NAV Premiums & REIT Property Transactions
研究了净资产价值溢价如何影响房地产投资信托基金的收购活动量和单个资产支付价格，发现溢价上升时经理人增加投资且支付更高价格。
Abstract This study explores the outcome for REIT investment in response to NAV premiums considering (1) the volume of acquisition activity, and (2) relative prices paid for individual assets. Regarding the first, we provide evidence that REIT managers increase real estate investment following positive changes in NAV premiums. Regarding the second, we use a large sample of transactions for retail, office and multifamily property and find that REITs appear to pay significantly higher prices relative to other investors. Transaction prices paid by REIT managers for all three property types are positively and significantly affected by market‐wide NAV premiums.