NAV per Share
Net Asset Value per share -- an estimate of what a REIT's underlying real estate would be worth if sold at current private-market prices, net of debt, divided by shares. Because REIT properties are carried on the balance sheet at depreciated historical cost (often far below market value), NAV is a market-based alternative to book value, and REITs frequently trade at a premium or discount to it. A persistent discount to NAV can signal the market doubts management or expects property values to fall; a premium signals confidence. It is an estimate (analyst- or management-derived), not an audited figure, so treat it as directional.
Related terms
Absorption Rate · AFFO per Share · Allowed Return on Equity · Alternative Investments · Anchor Tenant · Assets Under Management
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