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 May 31, 2021.
At May 31, 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $10.36 per share, compared to roughly $10.25 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 May 31, 2021. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
As of May 31, 2021, the REIT had $1.68 billion investments in industrial properties, compared to $1.63 billion the previous month. Investments in unconsolidated joint venture partnerships increased from $397.3 million in April to $406.3 million in May.
Cash and cash equivalents increased from $232 million to $363.8 million month-over-month, and other assets increased from approximately $12.6 million to $16.8 million.
Lines of credit, term loan and mortgage notes remained unchanged at nearly ($582.8 million), while other liabilities increased from ($24.8 million) in April to ($26.6 million) in May.
In other Black Creek news, late last month, The DI Wire reported that Ares Management Corporation (NYSE: ARES), a global alternative investment manager with $207 billion of assets under management, plans to acquire Black Creek Group’s U.S. real estate investment advisory and distribution business.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017, and as of April 30, 2021, had raised gross proceeds of approximately $1.4 billion from the sale of approximately 133.5 million shares in the offering, including distribution reinvestment plan of approximately $49 million.
As of May 31, 2021, the REIT owned and managed a real estate portfolio of 136 industrial buildings totaling 31.2 million square feet, located in 23 markets throughout the United States.