The Net Asset Value (NAV) per share represents the estimated value of a single share based on a variety of factors including potential changes in the underlying value of real estate assets owned. After an initial ramp-up period for each offering, NAV is typically adjusted on a quarterly or semi-annual basis. While NAV may be used to determine the Redemption Price of a share, it is only an estimate of value and the actual market price that someone would pay for such share may vary widely.

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