CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATEDFiles An 8-K Other Events
Item 8.01 Other Events.
Corporate Property Associates 18 Global Incorporated (we, our and
CPA:18 Global) announced today that our estimated net asset value
per share (NAV) as of March 31, 2017 is $7.90 per share of our
Class A common stock and $7.90 per share of our Class C common
stock, which were the same at December 31, 2016.
CPA:18 Global) announced today that our estimated net asset value
per share (NAV) as of March 31, 2017 is $7.90 per share of our
Class A common stock and $7.90 per share of our Class C common
stock, which were the same at December 31, 2016.
The NAV of $7.90 for both Class A Common Stock and Class C Common
Stock will continue to be used for purposes of effectuating
permitted redemptions of our common stock, issuing shares to our
distribution reinvestment plan and, for the Class C Common Stock,
the payment of the distribution and shareholder servicing fee.
Stock will continue to be used for purposes of effectuating
permitted redemptions of our common stock, issuing shares to our
distribution reinvestment plan and, for the Class C Common Stock,
the payment of the distribution and shareholder servicing fee.
The March 31, 2017 NAVs were calculated by our advisor in
accordance with our current valuation policies. In calculating the
NAVs, our advisor relied in part on a prior appraisal of the fair
market value of our real estate portfolio as of December 31, 2015
(the Prior Appraisal), an updated appraisal of the fair market
value of approximately an additional 25% of our real estate
portfolio as of September 30, 2016 (the September Update
Appraisal), an updated appraisal of the fair market value of
approximately 25% of our real estate portfolio as of December 31,
2016 (the December Update Appraisal), an updated appraisal of the
fair market value of approximately 25% of our real estate portfolio
as of March 31, 2017 (the March Update Appraisal) and updated
estimates of the fair market value of our debt as of March 31,
2017, all provided by Robert A. Stanger Co., Inc. (Stanger), an
independent consultant and service provider to the real estate
industry. Our advisor then updated the Prior Appraisal of our real
estate portfolio, the September Update Appraisal, the December
Update Appraisal and the March Update Appraisal as discussed below
and then adjusted the resulting net equity of our real estate
portfolio for certain items, principally for the fair value of a
loan asset, other net assets and liabilities of tangible or
monetary value as of March 31, 2017, and an estimate of the
advisors interest in disposition proceeds (if any), which may be
paid to our advisor subject to the approval of the independent
members of our board of directors, as of March 31, 2017. The
estimate produced by this calculation was then divided by the total
shares outstanding for each class of shares as of March 31, 2017
and rounded to the nearest penny.
accordance with our current valuation policies. In calculating the
NAVs, our advisor relied in part on a prior appraisal of the fair
market value of our real estate portfolio as of December 31, 2015
(the Prior Appraisal), an updated appraisal of the fair market
value of approximately an additional 25% of our real estate
portfolio as of September 30, 2016 (the September Update
Appraisal), an updated appraisal of the fair market value of
approximately 25% of our real estate portfolio as of December 31,
2016 (the December Update Appraisal), an updated appraisal of the
fair market value of approximately 25% of our real estate portfolio
as of March 31, 2017 (the March Update Appraisal) and updated
estimates of the fair market value of our debt as of March 31,
2017, all provided by Robert A. Stanger Co., Inc. (Stanger), an
independent consultant and service provider to the real estate
industry. Our advisor then updated the Prior Appraisal of our real
estate portfolio, the September Update Appraisal, the December
Update Appraisal and the March Update Appraisal as discussed below
and then adjusted the resulting net equity of our real estate
portfolio for certain items, principally for the fair value of a
loan asset, other net assets and liabilities of tangible or
monetary value as of March 31, 2017, and an estimate of the
advisors interest in disposition proceeds (if any), which may be
paid to our advisor subject to the approval of the independent
members of our board of directors, as of March 31, 2017. The
estimate produced by this calculation was then divided by the total
shares outstanding for each class of shares as of March 31, 2017
and rounded to the nearest penny.
