March 7, 2017
SNL’s NAV Monitor Shows Listed REIT Sectors Trading at Premiums to NAVs
SNL’s NAV Monitor Shows Listed REIT Sectors Trading at Premiums to NAVs March 6, 2017 | by James Sprow | Blue Vault  In its monthly NAV Monitor report, SNL Financial …

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SNL’s NAV Monitor Shows Listed REIT Sectors Trading at Premiums to NAVs

March 6, 2017 | by James Sprow | Blue Vault 

Investment on Pocket Watch Face. Time Concept.

In its monthly NAV Monitor report, SNL Financial (an offering of S&P Global Market Intelligence) reported on March 6, that four traded REIT sectors were priced at significant median premiums to NAVs:  Healthcare (+13.4%), Specialty (+10.2%), Self-storage (10.0%) and Data center (+9.5%). The sector with the greatest discount of share pricing to NAVs was Retail (-10.1%). 

The NAV analysis includes publicly traded U.S. equity REITs with market caps greater than $200 million. The median for those publicly traded equity REITs was a discount of 1.7% to net asset values.

The high premiums for the healthcare and data center sectors may help explain the rumors that Carter Validus Mission Critical REIT, a nontraded REIT with both healthcare and data center properties, may be considering a sale of its portfolio.

The REIT’s most recently reported net asset value per share was $10.02 with 183.7 million weighted average shares outstanding as of September 30, 2016. If a sale materializes that provides full liquidity as rumored, the common shareholders may have a significant capital gain.

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Are Any of the Nontraded REITs Landlords for Macy’s?

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It is obvious after these searches that the closures of underperforming Macy’s stores will not affect any of the nontraded REITs directly, and it is doubtful that those closures will even affect nontraded REIT portfolio values indirectly.  
Eagle Point Credit Creditflux Awards

Eagle Point Credit Creditflux Awards

Eagle Point won 48% of the vote for “Best US CLO Equity Investor” and 42% of the vote for “Best US CLO Junior Debt Investor”.

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