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Cantor Fitzgerald REIT Satisfies 64% of Repurchase Requests; Total Monthly NAV Up 4.8%

By Mari Nicholson

Cantor Fitzgerald REIT Satisfies 64% of Repurchase Requests; Total Monthly NAV Up 4.8%

Cantor Fitzgerald Income Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Rodin Global Property Trust, reported a total net asset value as of Sept. 30, 2024, of approximately $279.7 million. This was a 4.8% increase month-over-month from August’s approximately $266.8 million total NAV.

On Sept. 30, the company repurchased 159,500 shares of common stock pursuant to its share repurchase program for aggregate consideration of $3.2 million, which represented 64% of repurchase requests. This was a slightly higher percentage than the 59% of repurchase requests satisfied in August.

The REIT reported its portfolio of real estate assets to be concentrated in multifamily (31.2%), single tenant office (29.1%), and single tenant industrial (28.5%). Its portfolio is geographically concentrated in Texas (26.4%), Ohio (26.1%), and California (13.7%), and additional states.

Its declared monthly NAV per share as of Sept. 30, 2024, was as follows:

Class S shares had a NAV per share of $20.13, compared to $20.19 per share the previous month, an approximate 0.3% decrease.

Class I shares had a NAV per share of $20.15, compared to $20.21 per share the previous month, an approximate 0.3% decrease.

Class T shares had a NAV per share of $20.13, compared to $20.19 per share the previous month, an approximate 0.3% decrease.

Class D shares had a NAV per share of $20.14, compared to $20.20 per share the previous month, an approximate 0.3% decrease.

Class I operating partnership shares had a NAV per share of $20.15.

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 Oct. 18, aggregate issuance pursuant to the offering consisted of 258,630 shares of common stock in the primary offering for total proceeds of $5.5 million, and 101,536 shares of common stock pursuant to the distribution reinvestment plan for a total value of $2.3 million. On Oct. 1, pursuant to the offering, the REIT issued and sold 38,700 shares of common stock in the primary offering for total proceeds of $ 0.8 million, and nearly 13,151 shares of common stock pursuant to the distribution reinvestment plan for nearly $0.27 million.

In addition, as of Sept. 30, the REIT’s operating partnership – Cantor Fitzgerald Income Trust Operating Partnership LP – issued 761,971 of Class I operating partnership units in exchange for 100% of the outstanding equity interests of the WAG Delaware statutory trust valued at $15.5 million.

As of the end of September, the weighted average lease term remaining of the REIT’s portfolio of real estate assets (excluding multifamily, mezzanine and preferred equity investments), based on each asset’s fair value used in determining the NAV, was 7.1 years. The total value of real estate assets (investment in real estate, investments in real estate- related assets, and investment in debt securities) used in determining the NAV was $1.1 billion. The total value of real estate assets, as adjusted for ownership percentage amounts to $511 million.

As of the end of September, the REIT reported having approximately 13.8 million outstanding shares.

Over the summer, investment banking firm Robert A. Stanger & Co., Inc., expanded a segment of its monthly reports to include five additional NAV REITS, including the Cantor Fitzgerald REIT.

Cantor Fitzgerald Income Trust launched in March 2017 to invest in a portfolio of income-producing commercial real-estate, as well as debt secured by commercial real estate, located primarily in the United States.

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