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Performance Appraisal of Real Estate Investment Trusts (REITs): A Practice in Istanbul Stock Exchange

The primary purpose of this research is to examine real estate investment trust (REIT) risk-adjusted return performance versus the average performance of common stocks as measured by the Istanbul Stock Exchange (ISE). The sample for this study is composed of 8 REITs whose stocks were traded on the ISE for the period January 2000 through December 2008: Alarko GMYO, Dogus GE GMYO, Is GMYO, Nurol GMYO, Ozderici GMYO, Nurol GMYO, Vakif GMYO and Yapi Kredi Koray GMYO. The Sharpe Index and the Jensen Index are employed to measure the performance of each REIT relative to the market portfolio. The results of this study indicate that Pera GMYO performs better than the other RIET stocks for both Sharpe and Jensen Indices over the study period.