NOMINATION UPDATE, SEC REIT REPORTING, RENT CONTROL WEBINAR + ADVOCACY WIN

The following information was released by the Appraisal Institute:

In this issue:

Nominating Committee nominates Dale C. Cooper for 2027 AI Vice President

Insights: SEC proposal may shift PNLR REIT filingsvaluation expectations likely remain

Trending Topics Thursdays (May 21): Rent control trends and valuation implicationsfree webinar

Advocacy: Congress nears passage of 21st Century ROAD to Housing package with AI-supported bills

Association News

National Nominating Committee Nominates Dale C. Cooper, MAI, SRA, AI-GRS, AI-RRS as 2027 AI Vice President

Dale C. Cooper, MAI, SRA, AI-GRS, AI-RRS, was nominated for 2027 Appraisal Institute Vice President by the AI National Nominating Committee at its May 13 meeting in Chicago.

National Nominating Committee Chair Paula K. Konikoff, JD, MAI, AI-GRS, submitted the committee's nomination to the AI Board of Directors. Board members may file petitions for additional nominees in accordance with the Appraisal Institute Bylaws. The AI Board of Directors is expected to elect the 2027 Vice President at its third quarterly meeting.

The 2027 Vice President will serve as the Appraisal Institute's 2028 President Elect, 2029 President, and 2030 Immediate Past President, in addition to chairing the Finance Committee in 2027 and the National Nominating Committee in 2030.

Insights

SEC Reporting Proposal for Public Non-Listed REITs May Change Filings, Not Valuation Demand

The U.S. Securities and Exchange Commission (SEC) is weighing a proposal that would let some public non-listed REITs (PNLRs) move from quarterly to semiannual reporting via a new Form 10-S. The goal is lower compliance cost, but the change may not reduce how often these vehicles need defensible real estate values.

Because PNLR shares don't trade on an exchange, they lack a real-time market price. Many rely on independent appraisals and valuation oversight to support net asset value (NAV), which underpins subscriptions, redemptions, and broker-dealer account statements. "NAV REITs" often publish monthly prices using rolling third-party appraisals plus internal models and independent reasonableness reviews.

Even if SEC filings become less frequent, valuation work is likely to remain driven by market expectations and the mechanics of semi-liquid structures.

Justin Glasser, MAI (Cushman and Wakefield), says he does not expect a meaningful drop in third-party appraisal activity for NAV REITs:

"I don't see reduced SEC reporting frequency materially decreasing third-party appraisal activity for NAV REITs. In many cases, market volatility and investor demand for valuation credibility will lead to more third-party valuationsnot less."

Justin Glasser, MAI, Cushman and Wakefield

Key drivers include FINRA Rule 2340 (broker-dealers must show estimated per-share values on account statements); continuous offerings and redemption programs (which require timely NAV to avoid dilution and governance risk); and lender and covenant requirements that may call for updated portfolio values regardless of SEC cadence.

Overall, the proposal may reduce formal reporting work more than it reduces valuation expectations. Richard Plock, MAI, AI-GRS (Robert A. Stanger and Co., Inc.), argues that valuation credibility could matter even more between reporting periods:

"The SEC's proposal may reduce the frequency of formal public reporting for certain public non-listed REITs, but it is unlikely to reduce the industry's need for credible and timely valuation oversight, particularly with recent news of dislocated valuations in the private credit markets with investors now moving to HALO (hard assets low obsolescence) assets and increasingly demanding to know true valuations of those assets. In many cases, independent valuation processes serve as the primary mechanism supporting investor transparency, broker-dealer reporting obligations, redemption fairness, and NAV governance in semi-liquid real estate structures. As a result, valuation credibility may become even more important between reporting periods."

Richard Plock, MAI, AI-GRS, Robert A. Stanger and Co., Inc.

For appraisal and valuation professionals, that supports ongoing demand for:

Independent appraisals and portfolio revaluations

NAV methodology and governance reviews

Fairness/reasonableness opinions for transactions and redemptions

Support for boards, lenders, and dispute/litigation matters

Bottom line: If the SEC changes filing frequency, PNLRs may still need frequent, well-supported valuations to meet broker-dealer, investor, redemption, and financing expectations.

