The board of Carey Watermark Investors 2 Inc., a publicly registered non-traded real estate investment trust sponsored by W.P. Carey (NYSE: WPC), has approved a new net asset value per share of $11.11 for the company’s Class A and Class T shares of common stock, as of December 31, 2017. The new valuation is an increase of 3.4 percent compared to last year’s NAV per share of $10.74 for the two share classes.
The NAV was calculated by the REIT’s advisor, Carey Lodging Advisors, based on appraisals of its real estate portfolio provided by CBRE Hotels and estimates of its mortgage debt provided by Robert A. Stanger & Co.
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 IPA valuation guidelines.
Starting this month, the $11.11 NAV will be used for issuing shares under the company’s distribution reinvestment plan and for share redemptions.
Carey Watermark Investors 2’s initial public offering was declared effective in February 2015 and closed in June 2017 after raising $861 million in investor equity, according to Summit Investment Research. The company owns a portfolio of 12 properties with a total investment cost of nearly $1.6 billion, as of the fourth quarter of 2017.