2025 REIT Trading Trends

As of Dec. 4, publicly listed U.S. equity REITs traded at a median discount to consensus net asset value per share estimate of 19.23 percent.

The industrial sector traded at the median discount to NAV estimate of 11.18 percent, while the office sector traded at a discount of 24.50 percent.

At the company level for Industrial REITs, Industrial Logistics Properties Trust traded at the largest discount to NAV estimate, at 49.76 percent. This was followed by Americold Realty Trust Inc. and Modiv Industrial Inc. trading at discounts to NAV estimates of 46.00 percent and 24.34 percent, respectively.

Welltower Inc. traded at the largest premium to NAV estimate of all U.S. REITs at 125.88 percent. At the bottom of the list are hotel REIT Service Properties Trust and multifamily REIT Brandywine Realty Trust. with large discounts to NAV estimates of 61.89 percent and 60.47 percent, respectively.

Jerra Joy Agravio is a senior associate in the real estate client operations department of S&P Global Market Intelligence.

—Posted on Dec. 23, 2025

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As of Feb. 5, publicly listed U.S. equity REITs traded at a median discount to consensus net asset value per share estimate of 14.30 percent.

The industrial sector traded at a 22.86 percent discount to NAV estimate, while the office sector traded at a discount of 25.52 percent—currently the greatest median discount to NAV estimate.

For industrial REITs, Terreno Realty Corp. traded at the largest premium to NAV estimate at 7.45 percent. EastGroup Properties Inc. and Prologis Inc. followed, trading at discounts to NAV estimates of 0.92 percent and 3.24 percent, respectively.

Welltower Inc. traded at the largest premium to NAV estimate of all U.S. REITs at 99.14 percent. At the bottom of the list are Industrial Logistics Properties Trust and Hudson Pacific Properties Inc., with large discount to NAV estimates of 68.3 percent and 69.03 percent respectively.

Iman Niazi is an assistant manager in the Real Estate Client Operations Department of S&P Global Market Intelligence. If you are interested to learn more about the products and services available within S&P Global Real Estate data, please visit us here.

—Posted on Feb. 27, 2025