The board of Carey Watermark Investors 2 Inc., a publicly registered non-traded real estate investment trust sponsored by W.P. Carey (NYSE: WPC), has approved a new net asset value per share of $11.41 for the company’s Class A and Class T shares of common stock, as of December 31, 2018.
Last year, the two share classes had an $11.11 NAV per share, as of December 31, 2017.
The NAV was calculated by the REIT’s advisor, Carey Lodging Advisors, based on appraisals of its real estate portfolio provided by CBRE Hotels and estimates of its mortgage debt provided by Robert A. Stanger & Co.
The per share NAV was based on the estimated market value of the company’s assets, less the estimated market value of its liabilities, divided by the total shares outstanding, and was performed in accordance with the Institute of Portfolio Alternative’s valuation guidelines.
Starting this month, the NAV of $11.41 per share will be used used for issuing shares under the company’s distribution reinvestment plan and for share redemptions.
Carey Watermark Investors 2 invests in lodging and lodging-related properties in the United States and owns a portfolio of 12 properties with a total investment cost of nearly $1.6 billion, as of the fourth quarter of 2018. The REIT’s initial public offering was declared effective in February 2015 and closed in June 2017 after raising $851.3 million in investor equity.