UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM 8-K |
CURRENT REPORT |
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Date of Report (Date of earliest event reported): September 7, 2016 |
Cole Credit Property Trust IV, Inc. | |||||||||
(Exact Name of Registrant as Specified in Its Charter) | |||||||||
Maryland | 000-54939 | 27-3148022 | |||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||
2325 East Camelback Road, Suite 1100, Phoenix, Arizona 85016 | |||||||||
(Address of principal executive offices) | |||||||||
(Zip Code) | |||||||||
(602) 778-8700 | |||||||||
(Registrant’s telephone number, including area code) | |||||||||
None | |||||||||
(Former name or former address, if changed since last report) | |||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 | Other Events |
Cole Credit Property Trust IV, Inc. (the “Company”) has engaged Duff & Phelps, LLC (“Duff & Phelps”) to perform valuation services to assist the Company’s board of directors (the “Board”) with determining an updated estimated value per share of the Company’s common stock as of September 30, 2016. Duff & Phelps previously assisted the Board in connection with its most recent estimated value per share determination of $9.70 as of August 31, 2015, which was the first time that the Board had determined an estimated value per share of the Company’s common stock.
The engagement of Duff & Phelps was approved by a valuation committee of the Board comprised solely of the Company’s independent directors, including the independent Chairman of the Board, and in accordance with the valuation policies previously adopted by the Board. The valuation will be performed in accordance with the valuation guidelines established by the Investment Program Association Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, which, among other things, provides that, once valuations commence, subsequent valuations be produced annually with a valuation date between September 30 and December 31. The valuation is being done to assist broker-dealers in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. The Company currently expects to announce the updated estimated value per share in mid-November 2016. The estimated value per share will ultimately be the decision of the Board.
For purposes of any redemption requests made during the third quarter and accepted for redemption under the Company’s share redemption program, the current estimated value per share of the Company’s common stock of $9.70 will continue to serve as the most recent estimated value for determining the applicable per share redemption price. The updated estimated value per share as of September 30, 2016 will serve as the most recent estimated value beginning with redemption requests made during the fourth quarter and for any unfulfilled redemption requests made during the third quarter that are resubmitted and processed during subsequent redemption periods.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 7, 2016 | COLE CREDIT PROPERTY TRUST IV, INC. | ||
By: | /s/ Nathan D. DeBacker | ||
Name: | Nathan D. DeBacker | ||
Title: | Chief Financial Officer and Treasurer | ||
Principal Financial Officer | |||
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