REIT managers’ compensation structure typically provides a payment based alternatively on (i) “gross asset value� [GAV] or (ii) “net asset value� [NAV]. In addition, managers usually also gain a performance fee when REIT total return exceeds some minimum level.The...

(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...

The paper investigates how (public) REITs managersí compensation schemes influence capital structure and, consequently, REITsí share value. The analysis focuses on ígross asset valueî [GAV] versus ínet asset valueî[NAV]-based compensation of managers ñ typical of many European REIT...

Italian Real Estate Investment Trusts (REITs) are closed-end legal entities structured in the form of investment funds with finite life, externally managed by a management company. Retail REITs are subject to prudential and tax regulation aimed, respectively, to protect and favour retail...