Purpose: The study assessed the financial structure of REITs in emerging markets, using the Nigerian Real Estate Investment Trusts (N-REITs) to provide relevant information to guide both foreign and domestic investors. Design/Methodology/Approach: Secondary data obtained from the financial statement and annual reports of all the REITs companies in Nigeria namely Skye Shelter Fund, Union Homes REITs and UPDC REITs were used for the study. The study period covered from 2007 to 2016. Descriptive statistical tools such as frequencies, mean weighted scores and percentages were used in analyzing the data obtained for the study. Findings: The study revealed that UPDC REITs had the highest capital injected into the industry; hence it has the highest market capitalization. However the entire industry has a market capitalization of ₦41, 183, 684, 050 ($134.5 million) and a unit holders' fund of ₦44,726,754,000 ($146.2 million) within the study period, this is considered quite small when put alongside REIT companies of other nations with substantial market capitalizations such as the US which had a market capitalization of about $977.9 billion and South Africa with market capitalization of about $21 billion. Similarly, the study revealed that the N-REITs has great potentials given that the direct property from which it derives its income is doing well in terms of return performance in the study area.Originality/Value: REITs in emerging property markets has not been sufficiently studied. This study provided empirical data from an emerging property market which can guide prospective investors from across the globe. 31 and growth over the years since its inception in 1960 in the US (Drew, 2016). Other nations, most especially developed nations, have long also adopted REITs regimes in their respective capital markets. Previous studies have shown that REITs are thriving well in the global property market space. This assertion is buttressed by the financial structure of global REITs as well as individual REITs industries across the globe. Li & Chow (2015) for instance, estimated the global REITs market capitalization in the year 2013 at about $1.1 trillion. In the year 2016, the global REITs market capitalization was estimated at over $2 trillion (NAREIT, 2016) and in 2017; it was estimated to be about $3 trillion (NAREIT, 2017). A very large portion of the estimated global REIT market capitalizations comes from REIT industries of developed economies which are mostly characterized by matured property markets (NAREIT, 2017). Very scanty studies have been conducted on the contributions of REITs industries from emerging markets. Hence, this study will add to the existing body of knowledge in this field from the perspective of REITs in emerging markets, using N-REITs as a case study. The paper is structured as follows: the next section reviews related literature; section three presented the methodology adopted for the study; section four presented the results/discussion of results while section five presented the conclusion of the st...

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