本研究係利用財務理論定價模型之實質選擇權擴張情境模式，以三項式選擇權評價方法，評估現行上市的不動產投資信託商品（REITs）的合理價值。並選定富邦一號與二號、國泰一號與二號、新光一號等5檔REITs商品進行評價分析。 　　經研究結果，其中有4檔REITs評價價值與其2010年財報淨值非常接近；此外，並有其中3檔REITs的評價價值，相對於財報的每股淨值，更為接近實際股票市場交易的最高價格，證明本研究的三項式選擇權評價模型可適用於REITs商品的評價方法。 / This paper employs the Trinomial Real Option Pricing Model for the valuation of Real Estate Investment Trusts (REITs). The following five REITs in Taiwan (or T-REITs) are selected for empirical analysis: Fubon No.1 and No.2 REITs, Cathay No.1 and No.2 REITs, and Shin Kong No.1 REITs. Results show that the values of four T-REITs values from the valuation model are very close to their book value in the end of 2010, and three T-REITs values are also similar to their highest prices in the exchange market. Conclusions of this study imply that the Trinomial Real Option Pricing Model may serve as a good approach for the valuation of REITs prices.