Core University Living REIT Updates NAV, Sets Oct 1, 2026 Transaction Price

What Happened

• Core University Living Real Estate Income Trust filed an 8-K on Sept. 16, 2026 to disclose its net asset value (NAV) as of August 31, 2026 and to state that the transaction price for each share class on October 1, 2026 will equal that August 31, 2026 NAV per share. The NAV is calculated monthly using board‑approved valuation guidelines and valuations provided monthly by its independent valuation advisor.

Key Details

• Aggregate NAV: $132,446 (amounts presented in the filing are in thousands) — i.e., about $132.4 million.
• Outstanding common shares: 13,154 (in thousands) — i.e., about 13.154 million shares; NAV per share: Class A $10.0668; Class E $10.0741. No Class D, F‑D, F‑S, I or S shares outstanding as of Aug. 31, 2026.
• Major NAV components (in thousands): investments in student housing $307,500; mortgage indebtedness $180,400; cash $10,220; other liabilities $6,006; management fee payable $69.
• Valuation assumptions (weighted averages): exit capitalization rate 5.87%; discount/internal rate of return 7.62%; average holding period 10 years. Sensitivity: a 0.25% cap‑rate decrease would raise property values ≈2.7%; a 0.25% cap‑rate increase would lower them ≈2.4% (discount‑rate moves produce ~±1.9%/1.8% changes).

Why It Matters

• The filing gives shareholders the official NAV snapshot used to set the Oct. 1, 2026 transaction price, and discloses the portfolio and valuation assumptions behind that NAV. Investors should note the NAV excludes discounts for share illiquidity and generally does not reflect potential exit costs; the company explicitly warns NAV is not a guarantee of realized sale proceeds or a market trading price. The sensitivity to small changes in cap and discount rates highlights how valuation assumptions can materially affect reported NAV.