Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has declared its monthly per share net asset value for its Class T, Class W, and Class I common stock, as of March 31, 2021.
As of March 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $10.20 per share, compared to roughly $10.19 per share the previous month. Shares were originally priced at $10.00 each.
Class T shares are available to the general public; Class W shares are generally available through fee-based programs known as wrap accounts; and Class I shares are available to institutional investors.
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 March 31, 2021. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
As of March 31, 2021, the REIT had $1.55 billion investments in industrial properties, compared to $1.48 billion the previous month. Investments in unconsolidated joint venture partnerships increased from $380.8 million in February to $385.6 million in March.
Cash and cash equivalents decreased from $264.7 million to $232.5 million month-over-month, and other assets increased from approximately from $10.9 million to $12.4 million.
Lines of credit, term loan and mortgage notes remained unchanged at nearly ($582.8 million), while other liabilities increased from ($25 million) in February to ($27.8 million) in March.
During the month, the REIT purchased one 0.4-million-square-foot property for approximately $60.2 million. The company also completed the development of three industrial buildings totaling 0.5 million square feet and a total purchase price, including costs to complete the development, of approximately $77.6 million. Additionally, the REIT leased approximately 1.3 million square feet within its total portfolio, which included 0.8 million square feet of new and future leases and 0.5 million square feet of renewals.
As of April 9, 2021, the REIT’s total portfolio had collection rates averaging 99.2 percent for the month of March.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017 and has raised nearly $1.6 billion in investor equity, as of February 2021.
As of March 2021, the REIT owned and managed a real estate portfolio of 134 industrial buildings totaling 30.8 million square feet, located in 23 markets throughout the United States.