Resource Announces Updated NAV Per Share

PHILADELPHIA, March 25, 2021 (GLOBE NEWSWIRE) -- Resource REIT, Inc. (“Resource” or “the REIT”), a publicly registered non-traded real estate investment trust, announced today that its board of directors approved an estimated net asset value (“NAV”) of $9.06 per share for its common stock, as of January 28, 2021, the date that the REIT completed its previously announced mergers with Resource Real Estate Opportunity REIT, Inc. and Resource Apartment REIT III, Inc.

The NAV per share is based on the estimated value of the REIT’s assets, less the estimated value of its liabilities, divided by the number of outstanding shares, as of January 28, 2021.¹ The REIT’s board engaged Duff & Phelps, LLC, an independent third-party valuation firm to calculate an estimated NAV. The REIT’s previous NAV per share was $9.08 as of December 31, 2019.

On February 5, 2021, the REIT announced the board of directors approved and authorized a distribution of $0.07 per share for the first quarter of 2021, payable on March 31, 2021 to stockholders of record on March 30, 2021.

“Although this past year has presented unprecedented challenges, we are pleased with the REIT’s solid performance and valuation,” said Alan Feldman, chairman and CEO of Resource. “Despite the many headwinds operating commercial real estate during the pandemic, well-located suburban apartment communities are resilient and continue to perform well.”

_{¹ For a full description of the methodologies and assumptions used in the REIT’s valuation, see Part II, Item 5, “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities – Market Information” in the REIT’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 25, 2021.}

About Resource REIT, Inc.
Resource REIT, Inc. (“Resource”) is a self-managed real estate investment trust that owns a diverse portfolio of suburban apartment communities in targeted markets across the United States. Focused on long-term returns to generate income, Resource owns approximately $3 billion of multifamily properties across 15 states as of January 28, 2021. For more information, visit the REIT’s website at www.ResourceREIT.com.

Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; no assurance can be given that these expectations will be attained. Actual events may cause the value and return on the REIT’s investments to be less than that used for purposes of the REIT’s estimated NAV per share. With respect to the estimated NAV per share, the appraisal methodologies used assumes the properties realize the projected net operating income and expected exit cap rates and that investors would be willing to invest in such properties at yields equal to the expected discount rates. Though the appraisals of the appraised real estate properties, with respect to Duff & Phelps, LLC, and the valuation estimates used in calculating the estimated NAV per share, with respect to Duff & Phelps, LLC and the REIT, are the respective party’s best estimates as of January 28, 2021, the REIT can give no assurance in this regard. Even small changes to these assumptions could result in significant differences in the appraised values of the REIT’s appraised real estate properties and estimated NAV per share. Additional factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, the potential adverse impact of the ongoing pandemic related to COVID-19 and the related measures put in place to help control the spread of the virus on the operations of the REIT and its tenants, which impact remains uncertain; availability of suitable investment opportunities; changes in interest rates; the availability and terms of financing; general economic conditions; market conditions; legislative and regulatory changes that could adversely affect the business; and other factors, including those set forth in the Risk Factors section of the REIT’s most recent Annual Report on Form 10-K for the year ended December 31, 2020 and filed with the SEC, copies of which are available on the SEC’s website, www.sec.gov.   Resource undertakes no obligation to update these statements for revisions or changes after the date of this communication, except as required by law.

Contacts
Marianne McGuire
Chief Marketing Officer

T: 267-256-5964
E: [email protected]