REIT regime. We provide empirical evidence that is consistent with this hypothesis. Specifically, manipulation strategies may rely on the opportunistic use of leverage. However, manipulation does not appear to be uniform across REIT sectors and seems to become more common as the level of competition in the underlying property sector increases. We employ a set of commonly used traditional performance measures and a recently developed manipulation-proof measure (MPPM, Goetzmann, Ingersoll, Spiegel, and Welch; 2007) to evaluate the performance of 147 REITs from seven different property sectors over the period 1991-2009. Our findings suggest that the existing REIT regulation may fail to mitigate a substantial agency conflict and that investors can benefit from evaluating return information carefully in order to avoid potentially manipulative funds.
Author :United States. Congress. House. Committee on Government Reform. Subcommittee on the Federal Workforce and Agency Organization Publisher : ISBN 13 : Total Pages :296 pages Book Rating :4.0/5 ( download)
Book Synopsis Adding a Real Estate Investment Trust (REIT) Index Option to the Thrift Savings Plan by : United States. Congress. House. Committee on Government Reform. Subcommittee on the Federal Workforce and Agency Organization
Download or read book Adding a Real Estate Investment Trust (REIT) Index Option to the Thrift Savings Plan written by United States. Congress. House. Committee on Government Reform. Subcommittee on the Federal Workforce and Agency Organization and published by . This book was released on 2006 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Discretionary Financial Reporting by : Zvi Singer
Download or read book Discretionary Financial Reporting written by Zvi Singer and published by . This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Performance of Financial Institutions by : Patrick T. Harker
Download or read book Performance of Financial Institutions written by Patrick T. Harker and published by Cambridge University Press. This book was released on 2000-05-18 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient operation of financial intermediaries--banks, insurance and pension fund firms, government agencies and so on--is instrumental for the efficient functioning of the financial system and the fueling of the economies of the twenty-first century. But what drives the performance of these institutions in today's global environment? In this volume, world-renowned scholars bring their expertise to bear on the issues. Primary among them are the definition and measurement of efficiency of a financial institution, benchmarks of efficiency, identification of the drivers of performance and measurement of their effects on efficiency, the impact of financial innovation and information technologies on performance, the effects of process design, human resource management policies, as well as others.
Book Synopsis Alternative Benchmarks for Evaluating REIT Mutual Fund Performance by : Jay C. Hartzell
Download or read book Alternative Benchmarks for Evaluating REIT Mutual Fund Performance written by Jay C. Hartzell and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: While Real Estate Investment Trusts (REITs) have experienced very high growth rates over the past 15 years, the growth in mutual funds that invest in REITs has been even more dramatic. REIT mutual fund returns are typically presented relative to the return on a simple value-weighted REIT index. We ask whether including additional factors when benchmarking funds' returns can improve the explanatory power of the models and offer more precise estimates of alpha. We investigate three sets of REIT-based benchmarks, plus an index of returns derived from non-REIT real estate firms, namely homebuilders, and real estate operating companies. The REIT-based factors are a set of characteristic factors, a set of property-type factors, and a set of statistical factors. Using traditional single index benchmarks, we find that about six percent of the REIT funds exhibit significant positive performance using traditional significance levels, which is more than twice what random chance would predict. However, with the multiple index benchmarks that we prefer, this falls considerably, to only 0.7 percent. In addition, we find that these sets of factors and the non-REIT indices better explain the month-to-month returns of the REIT mutual funds. This suggests that investors or researchers evaluating REIT mutual fund performance may benefit from a multiple benchmark approach.
