2018 REIT Trading Trends

median U.S. equity REIT premium to NAV by sector

As of Sep. 28, 2018.
Source: S&P Global Market Intelligence

As of Sept. 28, publicly listed U.S. Equity REITs traded at a median discount to consensus net asset value of 6.1 percent. The Manufactured Home sector traded at the greatest median premium to NAV, at 13.7 percent. The Health Care and Casino REIT sectors were next in line, trading at median premiums to NAV of 5.0 percent and 2.2 percent, respectively. At the other end of the scale, trading at the greatest median discount to NAV at 17.7 percent was the Regional m=Mall REIT sector. The Shopping Center REIT sector followed, with 15.5 percent median discount to NAV as of the last trading day of September.

At the company level, industrial REIT Innovative Industrial Properties Inc. traded at the largest premium to NAV, at 79.9 percent. Right behind were Community Healthcare Trust Inc. and Omega Healthcare Investors, trading at a premium to NAV of 79.1 percent and 37.3 percent, respectively. CBL & Associates Properties Inc. traded at the largest discount of all U.S. REITs, at 50.9 percent. Front Yard Residential Corp., a specialty REIT focused on single-family dwellings and self-storage REIT Global Self Storage, were also at the bottom of the list with large discounts of 41.9 percent and 40.7 percent, respectively.

The U.S. Multifamily REIT sector traded at a median discount to consensus net asset value of 5.7 percent as of Sept. 28. Within the sector, Camden Property Trust traded the least discount to NAV, at 2.3 percent. NexPoint Residential Trust and Mid-America Apartment Communities were next in line trading at 2.4 percent and 3.4 percent discounts, respectively. Trading with the greatest discount among multifamily REITs was Bluerock Residential Growth REIT, at 27.7 percent. BRT Apartments and Investors Real Estate Trust followed trading at 24.9 percent and 15.3 percent discounts to NAV as of the end of September.

Carter Phillips is an analyst in the real estate client operations department of S&P Global Market Intelligence.

—Posted on October 3, 2018

median U.S. equity REIT premium to NAV by sector

As of Apr. 30, 2018.
Source: S&P Global Market Intelligence

As of April 30, publicly listed U.S. Equity REITs traded at a median discount to consensus net asset value of 10.7 percent. The Manufactured Home sector traded at the greatest median premium to NAV, at 17 percent. The Self-Storage and Industrial REIT sectors were next in line trading at median premiums to NAV of 3.6 percent and 0.8 percent, respectively. At the other end of the scale, trading at the greatest median discount to NAV at 34.2 percent was the Regional Mall REIT sector. The Shopping Center REIT sector followed with 26.6 percent median discount to NAV as of the last trading day of April.

At the company level, Health Care REIT Community Healthcare Trust traded at the largest premium to NAV, at 55.5 percent. Right behind were National Storage Affiliates Trust and Innovative Industrial Properties, trading at premiums of 26.7 percent and 26.2 percent, respectively. CBL & Associates Properties Inc. traded at the largest discount of all U.S. REITs, at 60.4 percent. Clipper Realty, a Diversified REIT and Regional Mall Washington Prime Group, were also at the bottom of the list with large discounts of 51.4 percent and 48.9 percent, respectively.

The U.S. Multifamily REIT sector traded at a median discount to consensus net asset value of 11.7 percent as of April 30. Within the sector, NexPoint Residential Trust traded the least discount to NAV, at 5.4 percent. Essex Property Trust and Camden Property Trust were next in line trading at 7.1 percent and 8.9 percent discounts, respectively. Trading with the greatest discount among Multifamily REITs was Bluerock Residential Growth REIT, at 34.2 percent. Investors Real Estate Trust and BRT Apartments followed trading at 24.2 percent and 23.4 percent discounts to NAV as of the end of April.

Khamile Armhynn Sabas is a senior analyst in the real estate product operations department of S&P Global Market Intelligence.

—Posted on May 15, 2018