ABSTRACT Australian sector-specific REITs (A-REITs) have grown significantly in recent years. This raises the issue of whether sector-specific A-REITs play a value-added role compared with diversified A-REITs. Despite the rapid growth of sector-specific A-REITs, limited studies have been devoted to it. Hence, this study aims to compare sector-specific A-REITs with diversified A-REITs by assessing risk-return performance, portfolio diversification benefits and portfolio allocation strategies for sector-specific A-REITs over January 2000 – August 2018. The results suggest that sector-specific A-REITs play a value-added and strategic role in an Australian mixed-asset portfolio, with superior risk-adjusted returns, enhanced portfolio diversification benefits and increased portfolio returns compared with that for diversified A-REITs. This supports the notion of specialisation value in an A-REIT context. The practical listed property investment implications regarding the value-added and strategic role of sector-specific A-REITs are also identified.

中文翻译：

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澳大利亚特定行业房地产投资信托基金的增值作用

摘要近年来，澳大利亚特定行业的REIT（A-REIT）有了显着增长。这就提出了一个问题，即与多元化的A-REIT相比，特定行业的A-REIT是否发挥增值作用。尽管特定行业的A-REIT迅速增长，但对其的研究却很少。因此，本研究旨在通过评估2000年1月至2018年8月期间特定行业A-REIT的风险收益表现，投资组合多元化收益和投资组合分配策略，来比较特定行业的A-REIT和多元化的A-REIT。结果表明，特定行业的A-REIT在澳大利亚混合资产投资组合中发挥增值和战略作用，与多元化的A-REIT相比，具有更高的风险调整收益，增强的投资组合多元化收益和更高的投资收益。这支持A-REIT上下文中的专业化值的概念。还确定了有关特定行业A-REIT的增值和战略作用的实际上市房地产投资影响。