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NAV Monitor: REITs close June 3 at 6.8% discount to NAV

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


NAV Monitor: REITs close June 3 at 6.8% discount to NAV

Editor's note: This Data Dispatch is updated monthly and was last published May 2. Analysis includes current publicly traded U.S. equity real estate investment trusts with market capitalizations of at least $200 million. Click here to download these charts in Excel format.

U.S. equity REITs closed the first trading day in June at a 6.8% median discount to their S&P Global Market Intelligence consensus net asset value per-share estimates, a 1.1-percentage-point drop compared to the 5.7% discount at April-end.

By property type, the "other retail" sector — which includes outlet centers and single-tenant retail REITs — continued to trade at the largest median premium to NAV, at 17.7%, slightly down compared to the sector's 20% premium the month prior. The healthcare and self-storage sectors followed closely, at 16.9% and 16.6%, respectively.

At the other end of the spectrum, regional mall REITs continued to trade at the steepest median discount to NAV, at 39.2%. Timber REITs, meanwhile, closed the trading day at a median 26.7% discount, while shopping center- and office-focused REITs traded at median discounts of 19.4% and 17.6%, respectively.

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