January 30, 2019 | Posted In
Rich Uncles REIT I to Explore Strategic Alternatives, Lowers Net Asset Value
The board of Rich Uncles Real Estate Investment Trust I, a publicly registered non-traded REIT, has hired Cushman & Wakefield as its real estate financial advisor to evaluate strategic alternatives which will include marketing the REIT’s entire real estate properties portfolio for disposition by sale, merger or other transaction structure.
In addition, the REIT also reported a $10.57 net asset value per share as of December 31, 2018, a decline from its previous NAV of $10.66 per share.
“While the company’s real estate portfolio value remained comparable to the prior year, a decrease in our cash balances resulted in…an approximately 1 percent decrease in the NAV,” said CEO Aaron Halfacre. “The cash decrease was primarily due to funding our share repurchase program and other cash needs. We will continue our efforts to deliver dividends and also to maximize the value of the portfolio through active management.”
Rich Uncles REIT I, which reported total investments in real estate properties of $140 million as of September 30, 2018, said that it believes now is an opportune time to explore the disposition of its portfolio.
