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Asia-Pacific REITs trade at higher price/NAV multiples than non-REITs

Asia-Pacific real estate companies that have elected the real estate investment trust tax status traded at a higher price-to-net asset value ratio as of Oct. 3 than did non-REITs, on a median basis, according to an S&P Global Market Intelligence analysis comparing current stock prices to consensus NAV-per-share estimates for SNL-covered companies.

Asia-Pacific real estate companies as a whole traded at a median 21.4% discount to NAV as of Oct. 3. The group that has elected REIT status traded at a median 0.6% premium to their consensus NAV estimates, marking a 22-percentage-point difference from the group of companies that has not adopted the status. REITs headquartered in Japan traded at the largest premium to NAV, at 3.7%, while Australia-based REITs traded at a 0.5% premium and Singapore-based REITs traded at a 2.4% discount to NAV.

Among the 10 Asia-Pacific real estate companies trading at the widest premium to NAV, nine are REITs. China-based residential and commercial property developer Jiayuan International Group is the sole non-REIT in the top 10, trading at a 30.2% premium to its consensus NAV estimate as of Oct. 3.

At the other end of the spectrum, all 10 Asia-Pacific real estate companies that traded at the deepest discount to their consensus NAV estimate were not REITs.

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