The board of Cole Office & Industrial REIT Inc. (CCIT III), a publicly registered non-traded real estate investment trust, has approved an estimated net asset value per share of $7.76 for the company’s Class A and Class T common stock, as of June 30, 2020.
The board previously determined an NAV per share of $7.63 as of March 31, 2020. Shares originally sold for $10.00 each.
The NAV per share is based on an estimated market value of the REIT’s assets, less the estimated market value of its liabilities, divided by the total number of Class A and Class T shares outstanding, as of June 30, 2020.
Duff & Phelps assisted with the valuation process, which was performed in accordance with the Institute for Portfolio Alternatives’ guidelines, the company said. Their analysis included a $7.39 to $8.16 per share valuation range, and $7.76 per share is the approximate mid-point.
Cole Office and Industrial REIT III commenced operations in September 2016 and invests primarily in single-tenant office and industrial properties that are leased to what it deems as creditworthy tenants under long-term, net leases. As of April 30, 2019, the REIT had stopped issuing shares in the offering and raised $31.2 million in investor equity. The company continues to issue shares under its DRIP offering.
As of June 30, 2020, the company’s $49.6 million portfolio consisted of two office and industrial properties totaling 391,000 rentable square feet that were 100 percent leased. The REIT is operated by CCO Group LLC, a subsidiary of CIM Group, a real estate and infrastructure owner, operator and lender.