Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 7, 2019 erstellt
Description:
This study compares the information content of funds from operation (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 differ across REITs of different sizes. FFO does not provide useful information to investors in the case of large REITs. Finally, we show that gain or loss from sales of property is relevant for valuing large REITs