Shrewsbury, New Jersey, May 6, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q1 2026 Non-Listed REIT edition of The Stanger Report, highlighting continued strength in NAV REIT performance and improving fundraising momentum amid broader capital rotation toward hard asset strategies.
NAV REIT performance remained positive in Q1 2026, with both Stanger NAV REIT indices posting their fifth consecutive quarter of positive total returns and outperforming major public REIT benchmarks over the trailing twelve months. The Stanger Public NAV REIT Total Return Index rose 1.6% in Q1 and 6.2% over the trailing twelve months, while the Stanger Composite NAV REIT Total Return Index, which incorporates both publicly registered and private placement NAV REITs, gained 1.7% in Q1 and 6.9% over the same period. By comparison, the three major public REIT indices tracked by Stanger averaged a 5.8% return over the past year.
Improving performance has coincided with stronger fundraising activity. Aggregate NAV for publicly registered NAV REITs reached $83.0 billion as of March 31, 2026, up 3.7% year-over-year and 1.2% quarter-over-quarter. Trailing twelve-month fundraising for publicly registered non-listed REITs increased to $6.3 billion through March 2026, representing a 7.9% jump from the $5.8 billion raised through March 2025. Blackstone remained the largest fundraiser, accounting for $2.8 billion, or approximately 44% of the total.
“The momentum is real,” said Kevin T. Gannon, Chairman & CEO of Stanger. “NAV REITs have now posted five consecutive quarters of positive total returns, with both Stanger indices outperforming public REIT benchmarks over the past year. Fundraising is improving, NAV growth remains positive, and investors are increasingly focused on real estate as capital rotates toward hard asset strategies. We expect that trend to remain an important driver of alternative investment flows throughout 2026.”
Q1 also brought several notable liquidity and lifecycle events for legacy Lifecycle REITs. National Healthcare Properties completed its listing on Nasdaq under the symbol “NHP,” while CNL Healthcare Properties completed its merger with Sonida Senior Living and Moody National REIT II completed its previously announced liquidation.
As published in the Q1 2026 Non-Listed REIT edition of The Stanger Report, performance leaders across key time periods are summarized in the table below:
To request 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 36 NAV REITs (168 separate share classes). The Public NAV REIT Index currently includes 20 NAV REITs (88 separate share classes). The Lifecycle REIT Index currently includes 13 Lifecycle REITs (25 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
