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US REITs trade at a slim premium to NAV at Q3-end

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US REITs trade at a slim premium to NAV at Q3-end

Editor's note: Forcomparison reasons, all figures in this article represent data calculated forpublicly traded U.S. equity REITs with at least three NAV-per-share estimatesand pricing data as of Dec. 31, 2015, and Sept. 30, 2016. Click to view these charts in Excelformat.

Publicly traded U.S. equity REITs traded at a slightweighted average premium to NAV as of Sept. 30 — 0.7% — down from an 8.4%premium as of July 6.At year-end 2015, REITs traded at a discount to NAV of 3.6%.

Year-to-date through Sept. 30, REITs saw increases inweighted average price and weighted average consensus NAV estimate of 9.6% and4.2%, respectively.

The "other" retail sector, comprisingsingle-tenant and outlet center REITs, among others, traded at the largestpremium to NAV, at 30.3%. Year-to-date as of Sept. 30, this sector saw thelargest increase in weighted average price, at 27.7%, while also seeing a 7.4%increase in its weighted average NAV estimate.

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The hotel sector traded at the largest weighted averagediscount to NAV as of Sept. 30, at 11.8%, followed by the office sector, at11.0%. The hotel sector's weighted average price has remained roughly static ona year-to-date basis, while the sector saw a 13% decrease in weighted averageNAV estimate, marking the largest weighted average NAV estimate decrease amongall REIT sectors.

AshfordHospitality Trust Inc. traded at the largest discount to NAV in thehotel sector as of Sept. 30, at 25.4%, while Apple Hospitality REIT Inc. traded at a premium to NAVof 3.4%, the only hotel REIT to trade at a premium to NAV.

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Diversified REIT Gramercy Property Trust Inc., which traded at a premiumto NAV of 7.1% as of Sept. 30, saw the greatest recovery in its premium to NAVestimate year-to-date, with a 58.0 percentage-point increase.

Self-storage REIT Life Storage Inc. saw a 23.7 percentage-point drop andtraded at a 12.4% discount to NAV at the end of the third quarter. Fellowself-storage REIT PublicStorage saw nearly the same decline, though it traded at an 8.8%premium to NAV at Sept. 30.

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For additional country and sector 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.