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 Class T, Class W, and Class I common stock, as of August 31, 2021.
At August 31, 2021, the REIT’s Class T, Class W, and Class I shares were valued at approximately $10.93 per share, compared to $10.71 per share the previous month. Shares were originally priced at $10.00 each.
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 August 31, 2021. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
As of July 31, 2021, the REIT’s investments in industrial properties were valued at $4.0 billion, compared to $3.7 billion the previous month. Investments in unconsolidated joint venture partnerships increased from $75.9 million in July to $86.8 million in August. Delaware statutory trust program loans increased from $27 million to $29.6 million month-over-month.
Cash and cash equivalents increased from $118.1 million in July to $125.6 million in August, and other assets increased from $21.4 million to $27 million.
Lines of credit, term loan and mortgage notes increased from nearly ($1.5 billion) in July to nearly ($1.6 billion), while other liabilities increased from ($63.7 million) to ($70.1 million). Financing obligations associated with its DST program increased from ($122.7 million) to ($149.7 million) month-over-month.
As of August 31, 2021, the REIT had 224.6 million shares outstanding, compared to 211.7 million the previous month.
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.
As of August 31, 2021, the REIT’s real estate portfolio included 151 industrial buildings totaling approximately 29.7 million square feet. The portfolio was 95.6 percent occupied (96.3 percent leased) with a weighted-average remaining lease term of 4.2 years.
On July 1, a subsidiary of Ares, a global alternative investment manager with approximately $239 billion of assets under management, assumed the management of the REIT as part of an agreement to acquire Black Creek Group’s U.S. real estate investment advisory and distribution business.