Corporate Property Associates 18 – Global Announces $8.36 NAV Per Share
December 8, 2017 | James Sprow | Blue Vault
Corporate Property Associates 18 – Global Incorporated announced December 6 an estimated net asset value per share (“NAV”) as of September 30, 2017 of $8.36 per share for Class A and Class C common stock, which was 1.5% higher than the NAVs at June 30, 2017 of $8.24 per share. The change in the NAVs was due primarily to (i) foreign exchange appreciation and (ii) net appreciation in real estate value.
The NAV of $8.36 for both Class A common stock and Class C common stock will be used for purposes of effectuating permitted redemptions of common stock, issuing shares pursuant to the distribution reinvestment plan and the payment of the distribution and shareholder servicing fee for the Class C common stock.
The September 30, 2017 NAVs were calculated by the REIT’s advisor in accordance with its current valuation policies, in which it obtains an independent rolling appraisal of the fair market value of approximately 25% of its real estate portfolio based on asset value once every quarter. The portfolio of assets to be appraised each quarter will be representative of the composition, by both geography and property type, of the entire portfolio.
In calculating the NAVs, the advisor relied in part on updated appraisals, as well as the updated estimates of the fair market value of debt as of September 30, 2017, all provided by Robert A. Stanger & Co., Inc.
The Company began its IPO in May, 2013. The REIT raised approximately $1.2 billion in the IPO that closed in April, 2015. At September 30, 2017, its portfolio was comprised of full or partial ownership interests in 59 properties, the majority of which were fully-occupied and triple-net leased to 99 tenants totaling 10.1 million square feet. The remainder of the portfolio was comprised of full or partial ownership interests in 69 self-storage properties and nine multi-family properties totaling 6.8 million square feet. The portfolio includes properties in 11 different countries, including The Netherlands, Norway, Germany, Croatia, Mauritius, Poland, the U.K. and Slovakia.
Blue Vault reports that during Q3 2017 the Class A common stock has received an annualized distribution of 6.25% based on the original $10.00 per share offering price, and a Class C distribution of 5.92%, after adjustment for distribution and shareholder servicing fees.
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