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.
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.
Details
| Primary Language | English |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | June 30, 2017 |
| Published in Issue | Year 2017 |
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