The board of Carey Watermark Investors Inc., a publicly registered non-traded real estate investment trust sponsored by W.P. Carey (NYSE: WPC), has approved a net asset value per share of $10.41 for the company’s shares of common stock, as of December 31, 2017. The new valuation is a decrease of 3.6 percent compared to last year’s NAV per share of $10.80.
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 & Company.
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 $10.41 NAV will be used for issuing shares under the company’s distribution reinvestment plan and for share redemptions.
Carey Watermark Investors launched in September 2010 and closed in December 2014 after raising $1.1 billion in investor equity, according to Summit Investment Research. The company’s portfolio was comprised of 31 properties with a total investment cost of nearly $2.4 billion, as of the fourth quarter of 2017.