BV 1st Edition Full-Cycle Study 2012 – Executive Summary
BV 1st Edition Full-Cycle Study 2012 – Individual REIT Data
BV 1st Edition Full-Cycle Study 2012 – Industry Summary
BV 2nd Edition Full-Cycle Study 2013
BV 3rd Edition Full-Cycle Study 2014
BV 4th Edition Full-Cycle Study 2016
BV 5th Edition Full-Cycle Study 2018
The Latest Full-Cycle Events for Nontraded REITs (published February 6,  2019)

BV 6th Edition Full-Cycle Study 2020
BV 7th Edition Full-Cycle Study 2022

Nontraded REIT Fee Study

In this study of the different types of fees and expenses that are important in ultimately determining the investment returns to common stockholders in nontraded REITs, Blue Vault has compiled data for all effective nontraded REIT programs as of September 30, 2016. It is our goal to present this data in a clear, objective and understandable format. Every nontraded REIT program files an SEC form S-11 when a new REIT product is introduced to the market. Within this filing any interested investor will typically find well over 150 pages of fine print describing in detail the plans of the REIT sponsor to raise funds and invest in commercial real estate of various types with various strategies and objectives. Included will be suitability standards for investment in most of the states in the U.S., lengthy warnings about the risks inherent in the program and the commercial real estate market, and pages of “boiler plate” language that meets the SEC requirements for full disclosure and stays away from promising any particular rate of return or safety from loss.

First Edition Nontraded REIT Fee Study November 2016 – Final
Second Edition Nontraded REIT Fee Study April 2018 – Final
Third Edition Nontraded REIT Fee Study January 2020 – Final
Fourth Edition Nontraded REIT Fee Study June 2022 – Final

Nontraded REIT NAV Study

This study of the pricing and net asset values of nontraded REIT programs is the first compilation of such data for all effective programs by Blue Vault and reports every offering price for most common share classes, each subsequent offering price change, each announcement of net asset values (NAVs) by share class and the “as of” date for those announcements.

First Edition Nontraded REIT NAV Study 2017
Second Edition Nontraded REIT NAV Study 2018
Third Edition Nontraded REIT NAV Study 2023

Nontraded REIT Capital Raise vs Redemptions

The purpose of this study is to explore the relationships between gross dollars raised by nontraded REITs and the value of common share repurchases during their respective public offerings. With the recent trend in the industry toward continuous public offerings and increased liquidity via share repurchase programs, it is important to understand the net effects of new capital flowing into the sector and the impacts that share redemptions have on the net capital raised.

Capital Raise vs Redemptions Study 2018