Processes and supporting systems facilitate the periodic assessment of the value of illiquid assets held by a real estate investment trust (“REIT). These values are combined with valuations of the liquid assets (securities, cash) held by the fund and used to calculate an overall net asset value. The periodic assessments may be adjusted intra-period to account for extraordinary events. In order to manage redemptions, the liquidity of the fund is managed and monitored and as redemption requests are received a “market condition” is established. Based on the market condition, a redemption cap is applied, which may limit the amount that may redeemed during any one period.