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 August 31, 2020.
As of August 31, 2020, the REIT valued all of its shares, as well as its OP units, at $7.5097
each, representing a slight increase over last month’s estimated NAV per share of $7.5062.
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 August 31, 2020. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
Black Creek Diversified Property Fund provided a COVID-related update on its property portfolio, which is currently 92.3 percent leased with a weighted average lease term of five years.
The REIT has collected 95.5 percent of August rent to date, one of its higher monthly collection percentages since the onset of the pandemic, the company said.
“While we chose to execute short-term rent deferral agreements in the second quarter of 2020 with certain of our otherwise successful tenants, the need for additional rent deferrals has declined considerably since the onset of COVID-19,” the company noted in a filing with the Securities and Exchange Commission.
The company’s acquisition strategy is currently focused on industrial and multifamily properties, and last month it acquired a newly constructed, Class A industrial building located in the San Francisco Bay Area for $48.5 million.
“Given an uptick in e-commerce demand since COVID-19 began and the strong performance that we continue to see within the industrial sector, we remain committed to increasing our industrial allocation which has increased from 11 percent as of December 31, 2019 to 16.1 percent as of August 31, 2020,” the company said.
As of June 30, 2020, Black Creek Diversified Property Fund owned a portfolio comprised of 52 properties totaling approximately 10.1 million square feet located in 22 markets throughout the United States valued in excess of $2 billion. The REIT launched in January 2006 and has raised nearly $2.5 billion, as of August 2020.