- May 15, 2018
median U.S. equity REIT premium to NAV by sector
As of April 30, publicly listed U.S. Equity REITs traded at a median discount to consensus net asset value of 10.7 percent. The Manufactured Home sector traded at the greatest median premium to NAV, at 17 percent. The Self-Storage and Industrial REIT sectors were next in line trading at median premiums to NAV of 3.6 percent and 0.8 percent, respectively. At the other end of the scale, trading at the greatest median discount to NAV at 34.2 percent was the Regional Mall REIT sector. The Shopping Center REIT sector followed with 26.6 percent median discount to NAV as of the last trading day of April.
At the company level, Health Care REIT Community Healthcare Trust traded at the largest premium to NAV, at 55.5 percent. Right behind were National Storage Affiliates Trust and Innovative Industrial Properties, trading at premiums of 26.7 percent and 26.2 percent, respectively. CBL & Associates Properties Inc. traded at the largest discount of all U.S. REITs, at 60.4 percent. Clipper Realty, a Diversified REIT and Regional Mall Washington Prime Group, were also at the bottom of the list with large discounts of 51.4 percent and 48.9 percent, respectively.
The U.S. Multifamily REIT sector traded at a median discount to consensus net asset value of 11.7 percent as of April 30. Within the sector, NexPoint Residential Trust traded the least discount to NAV, at 5.4 percent. Essex Property Trust and Camden Property Trust were next in line trading at 7.1 percent and 8.9 percent discounts, respectively. Trading with the greatest discount among Multifamily REITs was Bluerock Residential Growth REIT, at 34.2 percent. Investors Real Estate Trust and BRT Apartments followed trading at 24.2 percent and 23.4 percent discounts to NAV as of the end of April.
Khamile Armhynn Sabas is a senior analyst in the real estate product operations department of S&P Global Market Intelligence.
—Posted on May 15, 2018