Belpointe PREP, LLC Announces Initial NAV Per Class A Unit
Greenwich, CT, May 31, 2023 (GLOBE NEWSWIRE) -- 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
“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
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.
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
