Purpose This paper aims to examine the significance and performance analysis of the Malaysian Real Estate Investment Trust (M-REIT) from 2014 to 2018. Design/methodology/approach Performance analysis is done through operating ratio (current ratio), leverage ratio (debt ratio) and efficiency ratio (return on asset and return on equity). Findings M-REIT has been ranked 27th globally and 7th in Asia Pacific REIT market, implying the significance of the market. The trend of market capitalisation of M-REIT had flourished from 2014 to 2017 but declined in 2018. The total assets of M-REIT have been seen thriving over the years with both Islamic REIT market capitalisation and total assets showing improvements throughout the year. From the viewpoint of efficiency ratios of ROA and ROE, Islamic REIT is deemed more favourable to investors than conventional REITs, implying the high receptive of Islamic REITs. Research limitations/implications In terms of efficiency of operation, it is evident that several sectors of REITs may be at risk of liquidity due to the decline in current ratio from 2014 to 2018, as current ratio of less than 1 is considered a red flag. Originality/value Performance analysis on the performance of each sector as the outcome of the research could ease investors’ decision-making as whether it can be considered as one of the viable investments available in the market.

Real estate is an important asset class, but what specifically does real estate contribute to improve diversified stock–bond portfolios? The author decomposes real estate investment trust returns into their factor betas to show that real estate is a hybrid asset class, with returns explained by a rich mix of compensated risk factors plus uncompensated sector risk. He shows that the same is true for private real estate, but with the additional contribution to risk from misappraisals. It is the rich mix of common factors contained in real estate that can improve the Sharpe ratios of diversified, multiasset portfolios. He discusses the implications for asset allocation from the perspectives of mean–variance optimization of asset classes, the capital asset pricing model with efficient markets, and factor-based asset allocation. <b>TOPICS:</b>Real estate, portfolio construction

This study documents the publicly traded equity real estate investment trust (REIT)universe during the modern REIT era (early 1990s through the present). The growthand consolidation of the industry, changes in property type focus, increases ininstitutional ownership, and the growth of operating partnership usage aredocumented. Additionally, trends in cash flow, variation in dividend payouts, increasesin leverage, differences in accounting performance measures (ROA, ROE, Tobin's Q),a rise in expense ratios, and dissimilarities in profit margins are given by propertytype. A list of all firms who meet publicly traded REIT qualifications is also provided.

The aim of this study is to compare performance of the real estate investment trust (REIT) sector and venture capital investment trusts (VCIT) sector in Turkey. In order to accomplish this purpose, Data Enveloped Analysis is utilized by using the data of 32 REIT and 7 VCIT for the yearly term of 2014-2019. In addition, while net profit amount and profit per share are used as output variables, risky investment amount, total equity amount, total asset amount are used as input variables. At the end of the analysis, in general it is concluded that the real estate investment trust sector hashigher efficiency than venture capital investment trust sector has. Besides, according to the Malmquist Productivity results, again real estate investment trust sector has more productivity than the venture capital investment trust sector has.

This study examines the performances of two Real Estate Investment Trust (REITs) structure in Malaysian capital market by comparing the Dividend Yield (DY), Distribution per Unit (DU), Net asset Value (NAV), and Earning per Unit (EU) of shariah REITSs (iREITs) and conventional REITSs (cREITs) from Malaysia perspective. The secondary data are retrieved from Bloomberg's Database for 13 listed REITs in the Bursa Malaysia main board for a five-year period from 2009 to 2013 with yearly observation. Applying One Way-Anova analysis, an Independent Sample Kruskal-Wallis Test is used to determine any differences in the performance of the two REITs structure. The results provide evidence indicating that the two structures have distinctive and significantly different performances. It also indicates the better performance of iREITs compared to cREITs. The results of this study are useful to provide additional evidence towards the viable of Islamic funds as a significant initiative to broaden and deepen the product base of Islamic capital market in Malaysia.

The Islamic capital market operates in parallel with convention capital market in expanding, deepening, and broadening Malaysia financial system. The Islamic Real Estate Investment Trust (Islamic REIT) serves as an alternative Islamic investment instrument to sukuk and shariah compliant stock, which observes Islamic REIT experiencing a significant growth and demand in portfolio property value and Islamic market capitalization. The attractiveness of Islamic REIT has made it to become one of the common real estate investments apart from the physical property investment with a long-term and cheaper capital for property ownership. Likewise, the continual expansion of the Islamic REIT market in Malaysia is making great financial motivation that expands the investment spectrum. Therefore, the need to review the Malaysia Islamic REIT framework to thrive and revitalize structures conforms to the shariah laws and the guideline issued by security commission of Malaysia. This inevitably means the behaviours and operation of sub-Islamic components operating under Islamic financial system need to observe within the rules and principles of shariah laws. Through model of business, investors can invest in an Islamic REIT in the without having to buy, manage, or finance property and income that produced through its various real estate investments.

