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 August 31, 2020.
As of August 31, 2020, the REIT valued its Class T, Class W, and Class I shares at $10.0677 per share, compared to $10.0595 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 August 31, 2020. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
“Black Creek Industrial REIT IV’s total return during August, with respect to Class T shares (without upfront sales charge), was 0.45 percent, including a net monthly distribution of $0.037 per Class T share, which is equivalent to an annualized yield of 4.41 percent based on NAV,” the company said in a letter to shareholders.
“Our NAV per share at August 31, 2020 was $10.072, a $0.01 increase relative to the previous month’s NAV per share, and represents, as of that date, with respect to Class T shares (without upfront sales charge), a trailing one year return of 4.89 percent and a since inception annualized return of 4.79 percent.”
As of August 31, 2020, the REIT had nearly $1.3 billion investments in industrial properties, compared to approximately $1.2 billion the previous month. Investments in unconsolidated joint venture partnerships remained relatively flat at $302.2 million in July and $304.9 million in August. Cash and cash equivalents increased from $154.9 million to $178 million month-over-month, and other assets decreased slightly from $10.6 million to approximately $10 million.
Lines of credit, term loan and mortgage notes remained unchanged at ($464.3 million), while other liabilities increased slightly from ($24.3 million) in July to ($24.8 million) in August.
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. The company oversees a real estate portfolio of 55 industrial buildings, as of June 30, 2020.