Steadfast Income REIT Declares Revised NAV

The board of Steadfast Income REIT Inc., a publicly registered non-traded real estate investment trust, has approved a $9.40 estimated net asset value per share of the company’s common stock as of December 31, 2018.

The company’s previous NAV per share was $10.84, as of December 31, 2017, and shares were originally sold for $10.00 each. In May 2018, the company paid stockholders a special distribution of $1.00 per share.

The NAV per share is based on the estimated value of the company’s assets minus the estimated value of its liabilities divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of December 31, 2018. The valuations were performed in accordance with guidelines issued by the Institute of Portfolio Alternatives (formerly the Investment Program Association).

The board engaged registered broker-dealer CBRE Capital Advisors Inc. to calculate a range for the estimated value per share based on appraisals performed by affiliated independent third-party appraisal firm CBRE Inc.

According to the REIT’s valuation and portfolio update, during 2018, shares outstanding increased by 0.8 million from 75.5 million shares at year-end 2017 to 74.7 million shares at year-end 2018.

The estimated real estate values decreased by $268.4 million to nearly $1.3 billion at year-end 2018. The company noted that in January 2018, it sold a 90 percent interest in eight assets to Blackstone Real Estate Income Trust Inc. and contributed the remaining 10 percent to a joint venture with Blackstone REIT in exchange for a 10 percent interest.

Total assets decreased to approximately $1.42 billion from $1.74 billion at year-end 2017, and total liabilities decreased to nearly $716.5 million at year-end 2018 from $920.3 million at year-end 2017.

The REIT said that its cumulative distribution history, including the $1.00 per share special distribution, ranges from $4.54 per share for late investors and $6.90 per share for early investors.

Steadfast Income REIT focuses primarily on the multifamily sector, including stable and value-added properties and has invested $1.02 billion in 35 apartment communities in 10 states. The company launched its initial public offering in July 2010 and concluded its offering in December 2013 after raising $745 million in investor equity.

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Steadfast Apartment REIT Increases NAV Per Share

The board of Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, has approved a $15.84 estimated net asset value per share of the company’s common stock as of December 31, 2018.

The latest valuation represents a 4.35 percent increase from the previous NAV per share of $15.18, as of December 31, 2017. Shares were originally sold for $15.00 each.

The NAV per share is based on the estimated value of the company’s assets minus the estimated value of its liabilities divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of December 31, 2018. The valuations were performed in accordance with guidelines issued by the Institute of Portfolio Alternatives (formerly the Investment Program Association).

The board engaged registered broker-dealer CBRE Capital Advisors Inc. to calculate a range for the estimated value per share based on appraisals performed by affiliated independent third-party appraisal firm CBRE Inc.

According to the REIT’s valuation and portfolio update, during 2018, shares outstanding increased by 0.9 million from 50.8 million shares at year-end 2017 to 51.7 million shares at year-end 2018.

The estimated real estate values increased by $50 million to nearly $1.83 billion at year-end 2018, and no acquisitions or dispositions were made during the year. Total assets increased to approximately $1.91 billion from $1.82 billion at year-end 2017.

Mortgage debt increased by roughly $31.4 million to $1.04 billion at year-end 2018. Total liabilities increased to nearly $1.09 billion from $1.05 billion in 2017.

The REIT said that its cumulative distribution history ranges from $2.55 per share for late investors and $4.28 per share for early investors. The current distribution rate is 6 percent on shares purchased at $15.00 each.

Steadfast Apartment REIT, which invests in multifamily properties in targeted markets throughout the United States, has invested $1.5 billion in 34 apartment communities in 11 states. The company closed its public offering in March 2016 after raising $712 million in investor equity.

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Griffin-American Healthcare REIT IV Declares First Net Asset Value

The board of Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust, has approved a $9.65 estimated net asset value per share of its Class T and Class I common stock, as of December 31, 2017.

“We are very pleased with this initial valuation of our portfolio, which is based on aggregate portfolio growth of approximately 11.3 percent in the value of our properties compared to the aggregate contract purchase price,” said Jeff Hanson, chairman and CEO of Griffin-American Healthcare REIT IV. “We acquired our first property less than two years ago and have since built a portfolio of healthcare real estate which is performing very well, as our financial reports and this valuation demonstrate.”

The company’s audit committee, comprised solely of independent directors, engaged CBRE Capital Advisors Inc., an independent broker-dealer firm that specializes in providing real estate and financial services, to conduct a valuation of the company’s assets and liabilities. The valuation was performed in accordance with guidelines issued by the Institute for Portfolio Alternatives, formerly the Investment Program Association.

