American Realty Capital Daily Net Asset Value Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, announced that it intends to sell its 14 property portfolio acquired for $35 million and return the proceeds to its investors.
William M. Kahane, the REIT’s chief executive officer, commented, “Based on current market conditions and the strong performance of these assets, we believe now is the optimal time to seek liquidity for this net lease portfolio.”
As part of the liquidity plan and as referenced in a filing with the Securities and Exchange Commission, the company will suspend its distributions, its distribution reinvestment plan and its share repurchase plan immediately. Investors received a final distribution payment for the month of July 2015 on August 3, 2015, in the amount of $0.05351 per share held.
The company will hold a special meeting of stockholders on Tuesday, September 1, 2015, for the express purpose of considering and voting upon a proposal to approve the sale of all or substantially all of the company’s assets, its liquidation, and its dissolution, pursuant to a plan of liquidation.