Shrewsbury, New Jersey, January 27, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q4 2024 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.
The Stanger NAV REIT Total Return Index posted a modest increase of 1.1% in 2024. While traded REIT indices experienced a run-up in 2024, they are still recovering to peak values last seen at year-end 2021. On a three-year basis, traded REITs have averaged an 8.8% decline, underscoring the lingering effects of market volatility. Although a post-election rally briefly pushed some traded REIT indices above 2021 levels, December brought significant headwinds. Traded REIT indices fell sharply, averaging a 6.7% decline in Q4 2024. By contrast, NAV REITs continued to show durability, delivering a 5.8% cumulative gain since the end of 2021.
According to Kevin T. Gannon, CEO & Chairman at Stanger, “We believe the recovery in traded REIT indices bodes well for NAV REITs. The volatility observed in traded REITs throughout the year highlights the appeal of non-traded REITs transacting at NAV. In Q3 2024, traded REIT indices surged 16%, only to decline by 6.7% in Q4, averaging an 8.3% gain for the second half of the year. In comparison, the Stanger NAV REIT Total Return Index remained stable, flat in Q3 2024, and down just 0.2% in Q4. Additionally, the recent $200 million investment by UC Berkeley in Brookfield REIT underscores the growing institutional interest in NAV REITs and the broader private real estate market opportunity.”
EQT Exeter Real Estate Income Trust, Inc. is off to a strong start, with the industrial-focused NAV REIT topping the 3-month total return chart at 7.2% in its first quarter of inclusion. PGIM Private Real Estate Fund, Inc. topped the 1-year total return rankings for NAV REITs, marking the first time this year FS Credit Real Estate Income Trust, Inc. did not hold that title. Despite this, FS Credit retained its leading status in the 3-year total return rankings for a second consecutive quarter. Clarion Partners Real Estate Income Fund Inc. ranked highest in terms of 5-year performance with an annualized return of 9.1%, unseating Blackstone Real Estate Income Trust for the first time since Q2 2023.
For Lifecycle REITs, Strategic Storage Trust VI led the 1-year total return rankings for a second consecutive quarter, with a 27.4% return in 2024. Lightstone Value Plus REIT II jumped to the top of the 3-year total return rankings after finishing third in Q3. SmartStop Self Storage REIT finished atop the 5-year total return rankings, unseating Lightstone Value Plus REIT V for the first time since Q3 2023.
There were no new public non-traded REIT registrations or entrants during Q4 2024.
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 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 19 NAV REITs (80 separate share classes) and 17 Lifecycle REITs (29 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 flagship publication, 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, focused on public non-traded REIT, non-traded BDC and other alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Interval Fund Report, focused on non-traded interval fund investing, and The Stanger Digest, a newsletter providing a weekly update on industry activities.
Stanger also recently launched Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs and available exclusively to Stanger Institutional Access subscribers.
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
