- Jun 17, 2015
As of May 4, SNL-covered self-storage REITs were trading at the highest median premium to estimated net asset value per share, besting all SNL-covered U.S. equity REITs by 22.44 percentage points. Healthcare REITs were in second place with 11.07 percent, with a drop down to 3.99 percent for the third-place manufactured home REITs.
Many of the REIT sectors were trading at a discount to estimated NAV per share, from multi-family at a 2.99 percent discount all the way down to regional malls with 12.28 percent. As a result, the median performance for all SNL-covered U.S. equity REITs came in at a discount, as well, at 7.5 percent.
Extra Space Storage Inc. had the highest premium to estimated NAV per share among SNL-covered U.S. self-storage REITs. The company had a consensus NAV-per-share estimate of $53.96 and a closing price of $66.72, trading at a premium of 24.27 percent—which beat the all U.S equity REITs median premium/discount to NAV by 31.77 percentage points.
Among healthcare REITs, CareTrust REIT Inc. had the highest premium to estimated NAV, at 27.30 percent per share. As of May 4, the company had a closing price of $12.73 and a consensus NAV-pershare estimate of $10. Omega Healthcare Investors Inc. and National Health Investors Inc. took the second and third spots, with 20.93 percent and 20.59 percent, respectively.
As of May 4, Macerich Co. was the only regional mall REIT trading at a premium, at 9.19 percent. The company had a closing price of $82.46 and a consensus NAV-per-share estimate of $75.52.
—Abdullah Ismaeel is an analyst in the real estate research
department of SNL Financial.