Shrewsbury, New Jersey, February 3, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q4 2025 Non-Listed REIT edition of The Stanger Report, complete with individual performance data, in-depth company profiles, and comprehensive insights on non-listed NAV and Lifecycle REITs. The latest edition introduces several enhancements, including the new Stanger Composite NAV REIT Total Return Index, expanded fundraising and redemption trend analysis, and deeper portfolio concentration insights.
The non-listed REIT sector showed clear signs of stabilization and renewed strength in Q4 as aggregate net asset value edged higher to $90.2 billion. While the full sector remains down 2.7% year-over-year (largely due to declines in Lifecycle REITs), NAV REITs delivered positive NAV growth of 2.1% quarter-over-quarter and 2.3% year-over-year, marking a notable shift after a prolonged period of NAV contraction.
Recent performance data further highlights the sector’s momentum. The Stanger Public NAV REIT Total Return Index (covering publicly registered NAV REITs) rose 2.3% in Q4 and gained 5.8% in FY 2025, outperforming major public REIT indices which averaged a 1.7% loss in Q4 and a 2.7% gain for the year. Over the past five years, the Stanger Public Index has delivered a cumulative total return of 40.1%, surpassing diversified listed real-estate benchmarks by 5.6% with markedly lower volatility.
Recognizing the growing prominence of private placement structures, the Q4 report introduces the new Stanger Composite NAV REIT Total Return Index, which incorporates both publicly registered and private placement NAV REITs. The Composite Index posted a 6.5% trailing twelve-month return, highlighting the meaningful contribution of private placement vehicles to overall sector strength.
Fundraising for public non-listed REITs held relatively steady year-over-year, with $5.7 billion raised in 2025. Broader real estate inflows showed even greater momentum:
- Private placement REITs raised $9.5 billion (up 80.9% from 2024)
- Delaware Statutory Trust (DST) programs raised $8.2 billion (up 45.4% YoY)
December 2025 alone saw $3.7 billion raised across DSTs and public and private non-listed REITs, a 152.6% increase from February’s collective low of $1.5 billion. This sharp acceleration into year-end suggests investor confidence is returning as total return expectations improve.
“The Q4 numbers confirm that NAV REITs are regaining their footing after a prolonged adjustment period,” said Kevin Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “Periods like this test structure, underwriting discipline, and liquidity management. The funds that held their line are now seeing signs for optimism, with NAV growth returning, redemptions easing, and capital re-engaging. Our new Composite Index reflects the full scope of that resilience, particularly as private placement vehicles scale. We now enter 2026 with stabilization, renewed confidence, and tangible momentum.”
New and Expanded Features of The Stanger Report:
- New Composite Index: Tracks performance across the full NAV REIT universe, including both publicly registered and private placement NAV REITs.
- Current Redemption Status: Comprehensive redemption data for all 20 publicly registered NAV REITs under coverage.
- Year-over-Year Fundraising Data: Historical capital formation trends across the non-listed REIT market.
- Market Overview: A concise summary of fund size, distribution rates, performance, fundraising, and portfolio composition.
As published in the Q4 2025 Non-Listed REIT edition of The Stanger Report, performance leaders across key time periods are summarized in the table below:
For a copy of The Stanger Report or for further information on all available Stanger Publications, please contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
The Stanger Composite NAV REIT Total Return Index (the “Composite NAV REIT Index”), The Stanger Public NAV REIT Total Return Index (f/k/a The Stanger NAV REIT Index)(the “Public NAV REIT Index”), and The Stanger Lifecycle REIT Total Return Index (the “Lifecycle REIT Index”) measure the performance of non-listed REITs on a quarterly basis. Stanger began calculating these indices on December 31, 2015, with a base level of 100. For a share class to be included in any index, a minimum of one full calendar quarter of performance is required. Share classes with insufficient publicly available total return data (including by means of reporting after publication of an index) may be excluded from an index.
The Public NAV REIT Index generally includes all publicly offered share classes of its component companies that have a continuous public offering registered with the SEC. In select cases, the Public NAV REIT Index may include certain share classes exempt from registration (e.g., under Regulation S). The Composite NAV REIT Index generally includes all components of the Public NAV REIT Index, as well as private offerings of share classes of Private Placement NAV REITs that register with the SEC (excluding shares classes deemed by Stanger to be available only or primarily to the REIT’s advisor, sponsor, management team, and board of directors, and their respective affiliates).
Lifecycle REITs are generally added to the Lifecycle REIT Index in the quarter that their first NAV is announced. Lifecycle REITs are removed from the index upon listing, merger, or in the case of a liquidation by sale of properties, upon conversion to a liquidation basis of accounting. Lifecycle REITs may also be removed for other special circumstances.
The Composite NAV REIT Index currently includes 33 NAV REITs (155 separate share classes). The Public NAV REIT Index currently includes 20 NAV REITs (86 separate share classes). The Lifecycle REIT Index currently includes 14 Lifecycle REITs (26 separate share classes). (Number of companies may differ from earlier totals cited due to minimum size thresholds required to be included in the index and/or rankings, as well as other factors).
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About Robert A. Stanger & Co., Inc.
Robert A. Stanger & Co., Inc., founded in 1978, is a nationally recognized investment banking firm specializing in providing investment banking, financial advisory, fairness opinion and asset and securities valuation services to partnerships, real estate investment trusts and real estate advisory and management companies in support of strategic planning, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.
Stanger is also well known for its industry leading publications: The Stanger Report, a nationally recognized comprehensive report focused on non-traded REIT and BDC investing, including aggregate market statistics, total returns by company and total return indices, fee structure comparisons, and profiles of current offerings; The Stanger Market Pulse, a monthly deep-dive into alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Closed-End Fund Report, focused on non-traded interval fund and tender offer fund investing; Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs exclusively available to Stanger Institutional Access subscribers; and The Alt Street Journal, a weekly newsletter providing an update on industry activities.
For More Information:
Kevin T. Gannon | Chairman & CEO | (732) 389-3600
Robert A. Stanger & Co., Inc.
1129 Broad Street, Suite 201
Shrewsbury, NJ 07702
www.rastanger.com
Member: SIPC
