A "NAV" of $67. A market price of $11.

For years, a non-traded REIT called Peakstone told its investors each share was worth about $67. Then, in April 2023, it listed on the New York Stock Exchange — and the market opened it at $11.65.

Same buildings. Same balance sheet. An 82.6% haircut, overnight.

What the appraisal couldn't hide

Non-traded REITs report a "Net Asset Value" their own sponsor calculates from periodic appraisals. It moves slowly, smoothly, and almost never falls sharply — which is exactly the problem. Peakstone was office-heavy heading into the office downturn. The private NAV stayed near $67; the public market, repricing the same assets in real time, said $11.

Within months, Peakstone booked roughly $397M in impairments — confirming the market, not the appraisal, had it right. (Brookfield has since agreed to take it private at $21/share, announced May 2026.)

The pattern, not the outlier

We've now tracked four formerly-non-traded REITs that listed on a public exchange. The discount to their stated "NAV" tracked one thing above all — asset quality:

• Office (Peakstone): ~83% below NAV
• Self-storage (SmartStop): ~48%
• Interval fund (Bluerock): ~38%
• Net-lease industrial (Modiv): ~8%

The appraisal is most overstated where the underlying real estate is weakest. The public market is the truth serum.

If your platform reports a NAV that never seems to fall, ask what it would fetch if it had to trade tomorrow.

Read the full Peakstone breakdown →

— Jorge