Financial performance evaluation of real estate investment trusts (REITs) is a kind of multi-criteria decision making (MCDM) problem. It is very important for a firm to monitor a wide range of performance indicators in order to ensure that appropriate and timely decisions and plans can be made. Suitable performance measures can ensure that managers adopt a long-term perspective and allocate the company's resources to the most effective activities. The aim of this study is to evaluate the financial performance model of Turkish Real Estate Investment Trusts (REITs) during 2012-2013 period using multi criteria decision techniques. Analytical Network Process (ANP) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) methodologies are used for the outranking of trusts. This model is applied to a case study for the financial performance evaluation of 24 REITs (Akfen, Akiş, Akmerkez, Alarko, Ata, Atakule, Avrasya, Doğuş, Emlak Konut, İdealist, İş, Kiler, Martı, Nurol, Özderici, Pera, Reysaş, Saf, Sinpaş, Torunlar, TSKB, Vakıf, Yapı Kredi Koray and Yeşil) in Turkey. Financial performance indicators namely Asset Growth Rate, Operating Costs/Net Sales, Return on Asset, Net Profit Margin, Return on Equity, Current Ratio, Long Term Assets/Total Assets and Quick Ratio are used for ranking the firms. The findings of this paper would help REIT managers and investors for creating more effective investment strategies. For the management side, rises, falls, and turning points of the fundamental indicators puts into perspective the effects of investment and financing policies created to deal with them. For the investors' side, comparing fundamental and market values provide them to analyze REITs are over or undervalued in the financial market