In accordance with our current valuation policies, we obtain an
independent rolling appraisal of the fair market value of
approximately 25% of our real estate portfolio based on asset value
once every quarter. The portfolio of assets to be appraised each
quarter will be representative of the composition, by both
geography and property type, of our entire portfolio. For each
quarterly NAV calculation, we also update the latest independent
real estate portfolio valuations for the following:
independent rolling appraisal of the fair market value of
approximately 25% of our real estate portfolio based on asset value
once every quarter. The portfolio of assets to be appraised each
quarter will be representative of the composition, by both
geography and property type, of our entire portfolio. For each
quarterly NAV calculation, we also update the latest independent
real estate portfolio valuations for the following:
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adding new acquisitions not included in the independent real
estate portfolio value at their appraised values at acquisition, using independent third-party appraisal firms approved in advance by the independent members of our board of directors; |
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adding build-to-suit investments not included in the
independent real estate portfolio value for either their latest quarterly carrying values for in-process projects or with a third-party appraised value for any completed project; |
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updating the value of any property that our advisor deems to
have had a significant event during the quarter, based on an independent third-party appraisal (to the extent not already captured in the quarterly update appraisal); and |
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removing assets that were disposed of during the quarter.
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In calculating the quarterly NAVs, our current valuation policies
also provide that we:
also provide that we:
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obtain an updated independent valuation of our debt as of
quarter end; |
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make adjustments for other tangible balance sheet assets
and liabilities as of quarter end; |
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use total shares outstanding for each class of shares as of
quarter end; and |
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use foreign exchange rates as of quarter end in converting
the local currency fair market value of our international assets and liabilities to U.S. dollars. |
If the amounts calculated in accordance with our quarterly
valuation policies would result in a change within /-1% of the
most recently published NAVs, we do not change the NAVs from
those most recently published.
valuation policies would result in a change within /-1% of the
most recently published NAVs, we do not change the NAVs from
those most recently published.
For the quarter ended March 31, 2017, (i) we obtained an
independent third-party appraisal for approximately one quarter
of our portfolio, (ii) we acquired one net lease investment and a
vacant parcel of land for a self-storage development, which in
the aggregate constituted 1.0% of our real estate portfolio based
on real estate value, (iii) the Advisor determined that there
were material developments at a student housing property, two
in-progress build-to-suit investments and one net lease
investment, which in the aggregate constituted 6.2% of our real
estate portfolio based on real estate value, (iv) there were no
dispositions of properties and (v) the Advisor reviewed the
remainder of the portfolio and deemed that there were no other
material developments or significant events. Stanger provided a
fair market valuation of our debt at March 31, 2017, as discussed
in more detail below. The resulting calculations done in
accordance with our valuation policies were within /-1% of the
previously published NAVs at December 31, 2016; therefore, in
accordance with our policies, the NAVs at March 31, 2017 remain
$7.90 for both the Class A common stock and the Class C common
stock.
independent third-party appraisal for approximately one quarter
of our portfolio, (ii) we acquired one net lease investment and a
vacant parcel of land for a self-storage development, which in
the aggregate constituted 1.0% of our real estate portfolio based
on real estate value, (iii) the Advisor determined that there
were material developments at a student housing property, two
in-progress build-to-suit investments and one net lease
investment, which in the aggregate constituted 6.2% of our real
estate portfolio based on real estate value, (iv) there were no
dispositions of properties and (v) the Advisor reviewed the
remainder of the portfolio and deemed that there were no other
material developments or significant events. Stanger provided a
fair market valuation of our debt at March 31, 2017, as discussed
in more detail below. The resulting calculations done in
accordance with our valuation policies were within /-1% of the
previously published NAVs at December 31, 2016; therefore, in
accordance with our policies, the NAVs at March 31, 2017 remain
$7.90 for both the Class A common stock and the Class C common
stock.
The determination of NAV involves a number of assumptions and
judgments, including estimates of the advisors interest in
disposition proceeds (if any). These assumptions and judgments
may prove to be inaccurate. There can be no assurance that a
stockholder would realize $7.90 per share of Class A common stock
or Class C common stock if we were to liquidate or engage in
another type of liquidity event today. In particular, our March
31, 2017 NAV is not based on a full appraisal of the fair market
value of our real estate portfolio at that date.
judgments, including estimates of the advisors interest in
disposition proceeds (if any). These assumptions and judgments
may prove to be inaccurate. There can be no assurance that a
stockholder would realize $7.90 per share of Class A common stock
or Class C common stock if we were to liquidate or engage in
another type of liquidity event today. In particular, our March
31, 2017 NAV is not based on a full appraisal of the fair market
value of our real estate portfolio at that date.
The methodology of determining our annual year-end and quarterly
NAVs conforms to the Investment Program Associations Practice
Guideline for Valuations of Publicly Registered Non-Listed REITs
(April 2013) and fair value accounting standards under generally
accepted accounting principles in the United States. In addition,
our board of directors periodically reviews both our annual and
quarterly NAV policies and processes.
