Editor's note: This Data Dispatch is updated monthly and was last published March 2. 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. Click here to download these charts in Excel format.

Publicly listed US equity REITs traded at a median 20.2% discount to their S&P Capital IQ consensus estimates for net asset value (NAV) per share as of March 31, an increase from the 16.8% discount at the end of February.

Largest discounts

March represented the eighth consecutive month of office REITs trading at the largest discount to NAV, at 53.1%. Of the 10 REITs on the overall biggest discount list, seven were office REITs.

Hudson Pacific Properties Inc. traded at a 74.5% discount to NAV, the steepest within the office sector and the second-largest among all U.S. equity REITs above $200 million in market capitalization.

Brandywine Realty Trust ranked third and Paramount Group Inc. ranked fourth in the top 10 overall discount ranking. Brandywine Realty Trust traded at a 67.5% discount to NAV, and Paramount Group traded at a 63.8% discount.

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Following the office segment, the regional mall sector traded at the second-biggest median discount at the end of March, and the hotel sector traded at the third-biggest.

Among regional mall REITs, regional mall owner Macerich Co. traded at the biggest discount, at 44.6%. In the hotel sector, RLJ Lodging Trust booked the largest discount as it closed the trading day at 48.2% below its consensus NAV estimate.

Industrial REIT Industrial Logistics Properties Trust traded at the largest discount to NAV among all U.S. equity REITs in the analysis, closing March 31 at $3.07, 77.3% below its consensus NAV estimate of $13.51 per share.

Largest premiums

The casino sector was the only sector that traded at a median premium to NAV, at 8.3%. Despite this, no casino REIT nabbed a spot on the top 10 premium list.

Healthcare-focused Welltower Inc. recorded the biggest premium among all U.S. equity REITs included in the analysis. At the end of March, the REIT traded at $71.69, 22.7% above its consensus NAV estimate of $58.41 per share.

Single-tenant REIT Essential Properties Realty Trust Inc. traded at the second-biggest premium, at 19.1%. Diversified REIT W. P. Carey Inc. followed with a 14.5% premium to NAV.