Carter Validus Mission Critical REIT II Inc., a publicly registered non-traded real estate investment trust, has increased its estimated net asset value per share to $9.25 for Class A, Class I, Class T, and Class T2 shares of common stock as of June 30, 2018.
The previous NAV per share was $9.18, as reported by The DI Wire in September 2017. The company noted that the $0.07 increase was primarily related to an increase in real estate property values since June 30, 2017.
The valuation is based upon the estimated value of the REIT’s assets, less the estimated value of its liabilities, divided by the number of shares of common stock outstanding. Robert A. Stanger & Co., a third-party independent valuation and consulting firm, assisted with the valuation process, which was performed in accordance with Institute of Portfolio Alternatives guidelines.
“We continue to strategically acquire healthcare and data center properties, which we believe are accretive to our overall portfolio,” said Michael Seton, chief executive officer and president. “We continue to find acquisition opportunities to add to our diversified, well-positioned portfolio in a highly competitive and robust commercial real estate market.”
Carter Validus Mission Critical REIT II invests in net leased data center and healthcare assets and raised approximately $1.2 billion in investor equity after launching its initial primary offering in May 2014, according to Summit Investment Research.
The company’s follow-on offering, which is scheduled to close on November 27, 2018, launched in November 2017 and raised $86.9 million as of July 23, 2018. The REIT’s $1.7 billion portfolio was comprised of 75 properties (28 data center and 47 healthcare properties) as of July 9, 2018.