NAVs conforms to the Investment Program Associations Practice
Guideline for Valuations of Publicly Registered Non-Listed REITs
(April 2013) and fair value accounting standards under generally
accepted accounting principles in the United States. In addition,
our board of directors periodically reviews both our annual and
quarterly NAV policies and processes.
Valuation Methodology for the March Update Appraisal
Summary of Methodology
The March Update Appraisal was based on the income method of
valuation by applying to the properties, other than the
fee-simple self-storage, a discounted cash flow analysis to: (i)
the estimated net cash flow for each property in the portfolio
during the remaining anticipated lease term unencumbered by
mortgage debt; and (ii) the estimated residual value of each
property from a hypothetical sale of the property upon the
assumed expiration of the lease. The hypothetical sale amount was
derived by capitalizing the estimated stabilized net operating
income of each property for the year following the lease
expiration at a selected capitalization rate and deducting
estimated costs of sale. The discounted cash flow analysis also
included re-tenanting costs at the end of the assumed lease term,
as appropriate, including downtime costs, tenant improvement
allowances, rental concessions and leasing commissions. In cases
where a tenant
valuation by applying to the properties, other than the
fee-simple self-storage, a discounted cash flow analysis to: (i)
the estimated net cash flow for each property in the portfolio
during the remaining anticipated lease term unencumbered by
mortgage debt; and (ii) the estimated residual value of each
property from a hypothetical sale of the property upon the
assumed expiration of the lease. The hypothetical sale amount was
derived by capitalizing the estimated stabilized net operating
income of each property for the year following the lease
expiration at a selected capitalization rate and deducting
estimated costs of sale. The discounted cash flow analysis also
included re-tenanting costs at the end of the assumed lease term,
as appropriate, including downtime costs, tenant improvement
allowances, rental concessions and leasing commissions. In cases
where a tenant
had a purchase option deemed to be materially favorable to the
tenant, or the tenant had long-term renewal options at rental
rates materially below estimated market rental rates, the
appraisal assumed the exercise of such purchase option or
long-term renewal options in its determination of residual
value. Where a property was deemed to have excess land, the
discounted cash flow analysis included the estimated excess
land value at the assumed expiration of the lease, based upon
an analysis of comparable land sales or listings in the general
market area of the property grown at estimated market growth
rates through the assumed year of lease expiration. For the
self-storage properties owned fee-simple by us, a direct
capitalization analysis was performed.
tenant, or the tenant had long-term renewal options at rental
rates materially below estimated market rental rates, the
appraisal assumed the exercise of such purchase option or
long-term renewal options in its determination of residual
value. Where a property was deemed to have excess land, the
discounted cash flow analysis included the estimated excess
land value at the assumed expiration of the lease, based upon
an analysis of comparable land sales or listings in the general
market area of the property grown at estimated market growth
rates through the assumed year of lease expiration. For the
self-storage properties owned fee-simple by us, a direct
capitalization analysis was performed.
The discount rates and residual capitalization rates used in
the discounted cash flow analysis to value the properties in
the March Update Appraisal were selected based on several
factors, including the creditworthiness of the lessees;
industry surveys; discussions with industry professionals;
property type, location and age; current lease rates relative
to estimated market lease rates; anticipated lease duration;
and other factors deemed appropriate.
the discounted cash flow analysis to value the properties in
the March Update Appraisal were selected based on several
factors, including the creditworthiness of the lessees;
industry surveys; discussions with industry professionals;
property type, location and age; current lease rates relative
to estimated market lease rates; anticipated lease duration;
and other factors deemed appropriate.
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March Update Appraisal
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Low
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High
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Weighted Average(1)
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Discount rates applied to the estimated net cash flow
of each property |
5.25
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%
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12.50
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%
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7.92
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%
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Discount rates applied to the estimated residual
value of each property |
6.50
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%
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11.00
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%
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8.00
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%
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Residual capitalization rates applied to the
properties |
5.75
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%
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10.50
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%
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7.20
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%
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(1) Based on net operating income adjusted for our ownership
interest in the properties.
interest in the properties.
