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 net asset value per share for its classes of common stock, as of December 31, 2021.
As of December 31, 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $12.50 per share, compared to $11.96 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 December 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 $4.81 billion in November to nearly $5.7 billion in December. Investments in unconsolidated joint venture partnerships decreased from $149.7 million to $148 million, and Delaware statutory trust program loans increased from $50.4 million to $68.8 million month-over-month.
Cash and cash equivalents increased from $160.8 million in November to $216.9 million in December, and other assets decreased from $38.7 million to $36.3 million.
Lines of credit, term loan and mortgage notes increased from ($1.63 billion) to ($2.26 billion), while other liabilities increased from ($70.9 million) to ($73.5 million).
The REIT had 258.2 million shares outstanding in December, compared to 253.2 million the previous month.
As of December 31, 2021, the REIT’s real estate portfolio included 193 industrial buildings totaling approximately 37.6 million square feet. The portfolio was 96.6 percent occupied (97.6 percent leased) with a weighted-average remaining lease term of 4.4 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 in August 2021 and has raised approximately $384.9 million, as of December 31, 2021.
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