Research Article
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Year 2017, , 191 - 199, 30.06.2017
https://doi.org/10.17261/Pressacademia.2017.508

Abstract

References

  • Alias,‎A.‎&‎Tho,‎S.‎2011,‎“Performance Analysis of REITs: Comparison Between M-REITs and UK-REITs”,‎Journal‎of‎Surveying,‎Construction‎and‎ Property, vol.2, special issue, pp.38-61.
  • Ambrose,‎B.W.‎&‎Linneman,‎P.D.‎2001,‎“REIT‎Organizational‎Structure‎and‎Operating‎Characteristics”,‎Journal of Real Estate Research, vol.21, no.3, pp.141-162.
  • Association of Real Estate and Real Estate Investment Companies, 2016, REIT Guide (Available at www.gyoder.org.tr).
  • Basse,‎ T.‎ &‎ Friedrich,‎ M.‎ 2009,‎ “REITs‎ and‎ the‎ Financial‎ Crisis:‎ Empirical‎ Evidence‎ from‎ the‎ U.S.”,‎ International‎ Journal‎ of‎ Business‎ and‎ Management, vol.14, no.11, pp.1-10.
  • Capital Markets Board (CMB), 2016, Monthly Statistical Bulletin (Available at www.spk.gov.tr).
  • Chan,‎K.C.‎et‎al.1990,‎“Risk‎and‎Return‎on‎Real‎Estate:‎Evidence‎from‎Equity‎REITs”,‎The‎Journal‎of‎American‎Real‎Estate‎and‎Urban‎Economics‎ Association, vol.18, no.4, pp.431-452.
  • Chaudhry,‎M.K.‎et‎al.,‎2004.‎“REITs‎and‎Idiosyncratic‎Risk”,‎Journal‎of‎Real‎Estate‎Research,‎vol.26,‎no.2,‎pp.207-222.
  • Chiang, Y.H., et. al. 2008, “Time-Varying Performance of Four Asia-Pacific‎REITs”,‎Journal‎of‎Property‎Investment‎and‎Finance,‎vol.26,‎no.3,‎ pp.210–231.
  • Edo,‎ L..‎ 2012,‎ “K-means‎ Clustering,‎ Algorithms‎ in‎ Data‎ Mining”,‎ [Online]‎ http://www.cs.yale.edu/homes/el327/‎ datamining2012aFiles/11_k_means_clustering.pdf
  • European Public Real Estate Association (EPRA), 2016, Global REIT Survey, (Available at www.epra.org).
  • Gabriel‎F.S.‎et‎al.2015,‎“Clustering‎Real‎Estate‎Investment‎Trusts:‎Brazil‎versus‎United‎States”,‎Journal‎of‎Management‎Research, vol.7, no.4, pp. 166-190
  • Hamelink, F. & Hoesli, M. 2004, “What‎ Factors‎ Determine‎ International‎ Real‎ Estate‎ Security‎ Returns”,‎ Real‎ Estate‎ Economics,‎ vol.32,‎ no.3,‎ pp.437-462.
  • İslamoğlu‎M.‎et‎al.‎2015,‎“An‎Evaluation‎of‎the‎Financial‎Performance‎of REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method”,‎International‎Journal‎of‎Financial‎Research,‎vol.6,‎no.2,‎pp.124-138.
  • Kıyılar,‎M.‎&‎Hepşen,‎A.2010,‎“Performance‎Appraisal‎of‎Real‎Estate‎Investment‎Trusts‎(REITs):‎A‎Practice‎in‎Istanbul‎Stock‎Exchange”,‎Yönetim‎ Journal, vol.21, no.65, pp.11-23.
  • Önder‎E.‎et‎al.‎2014,‎“REITs‎in‎Turkey‎Fundamentals‎vs‎Market”,‎International‎Journal‎of‎Latest‎Trends‎in‎Finance‎and‎Economic Sciences, vol.4, no.1, pp.1-15.
  • Ratcliffe, C. & Dimowski,‎B.‎2007, ‎“The‎Responsiveness‎of‎LPT‎Returns‎and‎Their‎ Attributes”,‎Pacific‎ Rim‎Property‎ Research‎ Journal,‎vol.13,‎no.3,‎ pp.280-297.
  • Redman,‎A.L.‎&‎Manakyan,‎H.1995,‎“A‎Multivariate‎Analysis‎of‎REIT‎Performance‎by‎Financial‎and‎Real‎Asset‎Portfolio‎Characteristics”,‎Journal‎ of Real Estate Finance and Economics, vol.10, pp.169-175.
  • Shapiro-Wilk Normality Test, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/shapiro.test.html
  • The Normal Distribution, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/Normal.html
  • Titman,‎S.‎&‎Warga,‎A.‎1986,‎“Risk‎and‎the‎Performance‎of‎ the‎Real‎Estate‎Investment‎Trusts:‎A‎Multiple‎Index‎Approach”,‎Journal of the American Real Estate and Urban Economics Association, vol.14, no.3, pp.414–431.
  • Yong,‎J.,‎et‎al.‎2009,‎“AREIT‎Returns‎from‎1990-2008: A Multi-Factor‎Approach”,‎Conference‎Proceeding,‎Paper‎presented‎at‎the‎18th‎World‎ IMACS/MODSIM Congress, Cairns, Australia.
  • Ziering,‎B.‎et‎al.1999,‎“REIT‎Correlations‎with‎Capital‎Market‎Indexes:‎Separating‎Signal‎from‎Noise”,‎Real‎Estate‎Finance,‎vol.15,‎no.4,‎pp.61-67.

