Fair value is a market-participant view
Apply the IFRS 13 fair value lens to separate owner-specific optimism from market-participant assumptions.
The move: ask who would believe the assumption. IFRS 13 frames fair value as an exit price in an orderly transaction between market participants at the measurement date. That phrase is powerful in REIT management because property teams naturally carry inside conviction. They know the tenant conversations, the neighborhood plan, and the capital work that could unlock value. Inside conviction is valuable for strategy, but fair value needs market-participant evidence. If a buyer would not price the assumption without a signed lease, permit, transaction comp, or credible market signal, the assumption belongs in a sensitivity or upside case rather than…
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