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 of the company’s common stock.
As of June 30, 2020, the REIT’s Class A and Class C common stock each had an NAV per share of $8.41, which was 1.4 percent higher than the $8.29 per share NAVs at of March 31, 2020. Shares were originally sold for $10.00 each.
The company said that the increase is primarily due to foreign exchange fluctuations.
The $8.41 NAV per share will be used for redemptions of common stock, issuing shares through the distribution reinvestment plan, and paying distribution and shareholder servicing fee for Class C shares.
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. If there is a change within +/-1 percent of the most recently published NAVs, the company does not change the NAVs.
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 first quarter of 2020, the company’s $2.3 billion portfolio consisted of 129 properties.