REAL ESTATE INVESTMENT TRUSTS IN TURKEY: STRUCTURE, ANALYSIS, AND STRATEGY

Yıl 2017, Cilt: 6 Sayı: 2, 191 - 199, 30.06.2017

Ali Hepsen , Murat G. Berberoglu Olgun Aydın

https://doi.org/10.17261/Pressacademia.2017.508

Öz

Purpose- Aim of this study is to make the
determinations related to the problems mentioned in the REIT sector in Turkey,
to offer a solution for this issue, and to ensure the classification in the
sector by adhering to the financial data of the REITs

Methodology- Financial data set of the REITs was firstly
standardized by using median instead of mean. Then, the scoring was performed
according to defined coefficients. After that normality test of the obtained
scores was performed, the area of each score under standard normal distribution
curve was calculated and the scores were moved to the
0-100‎range.‎Finally,‎scores‎were‎collected‎under‎5‎groups‎as‎“Very‎good,‎
Good,‎Not‎Bad,‎Bad‎and‎Very‎Bad”‎by‎using‎k-means algorithm. Clustering were
made on R Studio.

Findings-Our analyses conducted that REITs
traded on the Istanbul Stock Exchange are divided into two subgroups depending
on their financial data. 

Conclusion- It will be important the REITs, in
the sub-group especially in terms of the score distribution, to diversify their
portfolio by extending their asset investments, to stabilize dividend payments
and to take steps on institutionalization so that they are equivalent to REITs
in the supergroup. 

Anahtar Kelimeler

Real estate investment trusts (REITs), Turkey, performance ranking, K-means algoritm, R studio

Kaynakça

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