{"id":23718,"date":"2021-11-23T12:24:02","date_gmt":"2021-11-23T12:24:02","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=23718"},"modified":"2026-04-17T05:32:21","modified_gmt":"2026-04-17T05:32:21","slug":"net-value-per-share-navps-in-reit-valuation","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/net-value-per-share-navps-in-reit-valuation\/","title":{"rendered":"Net Value Per Share (NAVPS) in Publicly Traded Real Estate Securities Valuation"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"QAPage\",\r\n  \"mainEntity\": {\r\n    \"@type\": \"Question\",\r\n    \"name\": \"What is the most accurate statement about using NAVPS in REIT valuation?\",\r\n    \"text\": \"Which of the following statements about using net asset value per share (NAVPS) in REIT valuation is the most accurate?\\n\\nA. NAVPS is the resulting difference between the accounting book values of a real estate company\u2019s assets and its liabilities, divided by outstanding shares.\\nB. NAVPS is considered a superior measure of the net worth of a REIT\u2019s shares, compared with book value per share.\\nC. NAVPS is precisely equal to the intrinsic value of REIT shares.\",\r\n    \"answerCount\": 3,\r\n    \"suggestedAnswer\": [\r\n      {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"A. NAVPS is the resulting difference between the accounting book values of a real estate company\u2019s assets and its liabilities, divided by outstanding shares.\"\r\n      },\r\n      {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"B. NAVPS is considered a superior measure of the net worth of a REIT\u2019s shares, compared with book value per share.\"\r\n      },\r\n      {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"C. NAVPS is precisely equal to the intrinsic value of REIT shares.\"\r\n      }\r\n    ],\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"B. NAVPS is considered a superior measure of the net worth of a REIT\u2019s shares, compared with book value per share.\",\r\n      \"commentary\": \"NAVPS is based on the estimated current market values of a REIT\u2019s assets and liabilities rather than historical accounting values. As a result, it provides a more accurate representation of a REIT\u2019s net worth than book value per share, though it is not necessarily equal to intrinsic value.\",\r\n      \"url\": \"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/net-value-per-share-navps-in-reit-valuation\/\"\r\n    },\r\n    \"author\": {\r\n      \"@type\": \"Organization\",\r\n      \"name\": \"AnalystPrep\"\r\n    }\r\n  }\r\n}\r\n<\/script><\/p>\r\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/TiS1BrzLU4k\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\r\n<p>NAVPS refers to the (per-share) amount by which assets exceed liabilities. The amount is computed using current market values, as opposed to accounting book values, divided by the number of shares outstanding. NAVPS is generally considered the most appropriate measure of REITs\u2019 fundamental value (and REOCs) compared with book value per share. If the REIT market price varies from NAVPS, this is seen as a sign of over or undervaluation.<\/p>\r\n<div style=\"text-align: center; margin: 25px 0;\"><a style=\"display: inline-block; padding: 12px 24px; border: 2px solid #2f5cff; border-radius: 999px; color: #2f5cff; text-decoration: none; background: #f7f9fc; white-space: nowrap;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Deepen your understanding of REIT valuation with our free trial. <\/a><\/div>\r\n<h2>Estimation of NAVPS using the Forecast Cash Net Operating Income<\/h2>\r\n<p>Remember,<\/p>\r\n<p>$$ \\text{NOI}=[\\text{Gross Rental Revenue}- \\text{Operating Costs}] $$<\/p>\r\n<p>Where:<\/p>\r\n<p>Operating costs include estimated vacancy and collection losses, insurance costs, property rates and taxes, utilities, repairs, and maintenance expenses.<\/p>\r\n<p>Furthermore,\\(\\text{EBITDA}=[\\text{NOI}-\\text{G&amp;A Expenses}] \\)<\/p>\r\n<p>Where:<\/p>\r\n<p>EBITDA refers to earnings before interest, depreciation, and amortization, while G&amp;A expenses refer to general and administrative expenses. In the absence of a reliable appraisal, experts estimate operating real estate\u2019s value by capitalizing on the net operating income. This procedure requires computing a market-required return rate, the capitalization rate (\u201ccap rate\u201d), based on the prices of recent similar transactions in the market.<\/p>\r\n<p>Remember,<\/p>\r\n<p>$$ \\text{Cap rate}=\\frac{\\text{NOI}}{\\text{Property Value}} $$<\/p>\r\n<p>Where:<\/p>\r\n<p>NOINOI refers to the net operating income, which is the expected income in the subsequent years.<\/p>\r\n<p>The above calculated \u201ccap rate\u201d can then be used to capitalize the NOI as follows:<\/p>\r\n<p>$$ \\text{Property Value}=\\frac{\\text{NOI}}{\\text{Cap rate}} $$<\/p>\r\n<h4>Example: Estimating NAVPS<\/h4>\r\n<p>Ernst &amp; Frank Real Estate valuers are undertaking a valuation of the Garden City Shopping Mall REIT. The valuation is based on the following financial data for Garden City, and estimate NAVPS based on forecasted cash net operating income.