Belpointe OZ Announces First Quarter Net Asset Value Per Class A Unit

Rhea-AI Summary

Belpointe OZ, a publicly traded qualified opportunity fund, announced its unaudited quarterly Net Asset Value (NAV) as of March 30, 2024. The NAV stood at $361.66 million, or $99.59 per Class A unit, reflecting a 1% decrease from Q4 2023. This decline was primarily due to a valuation change in the Nashville market and increased operating costs associated with real estate assets. These were partially offset by valuation gains in the Sarasota, St. Petersburg, and Storrs markets. Despite the NAV decline, CEO Brandon Lacoff expressed confidence in the company's portfolio and long-term return potential. Additionally, the company is excited about the first residential tenants moving into their flagship property, Aster & Links, in Sarasota, FL.

Positive

• NAV for Q1 2024 stands at $361.66 million or $99.59 per Class A unit.
• Valuation gains in Sarasota, St. Petersburg, and Storrs markets.
• Confidence expressed by management in the company's long-term return potential.
• First residential tenants moving into Aster & Links, the flagship property in Sarasota, FL.

Negative

• NAV decreased by approximately 1% from Q4 2023.
• Decrease mainly driven by a valuation change in the Nashville market.
• Increased general operating costs associated with real estate assets.

News Market Reaction – OZ

-1.35%

1 alert

-1.35% News Effect

On the day this news was published, OZ declined 1.35%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Greenwich, CT, June 03, 2024 (GLOBE NEWSWIRE) -- Belpointe PREP, LLC (NYSE American: OZ) (“Belpointe OZ”), a publicly traded qualified opportunity fund, today announced its unaudited quarterly net asset value (“NAV”) as of March 30, 2024 of $361.66 million or $99.59 per Class A unit.

“Our Q1 2024 NAV represents an approximately 1% decrease from our Q4 2023 NAV, and was mainly driven by a valuation change in the Nashville, TN market and by an increase in general operating costs associated with our real estate assets which were partially offset by a valuation change in the Sarasota and St. Petersburg, FL, and Storrs, CT markets,” said Brandon Lacoff, CEO of Belpointe OZ, “overall, I and the rest of the management team remain confident in the Company’s portfolio and its long term return potential”.

Brandon continued “We are also very excited to have our first residential tenants moving into our flagship property, Aster & Links, located in Sarasota, FL. You can visit https://asterandlinks.com to explore the property and view available units.”

About Net Asset Value

NAV is not a measure used under accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from U.S. GAAP. You should not consider NAV to be equivalent to members’ capital or any other U.S. GAAP measure. For information on how Belpointe OZ calculates NAV, see the “Net Asset Value Calculation and Valuation Policies” section of our prospectus.

In calculating its NAV, Belpointe OZ adjusted for the transaction costs and equity premium associated with its acquisition of Belpointe REIT, Inc., however, did not adjust for gains or distributions distributable to the manager pursuant to the manager’s Class B units based on the conclusion that such amounts would be immaterial.

The fair value of Belpointe OZ’s real estate assets may have been impacted after March 30, 2024 by circumstances and events that are as of yet unknown. Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal.

About Belpointe OZ

Belpointe OZ is a publicly traded qualified opportunity fund, listed on NYSE American under the symbol “OZ.” To date, Belpointe OZ has over 2,500 units in its development pipeline throughout four cities, representing an approximate total project cost of over $1.3 billion.

Belpointe OZ has filed two registration statements (including a combined prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offer and sale of up to an aggregate of $1,500,000,000 of Class A units representing limited liability interests in Belpointe OZ (the “Class A units”). Before you invest, you should read Belpointe OZ’s most recent prospectus and the other documents that it has filed with the SEC for more complete information about Belpointe OZ and the offering. Investing in Belpointe OZ’s Class A units involves a high degree of risk, including a complete loss of investment. Prior to making an investment decision, you should carefully consider Belpointe OZ’s investment objectives and strategy, risk factors, fees and expenses and any tax consequences that may results from an investment in Belpointe OZ’s Class A units. To view Belpointe OZ’s most recent prospectus containing this and other important information visit sec.gov or investors.belpointeoz.com. Alternatively, you may request Belpointe OZ send you the prospectus by calling (203) 883-1944 or emailing IR@belpointeoz.com. Read the prospectus in its entirety before making an investment decision.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be considered forward-looking, such as statements containing estimates, projections and other forward-looking information. Forward-looking statements are typically identified by words and phrases such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or the negative of such words and other comparable terminology. However, the absence of these words does not mean that a statement is not forward-looking. Any forward-looking statements expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond our control. Therefore, we caution you against relying on any of these forward-looking statements. Actual outcomes and results may differ materially from what is expressed in any forward-looking statement. Except as required by applicable law, including federal securities laws, we do not intend to update any of the forward-looking statements to conform them to actual results or revised expectations.

Investor Relations and Media Contact:
Cody H. Laidlaw
Belpointe PREP, LLC
255 Glenville Road
Greenwich, Connecticut 06831
IR@belpointeoz.com
203-883-1944

FAQ

What was Belpointe OZ's Net Asset Value (NAV) for Q1 2024?

Belpointe OZ's NAV for Q1 2024 was $361.66 million or $99.59 per Class A unit.

How did Belpointe OZ's Q1 2024 NAV compare to Q4 2023?

Belpointe OZ's Q1 2024 NAV was approximately 1% lower than Q4 2023.

What factors contributed to the NAV decrease for Belpointe OZ in Q1 2024?

The NAV decrease was mainly due to a valuation change in the Nashville market and increased operating costs.

Were there any positive valuation changes for Belpointe OZ in Q1 2024?

Yes, there were valuation gains in the Sarasota, St. Petersburg, and Storrs markets.

What is the significance of Aster & Links for Belpointe OZ?

Aster & Links is Belpointe OZ's flagship property in Sarasota, FL, and they are excited about the first residential tenants moving in.