Led by Cohen & Steers, Retail-Focused NAV REITs Are Top Performers After 12 Months

The Stanger NAV REIT Total Return Index delivered a 1% return as of the end of the second quarter of 2025 and 2% in the last 12 months, according to the latest analysis on non-traded net asset value and lifecycle real estate investment trusts by Robert A. Stanger & Company, Inc., an investment banking firm and leader in alternative investment industry research.

“Interestingly, retail-focused NAV REITs have significantly outperformed the Stanger NAV REIT Index over the past year. Cohen & Steers Income Opportunities REIT, Inc., consisting entirely of retail investments, emerged as the top one-year performer among all NAV REITs, delivering a total return of 12.7% through Q2 2025,” said Kevin T. Gannon, chairman and chief executive officer of Stanger. “PGIM Private Real Estate Fund Inc., with a 29% allocation to necessity-based retail prior to its June acquisitions, achieved the second-best one-year performance with an 11% return.”

In June 2025, AltsWire reported on the retirement of Anthony Corriggio, president and chief operating officer of the Cohen & Steers REIT, effective Sept. 30, 2025.

EQT Exeter Real Estate Income Trust, focused solely on industrial assets, led the Q2 2025 total return rankings with three-month returns of 3.5%. FS Credit Real Estate Income Trust maintained its position at the top of the three-year total return rankings for the fourth consecutive quarter, delivering returns of 7.1%, while Blackstone Real Estate Income Trust, or BREIT, led the five-year rankings with returns of 10.4% for the second consecutive quarter.

Among lifecycle REITs, Strategic Storage Trust VI led the one-year and three-year total return rankings with returns of 27.1% and 13%, respectively. Previously reported by AltsWire in Q2 2025, the REIT – sponsored by an affiliate of SmartStop Self Storage REIT Inc. – opened a newly constructed self-storage facility in Dorval, Québec, a suburb of Montréal. The project was in partnership with SmartCentres.

Additionally, Lightstone Value Plus REIT V topped the five-year total return rankings with a return of 12.6%.

Both the Stanger NAV REIT Total Return Index and the Stanger Lifecycle REIT Total Return Index measure the performance of non-listed REITs on a quarterly basis. Stanger began calculating the indices on Dec. 31, 2015, with a base level of 100. All public share classes of NAV REITs with a minimum of one calendar quarter of performance are included in the NAV REIT Index. Lifecycle REITs are generally added to the Lifecycle REIT Index in the quarter that their first NAV is announced. The indices currently include 20 NAV REITs (82 separate share classes) and 14 lifecycle REITs (26 separate share classes).

Robert A. Stanger & Co., Inc., founded in 1978, is an investment banking firm specializing in providing investment banking, financial advisory, fairness opinion and asset and securities valuation services to partnerships, real estate investment trusts, and real estate advisory and management companies in support of strategic planning and execution, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.

Click here to visit the AltsWire directory page.