Editor's note: This Data Dispatch is updated monthly and was last published Oct. 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 22.0% discount to their consensus S&P Capital IQ net asset value per-share estimates as of Nov. 1. That represented improvement compared to the 27.6% discount seen at Oct. 3.

Largest discounts

The office sector continued to trade at the steepest discount, at a median of 47.8% below NAV. Within the office sector, Hudson Pacific Properties Inc. traded at a 65.8% discount, followed by Office Properties Income Trust and SL Green Realty Corp. at discounts of 56.9% and 55.0%, respectively.

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The regional mall sector traded at the next-largest median discount, at 31.7% below NAV. Simon Property Group Inc., the largest mall REIT by market capitalization, closed the trading day at 16.5% below, while Macerich Co. traded at a 46.8% discount.

Industrial REIT Industrial Logistics Properties Trust traded at the largest discount to NAV among all U.S. equity REITs with at least $200 million in market capitalization, closing Nov. 1 at $4.80, 85.4% below its consensus NAV estimate of $32.79.

Largest premiums

On the other hand, the casino and farmland sectors were the two property sectors to trade at median premiums to NAV as of Nov. 1, at 8.0% and 3.7%, respectively.

Within the casino sector, VICI Properties Inc. traded at an 8.6% premium to its consensus NAV estimate, while Gaming & Leisure Properties Inc. traded at a 7.4% premium.

Among farmland REITs, Gladstone Land Corp. traded 16.8% above its NAV estimate; however, Farmland Partners Inc. closed the day at a 9.4% discount to NAV.

Two healthcare-focused REITs, LTC Properties Inc. and Omega Healthcare Investors Inc., traded at the largest premiums across all U.S. equity REITs with at least $200 million in market capitalization, at 20.8% and 19.7%, respectively.