10/25/2024 | Press release | Distributed by Public on 10/25/2024 11:22
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Our Net Asset Value ("NAV") Per Share as of October 25, 2024; and
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● | Historical NAV Information |
(In thousands, except share and per share amounts) | August 31, 2024 [1] | May 31, 2024 [1] | ||||
ASSETS | ||||||
Cash and cash equivalents | $ | 1,517,303 | $ | 1,421,121 | ||
Property and equipment, net | 12,805,740 | 11,041,453 | ||||
Deposits | 87,663 | 1,995 | ||||
Total assets | $ | 14,410,706 | $ | 12,464,569 | ||
LIABILITIES | ||||||
Accounts payable | $ | 179,470 | $ | 147,060 | ||
Tenant deposits | 87,663 | 1,995 | ||||
Note payable | - | - | ||||
Distributions payable | - | - | ||||
Due to related party | 97,875 | 174,625 | ||||
Total liabilities | $ | 365,007 | $ | 323,680 | ||
MEMBERS' EQUITY | ||||||
Common shares; 1,568,438 and 1,351,723 shares outstanding, net of offering costs, on August 31, 2024 and May 31, 2024, respectively | $ | 14,924,466 | $ | 12,969,084 | ||
Retained earnings (accumulated deficit) | (878,767 | ) | (828,195 | ) | ||
Total members' equity | 14,045,699 | 12,140,888 | ||||
Total liabilities and members' equity | $ | 14,410,706 | $ | 12,464,569 | ||
NET FAIR VALUE ASSETS CONSIST OF: | ||||||
Net asset value with members' equity (without fair value adjustments) | $ | 14,045,699 | $ | 12,140,888 | ||
Net adjustments to fair value | 1,134,415 | 952,151 | ||||
Capitalized up front offering fees | 434,680 | 379,972 | ||||
TOTAL NET ASSETS | $ | 15,614,793 | $ | 13,473,011 | ||
NET ASSET VALUE PER SHARE, on 1,568,438 and 1,351,723 shares outstanding, net of offering costs, for the period ended August 31, 2024 and May 31, 2024, respectively | $ | 9.96 | $ | 9.97 |
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an estimated value of our investments, as determined by the Manager's asset management team, including related liabilities, based upon (a) information from publicly available sources about (i) market rents, comparable sales information and interest rates and (ii) with respect to debt, default rates and discount rates, and (b) in certain instances reports of the underlying real estate provided by an independent valuation expert or automated valuation models;
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the price of liquid assets for which third party market quotes are available;
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accruals of our periodic distributions on our common shares; and
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estimated accruals of the revenues, fees and expenses where we will (a) amortize the brokerage fee, offering expenses and sourcing fee over five years and (b) include accrued fees and operating expenses, accrued distributions payable, accrued management fees and any inter-company loans extended to the Company by our Manager.
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Date | NAV Per Share | |||
Inception (September 25, 2023) |
$
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10.00 | ||
April 25, 2024 |
$
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9.97 | ||
July 25, 2024 | $ | 9.97 | ||
October 25, 2024 | $ | 9.96 |