InPoint Commercial Real Estate Income Reports NAVs

January 21, 2021 | James Sprow | Blue Vault

On January 20, 2021, InPoint Commercial Real Estate Income, Inc. (“the Company”) reported an updated NAV per share as of December 31, 2020.  The net asset values per share are shown below:

The NAVs per share were down approximately 5.8% from the NAVs announced as of November 30, 2020. 

The company updated the appraisal for the Renaissance Chicago O’Hare from $21,600,000 to $14,000,000 following the receipt of a new appraisal, with an additional reserve based on the forward operating budget of the asset. The new manager’s budget for the Renaissance as well as the appraiser’s estimate of performance was worse than originally anticipated.  Occupancy for the 4th quarter of 2020 was 17.8% compared to a budgeted estimate of 19.9%.  ADR for the quarter was $84.96 compared to the budgeted estimate of $96.53, a negative 12.0% difference.  RevPar was $15.14 compared to the budget figure of $19.22, a negative 21.2% difference.  NOI fell 21.7% below budget for the quarter.

The Company reported a portfolio of 30 investments at $455.7 million as of December 31, 2020. 93% of the investments were in first mortgage loans and 96% of the debt investments were at floating rates.

Sources:  InPoint Commercial Real Estate Income, Inc. and SEC