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US REITs trade at 15.3% median discount to NAV as of Feb. 28

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US REITs trade at 15.3% median discount to NAV as of Feb. 28

Editor's note: This Data Dispatch is updated monthly and was last published Feb. 2. Analysis includes current publicly traded U.S. equity real estate investment trusts with market capitalizations greater than $200 million. Click here to download the NAV monitor template to calculate REIT sector-level median or mean premiums/discounts to net asset value.

U.S. equity REITs traded at a median discount to consensus net asset value of 15.3% as of Feb. 28.

With all sectors trading at a median discount to NAV, the self-storage REIT sector traded at the lowest median discount, at 0.6%, while regional mall REITs traded at the largest discount, at 31.5%.

Healthcare REIT Community Healthcare Trust Inc. traded at the greatest premium to NAV, at 43.5%, as of Feb. 28. Self-storage REIT National Storage Affiliates Trust and manufactured housing REIT Sun Communities Inc. followed at 16.3% and 13.7%, respectively.

Regional mall REIT CBL Properties traded at the largest discount to NAV, at 58.8%, followed by fellow mall landlord Washington Prime Group Inc. and office REIT New York REIT Inc., which traded at discounts of 48.3% and 44.9%, respectively.

Among the 10 REITs trading at the greatest discounts, five companies were from the retail sector and three were from the office sector.

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For additional country- and sector-level NAV dissection, try SNL's Global NAV Analysis Excel template, as well as other real estate templates that can be found in the template library.