Shrewsbury, New Jersey, October 29, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q3 2025 Non-Listed REIT edition of The Stanger Report, complete with individual performance data, in-depth company profiles, and comprehensive insights on non-traded NAV and Lifecycle REITs.
Aggregate net asset value for non-traded REITs edged up to $90.0 billion, virtually flat from Q2’s $89.9 billion. Year-over-year, the sector is down 4.7%, but the sequential plateau suggests the first hints of normalization after more than two years of NAV contraction. Fundraising over the past twelve months totaled $5.9 billion, a modest 1.8% increase over the prior year, and has been bolstered by the expanded use of complimentary Delaware Statutory Trust (DST) programs and resulting 721 UPREIT transactions by NAV REITs.
Performance tells a more nuanced story. The Stanger NAV REIT Total Return Index rose 1.2% in Q3 and gained 3.3% over the past year, outperforming the major public REIT indices, which averaged a 2.5% loss over the same period. Over a five-year horizon, the NAV REIT Index has delivered a 42.2% cumulative total return, trailing the diversified listed real-estate benchmarks – but with markedly lower volatility.
“The Q3 data confirms what we’ve been anticipating for several quarters,” said Kevin T. Gannon, Chairman and CEO of Stanger. “While capital inflows remain subdued compared to 2021–2022 peaks, underlying portfolio performance is stabilizing and redemption pressures continue to ease, pointing to a sector that is recalibrating rather than retreating. Concurrently, the growing momentum of NAV REITs DST programs – now available through ten sponsors – is reshaping the fundraising landscape.”
As published in the Q3 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 NAV REIT and Stanger Lifecycle REIT Total Return Indices measure the performance of non-listed REITs on a quarterly basis. Stanger began calculating the indices on December 31, 2015, with a base level of 100. All public share classes of NAV REITs with a minimum of one calendar quarter of performance are included in the NAV REIT Index. 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 indices currently include 20 NAV REITs (83 separate share classes) and 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
