Data room for non-traded REIT fundraising
A non-traded REIT raises from individual investors through broker-dealers and registered investment advisers, so its data room serves selling group diligence teams and advisers. It holds the prospectus or PPM, NAV and redemption history, property-level portfolio data, debt, fees and the REIT qualification record.
- 90%Minimum share of REIT taxable income a REIT must distribute each year
- 100Minimum number of persons who must own a REIT's shares
Folder index
- 01 Product summary Fact sheet, NAV by share class, distribution rate and sources.
- 02 Offering documents Prospectus or PPM, supplements, subscription forms, suitability standards by state.
- 03 Portfolio Property list with sector, location, occupancy, lease expiry and value.
- 04 NAV and appraisals Valuation policy, independent appraiser, NAV history.
- 05 Debt Debt schedule, maturities, fixed versus floating, hedges.
- 06 Repurchase plan Plan terms, monthly and quarterly limits, history of requests and fulfilment.
- 07 Fees and affiliates Advisory, performance and affiliate fees with worked examples.
How this raise works
A non-traded REIT is a real estate investment trust whose shares do not trade on an exchange. Public non-listed REITs register their offerings with the SEC and are sold through broker-dealers and advisers, often with state suitability standards; private REITs are sold under Reg D. Many current products are NAV REITs that sell and repurchase shares monthly at NAV, with repurchase limits per month and quarter.
To keep REIT tax status the trust must meet tests every year, including at least 75 percent of total assets in real estate assets, cash and government securities, distribution of at least 90 percent of REIT taxable income, and ownership by 100 or more persons. Diligence teams check that the sponsor monitors these tests and how distributions are funded.
Selling firms review the sponsor's real estate record, property-level performance, the appraisal process behind NAV, debt levels and maturities, fees paid to the advisor and affiliates, the repurchase plan and how it behaved under heavy redemption requests. Advisers need clear, approved summaries. A room with separate areas for due diligence teams and advisers keeps both supplied.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Investor tracking carries the most weight here.
- Investor tracking 22%
- Permission control 19%
- Raise workflow 22%
- Investor onboarding 21%
- Cost of a raise 15%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
Content cloud with watermarks and signing, priced per user.
Price $15 a user a month Trial Free trial available Features 9 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed
Places 11 to 16: DealRoom (7.0), SmartRoom (7.0), ShareVault (6.8), Venue by DFIN (6.4), Digify (6.2), DocSend (6.0)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Product summaryFact sheet, NAV by share class, distribution rate and sources.
- 02 Offering documentsProspectus or PPM, supplements, subscription forms, suitability standards by state.
- 03 PortfolioProperty list with sector, location, occupancy, lease expiry and value.
- 04 NAV and appraisalsValuation policy, independent appraiser, NAV history.
- 05 DebtDebt schedule, maturities, fixed versus floating, hedges.
- 06 Repurchase planPlan terms, monthly and quarterly limits, history of requests and fulfilment.
- 07 Fees and affiliatesAdvisory, performance and affiliate fees with worked examples.
- 08 REIT complianceAnnual asset, income, distribution and ownership test monitoring.
- 09 Sponsor recordPrior programs and their outcomes.
- 10 Selling firm foldersPer-firm agreements, approvals and questions.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | Intralinks | SecureDocs |
|---|---|---|---|---|---|---|---|
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Drag-and-drop folders | An entire numbered folder tree goes up in a single drop, structure intact. | ||||||
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| SSO for your team | Staff on the issuer side log in with the company identity provider rather than a separate password. |
Setting up the room
- 01
Separate diligence teams and advisers
Due diligence analysts get the full record; advisers get approved summaries and the current offering documents.
- 02
Show the repurchase history
Month by month requests and amounts repurchased, including any period when limits applied.
- 03
Explain distribution coverage
Show how distributions compare with cash flow from operations, and any use of other sources.
- 04
Track state suitability standards
Keep a current table of state requirements in the offering folder for selling firms.
- 05
Update NAV on schedule
Post NAV and the drivers of any change on the same day each month.
Common mistakes
- Repurchase limits explained only in the prospectus, not in adviser materials.
- Distributions presented without coverage by operating cash flow.
- Prior sponsor programs left out of the sponsor record.
- Outdated state suitability tables in the room.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What is a non-traded REIT?
A REIT whose shares are not listed on an exchange. It is sold through broker-dealers and advisers, and investors get liquidity through a repurchase plan with limits.
How do non-traded REITs set their NAV?
Usually monthly, based on property appraisals by independent firms and the value of debt and other assets, under a published valuation policy.
What do selling firms review in a non-traded REIT?
The sponsor's record, the portfolio, NAV process, debt, fees, repurchase plan history, REIT compliance and how distributions are funded.