This paper presents a Listed Real Estate Investment Valuation Model that was developed to investigate the
movement in indirect real estate investment through the consideration of the underlying assets of property
loan stock companies. Specific reference is given to information that is made available to shareholders by
way of annual financial statements in order to determine the extent to which shareholders can make
investment decisions based on this information. The study enhances the knowledge of direct vs. indirect
real estate investment behaviour and provides more insight into price discovery in the property sector.