本文欲針對數據中心不動產投資信託(Data Center REITs)的財務特性進行分析。我們採用 2015 年至 2021 年的日交易數據，以非數據中心不動產投資信託(non-Data Center REITs)作為比較，評估二者差異。並使用相關係數、資本資產定價模型(CAPM)以及 Fama-French 三因子模型及五因子模型來完成上述研究。
我們的結果發現數據中心不動產投資信託與 REIT 市場波動的相關性較小。另外，沒有足夠的證據顯示數據中心不動產投資信託具有超額收益。在特性方面，其行為表現與大市值的公司以及成長股較為相似。最後值得注意的是，在 2020 年COVID-19 疫情爆發後，數據中心不動產投資信託對於市場的敏感度降低許多，具有強烈的防禦性。本研究認為，數據中心不動產投資信託在金融市場上是一種波動性相對較小的投資工具，為投資者在進行在資產配置時提供另一種選擇。

The aim of this study is to examine the returns and characteristics of three Data Center (DC) REITs. Adopting daily returns from January 2015 to December 2021, we
use non-Data Center REITs as a comparison to evaluate the difference of their
performance. By the result of the correlation coefficient, it shows a moderate linear
correlation between DC REITs and the REIT market. DC REITs are less correlated with
market volatility than non-DC REITs. The results from the Capital Asset Pricing Model
(CAPM) show that there are not enough evidence of excess returns for DC REITs. And
the results from Fama-French three-factor model and five-factor model indicate that
REITs behave like companies with large market capitalization whether DC or non-DC
REITs, and DC REITs perform in the same way as growth stocks do. It is also worth
noting that DC REITs become strongly defensive after the outbreak of the 2020 COVID
pandemic. Our research demonstrates that DC REITs are a less volatile investment tools
than the market, providing investors with an alternative option in terms of asset allocation.

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