Industrial Property Trust Revises Net Asset Value, Adjusts Offering Price & Raises Distribution Rate

The board of Industrial Property Trust Inc., a publicly registered non-traded real estate investment trust sponsored by Dividend Capital, has unanimously approved an estimated net asset value of the company’s common stock of $9.74 as of November 30, 2016. The board last declared an estimated NAV per share of $9.24 on Aug. 13, 2015.

The valuation is based on the estimated value of the company’s assets, less the estimated value of the its liabilities, divided by the number of shares outstanding. No portfolio premiums were included, per the Investment Program Association’s valuation guidelines for non-traded REITs.

Duff & Phelps, an independent third-party valuation firm, conducted the valuation upon which the NAV was determined, providing the company with an estimated range of $9.33 to $10.15, with $9.74 being the approximate midpoint.

Following adoption of the revised NAV, the company has adjusted the offering price of its class A and class T shares to $11.01 and $10.36 respectively, which includes the estimated front-end load for each share class.

Per the company’s previously adopted distribution reinvestment plan, shares purchased via the DRIP will be priced at the current NAV of $9.74. The company’s share redemption program will be unaffected so long as it continues to sell shares via a public offering. The current offering was recently extended to the earlier of June 30, 2017 or until all shares are sold.

The board has also voted to increase the quarterly distribution rate by 5.4 percent for both class A and class T shares to $0.1425, equal to an annual distribution of $0.57 per share. Class T share distributions will be adjusted to account for the distribution fees payable with respect to those shares as calculated on a daily basis.

As of September 30, 2016, Industrial Property Trust owned, either directly or through a 20 percent ownership interest in the BTC Partnership, a real estate portfolio that included properties with an aggregate total purchase price of approximately $2.8 billion, comprised of 236 industrial buildings totaling approximately 38.3 million square feet.

Industrial Property Trust has raised approximately $1.45 billion from the sale of 144.5 million shares of its common stock since its first offering was declared effective in July 2013, as of the close of the third quarter 2016.

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