Confusing Non-Traded REITs with Private Placements
Here is a link to an Investment News article on FINRA examinations. The article's author mistakenly calls non-traded REITs private placements.

Mr. Ketchum, chairman and CEO, also said that exams of broker-dealers at the Financial Industry Regulatory Authority Inc. are paying close attention to sales of non-traded real estate investment trusts, or private REITs.

The non-traded REITs being discussed in this article are public programs, not private placements.  These REITs are required to register with the SEC and are subject to filing requirements.  Investors in these REITs are also subject to suitability requirements.  Just because a REIT is not traded on an exchange does not mean it's a private placement.    This is sloppy, misleading reporting.