Stanger Public NAV REIT Index Posts Strongest Quarterly Return Since Q1 2022
Shrewsbury, New Jersey, July 30, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q2 2026 Non-Listed REIT edition of The Stanger Report, highlighting first-half fundraising growth of more than 20% year-over-year and the strongest quarterly return for the Stanger Public NAV REIT Total Return Index since Q1 2022.
Publicly registered non-listed REITs raised $3.4 billion during the first six months of 2026, up 20.6% from the $2.8 billion raised over the same period in 2025. Delaware Statutory Trusts (“DSTs”) raised an additional $4.5 billion through June 2026, up 21.5% from the first half of 2025. Combined, these vehicles raised $7.9 billion through June, the highest combined first-half total since 2023.
Performance strengthened alongside fundraising. The Stanger Public NAV REIT Total Return Index rose 2.4% in Q2 2026, its strongest quarterly return in more than four years and its sixth consecutive quarterly gain. All 19 NAV REITs included in Stanger’s quarterly performance rankings posted positive Q2 returns, ranging from 0.4% to 6.7%. The Stanger Composite NAV REIT Total Return Index, which incorporates both publicly registered and private placement NAV REITs, also gained 2.4% during the quarter.
Listed REITs rallied more sharply over both the quarter and the trailing twelve months, with the three major public REIT benchmarks tracked by Stanger averaging returns of 11.5% and 18.9%, respectively. Over five years, however, the Stanger indices retain an advantage: the Public NAV REIT Index has delivered a cumulative total return of 33.4% and the Composite NAV REIT Index has returned 35.0%, compared with a 28.6% average for those same public benchmarks.
“The first-half data shows renewed strength across real estate capital formation,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Fundraising is improving across both public non-listed REITs and DSTs as consistent NAV REIT returns help rebuild investor confidence in the sector. The sharp rally in listed REITs is also a healthy signal for broader real estate valuations. As investors rebalance away from credit, we expect hard asset strategies to remain an appealing destination for capital in the second half of 2026.”
As published in the Q2 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 more information on all available Stanger Publications, please visit our website or 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 share 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 35 NAV REITs (166 separate share classes). The Public NAV REIT Index currently includes 19 NAV REITs (86 separate share classes). The Lifecycle REIT Index currently includes 11 Lifecycle REITs (23 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
