The value-added role of sector-specific REITs in Australia

IF 0.8 Q3 Economics, Econometrics and Finance Pacific Rim Property Research Journal Pub Date : 2019-01-02 DOI:10.1080/14445921.2019.1610593

Yu Cheng Lin, H. Cho, Chyi Lin Lee

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引用次数: 5

Abstract

ABSTRACT Australian sector-specific REITs (A-REITs) have grown significantly in recent years. This raises the issue of whether sector-specific A-REITs play a value-added role compared with diversified A-REITs. Despite the rapid growth of sector-specific A-REITs, limited studies have been devoted to it. Hence, this study aims to compare sector-specific A-REITs with diversified A-REITs by assessing risk-return performance, portfolio diversification benefits and portfolio allocation strategies for sector-specific A-REITs over January 2000 – August 2018. The results suggest that sector-specific A-REITs play a value-added and strategic role in an Australian mixed-asset portfolio, with superior risk-adjusted returns, enhanced portfolio diversification benefits and increased portfolio returns compared with that for diversified A-REITs. This supports the notion of specialisation value in an A-REIT context. The practical listed property investment implications regarding the value-added and strategic role of sector-specific A-REITs are also identified.

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澳大利亚特定行业REITs的增值作用

澳大利亚特定行业REITs (A-REITs)近年来增长显著。这就提出了一个问题，即与多元化的a - reits相比，特定行业的a - reits是否发挥了增值作用。尽管特定行业的A-REITs增长迅速，但对其的研究有限。因此，本研究旨在通过评估2000年1月至2018年8月期间特定行业A-REITs的风险收益表现、投资组合多元化收益和投资组合配置策略，对特定行业A-REITs与多元化A-REITs进行比较。结果表明，特定行业的a - reits在澳大利亚混合资产组合中发挥了增值和战略作用，与多元化的a - reits相比，具有更高的风险调整收益，增强的投资组合多元化效益和更高的投资组合回报。这支持了A-REIT环境中专业化价值的概念。本文还分析了上市房地产投资对特定行业A-REITs增值和战略作用的实际影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific Rim Property Research Journal BUSINESS-

CiteScore

1.10

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0.00%

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