Master of Science in Hotel Administration
First Committee Member
Michael Dalbor, Chair
Number of Pages
This research paper compares lodging REITs using DuPont analysis. The study examined United States publicly traded lodging REITs’ balance sheets, income statements, and cash flow statements between the quarterly periods of 12/31/1997 to 12/31/2005. Lodging REITs have to adhere to the REIT status guidelines, 90 percent of their taxable income must be distributed as dividends to shareholders and at least 75 percent of their income must come from real estate. Lodging REITs do not have government requirements on how a firm must efficiently manage its operations through financial leverage. The results indicate that there is a disparity between individual lodging REITs and the use of financial leverage. An overview of the use of financial leverage and a lodging REIT shareholder’s equity is described in this paper.
Commercial real estate; Hotels; Investments; Rate of return; Real estate investment trusts
Hospitality Administration and Management | Portfolio and Security Analysis
Pellika, John Richard Kane, "Comparing lodging REITs using DuPont analysis: Evaluating shareholder equity" (2009). UNLV Theses, Dissertations, Professional Papers, and Capstones. 559.