This Data Dispatch is updated monthly and was last published Nov. 2. The analysis includes 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 20.2% discount to their consensus net asset value per share estimates as of Nov. 30, down from a median discount of 28.4% as of Oct. 31, according to S&P Global Market Intelligence data.
Largest discounts
Consistent with the previous months, the office space traded at the largest median discount to net asset value (NAV) among all REIT sectors in November, at 37.1%.
Of the 10 public REITs on the largest discount list with market capitalizations of at least $200 million, seven were office-focused.
Office REIT Office Properties Income Trust traded at the largest discount to NAV, closing Nov. 30 at $5.58, 80.1% below its consensus NAV estimate.
Industrial Logistics Properties Trust landed on the No. 2 spot on the largest discount list. The industrial REIT closed Nov. 30 at $3.39, 71.2% below its consensus NAV estimate.
Office REITs Hudson Pacific Properties Inc., Brandywine Realty Trust and Piedmont Office Realty Trust Inc. took the third, fourth and fifth positions, respectively, with NAV discounts of 59.5%, 56.7% and 56.4%.
The hotel sector traded at the second-largest median discount, at 28.2%. Regional mall REITs ranked third, trading at a median discount of 25.4%.
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Largest premiums
The datacenter segment was the only sector to trade at a median premium to NAV as of Nov. 30, at 14.9%.
Datacenter REITs Digital Realty Trust Inc. and Equinix Inc. were among the 10 REITs with the largest premiums.
Digital Realty closed Nov. 30 at $138.78, 15% above its consensus estimate. Equinix closed the Nov. 30 trading session at $815.01, 14.7% above its consensus estimate.
Six of the 10 REITs on the largest premium list were healthcare-focused, including Welltower Inc., which ranked No. 1 as of Nov. 30. Welltower traded at $89.10, 50.5% above its consensus estimate.
Healthcare REIT CareTrust REIT Inc. was in the No. 2 position, ending the month at $23.08, 33.9% higher than its consensus estimate.
Other healthcare REITs with the largest NAV premiums include Omega Healthcare Investors Inc., which traded at a premium of 21.1%, and LTC Properties Inc., which traded at a premium of 11.9%.
