Strategic Student & Senior Housing Trust Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of Strategic Asset Management LLC, announced that its board of directors approved an estimated per share net asset value of its common stock of $6.24 as of Sept. 30, 2022, representing a 3% increase compared to the company’s previously declared estimated NAV of $6.08 as of Dec. 31, 2021.
“Despite staffing challenges at our senior housing communities, I am pleased that the combined efforts of our asset management team and our third-party operating managers resulted in an increase in our year-over-year net operating income, which contributed to our increased estimated per share NAV,” said John Strockis, president and chief executive officer.
Following the recommendation of its nominating and corporate governance committee, composed solely of independent directors, the estimated per share NAV of the company’s Class A, Class T, Class W, Class Y and Class Z shares was unanimously approved and established by the full board of directors.
Kroll Real Estate Advisory Group, an independent third-party valuation firm, determined a mid-point estimated per share NAV of $6.24 for each class of common stock, which was based upon Kroll’s valuation analyses of the company’s property portfolio plus cash and other assets, less the estimated value of outstanding mortgage debt and other liabilities, divided by the number of shares issued and outstanding on an adjusted fully diluted basis, calculated as of Sept. 30, 2022.
This methodology complies with the Institute for Portfolio Alternatives’ practice guideline regarding valuations of publicly registered non-listed REITs.
Consistent with the IPA guidelines, Kroll’s valuation does not include a portfolio premium that may be expected to accrue in a typical real estate valuation process conducted for transaction purposes, nor does it reflect an enterprise value.
Strategic Student & Senior Housing Trust is a public non-traded REIT that owns and manages a portfolio of income-producing, Class “A” student housing and senior housing communities. The REIT is externally advised by Strategic Asset Management I LLC. As of Sept. 30, 2022, Strategic Student & Senior Housing Trust owned one student housing property and four senior housing properties.
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