<\/p>\r\n<p>$$ {\\begin{array}{l|r}\u00a0 \\text{Last 12 months NOI} &amp; $90,000 \\\\ \\hline \\text{Cash and cash equivalents} &amp; $30,000 \\\\ \\hline \\text{Accounts receivable } &amp; $20,000 \\\\ \\hline\\text{Total debt } &amp; $300,000 \\\\ \\hline\\text{Other liabilities} &amp; $65,000\\\\ \\hline\\text{Non cash rents} &amp; $3,000 \\\\\\hline\\text{Full-year adjustments for acquisitions } &amp; $2,000 \\\\ \\hline\\text{Land held for future developments} &amp; $15,000 \\\\\\hline\\text{Prepaid\/other assets minus intangibles} &amp; $6,000 \\\\\\hline\\text{Next 12 months NOI growth estimate} &amp; 1.25\\text{%} \\\\\\hline \\text{Cap rate based on recent comparable transactions} &amp; 10\\text{%} \\\\ \\hline\\text{Shares outstanding} &amp; 20,000 \\\\ \\end{array}}$$<\/p>\r\n<h4>Solution<\/h4>\r\n<p><strong>Step 1: Calculate the expected cash NOI for the last 12 months:<\/strong><\/p>\r\n<p>$$ {\\begin{array}{l|r} \\text{Last 12 months NOI } &amp; $ 90,000 \\\\\\hline \\text{Non cash rents} &amp; ($3,000) \\\\\\hline \\text{Full year adjustments for acquisitions} &amp; $2,000 \\\\ \\hline\\text{} &amp; \\bf$89,000 \\\\ \\end{array}}$$<\/p>\r\n<p><strong>Step 2: Calculate the estimated next 12-month cash NOI:<\/strong><\/p>\r\n<p>$$ {\\begin{array}{l|r} \\text{Expected cash NOI for the last 12 months} &amp; $89,000 \\\\\\hline \\text{Next 12 months growth in NOI} &amp; \\\\\\hline (1.25\\text{%}\\times$90,000)&amp; $1,125 \\\\ \\hline\\text{} &amp; \\bf$90,125 \\\\ \\end{array}}$$<\/p>\r\n<p><strong>Step 3: Calculate the estimated value of operating real estate:<\/strong><\/p>\r\n<p>$$ \\begin{align*} \\text{Operating property value} &amp;=\\frac{\\text{Estimated next 12}-\\text{month NOI}}{\\text{Cap Rate}} \\\\ \\text{Operating property value} &amp; =\\frac{$90,125}{10\\%}=$901,250 \\end{align*} $$<\/p>\r\n<p><strong>Step 4: Calculate the estimated gross asset value:<\/strong><\/p>\r\n<p>$$ {\\begin{array}{l|r} \\text{Estimated value of operating real estate} &amp; $901,250 \\\\ \\hline\\text{Cash and cash equivalents} &amp; $30,000 \\\\ \\hline\\text{Land held for future developments} &amp; $15,000 \\\\ \\hline\\text{Accounts receivable} &amp; $20,000 \\\\\\hline \\text{Prepaid\/other assets minus intangibles}&amp; $6,000 \\\\ \\hline\\text{} &amp; \\bf$972,250\\\\ \\end{array}}$$<\/p>\r\n<p><strong>Step 5: Calculate the net asset value:<\/strong><\/p>\r\n<p>$${\\begin{array}{l|r} \\text{Estimated gross asset value} &amp; $972,250 \\\\ \\hline\\text{Total debt} &amp; ($300,000) \\\\\\hline \\text{Other liabilities}&amp; ($65,000) \\\\ \\hline\\text{} &amp; \\bf$607,250\\\\ \\end{array}}$$<\/p>\r\n<p><strong>Step 6: Calculate the net asset value per share (NVPS):<\/strong><\/p>\r\n<p>$$ \\text{NVPS}=\\frac{\\text{Net Asset Value}}{\\text{Shares Outstanding}}=\\frac{$607,250}{20,000}= $30.36 \\text{ per share} $$<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>Which of the following statements about using net asset value per share (NAVPS) in REIT valuation is the <em>most accurate<\/em>?<\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>NAVPS is the resulting difference between the accounting book values of a real estate company\u2019s assets and its liabilities, divided by outstanding shares.<\/li>\r\n\t<li>NAVPS is considered a superior measure of the net worth of a REIT\u2019s shares, compared with book value per share.<\/li>\r\n\t<li>NAVPS is precisely equal to the intrinsic value of REIT shares.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is B.<\/strong><\/p>\r\n<p>NAVPS is a superior measure of the net worth of a REIT compared to book value per share based on historical cost values.<\/p>\r\n<p><strong>A is incorrect.<\/strong>\u00a0NAVPS is the difference between a REIT\u2019s assets and liabilities, about current market values, instead of accounting book values, and dividing by the number of outstanding shares.<\/p>\r\n<p><strong>C is incorrect.<\/strong>\u00a0NAV is the most significant element of the fundamental worth of a REIT. The non-asset-based income stream values, management added value, and contingent liability values are factors that contribute to essential value.<\/p>\r\n<\/blockquote>\r\n<p>Reading 37: Investments in Real Estate Through Publicly Traded Securities<\/p>\r\n<p><em>LOS 37 (b) Justify the use of net asset value per share (NAVPS) in valuation of publicly traded real estate securities and estimate NAVPS based on forecasted cash net operating income.<\/em><\/p>\r\n\r\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-block; padding: 14px 28px; background: #4a76d1; color: #fff; border-radius: 999px; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\r\n<p style=\"margin-top: 10px;\">Strengthen your grasp of NAVPS, forecast cash flow valuation, and other equity analysis tools for CFA Level\u00a02.<\/p>\r\n<\/div><!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\ufeff\ufeff NAVPS refers to the (per-share) amount by which assets exceed liabilities. The amount is computed using current market values, as opposed to accounting book values, divided by the number of shares outstanding. NAVPS is generally considered the most appropriate&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[562,102],"tags":[],"class_list":["post-23718","post","type-post","status-publish","format-standard","hentry","category-alternative-investments","category-cfa-level-2","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Net Asset Value Per Share (NAVPS) in REITs<\/title>\n<meta name=\"description\" content=\"Learn how NAVPS is calculated for REITs using forecasted income and why it is preferred over book value per share in valuation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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