NAV Monitor: US equity REITs trade at 16.6% discount to NAV at November-end
December 5, 2022 | Rica Dela Cruz & Ronamil Portes | S&P Global Market Intelligence
Publicly listed U.S. equity REITs traded at a median 16.6% discount to their consensus S&P Capital IQ net asset value per-share estimates as of Nov. 30, an improvement from the 22.0% discount at Nov. 1.
Largest discounts
For the fifth consecutive month, office REITs traded at the steepest discount, at a median of 43.1% below NAV. Hudson Pacific Properties Inc. traded at a 63.1% discount to NAV, the largest within the office sector and the third-largest among all U.S. equity REITs above $200 million in market capitalization.
Office REITs Office Properties Income Trust and Piedmont Office Realty Trust Inc. were also part of the overall biggest discount list at No. 5 and No. 7, respectively. Office Properties Income Trust traded at a 57.0% discount to NAV, and Piedmont Office Realty Trust traded at a 53.5% discount.
