Organisational Structure and Performance of Nigerian REITs

Abstract

With a focus on the organisational structure of Nigerian REIT (N-REIT), the paper examines how returns on N-REIT intertwine organisational structure. We used a mixed research design to first analyse the qualitative aspect by creating semantic networks from the quotations and codes generated, which were accordingly given appropriate interpretations, drawing out inferences by means of thematic content analysis. The quantitative aspect utilised the holding period returns, return-risk ratio, coefficient of variation, and Sharpe Ratio. We found that the organisational structure of N-REIT impacted on its performance by providing a positive risk-adjusted performance throughout the study period (2008 to 2019). Results of this study reveal the peculiar nature of Nigerian REITs; both individual and institutional investors (foreign and domestic) can use this information for informed investment decisions within the context of REIT markets in emerging economies.