Black Creek Diversified Property Fund Inc., a publicly registered NAV-based perpetual life real estate investment trust, has updated its net asset value per share for its Class T, Class S, Class D, Class I, and Class E classes of common stock, as of August 31, 2021.
As of August 31, 2021, all share classes were valued at nearly $7.74, compared to the previous month’s NAVs per share of approximately $7.69.
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 remained flat at $2.72 billion in July and August. Debt related investments hovered around $47.8 million, while DST program loans increased slightly from $58.7 million in July to $60.3 million in August.
Cash and cash equivalents decreased from nearly $13.1 million in July to $10 million in August. Restricted cash decreased slightly from $10.8 million to $10.6 million, and other assets remained flat at $34.3 million.
Line of credit, term loans and mortgage notes decreased from ($894.8 million) in July to ($848.5 million) in August. Financing obligations associated with its DST program decreased from ($617.8 million) to ($603.3 million) month-over-month, and other liabilities increased from ($45.8 million) to ($52.2 million).
During the month of August, the REIT purchased two industrial properties for a total contractual purchase price of $33.9 million, excluding closing costs and other expenses. The company also sold one office property for gross proceeds of approximately $50 million.
As of August 31, 2021, Black Creek Diversified Property Fund owned a portfolio comprised of 59 properties totaling 12.2 million square feet that were 95 percent leased. The REIT launched in January 2006 and has raised close to $2.7 billion in multiple offerings.
In its current offering, the REIT has raised approximately $526.6 million from the sale of approximately 69.6 million shares, including proceeds from the distribution reinvestment plan of approximately $39.5 million, as of September 1, 2021.