Summit's January 2017 NAV Summary highlights reported NAVs for nine open non-listed REITs with annual appreciation and key valuation assumptions.
Summit's January 2017 Total Fee Burden analysis summarizes sales and real estate fees for 21 open core non-listed REITs and ranks these non-listed REITs by Total Fee Burden.
Summit's January 2017 Total Fee Burden Analysis summarizes and ranks sales and real estate fees for perpetual life non-listed REITs in these different share class categories.
Real estate interval funds topped $3 billion equity based on financial reports filed through 9/30/16. Annual total returns averaged 7.9% for A shares (no load) and 8.3% for I shares.
Non-Listed BDCs posted a 4.01% return in 3Q16 and a 6.29% return for the trailing twelve months. Non-Listed BDCs should post strong returns in 2016 following losses in 2015.
Non-listed BDCs raised only $431 million in 3Q16, which is the lowest quarterly total in four years. Non-listed BDCs will struggle to raise $2 billion in 2016, which is half of 2015's raise.
Non-listed BDCs posted 7.9% yields on first lien debt investments and 9.8% yields on second lien debt investments for 3Q16 YTD, both of which are increases from 2015 yields.
Non-listed REITs raised only $1.0 billion in 3Q16, and non-listed REIT fundraising in 2016 will be its lowest annual total in more than twelve years.
Non-listed REIT equity raise in 3Q16 was 59% modified and no commission shares, which is the highest allocation ever and reflects a trend away from full commission shares.
Non-listed REIT cap rates continued their six-year compression to reach 6.1% for 3Q16 YTD. Interest rates on new debt increased to 3.7% resulting in only a 2.4% cap rate spread.