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NAV discount in REITs: the role of expert assessors

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  • Pierpaolo Pattitoni
  • Barbara Petracci
  • Massimo Spisni

Abstract

Using a unique hand-collected data set that comprises the 2009 balance sheets of all Italian listed Real Estate Investment Trusts (REITs), we test whether Net Asset Value (NAV) discount can be explained by expert assessor overestimations. Our results suggest that expert assessors make conservative assessments of NAV values; thus, they are not responsible for NAV discounts. Furthermore, using the balance sheet disaggregated data of each REIT, we cluster properties by region and intended use and find that certain regions and types of properties are more discount-prone than others.

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  • Pierpaolo Pattitoni & Barbara Petracci & Massimo Spisni, 2013. "NAV discount in REITs: the role of expert assessors," Applied Economics Letters, Taylor & Francis Journals, vol. 20(2), pages 194-198, February.
    • Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:194-198
    DOI: 10.1080/13504851.2012.689103
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    Cited by:

    1. Qiulin Ke, 2015. "What affects the discount to net asset value in the UK-listed property companies?," Journal of Property Research, Taylor & Francis Journals, vol. 32(3), pages 240-257, September.
    2. Pierpaolo Pattitoni & Barbara Petracci & Massimo Spisni, 2012. "REIT modified duration and convexity," Economics and Business Letters, Oviedo University Press, vol. 1(3), pages 1-7.

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