REITs产权类资产估值方法的实践探讨

Practical Discussion on Valuation Methods of Property Assets of REITs

对不动产投资信托基金(REITs)资产合理估值是防范市场风险、推动市场长期健康发展的重要内容。本文以REITs产权类资产的估值方法为基础,结合评估实践,提出收益年期、运营毛收入、出租率、租金增长率、运营净收入以及报酬率等核心参数的选取原则和方法,并分析其在REITs产权类资产估值中的应用情况和效果。结果表明,在本文提出的核心参数选取方法下,REITs产权类资产估值具备合理性,可进一步将其推广运用在REITs产权类资产评估工作中。

Reasonable valuation of Real Estate Investment Trusts(REITs)assets is an important means to prevent market risks and promote the long-term healthy development of the market.Based on the valuation method of property assets of REITs,combined with the valuation practice,this paper proposes the selection principles and methods of core parameters such as the return period,gross operating income,occupancy rate,tax growth rate,net operating income,and discount rate.This paper also analyzes its application and result in the valuation of property assets of REITs.The results show that under the core parameter selection method proposed in this paper,the valuation of property assets of REITs is reasonable and it can be further used in the evaluation of property assets of REITs.