President of Green Street's Advisory Group. Jim Sullivan, discussed the unique position of public REITs at the crossroads of two markets – the public equity market and the private real estate market – allowing REITs to take advantage of diverging prices to create value for shareholders. Using net asset value (NAV) as a barometer to gauge how their stock is trading relative to the intrinsic value of their company, REIT management teams have the opportunity to sell properties and use the proceeds to buy stock back when their shares are trading more cheaply than the real estate that they own, and to issue shares when they trade more dearly and use proceeds to buy real estate.  Jim’s advice to REIT management teams is to use net asset value as an important guidepost for issuing shares and buying back stock, and to take advantage of the public/private market arbitrage to create shareholder value.