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A-REITs value relevance of performance measures: Net income, funds from operations and fair values of investment property
1
School of Business, Western Sydney University, Australia
Submission date: 2024-11-02
Final revision date: 2025-02-13
Acceptance date: 2025-05-14
HIGHLIGHTS
- Australian Real Estate Investment Trusts (A-REITs)
- funds from Operations
- net Income
- fair value of investment property
KEYWORDS
Net IncomeAustralian Real Estate Investment Trusts (A-REITs)Funds from OperationsFair Value of Investment Property
TOPICS
G15 - International Financial MarketsG30 - GeneralM40 - GeneralM41 - AccountingN27 - Africa • Oceania
ABSTRACT
This study investigates value relevance of three-performance measures (net income (NI), funds from operations (FFO), and fair values on investment property (FVIP) on stock prices of Australian Real Estate Investment Trusts (A-REITs). Using data from A-REITs over the period 2012–2021 and estimating a panel system Generalized Method of Moments (GMM), results suggest that of the three, only net income is significantly and positively related to the stock prices of A-REITs. The implication of this study for investors and fund managers is that net income is the most important accounting number that investors look for in the financial statements of A-REITs.
ACKNOWLEDGEMENTS
The authors express their gratitude for the valuable comments provided by the anonymous referee.
| eISSN: | 2300-5289 |
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