Carter Validus Mission Critical REIT II to Offer Class I Shares

Carter Validus Mission Critical REIT II Inc., a publicly registered non-traded real estate investment trust, will begin offering 100 million class I shares in its primary offering, according to a filing with the Securities and Exchange Commission.

The REIT reclassified 50 million unissued class A shares and 50 million unissued class T shares as 100 million class I shares. The total number of class A shares, class T shares, and class I shares the REIT can issue after the reclassification are 200 million, 200 million, and 100 million shares, respectively.

As previously reported by The DI Wire, Carter Validus II recently declared its first estimated net asset value of $9.07 per share. Class A shares are sold for $10.08 each and include a 7 percent selling commission and a 3 percent dealer manager fee. Class T shares are sold for $9.65 each and include a 3 percent selling commission, a 3 percent dealer manager fee, and an annual 1 percent distribution and servicing fee. While the REIT has not yet revealed a fee structure for their class I shares, they are typically no or very low load shares designed for RIAs, who do not accept commissions.

Carter Validus Mission Critical REIT II, which went effective in May 2014, focuses on net leased healthcare real estate and data center properties. As of January 2, 2017, the company has raised $819.3 million in investor equity from the sale of class A and class T shares. The REIT’s portfolio is comprised of 47 properties (35 healthcare and 12 data centers) purchased for approximately $890 million.

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