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 May 31, 2021.
As of May 31, 2021, all shares of common stock and OP units were valued at approximately $7.63, compared to the previous month’s NAVs per share of nearly $7.62.
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 just shy of $2.6 billion in April to nearly $2.61 in May. Debt related investments hovered at $47.7 million month-over-month. Delaware statutory trust program loans increased from $50.5 million in April to $56 million in May. Thus, total investments increased from close to $2.70 billion in April to $2.71 billion in May.
Cash and cash equivalents decreased from $16.3 million in April to $11.6 million in May. Restricted cash increased slightly from $10.2 million to $10.4 million, and other assets increased from $29.2 million to $30.1 million.
Line of credit, term loans and mortgage notes decreased from ($907.5 million) in April to ($868.2 million) in May. Financing obligations associated with its DST program increased from ($541.9 million) to ($575.5 million) month-over-month, and other liabilities increased slightly from ($38.5 million) to ($38.8 million).
As of May 31, 2021, Black Creek Diversified Property Fund owned a portfolio comprised of 56 properties totaling 11.4 million square feet that were 91.8 percent leased. The REIT launched in January 2006 and has raised approximately $2.6 billion in multiple offerings.
In its current offering, the REIT raised approximately $448.8 million from the sale of approximately 59.5 million shares, including proceeds from the distribution reinvestment plan of approximately $35.4 million, as of June 1, 2021.