Bluerock’s Total Income+ Real Estate Fund released its 2018 annual report, ending September 30, 2018, which highlighted its newest AUM milestone, distributions and new investments.
The interval fund’s assets under management reached approximately $1.2 billion, up from $820 million from the prior year.
The TI+ Fund also announced the latest distribution for its A shares of $0.3973 per share, the equivalent to a 5.25 percent annualized distribution rate on $30.27 NAV as of September 26, 2018. This equates to an effective 6.4 percent distribution rate on the A Share inception of $25.00 NAV per share.
The TI+ Fund primarily invests in institutional private equity real estate funds that have historically been available only to large pension funds and institutional investors. The fund now represents a portfolio of 22 iPERE funds with an aggregate underlying gross asset value of approximately $172 billion of real estate holdings.
Buoyed by strong demand for e-commerce and last-mile distribution warehouses, the fund capitalized on the industrial sector, which represented 28 percent of its allocation.
The TI+ Fund also expanded its investment into non-GDP linked sectors, including student housing, senior housing, self-storage and medical office real estate, where demand is driven by demographics trends rather than economic growth.
The fund enjoyed a 7.88 percent total net return for the year.