You must first receive a copy of the prospectus.

This website is neither an offer to sell nor a solicitation of an offer to buy an interest in any CCO Group offering. Offerings are made only by means of a prospectus, which should be read in order to fully understand all of the implications and risks associated with an offering.

A copy of the Cole Real Estate Income Strategy (Daily NAV), Inc. (INAV) prospectus has been made available to you via the link below.

INAV Prospectus

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INAV is a continuously offered, public, non-listed REIT that provides daily valuation and daily limited liquidity.1 INAV seeks to acquire and operate single-tenant properties leased to creditworthy tenants on long-term net leases and situated in strategic locations.

The investment strategy for INAV includes necessity corporate properties that are essential to daily business operations, including corporate or regional headquarters, regional distribution centers and warehouses situated near major shipping and freight transport facilities.

INAV also acquires necessity retail properties that are integral to the daily lives of consumers, including freestanding grocery stores, gas stations, restaurants and national superstores.

Quarterly Portfolio Highlights

$877.7 M
Purchase Price
5.37 M
Square Feet
Properties
States
%
Occupied
Yrs
Weighted Average Remaining Lease Term

Geographic Diversification

INAV’s portfolio consists of quality properties situated in diverse markets throughout the country with strong regional demographics.

38.0%
20.7%
34.6%
6.7%

Property Type Diversification

INAV invests in four complementary property types leased to creditworthy tenants on long-term net leases.

Featured Tenants

Tenants Block Item

Walgreens

Walgreens

Art Van

Art Van

Carmax

Carmax

Dollar General

Dollar General

Lowe's

Lowe's

1) INAV is designed to provide limited daily liquidity to shareholders under most investing conditions. Each calendar quarter, net redemptions are generally limited to 5% of total net assets at the end of the previous quarter. If net redemptions reach the 5% limit, no further redemptions will be processed that quarter. We will begin accepting redemption requests again on the first business day of the next calendar quarter, but will apply the 5% quarterly limitation on redemptions on a per-shareholder basis, instead of a first-come, first-served basis. The Board of Directors has discretion to further limit or suspend redemptions, if in the best interests of shareholders of INAV. There is a 2% redemption fee if shares are redeemed within one year of date of purchase.

Data as of 6/30/18. Dollar amounts and square footages for all properties are approximate and include the square feet of buildings that are on land subject to ground leases. 

Consider These Risk Factors Before Investing

The offering is being made by means of a prospectus only to qualified prospective shareholders who meet minimum suitability requirements, as well as suitability standards as determined by your financial advisor. This material must be preceded or accompanied by a Cole Real Estate Income Strategy (Daily NAV), Inc. (INAV) prospectus. Please read the prospectus in its entirety before investing and learn more about the risks associated with this offering, including, but not limited to:

•    Prospective shareholders should consider these securities only if they can afford a significant decline in, or a complete loss of, the value of their investment.

•    INAV is a “blind pool” and has not identified all of the properties it intends to purchase. There can be no guarantee that it will meet its investment objectives.

•    No public market for INAV exists, and one may never exist, for the shares of INAV common stock. There is also the possibility that even if shareholders were able to sell their shares, they may have to sell them at a substantial discount, and the INAV charter does not require INAV to effect a liquidity event at any point in time in the future.

•    INAV’s redemption plan will provide shareholders with the opportunity to redeem their shares on a daily basis, but redemptions will be subject to available liquidity, board discretion and other potential restrictions. INAV may pay redemptions from sources other than cash flow from operations, including borrowings, offering proceeds or asset sales, and has no limits on the amounts it may pay from such sources.

•    There is no guarantee that shareholders will receive a distribution. Distributions have been paid from the proceeds of the offering, and may be derived from borrowings, or from the sale of assets, and there is no limit on the amounts that may be paid from such other sources. As a result, the amount of distributions may not reflect the performance of the portfolio.

•    The valuation methodologies used by INAV’s independent valuation expert to determine daily net asset value (NAV) involve subjective judgments and estimates, and may not accurately reflect the actual price at which assets could be liquidated on any given day. The NAV of any share class at any given time will not reflect any obligation to pay future dealer manager and distribution fees.

•    There are conflicts of interest between INAV and INAV’s advisor and its affiliates, including payment by INAV of significant fees to the advisor and its affiliates.

•    If INAV fails to qualify as a REIT, it will be subject to federal income tax. NAV and cash available for distributions could decrease materially and adversely affect the return on your investment.

