Common use of Independent Valuations Clause in Contracts

Independent Valuations. The initial NAV and Per Share NAV shall be determined by the Independent Valuation Firm as of the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV shall be no more than forty-five (45) days after the NAV and Per Share NAV is determined. Thereafter, the Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instruments, the Independent Valuation Firm shall obtain a new appraisal, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. All appraisals shall be conducted on the basis of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined by the Independent Valuation Firm as has determined the reasonable range of the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV by the Effective Date. The Company shall have the Independent Valuation Firm shall be provided in accordance with perform a subsequent valuation to determine the reasonable range of Per Share NAV no later than December 31, 2014, or such other timing as the SEC Commission may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV shall be no more than forty-five (45) days after the NAV and Per Share NAV is determined. Thereafter, the Company shall have an the Independent Valuation Firm determine the NAV and reasonable range of Per Share NAV no less frequently than every other year (i.e. i.e., the Independent Valuation Firm shall conduct an independent a valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instrumentsperformed, the Independent Valuation Firm shall will perform or obtain a new appraisalcurrent appraisals, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. C. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on in Exhibit E. C. All appraisals shall be conducted on the basis of the income capitalization approach (including the discounted cash flow approach, the income capitalization approach), the sales comparison approach, approach or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, with consideration given to the income capitalization approach as the primary indicator of value, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined independent valuation by the Independent Valuation Firm as of shall be determined at the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the effective date of the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV valuation by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV valuation shall be no more than forty-five (45) days after the NAV and Per Share NAV valuation is determined. Thereafter, the Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV perform a valuation no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instrumentsperformed, the Independent Valuation Firm shall obtain a new appraisal, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. C. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. C. All appraisals shall be conducted on the basis of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV valuation shall be determined by the Independent Valuation Firm as of the earlier of (i) the commencement or shall be determined by the Company of a follow-on public offering, Company; provided that if any, or (ii) the earlier of (a) the end of the calendar quarter in which it is determined by the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV by Company shall receive a conclusion from the Independent Valuation Firm with respect to the reasonableness of the valuation. The valuation shall be provided determined on a monthly basis as described in accordance with such other timing as the SEC may require or which may Prospectus and shall be necessary for Ameriprise disclosed in a supplement to comply with FINRA requirementsthe Prospectus generally within fifteen (15) calendar days following the last calendar day of each month. The disclosure date of the NAV and Per Share NAV shall be no more than forty-five (45) days after the NAV and Per Share NAV is determined. Thereafter, the Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instruments, the Independent Valuation Firm shall obtain a new appraisalappraisal of each real estate property approximately once every twelve (12) calendar months. The acquisition cost of newly acquired properties may serve as their value for purposes of calculating the Company’s NAV for a period of up to one year following their acquisition, and thereafter will be part of the appraisal cycle. All appraisals shall be conducted utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of and the real estate properties and Independent Valuation Firm will assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. A. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. A. All appraisals shall be conducted on the basis of one or more of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.. 13

