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 June 30, 2022.
As of June 30, 2022, the NAV per share was approximately $20.72, compared to $20.63 the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
Investments in operating multifamily properties increased from $2.0 billion in May to nearly $2.1 billion. Investments in multifamily development properties increased from $233.4 million to $237.9 million, month-over-month, while investments in real estate-related structured investments increased slightly from $65.3 million to $66 million. Other assets increased from $102.1 million to $118.5 million, and cash and cash equivalents increased from $10.5 million in May to $14.6 million in June.
Secured real estate financing increased from ($1.0 billion) in May to nearly ($1.1 billion) in June. Subordinated notes remained flat at ($43.4 million), and preferred equity was also unchanged ($127.3 million). The REIT had 59.2 million shares outstanding in June, compared to 58.6 million shares the previous month.
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 $209.1 million from the sale of common stock in its two public offerings, as of June 2022.