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Carter Validus REIT Revises Net Asset Value

The board of Carter Validus Mission Critical REIT Inc., a publicly registered non-traded real estate investment trust, recently approved a $10.02 per share net asset value, according to documents filed with the Securities and Exchange Commission. The company’s previous estimated per share NAV was $10.05.

The estimated per share NAV is based on the estimated value of the company’s assets less the estimated value of its liabilities, divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of September 30, 2016.

The board engaged Robert A. Stanger & Co. Inc., an independent third-party valuation firm, to calculate the estimated NAV and provide an appraised value on 79 of the 84 properties in the REIT’s real estate portfolio as of September 30, 2016.

In calculating the estimated NAV, the company noted that Stanger also considered appraisal reports prepared by a third party other than Stanger on five properties the REIT acquired on May 23, 2016 and Stanger’s estimate of secured notes payable, consolidated joint venture and unconsolidated joint venture.

Effective January 1, 2017, distributions relating to the distribution reinvestment plan will be reinvested at $9.519 per share, which equals 95 percent of the NAV per share.

Carter Validus Mission Critical REIT’s acquisition focus is on data centers and healthcare facilities, preferably with long-term net leases to investment grade and creditworthy tenants. The REIT closed its public offering in June 2014 and has raised $1.8 billion in investor equity since inception. As of September 30, 2016, the company’s data center portfolio consisted of 20 properties and its healthcare portfolio consisted of 64 properties with a focus on medical office buildings, specialty surgical centers, and hospital properties.

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