This Data Dispatch is updated monthly and was last published Feb. 6. 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 15.0% discount to their consensus net asset value (NAV) per share estimates as of Feb. 29, down from a median discount of 15.8% as of Jan. 31, according to S&P Global Market Intelligence data.
Largest discounts
Diversified REITs traded at the largest median discount to NAV among all REIT sectors in February at 27.1%, followed by the office sector, which traded at a 25.4% median discount to NAV at month-end.
Farmland-focused REITs traded at a 19.7% median discount to NAV as of Feb. 29. Only two farmland REITs were included in the analysis.
Of the 10 public REITs on the largest discount list with market capitalizations of at least $200 million, two were diversified REITs, three were office-focused, and three were residential REITs.
Consistent with the previous month, industrial REIT Industrial Logistics Properties Trust traded at the largest discount to NAV, closing Feb. 29 at $3.83, 71.1% below its consensus NAV estimate of $13.26.
The diversified REITs on the largest discount list included Global Net Lease and Peakstone Realty Trust.
Global Net Lease traded at a 56.6% median discount to the consensus NAV estimate, and Peakstone Realty traded at a 50.0% median discount to NAV.
Office sector REITs included Piedmont Office Realty Trust Inc., Brandywine Realty Trust and Hudson Pacific Properties Inc.
Residential REIT BRT Apartments Corp. posted the second-largest discount of the top 10 companies, closing Feb. 29 at $15.48, 59.6% below the consensus NAV estimate of $38.32.
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Largest premiums
The datacenter sector, which included two companies in the analysis, was the only sector to trade at a median premium to NAV as of Feb. 29, at 15.2%.
The two datacenter-focused REITs on the list of top 10 REITs with the largest premiums were Digital Realty Trust Inc. and Equinix Inc.
Healthcare-focused Welltower Inc. traded at the largest premium to NAV as of Feb. 29. Welltower closed Feb. 29 at $92.16, 53.0% above the consensus NAV estimate of $60.24.
Iron Mountain Inc., which focuses on information management services, followed Welltower, trading at a 50.7% premium to NAV consensus estimate of $52.20 as of Feb. 29.
The next three positions on the top 10 premiums list were occupied by healthcare REITs CareTrust REIT Inc., Omega Healthcare Investors Inc. and National Health Investors Inc., respectively.
Only one REIT from the office sector, SL Green Realty Corp. was among the top 10 REITs on the largest premiums list.
