2025 REIT Trading Trends
The latest update from S&P Global Real Estate on how multifamily stacks up against other asset categories. Read the report.
As of Dec. 4, publicly listed U.S. equity REITs traded at the median discount to consensus NAV per share estimate of 19.23 percent.
The multifamily sector traded at the largest median discount to NAV estimate, at 18.24 percent. The manufactured homes was next in line, trading at a median discount to NAV estimate of 17.84 percent.
The health care sector ranked first, trading at a premium to NAV of 26.63 percent.
Among the Health Care REIT sector, Welltower Inc. traded at the largest premium to NAV estimate of all U.S. REITs, at 125.88 percent. Right behind were American Healthcare REIT Inc. and Medical Properties Trust Inc. trading at premium to NAV estimates of 84.61 percent and 72.69 percent, respectively.
Jerra Joy Agravio is an Associate in the Real Estate Client Operations Department of S&P Global Market Intelligence.
—Posted on Dec. 23, 2025
As of Feb. 5, publicly listed U.S. equity REITs traded at a median discount to consensus NAV per share estimate of 14.30 percent.
The health-care sector traded at a premium to NAV estimate of 13.65 percent while the manufactured homes sector traded at a median discount to NAV estimate of 9.97 percent. Multifamily followed with a discount of 11.92 percent. The self-storage sector ranked last, trading at a median discount to NAV of 13.33 percent.
Among manufactured homes REITs, Equity LifeStyle Properties Inc. traded at the lowest discount to NAV estimate at 6.86 percent. Meanwhile, Sun Communities Inc. and UMH Properties Inc. traded at discounts to NAV estimates of 9.97 percent and 12.91 percent, respectively.
Iman Niazi is an assistant manager 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.
—Posted on Feb. 27, 2025
