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 September 30, 2020.
As of September 30, 2020, the REIT valued its Class T, Class W, and Class I shares at $10.09 per share, compared to nearly $10.07 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 September 30, 2020. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
As of September 30, 2020, the REIT had $1.29 billion investments in industrial properties, compared to approximately $1.26 billion the previous month. Investments in unconsolidated joint venture partnerships increased from $304.9 million in August to $312.2 million in September. Cash and cash equivalents increased from $178 million to $180.7 million month-over-month, and other assets increased from approximately $10 million to $10.3 million.
Lines of credit, term loan and mortgage notes remained unchanged at ($464.3 million), while other liabilities increased slightly from ($24.8 million) in August to ($26.3 million) in September.
“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. “While no property sector is immune to COVID-19, the industrial real estate sector continues to outperform most property sectors. We will end the quarter with $1.7 billion in assets, 26 percent leverage…, and over $150 million in cash, and continue to seek high quality, income-producing real estate, with a focus on core industrial opportunities.”
During the quarter ended September 30, 2020, the REIT purchased two industrial buildings for $32.5 million. Also, on July 15, 2020, it acquired a minority ownership interest in two joint venture partnerships consisting of 83 properties, including 18 buildings under construction in the pre-construction phase for $301 million. The company also developed three industrial buildings totaling 1 million square feet and a total purchase price, including costs to complete the development, of approximately $59 million from July 16, 2020 through September 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 $1.2 billion in investor equity, including DRIP proceeds, as of June 30, 2020. As of September 30, 2020, the REIT owned and managed, either directly or through joint venture partnerships, a total real estate portfolio of 124 industrial buildings totaling 29.4 million square feet, located in 23 markets throughout the United States.