REAL ESTATE INVESTMENT TRUSTS IN TURKEY: STRUCTURE, ANALYSIS, AND STRATEGY

Year 2017, , 191 - 199, 30.06.2017
https://doi.org/10.17261/Pressacademia.2017.508

Abstract

Purpose- Aim of this study is to make the
determinations related to the problems mentioned in the REIT sector in Turkey,
to offer a solution for this issue, and to ensure the classification in the
sector by adhering to the financial data of the REITs

Methodology- Financial data set of the REITs was firstly
standardized by using median instead of mean. Then, the scoring was performed
according to defined coefficients. After that normality test of the obtained
scores was performed, the area of each score under standard normal distribution
curve was calculated and the scores were moved to the
0-100‎range.‎Finally,‎scores‎were‎collected‎under‎5‎groups‎as‎“Very‎good,‎
Good,‎Not‎Bad,‎Bad‎and‎Very‎Bad”‎by‎using‎k-means algorithm. Clustering were
made on R Studio.

Findings-Our analyses conducted that REITs
traded on the Istanbul Stock Exchange are divided into two subgroups depending
on their financial data. 

Conclusion- It will be important the REITs, in
the sub-group especially in terms of the score distribution, to diversify their
portfolio by extending their asset investments, to stabilize dividend payments
and to take steps on institutionalization so that they are equivalent to REITs
in the supergroup. 

