Private Placement REIT NAV Climbs to $30.5B, Outpacing Public Peers
Private placement REITs continued their rapid expansion in Q4, with combined aggregate NAV climbing to $30.5 billion, a 17.4% increase from the prior quarter and a 66.4% jump year over year, according to Robert A. Stanger & Company, Inc.
These vehicles now account for 25.3% of the $120.7 billion total aggregate NAV across publicly registered and private placement REITs, up from 16.5% at the end of 2024, marking what Stanger called a “meaningful acceleration in market share penetration.”
In its Q4 2025 Stanger Privates – REIT preview edition, the firm introduced the Stanger Private NAV REIT Total Return Index (Q4 2024 = 100), a weighted quarterly benchmark tracking total returns for private placement NAV REITs. The new Private Index rose 2.5% in Q4 and delivered a 9.6% gain for 2025, ahead of the Stanger Public NAV REIT Total Return Index—which covers only publicly registered NAV REITs—at 2.3% for Q4 and 5.8% for the year.
“All new non-listed REIT offerings are now being launched as private placements, reflecting the realities of today’s regulatory environment,” said Kevin T. Gannon, chairman and CEO of Robert A. Stanger & Company, Inc.
“Performance has benefited from the absence of legacy asset drag, with newer portfolios constructed at current market pricing. This is evident in the Stanger Private NAV REIT Total Return Index, which posted a 9.6% full-year return, outperforming publicly registered NAV REIT benchmarks. As redemptions begin to build in BDCs, we expect private placement REITs to capture a disproportionate share of these flows.”
