The board of Rich Uncles NNN REIT Inc., a publicly registered non-traded real estate investment trust, has approved an estimated net asset value per share of $10.16 for the company’s common stock, as of December 31, 2018.
This is the second NAV per share valuation and is based on an estimated market value of the company’s assets, less the estimated market value of its liabilities, divided by the number of shares outstanding as of December 31, 2018.
The company’s previous NAV per share, approved by the board in January 2018, was $10.05. Shares were originally sold for $10.00 each.
Cushman & Wakefield Western Inc., an independent third-party real estate advisory and consulting firm, assisted with the valuation, which was performed in accordance with guidelines established by the Institute of Portfolio Alternatives.
Cushman & Wakefield provided a valuation range of $9.30 to $10.51 per share. The independent directors that make up the conflicts committee recommended the $10.16 per share NAV, which was unanimously approved by the board.
“We are pleased with the performance of the company and the strength of its real estate portfolio,” said CEO Aaron Halfacre. “Our commission-free, direct-to-investor business model has facilitated an NAV per share that exceeds our most recent $10.05 per share offering price. We will continue our efforts to deliver dividends and also to maximize the value of the portfolio through active management.”
Rich Uncles NNN REIT invests primarily in single-tenant revenue-producing real estate properties leased to creditworthy tenants under long term net leases. The REIT’s offering was declared effective in June 2016, and the company has raised approximately $129.4 million in investor equity, as of the third quarter of 2018. The company oversees a portfolio of 22 properties valued at approximately $200 million, as of September 30, 2018.