Carey Watermark Investors, a publicly registered non-traded real estate investment trust sponsored by W.P. Carey (NYSE: WPC), increased its estimated net asset value to $10.80 per share, as of December 31, 2016. The company’s previous NAV was $10.66 per share, as of December 31, 2015.
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 IPA valuation guidelines.
Starting April 2017, the $10.80 NAV will be used for issuing shares under the company’s distribution reinvestment plan and for share redemptions.
Carey Watermark Investors went effective in September 2009 and closed in December 2014 after raising $1.1 billion in investor equity. The company owns a portfolio of 35 properties with a total investment cost of nearly $2.4 billion, according to Summit Investment Research.