Why are REITS Currently So Expensive?
研究发现，REITs的高估值既非低利率也非低风险溢价所致，而是市场预期商业地产未来收入增长远超历史数据，其中非传统REIT板块和国际市场的增长预期相对温和。
Abstract Over the last several years, the price of listed real estate stocks has been unusually high relative to dividends. I find that neither low interest rates nor low risk premia can account for the high valuation ratios. Lower interest rates have been offset by rising risk premia to keep expected returns close to average. Instead, the market has priced in future income growth on commercial properties far above the growth rates seen in the data. High implied growth rates are less extreme for nontraditional REIT sectors. Income growth expectations are also less extreme for international listed real estate.