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 firstname.lastname@example.org 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
Review of Accounting Studies – Springer Journals
Published: Oct 6, 2004
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