•    Economic factors may adversely affect the commercial real estate markets, including: changes in the economy, tenant turnover, interest rates, availability of mortgage funds, operating expenses, cost of insurance and each tenant’s ability to continue to pay rent.

•    Leverage (debt) is borrowed money. It is often used to supplement or enhance the total return on an investment. However, it is also recognized that leverage, when used excessively, can have a significant negative impact on the performance of an investment. Leverage risks may include an inability to pay the interest from the cash flow from the property, rates that can adjust to higher levels, and the potential for default on loans. In an effort to maximize the performance of a REIT portfolio, a number of factors are considered in evaluating financing options. Some of the more common factors include cost of capital, fixed versus variable debt, loan-to-value and debt coverage ratios. The use of leverage during the offering period could limit the amount of cash available to distribute to investors and could result in a decline in the value of an investment in INAV.

The distribution rate is calculated as the monthly distribution amount shown for a given month, divided by the number of days in that month, multiplied by the number of days in the current year, and divided by the NAV per share on the date the distributions were paid.

W Share Performance

3 Month

YTD

1 Year

3 Year

5 Year

Annualized Since Inception 12/6/11

Cumulative Since Inception 12/6/11

Returns shown with cash distributions

0.534%

3.091%

4.610%

5.086%

6.471%

7.457%

64.226%

Returns shown with distributions reinvested

0.537%

3.140%

4.691%

5.458%

7.180%

8.502%

75.568%

Past performance does not guarantee future results. Data as of 10/31/18. The annualized performance calculations assume that: (i) the initial investments were made on 12/6/11; (ii) the investments were made at the gross offering price of $15.00; (iii) no redemptions were made during the holding period. The performance shown is based on changes in INAV’s NAV per share during the time periods shown and is net of all applicable advisory and dealer manager fees. 

There is no guarantee that shareholders will receive a distribution, and distributions have been paid from proceeds from the offering, from borrowings or from the sale of assets. Distributions paid from 1/1/18 to 6/30/18 of $13.0 million were 100% covered by net cash provided by operating activities.
 

Monthly Performance

W Shares

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

Total

2018

0.2358%

0.4106%

0.7820%

0.3299%

0.5628%

-0.1049%

0.3467%

-0.0360%

0.5542%

0.0190%

3.1001%

2017

0.2929%

0.1387%

0.5157%

0.3347%

1.1253%

0.2231%

0.4590%

0.2937%

0.5555%

1.1765%

0.6606%

0.8379%

6.6136%

2016

0.3456%

0.4813%

0.7299%

0.4398%

0.1262%

0.9352%

0.4538%

0.2900%

0.2759%

0.0172%

0.3878%

0.4028%

4.8855%

2015

2.4731%

1.5396%

0.5704%

0.6102%

0.6792%

0.6079%

0.5667%

0.0715%

0.6086%

0.4021%

0.6631%

0.7314%

9.5238%

2014

0.7688%

0.7210%

0.7643%

0.5317%

0.4884%

0.8844%

0.4864%

0.6036%

0.5287%

1.1874%

0.9313%

1.6939%

9.5899%

2013

0.9640%

1.1613%

0.4617%

0.7533%

1.3160%

0.8053%

0.6963%

0.8753%

0.6771%

1.0741%

0.5765%

0.5316%

9.8925%

2012

0.4662%

0.4361%

0.5329%

0.4508%

2.3992%

3.4508%

0.4437%

0.6976%

0.6183%

0.9096%

2.0863%

0.2099%

12.7014%

2011

0.2950%

0.2950%

Fees and expenses associated with the management of the REIT will impact the ability to pay distributions and the effects of any capital appreciation. There is no guarantee that the shares of the REIT and the underlying properties will appreciate in value. INAV distributions are calculated as a dollar value payable on a per share basis, which is set by the Board of Directors and reviewed quarterly.

Minimum Investment: $2,500 | Suitability Requirements: A net worth of at least $250,000 or a gross annual income of at least $70,000 and a net worth of at least $70,000. Additional state suitability requirements can be found in the prospectus.

As of September 30, 2018, our NAV was $570,686,333. As of October 1, 2018, the redemption limit for the quarter ending December 31, 2018 was 10% of our NAV as of September 30, 2018. Given that sales of our common stock have exceeded redemption requests quarter to date, the redemption limit as of October 1, 2018 has not been reduced below 10% of our NAV as of September 30, 2018.

