At its Fall 2025 Annual Conference, NASAA members approved amendments to the NASAA Statement of Policy Regarding Real Estate Investment Trusts (the "REIT Guidelines"), announced September 8, 2025.
The amendments incorporate a best-interest conduct standard for broker-dealer recommendations of non-traded REITs.
They also require issuers of non-traded REITs to establish concentration limits for their offerings and update the net-income and net-worth investor-qualification thresholds to reflect inflation since the guidelines were last amended in 2007.
The changes are most relevant to broker-dealers and dual registrants that recommend or sell non-traded REITs. The amendments were released for public comment in March 2025 before membership approval.