Our NAV is not a representation, warranty or guarantee that: (i) we would fully realize our NAV upon a sale of our assets; (ii) shares of our common stock would trade at our per share NAV on a national securities exchange; and (iii) a stockholder would be able to realize the per share NAV if such stockholder attempted to sell his or her shares to a third party.
The valuations of our real properties as of September 30, 2024, excluding certain newly acquired properties that are currently held at cost which we believe reflects the fair value of such properties, were provided by the Independent Valuation Advisor in accordance with our valuation procedures. Certain key assumptions that were used by the Independent Valuation Advisor in the discounted cash flow analysis are set forth in the following table based on weighted-averages by property type.
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| | Residential | | Industrial | | Retail | | Office | | Other | | Weighted-Average Basis | |
Exit capitalization rate | | 5.3 | % | 5.8 | % | 6.5 | % | 7.2 | % | 5.7 | % | 5.8 | % |
Discount rate / internal rate of return | | 7.0 | % | 7.4 | % | 7.3 | % | 8.6 | % | 7.7 | % | 7.4 | % |
Average holding period (years) | | 10.0 | | 10.0 | | 10.0 | | 10.0 | | 10.0 | | 10.0 | |
A change in the exit capitalization and discount rates used would impact the calculation of the value of our real property. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties, excluding certain newly acquired properties that are currently held at cost which we believe reflects the fair value of such properties:
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Input | | Hypothetical Change | | Residential | | Industrial | | Retail | | Office | | Other | | Weighted-Average Values | |
Exit capitalization rate (weighted-average) | | 0.25% decrease | | 3.1 | % | 3.0 | % | 2.3 | % | 2.5 | % | 2.8 | % | 2.9 | % |
| | 0.25% increase | | (2.8) | % | (2.8) | % | (2.2) | % | (2.4) | % | (2.5) | % | (2.7) | % |
Discount rate (weighted-average) | | 0.25% decrease | | 2.0 | % | 2.0 | % | 1.9 | % | 2.0 | % | 1.9 | % | 2.0 | % |
| | 0.25% increase | | (1.9) | % | (2.0) | % | (1.8) | % | (2.0) | % | (1.9) | % | (1.9) | % |
Distributions
We authorized monthly gross distributions for each class of shares of our common stock in the amount of $0.03333 per share for the month of September 2024. These distributions were paid to all stockholders of record as of the close of business on September 30, 2024, net of, as applicable, distribution fees that are payable monthly with respect to certain classes of shares of our common stock.
Update on Our Assets and Activities
As of September 30, 2024, our consolidated investments include 108 real estate properties totaling approximately 21.1 million square feet located in 33 markets throughout the U.S., which were 93.8% leased.
As of September 30, 2024, our leverage ratio was 37.2% (calculated as outstanding principal balance of our borrowings less cash and cash equivalents, divided by the fair value of our real property, net investments in unconsolidated joint venture partnerships, investments in real estate-related securities and debt-related investments not associated with the DST Program, as determined in accordance with our valuation procedures) and the weighted-average interest rate of our consolidated borrowings was 4.52%.
For the quarter ended September 30, 2024, we raised gross proceeds of approximately $260.7 million, including proceeds from our distribution reinvestment plan and the sale of DST Interests (including $27.1 million of DST Interests financed by DST Program Loans). The aggregate dollar amount of common stock and OP Unit redemptions requested for July, August and September, which were redeemed in full on August 1, 2024, September 1, 2024 and October 1, 2024, respectively, was $52.9 million.