AR Global’s New York City REIT Declares NAV Per Share
The independent directors of American Realty Capital New York City REIT Inc., a publicly registered non-traded REIT sponsored by AR Global, approved an estimated net asset value of $20.26 per share, as of June 30, 2019.
The independent directors of New York City REIT Inc., a publicly registered non-traded REIT sponsored by AR Global, approved an estimated net asset value of $20.26 per share, as of June 30, 2019. Last year’s NAV per share was also $20.26, and shares were originally sold for $25.00 each.
New York City Advisors LLC, the REIT’s advisor, engaged Duff & Phelps to perform appraisals of the company’s real estate assets and provide a valuation range of each by using the method that complies with IPA guidelines. The valuation firm also reviewed the company’s other assets and liabilities.
The REIT’s advisor noted that applying the low, midpoint and high range of discount rates determined by Duff & Phelps resulted in an estimated NAV per share range of $18.79 – $21.20 per share on a fully diluted basis. The midpoint in that range was $19.97.
The $20.26 per share NAV is based on an estimated fair value of the Company’s assets less the estimated fair value of the company’s liabilities, divided by 30,994,977 shares of common stock outstanding. The real estate assets have a total value of $29.29 per share with other assets totaling $3.41 per share. The fair value of debt was ($12.08) and other liabilities totaled ($0.36).
Last year’s $20.26 per share NAV was calculated with 31,346,179 shares of common stock outstanding, and the company’s real estate assets had a total value of $27.12 per share with other assets totaling $2.64 per share. The fair value of debt was ($9.21) and other liabilities totaled ($0.29).
New York City REIT invests in properties located in the five boroughs of New York City, with a focus on Manhattan. The company closed its offering in May 2015 and raised a total of $769.9 million in investor equity, including DRIP proceeds, and owns seven properties purchased for $702 million, as of June 30, 2019. In July 2019, the REIT purchased one additional property for approximately $88.8 million.
