NAV Monitor: US equity REITs trade at median 4.2% discount to NAV as of Feb. 2

Editor's note: This Data Dispatch is updated monthly and was last published Jan. 7. The analysis includes current publicly traded U.S. equity real estate investment trusts that trade on the Nasdaq, NYSE or NYSE American with market capitalizations of at least $200 million. Click here to download these charts in Excel format.

Publicly traded U.S. equity REITs traded at a median 4.2% discount to their consensus S&P Global Market Intelligence net asset value per-share estimates as of Feb. 2, a slight fall compared to the 3.9% median discount at which they traded at December 2020-end.

The data center sector traded at the largest premium to NAV, at a median of 20.3%. Equinix Inc., the largest data center REIT by market capitalization, traded at a premium of 34.6%, followed by Digital Realty Trust Inc. and CyrusOne Inc. at 20.5% and 20.3%, respectively.

The self-storage sector followed, trading at a median premium of 16.7%. Meanwhile, the industrial and healthcare sectors are tied at the third spot, both having a median premium of 9.9%.

On the other hand, regional malls traded at the steepest discount to NAV, at a median of 40.2%. The office and shopping center sectors followed, at median discounts of 32.6% and 13.7%, respectively.

Among the regional mall REITs, Washington Prime Group Inc. closed Feb. 2 at $10.18, 66.2% below its consensus NAV estimate of $30.10, the largest discount of any REIT in the analysis. Macerich Co. and Simon Property Group Inc. followed at discounts of 40.2% and 15.5%, respectively.