This Data Dispatch is updated monthly and was last published July 6. The analysis includes current publicly traded US equity real estate investment trusts that trade on the Nasdaq, NYSE or NYSE American with market capitalizations of at least $200 million. You can download these charts in Excel format.
Publicly listed US equity real estate investment trusts traded at a median 15.9% discount to their consensus net asset value per share estimates as of July 31, down from an 18.2% discount as of July 3, according to S&P Global Market Intelligence data.
Largest discounts
Office REITs again traded at the largest median discount to net asset value (NAV) at 33.0%, followed by hotel REITs at 30.5% and diversified REITs at 24.2%.
Of the 10 REITs on the largest discount list, six were office-focused, while only one was hotel-focused.
Office Properties Income Trust climbed one position to log the largest discount to NAV among all US REITs with a market capitalization of at least $200 million. The company's stock closed July 31 at $7.70, 72.5% below the consensus NAV estimate of $28.03.
Hudson Pacific Properties Inc. slid one position from July 3 to occupy the No. 2 spot on the list. The company's stock closed July 31 at $5.87, 70.4% below the consensus NAV estimate of $19.81.
Other office-focused REITs on the largest discount list included City Office REIT Inc., Brandywine Realty Trust, Piedmont Office Realty Trust Inc. and Orion Office REIT Inc.
Industrial Logistics Properties Trust was the only industrial REIT on the largest discount list. The company stock held the No. 3 position, closing July 31 at $4.24, 63.9% below the consensus NAV estimate of $11.73.
– Download an Excel template with data featured in this story.
– Set email alerts for future Data Dispatch articles.
– Read some of the day's top real estate news and insights from S&P Global Market Intelligence.
Largest premiums
Three sectors traded at median premiums to NAV as of July 31: casinos, healthcare and datacenter.
Datacenter REITs traded at the highest median premium to NAV at 7.9%, followed by healthcare REITs at 1.6% and casinos at 0.5%.
However, out of the top 10 REITs on the biggest premiums list, only Equinix Inc. was datacenter focused, trading at 11.5% premium to NAV.
Six REITs on the list — including the top three — were healthcare-focused. Welltower Inc. occupied the No. 1 spot on the list, with its stock closing July 31 at $82.15, 41.2% above its consensus NAV estimate of $58.17.
Other healthcare REITs on the top premiums list included Omega Healthcare Investors Inc., CareTrust REIT Inc., LTC Properties Inc., National Health Investors Inc. and Community Healthcare Trust Inc.
VICI Properties Inc. was the only casino-focused REIT on the list, at the No. 10 spot. The company's stock closed July 31 at $31.48, 5.8% above the consensus NAV estimate of $29.75.
