The board KBS Legacy Partners Apartment REIT Inc., a publicly registered non-traded real estate investment trust sponsored by KBS Capital Advisors and affiliates of Legacy Partners Residential Realty, has unanimously approved an estimated net asset value of the company’s common stock of $9.35 as of September 30, 2016.
The board previously declared an estimated NAV per share of $10.29 as of September 30, 2015 on December 8, 2015.
The valuation is based on the estimated value of the company’s assets, less the estimated value of the its liabilities, divided by the number of shares outstanding. CBRE, an independent, third-party valuation firm, conducted the valuation upon which the NAV was determined, providing the company with an estimated range of $8.26 to $10.48, with an approximate mid-range value of $9.35 per share.
Per the company’s previously adopted distribution reinvestment plan, shares purchased via the DRIP will be priced at 95 percent of the current NAV, or $8.89 per share beginning in January 2017.
KBS Legacy Partners Apartment REIT’s initial offering commenced in March 2010 and terminated in March 2014 after raising approximately $200 million. As of September 30, 2016, the company’s $468.4 million portfolio was comprised of 11 multifamily properties