Resource Apartment REIT III Approves Estimated NAV
June 29, 2018 | James Sprow | Blue Vault
On June 27, 2018, the board of directors of Resource Apartment REIT III, Inc. approved an estimated value per share of the company’s common stock of $9.05 based on the estimated market value of the company’s portfolio of investments as of March 31, 2018.
Duff & Phelps, LLC, was engaged by the company to provide a calculation of the range in estimated value per share. A committee composed of the company’s independent directors concluded that the range of $8.71 to $9.42 with an approximate midpoint value of $9.05 was appropriate and the board of directors unanimously agreed to accept the recommendation.
The REIT’s distribution reinvestment program will be amended to set the price of $9.05 for reinvested distributions effective July 9, 2018, for the next distribution date which is July 31, 2018.
In an 8-K filing with the SEC on June 29, the REIT reported the following (in thousands, except per share amounts):
As of June 29, 2018, the REIT owned three apartment properties with a total of 555 apartment units. According to Blue Vault, the REIT had raised $47.7 million in its public offering as of March 31, 2018, and was paying a distribution rate of 5.24% on Class A shares, 4.53% on Class T shares net of fees, 4.50% on Class R shares and 5.73% on Class I shares, based upon the offering prices.
Sources: SEC, Blue Vault
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