Non-Listed REITs, DSTs Post Strongest First-Half Fundraising Since 2023
Publicly registered non-listed REITs and Delaware Statutory Trusts attracted nearly $8 billion in investor capital during the first half of 2026, marking the strongest combined fundraising performance since 2023.
According to Robert A. Stanger & Company, publicly registered non-listed REITs raised $3.4 billion through June, a 20.6% increase from $2.8 billion during the same period last year. Delaware Statutory Trusts added $4.5 billion, up 21.5% year over year.
Performance also continued to improve. The Stanger Public NAV REIT Total Return Index gained 2.4% during the second quarter, its strongest quarterly return in more than four years and its sixth consecutive quarterly advance. All 19 NAV REITs included in Stanger’s quarterly rankings generated positive returns, ranging from 0.4% to 6.7%.
The Stanger Composite NAV REIT Total Return Index, which includes both publicly registered and private placement NAV REITs, also returned 2.4% during the quarter.
“The first-half data shows renewed strength across real estate capital formation,” said Kevin T. Gannon, chairman and chief executive officer of Stanger. “Fundraising is improving across both public non-listed REITs and DSTs as consistent NAV REIT returns help rebuild investor confidence in the sector.”
While publicly traded REITs outperformed over shorter periods—averaging 11.5% returns in the second quarter and 18.9% over the past year—the Stanger indices maintained their long-term edge. Over five years, the Public NAV REIT Index returned 33.4%, while the Composite NAV REIT Index gained 35.0%, exceeding the 28.6% average return of comparable listed REIT benchmarks.
Gannon said the rally in listed REITs also points to improving real estate valuations and expects investor allocations to hard assets to remain strong as capital rotates away from credit during the second half of 2026.
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