Editor's note: This Data Dispatch is updated monthly and was last published April 4. 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 real estate investment trusts traded at a median 20.8% discount to their consensus estimates for net asset value (NAV) per share as of May 1, slightly higher than the 20.2% recorded at the end of March.

Largest discounts

As of the start of May, the office sector traded at the biggest discount to NAV at 57.9%. Eight of the 10 REITs on the overall biggest discount list were office REITs, led by Hudson Pacific Properties Inc.

Hudson Pacific Properties closed May 1 at $5.38, 78.5% below its consensus NAV estimate of $24.97 per share. The discount represents the largest discount within the office sector and among all US equity REITs above $200 million in market capitalization.

Office REITs Office Properties Income Trust and Brandywine Realty Trust were third and fourth on the list with a discount to NAV of 75.9% and 72.1%, respectively.

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The hotel sector traded at the second-biggest median discount as of May 1 at 32.2%. Among the hotel REITs, RLJ Lodging Trust recorded the biggest discount to NAV at 47.6%.

Regional mall REITs traded at the third-largest median discount at 31.7%. The regional mall REIT with the largest discount to NAV was Macerich Co., which closed the trading day at 46.3% below its consensus NAV estimate.

Healthcare-focused Diversified Healthcare Trust claimed the second spot on the biggest discount list as it traded at a 76.9% discount to NAV. Single-tenant REIT Necessity Retail REIT Inc. ranked fifth with a 67% discount to NAV.

Largest premiums

Among the property sectors, only the casino sector traded at a median premium to NAV, at 11.6%.

Casino REITs VICI Properties Inc. and Gaming & Leisure Properties Inc. were in the overall biggest premium ranking at No. 3 and No. 10, respectively. VICI Properties traded at a 14.8% premium to NAV, and Gaming & Leisure Properties traded at an 8.4% premium.

Healthcare-focused Welltower Inc. traded at $78.26, which was 34.3% above its consensus NAV estimate of $58.29 per share. This was the biggest premium among all US equity REITs included in the analysis.

Single-tenant REIT Essential Properties Realty Trust Inc. nabbed the No. 2 spot with a 15.6% premium to NAV. Agree Realty Corp., another single-tenant REIT, ranked fourth, closing the trading day at 11.8% above its consensus NAV estimate.