Our NAV, as determined by our fund accountant, is not prepared in accordance with Generally Accepted Accounting Principles (GAAP). Shareholders should refer to our financial statements and accompanying footnotes and disclosure under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, in the accompanying prospectus, as supplemented, for our net book value on a per share basis in accordance with GAAP, which our shareholders’ equity divided by shares outstanding as of the date of measurement. Our NAV is calculated using a detailed set of valuation methodologies, as described under the heading “Valuation Policies” in the accompanying prospectus, as supplemented. When the fair value of our assets and liabilities is calculated for the purposes of determining our NAV per share, the calculation is done using the fair value methodologies detailed within the FASB Accounting Standards Codification under Topic 820, Fair Value Measurements and Disclosures.

There are certain factors which cause NAV to be different from net book value on a GAAP basis. Most significantly, for NAV purposes our real estate properties and real estate liabilities, which are the largest components of NAV, are valued by our independent valuation expert on a rolling quarterly basis, or sooner if an event occurs which many materially impact the previously provided value of the affected asset. For GAAP purposes, these assets and liabilities are generally recorded at depreciated or amortized cost. Other factors, including straight-lining of rent for GAAP purposes and the treatment of acquisition related expenses and organization and offering costs, will cause our GAAP net book value to be different from our NAV.

No rule or regulation mandates the manner for calculating NAV. While our NAV calculation methodologies are consistent with standard industry practices for valuing private real estate funds, they involve significant professional judgment in the application of both observable and unobservable attributes, and there is no established practice among publicly-offered REITs, listed or unlisted, for calculating NAV. As a result, our methodologies or assumptions may differ from other REITs’ methodologies or assumptions.

The net asset value (NAV) per share is shown as of the close of business on the date specified. Purchases or redemptions received in good order on that date before the close of business were processed at the net asset value per share. Purchases or redemptions received in good order on a subsequent business day before the close of business will be processed at the net asset value shown per share as of the close of business on that subsequent business day. See the prospectus for additional information.

The distribution rate is calculated as the monthly distribution amount shown for a given month, divided by the number of days in that month, multiplied by the number of days in the current year, and divided by the NAV per share on the date the distributions were paid.

A Share Performance

3 Month

YTD

1 Year

3 Years

5 Year

Annualized Since Inception 10/10/13

Cumulative Since Inception 10/10/13

Returns shown with cash distributions

0.411%

2.793%

4.317%

4.666%

6.192%

6.284%

36.103%

Returns shown with distributions reinvested

0.413%

2.835%

4.389%

5.010%

6.859%

6.963%

40.556%

Returns shown with cash distributions after sales load

-3.344%

-1.077%

0.421%

3.333%

5.389%

5.486%

31.010%

Returns shown with distributions reinvested after sales load

-3.325%

-1.019%

0.507%

3.679%

6.054%

6.159%

35.296%

Past performance does not guarantee future results. Data as of 10/31/18. The annualized performance calculations assume that: (i) the initial investments were made on 12/6/11; (ii) the investments were made at the gross offering price of $15.00; (iii) no redemptions were made during the holding period. The performance shown is based on changes in INAV’s NAV per share during the time periods shown and is net of all applicable upfront selling commissions, advisory, distribution and dealer manager fees. 

There is no guarantee that shareholders will receive a distribution, and distributions have been paid from proceeds from the offering, from borrowings or from the sale of assets. Distributions paid from 1/1/18 to 6/30/18 of $13.0 million were 100% covered by net cash provided by operating activities.

Monthly Performance

A Shares

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

Total

2018

0.2333%

0.4106%

0.7307%

0.3285%

0.5088%

-0.1674%

0.3451%

-0.0986%

0.4998%

0.0123%

2.8031%

2017

0.1803%

0.1363%

0.4603%

0.2778%

1.0761%

0.2209%

0.4032%

0.2361%

0.5569%

1.1290%

0.6634%

0.8424%

6.1827%

2016

0.3453%

0.4263%

0.6760%

0.4398%

0.0695%

0.9380%

0.3987%

0.2340%

0.2748%

-0.0411%

0.3318%

0.4023%

4.4954%

2015

2.6520%

1.7101%

0.5148%

0.6103%

0.6242%

0.6082%

0.5116%

0.0709%

0.5535%

0.4019%

0.5529%

0.6772%

9.4876%

2014

0.7691%

0.6619%

0.7648%

0.4729%

0.4885%

0.8851%

0.4276%

0.6038%

0.4700%

1.2481%

0.7574%

1.7573%

9.3065%

2013

0.6360%

0.4125%

1.0485%

Fees and expenses associated with the management of the REIT will impact the ability to pay distributions and the effects of any capital appreciation. There is no guarantee that the shares of the REIT and the underlying properties will appreciate in value. INAV distributions are calculated as a dollar value payable on a per share basis, which is set by the Board of Directors and reviewed quarterly.

