Shrewsbury, New Jersey, February 3, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published the Q4 2024 Stanger Privates – REIT Preview Edition. This edition provides year-end data on private placement REITs, while a final version—including BDC data as of December 31—will be released following the filing of 10-Ks at the end of the first quarter.
Reinforcing our commitment to continuously expand and enhance our coverage, The REIT Preview Edition introduces performance data on seven private placement equity NAV REITs and 37 share classes. We expect to introduce fundraising data and fee structure comparisons for more than 90 private placement BDCs in the final Q4 2024 version.
Private placement REITs saw their combined aggregate NAV rise to $17.9 billion in Q4, a 15.6% quarter-over-quarter increase. These REITs now account for 16.1% of the $110.9 billion total aggregate NAV across publicly registered and private placement REITs, up from 14.1% of $109.9 billion in Q3. This growth highlights continued investor demand for private real estate strategies.
Several key developments in Q4 further demonstrate the growth of the space:
- New Mountain Net Lease Trust completed a series of formation transactions on January 2, 2025, launching with a 166-property, 15.5 million square foot net leased industrial portfolio. The portfolio was contributed in exchange for shares valued at approximately $546.2 million, while the REIT also raised $263.0 million in its private offering, primarily earmarked for redeeming legacy shareholders.
- BlackRock, Inc. entered the private placement REIT market, forming the BlackRock Monticello Debt Real Estate Investment Trust in partnership with MONTICELLOAM, LLC.
- Principal Credit Real Estate Income Trust sold its first $10 million in shares as part of a $150 million capital commitment from Principal Life and an unaffiliated insurance company.
“With non-traded REITs continuing to attract private capital, it’s clear that the space remains a compelling component of diversified real estate portfolios” said Kevin T. Gannon, CEO and Chairman of Stanger. “The rise in Private Placement NAV REITs and significant transactions like New Mountain’s seed portfolio underscore the continued maturation of the market. Additionally, BlackRock’s entry into the space signals increasing interest from major asset managers, further validating the strength of private real estate. By releasing this REIT-focused preview now, we are ensuring that investors and industry participants have access to the latest REIT data while we await BDC data in the coming months.”
The final Q4 2024 edition of Stanger Privates, incorporating BDC data as of December 31, will be released upon the filing of 10-Ks at the end of the first quarter.
Availability
Stanger Privates is available exclusively to subscribers of the Institutional Access plan. For more information or for a full list of available publications and reports, contact Gregory R. DiSalvo, at gdisalvo@rastanger.com.
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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
