The Investment Program Association and Robert A. Stanger & Co. report that demand for public non-listed REITs, non-listed business development companies and other direct participation programs reached more than $10.7 billion in the first half of 2013. That is a 65% increase from the same period the year before. "For REITs, the gradual but steady improvement in U.S. economic conditions and employment are providing the necessary underpinnings for increased occupancy and rental rates," says Kevin Gannon, managing director of Stanger.

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