Investors are better off in diversified portfolios of traded REITs than the underperforming non-traded REITs, because non-traded REITs are high cost, contain lack of transparency, illiquidity, & many times are a conflict of interest. It is wiser to go with a lower risk, higher return alternative. Many broker/dealer firms still buy into the stories of non-traded REITs because they blindly believe the SEC filings, the independent due diligence reports are more important. The audit , SEC filings and independent boards do nothing to protect investors from bad or untimely business plans or poor investment structures.