Every listed property shows two headline numbers: APR and NAV. Neither is fixed. Both are recalculated as the building earns rent and as its shares change hands, so the figures you see today are not necessarily the ones you saw last month. This page explains what each number measures and where its inputs come from.
Two numbers, two different questions
APR answers "what does a share earn?" — the annual rental income of one share, expressed as a percentage of what that share costs.
NAV answers "what is the property worth?" — the net asset value of the whole property at the current price of its shares.
They are connected: the share price sits inside both of them. That is why a change in the market moves both numbers at once.
APR: rent divided by price
APR = annual rent per share ÷ current price per share
The two inputs come from completely different places, and this is the part worth understanding:
The rent per share is a dollar amount, and it comes from the building. The management company rents the property out, collects the payments and reports them. After its own fee and the platform fee, the remainder is converted to stablecoins and distributed to token holders — see Getting Regular Rewards. Occupancy, seasonality, rate changes and vacancies all land in this number, because it is built from cash that was actually collected, not from a forecast.
The price per share comes from the market. Before a property has traded, this is its issue price. Once it trades on the spot market, it is the last price at which two users actually agreed a trade.
Divide one by the other and you get the APR on screen. Change either input and the APR changes.
NAV: price multiplied by shares
NAV = current share price × shares outstanding
Before a property has traded on the spot market, its NAV is simply the appraised valuation it was listed at. Once trading starts, NAV follows the market: it is recalculated from the last traded price, so it rises and falls with the order book.
This makes NAV a live figure rather than an appraisal. An appraisal tells you what a valuer thinks the building is worth. NAV tells you what the market is paying right now for the shares in it — the two can differ, and the gap between them is information in itself.
Why the numbers move
There are exactly two ways an APR figure can change, and it helps to know which one you are looking at:
The rent side moved. The building let more units, lost a tenant, raised rates or went through a quiet season. Real income changed, so the APR changed at every possible price.
The price side moved. The rent is unchanged, but shares are trading higher or lower, so the same rent now represents a different percentage. This is covered in detail in Why APR moves with the price.
NAV, by contrast, only responds to the price side. Rent is paid out to holders rather than accumulated inside the property, so a strong rental month raises what you receive, not the NAV.
Not every property shows a market-driven APR
Some properties carry a fixed or guaranteed APR for a defined period — typically while a rental guarantee from the operator is in force. These are marked with a padlock and the date the guarantee runs until. For as long as that period is active, the displayed APR stays at the guaranteed level regardless of what the shares trade at. When it expires, the property moves to the market-driven figure described above.
What the APR on screen is telling you
The APR shown against a property is always the return a buyer would get at today's price. It is a live quote for a new investor, not a statement about your position.
Your own return was set on the day you bought, by the price you paid. If the market re-prices the shares tomorrow, the screen updates — your rent per share does not. The number you personally earn changes only when the building's income changes.
