부동산투자회사(REITs)의 수익률 영향요인에 관한 연구

According to the global trend of low interest rates, investors are showing more and more interest in real estate investment. Since there are several risk factors inherent in direct real estate investments, indirect real estate investments are increasing in advanced nations. Under these backgrounds, this study set out to conduct an in-depth analysis of real estate investment trusts (REIT), an indirect approach to real estate investment. This study collected data of 112 REITs that had been approved by the end of 2015 and carried out diverse analyses of factors influencing their return rates. The empirical analysis results show that the average return rate of the 112 REITs was 6.2% per year for five years and that it was relatively higher than the deposit interest rate of banks. It was also found that the return rates varied according to type, listing, and the investment objects of the REIT. Based on these findings, a follow-up study needs to investigate in more detail and with more diverse variables and factors to influence the return rates of REIT. The findings will hopefully contribute to the activation of the REIT market so that the REIT business will become the new driving force of growth to lead the real estate industry in the future.