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Trending Topics Thursdays:

Sign up for our next free webinar

Rent Control in Transition: National Trends and Valuation Implications

May 21, 2026 11:00 CT

Rent regulation policies are evolving across the U.S., creating new challenges and considerations for real estate valuation. This webinar examines emerging rent control and stabilization trends at the state and local levels and how these policies are reshaping multifamily housing markets.

Using select jurisdictions including New York as illustrative case studies, the program will explore how regulatory changes are influencing property performance, investment decisions, and housing supply dynamics nationwide. Participants will gain practical guidance on how to analyze rent-restricted properties, assess risk, and develop credible valuation conclusions for investors, lenders, and developers operating in regulated environments.

Key topics include:

An overview of rent control and stabilization policies across major U.S. markets

Case studies highlighting market impacts (including New York and other jurisdictions)

Effects on multifamily property values, cash flow, and capital investment

Market responses and implications for housing supply

Speakers:

Michael Wahl, MAI, AI-GRS, Managing Director, Partner Valuation Advisors, LLC

Michael Kaplan, Vice President, Related Midwest

Register Now

AI Blog

The residential appraisal profession is entering one of its most significant reporting changes in years.

A new AI blog examines the transition to the redesigned Uniform Residential Appraisal Report (URAR) and UAD 3.6, including why the changes are happening, what concerns appraisers are raising, and how residential practitioners can begin preparing now ahead of the November transition deadline.

Read part one of this two-part series exploring what the new URAR means for residential appraisal practice.

Read the Blog

Advocacy Updates

Congress Nears Passage of 21st Century ROAD to Housing Package, Including AI-Supported Bills

Congress is poised to take another major step on housing policy after House and Senate negotiators reached agreement on a final version of the 21st Century ROAD to Housing Acta bipartisan package to expand housing supply, improve affordability, and modernize federal housing programs.

The House is expected to consider the negotiated package next week, and passage is widely anticipated. The Senate previously approved an earlier version 8910; timing for final Senate action on the updated package is still being determined.

For the appraisal profession, the negotiated legislation includes long-standing Appraisal Institute prioritiesan important policy win as Congress examines housing finance, consumer protection, and appraisal modernization.

The bill incorporates the Appraisal Modernization Act, setting new requirements for reconsideration of value (ROV) processes. The measure reflects Appraisal Institute recommendations and provides a clear path for consumers to request a second look when appropriate. FHA, FHFA, the Department of Agriculture, and the Department of Veterans Affairs would be required to implement and maintain their own ROV guidelines.

The legislation also includes the Appraisal Industry Improvement Act, focused on workforce and professional development reforms.

Key provisions include:

Restores eligibility for qualified state-licensed appraisers to perform FHA-insured mortgage assignments

Expands appraisal education and workforce development through new Appraisal Subcommittee grant authority

Authorizes grants for education, training, and other activities to strengthen the appraisal pipeline

The Appraisal Institute will continue working with lawmakers as the package moves toward enactment and implementation.

Member Moves and Media

Grant Featured in Memphis Business Journal 'Women Who Lead in Real Estate'

Kaitlyn Grant, MAI was profiled by the Memphis Business Journal in its "Women Who Lead in Real Estate" series, highlighting her role and leadership in the Memphis commercial real estate community.

Myers Named CW Property Awards Judge

Matthew Myers, MAI, was highlighted by Construction Week as a judge for the CW Property Awards, joining an international panel of experts spanning real estate, design, valuation, and urban development.

Verrett and Morley Share Market Moves Podcast Episode

Mark Verrett, SRA, and Jeff Morley, MAI, published a new Market Moves podcast episode covering real estate news and following an artificial intelligence botincluding a segment on "AI gets you fired."

Real Estate Horizons

Stay updated and check out links to the latest major real estate industry stories!