Belpointe OZ Announces Second Quarter Net Asset Value Per Class A Unit
Rhea-AI Summary
Belpointe PREP, (NYSE American: OZ), a publicly traded qualified opportunity fund, announced its unaudited Q2 2024 net asset value (NAV) of $356.78 million or $98.24 per Class A unit. Despite a slight decrease of approximately 1%, primarily due to a valuation change in the Nashville, TN market, CEO Brandon Lacoff expressed confidence in the portfolio's long-term return potential.
The company highlighted positive progress at Aster & Links, their flagship property in downtown Sarasota, FL, which has begun leasing and moving in residents. This luxury community development marks a significant milestone in Belpointe OZ's real estate portfolio.
Positive
- Solid NAV of $356.78 million or $98.24 per Class A unit
- Aster & Links property in Sarasota, FL has begun leasing and moving in residents
Negative
- Slight decrease of approximately 1% in NAV
- Valuation change in Nashville, TN market affecting NAV
Insights
Belpointe OZ's Q2 NAV report reveals a slight decrease of
The commencement of leasing at Aster & Links in Sarasota is a positive indicator for future cash flows. As a qualified opportunity fund, Belpointe OZ's performance is important for investors seeking tax-advantaged real estate exposure. The steady NAV, despite minor setbacks, indicates potential for long-term value creation, aligning with the fund's structure and investment horizon.
The
The progress of Aster & Links in Sarasota is a bright spot, potentially offsetting challenges elsewhere. As leasing begins, it signals the transition from development to income-generating phase, important for REITs and opportunity funds. This milestone could positively impact future NAV calculations and dividend potential, assuming strong occupancy rates and rental income materialize.
Greenwich, CT, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Belpointe PREP, LLC (NYSE American: OZ) (“Belpointe OZ”), a publicly traded qualified opportunity fund, today announced its unaudited quarterly net asset value (“NAV”) as of June 30, 2024 of
“We are pleased with our Q2 NAV,” said Brandon Lacoff, Belpointe OZ’s Chief Executive Officer. “Notwithstanding a slight decrease of approximately
Brandon continued “We are also very pleased with the results and progress of Aster & Links, our flagship property located in downtown Sarasota, FL, which has begun leasing up and moving residents into their new homes.”
For more information about the luxury community at Aster & Links visit https://asterandlinks.com.
About Net Asset Value
NAV is not a measure used under accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from U.S. GAAP. You should not consider NAV to be equivalent to members’ capital or any other U.S. GAAP measure. For information on how Belpointe OZ calculates NAV, see the “Net Asset Value Calculation and Valuation Policies” section of our prospectus.
In calculating its NAV, Belpointe OZ adjusted for the transaction costs and equity premium associated with its acquisition of Belpointe REIT, Inc., however, did not adjust for gains or distributions distributable to the manager pursuant to the manager’s 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 June 30, 2024 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.
About Belpointe OZ
Belpointe OZ is a publicly traded qualified opportunity fund, listed on NYSE American under the symbol “OZ.” To date, Belpointe OZ has over 2,500 units in its development pipeline throughout four cities, representing an approximate total project cost of over
Belpointe OZ has filed two registration statements (including a combined prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offer and sale of up to an aggregate of
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered forward-looking, such as statements containing estimates, projections and other forward-looking information. Forward-looking statements are typically identified by words and phrases such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or the negative of such words and other comparable terminology. However, the absence of these words does not mean that a statement is not forward-looking. Any forward-looking statements expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond our control. Therefore, we caution you against relying on any of these forward-looking statements. Actual outcomes and results may differ materially from what is expressed in any forward-looking statement. Except as required by applicable law, including federal securities laws, we do not intend to update any of the forward-looking statements to conform them to actual results or revised expectations.
Investor Relations and Media Contact:
Cody H. Laidlaw
Belpointe PREP, LLC
255 Glenville Road
Greenwich, Connecticut 06831
IR@belpointeoz.com
203-883-1944
FAQ
What is Belpointe OZ's (NYSE: OZ) net asset value as of June 30, 2024?
How did Belpointe OZ's (NYSE: OZ) NAV change in Q2 2024?
What progress has Belpointe OZ (NYSE: OZ) made with its Aster & Links property?
Where is Belpointe OZ's (NYSE: OZ) Aster & Links property located?
