UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 1, 2015
American Realty Capital Daily Net Asset Value Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland
(State or Other Jurisdiction of Incorporation)
333-169821 | 27-3441614 | |||
(Commission File Number) | (IRS Employer Identification No.) | |||
405 Park Avenue, 14th Floor | ||||
New York, NY 10022 | ||||
(Address, including zip code, of Principal Executive Offices) | ||||
(212) 415-6500 | ||||
(Registrant's Telephone Number, Including Area Code) | ||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On July 1, 2015, American Realty Capital Daily Net Asset Value Trust, Inc.'s (the “Company”) net asset value (“NAV”) per institutional share is $9.944 and its NAV per retail share is $10.212.
The following sets forth the calculation of NAV for each of the institutional shares and retail shares:
Net Asset Value as of April 1, 2015: | $ | 25,513,295.94 | ||||
Net Assets as of July 1, 2015: | ||||||
Real Estate Properties, at Fair Value | $ | 36,850,000.00 | ||||
Non-Real Estate Assets (1) | ||||||
Cash and Cash Equivalents | 3,536,612.53 | |||||
Receivable from Advisor | 962,732.00 | |||||
Prepaid and Other Costs | 920,971.21 | |||||
Total Assets | 42,270,315.74 | |||||
Liabilities | ||||||
Financing | 16,317,451.00 | |||||
Deferred Revenue | 134,769.29 | |||||
Redemptions Payable | 154,667.59 | |||||
Other Liabilities (1) | 398,634.59 | |||||
Total Liabilities | 17,005,522.47 | |||||
Net Asset Value | $ | 25,264,793.27 | ||||
________________________________
(1) As described in “Valuation Policies” in the Company's Prospectus, the Company estimates operating income and certain expenses and adds, or deducts, the daily accrual of such estimated expenses in determining NAV. Any operating income or such expense items that exceed the amount of such estimates will be adjusted monthly on a going forward basis.
The Real Estate Properties have initially been valued at cost. After such initial valuations, the value of the Real Estate Properties will be determined taking into consideration the valuations performed by Duff & Phelps, LLC, an independent valuation firm retained by the Company, which will be performed on each property at least one calendar quarter after its acquisition.
Quarterly Adjustment and Calculation of NAV
Institutional Shares | NAV | |||||
Net Asset Value for Institutional shares as of April 1, 2015 | $ | 13,472,783.78 | ($9.944) | |||
Share Purchases and Redemptions for the quarter ended July 1, 2015: | ||||||
Share Purchases | 116,639.43 | |||||
Share Redemptions | (162,565.68 | ) | ||||
Activity for the quarter ended July 1, 2015: (2) | ||||||
Accrual of Portfolio Revenue | 352,022.58 | |||||
Accrual of Other Expenses (3) | (367,851.66 | ) | ||||
Change in NAV due to Gains (Losses) (Realized and Unrealized) on Assets and Liabilities subsequent to April 1, 2015 | 15,943.5 | |||||
Ending NAV on July 1, 2015 (per institutional share) | $ | 13,426,971.95 | ($9.944) | |||
Retail Shares | NAV | |||||
Net Asset Value for Retail shares as of April 1, 2015 | $ | 12,040,512.16 | ($10.207) | |||
Share Purchases and Redemptions for the quarter ended July 1, 2015: | ||||||
Share Purchases | 129,706.55 | |||||
Share Redemptions | (337,337.75 | ) | ||||
Activity for the quarter ended July 1, 2015: (2) | ||||||
Accrual of Portfolio Revenue | 313,076.87 | |||||
Accrual of Other Expenses (3) | (322,193.01 | ) | ||||
Change in NAV due to Gains (Losses) (Realized and Unrealized) on Assets and Liabilities subsequent to April 1, 2015 | 14,056.50 | |||||
Ending NAV on July 1, 2015 (per retail share) | $ | 11,837,821.32 | ($10.212) | |||
________________________________
(2) The beginning NAV and the quarterly activity have been allocated between the institutional shares and the retail shares in proportion to the NAV of the institutional shares and the retail shares on the corresponding NAV date.
(3) Other Expenses, consist of all of the Company's operating and administrative expenses, other than asset management fees and organizational and offering expenses.
