Public nontraded REITs are increasingly a focus of regulators, says Nathan Headrick, chief compliance officer and corporate counsel for CNL Securities. The SEC has issued guidelines on how the REITs can explain the prices for shares as funds mature and start to issue estimated per-share valuations, he said. The Financial Industry Regulatory Authority also has issued new pricing notices. "Those notices, specifically, are addressing the frequency with which the valuations actually have to occur," Headrick said. "It looks like we'll now start to see in the space the pricing of our offerings within two quarters of the end of an initial offering, which will shorten the time span that we actually get to an appraisal or per-share estimated value-based valuation."