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  • Summit releases updated Non-Listed REIT Total Fee Burden Analysis for September 2016

    Summit has released its updated non-listed REIT Total Fee Burden analysis for September 2016 with the addition of three new non-listed REITs including Blackstone Real Estate Income Trust. Summit's Total Fee Burden shows the impact of all fees as a percent of gross equity over a five-year time period to highlight the true fee cost for investors. Fee analysis should be an important part of any investor evaluation of a non-listed REIT.

  • Non-Listed BDCs Post 7.6% Return in 2Q16, -1.6% for TTM

    Non-listed BDCs ended three quarters of losses with a high 7.6% quarterly return in 2Q16. The trailing twelve month return for non-listed BDCs remains negative at -1.6%.

  • Non-Listed BDC Fundraising Hits 4-Year Quarterly Low in 2Q16

    Non-listed BDC fundraising declined to $500 million in 2Q16, which is the lowest quarterly total in four years. FS Energy & Power was the top fundraiser with $197 million in 2Q16.

  • Non-Listed BDC Secured Debt & First Lien Ratios Decline in 2Q16

    Non-listed BDCs reported lower secured debt and first lien debt ratios of 76% and 50%, respectively, in 2Q16. First lien yields declined from 7.7% to 7.3% in 2Q16.

  • Non-Listed REIT Fundraising Hits 12-Year Quarterly Low in 2Q16

    Non-listed REITs raised only $1.1 billion in 2Q6, which is the lowest quarterly capital raise in 12 years. Jones Lang LaSalle Property Trust led all non-listed REITs with a $160 million capital raise in 2Q16.

  • Non-Listed REITs Hit Milestone with 52% of 2Q16 Equity in Modified Commission Shares

    Non-listed REITs achieved a milestone in 2Q16 with 52% of equity capital raised in modified commission shares, such as Class T and Class I shares. This is first quarter that modified commission shares represented the majority of equity capital raised.

  • Non-Listed REITs Have Record Low 5.8% Cap Rates in 2016

    Non-listed REITs had a record low 5.8% acquisition cap rates for 2Q16 YTD. Interest rates on new permanent debt financing increased to 3.8% for 2Q16 YTD, which could indicate higher acquisition cap rates in future quarters.

  • Summit dNAV REIT Return Index Reports 1.27% Return in 2Q16

    The Summit dNAV REIT Return Index reported a 1.27% quarterly return in 2Q16, as dNAV REITs returned to positive returns after a 0.02% quarterly loss in 1Q16. dNAV REITs should post positive returns in 2016 but will likely be below the 8.48% return in 2015.

  • Real Estate Interval Funds Post Positive Mid-Year Returns

    Several real estate interval funds filed their semi-annual financial reports this summer with interval funds focused on investing in private real estate funds or residential mortgages continuing to report strong and stable investment returns.

  • Open Non-Listed REIT NAVs Highlight Equity Capital Growth

    Summit Investment Research's NAV Summary for open non-listed REITs highlights NAVs and key DCF assumptions for nine open non-listed REITs. Most open non-listed REITs have NAV growth consistent with overall market price increases, but two hotel non-listed REITs have significantly higher NAV increases than the overall market.

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