Massimo, Giacomini Emanuela M.; Quaranta, Anna Grazia - European Real Estate Society - ERES - 2012
(Italian) REIT managersí compensation structure typically provides a payment based alternatively on (i) ígross asset valueî [GAV] or (ii) ínet asset valueî [NAV]. In addition, managers also gain a performance fee when REIT total return exceeds some minimum level. In this respect, the paper...