The information content of funds from operations and net income in real estate investment trusts

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This study compares the information content of funds from operations (FFO) and net income (NI) in the real estate investment trust (REIT) industry. We find that models using FFO explain more of the variance in cumulative abnormal returns around earnings announcement dates than models using NI do. We also find that the information content of FFO differs across REITs of different sizes. FFO does not provide useful information to investors in the case of large REITs. Finally, we show that the gain or loss from sales of property is relevant to valuing large REITs.
Publisher
ELSEVIER SCIENCE INC
Issue Date
2020-01
Language
English
Article Type
Article
Citation

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, v.51

ISSN
1062-9408
DOI
10.1016/j.najef.2019.101063
URI
http://hdl.handle.net/10203/273868
Appears in Collection
MT-Journal Papers(저널논문)
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