Non-Traded REIT Indices - Q2 2025

Index Overview

The SK Research and Due Diligence, LLC (SKRADD) Non-Traded REIT Equity indices track the performance of the ten largest non-traded, perpetual-life equity REITs, based on net assets and subject to eligibility requirements including valuation reporting frequencies. Constituent candidates for the SKRADD Non-Traded Equity REIT Index (SKRADD-NTRE) include non-traded, perpetual-life equity REITs. The SKRADD Non-Traded Equity Diversified REIT Index (SKRADD-NTRED) does not allow for the inclusion of sector-specific programs. The index constituents are weighted by net assets as measured in the fourth calendar quarter of the prior year, with weights capped at 20%. For more information, view the methodology documentation here.

Index Performance

The S&P United States REIT Index (SP US REIT) measures the performance of publicly-traded REITs domiciled in the U.S. The NCREIF Fund Index – Open-End Diversified Core Equity (ODCE) measures the time-weighted, gross-of-fees performance of open-end commingled funds pursuing a core investment strategy. The NCREIF Property Index (NPI) measures the property-level returns for private real estate properties held for investment purposes only. As an appraisal-based index, the NPI is likely to contain substantial price smoothing

Historical Returns

Index Exposure

Weighted sector exposure for the SKRADD-NTRE and SKRADD-NTRED as of quarter end.

Constituent Returns

Three-month total return for non-traded REIT index constituents as of quarter end.

Constituent Valuation Assumptions

The next two charts detail the (i) exit capitalization rates and (ii) discount rates utilized by index constituents in Q2 valuations for select property types. Some constituents may be excluded due to limited or unavailable disclosures.

Exit Capitalization Rate

Discount Rate/IRR

Non-Traded REITs on ALTIDAR

Total returns for non-traded REITs with research coverage on ALTIDAR.

The table above lists the returns for non-traded equity REITs with research coverage on ALTIDAR. While some of these programs may be index constituents for certain periods, inclusion in this table does not necessarily indicate index membership.

Download Report (PDF)