Listed U.S. Equity REITs Trade at Median 16.7% Discount to NAV
November 3, 2020 | S&P Global Market Intelligence
Publicly traded U.S. equity REITs traded at a median 16.7% discount to their consensus S&P Global Market Intelligence net asset value per-share estimates as of October-end, a slight fall compared to the 14.6% median discount the month prior.
The self-storage sector continued to trade at the largest premium to NAV, at a median 17.9%. Within the self-storage sector, National Storage Affiliates Trust’s share price closed the month at $33.89, 41.9% above its consensus NAV estimate of $23.89. Meanwhile, Extra Space Storage Inc. closed the month at a premium of 35.8% and Life Storage Inc. ended the month at a 19.4% premium.
The data center and industrial sectors closed the month at NAV premiums of 12.8% and 7.8%, respectively. Two data center REITs, Equinix Inc. and Digital Realty Trust, Inc., traded at 26.7% and 20.0% above their NAVs, respectively.
At the other end of the spectrum, the office sector traded at the largest discount to NAV, at 48.7%, followed by the shopping center and regional mall sectors at 44.8% and 40.5%, respectively. Empire State Realty Trust Inc., an office REIT, traded at a 64.4% discount to NAV.
Source: S&P Global Market Intelligence
