REITs Show Mixed Momentum as Data Center Surge Continues

Digital infrastructure leads gains while NAV discounts spark M&A activity across sector

Real Estate Market Overview

Public REITs continue trading at steep net asset value discounts, fueling 2026 M&A activity and activist pressure according to sector analysis. The valuation gap between public REIT pricing and private real estate values is driving increased consolidation activity. Multiple REITs have attracted attention from investors seeking well-capitalized companies trading at historical discounts.

Commercial & Industrial REITs

$PLD has entered a $1.6 billion joint venture with GIC to develop build-to-suit logistics facilities in major U.S. markets, with the partnership combining Prologis' development capabilities with institutional capital. $SPG has returned 3.6% over the past week and 2.2% year to date, trading around $188 per share amid ongoing focus on consumer spending and physical retail traffic. $O closed at $61.88, up 1.14%, with analysts rating the stock a buy based on strong 2025 results, high yield, disciplined growth, and Apollo joint venture funding.

Digital Infrastructure

$EQIX has shown significant momentum with 30.3% year-to-date returns and now trades around $995.98, posting 22.6% gains over one year and 50.7% over three years against a backdrop of ongoing interest in data centers and digital infrastructure. $DLR is scheduled to report first-quarter results soon, with analysts expecting single-digit earnings growth. $EQIX has scheduled its first-quarter earnings call for April 29, 2026.

Residential & Specialty

$INVH received attention during a tough market period as portfolio managers conduct hard looks at holdings. $PSA's subsidiary Public Storage Operating Company has priced a public offering of $500 million in 5.000% senior notes due 2035, guaranteed by the parent company. $VICI expanded its Canadian footprint with a $144 million sale-leaseback deal tied to Pure Casino Entertainment Limited Partnership's Gamehost acquisition.

Looking Ahead

First-quarter earnings season is underway for REITs, with $EQIX scheduled to report on April 29 and $DLR expected soon. Investor focus remains on NAV discount compression and potential M&A activity across the sector. Digital infrastructure REITs continue drawing attention amid AI and cloud computing expansion, while traditional property sectors face scrutiny over valuations relative to private market pricing.

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