Article2006

The changing risk profile of listed property trusts

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

The listed property trust (LPT) sector has undergone considerable change in recent years, including increased levels of international property, increased levels of debt, incorporating property development activities via use of stapled securities structures and a reduced number of LPTs via mergers and acquisitions. By analysing LPT performance over 1993-2004, the changing risk profile of LPTs is assessed. In 2003-04, there is evidence of increased levels of LPT risk, particularly in the international LPT and stapled securities LPT sectors. LPT correlations with the stockmarket have also increased. This increasing risk profile for LPTs, whilst still off a low base, sees a reduction in the traditional defensive characteristics (ie low risk) and portfolio diversification benefits of LPTs.

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