For fee-simple self-storage, the capitalization rates applied
in the direct capitalization analysis were based upon several
factors, including industry surveys; discussions with industry
professionals; information on capitalization rates from sale
transactions; property type, location and age; and other
factors deemed appropriate. The capitalization rates applied to
the estimated net operating income for the 12-month period
following the valuation date for the March Update Appraisal
ranged from 5.00% to 7.00%, with a weighted average of
approximately 5.09% for the self-storage properties.
in the direct capitalization analysis were based upon several
factors, including industry surveys; discussions with industry
professionals; information on capitalization rates from sale
transactions; property type, location and age; and other
factors deemed appropriate. The capitalization rates applied to
the estimated net operating income for the 12-month period
following the valuation date for the March Update Appraisal
ranged from 5.00% to 7.00%, with a weighted average of
approximately 5.09% for the self-storage properties.
Conclusion as to the March Update Appraisal
The result of the analysis outlined above was then adjusted
where appropriate to reflect our economic ownership interest in
each property and to convert the property value of each
property located outside the United States to U.S. dollars
based upon foreign exchange rates as of the valuation date.
where appropriate to reflect our economic ownership interest in
each property and to convert the property value of each
property located outside the United States to U.S. dollars
based upon foreign exchange rates as of the valuation date.
Assumptions and Limitations
The appraisal is subject to certain assumptions and limiting
conditions, including: (i) Stanger assumes no responsibility
for matters of a legal nature affecting any of the properties
in the March Update Appraisal and assumes that title to each
property is good and marketable and that each property is free
and clear of all liens unless otherwise stated; (ii) the
appraisal assumes (A) responsible ownership and competent
management of each property, (B) no hidden or unapparent
conditions of any property’s subsoil or structure that would
render such property more or less valuable, (C) full compliance
with all applicable federal, state and local zoning, access and
environmental regulations and laws and (D) all required
licenses, certificates of occupancy and other governmental
consents have been, or can be, obtained and renewed; (iii) the
information upon which Stanger’s appraisal is based has been
provided by, or gathered from, sources assumed to be reliable
and accurate, including information that has been provided to
Stanger by our advisor, and Stanger is not responsible for the
accuracy or completeness of such information, including the
correctness of estimates, opinions, dimensions, exhibits and
other factual matters; (iv) any necessary repairs or
alterations to any property are assumed to
conditions, including: (i) Stanger assumes no responsibility
for matters of a legal nature affecting any of the properties
in the March Update Appraisal and assumes that title to each
property is good and marketable and that each property is free
and clear of all liens unless otherwise stated; (ii) the
appraisal assumes (A) responsible ownership and competent
management of each property, (B) no hidden or unapparent
conditions of any property’s subsoil or structure that would
render such property more or less valuable, (C) full compliance
with all applicable federal, state and local zoning, access and
environmental regulations and laws and (D) all required
licenses, certificates of occupancy and other governmental
consents have been, or can be, obtained and renewed; (iii) the
information upon which Stanger’s appraisal is based has been
provided by, or gathered from, sources assumed to be reliable
and accurate, including information that has been provided to
Stanger by our advisor, and Stanger is not responsible for the
accuracy or completeness of such information, including the
correctness of estimates, opinions, dimensions, exhibits and
other factual matters; (iv) any necessary repairs or
alterations to any property are assumed to
be completed in a workmanlike manner; (v) the physical
attributes and condition of the property improvements are
based on representations by us, and Stanger assumes no
responsibility for the soundness of structural members or for
the condition of mechanical equipment, plumbing or electrical
components; (vi) Stanger has made no survey of the properties
and has assumed that there are no soil, drainage or
environmental issues that would impair its opinion of value;
(vii) any projections of income and expenses included in the
appraisal and the valuation parameters utilized are not
predictions of the future, rather, they are Stanger’s best
estimate of current market thinking as of the valuation date
relating to future income and expenses, and Stanger makes no
warranty or representation that any such projections will
materialize; (viii) Stanger’s opinion of value represents
normal consideration for the properties sold unaffected by
special terms, services, fees, costs or credits incurred in a
transaction; (ix) Stanger has no knowledge of the existence
of hazardous materials on or in any property, nor is Stanger
qualified to detect such hazardous substances, and Stanger
assumes no responsibility for the detection or existence of
such conditions; (x) Stanger has assumed that each property
is free of any negative impact with regard to the
Environmental Cleanup Responsibility Act or any other
environmental problems, or with respect to non-compliance
with the Americans with Disabilities Act (ADA), and no
investigation has been made by Stanger with respect to any
potential environmental or ADA problems; (xi) Stangers
opinions of value do not reflect any potential premium or
discount that a potential buyer may assign to an assembled
portfolio of properties or to a group of properties in a
particular local market; and (xii) Stangers opinion of our
real estate valued in the December Update Appraisal was based
upon Stanger’s engagement agreement with us, which called
for the sole use of the income approach to value, and the
assumption that the highest and best use of each property was
as currently improved.
