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Investing in REITs: A value-based approach
The primary purpose of this study is to test whether a value-based investment strategy will outperform a growth-based investment strategy when applied to SAREIT investment. The secondary purpose is to assess whether the SAREIT investor can discriminate between strong and weak value-REITs through sou...
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| Format: | Thesis |
| Language: | English |
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Department of Construction Economics and Management
2020
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| _version_ | 1867613200636182528 |
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| access_status_str | Open Access |
| author | Brits, De Villiers |
| author2 | Viruly, Francois |
| author_browse | Brits, De Villiers Viruly, Francois |
| author_facet | Viruly, Francois Brits, De Villiers |
| author_sort | Brits, De Villiers |
| collection | Thesis |
| description | The primary purpose of this study is to test whether a value-based investment strategy will outperform a growth-based investment strategy when applied to SAREIT investment. The secondary purpose is to assess whether the SAREIT investor can discriminate between strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Building on existing research on value-based investment strategies and market efficiency, this study offers an SAREIT perspective to the existing body of knowledge on value investing theory through portfolio selection based on P/NAV, P/E, P/CF and DY ratio analysis. The holding period returns of the respective value-based portfolios are compared to their growth-based counterparts for an examination of relative performance. The evidence from this research does not offer probabilistic support that a value-based approach to SAREIT selection and investment will outperform a growth-based approach, nor that it is possible to discriminate between financially strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Further research is required to develop the said strategies and models for application to the SAREIT sector. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/31485 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:21.936Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2020 |
| publishDateRange | 2020 |
| publishDateSort | 2020 |
| publisher | Department of Construction Economics and Management |
| publisherStr | Department of Construction Economics and Management |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/31485 Investing in REITs: A value-based approach Brits, De Villiers Viruly, Francois SAREIT value investing fundamental analysis ratio analysis F-Score Model market efficiency value effect The primary purpose of this study is to test whether a value-based investment strategy will outperform a growth-based investment strategy when applied to SAREIT investment. The secondary purpose is to assess whether the SAREIT investor can discriminate between strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Building on existing research on value-based investment strategies and market efficiency, this study offers an SAREIT perspective to the existing body of knowledge on value investing theory through portfolio selection based on P/NAV, P/E, P/CF and DY ratio analysis. The holding period returns of the respective value-based portfolios are compared to their growth-based counterparts for an examination of relative performance. The evidence from this research does not offer probabilistic support that a value-based approach to SAREIT selection and investment will outperform a growth-based approach, nor that it is possible to discriminate between financially strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Further research is required to develop the said strategies and models for application to the SAREIT sector. 2020-03-05T11:02:33Z 2020-03-05T11:02:33Z 2019 2020-03-05T06:53:18Z Master Thesis Masters MSc http://hdl.handle.net/11427/31485 eng application/pdf Department of Construction Economics and Management Faculty of Engineering and the Built Environment |
| spellingShingle | SAREIT value investing fundamental analysis ratio analysis F-Score Model market efficiency value effect Brits, De Villiers Investing in REITs: A value-based approach |
| thesis_degree_str | Master's |
| title | Investing in REITs: A value-based approach |
| title_full | Investing in REITs: A value-based approach |
| title_fullStr | Investing in REITs: A value-based approach |
| title_full_unstemmed | Investing in REITs: A value-based approach |
| title_short | Investing in REITs: A value-based approach |
| title_sort | investing in reits a value based approach |
| topic | SAREIT value investing fundamental analysis ratio analysis F-Score Model market efficiency value effect |
| url | http://hdl.handle.net/11427/31485 |
| work_keys_str_mv | AT britsdevilliers investinginreitsavaluebasedapproach |