A push for greater diversity on the boards of real estate investment trusts has led to higher returns, according to a new study by Ferguson Partners.

The firm’s REIT Diversity Report analyzed 134 publicly traded, internally-managed equity REITs to determine whether there is a relationship or correlation amongst REIT boards deemed to have a higher degree of diversity and the level of total shareholder returns over various time periods. It found that boards in the top 50% by diversity have outperformed those in the bottom 50% by diversity across the one-, three- and five-year time periods.

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Lynn Pollack

 

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