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The vast majority of new capital is going to non-traded REITs operated by the Blackstone Group.
Capital flows into non-traded REITs appear poised to leap higher following what has been a rollercoaster year of fundraising.
The latest industry research from Robert A. Stanger & Co. points to a strong rally in fundraising in December and January that is setting the stage for continued flows throughout 2021. Although fundraising ended the year 8.5 percent below that of 2019 at $10.8 billion, Stanger is forecasting strong momentum that could lift fundraising to $15 billion in 2021.
Fundraising took a hit last spring and summer due to uncertainty on how the pandemic might impact real estate values. Real estate values generally lag broader moves in the economy. In addition, the way that one popular category of non-traded REITs work, NAV (net asset value) REITs, is that shareholders are admitted on a monthly basis with an NAV that is usually derived from the prior month’s valuat
Allan-swaringenTrisha-millerMatt-maloneMorgan-stanleyMerrill-lynchInstitute-for-portfolio-alternativesIncome-propertyBlackstone-groupRoberta-stanger-coReal-estateதிரிஷா-மில்லர்மேட்-மலோந்How much are nontraded REITs really worth? Nontraded REITs
December 10, 2020 4 MINS
During the credit crisis of 2008, the bottom fell out of many nontraded real estate investment trusts, and financial advisers and customers learned that a REIT’s stated, estimated value, or what showed up on clients’ account statement, and the real value, what the REIT was worth on the street at that exact point in time, could be miles apart.
Nontraded REITs are illiquid securities, meaning that they are opaque and not priced daily by the market. Advisers sell them to investors looking for income and yield; in the past, nontraded REITs carried steep commissions, but the industry has moved away from that compensation model for the past few years.
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