Cole Office & Industrial REIT (CCIT II), Inc. to Announce Updated NAV in March, 2017
January 12, 2017 | James Sprow | Blue Vault
Cole Office & Industrial REIT (CCIT II), Inc. has engaged Cushman & Wakefield of Illinois, Inc., Valuation & Advisory group to perform valuation services to assist the Company’s board of directors with determining an updated estimated value per share of the Company’s common stock as of December 31, 2016. Cushman & Wakefield previously assisted the Board in connection with its most recent estimated value per share determination of $10.00 as of February 29, 2016, which was the first time that the Board had determined an estimated value per share of the Company’s common stock.
The valuation will be performed in accordance with the valuation guidelines established by the Investment Program Association Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs. The valuation is being done to assist broker-dealers in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. The Company currently expects to announce the updated estimated value per share in late March 2017. The estimated value per share will ultimately be the decision of the Board.
For purposes of any redemption requests made during the fourth quarter of 2016 and accepted for redemption under the Company’s share redemption program, the estimated value per share of the Company’s common stock as of February 29, 2016, $10.00, will continue to serve as the most recent estimated value for determining the applicable per share redemption price. The updated estimated value per share as of December 31, 2016 will serve as the most recent estimated value per share beginning with redemption requests made during the first quarter of 2017 and for any unfulfilled redemption requests made during the fourth quarter of 2016 that are resubmitted and processed during subsequent redemption periods