The share price is calculated as at 10:30pm every day by the fund’s accountant, Northern Trust. The calculation broadly adds up the value of all the fund’s properties and cash, take away fund and property management expenses, and divide the result by the number of shares in issue.
However, if the fund has more new investors coming in (and so expects to buy more properties), there will be an upward adjustment to the share price (known as ‘offer pricing’) to allow for the costs of buying the new properties. If the fund has more investors leaving (and expects to have to sell properties to meet redemptions), there will be a downward adjustment to the share price (known as ‘bid pricing’). These ‘bid’ and ‘offer’ pricing adjustments aim to ensure the fund’s existing investors don’t suffer the costs of buying or selling properties caused by other investors coming into or leaving the fund. This is explained in more detail here.