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 February 29, 2020.
Class T, Class W, and Class I shares each have a NAV per share of approximately $10.07, compared to last month’s valuation of nearly $10.01 per share.
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 February 29, 2020. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
As of February 29, 2020, the REIT had approximately $926.8 million investments in industrial properties, compared to $923.4 million the previous month. Cash and cash equivalents increased from $48 million at the end of January to nearly $157.8 million at the end of February, and other assets increased from $10.1 million to $12.4 million, month-over-month.
Lines of credit, term loan and mortgage notes decreased from ($443.4 million) at January 31, 2020 to ($356.8 million) as of February 29, 2020. Other liabilities increased from ($12.6 million) in January to ($13.6 million) in February.
The $10.07 per share transaction price for each share class will apply for subscriptions accepted as of April 1, 2020, distribution reinvestment plan shares issued following the close of business on March 31, 2020, and share redemptions as of March 31, 2020.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017. The company has raised approximately $517.7 million in investor equity in the private and public offerings, including DRIP proceeds, as of December 31, 2019. The company oversees a $923.6 million portfolio comprised of 45 industrial buildings, as of the fourth quarter of 2019.