Funtap
REITs were trading at a lesser discount to their consensus NAV per share estimates at the end of February from the previous month, data from S&P Global Market Intelligence showed.
The publicly-listed U.S. equity real estate investment trusts ended the month trading at a median 15% discount to the NAV estimates, compared to a discount of 15.8% as of Jan. 31.
Industrial Logistics Properties Trust (ILPT) continued to trade at the largest discount, with the stock trading at 71.1% discount to its consensus NAV estimate of $13.26 at $3.83 as of Feb. 29, according to the report.
Multi-family residential REIT BRT Apartments (BRT) was trading at a 59.6% discount to NAV at $15.48, while Office REIT Hudson Pacific Properties (HPP) was trading at a discount of 56.7% to close at $6.34.
Global Net Lease (GNL), Piedmont Office Realty Trust (PDM), Brandywine Realty Trust (BDN), Medical Properties Trust (MPW) and NexPoint Residential Trust (NXRT) continued to be in the top 10 REIT names that were trading at a discount. Meanwhile, Elme Communities (ELME) and Peakstone Realty Trust (PKST) also made a place on the list for the month of February.
Subsector performance:
Among subsectors, Diversified REITs were trading at the largest discount to their consensus NAV per share estimate. The subsector was trading at a median discount of 27.1% as of Feb. 29.
Office and Farmland subsectors followed, the data showed.
Datacenters were reportedly the outliers, with the subsector trading at a premium of 15.2% to their consensus NAV per share estimate.