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NAV Monitor: US REITs trade at median 14.2% discount to NAV as of Aug. 3

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NAV Monitor: US REITs trade at median 14.2% discount to NAV as of Aug. 3

Editor's note: This Data Dispatch is updated monthly and was last published July 1. 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 14.2% discount to their consensus S&P Global Market Intelligence net asset value per-share estimates as of Aug. 3, a slight improvement compared to the 17.3% median discount at which they traded at July-end.

The data center sector continues to trade at the largest premium to NAV, at a median of 29.1%. Equinix Inc., the largest data center REIT by market capitalization, traded at a premium of 45.5%, followed by Digital Realty Trust Inc. and CyrusOne Inc. at 39.9% and 29.1%, respectively.

The industrial sector followed at a median premium of 15.7%, while the self-storage sector was trailing at 2.9%.

On the other hand, regional mall and shopping center sectors continued to trade at the largest discounts to NAV, at median discounts of 46.9% and 41.7%, respectively.

In the mall sector, Macerich Co. closed Aug. 3 at $7.60, 67.2% below its consensus NAV estimate of $23.20, the largest discount of any REIT in the analysis. Simon Property Group Inc. and Taubman Centers Inc. closed Aug. 3 at discounts of 46.9% and 19.8%, respectively.

Among the shopping center REITs, Whitestone REIT had the steepest discount to NAV at 54.8%, followed by Urstadt Biddle Properties Inc. and Retail Properties of America Inc. at discounts of 52.9% and 49.0%, respectively.

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