by Robert A. Stanger & Co.
Net Asset Value (NAV) REITs posted a strong 4.94 percent return for first quarter 2022 as measured by the Stanger NAV REIT Total Return Index, according to Robert A. Stanger & Co.
The Stanger NAV REIT Index, which took only a moderate dip in first quarter 2020, has since continued on a steady rise. NAV REIT returns have outpaced those of their traded counterparts, with a cumulative total return of 70.1 percent over the past 60 months. The momentum of the MSCI US REIT Index Gross Total Return (RMS G), which rose 16.32 percent in the fourth quarter on a strong stock market, fell 4.06 percent in the first quarter. Over the past 60 months, the total return of this broader REIT market index was 58.5 percent.
The graph below illustrates the significant impact that stock-market volatility plays in listed REIT securities values relative to non-listed REITs.
“This performance highlights the benefits of a non-listed NAV REIT vehicle, that historically has provided a