The NAV per share for a particular day can be found on the Company's website at www.arcdailynav.com or by calling its toll-free, automated telephone line at 1-866-532-4743.
Below is the NAV per share for each of the institutional shares and the retail shares for each day subsequent to April 1, 2015.
Date | NAV per institutional share | NAV per retail share | ||
April 2, 2015 | $9.944 | $10.208 | ||
April 6, 2015 | $9.944 | $10.209 | ||
April 7, 2015 | $9.944 | $10.209 | ||
April 8, 2015 | $9.944 | $10.209 | ||
April 9, 2015 | $9.944 | $10.209 | ||
April 10, 2015 | $9.944 | $10.209 | ||
April 13, 2015 | $9.944 | $10.209 | ||
April 14, 2015 | $9.944 | $10.209 | ||
April 15, 2015 | $9.944 | $10.209 | ||
April 16, 2015 | $9.944 | $10.209 | ||
April 17, 2015 | $9.944 | $10.209 | ||
April 20, 2015 | $9.944 | $10.209 | ||
April 21, 2015 | $9.944 | $10.209 | ||
April 22, 2015 | $9.944 | $10.209 | ||
April 23, 2015 | $9.944 | $10.209 | ||
April 24, 2015 | $9.944 | $10.209 | ||
April 27, 2015 | $9.944 | $10.210 | ||
April 28, 2015 | $9.944 | $10.210 | ||
April 29, 2015 | $9.944 | $10.210 | ||
April 30, 2015 | $9.944 | $10.210 | ||
May 1, 2015 | $9.944 | $10.210 | ||
May 4, 2015 | $9.944 | $10.210 | ||
May 5, 2015 | $9.944 | $10.210 | ||
May 6, 2015 | $9.944 | $10.210 | ||
May 7, 2015 | $9.944 | $10.210 | ||
May 8, 2015 | $9.944 | $10.210 | ||
May 11, 2015 | $9.944 | $10.210 | ||
May 12, 2015 | $9.944 | $10.210 | ||
May 13, 2015 | $9.944 | $10.210 | ||
May 14, 2015 | $9.944 | $10.210 | ||
May 15, 2015 | $9.944 | $10.210 | ||
May 18, 2015 | $9.944 | $10.210 | ||
May 19, 2015 | $9.944 | $10.210 | ||
May 20, 2015 | $9.944 | $10.210 | ||
May 21, 2015 | $9.944 | $10.210 | ||
May 22, 2015 | $9.944 | $10.210 | ||
May 26, 2015 | $9.944 | $10.210 | ||
May 27, 2015 | $9.944 | $10.210 | ||
May 28, 2015 | $9.944 | $10.211 | ||
May 29, 2015 | $9.944 | $10.211 | ||
June 1, 2015 | $9.944 | $10.211 | ||
June 2, 2015 | $9.944 | $10.211 | ||
June 3, 2015 | $9.944 | $10.211 | ||
June 4, 2015 | $9.944 | $10.211 | ||
Date | NAV per institutional share | NAV per retail share | ||
June 5, 2015 | $9.944 | $10.211 | ||
June 8, 2015 | $9.944 | $10.211 | ||
June 9, 2015 | $9.944 | $10.211 | ||
June 10, 2015 | $9.944 | $10.211 | ||
June 11, 2015 | $9.944 | $10.211 | ||
June 12, 2015 | $9.944 | $10.211 | ||
June 15, 2015 | $9.944 | $10.211 | ||
June 16, 2015 | $9.944 | $10.211 | ||
June 17, 2015 | $9.944 | $10.211 | ||
June 18, 2015 | $9.944 | $10.211 | ||
June 19, 2015 | $9.944 | $10.211 | ||
June 22, 2015 | $9.944 | $10.211 | ||
June 23, 2015 | $9.944 | $10.211 | ||
June 24, 2015 | $9.944 | $10.211 | ||
June 25, 2015 | $9.944 | $10.211 | ||
June 26, 2015 | $9.944 | $10.211 | ||
June 29, 2015 | $9.944 | $10.212 | ||
June 30, 2015 | $9.944 | $10.212 | ||
July 1, 2015 | $9.944 | $10.212 | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC.
Date: July 1, 2015 | By: | /s/ William M. Kahane | |
William M. Kahane | |||
Chief Executive Officer | |||