Although its relevance, Equity Real Estate Investment Trusts (EREITs) have been barely studied by finance literature due to several factors. Firstly, many researchers considered them financial firms so they are excluded from studies regarding Cash Flows. Secondly, due to its special requirements and unique real estate tax requirements they are, frequently, excluded from studies regarding performance and capital structure. Furthermore, the existing literature focus mostly, in the Asian market and there are very few studies focusing in the North American market This study sheds some light in the field by examining the determinants factors in EREITs performance in USA, providing relevant investors and asset managers with a better understanding of the performance of REITs. Such information is crucial to understand how different variables effect their performance and which are, if there are, significant relationship between variables. Such relationship was studied using a panel data regression analysis with data from 2013 to 2022. Our results seem to indicate that Stock Market, Size, Cash Flows and Dividend Yield variables have a positive significant relationship with EREITs performance measured by Market Net Asset Value. Regarding Leverage factor it was found no significant relationship.
Date of Award | 15 Jul 2024 |
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Original language | English |
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Awarding Institution | - Universidade Católica Portuguesa
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Supervisor | Paulo Alves (Supervisor) |
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Which are the determinant factors in EREITs performance in USA?
Costa, J. P. M. D. (Student). 15 Jul 2024
Student thesis: Master's Thesis