The only rules that govern how publicly offered NAV REITs1 must calculate the net asset value (NAV) of their shares are Financial Industry Regulatory Authority (FINRA) rules applicable to broker-dealers participating in the offerings.2 Under FINRA Rules 2310 and 2231,3 for a broker to participate in an NAV REIT public offering and include the NAV per share on customer account statements, the NAV per share must be: