GAYRİMENKUL YATIRIM ORTAKLIKLARININ FİNANSAL PERFORMANSININ TOPSİS YÖNTEMİYLE ÖLÇÜMÜ

Gayrimenkul yatırım ortaklıkları (Real Estate Investment Trusts-REITs) gayrimenkul ile ilgili büyük çapta projelerde yatırım yapacak teşebbüslere finansal sermaye sağlayan bir kuruluştur. Gayrimenkul Yatırım Ortaklıkları veya yaygın olarak kullanılan kısaltmasıyla GYO'lar bir yatırım aracı olarak yatırımcılara düşük risk ve uzun vadede yüksek kazanç vaad etmektedir. GYO’lar kendileri müteahhitlik yapmazlar. Büyük projelerin yapılmasında fon sağlayarak proje bitiminde alım satım ve kiralama aktivitelerinden gelir sağladıkları gibi halka açılarak hisse senedi satarlar ve yatırımcılara kâr payı öderler. Bu çalışmada 2018 yılında Borsa İstanbul’da işlem gören GYO’lardan verilerine ulaşılabilen ve verileri devamlılık sağlayan 28 GYO’ya ait büyük bölümü daha önceki çalışmalarda kullanılmamış 24 farklı veri (finansal oranlar ve diğer finansal veriler) TOPSIS yöntemi ile değerlendirilmiştir. Çalışma sonucunda her bir GYO ‘ya ait performans skorları tespit edilmiş ve 28 GYO için finansal performans sıralaması oluşturulmuştur.

FINANCIAL PERFORMANCE OF REAL ESTATE INVESTMENT TRUSTS WITH TOPSIS ANALYSIS

Real Estate Investment Trusts (REITs) are financial institutions that provide financial capital to undertakings that will invest in large scale projects related to real estate. Real Estate Investment Trusts, or more commonly known as REITs, promise investors a low risk and high yield in the long term as an investment instrument. REITs do not act as contractors themselves. By providing funds for the construction of large projects, the company sells shares and pays dividends to investors as it provides income from trading and leasing activities at the end of the project. In this study, the data of 33 REITs traded in Borsa Istanbul in 2018 were analyzed and 24 different data which most of them not used in previous studies (financial ratios and other financial data) belonging to 28 REITs that provide data continuity were evaluated with TOPSIS method. As a result of the study, performance scores of each REIT were determined and a financial performance ranking for 28 REITs was established.

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