NAV REITs Extend Outperformance Streak as Fundraising Rebounds

Non-listed real estate continues to gain traction as NAV REITs delivered another quarter of positive performance, extending a streak of outperformance versus public market peers and signaling renewed investor confidence in private real estate strategies.

According to Robert A. Stanger & Company, both of its NAV REIT indices posted a fifth consecutive quarter of positive total returns in Q1 2026. The Stanger Public NAV REIT Total Return Index rose 1.6% for the quarter and 6.2% over the trailing twelve months, while the broader Composite NAV REIT Index gained 1.7% in Q1 and 6.9% over the same period. By comparison, major public REIT benchmarks returned an average of 5.8% over the past year.

Improving performance has been accompanied by a pickup in capital formation. Aggregate NAV for publicly registered NAV REITs reached $83.0 billion as of March 31, up 3.7% year-over-year, while trailing twelve-month fundraising climbed to $6.3 billion—a 7.9% increase from the prior year. Blackstone remained the dominant capital raiser, accounting for approximately $2.8 billion, or 44% of total inflows.

“The momentum is real,” said Kevin T. Gannon. “NAV REITs have now posted five consecutive quarters of positive total returns, with both Stanger indices outperforming public REIT benchmarks over the past year. Fundraising is improving, NAV growth remains positive, and investors are increasingly focused on real estate as capital rotates toward hard asset strategies.”

Q1 also brought notable lifecycle events for legacy Lifecycle REITs. National Healthcare Properties listed on Nasdaq under the symbol “NHP,” while CNL Healthcare Properties completed its merger with Sonida Senior Living and Moody National REIT II finalized its previously announced liquidation.