W.P. Carey-Sponsored REIT Declares Quarterly NAV Per Share and Special Cash Distribution
Corporate Property Associates 18 – Global Inc., a publicly registered non-traded real estate investment trust managed by W.P. Carey Inc. (NYSE: WPC), has updated the quarterly net asset value per share.
Corporate Property Associates 18 – Global Inc., a publicly registered non-traded real estate investment trust managed by W.P. Carey Inc. (NYSE: WPC), has updated the quarterly net asset value per share, according to a filing with the Securities and Exchange Commission.
As of September 30, 2021, the REIT’s Class A and Class C common stock each had an NAV per share of $9.07, and increase of 1.8 percent compared to the $8.91 NAVs per share at June 30, 2021. Shares were originally priced at $10.00 each.
The $9.07 NAV per share will be used for redemptions of common stock, issuing shares through the distribution reinvestment plan, and paying asset management fees to the REIT’s advisor.
The REIT said that the increase is primarily driven by higher real estate valuations of certain self-storage assets and recently completed student housing developments, which was partially offset by a stronger U.S. dollar as compared to the Euro at September 30, 2021.
Further, the REIT reported that all stockholders of record as of December 9, 2021 will receive a $0.20 per share all-cash special distribution to be paid on December 16, 2021. The company noted that it “reduced the NAV per share for the pending all-cash special distribution accordingly.”
Once every quarter, the company obtains an independent rolling appraisal of the fair market value of approximately 25 percent of its real estate portfolio based on asset value. The portfolio of assets to be appraised each quarter will be representative of the composition, by both geography and property type, of the entire portfolio.
As reported by The DI Wire in September, the REIT’s independent directors disclosed plans to begin the process of evaluating possible liquidity alternatives for the company’s shareholders.
CPA:18 – Global’s offering was declared effective in May 2013 and closed in April 2015 after raising $1.2 billion in investor equity. As of the third quarter of 2021, the REIT had investments in real estate of $2.4 billion.
