This paper uses a unique dataset to analyse the determinants and timing of REITs’ revaluation on investment properties. The decision of revaluation is a discretion by REITs managers and the amount of revaluation will impact REITs’ reported income. We find that REITs revaluations are driven by property acquisition, asset management fees, and past REITs stock returns. REITs companies tend to do revaluations toward the same direction. We also discuss whether revaluation amount and direction predict future REITs stock returns.