Private Market Arbitrage • Value Investor Target

Most Undervalued US REITs: Deep Discounts to Net Asset Value (NAV)

Public equities trading at steep double-digit discounts relative to private market appraised real estate.

Public-private arbitrage occurs when public REIT shares trade at a 15% to 35% discount to the liquidation value of their underlying bricks-and-mortar physical properties. This offers asymmetric upside and a significant margin of safety.

Collection Average Yield 8.21%

Average Safety Score 61.0 / 100

Constituent Count 8 REITs

Audit Year 2026

Ranked Institutional Leaderboard

Real-time quantitative scoring • SEC EDGAR

BXP

Premier Office

#1 Ranked

BXP, Inc.

Yield 8.21%

Safety 52/100

P/AFFO 9.5x

BXP, Inc. is a publicly traded real estate investment trust specializing in Premier Office properties....

View BXP Tearsheet → Dividend Calculator

ARE

Life Science & R&D

#2 Ranked

ALEXANDRIA REAL ESTATE EQUITIES, INC.

Yield 12.09%

Safety 64/100

P/AFFO 5.3x

Pioneer and market leader in collaborative life science, agtech, and technology mega-campuses in AAA innovation clusters....

View ARE Tearsheet → Dividend Calculator

SLG

NYC Commercial Office

#3 Ranked

SL GREEN REALTY CORP

Yield 10.51%

Safety 40/100

P/AFFO 8.0x

SL GREEN REALTY CORP is a publicly traded real estate investment trust specializing in NYC Commercial Office properties....

View SLG Tearsheet → Dividend Calculator

VNO

NYC Commercial Office

#4 Ranked

VORNADO REALTY TRUST

Yield 10.49%

Safety 40/100

P/AFFO 8.0x

VORNADO REALTY TRUST is a publicly traded real estate investment trust specializing in NYC Commercial Office properties....

View VNO Tearsheet → Dividend Calculator

HIW

Sunbelt Office

#5 Ranked

HIGHWOODS PROPERTIES, INC.

Yield 9.11%

Safety 48/100

P/AFFO 8.8x

HIGHWOODS PROPERTIES, INC. is a publicly traded real estate investment trust specializing in Sunbelt Office properties....

View HIW Tearsheet → Dividend Calculator

KIM

Shopping Centers

#6 Ranked

KIMCO REALTY CORP

Yield 4.83%

Safety 86/100

P/AFFO 14.5x

KIMCO REALTY CORP is a publicly traded real estate investment trust specializing in Shopping Centers properties....

View KIM Tearsheet → Dividend Calculator

MAC

Diversified REIT

#7 Ranked

MACERICH CO

Yield 5.15%

Safety 80/100

P/AFFO 14.0x

MACERICH CO is a publicly traded real estate investment trust specializing in Diversified REIT properties....

View MAC Tearsheet → Dividend Calculator

DOC

Healthcare & Medical Office

#8 Ranked

HEALTHPEAK PROPERTIES, INC.

Yield 5.30%

Safety 78/100

P/AFFO 14.5x

HEALTHPEAK PROPERTIES, INC. is a publicly traded real estate investment trust specializing in Healthcare & Medical Office properties....

View DOC Tearsheet → Dividend Calculator