What criteria do you think is most important when assessing a REIT? Would it be the sponsor?

Quality of assets & quality of management to maintain, develop, identify the portfolio

NAV is a good metric to use when analyzing REITs but it is only as good as the analyst completing the assessment of each individual who possess the REIT. The calculation of the market value of assets must be done carefully in order to reach at an accurate NAV for the entire REIT.