Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, declared an updated estimated net asset value per share of $10.44 as of June 30, 2016. The new NAV is an increase over both the prior estimated value per share of $10.40 as of September 30, 2015 and the estimated value per share of $9.56 as of December 31, 2012.
“We are particularly pleased with the continued growth and strong performance of the REIT’s portfolio,” said Kevin Shields, Griffin Capital’s chairman and chief executive officer. “We are proud of our team’s asset management efforts over the last year and we will continue to strive to provide positive results for our investors.”
The REIT engaged Robert A. Stanger & Co., an independent third-party valuation firm, to calculate the estimated value per share based on the estimated value of the REIT’s assets less the estimated value of the REIT’s liabilities, divided by the approximate number of shares outstanding on a fully diluted basis. This methodology complies with the Investment Program Association’s practice guideline regarding valuations of publicly registered non-traded REITs.
Consistent with the IPA guidelines, Stanger’s valuation does not include a portfolio premium that may reasonably be expected to accrue in a typical real estate valuation process conducted for transaction purposes, nor does it reflect an enterprise value.
Griffin Capital Essential Asset REIT Griffin Capital Essential Asset REIT went effective in November 2009 and closed its offering in April 2014 after raising $1.4 billion in investor equity. It currently oversees a portfolio of 76 office and industrial distribution properties totaling 18.9 million rentable square feet with a total REIT capitalization of approximately $3.4 billion.