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 July 31, 2020.
As of July 31, 2020, the REIT valued all of its shares, as well as its OP units, at $7.5062 each, representing a slight increase over last month’s estimated NAV per share of $7.5025.
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 July 31, 2020. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
In a letter to shareholders, the REIT indicated that the primary drivers of the increase in NAV per share were appreciation in four assets based on third-party appraisals completed during the month and an executed industrial lease renewal at a rate that was “well above” prior assumptions.
“We continue to maintain a healthy balance sheet, with higher-than-normal liquidity and lower-than-normal leverage at 34.5 percent given broader market conditions,” the company stated in the letter. “In addition, our industrial, multifamily, grocery-anchored retail and office properties located in high-quality non-Central Business District submarkets remain resilient.”
The REIT noted that it collected 94.1 percent of total July rent to date across sectors, and have received or deferred 95.6 percent of total July rent to date across sectors after accounting for forbearance agreements.
More specifically, collections in office, industrial and multifamily properties for July collections to date were 97.5 percent, 98.2 percent and 95.8 percent, respectively, before accounting for forbearance agreements. July collections for retail portfolio are 88.9 percent to date before accounting for forbearance agreements.
After accounting for forbearance agreements, to date the REIT received or deferred 92.3 percent of July rent otherwise due for its retail portfolio.
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 has raised nearly $2.5 billion, as of June 2020.
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