What the study found
The study finds two main real estate investment trust (REIT) approaches: an income-driven approach and a NAV-driven approach, where NAV means net asset value. It also states that, for Ukraine, non-listed investment fund schemes based on the NAV-driven approach are the more feasible option under current financial conditions.
Why the authors say this matters
The authors conclude that common structural features across REIT systems in different countries may help adapt Ukrainian legislation to international standards. They also suggest that the proposed non-listed fund schemes may provide a foundation for the post-war development of Ukraine's REIT segment.
What the researchers tested
The researchers conducted a comparative analysis of the financial efficiency of REITs in developed countries. They used key financial indicators together with data from international associations, consulting reports, and stock market statistics.
What worked and what didn't
The income-driven approach, described as typical of listed REITs in the United States, emphasizes stable cash income, liquidity, and market transparency. The NAV-driven approach, described as characteristic of European non-listed real estate funds, emphasizes long-term growth in net asset value; for Ukraine, the abstract identifies underdeveloped stock exchange infrastructure, high entry thresholds for investors, and the absence of mandatory profit distribution requirements as major barriers to REIT implementation.
What to keep in mind
The abstract does not provide detailed numerical results or a full comparison of specific markets. It also does not describe limitations beyond noting the barriers to REIT implementation in Ukraine.
Key points
- The study identifies two dominant REIT approaches: income-driven and NAV-driven.
- Income-driven REITs are described as typical of listed REITs in the United States.
- NAV-driven funds are described as typical of European non-listed real estate funds.
- For Ukraine, non-listed NAV-driven schemes are presented as the more feasible framework.
- Major barriers in Ukraine include weak stock exchange infrastructure, high investor entry thresholds, and no mandatory profit distribution rule.
Disclosure
- Research title:
- Ukraine REIT adoption favors NAV-driven fund structures
- Authors:
- Svitlana Naumenkova, Svitlana Mishchenko, Volodymyr Mishchenko, Ievgen Tishchenko
- Institutions:
- European University, State University of Trade and Economics, Taras Shevchenko National University of Kyiv
- Publication date:
- 2026-03-13
- OpenAlex record:
- View
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