The board of Rodin Global Property Trust Inc., a publicly registered non-traded REIT sponsored by Cantor Fitzgerald Investors, has approved an estimated net asset value per share for the company’s common stock.
The company declared that Class A and Class I shares have a NAV per share of $25.04 each, and Class T shares have a NAV of $25.02 per share, as of Sept. 30, 2019. The board previously approved an estimated NAV per share of $25.02 for Class A shares and Class I shares and $25.008 for Class T shares as of June 30, 2019.
During the third quarter, Rodin Global acquired a 75 percent interest in an office property at 1035 Battery Street in San Francisco for an acquisition cost of $11.9 million. It issued approximately 453,846 shares of common stock in the offering for approximately $11.7 million.
Independent valuation firm Robert A. Stanger & Co. assisted with the calculation, which was performed in accordance with Institute of Portfolio Alternatives (formerly the Investment Program Association) guidelines.
Rodin Global Property Trust invests primarily in single-tenant net leased commercial properties located in the United States and Europe and raised approximately $133 million in investor equity, as of September 30, 2019.