What the study found
REIT regimes in different countries share structural features, but they mainly follow two approaches: an income-driven model and a NAV-driven model. The study also identifies barriers to implementing REITs in Ukraine and suggests that NAV-driven non-listed investment funds may be a more feasible framework under current conditions.
Why the authors say this matters
The authors say these findings can help adapt Ukrainian legislation to international standards and support the development of Ukraine’s REIT segment. The study suggests that the proposed NAV-driven organizational schemes may serve as a foundation for the post-war development of this market.
What the researchers tested
The researchers carried out a comparative analysis of the financial efficiency of REITs in developed countries. They used key financial indicators and data from INREV, EPRA, NAREIT, consulting reports, and stock market statistics.
What worked and what didn't
The analysis found that the income-driven approach, typical of listed REITs in the United States, emphasizes stable cash income, liquidity, and market transparency. The NAV-driven approach, typical of European non-listed real estate funds, focuses on long-term growth in net asset value. For Ukraine, the study identifies underdeveloped stock exchange infrastructure, high entry thresholds for investors, and the absence of mandatory profit distribution requirements as major barriers.
What to keep in mind
The abstract does not provide detailed performance numbers or a full description of the comparative criteria beyond key financial indicators. It also does not describe limitations beyond the barriers identified for Ukraine.
Key points
- REIT systems share structural features across jurisdictions, according to the study.
- The paper identifies two main approaches: income-driven and NAV-driven.
- Income-driven REITs are described as focusing on stable cash income, liquidity, and market transparency.
- NAV-driven non-listed real estate funds are described as focusing on long-term growth in net asset value.
- The authors identify underdeveloped stock exchange infrastructure, high investor entry thresholds, and no mandatory profit distribution as barriers in Ukraine.
Disclosure
- Research title:
- REIT models differ between income and asset-value approaches
- Authors:
- Svitlana Naumenkova, Svitlana Mishchenko, Volodymyr Mishchenko, Ievgen Tishchenko
- Institutions:
- Taras Shevchenko National University of Kyiv, State University of Trade and Economics, European University
- Publication date:
- 2026-03-13
- OpenAlex record:
- View
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