Listed REITs Closed 2020 at a Median 3.9% Discount to NAV
January 8, 2021 | S&P Global Market Intelligence
In a January 7, 2021, report by S&P Global, publicly traded U.S. equity REITs closed 2020 at a median of 3.9% discount to their consensus S&P Global Market Intelligence net asset value per-share estimates.
The data center sector traded at the largest premium to NAV, at a median of 13.1%. Equinix Inc., the largest data center REIT by market capitalization, closed the year at $714.18 per share, 23.3% higher than its consensus NAV estimate of $579.43.
The self-storage sector followed closely, trading at a median premium of 12.7%, while healthcare and hotel sectors followed at 11.2% and 9.0%, respectively. The 13 industrial REITs traded at a 9.0% median premium to NAV.
The office sector REITs traded at the largest discount to NAV, closing the year at a median 30.2% discount. The regional mall and shopping sectors followed closely behind at median discounts of 28.3% and 16.0%, respectively.
