The nonlisted real estate investment trust sector closed second quarter 2026 essentially flat in size but increasingly split in performance, according to the latest Stanger Report, published July 30 by Robert A. Stanger & Co.
Aggregate net asset value across the tracked universe stood at $89.4 billion as of June 30, up only 0.2 percent from a year earlier. The headline number masks a sharper divergence beneath the surface: NAV REITs, the perpetual-life, monthly-priced vehicles that dominate the space, grew 6.5 percent year over year to $86.5 billion, while legacy “lifecycle” REITs — funds nearing the end of their planned hold periods — shrank 63.4 percent, largely because of liquidity events such as mergers and wind-downs.
Fundraising showed modest signs of life. Nonlisted REITs raised $6.3 billion over the trailing 12 months, up 7.7 percent from the prior year, though still a fraction of the $34.4 billion collected in 2021 before rising interest rates chil
