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Environmental, social, and governance performance in real estate investment trusts: level vs. momentum effects across property types
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| 1.19 MB | Adobe PDF |
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Resumo(s)
This paper investigates how the level and momentum (year-on-year change) in ESG scores
affect the financial outcomes for Real Estate Investment Trusts (REITs). I look at 119 REITs
during 2010-2024, covering healthcare, hospitality, industrial, commercial, and residential
sectors. I show that ESG impacts are varied. Higher ESG levels often reduce short-term
profitability in service-heavy sectors, especially in healthcare. Industrial REITs benefit from
environmental, commercial REITs from governance efforts. Retail REITs suffer from
additional social investments. ESG momentum has an opposite direction to ESG level. My
results highlight that both ESG level and momentum matter and effects vary by sector.
Descrição
Palavras-chave
ESG ESG momentum Real Estate Investment Trusts REITs REIT property types Financial performance Funds from Operations (FFO)