2022 Multifamily REIT Trading Trends

The latest update on REIT performance from S&P Global Market Intelligence.

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

As of Dec. 1, 2022.

Source: S&P Global Market Intelligence

As of December 1st, 2022, publicly listed U.S. equity REITs traded at the median discount to consensus NAV per share estimate of 18.51 percent.

The health care sector traded at the least median discount to NAV estimate, at 4.42 percent. The Manufactured homes sector was next in line, trading at a median discount to NAV estimates of 15.75 percent.

The self storage sector ranked next, trading at median discount to NAV of 21.30 percent. The multifamily sector ranked last which traded at a discount of 21.41 percent.

Among the healthcare REITs, Welltower Inc. traded at the largest premium to NAV estimate, at 20.39 percent. Right behind were LTC Properties, Inc., and Community Healthcare Trust Incorporated trading at premiums to NAV estimates of 18.88 percent and 13.60 percent, respectively.

Trading at the greatest discount to NAV among multifamily REITs was BRT Apartments Corp. at 45.44 percent. NexPoint Residential Trust, Inc. followed, trading at -36.45 percent discount to consensus NAV.

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

If you are interested to learn more about the products and services available within S&P Global Real Estate data, please visit us here: https://www.spglobal.com/marketintelligence/en/campaigns/real-estate

—Posted on Dec. 30, 2022


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

As of Jul. 1, 2022.
Source: S&P Global Market Intelligence

As of July 1, publicly listed U.S. equity REITs traded at the greatest median discount to consensus NAV per share estimate of -20.7 percent.

The health care sector traded at the least median discount to NAV estimate, at -0.8 percent. The self storage sector was next in line, trading at a median discount to NAV estimate of -15.3 percent.

The multifamily sector ranked next, trading at median discount to NAV of -18.0 percent. The manufactured home sector ranked second to last which traded at a discount of -20.3 percent.

Among the health care REIT sector, Weltower Inc. traded at the largest premium to NAV estimate, at 28.8 percent. Right behind were LTC Properties Inc. and National Health Investors Inc., trading at premiums to NAV estimates of 23.5 percent and 18.2 percent, respectively.

Within multifamily, Bluerock Residential Growth REIT Inc.. traded at a premium to NAV estimate of 31.4 percent. Trading at the greatest discount to NAV was BRT Apartments Corp. at -42.3 percent. NexPoint Residential Trust Inc. followed, trading at -34.9 percent discount to consensus NAV.

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

If you are interested to learn more about the products and services available within S&P Global Real Estate data, please visit us here: https://www.spglobal.com/marketintelligence/en/campaigns/real-estate

—Posted on Aug. 28, 2022


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

As of Feb. 4, 2022.
Source: S&P Global Market Intelligence

As of Feb. 4, publicly listed U.S. equity REITs traded at a median discount to the consensus NAV per share estimate of 6.1 percent.

The self storage sector traded at the greatest median premium to NAV estimate, at 4.9 percent. The health care sector was next in line, trading at a median premium to NAV estimate of 2.6 percent. The publicly listed U.S. equity REITs ranked last while the manufactured homes REIT sector followed with a 3.7 percent median discount to NAV estimate.

Among the self-storage REIT sector, Extra Space Storage Inc. traded at the largest premium to NAV estimate, at 15.4 percent. Right behind were Public Storage and National Storage Affiliates Trust trading at premiums to NAV estimates of 10.1 percent and 4.9 percent, respectively.

The multifamily REIT sector traded at a median premium to consensus net asset value of 1.2 percent. Within the sector, Bluerock Residential Growth REIT Inc. traded at the highest premium to NAV estimate of 28.3 percent. Trading at the greatest discount to NAV was BRT Apartments Corp. at 25.0 percent. Centerspace followed, trading at 9.7 percent discount to consensus NAV.


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

If you are interested to learn more about the products and services available within S&P Global Real Estate data, please visit us here.

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