Black Creek Industrial REIT IV Updates Monthly NAV Per Share
Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust managed by Ares Management Corporation (NYSE: ARES), has declared a monthly per share net asset value for its classes of common stock, as of October 31, 2021.
Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust managed by Ares Management Corporation (NYSE: ARES), has declared a monthly per share net asset value for its classes of common stock, as of October 31, 2021.
At October 31, 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $11.82 per share, compared to $11.53 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 October 31, 2021. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
The REIT’s investments in industrial properties increased from $4.24 billion in September to $4.50 billion in October. Investments in unconsolidated joint venture partnerships increased from $91.7 million to $143.2 million. Delaware statutory trust program loans increased from $33.1 million to $43.3 million month-over-month.
Cash and cash equivalents increased from $132.1 million in September to $146.5 million in October, and other assets decreased slightly from $34.9 million to $34.1 million.
Lines of credit, term loan and mortgage notes increased from ($1.47 billion) to ($1.48 billion), while other liabilities increased from ($70.4 million) to ($76 million).
The REIT had 250.7 million shares outstanding in October, compared to 238.2 million the previous month.
As of October 31, 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 launched its initial public offering in July 2017, and as of September 30, 2021, has raised more than $2.5 billion in multiple offerings.
The REIT’s follow-on offering was declared effective on August 4, 2021, and has raised approximately $288.4 million, as of October 31, 2021.
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