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NAV Monitor: REITs close July at 6.4% discount to NAV

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NAV Monitor: REITs close July at 6.4% discount to NAV

Editor's note: This Data Dispatch is updated monthly and was last published July 2. The analysis includes current publicly traded U.S. equity real estate investment trusts with market capitalizations of at least $200 million. Click here to download these charts in Excel format.

U.S. equity REITs ended July at a 6.4% median discount to their S&P Global Market Intelligence consensus net asset value per-share estimates, a 0.2-percentage-point improvement over the 6.6% discount at the start of the month.

Cannabis-oriented REIT Innovative Industrial Properties Inc. ended the month trading at the largest premium to NAV, at 98.9%, followed by Community Healthcare Trust Inc., which traded at the second-highest premium at 82.8%.

Full-service hotel REIT Ashford Hospitality Trust Inc. and shopping center REIT Cedar Realty Trust Inc. traded at the sharpest discounts of 54.8% and 51.5%, respectively.

By property type, the self-storage and healthcare sectors both traded at 18.8%, the highest median premium to NAV on July 31, improving upon their respective premiums of 15.2% and 18.3% on June 28. The other retail sector — which comprises outlet centers and single-tenant retail REITs — and industrial REITs followed, respectively, trading at premiums of 10.0% and 8.3%.

Regional mall and timber REITs traded at the steepest discount at 40.8% and 20.7%, with the office and hotel REITs following at discounts of 15.3% and 14.2%, respectively.

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