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NAV Monitor: REITs trade at a 7.2% discount to NAV at August-end

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NAV Monitor: REITs trade at a 7.2% discount to NAV at August-end

Editor's note: This Data Dispatch is updated monthly and was last published Aug. 2. 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.

U.S. equity REITs traded at a median 7.2% discount to their consensus S&P Global Market Intelligence net asset value per-share estimates, a 0.8-percentage-point expansion compared to the 6.4% median discount the month prior.

The healthcare sector ended the month at the largest median premium to NAV, at 26.0%. The self-storage sector followed at a median 24.4% premium, while the "other retail" sector — comprising outlet centers and single tenant REITs — finished the month at a median premium of 16.1%.

The data center sector traded at a median 10.7% premium on Aug. 30, a stark difference compared to the median 7.8% discount the sector traded at the month prior. All five publicly traded U.S. data center REITs experienced positive share-price appreciation during the month. Following an Aug. 16 report from Bloomberg that the company was exploring strategic options, CyrusOne Inc.'s shared soared. For the month, the company logged a 28.0% jump in its share price. CoreSite Realty Corp. and Equinix Inc., meanwhile, saw their share prices rise about 10.8% each.

At the other end of the spectrum, the regional mall and timber sectors continued to trade at the steepest median discounts, at 44.0% and 21.5%, respectively. The office sector followed at a median discount of 20.1% at month-end.

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