2026 REIT Trading Trends

As of February 2, 2026, publicly listed U.S. equity REITs traded at a median discount to consensus net asset value per share estimate of 17.04 percent.

The industrial sector traded at the median discount to NAV estimate of 13.37 percent while the office sector traded at a discount of 33.11 percent.

At the company level for Industrial REITs, Industrial Logistics Properties Trust traded at the largest discount to NAV estimate, at 50.42 percent. This was followed by Americold Realty Trust, Inc. and Innovative Industrial Properties, Inc. trading at discounts to NAV estimates of 35.17 percent and 22.56 percent, respectively.

Welltower Inc. traded at the largest premium to NAV estimate of all U.S. REITs, at 98.93 percent. At the bottom of the list are Hotel REIT, Elme Communities and Brandywine Realty Trust with large discounts to NAV estimates of 88.22 percent and 64.98 percent, respectively.

Hamdia Bukhari is senior associate in the Real Estate Client Operations Department of S&P Global Market Intelligence.

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—Posted on February 25, 2025