Brookfield REIT Reports NAV Per Share and Recent Acquisitions
Brookfield Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Oaktree Real Estate Income Trust, has declared a monthly net asset value per share for its shares of common stock, as of June 30, 2022.
Brookfield Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Oaktree Real Estate Income Trust, has declared a monthly net asset value per share for its shares of common stock, as of June 30, 2022.
In addition, during June 2022, the REIT purchased 49 single-family rental properties, growing its portfolio to a total of 376 homes with a total purchase price of $99 million, as of June 30, 2022. The REIT also acquired 13 individual positions in CMBS bonds totaling approximately $38 million. As of June 30, 2022, the REIT’s real estate-related loans and securities consist of 22 investments with a fair value of approximately $124 million.
Class S shares were valued at approximately $13.72 each, compared to $13.78 the previous month.
Class I shares had an NAV per share of $13.81, compared to nearly $13.86 the previous month.
Class C shares were valued at nearly $13.52, compared to $13.58 the previous month.
Class E shares were valued at nearly $14.14, compared to $14.25 the previous month.
Class D shares were valued at nearly $13.71 (no Class D shares were sold the previous month).
Shares were originally priced at $10.00 each, plus applicable upfront selling commissions and dealer manager fees.
Class S shares are available through brokerage and transactional-based accounts, Class I shares are available to institutional investors, and Class D are available through fee-based programs. Class C and Class E shares are sold through a private offering. The REIT also offers Class T shares, which are available through brokerage and transactional-based accounts, but none were sold as of June 30, 2022.
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 June 30, 2022.
Investments in real properties increased from $1.76 million in May to $1.79 billion in June, while investments in real estate-related loan and securities increased from $75.3 million to $123.5 million. Investments in unconsolidated entities decreased from $102.7 million to $96.1 million.
Cash and cash equivalents increased from $46.9 million in May to $93.6 million in June, restricted cash decreased from $147 million to $85.8 million, and other assets increased from $19 million to $35 million, month-over-month.
Debt obligations hovered at around ($1.08 billion) month-over-month, and other liabilities remained flat at ($25 million). Non-controlling interests in joint ventures increased slightly from ($20.8 million) to ($21.1 million).
There were nearly 73 million shares outstanding in June, compared to 61.8 million the previous month.
Brookfield REIT’s initial offering was declared effective in April 2018 and has raised $754.3 million, as of June 2022. The REIT’s portfolio consisted of 89 percent real estate properties, 6 percent real estate-related loans and securities, and the remainder in cash and cash equivalents, as of June 30, 2022. The real estate properties consisted of multifamily (55 percent), alternatives (17 percent), office (17 percent), logistics (6 percent) and single-family rental (5 percent).
