W.P. Carey REIT Declares NAV Increase of 4.3 Percent
Corporate Property Associates:18 – Global, a publicly registered non-traded real estate investment trust sponsored by W.P. Carey (NYSE: WPC), has declared an estimated net asset value per share for its Class A and Class C shares of common stock, according to a filing with the Securities and Exchange Commission.
Class A and Class C shares have estimated NAVs of $8.24 per share, as of June 30, 2017, 4.3 percent higher than the previous NAVs of $7.90 per share, as of March 2017.
The company noted that the NAV change was primarily due to net appreciation in real estate value driven by foreign exchange appreciation and net appreciation of its real estate portfolio driven by the completion of three build-to-suit investments in Europe and Canada.
The per share NAV was based on the estimated market value of the company’s assets, less the estimated market value of its liabilities, divided by the total shares outstanding, and was performed in accordance with the Investment Program Association’s valuation guidelines.
Robert A. Stanger and Company assisted CPA:18 with the valuation by providing estimates for the fair market value of a portion of the REIT’s real estate portfolio and its mortgage debt.
CPA:18, which focuses on investing in international income-producing commercial properties and real estate-related assets, went effective in May 2013 and closed in April 2015 after raising $1.3 billion in investor equity. As of the second quarter of 2017, the company’s portfolio consisted of 137 properties with an investment cost of $2.3 billion, according to Summit Investment Research. Shares were originally sold for $10.00 each.