2021 Multifamily REIT Trading Trends

MEDIAN U.S. EQUITY REIT PREMIUM TO NAV BY SECTOR

As of Sep. 1, 2021.
Source: S&P Global Market Intelligence

As of Sep. 1, publicly listed U.S. equity REITs traded at a median premium to consensus NAV per share estimate of 2.1 percent.

The self storage sector traded at the greatest median premium to NAV estimate, at 17.0 percent. The health care sector was next in line, trading at a median premium to NAV estimate of 16.1 percent. The manufactured homes REIT sector followed with 9.0 percent median premium to NAV estimate.

Among the self storage REIT sector, Extra Space Storage Inc. traded at the largest premium to NAV estimate, at 32.3 percent. Right behind were National Storage Affiliates Trust and Life Storage Inc., trading at premiums to NAV estimates of 21.5 percent and 18.1 percent, respectively.

The U.S. multifamily REIT sector traded at a median premium to consensus net asset value of 10.5 percent. Within the sector, Mid-America Apartment Communities Inc. traded at a premium to NAV estimate of 20.7 percent.

Trading at the greatest discount to NAV among Multifamily REITs was BRT Apartments Corp. at 22.8 percent. Bluerock Residential Growth REIT Inc. followed, trading at 22.7 percent discount to consensus NAV.

Winzen Matamorosa is an Associate in the Real Estate Client Operations Department of S&P Global Market Intelligence.

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—Posted on Sep. 28, 2021