An Overview of Equity Real Estate Investment Trusts (REITs): 1993-2009

Abstract

This study documents the publicly traded equity Real Estate Investment Trust (REIT) universe during the modern REIT era (early 1990s through the present). We show the growth and consolidation of the industry, changes in property type focus, increases in institutional ownership, and the growth of operating partnership usage. Additionally, by property type we illustrate trends in cash flow, variation in dividend payouts, increases in leverage, differences in accounting performance measures (ROA, ROE, Tobin’s Q), a rise in expense ratios, and dissimilarities in profit margins. We also provide a list of all firms who meet publicly traded REIT qualifications.

Keywords: Real Estate Investment Trust, Equity REITs

JEL Classification: G00, G10, G18, G23, G30, G32, G35, L85, R00, R33