Mar 15 2016 | By DI Wire
American Realty Capital — Retail Centers of America Inc., a publicly registered, non-traded real estate investment trust, announced that its board of directors approved an estimated net asset value of $9.00 per share of common stock. This is the first time that the board has determined an estimated per-share NAV for the company.
American Realty Capital Retail Advisor, the REIT’s advisor, engaged Duff & Phelps LLC, an independent third-party real estate advisory firm, to perform appraisals of the company’s real estate assets and to provide valuations of the company’s debt and remaining liabilities.
Duff & Phelps’ method complied with the Investment Program Association guidelines and included a range of $8.76 – $9.23 per share on a fully diluted basis. The midpoint in that range was $9.00.
American Realty Capital — Retail Centers of America commenced its initial public offering in March 2011 for up to 150 million shares of common stock at a price of $10.00 per share. The IPO closed in September 2014, but the company registered an additional 25 million shares of common stock to be used under its distribution reinvestment plan. The company offered DRIP shares at $9.50 per share.