REITs (real estate investment trusts) are trading at a discount to their net asset value, as investors worry about the impact of rising interest rates, but this low valuation may underestimate earnings growth driven by the economic recovery. Impact of interest rates on REITs “REITs enter 2014 beaten down from both the perception and overhang of higher interest rates. Many stocks now trade at clear discounts to NAV,” writes Citi analyst Michael Bilerman. “The underperformance on interest rate concerns is only temporary and will soon be offset by the continued positive impact that a strengthening economy can have on commercial…