Purpose The Islamic Capital Market (ICM) has witnessed tremendous growth over the years. One of the most interesting growth curves in the ICM instruments is that Islamic Real Estate Investment Trusts (I-REITs). The purpose in this paper is to highlight the concept of I-REIT and to presents a comparative analysis for Emirates I-REIT and Al-Salam I-REIT of UAE and Malaysia to find out the implications of the major differences between the two countries I-REITs. Design/methodology/approach This paper uses the data in the two I-REITs' financial reports from the years 2015 to 2019. A descriptive (Observational design) data analysis approach is used in comparing both I-REITs by focusing on five different variables that include: portfolio, governance, financial performance, Shariah compliance and risk management. Findings The findings offer evidence of key differences between the two countries regarding the I-REITs. The differences found in the implication for all variables that the paper presented, especially the size of the portfolio for each I-REIT along with the Shariah compliance and risk management, Al Salam “Malaysia” used more standard approach than UAE in which the SSB is responsible for setting the guidelines for Emirates REIT. Also, the risk management technique used by the two REITs differs from one another. Practical implications This research paper provides an insight for the capital market sectors as an initiative to improve and develop the ICM to play its important role in the economy. Originality/value This research paper is an initiative to compare and evaluate the implications of major differences between the I-REITs of the two countries only in the light of recent development in the ICM.

The aim of this paper is to review empirical findings in the literature relating to corporate social responsibility (CSR) and real estate investment trust (REIT) performance. Specifically, we synthesise CSR‐focused REIT performance studies in an attempt to establish empirical approaches utilised in the academic literature, present findings, identify relevant gaps and reveal themes for future research. The literature focusing on the CSR of REITs to‐date has primarily focused on corporate governance, sustainability and performance, with the latter concentrating on firm‐level financial consequences rather than investment return performance. The review showed that there has been limited empirical research conducted on the relationship between CSR and risk‐adjusted returns of REITs, particularly in Australia.

Over the past decade, Malaysia’s Islamic capital market is emerging in achieving a total worth of 1.9 million or 61 percent of the overall Malaysian capital market as per December 2018. The establishment of Islamic Real Estate Investment Trust (REIT) gained a demand from investors in the Islamic capital market that claims to be a safe investment as it attached to the real estate to generate the source of income. Nevertheless, the Islamic REITs are structured and operating in accordance with the Shariah principle laid out by the Malaysia securities commission, as it is beneficial to the potential investors given its high liquidity and diversification opportunity compared to investing in physical property. In addition, although Islamic REIT is deemed to have a stable return given the real estate portfolio, there is still risk inherent such as an impact of the external forces. Therefore, the impact of macroeconomic factors shocks towards Islamic REITs is significant to the investors, policy makers and government to outline their relationship and facilitate their future growth. However, the evidence published on the listed Islamic REITs stock return in Malaysia is very limited and has seldom been modelled. The Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model and Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH) model employed in this study to analyze the Islamic REIT stock return. The empirical finding show that the Islamic REITs exhibit an unstable behavior and volatility would take a longer time to respond to a shock in the market. Nevertheless, the magnitude of changes in price level of Islamic REITs tends to be greater in responding to new market information. Furthermore, it points out that the leverage effect of all the macroeconomic shocks towards Axis REIT and mix macroeconomic finding leverage effect for Aqar REIT and KLCC REIT in Malaysia. Nutshell, this study provides a discussion of Islamic finance to set a basis for Malaysian Islamic REIT, the regulatory framework, and conceptual model property trust funds in Malaysia.

Islamic real estate investment trusts (iREITs) is a fund or a trust that owns and manages income producing commercial real-estate which complied with Shariah. The aim of the paper is to study the recent performance of four iREITs in Malaysia, namely Al-'Aqar Healthcare REIT, Axis REIT, Al-Salam REIT and KLCC REIT, from 2012 until 2016. Trend analysis is adopted to analyse the performance focusing on dividend distribution per unit (DPU) and net asset value (NAV). Based on the findings, both DPU and NAV performance show a good track record and this is evident in the case of Al-A«Aqar Healthcare REIT, KLCC REIT and Al-Salam REIT. Generally, it can be concluded that iREITs provide an attractive investment tool as it generates steady income in the form of dividend to the shareholders, while at the same time backed by quality underlying assets.