References

  • Alias,‎A.‎&‎Tho,‎S.‎2011,‎“Performance Analysis of REITs: Comparison Between M-REITs and UK-REITs”,‎Journal‎of‎Surveying,‎Construction‎and‎ Property, vol.2, special issue, pp.38-61.
  • Ambrose,‎B.W.‎&‎Linneman,‎P.D.‎2001,‎“REIT‎Organizational‎Structure‎and‎Operating‎Characteristics”,‎Journal of Real Estate Research, vol.21, no.3, pp.141-162.
  • Association of Real Estate and Real Estate Investment Companies, 2016, REIT Guide (Available at www.gyoder.org.tr).
  • Basse,‎ T.‎ &‎ Friedrich,‎ M.‎ 2009,‎ “REITs‎ and‎ the‎ Financial‎ Crisis:‎ Empirical‎ Evidence‎ from‎ the‎ U.S.”,‎ International‎ Journal‎ of‎ Business‎ and‎ Management, vol.14, no.11, pp.1-10.
  • Capital Markets Board (CMB), 2016, Monthly Statistical Bulletin (Available at www.spk.gov.tr).
  • Chan,‎K.C.‎et‎al.1990,‎“Risk‎and‎Return‎on‎Real‎Estate:‎Evidence‎from‎Equity‎REITs”,‎The‎Journal‎of‎American‎Real‎Estate‎and‎Urban‎Economics‎ Association, vol.18, no.4, pp.431-452.
  • Chaudhry,‎M.K.‎et‎al.,‎2004.‎“REITs‎and‎Idiosyncratic‎Risk”,‎Journal‎of‎Real‎Estate‎Research,‎vol.26,‎no.2,‎pp.207-222.
  • Chiang, Y.H., et. al. 2008, “Time-Varying Performance of Four Asia-Pacific‎REITs”,‎Journal‎of‎Property‎Investment‎and‎Finance,‎vol.26,‎no.3,‎ pp.210–231.
  • Edo,‎ L..‎ 2012,‎ “K-means‎ Clustering,‎ Algorithms‎ in‎ Data‎ Mining”,‎ [Online]‎ http://www.cs.yale.edu/homes/el327/‎ datamining2012aFiles/11_k_means_clustering.pdf
  • European Public Real Estate Association (EPRA), 2016, Global REIT Survey, (Available at www.epra.org).
  • Gabriel‎F.S.‎et‎al.2015,‎“Clustering‎Real‎Estate‎Investment‎Trusts:‎Brazil‎versus‎United‎States”,‎Journal‎of‎Management‎Research, vol.7, no.4, pp. 166-190
  • Hamelink, F. & Hoesli, M. 2004, “What‎ Factors‎ Determine‎ International‎ Real‎ Estate‎ Security‎ Returns”,‎ Real‎ Estate‎ Economics,‎ vol.32,‎ no.3,‎ pp.437-462.
  • İslamoğlu‎M.‎et‎al.‎2015,‎“An‎Evaluation‎of‎the‎Financial‎Performance‎of REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method”,‎International‎Journal‎of‎Financial‎Research,‎vol.6,‎no.2,‎pp.124-138.
  • Kıyılar,‎M.‎&‎Hepşen,‎A.2010,‎“Performance‎Appraisal‎of‎Real‎Estate‎Investment‎Trusts‎(REITs):‎A‎Practice‎in‎Istanbul‎Stock‎Exchange”,‎Yönetim‎ Journal, vol.21, no.65, pp.11-23.
  • Önder‎E.‎et‎al.‎2014,‎“REITs‎in‎Turkey‎Fundamentals‎vs‎Market”,‎International‎Journal‎of‎Latest‎Trends‎in‎Finance‎and‎Economic Sciences, vol.4, no.1, pp.1-15.
  • Ratcliffe, C. & Dimowski,‎B.‎2007, ‎“The‎Responsiveness‎of‎LPT‎Returns‎and‎Their‎ Attributes”,‎Pacific‎ Rim‎Property‎ Research‎ Journal,‎vol.13,‎no.3,‎ pp.280-297.
  • Redman,‎A.L.‎&‎Manakyan,‎H.1995,‎“A‎Multivariate‎Analysis‎of‎REIT‎Performance‎by‎Financial‎and‎Real‎Asset‎Portfolio‎Characteristics”,‎Journal‎ of Real Estate Finance and Economics, vol.10, pp.169-175.
  • Shapiro-Wilk Normality Test, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/shapiro.test.html
  • The Normal Distribution, R Documentation, [Online] https://stat.ethz.ch/R-manual/R-devel/library/stats/html/Normal.html
  • Titman,‎S.‎&‎Warga,‎A.‎1986,‎“Risk‎and‎the‎Performance‎of‎ the‎Real‎Estate‎Investment‎Trusts:‎A‎Multiple‎Index‎Approach”,‎Journal of the American Real Estate and Urban Economics Association, vol.14, no.3, pp.414–431.
  • Yong,‎J.,‎et‎al.‎2009,‎“AREIT‎Returns‎from‎1990-2008: A Multi-Factor‎Approach”,‎Conference‎Proceeding,‎Paper‎presented‎at‎the‎18th‎World‎ IMACS/MODSIM Congress, Cairns, Australia.
  • Ziering,‎B.‎et‎al.1999,‎“REIT‎Correlations‎with‎Capital‎Market‎Indexes:‎Separating‎Signal‎from‎Noise”,‎Real‎Estate‎Finance,‎vol.15,‎no.4,‎pp.61-67.
There are 22 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Ali Hepsen

Murat G. Berberoglu This is me

Olgun Aydın

Publication Date June 30, 2017
Published in Issue Year 2017

Cite

APA Hepsen, A., Berberoglu, M. G., & Aydın, O. (2017). REAL ESTATE INVESTMENT TRUSTS IN TURKEY: STRUCTURE, ANALYSIS, AND STRATEGY. Journal of Business Economics and Finance, 6(2), 191-199. https://doi.org/10.17261/Pressacademia.2017.508

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