Real Estate - SEPTEMBER 16, 2020

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Nonlisted REITs raise $467m in August

by Robert A. Stanger & Company, Inc.

Nonlisted REIT fundraising totaled $467 million in August 2020, down 66 percent from $1.36 billion in August 2019, according to Robert A. Stanger & Company, Inc.

Year-to-date through August 2020, investment in nonlisted REITs totals $7.6 billion, up 13 percent from the same period of 2019. While 2020 began with nonlisted-REIT fundraising on a record-breaking pace of about $2.4 billion per month, the influence of the pandemic dropped nonlisted-REIT fundraising to the mid-$400 million range in each of the past three months.

“The recovery of nonlisted REIT investment has been a little slower than originally anticipated. As a result, we now expect 2020 fundraising of approximately $10 billion, off 15 percent from last year,” said Kevin Gannon, chairman and CEO of Robert A. Stanger & Co.

The graph below illustrates the effect of COVID-19 on nonlisted REIT fundraising alongside previous major events affecting the nonlisted REIT capital-formation market. Fu

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