W.P. Carey-Sponsored REIT Issues Revised 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 of the company’s common stock.
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 September 30, 2020, the REIT’s Class A and Class C common stock each had an NAV per share of $8.55, which was 1.7 percent higher than the $8.41 per share NAVs as of June 30, 2020. Shares were originally sold for $10.00 each.
The company said that the increase is primarily due to foreign exchange fluctuations.
The $8.55 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 valuation.
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 2020, the fair market value of its real estate portfolio, including notes receivable, was $2.5 billion.
