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Rodin Global Property Trust Announces New NAV Per Share

February 18, 2018

Rodin Global Property Trust Announces New NAV Per Share

February 18, 2018 | James Sprow | Blue Vault

NAV - Net Asset Value. US Dollar texture.

On February 14, 2018, Rodin Global Property Trust’s board of directors approved an estimated net asset value as of December 31, 2017, of $24.95 per share for Class A Shares and Class I Shares, and $24.93 per share for Class T Shares. The calculation of the Company’s estimated net asset value was performed by Robert A. Stanger & Co., Inc., the Company’s independent valuation firm, in accordance with the procedures described in the “Net Asset Value Calculation and Valuation Procedures” section of the Company’s prospectus.

On February 14, 2018, the board of directors approved new offering prices for shares, which are equal to the estimated net asset value for each class plus upfront selling commissions and dealer manager fees, less applicable sponsor support. The new offering prices will be effective on February 22, 2018. They are $26.26* for Class A shares, $25.44* for Class T shares, and $24.95 for Class I shares (*rounded to the nearest whole cent).

As of September 30, 2017, the per share purchase price for shares of common stock in the IPO was $25.94 per Class A share, $25.14 per Class T share, and $24.64 per Class I share.

The Company’s NAV per share was based on an estimate of the REIT’s total gross assets at fair value less adjustments for distribution fees, debt obligations, funds due to related parties, and accounts payable and other liabilities. The total NAV as of December 31, 2017, of $21,727,891 was then divided by the number of outstanding shares (870,904) to calculate the NAV per share.

On February 1, 2018, the REIT acquired, together with a subsidiary of the Company’s sponsor, Cantor Fitzgerald Investors, LLC, an office building in Fort Mill, South Carolina, at a contract purchase price of $40 million, exclusive of closing costs. The Company funded its pro rata portion of the purchase price and acquisition expenses (approximately $8.5 million) with cash from the ongoing public offering. As of January 5, 2018, the REIT owned one property as well as a 72.1% interest in a Delaware Statutory Trust, which owns seven properties.

As of February 12, 2018, the REIT had issued 1,110,263 shares of common stock for gross proceeds of $28.5 million.

 

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