Minimum Investment: $2,500 | Suitability Requirements: A net worth of at least $250,000 or a gross annual income of at least $70,000 and a net worth of at least $70,000. Additional state suitability requirements can be found in the prospectus.

As of September 30, 2018, our NAV was $570,686,333. As of October 1, 2018, the redemption limit for the quarter ending December 31, 2018 was 10% of our NAV as of September 30, 2018. Given that sales of our common stock have exceeded redemption requests quarter to date, the redemption limit as of October 1, 2018 has not been reduced below 10% of our NAV as of September 30, 2018.

Our NAV, as determined by our fund accountant, is not prepared in accordance with Generally Accepted Accounting Principles (GAAP). Shareholders should refer to our financial statements and accompanying footnotes and disclosure under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, in the accompanying prospectus, as supplemented, for our net book value on a per share basis in accordance with GAAP, which our shareholders’ equity divided by shares outstanding as of the date of measurement. Our NAV is calculated using a detailed set of valuation methodologies, as described under the heading “Valuation Policies” in the accompanying prospectus, as supplemented. When the fair value of our assets and liabilities is calculated for the purposes of determining our NAV per share, the calculation is done using the fair value methodologies detailed within the FASB Accounting Standards Codification under Topic 820, Fair Value Measurements and Disclosures.

There are certain factors which cause NAV to be different from net book value on a GAAP basis. Most significantly, for NAV purposes our real estate properties and real estate liabilities, which are the largest components of NAV, are valued by our independent valuation expert on a rolling quarterly basis, or sooner if an event occurs which many materially impact the previously provided value of the affected asset. For GAAP purposes, these assets and liabilities are generally recorded at depreciated or amortized cost. Other factors, including straight-lining of rent for GAAP purposes and the treatment of acquisition related expenses and organization and offering costs, will cause our GAAP net book value to be different from our NAV.

No rule or regulation mandates the manner for calculating NAV. While our NAV calculation methodologies are consistent with standard industry practices for valuing private real estate funds, they involve significant professional judgment in the application of both observable and unobservable attributes, and there is no established practice among publicly-offered REITs, listed or unlisted, for calculating NAV. As a result, our methodologies or assumptions may differ from other REITs’ methodologies or assumptions.

The net asset value (NAV) per share is shown as of the close of business on the date specified. Purchases or redemptions received in good order on that date before the close of business were processed at the net asset value per share. Purchases or redemptions received in good order on a subsequent business day before the close of business will be processed at the net asset value shown per share as of the close of business on that subsequent business day. See the prospectus for additional information.

The distribution rate is calculated as the monthly distribution amount shown for a given month, divided by the number of days in that month, multiplied by the number of days in the current year, and divided by the NAV per share on the date the distributions were paid.

I Share Performance

3 Month

YTD

1 Year

3 Years

5 Year

Annualized Since Inception 11/19/13

Cumulative Since Inception 11/19/13

Returns shown with cash distributions

0.598%

3.325%

4.896%

5.354%

N/A

6.718%

37.946%

Returns shown with distributions reinvested

0.601%

3.379%

4.984%

5.746%

N/A

7.448%

42.673%

Past performance does not guarantee future results. Data as of 10/31/18. The annualized performance calculations assume that: (i) the initial investments were made on 12/6/11; (ii) the investments were made at the gross offering price of $15.00; (iii) no redemptions were made during the holding period. The performance shown is based on changes in INAV’s NAV per share during the time periods shown and is net of all applicable advisory and dealer manager fees. 

There is no guarantee that shareholders will receive a distribution, and distributions have been paid from proceeds from the offering, from borrowings or from the sale of assets. Distributions paid from 1/1/18 to 6/30/18 of $13.0 million were 100% covered by net cash provided by operating activities.