attributes and condition of the property improvements are
based on representations by us, and Stanger assumes no
responsibility for the soundness of structural members or for
the condition of mechanical equipment, plumbing or electrical
components; (vi) Stanger has made no survey of the properties
and has assumed that there are no soil, drainage or
environmental issues that would impair its opinion of value;
(vii) any projections of income and expenses included in the
appraisal and the valuation parameters utilized are not
predictions of the future, rather, they are Stanger’s best
estimate of current market thinking as of the valuation date
relating to future income and expenses, and Stanger makes no
warranty or representation that any such projections will
materialize; (viii) Stanger’s opinion of value represents
normal consideration for the properties sold unaffected by
special terms, services, fees, costs or credits incurred in a
transaction; (ix) Stanger has no knowledge of the existence
of hazardous materials on or in any property, nor is Stanger
qualified to detect such hazardous substances, and Stanger
assumes no responsibility for the detection or existence of
such conditions; (x) Stanger has assumed that each property
is free of any negative impact with regard to the
Environmental Cleanup Responsibility Act or any other
environmental problems, or with respect to non-compliance
with the Americans with Disabilities Act (ADA), and no
investigation has been made by Stanger with respect to any
potential environmental or ADA problems; (xi) Stangers
opinions of value do not reflect any potential premium or
discount that a potential buyer may assign to an assembled
portfolio of properties or to a group of properties in a
particular local market; and (xii) Stangers opinion of our
real estate valued in the December Update Appraisal was based
upon Stanger’s engagement agreement with us, which called
for the sole use of the income approach to value, and the
assumption that the highest and best use of each property was
as currently improved.
Valuation Methodology for New Acquisitions
The real property appraisals for each new property
acquisition employed up to three approaches to value,
typically considered by appraisers: the cost approach, the
sales comparison approach and the income capitalization
approach. The appraisers use of the preceding approaches was
reflective of the terms of each appraisals engagement. In
each case, the income capitalization approach was given
primary consideration and utilized a discounted cash flow
analysis and/or direct capitalization analysis, as deemed
appropriate by each appraiser and reflective of the appraisal
engagement.
acquisition employed up to three approaches to value,
typically considered by appraisers: the cost approach, the
sales comparison approach and the income capitalization
approach. The appraisers use of the preceding approaches was
reflective of the terms of each appraisals engagement. In
each case, the income capitalization approach was given
primary consideration and utilized a discounted cash flow
analysis and/or direct capitalization analysis, as deemed
appropriate by each appraiser and reflective of the appraisal
engagement.
In applying a discounted cash flow analysis, the appraisers
prepared projected statements of operations for each property
including revenues and expenses over a multi-year period
reflective of the lease(s) encumbering the property and, for
operating properties such as self-storage, anticipated
operating levels based on reviews of the specific property
market and historical operating levels. Each property is
assumed to be sold at the end of the assumed multi-year
holding period, with the residual value of the property
calculated based on the capitalization of the estimated net
operating income of the property in the year of sale,
utilizing a capitalization rate deemed appropriate by the
appraisers and deducting costs of sale deemed appropriate by
the appraisers. The discount rates selected for the
discounted cash flow analysis were determined by the
appraisers based in part upon estimated target rates of
return for buyers of similar properties, as well as property
and market attributes.
prepared projected statements of operations for each property
including revenues and expenses over a multi-year period
reflective of the lease(s) encumbering the property and, for
operating properties such as self-storage, anticipated
operating levels based on reviews of the specific property
market and historical operating levels. Each property is
assumed to be sold at the end of the assumed multi-year
holding period, with the residual value of the property
calculated based on the capitalization of the estimated net
operating income of the property in the year of sale,
utilizing a capitalization rate deemed appropriate by the
appraisers and deducting costs of sale deemed appropriate by
the appraisers. The discount rates selected for the
discounted cash flow analysis were determined by the
appraisers based in part upon estimated target rates of
return for buyers of similar properties, as well as property
and market attributes.
In applying a direct capitalization analysis, the appraisers
estimated the anticipated net operating income of the
property and capitalized such income at a capitalization rate
deemed appropriate for the property based upon property
characteristics, competitive position and market conditions
at the date of the appraisal. These income capitalization
approach methodologies are consistent with the methodology
used to value our real estate portfolio at December 31, 2015,
in the September Update Appraisal, in the December Update
Appraisal and in the March Update Appraisal.
estimated the anticipated net operating income of the
property and capitalized such income at a capitalization rate
deemed appropriate for the property based upon property
characteristics, competitive position and market conditions
at the date of the appraisal. These income capitalization
approach methodologies are consistent with the methodology
used to value our real estate portfolio at December 31, 2015,
in the September Update Appraisal, in the December Update
Appraisal and in the March Update Appraisal.
