Assessing the Disclosure of Green-Rated Properties in Real Estate Investment Trust Portfolios

Authors

  • Nurin Iyazi Raman The Institute of Postgraduate Studies (IPSis), Universiti Teknologi MARA Perak Branch, Seri Iskandar Campus, 32610 Seri Iskandar, Perak, Malaysia
  • Nor Nazihah Chuweni Program of Real Estate Management, Faculty of Built Environment, Universiti Teknologi MARA Perak Branch, Seri Iskandar Campus, 32610 Seri Iskandar, Perak, Malaysia
  • Andrea Blake School of Economics and Finance, Queensland University of Technology, Gardens Point Campus, 2 George St, Brisbane City QLD 4000, Australia

DOI:

https://doi.org/10.24191/bej.v23i2.7436

Keywords:

Green Rating, Real Estate, Sustainability, Real Estate Investment Trust (REIT), Content Analysis, Malaysia

Abstract

The increasing global emphasis on sustainability has brought heightened attention to how Real Estate Investment Trusts (REITs) incorporate environmentally responsible practices into their property portfolios. This study conducts a content analysis on the disclosure of green-rated buildings within REIT portfolios, focusing on how such information reflects sustainability commitments and communicates its value relevance to investors. Employing a qualitative content analysis approach, the research systematically reviews the 2023 audited annual reports of all 19 publicly listed Malaysian REITs. The analysis identifies the presence and levels of certification across four (4) key rating tools: Malaysia’s GreenRE and Green Building Index (GBI), along with internationally recognised standards such as Singapore’s Green Mark and the U.S.-based Leadership in Energy and Environmental Design (LEED). The findings reveal diverse patterns of adoption and disclosure, reflecting varying degrees of commitment among REIT managers. The study offers meaningful insights for investors by enhancing their understanding of REITs’ sustainability commitments, enabling more informed and responsible investment decisions aligned with ESG principles and long-term value creation.

Author Biographies

  • Nurin Iyazi Raman, The Institute of Postgraduate Studies (IPSis), Universiti Teknologi MARA Perak Branch, Seri Iskandar Campus, 32610 Seri Iskandar, Perak, Malaysia

    Nurin Iyazi Raman is currently a postgraduate student at Universiti Teknologi MARA, Perak Branch, Malaysia. Her research interests include sustainable real estate investment, green REITs, and efficiency and productivity analysis. She can be reached through her email at nureeniyazi@gmail.com.

  • Nor Nazihah Chuweni, Program of Real Estate Management, Faculty of Built Environment, Universiti Teknologi MARA Perak Branch, Seri Iskandar Campus, 32610 Seri Iskandar, Perak, Malaysia

    Nor Nazihah Chuweni obtained her Ph.D in Property Economics from Queensland University of Technology, Australia.  She is currently a senior lecturer at Universiti Teknologi MARA, Perak Branch, Malaysia. Her research interests include efficiency and productivity analysis (data envelopment analysis and stochastic frontier analysis), real estate investment, total factor productivity, Islamic REITs, green real estate, and the construction industry. She can be reached through her email at norna692@uitm.edu.my.

  • Andrea Blake, School of Economics and Finance, Queensland University of Technology, Gardens Point Campus, 2 George St, Brisbane City QLD 4000, Australia

    Andrea Blake has over 15 years of academic experience at the Queensland University of Technology and is currently a senior lecturer in property economics. During this period Andrea has published papers and spoken at international academic conferences on topics including property rights, valuation liability and practice, and property education. Andrea's PhD is in carbon sequestration and the impact on rural land and valuation practice. Prior to becoming an academic, Andrea has 10 years’ experience in the property and legal sectors and has worked in professional services. She can be reached through her email at a.blake@qut.edu.au.

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Published

03-07-2026

Issue

Vol. 23 No. 2 (2026): Built Environment Journal

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Copyright (c) 2026 Nurin Iyazi Raman, Nor Nazihah Chuweni, Andrea Blake

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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

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How to Cite

Assessing the Disclosure of Green-Rated Properties in Real Estate Investment Trust Portfolios. (2026). Built Environment Journal, 23(2). https://doi.org/10.24191/bej.v23i2.7436

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