UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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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:
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Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 8.01 | Other Events. |
Core University Living Real Estate Income Trust (the “Company,” “we,” “our,” or “us”) is filing this Current Report on Form 8-K in order to provide an update regarding our net asset value (“NAV”).
December 1, 2026 Transaction Price
The transaction price as of December 1, 2026 for each of our share classes is equal to such share class’s NAV per share as of October 31, 2026. A calculation of the NAV per share is set forth below.
October 31, 2026 NAV Per Share
Our NAV per share is calculated in accordance with valuation guidelines approved by our board of trustees. Our NAV per share, which is updated as of the last calendar day of each month, is made available to our shareholders on our website at www.culreit.com.
Certain transactions or events may have occurred since October 31, 2026 that could have a material impact on our NAV per share, upon which our transaction price is based. Our total NAV presented in the following tables includes the aggregate NAV of our outstanding common shares. The following table provides a breakdown of the major components of our total NAV as of October 31, 2026 ($ and shares in thousands):
| Components of NAV |
October 31, 2026 | |||
| Investments in student housing properties |
$ | 309,400 | ||
| Cash and cash equivalents |
10,762 | |||
| Other assets |
1,716 | |||
| Mortgage indebtedness |
(180,400 | ) | ||
| Other liabilities |
(5,333 | ) | ||
| Accrued distributions |
(674 | ) | ||
| Management fee payable |
(54 | ) | ||
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| Aggregate NAV |
$ | 135,417 | ||
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| Number of outstanding common shares |
13,267 | |||
The following table provides a breakdown of our total NAV and NAV per share by class of common shares as of October 31, 2026 ($ and shares in thousands, except per-share data):
| Class A | Class D | Class E | Class F-D | Class F-I | Class F-S | Class I | Class S | Total | ||||||||||||||||||||||||||||
| Monthly net asset value |
$ | 102,305 | $ | — | $ | 33,112 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 135,417 | ||||||||||||||||||
| Number of outstanding shares(1) |
10,032 | — | 3,235 | — | — | — | — | — | 13,267 | |||||||||||||||||||||||||||
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| NAV per share |
$ | 10.1980 | $ | — | $ | 10.2367 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| (1) | Share amounts are rounded to the nearest whole share. |
As of October 31, 2026, there were no Class D, Class F-D, Class F-I, Class F-S, Class I or Class S shares outstanding.
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For purposes of calculating our NAV, our independent valuation advisor provides us with valuations of our real properties monthly in accordance with our valuation guidelines. Certain key assumptions that were used by the independent valuation advisor in the discounted cash flow analysis are set forth in the following table:
| Weighted Average Basis |
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| Exit capitalization rate |
5.87 | % | ||
| Discount rate / internal rate of return |
7.62 | % | ||
| Average holding period (years) |
10 | |||
A change in the exit capitalization and discount rates used would impact the calculation of the value of our real properties. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties:
| Input |
Hypothetical Change |
Increase (Decrease) to the Fair Value of Real Properties |
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| Exit capitalization rate (weighted-average) |
0.25% decrease | 2.6 | % | |||||
| 0.25% increase | -2.5 | % | ||||||
| Discount rate (weighted-average) |
0.25% decrease | 1.9 | % | |||||
| 0.25% increase | -1.8 | % | ||||||
We include no discounts to our NAV for the illiquid nature of our common shares, including the limitations on our shareholders’ ability to have their shares repurchased under our share repurchase plan and our ability to suspend our share repurchase plan at any time. Our NAV generally does not consider exit costs (e.g., selling costs and commissions and debt prepayment penalties related to the sale of a property) that would likely be incurred if our assets and liabilities were liquidated or sold. While we may use market pricing concepts to value individual components of our NAV, our per-share NAV is not derived from the market pricing information of real estate funds listed on stock exchanges.
Our NAV is not a representation, warranty or guarantee that: (i) we would fully realize our NAV upon a sale of our assets, the sale of our company to a third party or a liquidation of our company; (ii) our common shares would trade at our per share NAV on a national securities exchange; and (iii) a shareholder would be able to realize the per share NAV if such shareholder attempted to sell his or her shares to a third party.
Distributions
The Company declared distributions for each outstanding class of its commons shares in the amount per share set forth below for record holders as of October 31, 2026:
| Gross Distribution | Shareholder Servicing Fee | Net Distribution | ||||||||||
| Class A |
$ | 0.0508 | $ | 0.0000 | $ | 0.0508 | ||||||
| Class D |
$ | 0.0000 | $ | 0.0000 | $ | 0.0000 | ||||||
| Class E |
$ | 0.0508 | $ | 0.0000 | $ | 0.0508 | ||||||
| Class F-D |
$ | 0.0000 | $ | 0.0000 | $ | 0.0000 | ||||||
| Class F-I |
$ | 0.0000 | $ | 0.0000 | $ | 0.0000 | ||||||
| Class F-S |
$ | 0.0000 | $ | 0.0000 | $ | 0.0000 | ||||||
| Class I |
$ | 0.0000 | $ | 0.0000 | $ | 0.0000 | ||||||
| Class S |
$ | 0.0000 | $ | 0.0000 | $ | 0.0000 | ||||||
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The net distributions for each class of common shares (which represents the gross distributions less shareholder servicing fees for the applicable class of common shares) are payable to shareholders of record immediately following the close of business on October 31, 2026 and will be paid on or about November 25, 2026. These distributions will be paid in cash or reinvested in shares of the Company’s common shares for shareholders participating in the Company’s distribution reinvestment plan.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Core University Living Real Estate Income Trust | ||||||
| Date: November 13, 2026 | By: | /s/ Merritt Poole | ||||
| Merritt Poole | ||||||
| Chief Financial Officer and Treasurer | ||||||
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