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NAV Monitor: REITs end Q3 trading at 2.3% median discount to NAV

Editor's note: This Data Dispatch is updated monthly and was last published Sept. 6. 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 2.3% discount to their consensus S&P Global Market Intelligence net asset value per-share estimates at the end of September, a 4.9 percentage-point improvement compared to the 7.2% median discount the sector traded at the month prior.

The healthcare sector continued to trade at the largest median premium to NAV, expanding to 28.5% at quarter-end. Meanwhile, the "other retail" sector — comprising outlet center and single-tenant retail REITs — as well as the data center and self-storage sectors each traded at a median 15.7% premium to consensus NAV estimates.

At the other end of the spectrum, the regional mall sector continued to trade at the steepest discount to NAV, on a median basis, at 38.9%. CBL & Associates Properties Inc. traded at the largest discount of all REITs at September-end, at 64.9%, while Simon Property Group Inc., the largest mall REIT by market capitalization, traded at a 17.9% discount to its consensus NAV estimate.

The timber and hotel REIT sectors were next, trading at median discounts of 16.9% and 16.8%, respectively, at quarter-end.

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