Fair Value of Debt
Summary of Methodology
Stanger performed a valuation of our property-level debt by
reviewing available market data for comparable liabilities
and applying selected discount rates to the stream of
future debt payments. The discount rates were selected
based on several factors including U.S. Treasury,
Euro-Swap, U.K. Gilt, London Interbank Offered Rate and
Euro Interbank Offered Rate yields as of the valuation
date, as well as loan-specific items such as loan-to-value
ratios, debt service coverage ratios, collateral property
location, age and type, prepayment terms, and maturity and
loan origination date. This methodology is consistent with
the methodology used to value our debt at December 31, 2015
and 2016.
reviewing available market data for comparable liabilities
and applying selected discount rates to the stream of
future debt payments. The discount rates were selected
based on several factors including U.S. Treasury,
Euro-Swap, U.K. Gilt, London Interbank Offered Rate and
Euro Interbank Offered Rate yields as of the valuation
date, as well as loan-specific items such as loan-to-value
ratios, debt service coverage ratios, collateral property
location, age and type, prepayment terms, and maturity and
loan origination date. This methodology is consistent with
the methodology used to value our debt at December 31, 2015
and 2016.
The discount rates applied to the future property level
debt payments ranged from approximately 1.4% to 6.2%. The
weighted average contractual interest rate was
approximately 4.1%, and the estimated market weighted
average interest rate was approximately 4.0%.
debt payments ranged from approximately 1.4% to 6.2%. The
weighted average contractual interest rate was
approximately 4.1%, and the estimated market weighted
average interest rate was approximately 4.0%.
Assumptions and Limitations
Stangers valuation of the property-level debt is based in
part on the as is market value of our real estate portfolio
as of December 31, 2015, September 30, 2016, December 31,
2016 or March 31, 2017 adjusted, as described above, for
the acquisitions, build-to-suits or material events. In
addition, Stangers valuation of the property-level debt is
subject to certain other assumptions and limiting
conditions, including: (i) Stanger has been provided with
loan documents and/or loan summaries, loan payment
schedules and other factual loan information by W. P. Carey
Inc. (the ultimate parent company of our advisor) and has
relied upon and assumed that such information is correct in
all material respects and no warranty is given by Stanger
as to the accuracy of such information; (ii) each
collateral property is assumed to be free and clear of
liens (other than the mortgage being valued); (iii)
information furnished by others, upon which all or portions
of Stangers value opinion is based, is believed to be
reliable but has not been verified, and no warranty is
given as to the accuracy of such information; and (iv) all
mortgages are assumed to be salable, transferable or
assumable between parties and are further assumed not to be
in default. Stangers opinion of the property-level debt
value was predicated on the above assumptions.
part on the as is market value of our real estate portfolio
as of December 31, 2015, September 30, 2016, December 31,
2016 or March 31, 2017 adjusted, as described above, for
the acquisitions, build-to-suits or material events. In
addition, Stangers valuation of the property-level debt is
subject to certain other assumptions and limiting
conditions, including: (i) Stanger has been provided with
loan documents and/or loan summaries, loan payment
schedules and other factual loan information by W. P. Carey
Inc. (the ultimate parent company of our advisor) and has
relied upon and assumed that such information is correct in
all material respects and no warranty is given by Stanger
as to the accuracy of such information; (ii) each
collateral property is assumed to be free and clear of
liens (other than the mortgage being valued); (iii)
information furnished by others, upon which all or portions
of Stangers value opinion is based, is believed to be
reliable but has not been verified, and no warranty is
given as to the accuracy of such information; and (iv) all
mortgages are assumed to be salable, transferable or
assumable between parties and are further assumed not to be
in default. Stangers opinion of the property-level debt
value was predicated on the above assumptions.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
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Exhibit No.
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Description of Exhibit
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99.1
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Consent of Robert A. Stanger Co., Inc.
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CORPORATE PROPERTY ASSOCIATES 18 GLOBAL INC ExhibitEX-99.1 2 cpa182017q18-knavxexh991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1CONSENT OF ROBERT A. STANGER & CO.,…To view the full exhibit click here
