Belpointe PREP, LLC (NYSE American: OZ) (“Belpointe OZ” or “the Company”), a publicly traded qualified opportunity fund, today announced its unaudited quarterly net asset value (“NAV”) as of March 31, 2023 of $351.7 million or $99.82 per Class A unit.
“We are pleased to present our initial NAV,” said Brandon Lacoff, CEO of Belpointe OZ. “Our portfolio of well-located multifamily development sites in fundamentally strong markets has fared extremely well during these challenging economic times.” Lacoff continued, “Despite recent pricing, supply chain and labor issues, we continue to make strong progress on our 424 unit development aptly named ‘Aster & Links’ in Sarasota, Florida, which is approximately 35% complete and scheduled to deliver its first units in the spring of 2024.”
Belpointe OZ engaged Capright Property Advisors, LLC (“Capright”), an independent third-party valuation and advisory firm, to assist with the valuation of the Company’s portfolio of real estate assets. In estimating the value of Belpointe OZ’s real estate portfolio, for all vacant land and properties currently in development, Capright’s assistance was limited to valuing the underlying land. Capright’s value conclusions took into consideration current transaction activity in the respective markets in which the properties are located, recent changes in capital market conditions, and the status of entitlements for each property as of the data of value. In calculating the NAV, Belpointe OZ adjusted for the transaction costs and equity premium associated with the Company’s acquisition of Belpointe REIT, Inc., however, did not adjust for gains or distributions distributable to the manager pursuant to its Class B units based on the conclusion that such amounts would be immaterial.
The fair value of Belpointe OZ’s real estate assets may have been impacted after March 31, 2023 by circumstances and events that are as of yet unknown. Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal.
(This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.globenewswire.com/news-release/2023/05/31/2679771/0/en/Belpointe-PREP-LLC-Announces-Initial-NAV-Per-Class-A-Unit.html)