This Data Dispatch is updated monthly and was last published June 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. You can download these charts in Excel format.
Publicly listed US equity real estate investment trusts traded at a median 18.2% discount to their consensus net asset value per share estimates as of July 3, down from a 23.3% discount at the end of May, according to S&P Global Market Intelligence data.
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Largest discounts
Office REITs again traded at the largest discount to net asset value (NAV) at 44.1%, followed by hotel REITs at 32.9% and regional mall REITs at 28.4%.
Of the 10 REITs on the largest discount list, six were office focused. Hudson Pacific Properties Inc. logged the largest discount among all equity REITs with more than $200 million in market capitalization. The company's stock closed July 3 at $4.53, 77.9% below its consensus NAV estimate of $20.50 per share.
Other office REITs that landed spots on the biggest discount list included Office Properties Income Trust, which was second, Brandywine Realty Trust, which was fourth, and Piedmont Office Realty Trust Inc., which came in sixth.
Braemar Hotels & Resorts Inc. was the only hotel REIT on the top 10 overall largest discount list. Braemar Hotels & Resorts was ninth on the list with a 52.7% discount to its consensus NAV estimate of $8.63 per share.
Largest premiums
The two sectors that traded at median premiums to NAV as of July 3 were casinos and datacenters.
Casino REITs traded at a median 3.5% premium to NAV, while datacenter REITs traded at a premium of 3.2%.
However, out of the top 10 REITs on the biggest premiums list, only one was casino-focused while six were from the healthcare sector.
VICI Properties Inc. was the only casino REIT on the list, trading at a 7.1% premium. Healthcare-focused Welltower Inc. had the largest premium to NAV of all REITs, closing July 3 at $81.47, 42.2% above its consensus estimate of $57.30.
Other healthcare-focused REITs Omega Healthcare Investors Inc. and CareTrust REIT Inc., followed at the No. 2 and No. 3 positions, respectively.
