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 November 30, 2021.
At November 30, 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $11.96 per share, compared to $11.82 per share the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees. The REIT said that the NAV per share increase was primarily the result of “strong leasing, above-average market rent growth, and strengthening capital markets.”
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 November 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 $4.50 billion in October to $4.81 billion in November. Investments in unconsolidated joint venture partnerships increased from $143.2 million to $149.7 million, and Delaware statutory trust program loans increased from $43.3 million to $50.4 million month-over-month.
Cash and cash equivalents increased from $146.5 million in October to $160.8 million in November, and other assets in creased from $34.1 million to $38.7 million.
Lines of credit, term loan and mortgage notes increased from ($1.48 billion) to ($1.63 billion), while other liabilities decreased from ($76 million) to ($70.9 million).
The REIT had 253.2 million shares outstanding in November, compared to 250.7 million the previous month.
As of November 30, 2021, the REIT’s real estate portfolio included 170 industrial buildings totaling approximately 33.2 million square feet. The portfolio was 96.6 percent occupied (97.5 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 $323.2 million, as of November 30, 2021.