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IPA Responds to Ohio Securities Bulletin Critiquing Non-Listed
REIT Valuations Based on Flawed and Dated Studies


The IPA today sent a detailed to Andrea Seidt, Commissioner of the Ohio Securities Division, in response to the Cover Story in the First Quarter Ohio Securities Bulletin (the Bulletin) titled “,” which was released April 13, 2020.

The Cover Story reflects bias and incorrect data about non-listed REITs, and makes assumptions and assertions not reflective of today’s industry. The IPA letter details the corrections and provides substantial updated data and information. It also corrects misleading claims based on flawed and outdated studies and calls out uncredible sources. Our response addresses the current valuation process and fee structures, the use of private indexes and explains the newer structures and forms of non-listed REITs today.

The IPA asks the Division to reflect this additional data and information in any and all future communications about non-listed REITs to provide a more current and accurate assessment of the market, and we request an update to the Bulletin to provide this data and necessary context.

We hope to engage in constructive dialogue with the Division after their review of our concerns. We thank each of our IPA members that have provided important feedback and assistance with this critical advocacy issue.

Thank you,

Tony Chereso
President and CEO
Institute for Portfolio Alternatives