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US REITs end 2018 at 18% discount to NAV

Editor's note: This Data Dispatch is updated monthly and was last published Dec. 4. Analysis includes current publicly traded U.S. equity real estate investment trusts with market capitalizations of at least $200 million.

U.S. equity REITs finished 2018 trading at a 17.7% median discount to their S&P Global Market Intelligence consensus net asset value per-share estimates, a 9.2-percentage-point drop compared to the 8.5% median discount at the end of November.

The healthcare and self-storage sectors were the only property types to trade at a premium to NAV at year-end on a median basis. The healthcare sector ended the year trading at a median 4.9% premium to NAV, while the self-storage sector followed at a 2.2% premium.

At the other end, regional mall REITs continued to trade at the steepest discount to NAV, at 38.2%, while the timber and office sectors followed, at discounts of 35.9% and 28.2%, respectively.

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