No. of Recommendations: 2
I don't seem to see much in the media about unlisted REITs thats ever favorable.

Here's another recent article in Investment News on Inland American, where a small number of shareholders claim Inland....

....“falsely reported the value of our common stock until 2010, caused us to purchase shares of our common stock from stockholders in excess of their value, and disguised returns of capital paid to stockholders as REIT income, resulting in the payment of fees to the business manager to which it was not entitled.”

Then there's the issue of REIT share valuation:

At the end of last year, the REIT said its estimated per share value was $6.93 per share, down from $7.22 per share at the end of 2011

Now, I find this interesting, considering the ^RAZ REIT index went from 803 to 905 (+12.7%) over the same time period.

Although I don't know the details of this (and other shareholder claims), I suspect the unlisted REIT management is smart enough to know how to embezzle REIT assets within the parameters set out in the 323 (including appendixes) page perspectus.

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