This paper examines the relationship between Nigeria equity real estate investment trusts (REITs), with focus on Nigeria First REIT (Skye Shelter) and money market indicators (MMI), such as Treasury bill (TBR), Prime lending rate (PLR), Currency-in-Circulation (CIC), injection to corporate private sector (CPS) and Broad Money Supply to the economy (BMS) in the period 2008-2016 in an attempt to document the statistical significance of the indicators on N-REITs dividend returns. Design/Methodology/Approach-Quarterly data on dividend returns of Skye Shelter REIT were used as proxy for listed N-REITs return, while data on MMI were extracted from published Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS) bulletins from 2008-2016. The study deployed Augmented Dickey-Fuller test statistic (ADF t-statistic) to test for unit root and stationarity status of deterministic trend in the data collected. The degree of association, the existence of co-integration and the test for statistical significance between N-REITs and MMI were conducted by correlation analysis, Johansen Co-Integration Test and granger causality test of VAR and VECM respectively. Finding: At p-value <0.05; the data passed the ADF t-test using Schwarz information criterion (SIC) at 1 st Difference indicating stationary data series as required for granger causality model, while Trace and Max-Eigen statistics indicate co-integration confirming a long term relationship among the variables. The predicted granger causality analysis of an insignificant long term _______________________________________________________ 308 The 18 th AFRES ANNUAL CONFERENCE 2018 causal relationship and a short run significant causal relationship between N-REITs returns and MMI were confirmed. Practical implications: Information on MMI indicators simulates caution signal and provide informed decision for investors in the Nigeria real estate sector. The study is important to investment analysts and capital market players. Originality/Value: This study is first to investigate the causal relationship of money market indicators and N-REITs returns. Whereas, previous studies examined the performance of indirect property investment including REITs, effects of macroeconomic factors on REITs and MMI in isolation.

This research assessed and compared the delivery of facilities management services in public high rise residential buildings in Lagos, Nigeria. The objectives include the examination of service delivery method, assessment of the quality of service and determination of resident's satisfaction of the FM services. The methodology adopted is quantitative research and data were collected with use of questionnaire. The response options to the questions were ranked using the 5-point Likert scale. A total of 111 questionnaires were served in the two case studies. However, only 84 were retrieved, 57 from Eko Court and 27 from Boyle Street. Cumulatively 75.67% of the questionnaires were filled and retuned. The study finds that most of the services expected in high rise buildings are available in the case studies and the services are outsourced. The residents of the estates are relatively satisfied with the quality of service they are being provided with. However, the Eko Court residents exhibited a higher level of satisfaction. This infers that the quality of services provided in Eko Court is relatively better than what is obtainable in Boyle Street. The difference in level of satisfaction between the two estates is attributed to location and social class of people residing in the estates. The expectation of the residents with regards to each service is also a factor. The study recommends improved standardization of services, customized services and management of customer's expectation as ways of improving service delivery.

This paper focuses on the setting of a benchmark for the REIT performance within the REIT industry to achieve a sector induced national REIT index for Malaysia. The study has as objectives to (i) explore literatures on performance and benchmarking; (2) appraise REIT performance analysis as presented in the past studies; and (3) propose Hedonic Regression Model analysis towards setting a benchmark for REIT. The study adopted the quantitative research and analysis method. Three conventional REITs were purposively selected to reflect diversity in portfolio and location. Data were extracted from the annual reports of Three (3) REIT companies (AmFirst REIT, Starhill REIT & AmanahRaya REIT) through their websites for period of five years (2008)(2009)(2010)(2011)(2012). Hedonic regression was performed on the collected data from the REITs Company to forecast benchmark for the REITs based on individual capacity as reflected by the economic and operational indices. Thereafter the average of the return forecast for the three selected REIT represents an aggregate benchmark for the REIT industry in Malaysia. The study found that the M-REIT do outperform the KLCI but performed lower than the industry set return for 2013 by the study. The limitation of the study is twofold, first the sample for the study is small (3 out of the 12 conventional REITs) and secondly the study did not cover the Islamic REIT and there are 3 Islamic REITs in Malaysia. The identified limitations will be addressed in future research.

In spite of the decades' long global acceptance and adoption of the real estate investment trusts (REITs) as a rewarding investment vehicle with dual advantage of liquidity and market stabilisation for real estate, the pace of REIT adoption and development in the Africa continent is low. Perhaps, the growth and performance of African REITs in term of number of firms, capitalisation and return have made Africa REIT not to feature in Global REIT reports. This paper assess the performance of Nigeria REIT (N-REIT) and the influence of the operating environment on N-REIT The study adopted risk adjusted return analysis based on index computation of REITs weekly trading report for the period July 2010 to May 2014 with Nigerian Stock Market All Share Index (ASI) as benchmark. A questionnaire survey was employed for the effect of operating environment on N-REIT performance. The study found that N-REIT underperforms the ASI. The Informal factors of political risk, infrastructure and security risk are contributing factors to low performance and by extension less developed REIT market in Africa. The study recommends transparency in political leadership and African market, infrastructure development and social security for the growth of the REIT regime in the continent.

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