Data and Initial Evidence
A sample of REITs for the period 1980 through 1994 is obtained from the National Association of Real Estate Investment Trust Factbooks.
REITs are classified as either equity, hybrid or mortgage REITs according to their Factbook classifications.
To be included in the sample, a REIT must have data available on the Compustat AFC, AIE and AIR files and have proxy information available in the SEC Q-data files for any one of the years being examined.
This screening process provided information for at least one year for seventy-five equity REITs, twenty hybrid REITs and forty mortgage REITs