Cantor Fitzgerald REIT Exercises Fair Value Market Option on Maryland DST, Meets 100% of Repurchase Requests
Cantor Fitzgerald Income Trust Inc., a publicly registered non-listed real estate investment trust formerly known as Rodin Global Property Trust, issued a combination of approximately 1.4 million operating partnership units and $2.1 million in cash in exchange for 75% of the outstanding equity interests in CF Summerfield DST, which owns a 478-unit multifamily property located in Landover, Md.
Located at 8100 Gibbs Way, the address for Century Summerfield Apartments, the property is subject to a $76.6 million fixed rate mortgage with a 3.65% interest rate and a maturity date of April 1, 2031. The REIT owned the other 25% of outstanding equity interests prior to the transaction. The Class I and Class T operating partnership units issued as consideration had a net asset value per unit of $20.15, and $20.13, respectively, as of Sept. 30, 2024.
This along with the cash consideration aggregates to a total of approximately $29.8 million for the 75% outstanding equity component and an implied value of $116.2 million inclusive of the REIT’s 25% stake and outstanding principal balance on the debt.
As previously reported by The DI Wire, a joint venture between the REIT and affiliates of the REIT’s sponsor, Cantor Fitzgerald Investors LLC, purchased interests in the DST in spring 2021. The property was purchased by the DST for $115.5 million, excluding closing costs, in March of that year. With the joint venture, the REIT owned a 25% interest in the DST, while affiliates of Cantor Fitzgerald Investors owed the remaining 75%, which were expected to be sold to third-party investors through a private placement transaction.
Situated on approximately 13-acres, the Summerfield property was constructed in 2008 and 2012 and is comprised of 452,900 rentable square feet across nine buildings. The property has 32 different floor plans, comprised of one-, two-, and three-bedroom apartments, with an average size of 947 square feet.
In other REIT activity as of Nov. 30, 2024, it reported a NAV of nearly $270.4 million. This was nearly a 2.28% decrease month-over-month from October’s approximately $276.7 million total NAV.
The REIT repurchased 273,957 shares of common stock pursuant to its share repurchase program for aggregate consideration of $5.5 million, which represented 100% of repurchase requests. This was a significant improvement on the REIT’s satisfaction of 72% of repurchase requests in the previous month.
The REIT reported its portfolio of real estate assets to be concentrated in multifamily (25.1%), single tenant office (34%), and single tenant industrial (28%). Its portfolio is geographically concentrated in Ohio (30.15%), Texas (19.5%), and California (16%), and additional states.
Its declared monthly NAV per share as of Nov. 30, 2024, and its transaction price for each class of common stock as of Jan. 1, 2025, was as follows:
Class S shares had a NAV per share of $20.10, compared to $20.23 per share the previous month, an approximate 0.64% decrease.
Class I shares had a NAV per share of $20.12, compared to $20.24 per share the previous month, an approximate 0.59% decrease.
Class T shares had a NAV per share of $20.10, compared to $20.23 per share the previous month, an approximate 0.64% decrease.
Class D shares had a NAV per share of $20.11, compared to $20.24 per share the previous month, an approximate 0.64% decrease.
Class I operating partnership shares had a NAV per share of $20.12, compared to $20.24 per share the previous month, an approximate 0.59% decrease.
The company is offering on a continuous basis up to $1.25 billion in shares of common stock, consisting of up to $1 billion in shares in its primary offering and up to $250 million in shares pursuant to its distribution reinvestment plan. As of Dec. 18, aggregate issuance pursuant to the offering consisted of 293,571 shares of common stock in the primary offering for total proceeds of $6.3 million, and 127,963 shares of common stock pursuant to the distribution reinvestment plan for a total value of $2.9 million. On Dec. 2, pursuant to the offering, the REIT issued and sold 12,824 shares of common stock in the primary offering for total proceeds of $ 0.3 million, and nearly 12,932 shares of common stock pursuant to the distribution reinvestment plan for approximately $0.26 million.
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