SCOTTSDALE, Ariz. – (September 8, 2025) – The members of the North American Securities Administrators Association (NASAA) approved amendments to the NASAA Statement of Policy Regarding Real Estate Investment Trusts (REIT Guidelines) at the membership meeting during NASAA’s Fall Annual Conference in Scottsdale, Arizona yesterday.
The REIT Guidelines amendments incorporate a best interest conduct standard for broker-dealer recommendations, require issuers of non-traded REITs to set concentration limits for their offerings, and update the net income and net worth thresholds to account for inflation since the REIT Guidelines were last amended in 2007. The amendments were previously released for public comment in March.
“Amending the REIT Guidelines has been under discussion at NASAA for several years, and this proposal has received substantial internal and public comment. I appreciate the hard work of the Corporation Finance Section and the Direct Participation Programs Project Group in bringing this proposal to a successful conclusion,” said NASAA President Leslie Van Buskirk. “We look forward to working with our fellow NASAA members to implement these updated standards.”
NASAA’s guidelines for non-traded Real Estate Investment Trusts aim to protect retail investors by regulating sales practices, adviser conduct, conflicts of interest, leverage, and investor suitability thresholds. These guidelines are designed to ensure investors are not sold unsuitable investments and protect investors by increasing requirements for income and net worth and promoting fiduciary duties from sponsors and advisers. The guidelines also cover disclosure, marketing, investment restrictions, and investor rights.
“The amendments strengthen investor protections and reinforce the importance of responsible REIT practices,” said William Beatty, NASAA Corporation Finance Section Co-Chair and Washington Securities Division Director.
“By incorporating applicable conduct standards for those selling or recommending REIT investments and updating investor suitability requirements, the updated guidelines reinforce NASAA members’ commitment to fair and responsible REIT practices,” said Faith Anderson, Direct Participation Programs Project Group Chair and Chief of Registration and Regulatory Affairs in the Washington Securities Division.
The approved amendments to the REIT Guidelines are now available at nasaa.org.
– NASAA –
About NASAA:
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
For More Information:
Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900
Karen Grajales, Manager, Communications and Investor Outreach
kgrajales@nasaa.org | 202-737-0900
