Carter Validus Mission Critical REIT II Announces Net Asset Value of $9.25 Per Share
October 2, 2018 | James Sprow | Blue Vault
The board of directors of Carter Validus Mission Critical REIT II, Inc. (“CVMC REIT II”), a publicly registered non-traded REIT focused on the acquisition and management of quality income-producing commercial real estate, with an emphasis on the data center and healthcare sectors, today announced an updated estimated per share net asset value (“NAV”) of $9.25 of each of CVMC REIT II’s Class A common stock, Class I common stock, Class T common stock and Class T2 common stock as of June 30, 2018.
CVMC REIT II engaged Robert A. Stanger & Co., Inc. (“Stanger”), an independent third-party valuation firm, to calculate an estimated NAV and an appraised value of 70 of the 75 properties in CVMC REIT II’s real estate portfolio as of June 30, 2018. In calculating the estimated NAV, Stanger also relied upon the appraisal reports prepared by third parties other than Stanger on five properties with valuation dates ranging from February 7, 2018 to May 22, 2018, which CVMC REIT II provided to Stanger.
The various factors considered by the Board in determining the estimated per share NAV of CVMC REIT II’s shares of Class A common stock, Class I common stock, Class T common stock and Class T2 common stock were based on a number of assumptions and estimates that may not be accurate or complete. Further, the value of CVMC REIT II’s shares will fluctuate over time as a result of, among other things, developments related to individual assets and responses to the real estate and capital markets. The Board intends to determine an updated estimated per share NAV of each of CVMC REIT II’s Class A common stock, Class I common stock, Class T common stock and Class T2 common stock on at least an annual basis.
The $0.07 increase in the estimated per share NAV from June 30, 2017 at $9.18 to June 30, 2018 at $9.25 primarily related to an increase in real estate property values since June 30, 2017.
Michael Seton, Chief Executive Officer and President, stated, “We continue to strategically acquire healthcare and data center properties, which we believe are accretive to our overall portfolio. We continue to find acquisition opportunities to add to our diversified, well-positioned portfolio in a highly competitive and robust commercial real estate market.”
About Carter Validus Mission Critical REIT II, Inc.
Carter Validus Mission Critical REIT II, Inc. intends to acquire mission critical real estate assets located throughout the United States and abroad. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants. Carter Validus Mission Critical REIT II, Inc. intends to continue to focus its acquisitions on mission critical assets in the data center and healthcare sectors. See www.cvmissioncriticalreit2.com for more information.
Source: SEC, Carter Validus Press Release
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