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 classes of common stock, as of September 30, 2021.
At September 30, 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $11.53 per share, compared to $10.93 per share the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
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, 2021. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
The REIT’s investments in industrial properties increased from $4.03 billion in August to $4.24 billion in September. Investments in unconsolidated joint venture partnerships increased from $86.8 million in August to $91.7 million in September. Delaware statutory trust program loans increased from $29.6 million to $33.1 million month-over-month.
Cash and cash equivalents increased from $125.6 million in August to $132.1 million, and other assets increased from $27 million to $34.9 million.
Lines of credit, term loan and mortgage notes decreased from nearly ($1.59 billion) to ($1.47 billion), while other liabilities decreased slightly from ($71 million) in August to ($70.4 million) in September.
The REIT had 238.2 million shares outstanding in September, compared to 224.6 million the previous month.
As of September 30, 2021, the REIT’s real estate portfolio included 153 industrial buildings totaling approximately 30 million square feet. The portfolio was 96 percent occupied (97.4 percent leased) with a weighted-average remaining lease term of 4.2 years.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017, and as of August 5, 2021, had raised gross proceeds of approximately $2.4 billion from the sale of approximately 225.3 million shares in the offering and distribution reinvestment plan. The company’s follow-on offering was declared effective on August 4, 2021.