Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has updated the monthly per share net asset values for its Class T, Class W, and Class I common stock, as of May 31, 2020.
As of May 31, 2020, the REIT valued its Class T, Class W, and Class I shares at 10.0597 per share, compared to $10.0629 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, 2020. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
As of May 31, 2020, the REIT had approximately $1.1 billion investments in industrial properties, compared to $963.1 million the previous month. Cash and cash equivalents increased from $518.6 million at the end of April to nearly $536.4 million at the end of May, and other assets decreased from $20.7 million to $17.9 million, month-over-month.
Lines of credit, term loan and mortgage notes increased from ($356.8 million) to ($464.3 million), while other liabilities increased from ($16.2 million) in April to ($18.4 million) in May.
“The global pandemic and resulting shut down of large parts of the U.S. economy has created significant uncertainty and enhanced investment risk across many asset classes, including real estate,” the company said in a filing with the Securities and Exchange Commission. “However, we believe we are well-positioned to navigate this unprecedented period.”
The company added, “Our balance sheet as of May 31, 2020 was strong with over $500.0 million of cash and less than 30 percent leverage…In addition, our portfolio was 97.2 percent leased as of May 31, 2020 and is diversified across 52 assets totaling 10.4 million square feet. Our buildings contain a diverse roster of 102 customers, large and small, spanning a multitude of industries and sectors across 17 markets.”
The $10.0597 per share transaction price for each share class will apply for subscriptions accepted as of July 1, 2020, distribution reinvestment plan shares issued following the close of business on June 30, 2020 and share redemptions as of June 30, 2020.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017. The company has raised more than $1 billion in investor equity in the private and public offerings, including DRIP proceeds, as of March 31, 2020. The company oversees a real estate portfolio of 46 industrial buildings, as of the first quarter of 2020.