Growth and Income
Most big property developers have their own REITs. Why? May be they can see clearly the differences between growth and income. Property developers are more willing to take higher risks for higher rate of returns so they themselves go for growth and pass the incomes to their REITs.
So when they see higher rate of returns are not possible in the future they will dump these assets into their REITs to recover as much capital as possible and to re-cycle these capitals back to higher risks higher returns projects.
Get it? By the same principles, do you still think that REITs can acquire under-valued assets?