Zare (NASDAQ: ZARE) is a non-traded real estate investment trust that owns and operates a diversified portfolio of income-producing properties across residential, industrial, retail, office, and other commercial real estate categories. The company makes money through rental revenues collected under leases on its properties, with 89.8% of its commercial leases structured on a triple-net basis as of December 31, 2025, meaning tenants pay real estate taxes, insurance, and common area maintenance costs directly. Total rental revenues were $452.6 million for the year ended December 31, 2025, up 22.0% from $370.9 million in 2024. The portfolio includes 24 residential properties totaling 7,381 units and a broad commercial portfolio spanning industrial, retail, office, self-storage, and student housing assets. The company is externally advised and raises equity capital through securities offerings distributed via a network of licensed broker-dealers. It carries a $2.0 billion unsecured credit facility, amended in 2025, with revolving and term loan components maturing in June 2029.
- Revenue model
- Rental revenues from leases across residential, industrial, retail, office, and other property types. Commercial leases are predominantly triple-net (89.8% of commercial leases as of December 31, 2025), with fixed or CPI-based rent escalators. Residential and self-storage leases are short-term, expiring within 12 months. The company also distributes monthly dividends to stockholders funded from operating income.
- Products and services
- Residential apartment communities (7,381 units across 24 properties as of December 31, 2025), industrial properties, retail properties (including anchor-tenanted centers), office properties, self-storage properties, student housing properties, and data center investments. Commercial lease terms typically range from one to ten years with renewal options.
- Customers and end markets
- Commercial tenants across industrial, retail, office, and other sectors under leases with weighted-average remaining terms of 5.7 years by annualized base rent and 4.7 years by leased square footage as of December 31, 2025. Residential tenants in multifamily apartment communities. Student housing tenants at properties near universities. Data center tenants in the technology sector.
- Value-chain role
- Property owner and landlord. The company acquires, owns, and manages real estate assets directly and through joint ventures. It is externally advised and relies on an external Advisor for management and a Dealer Manager for securities distribution.
- Geographic exposure
- United States, with residential properties in Atlanta, GA; Central Florida; Charlotte, NC; Dallas, TX; D.C./Baltimore; Denver, CO; Pennsylvania; Phoenix, AZ; San Antonio, TX; Seattle, WA; South Florida; and Tucson, AZ. Industrial properties span Atlanta, Bay Area, Central Florida, Charlotte, Chicago, Cincinnati, Columbus, Dallas, D.C./Baltimore, Denver, Greater Boston, Houston, and additional markets, as of December 31, 2025.
- Competitors
- University-owned student housing, National and regional off-campus student housing owner-operators, Local student housing owner-operators, Data center owner-operators and tenants developing their own data centers
