Tatoğlu, EkremYılmaz, Mustafa KemalKuşakcı, Ali OsmanTatoğlu, EkremYılmaz, Mustafa KemalKuşakcı, Ali OsmanYılmaz, Mustafa KemalKuşakcı, Ali OsmanTatoğlu, Ekremİçten, OrkunYetgin, FeyzullahYönetim Bilimleri Fakültesi, İşletme BölümüYönetim Bilimleri Fakültesi, İşletme Bölümü2019-09-262019-09-262019Yılmaz, M., Kuşakcı, A., Tatoğlu, E, İçten, O., Yetgin, F., (2019). Performance evaluation of real estate investment trusts using a hybridized interval type-2 fuzzy AHP-DEA approach: The case of Borsa Istanbul. 18(06), pp. 1785–1820.0219-62201793-6845https://hdl.handle.net/20.500.12154/948https://doi.org/10.1142/S0219622019500354This study proposes a three-stage holistic methodology combining an interval type-2 fuzzy analytical hierarchy process (IT2F-AHP) and data envelopment analysis (DEA) to deal with the performance evaluation problems encountered in fuzzy decision environments. In the first stage, prospective inputs and outputs are determined by field studies. The second stage employs IT2F-AHP to identify the most appropriate performance indicators based on vague expert judgements. Finally, DEA is applied to the decision-making units (DMUs) based on the selected set of input and output measures. The proposed methodology proves its merit on a case study addressing the performance of real estate investment trusts (REITs) in Turkey during their ten-year journey of trading on Borsa Istanbul (BIST). The results demonstrate that the average scores for technical, pure technical and scale efficiencies are 66%, 80% and 80%, respectively. Considering the technical efficiency scores, Turkish REITs could have reduced their input factors by an average of 34%. The findings also reveal that the majority of Turkish REITs suffer from economies of scale and could have improved their performance by expansion.eninfo:eu-repo/semantics/embargoedAccessData Envelopment AnalysisInterval Type-2 Fuzzy Analytical Hierarchy ProcessPerformance EvaluationReal Estate Investment TrustsTurkeyArticle18617851820Q2WOS:0005009556000032-s2.0-85076230041Q2