Black Creek Diversified Declares NAV Per Share for March 2021
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.
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 March 31, 2021.
As of March 31, 2021, the REIT valued all of its shares, as well as its OP units, at approximately $7.59 each, an increase over the previous month’s NAVs per share of $7.57.
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.
Total investments in real estate properties increased from $2.58 billion in February to $2.59 billion in March. Debt related investments remained flat at $47.6 million month-over-month. Delaware statutory trust program loans increased from $48.8 million in February to $50 million in March. Total investments were close to $2.69 billion in March, compared to $2.68 billion the previous month.
Cash and cash equivalents increased from nearly $13 million in February to $17.1 million in March, while restricted cash remained relatively flat at $10.5 million and $10.3 million in March and February, respectively. Other assets increased from $27.6 million to $28.9 million month-over-month.
Line of credit, term loans and mortgage notes decreased from ($933 million) in February to ($915.8 million) in March. Financing obligations associated with its DST program decreased from ($544.2 million) to ($531.9 million) month-over-month. Other liabilities increased from ($40.2 million) in February to ($43.6 million) in March.
Rent collections for March were 98.9 percent for the REIT’s office properties, 95.9 percent for retail, 97.2 percent for industrial, and 97.3 percent for multifamily.
During the month, the REIT purchased one industrial property for $48.3 million, excluding closing costs, and sold one industrial property and one retail property for a total of approximately $51.5 million.
As of March 31, 2021, Black Creek Diversified Property Fund owned a portfolio comprised of 56 properties totaling 11.4 million square feet and valued at $2.6 billion. The REIT launched in January 2006 and has raised nearly $2.6 billion in multiple offerings, as of February 2021.
In its current offering, the REIT raised approximately $411.6 million from the sale of approximately 54.7 million shares, including proceeds from the distribution reinvestment plan of approximately $32.7 million, as of April 1, 2021.
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