Monthly Performance

I Shares

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

Total

2018

0.2380%

0.4648%

0.8327%

0.3310%

0.6155%

-0.1526%

0.4022%

-0.0304%

0.5530%

0.0786%

3.3328%

2017

0.2394%

0.1956%

0.5154%

0.3907%

1.1199%

0.2796%

0.5137%

0.2952%

0.5545%

1.1687%

0.7130%

0.8342%

6.8199%

2016

0.4008%

0.4811%

0.7834%

0.4398%

0.1824%

0.9871%

0.4537%

0.2910%

0.3314%

0.0200%

0.3882%

0.5128%

5.2717%

2015

2.9818%

1.2529%

0.5146%

0.6096%

0.6233%

0.6624%

0.5113%

0.1277%

0.6079%

0.4022%

0.6622%

0.7303%

9.6862%

2014

0.7688%

0.7802%

0.7640%

0.5318%

0.5473%

0.8836%

0.4864%

0.6620%

0.5285%

1.2441%

0.8138%

1.7498%

9.7603%

2013

0.5316%

0.5316%

Fees and expenses associated with the management of the REIT will impact the ability to pay distributions and the effects of any capital appreciation. There is no guarantee that the shares of the REIT and the underlying properties will appreciate in value. INAV distributions are calculated as a dollar value payable on a per share basis, which is set by the Board of Directors and reviewed quarterly.

Minimum Investment: $2,500 | Suitability Requirements: A net worth of at least $250,000 or a gross annual income of at least $70,000 and a net worth of at least $70,000. Additional state suitability requirements can be found in the prospectus.

As of September 30, 2018, our NAV was $570,686,333. As of October 1, 2018, the redemption limit for the quarter ending December 31, 2018 was 10% of our NAV as of September 30, 2018. Given that sales of our common stock have exceeded redemption requests quarter to date, the redemption limit as of October 1, 2018 has not been reduced below 10% of our NAV as of September 30, 2018.

Our NAV, as determined by our fund accountant, is not prepared in accordance with Generally Accepted Accounting Principles (GAAP). Shareholders should refer to our financial statements and accompanying footnotes and disclosure under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, in the accompanying prospectus, as supplemented, for our net book value on a per share basis in accordance with GAAP, which our shareholders’ equity divided by shares outstanding as of the date of measurement. Our NAV is calculated using a detailed set of valuation methodologies, as described under the heading “Valuation Policies” in the accompanying prospectus, as supplemented. When the fair value of our assets and liabilities is calculated for the purposes of determining our NAV per share, the calculation is done using the fair value methodologies detailed within the FASB Accounting Standards Codification under Topic 820, Fair Value Measurements and Disclosures.

There are certain factors which cause NAV to be different from net book value on a GAAP basis. Most significantly, for NAV purposes our real estate properties and real estate liabilities, which are the largest components of NAV, are valued by our independent valuation expert on a rolling quarterly basis, or sooner if an event occurs which many materially impact the previously provided value of the affected asset. For GAAP purposes, these assets and liabilities are generally recorded at depreciated or amortized cost. Other factors, including straight-lining of rent for GAAP purposes and the treatment of acquisition related expenses and organization and offering costs, will cause our GAAP net book value to be different from our NAV.

No rule or regulation mandates the manner for calculating NAV. While our NAV calculation methodologies are consistent with standard industry practices for valuing private real estate funds, they involve significant professional judgment in the application of both observable and unobservable attributes, and there is no established practice among publicly-offered REITs, listed or unlisted, for calculating NAV. As a result, our methodologies or assumptions may differ from other REITs’ methodologies or assumptions.

The net asset value (NAV) per share is shown as of the close of business on the date specified. Purchases or redemptions received in good order on that date before the close of business were processed at the net asset value per share. Purchases or redemptions received in good order on a subsequent business day before the close of business will be processed at the net asset value shown per share as of the close of business on that subsequent business day. See the prospectus for additional information.

Prospectus and Supplements

Description Date Uploaded File Size Download

INAV Prospectus

4.37 MB

INAV Supplement 6

1.67 MB

INAV Supplement 7

537.71 KB

INAV Supplement 8

535.78 KB

INAV Supplement 9

397.61 KB

INAV Supplement 10

538.2 KB

Corporate Governance

Name Title
George N. Fugelsang
Non-Executive Chairman of the Board of Directors (Independent Director)
View Bio
Roger D. Snell
Independent Director and Audit Chair
View Bio
Brian Kretzmer
Independent Director
View Bio
Richard J. Lehmann
Independent Director
View Bio
Glenn Rufrano
Director
View Bio
Richard Ressler
CEO and Director
View Bio

Important Documents

Description Date Uploaded File Size Download

Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC

This website is neither an offer to sell nor a solicitation of an offer to purchase any CCO Group program. CCO Group programs are only offered by means of a prospectus. This material must be read in conjunction with a prospectus in order to understand fully all the implications and risks of an offering of securities to which it relates. Neither the Securities and Exchange Commission nor any state securities regulator has passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful.

CCO Group and CIM are not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned on this web site. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies.