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JOURNAL OF ACCOUNTING AND FINANCE

Non-Traded REITs

Author(s): Olgun Fuat Sahin

Citation: Olgun Fuat Sahin, (2012) "Non-Traded REITs," Vol. 12, Iss. 1, pp. 48 - 59

Article Type: Research paper

Publisher: North American Business Press

Abstract:

In this paper, I examine differences between non-traded and traded REITs by using available financial

data. Findings indicate that there are many differences along a number of dimensions between nontraded

and traded REITs. For example, non-traded REITs hold fewer properties, employ lower leverage,

generate lower return on invested capital (ROIC) and funds from operations (FFO) and pay a greater

fraction of their income in dividends. There does not appear to be significantly different dividend yields.

These findings have public policy implications especially considering how their dividends may be funded

and how non-traded REIT shares are purchased.