Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31, 2017, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.
Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning at the end of the first complete fiscal quarter after the Escrow Break Date, the General Partner shall cause the Partnership’s accountants to calculate the Partnership’s net asset value (“Net Asset Value”) using a process that reflects, among other matters, (1) estimated values of each of the Partnership’s commercial real estate assets and investments, including related liabilities, based upon (a) market capitalization rates, comparable sales information, interest rates, net operating income, and (b) in certain instances reports of the underlying real estate provided by a valuation expert, (2) the price of liquid assets for which third party market quotes are available, (3) other assets and liabilities valued at book value, (4) accruals of the Partnership’s periodic distributions, and (5) estimated accruals of the Partnership’s operating revenues and expenses (including the projected Participation Allocation). The General Partner may, in its discretion, retain a valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the General Partner, in its discretion, determines that a material event has occurred the may materially affect the value of the Partnership’s commercial real estate assets and investments, including related liabilities.
Quarterly Determination of Net Asset Value. The Company’s net asset value (“NAV”) shall be determined in accordance with the valuation policy described in the Offering Documents. The Manager may, in its discretion, retain an independent valuation advisor to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.
Quarterly Determination of Net Asset Value. At the end of each fiscal quarter, or such other period as determined by the General Partner in its sole discretion, but no less frequently than annually, beginning [_______], the General Partner shall cause its internal accountants and asset management team to calculate the Partnership’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Partnership’s commercial real estate assets and investments, as determined by the General Partner’s asset management team, including related liabilities, based upon (a) market capitalization rates, comparable sales information, interest rates, net operating income, (b) with respect to debt, default rates, discount rates and loss severity rates, and (c) in certain instances reports of the underlying real estate provided by an independent valuation expert, (2) the price of liquid assets for which third party market quotes are available, (3) accruals of the Limited Partnership’s periodic distributions and (4) estimated accruals of the Partnership’s operating revenues and expenses. The Market Price per Unit for a given fiscal quarter shall be determined by dividing the Partnership’s NAV at the end of the fiscal quarter by the number of Units outstanding as of the end of the prior fiscal quarter, after giving effect to any Unit purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter period. The General Partner may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the General Partner, in its discretion, determines that a material event has occurred the may materially affect the value of the Partnership’s commercial real estate assets and investments, including related liabilities.
Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning March 31, 2017, the Manager shall calculate the Company’s net asset value (the “Net Asset Value”) taking into account such factors as the Manager believes are relevant and appropriate, including but not limited to the value of the Company’s assets and the amount of the liabilities encumbering the Company’s assets. In determining the value of the Company’s real estate assets, the Manager may, but shall not be required to, retain one or more independent appaisers, provided that the value of each real estate asset of the Company shall be determined by appraisal no less frequently than once per twelve (12) months.
Quarterly Determination of Net Asset Value. At the end of each quarterly period, or such other period as determined by the Manager in its sole discretion, but no less frequently than annually, beginning on the First NAV Reporting Date, the Sponsor’s internal accountants and asset management team will calculate the Company’s NAV per share using a process that reflects, among other matters,
(1) estimated values of each of our residential real estate assets and investments, as determined by such asset management team, including related liabilities, based upon
(a) market rents, comparable sales information and interest rates;
(b) with respect to debt, default rates and discount rates; and
(c) in certain instances reports of the underlying real estate provided by an independent valuation expert;
(2) the price of liquid assets for which third party market quotes are available;
(3) accruals of periodic distributions; and
(4) estimated accruals of operating revenues and expenses where we will amortize the brokerage fee, offering expenses and sourcing fee over five years and include accrued fees and operating expenses, accrued distributions payable, accrued management fees and any inter-company loans extended to the Company by the Manager. The Market Price per Share for a given quarterly period shall be determined by dividing the Company’s NAV at the end of such period by the number of Common Shares Outstanding as of the end of such period, prior to giving effect to any share purchases or redemptions to be effected for such period. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the residential real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s residential real estate assets and investments, including related liabilities.
Quarterly Determination of Net Asset Value. The Company’s net asset value (NAV) per share will be calculated at the end of each fiscal quarter, beginning January 1, 2022, by the Manager’s internal accountants, using a multi-step process that includes: (1) estimated values of each of the Company’s assets and investments, (2) quarterly updates in the price of liquid assets for which third party market quotes are available, (3) accruals of our quarterly distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. In instances where an appraisal of the underlying real estate asset is necessary, the Manager will engage an appraiser that has expertise in appraising commercial real estate loans and assets, to act as the Company’s independent valuation expert. The independent valuation expert will not be responsible for, or prepare, the Company’s quarterly NAV per share. However, the Manager may hire a third party to calculate, or assist with calculating, the NAV calculation.
Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning January 1, 2019, the Manager shall calculate the Company’s net asset value (the “Net Asset Value”) taking into account such factors as the Manager believes are relevant and appropriate, including but not limited to the value of the Company’s assets and the amount of the liabilities encumbering the Company’s assets. In determining the value of the Company’s real estate assets, the Manager may, but shall not be required to, retain one or more independent appraisers.
Quarterly Determination of Net Asset Value. At the end of each quarterly period, or such other period as determined by the Manager in its sole discretion, but no less frequently than annually, beginning on the First NAV Reporting Date, the Sponsor’s internal accountants and asset management team will calculate the Company’s NAV per share using a process that reflects, among other matters,
(1) an estimated value of our total loan portfolio, as determined by such asset management team, based upon
(a) information from publicly available sources about (i) default rates and discount rates, including time to maturity on current loans, and (ii) market interest rates; and
(b) in certain instances, reports of the total loan portfolio value or any subset thereof provided by an independent valuation expert or automated valuation models;
(2) the price of liquid assets for which third party market quotes are available;
(3) accruals of periodic distributions; and
(4) estimated accruals of interest payments. The Market Price per Share for a given quarterly period shall be determined by dividing the Company’s NAV at the end of such period by the number of Common Shares Outstanding as of the end of such period, prior to giving effect to any share purchases or redemptions to be effected for such period. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the Company’s loan portfolio or a property or properties underlying such portfolio, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s residential real estate-related assets and investments, including related liabilities.
Quarterly Determination of Net Asset Value. At the end of each quarter beginning _____________, 2024 [one-year anniversary of the date of qualification] (or such other period as determined by our Manager in its sole discretion, but no less frequently than annually and no more frequently than monthly), the Manager shall cause its employees to perform valuations of the Company’s assets using a process that reflects, together with any other methods or processes the Manager in its discretion believes should be considered, (i) estimated values of each of the Company’s real estate assets and investments, including related liabilities, based upon any of (A) market capitalization rates, comparable sales information, interest rates, net operating income, (B) with respect to debt, default rates, discount rates and loss severity rates, (C) for properties that have development or value add plans, progress along such development or value add plan, and (D) in certain instances reports of the underlying real estate provided by an independent valuation expert, (ii) the price of liquid assets for which third party market quotes are available, (iii) accruals of the Company’s periodic distributions, if any, and (iv) estimated accruals of the Company’s operating revenues and expenses. The Manager will utilize such valuations to calculate the Company’s net asset value (“NAV”) and NAV per Share. The Manager may, from time to time in its sole discretion, retain one or more independent valuation experts to provide valuations of assets of the Company.
