Discussion of “Evaluating Non-GAAP Performance Measures in the REIT Industry”

Discussion of “Evaluating Non-GAAP Performance Measures in the REIT Industry” Review of Accounting Studies, 3, 131–135 (1998) ° c 1998 Kluwer Academic Publishers, Boston. Manufactured in The Netherlands. Discussion of “Evaluating Non-GAAP Performance Measures in the REIT Industry” RICHARD SLOAN sloanr@umich.edu University of Michigan, School of Business Administration, 701 Tappan Street, Ann Arbor, MI 48109-1234 The stated goal of Fields, Rangan, and Thiagarajan (FRT hereafter) is to evaluate the use- fulness of non-generally accepted accounting principles (GAAP) accounting measures in the real estate investment trust (REIT) industry. A key strength of their study is that the REIT industry provides great potential as a setting for evaluating non-GAAP performance measures. Most REITs routinely report funds from operations (FFO) as an alternative to GAAP earnings as a measure of periodic performance. Indeed, use of FFO is so common- place that First Call, an agency that gathers information on analysts’ earnings forecasts, gathers information on FFO rather than earnings for REITs. A small number of REITs also voluntarily disclose estimates of the current value of their properties in addition to the required historical cost-based GAAP values. Since the properties comprise the major assets of REITs, the current value disclosures should, in theory, provide important information about the value of the REIT. The http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Accounting Studies Springer Journals

Discussion of “Evaluating Non-GAAP Performance Measures in the REIT Industry”

Loading next page...
 
/lp/springer_journal/discussion-of-evaluating-non-gaap-performance-measures-in-the-reit-8DEqC0CxkY
Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1998 by Kluwer Academic Publishers
Subject
Business and Management; Accounting/Auditing; Corporate Finance; Public Finance
ISSN
1380-6653
eISSN
1573-7136
D.O.I.
10.1023/A:1009632518065
Publisher site
See Article on Publisher Site

There are no references for this article.

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$49/month

Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$588

$360/year

billed annually
Start Free Trial

14-day Free Trial