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