Independent Valuations. The initial NAV and Per Share NAV shall be determined independent valuation by the Independent Valuation Firm shall be determined as of the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the effective date of the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV valuation by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV valuation shall be no more than (x) forty-five (45) days after the NAV and Per Share NAV valuation is determined. Thereafter, the Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV perform a valuation no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instrumentsperformed, the Independent Valuation Firm shall obtain a new appraisal, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. C. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. C. All appraisals shall be conducted on the basis of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined independent valuation by the Independent Valuation Firm as of shall be determined at the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the effective date of the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV valuation by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV valuation shall be no more than forty-five (45) days after the NAV and Per Share NAV valuation is determined. Thereafter, the Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV perform a valuation no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instrumentsperformed, the Independent Valuation Firm shall obtain a new appraisal, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. B. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. B. All appraisals shall be conducted on the basis of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined valuation by the Independent Valuation Firm as of will be determined at the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) second quarter following the end close of the calendar quarter initial offering, but in which no event later than two years and two quarters after the Company’s initial offering closes, or (b) the end effective date of the calendar quarter that is two years after the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV shall be no more than forty-five (45) days after the NAV and Per Share NAV is determined. Thereafter, the Company shall have an the Independent Valuation Firm determine the NAV and Per Share NAV perform a valuation no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent a valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instrumentsperformed, the Independent Valuation Firm shall will obtain a new appraisal, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. C. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. C. All appraisals shall be conducted on the basis of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, approach or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined independent valuation by the Independent Valuation Firm shall be determined on a monthly basis as described in the Prospectus and the initial valuation by the Independent Valuation Firm share be determined as of June 30, 2018 and disclosed in a supplement to the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter Prospectus in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the Company’s escrow break for its initial public offeringJuly 2018; provided, that, the initial determination of NAV and Per Share NAV valuation by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV valuation shall be no more than forty-five thirty (4530) days after the NAV and Per Share NAV valuation is determined. Thereafter, the The Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instruments, the Independent Valuation Firm shall obtain a new appraisalappraisal of each real property at least once every calendar year, unless the property is bought or sold in the calendar year. The acquisition price of newly acquired properties will serve as the appraised value for the year of acquisition and thereafter such properties will be appraised at least once every year. All appraisals shall be conducted utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of and the real estate properties and Independent Valuation Firm will assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. A. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. A. All appraisals shall be conducted on the basis of one or more of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined independent valuation by the Independent Valuation Firm as of shall be determined at the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the effective date of the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV valuation by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV valuation shall be no more than forty-five (45) days after the NAV and Per Share NAV valuation is determined. Thereafter, the Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV perform a valuation no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instrumentsperformed, the Independent Valuation Firm shall obtain a new appraisal, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. B. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. B. All appraisals shall be conducted on the basis of one or more of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined by the Independent Valuation Firm as of the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) the end of the calendar quarter in which the Company’s initial offering closes, or (b) the end of the calendar quarter that is two years after the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV independent valuation by the Independent Valuation Firm shall be provided determined on a monthly basis as described in accordance the Prospectus and consistent with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirementsNAV Guidelines. The disclosure date of the NAV and Per Share NAV shall be no more than forty-five (45) days after the NAV and Per Share NAV is determined. Thereafter, the Company shall have an Independent Valuation Firm determine the NAV and Per Share NAV no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instruments, the Independent Valuation Firm shall obtain a new appraisalappraisal of each real property at least once every calendar year, unless the property is bought or sold in the calendar year. The acquisition price of newly acquired properties will serve as the appraised value for the year of acquisition and thereafter such properties will be appraised at least once every year. All appraisals shall be conducted utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of and the real estate properties and Independent Valuation Firm will assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. A. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. A. All appraisals shall be conducted on the basis of one or more of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.

Independent Valuations. The initial NAV and Per Share NAV shall be determined valuation by the Independent Valuation Firm as of will be determined at the earlier of (i) the commencement by the Company of a follow-on public offering, if any, or (ii) the earlier of (a) second quarter following the end close of the calendar quarter initial offering, but in which no event later than two years and two quarters after the Company’s initial offering closes, or (b) the end effective date of the calendar quarter that is two years after the Company’s escrow break for its initial public offering; provided, that, the initial determination of NAV and Per Share NAV by the Independent Valuation Firm shall be provided in accordance with such other timing as the SEC may require or which may be necessary for Ameriprise to comply with FINRA requirements. The disclosure date of the NAV and Per Share NAV shall be no more than forty-five (45) days after the NAV and Per Share NAV is determined. Thereafter, the Company shall have an the Independent Valuation Firm determine the NAV and Per Share NAV perform a valuation no less frequently than every other year (i.e. the Independent Valuation Firm shall conduct an independent a valuation at least every two (2) years). As part of each valuation performed for real property and commercial real estate debt instrumentsperformed, the Independent Valuation Firm shall will obtain a new appraisal, utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, of each of the real estate properties and assign a discrete value for each such property pursuant to the methodology set forth in Exhibit E. C. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit E. C. All appraisals shall be conducted on the basis of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, approach or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, with consideration given to the income capitalization approach as the primary indicator of value, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents.