Cottonwood Communities Inc., a publicly registered non-traded real estate investment trust focused on multifamily real estate investments, has reported its monthly net asset value per share/unit of its common stock and operating partnership units, as of May 31, 2022.
As of May 31, 2022, the NAV per share was approximately $20.63, compared to $20.08 the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
Investments in operating multifamily properties increased from $1.97 billion in April to $2 billion in May. Investments in multifamily development properties increased from $221.9 million to $223.4 million, month-over-month, while investments in real estate-related structured investments increased from $64.5 million to $65.3 million. Other assets increased from $95.4 million to $102.1 million, and cash and cash equivalents decreased from $19.8 million in April to $10.5 million in May.
Secured real estate financing decreased from ($1.02 billion) in April to ($1.00 billion) in May, and subordinated notes remained flat at ($43.4 million). Preferred equity remained flat at around ($127.3 million) month-over-month. The REIT had 58.6 million shares outstanding in May, compared to 57.8 million shares the previous month.
In other company news, Cottonwood Communities recently took additional steps towards a potential stock-for-stock merger transaction with Cottonwood Multifamily Opportunity Fund Inc, a Regulation A+ REIT affiliate, as reported by The DI Wire.
Cottonwood Communities has raised gross proceeds of approximately $127.3 million from the sale of Series 2019 Preferred Stock in its private offering and approximately $158.1 million from the sale of common stock in its two public offerings, as of March 31, 2022.
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