Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust now managed by Ares Management Corporation (NYSE: ARES), has declared a monthly per share net asset value for its Class T, Class W, and Class I common stock, as of June 30, 2021.
At June 30, 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $10.57 per share, compared to $10.36 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 June 30, 2021. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
During the month of June, the REIT purchased two buildings for approximately $53.3 million. In addition, the REIT and its joint venture partner split the portfolio of the Build-to-Core Industrial Partnership I LP, which consisted of 44 buildings totaling approximately 12.1 million square feet. Following the transaction, the REIT owned a 100 percent interest in 22 buildings that were previously part of the portfolio, which total approximately 5.4 million square feet and had a total purchase price of $876.7 million.
As of June 30, 2021, the REIT’s investments in industrial properties were valued at $2.74 billion, compared to $1.68 billion the previous month. Investments in unconsolidated joint venture partnerships decreased from $406.3 million in May to $54.8 million in June.
Cash and cash equivalents decreased from $363.8 million to $159.2 million month-over-month, and other assets increased from approximately $16.8 million to $115.5 million.
Lines of credit, term loan and mortgage notes increased from ($582.8 million) in May to ($874.8 million) in June, while other liabilities increased from ($26.6 million) to ($46.9 million).
As of June 30, 2021, the REIT had 196.2 million shares outstanding, compared to 178.2 million the previous month.
In other news, the REIT recently purchased 48 industrial properties totaling 8.3 million square feet from affiliates of Prologis Inc. (NYSE: PLD) for approximately $920 million.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017, and as of June 30, 2021, had raised gross proceeds of approximately $1.6 billion from the sale of approximately 151.9 million shares in the offering and distribution reinvestment plan.
As of June 30, 2021, the REIT’s real estate portfolio included 93 industrial buildings totaling approximately 19.7 million square feet. The portfolio was 95.5 percent occupied (96.8 percent leased) with a weighted-average remaining lease term of 4.9 years.
On July 1, a subsidiary of Ares, a global alternative investment manager with approximately $239 billion of assets under management, assumed the management of the REIT as part of an agreement to acquire Black Creek Group’s U.S. real estate investment advisory and distribution business.