Black Creek Diversified Property Fund Inc., a publicly registered NAV-based perpetual life REIT formerly known as Dividend Capital Diversified Property Fund, has updated its net asset value per share for its Class T, Class S, Class D, Class I, and Class E common stock, as of April 30, 2021.
As of April 30, 2021, the REIT valued all of its shares, as well as its OP units, at nearly $7.62 each, an increase over the previous month’s NAVs per share of $7.59.
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. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
Investments in real estate properties increased slightly from $2.59 billion in March to just under $2.6 billion in April. Debt related investments hovered at $47.7 million month-over-month. Delaware statutory trust program loans totaled $50 million in March and $50.5 million in April. Thus, total investments were just shy of $2.7 billion in March and April.
Cash and cash equivalents decreased from $17.1 million in March to $16.3 million in April. Restricted cash totaled $10.2 million in April, compared to $10.5 million the previous month. Other assets totaled $29.2 million in April, compared to $28.9 million the previous month.
Line of credit, term loans and mortgage notes decreased from ($915.8 million) in March to ($907.5 million) in April. Financing obligations associated with its DST program increased from ($531.9 million) to ($541.9 million) month-over-month. Other liabilities decreased from ($43.6 million) in March to ($38.5 million) in April.
As of April 30, 2021, Black Creek Diversified Property Fund owned a portfolio comprised of 56 properties totaling 11.4 million square feet that were 91.5 percent leased. The REIT launched in January 2006 and had raised nearly $2.6 billion in multiple offerings, as of February 2021.
In its current offering, the REIT raised approximately $428.8 million from the sale of approximately 56.9 million shares, including proceeds from the distribution reinvestment plan of approximately $34 million, as of May 1, 2021.