Carter Validus Mission Critical REIT II Announces Updated NAV
September 29, 2017 | Luke Schmidt | Blue Vault
On September 28, 2017, the board of directors of Carter Validus Mission Critical REIT II, Inc., a publicly registered non-traded real estate investment trust, announced an updated estimated per share net asset value of $9.18 for each of the Company’s Class A common stock, Class I common stock and Class T common stock as of June 30, 2017.
The Company engaged Robert A. Stanger & Co., Inc., an independent third-party valuation firm, to calculate an estimated NAV and an appraised value of 49 of the 62 properties in the Company’s real estate portfolio as of June 30, 2017. In calculating the estimated NAV, Stanger also considered, among other things, the book value of the Company’s two development properties and appraisal reports prepared by third parties other than Stanger on 11 real properties with valuation dates ranging from January 19, 2017 to June 1, 2017, which the Company provided to Stanger. The Board directed its audit committee, comprised solely of independent directors, to review Stanger’s valuation analysis and estimates and recommend an estimated per share NAV of each of the Company’s Class A common stock, Class I common stock and Class T common stock to the Board. Based on the Committee’s recommendation, the Board adopted an estimated per share NAV of $9.18 for each of the Company’s Class A common stock, Class I common stock and Class T common stock. The determination of the updated estimated per share NAV of the Company’s Class A common stock, Class I common stock and Class T common stock was solely the decision of the Board.
The various factors considered by the Board in determining the estimated per share NAV of the Company’s shares of Class A common stock, Class I common stock and Class T common stock were based on a number of assumptions and estimates that may not be accurate or complete. Further, the value of the Company’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 for each of the Company’s Class A common stock, Class I common stock and Class T common stock on at least an annual basis.
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