Are REITs Publicly Traded? Traded, Non-Traded, and Private

Some are, many aren’t. Whether REITs are publicly traded depends on the specific company: real estate investment trusts come in three forms — publicly traded REITs listed on stock exchanges, public non-traded REITs that register with the Securities and Exchange Commission but don’t list, and private REITs that skip SEC registration entirely. The category a REIT falls into changes how easily you can sell, how much you can learn about it, and how much of your money actually goes into real estate.

Publicly Traded REITs

Publicly traded REITs list their shares on national exchanges such as the New York Stock Exchange or NASDAQ. You can buy or sell them in a regular brokerage account during market hours at the prevailing price.¹ Of the three categories, this is the most liquid. Exiting takes seconds.

Because they’re exchange-listed, these REITs file annual reports on Form 10-K and quarterly reports on Form 10-Q with the SEC, giving investors regular access to audited financials and operational updates.² That ongoing disclosure sits under the Securities Exchange Act of 1934.

Market Price Versus the Value of the Real Estate

One thing worth understanding before buying a traded REIT: the share price on the exchange doesn’t always match the value of the properties the REIT owns. Analysts calculate a net asset value (NAV) per share — roughly what the buildings would fetch if sold — and the market can price the shares above or below that figure.

As of January 2026, U.S. equity REITs with market capitalizations of at least $200 million traded at a median 16.2% discount to estimated NAV, meaning investors were paying about 84 cents for every dollar of underlying property value. The gap swings hard by sector. In that same period, office REITs traded at a median 33.6% discount, while healthcare REITs traded at a median 24.9% premium.³ Sentiment about a sector’s future can move the market price even when nothing has changed about the buildings themselves.

Public Non-Traded REITs

Public non-traded REITs register their securities with the SEC and follow the same disclosure rules as listed REITs, including audited financial statements. What’s different is the exit: their shares don’t trade on any exchange.¹ You can’t sell them through a brokerage app. Instead, shares are sold through financial advisors or specialized broker-dealer networks, typically at a fixed offering price rather than a fluctuating market price.

With no secondary market, these investments are illiquid, often for years. Offering documents filed on Form S-11 describe the timeline for potential liquidity events such as a future exchange listing or a portfolio liquidation.⁴ If you need your money back sooner, you’re limited to the REIT’s share redemption program, which the board can cap, restrict, or suspend entirely.

Higher Fees and Distribution Risks

Non-traded REITs carry significantly higher upfront costs than listed ones. Sales commissions and other offering fees typically run about 9 to 10 percent of the offering price, so only 90 to 91 cents of every dollar you invest actually goes toward buying real estate.¹

How distributions get funded is another concern. Non-traded REITs frequently pay dividends that exceed their actual cash flow from operations, covering the difference with borrowed money or new investor capital. That practice reduces the value of your shares and the cash the company has available to buy additional properties.⁵ A high advertised yield may partly reflect this recycling of investor money rather than genuine property income.

Knowing What Your Shares Are Worth

Without a daily market price, valuation is harder. Under FINRA rules, a non-traded REIT that wants broker participation in its offering must have NAV per share calculated using independent valuations at least annually. The REIT must also disclose an estimated per-share value in a report filed with the SEC within 150 days of the second anniversary of breaking escrow, and in each annual report thereafter. Many larger non-traded REITs now calculate NAV monthly.

Private REITs

Private REITs are neither listed on an exchange nor registered with the SEC. They sell shares under exemptions from registration, most commonly Rule 506(b) or Rule 506(c) of Regulation D.⁶ Because they bypass registration, they aren’t required to file public financial reports, so investors see far less than they would with either type of public REIT.

Participation is generally limited to accredited investors, who must meet at least one of two financial thresholds:⁷

Net worth over $1 million, individually or jointly with a spouse, excluding the value of a primary residence.
Income over $200,000 individually, or $300,000 jointly with a spouse, in each of the prior two years, with a reasonable expectation of the same in the current year.

Under Rule 506(b), the REIT cannot advertise to the general public. Under Rule 506(c), it can advertise broadly, but the issuer must take reasonable steps to verify that every purchaser actually qualifies as accredited.⁸ Minimum investments vary widely; some private REITs start at $1,000, while those aimed at institutional investors may require $25,000 or more.

The core risk is thin information. Without SEC filings, you have no independent way to verify property valuations, fee structures, or financial condition. Federal anti-fraud rules still apply, but the due-diligence burden falls largely on you.

How to Check Which Category a REIT Falls Into

You can search the SEC’s EDGAR database at sec.gov/edgar/search to see whether a REIT is registered.⁵ What you find, or don’t find, tells you the category:

A publicly traded REIT files regular 10-K and 10-Q reports and has a ticker symbol on a major exchange.
A public non-traded REIT files regular SEC reports but has no exchange ticker. Its filings will usually include an S-11 registration statement or prospectus.
A private REIT doesn’t appear in EDGAR’s reporting database. It may have a Form D notice on file under Regulation D, but no ongoing public financial reports.

If someone pitches you shares in a REIT you can’t find in EDGAR at all, slow down. A legitimate private REIT will have a Form D on file and should be willing to hand over its offering documents. The absence of any SEC filings, paired with pressure to invest quickly, is a common fraud pattern.

1
SEC.gov. Investor Bulletin: Real Estate Investment Trusts (REITs)
2
Investor.gov. Form 10-Q
3
S&P Global Market Intelligence. NAV Monitor: US REITs End January at Median 16.2% Discount to Net Asset Value
4
SEC.gov. Form S-11 Registration Statement
5
Investor.gov. Real Estate Investment Trusts (REITs)
6
U.S. Securities and Exchange Commission. Private Placements – Rule 506(b)
7
U.S. Securities and Exchange Commission. Accredited Investors
8
U.S. Securities and Exchange Commission. General Solicitation – Rule 506(c)