By : RichaRd K . GReen and PaRKeR Rhea Publicly avai lable Real Estate

Non-listed REITs carry both a cost and an advantage to investors. Because non-listed REITs are not traded on an exchange, they are not liquid. But also because non-listed REITs are not traded, they are closer to pure plays in real estate than listed REITs. They are, in a sense, a hybrid product. They give retail investors the ability to invest in real estate with a vehicle that in some ways mimics a privately held partnership. As such, one could argue that non-listed REITs are less correlated with the stock market than listed-REITs, although testing that proposition is not the focus of this paper.