Black Creek Diversified Property Fund Inc., a publicly registered NAV-based perpetual life REIT formerly known as Dividend Capital Diversified Property Fund, has updated the monthly per share net asset values for its Class T, Class S, Class D, Class I, and Class E common stock, as of October 31, 2020.
As of October 31, 2020, the REIT valued all of its shares, as well as its OP units, at $7.5261 each, representing a slight increase over last month’s NAV per share of $7.5234.
The NAV per share is based on the estimated value of the company’s assets, less the estimated value of its liabilities divided by the number of outstanding shares, all as of October 31, 2020. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
Black Creek Diversified also reported that its rent collections are near pre-COVID-19 levels at 96.9 percent for October. The REIT also indicated that, even with the surge of COVID-19 cases, all of its retail tenants are open for business in some capacity.
“With a healthy balance sheet at 34.2 percent leverage…and considerable liquidity, we are continuing to acquire institutional quality, income-producing and defensive real estate, with a focus on industrial and multifamily opportunities,” the REIT said in a filing with the Securities and Exchange Commission.
Last month, the company purchased an industrial logistics building in Louisville, Kentucky for $19 million, and earlier this month, acquired a 340-unit multifamily property in Ft. Lauderdale for $79 million. Including these acquisitions, industrial and multi-family assets together now comprise 32.4 percent of the REIT’s total real estate portfolio.
As of September 30, 2020, Black Creek Diversified Property Fund owned a portfolio comprised of 53 properties valued in excess of $2.3 billion. The REIT launched in January 2006 and has raised nearly $2.5 billion, as of September 2020.