RW Holdings NNN REIT Inc., a publicly registered non-traded real estate investment trust formerly known as Rich Uncles NNN REIT Inc., has declared a net asset value per share of 10.27 for its Class C and Class S common stock, as of December 31, 2019. The company recently merged with an affiliated non-traded REIT, Rich Uncles Real Estate Investment Trust I.
The valuation is based on an estimated market value of the REIT’s assets less the estimated market value of its liabilities, divided by the number of fully diluted Class C and Class S shares outstanding as of December 31, 2019.
The REIT’s assets totaled $506.7 million, its liabilities totaled $225.3 million, and there were 27.4 million Class C and Class S shares outstanding.
This is the third time that the board has determined an NAV per share and follows its previous valuation of $10.16 as of December 31, 2018 and $10.05 as of December 31, 2017. The company plans to publish an updated NAV per share on at least an annual basis.
Cushman & Wakefield Western Inc., an independent third-party real estate advisory and consulting firm, assisted with the valuation, which the company said was performed in accordance with Institute for Portfolio Alternatives guidelines.
Cushman & Wakefield determined a valuation range of $9.76 to $11.12 per share.
RW Holdings NNN REIT’s real estate portfolio totals 2.4 million square feet and consists of 45 properties (comprising 19 retail properties, 14 office properties and 12 industrial properties) located in 14 states. The portfolio also includes one parcel of land, which currently serves as an easement to one of the company’s office properties; and an approximate 72.7 percent tenant-in-common interest in an office property in Santa Clara, California. On a pro forma basis, the company’s portfolio is 96 percent occupied, with a weighted average remaining lease term of 6.2 years as of November 30, 2019.