PHOENIX, Nov. 14, 2016 /PRNewswire/ -- The Board of Directors (the "Board") of Cole Credit Property Trust IV, Inc. ("CCPT IV" or the "Company"), a publicly registered non-listed real estate investment trust ("REIT") focused on investing in high-quality, income-producing necessity retail properties, net leased to creditworthy tenants under long-term leases, today announced an estimated per share net asset value ("NAV") of the Company's common stock of $9.92 as of September 30, 2016. This represents an increase over the previous per share value determined by the Board of $9.70 as of August 31, 2015, which was the first valuation that the Company had conducted.
"CCPT IV continues to perform well with its net-leased single-tenant assets and anchored shopping centers," said Thomas W. Roberts, Chief Executive Officer and President of CCPT IV. "Based on the portfolio's overall credit quality, diversification and tenant roster, we believe that CCPT IV is well-positioned in today's real estate market as we continue to work to maximize its value on behalf of our stockholders." Estimated Per Share NAVThe Company engaged Duff & Phelps, LLC ("Duff & Phelps"), an independent global advisory and corporate finance consulting firm that specializes in providing real estate valuation services, to assist the Board with determining an estimated per share NAV and a valuation range of CCPT IV. Using the NAV Methodology, Duff & Phelps arrived at a valuation range of $9.40 to $10.47 per share. The estimated per share NAV of $9.92, which is the approximate mid-point of the valuation range from Duff & Phelps, was determined and approved by the Board based on the recommendation of its valuation committee, which is comprised solely of independent directors, including the independent Chairman of the Board. The Board is ultimately and solely responsible for the establishment of the estimated per share NAV. The estimated per share NAV was based upon the estimated market value of CCPT IV's assets, less the estimated market value of the Company's liabilities, divided by the total shares outstanding, and was performed in accordance with the valuation guidelines established by the Investment Program Association Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs. The estimated per share NAV does not reflect any "portfolio premium," nor does it reflect an enterprise value for the Company. The Board intends to determine an updated estimated per share NAV on at least an annual basis.