Real asset investors have never lacked for performance data. The challenge has always been deciding which numbers deserve to be believed.
That question has become more pressing as NAV-based REITs — many of them non-listed, perpetual-life vehicles — have grown in prominence in private wealth portfolios. These vehicles promise institutional-quality access to real estate, paired with smoother volatility and more frequent pricing updates. Performance numbers are published regularly. Net asset values are recalculated monthly or quarterly. Returns look orderly, measured and reassuring.
The implicit message is clear: this is a cleaner, more transparent form of private real estate investing.
But is it? The short answer is that NAV REIT performance numbers are directionally usef
