Guide to Public Non-Listed REITs (PNLRs)

Many REITs (whether equity or mortgage) are registered with the Securities and Exchange Commission (SEC) and are publicly traded on a national stock exchange. These are known as stock exchange-listed REITs. In addition, there are REITs that are registered with the SEC, but do not trade on major securities exchanges. These are known as publicly registered, non-exchange traded REITs, or simply public non-listed REITs (PNLRs).

Like stock exchange-listed REITs, PNLRs own, operate and/or finance real estate and are subject to the same IRS rules requiring them to distribute all of their taxable income to shareholders so as to not pay taxes at the corporate level. In addition, PNLRs are required to make regular SEC disclosures, including quarterly and yearly financial reports. All of these PNLR filings are publicly available through the SEC’s EDGAR database.

PNLRs do not offer the same liquidity that stock-exchange listed REITs provide. Redemption programs for shares vary by company and are limited. Generally a minimum holding period for PNLR investment exists.

To learn more about the different types of REITs and how stock exchange-listed REITs, PNLRs and private REITs compare, visit the “REIT Breakdown by Type” page.

In addition, NAREIT and its Public Non-Listed REIT Council monitor and comment on regulatory issues that impact the Public Non-Listed REIT space. Information on those issues can be found here

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