Editor's note: This Data Dispatch is updated monthly and was last published Jan. 5. The analysis includes current publicly traded U.S. 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 U.S. equity REITs traded at a median 11.9% discount to their consensus S&P Capital IQ net asset value per-share estimates as of Jan. 31, an improvement from the 20.8% discount at which they traded at the end of December 2022.

Largest discounts

Office REITs continued to trade at the largest median discount to NAV, at 38.4%. Hudson Pacific Properties Inc. traded at a 59.6% discount to NAV, the largest discount within the office sector and the second-largest discount to NAV among all U.S. equity REITs above $200 million in market capitalization.

Brandywine Realty Trust and Paramount Group Inc. were among the other office REITs on the overall biggest discount list, at No. 4 and No. 5, respectively. Brandywine Realty Trust traded at a 54.0% discount to NAV, and Paramount Group traded at a 51.2% discount.

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The hotel sector traded at the next-largest median discount of 22.0%, followed by the regional mall sector at 18.8%. RLJ Lodging Trust traded at the largest discount among hotel REITs at 37.4%, and Macerich Co. traded at the largest discount within the regional mall sector at 31.7%.

Among all U.S. equity REITs in the analysis, Industrial Logistics Properties Trust continued to trade at the largest discount to NAV. The industrial REIT closed Jan. 31 at $4.41, which is 69.9% below its consensus NAV estimate of $14.63.

Largest premiums

Four sectors traded at median premiums to NAV as of Jan. 31: casino, healthcare, communications and "other retail," which includes single-tenant retail and outlet center REITs.

Healthcare-focused Welltower Inc. led the overall biggest premium list as it traded at a 31.5% premium to its consensus NAV estimate. Communications REIT American Tower Corp. followed, trading 30.0% above its estimate.

Agree Realty Corp., a REIT within the "other retail" sector, was fourth on the list, trading at a 23.9% premium to NAV. The REIT ranked below healthcare REIT Community Healthcare Trust Inc., which traded at a 24.8% premium.