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NAV To Public Market Discount Calculator
REITs trade at discount to NAV. This calculator measures.
Discount %
30.00%
Total value gap
$2,250,000,000
Market cap (M)
$5,250,000,000
How the math works
Discount % = (NAV − price) / NAV. Gap = (NAV − price) × shares.
$35 price vs $50 NAV: 30% discount. On 150M shares: $2.25B value gap. $5.25B market cap. Deep discount candidate for activist or go-private.
How to Use
- Enter REIT share price.
- Enter NAV per share.
- Enter shares outstanding.
- Read discount/premium and total value gap.
Frequently Asked Questions
Why discount?
Historical REIT traits: public discount 5-20% to NAV most times. Reflects liquidity differential, management fee drag, taxation, growth outlook. Tight spreads in up markets; wide in down markets (2022-24: 30-40% discounts common).
Premium periods?
2020-21: most public REITs traded at 10-20% premium. When REITs trade above NAV: easy issuance opportunity. Value-creation through equity raises. 2022+: opposite — REITs sellers, M&A targets.
Strategy?
Deep NAV discount: buy signal. NAV premium: sell or issue equity signal. Activist investors press Boards when NAV/price spread wide. Go-private transactions on heavy discounts. Cycle plays dominate REIT strategy.
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