CBRE Capital Advisors’ valuation report included the NAV range of $9.32 to $9.99 per share for Class T and Class I common stock. The board adopted the mid-point of $9.65 as the estimated per share NAV at the recommendation of the audit committee.

In a letter to stockholders, the REIT noted that it had acquired two properties for $22.6 million that were not assessed in the valuation, as they were purchased after December 31, 2017. Additionally, the company is currently pursuing approximately $221 million in additional pending acquisitions, which if completed, would increase its portfolio to nearly $710 million in assets.

Griffin-American Healthcare REIT IV is sponsored by American Healthcare Investors and Griffin Capital Company, and invests in medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The company’s portfolio is comprised of 40 medical office buildings and senior housing facilities purchased for approximately $489 million. The REIT commenced its initial public offering in February 2016 had raised $410.2 million in investor equity as of the fourth quarter of 2017.

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Steadfast Apartment REIT Increases Net Asset Value

The board of Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, has approved an estimated value per share of the company’s common stock of $15.18 as of December 31, 2017.

The updated NAV per share reflects a 2.2 percent increase from the previous $14.85 estimated value per share, as of December 31, 2016, that the board of directors approved in February 2017.

“For a third year our estimated value per share reflects a notable increase,” said Ella Neyland, president of Steadfast Apartment REIT. “We believe that this continues to validate that our hands-on approach to property management, including making small aesthetic improvements to individual properties, can have an ongoing impact on the portfolio’s overall value.”

The estimated NAV is based on the estimated value of the company’s assets minus the estimated value of its liabilities divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of December 31, 2017. The valuations were performed in accordance with guidelines issued by the Investment Program Association.

The board engaged registered broker-dealer CBRE Capital Advisors Inc. to calculate a range for the estimated value per share based on appraisals performed by affiliated independent third-party appraisal firm CBRE Inc.

Steadfast Apartment REIT, which invests in multifamily properties in targeted markets throughout the United States, has invested more than $1.5 billion in 34 apartment communities in 11 states. The company closed its public offering in March 2016 after raising $712 million in investor equity.

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CNL Healthcare Properties Increases Net Asset Value Per Share

The board of CNL Healthcare Properties, a publicly registered non-traded real estate investment trust, approved an estimated net asset value per share of $10.32 as of December 31, 2017. The company will hold a webinar to discuss the estimated NAV on Wednesday, February 14 at 1:30 p.m. Eastern Standard Time.

The current valuation includes deductions for estimated transaction costs and fees that would be payable in a hypothetical liquidity event. Last year’s NAV was $10.04 and did not include these deductions.

“We have built a high quality and high performing seniors housing and healthcare portfolio, and we believe the increase in our NAV for the fourth consecutive year further confirms that,” said Stephen Mauldin, president and CEO of CNL Healthcare Properties. “This year, we will continue to focus on further driving and enhancing value for shareholders, plus we expect to begin to turn our attention toward the exploration of strategic alternatives to ultimately promote shareholder liquidity. This intent is reflected in the inclusion of estimated transaction costs in this year’s NAV.”

The company engaged independent investment banking firm CBRE Capital Advisors Inc. to conduct the valuation. The valuation committee, comprised exclusively of independent board members, directed and reviewed the valuation process and recommended an estimated net asset value per share of $10.32 was unanimously approved by the full board of directors.

The estimated NAV per share represents the midpoint in the range of values, $9.79 to $10.81, provided by CBRE Cap.

The NAV is based on the estimated value of the company’s assets minus the estimated value of its liabilities divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of December 31, 2017.

The valuation process was completed in compliance with the company’s valuation policy and certain methodologies promoted by the Investment Program Association, a trade association for non-listed investment products.

The company will hold a webinar to discuss the NAV results on Wednesday, February 14, at 1:30 p.m. EST. To register, visit cnlhealthcareproperties.com/webinar and dial 866-660-6626. A replay and the accompanying slide presentation will be available on the company’s website 48 hours following the completion of the presentation.

CNL Healthcare Properties real estate portfolio includes 72 seniors housing communities, 54 medical office buildings, 12 post-acute care facilities and five acute-care hospitals. The appraised value of the company’s real estate assets was $3.5 billion, as of December 31, 2017.

CNL Healthcare Properties focuses on acquiring properties in the seniors housing and healthcare sectors, including stabilized, value-add and development assets, as well as other income-producing properties, real-estate related securities and loans. The company closed its offering in September 2015 after raising more than $1.7 billion in investor equity, according to Summit Investment Research. CNL Financial Group LLC is the sponsor of CNL Healthcare Properties.

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