Cottonwood Communities Inc., a publicly registered non-traded real estate investment trust focused on multifamily real estate investments, has reported a monthly net asset value per share/unit of its common stock and operating partnership units, as of December 31, 2021.
As of December 31, 2021, the NAV per share for the outstanding Class A and Class TX shares was approximately $17.28, compared to the prior month’s NAV of $16.93. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
Investments in multifamily operating properties increased from $1.78 billion in November to $1.83 billion in December. Investments in multifamily development properties increased from $193.3 million to $200.9 million, month-over-month, while investments in real estate-related structured investments increased from $60.9 million to nearly $61.8 million.
Other assets decreased from $74.5 million to $62.4 million, and cash and cash equivalents increased from $11.2 million in November to $12.5 million in December.
Secured real estate financing increased from ($851.1 million) in November to ($864.2 million) in December, and subordinated notes decreased from ($48.6 million) to ($43.5 million). Preferred equity increased from ($247.1 million) to ($254.4 million) month-over-month. The REIT had 55 million shares outstanding in December, compared to 54.6 million shares outstanding in November.
Cottonwood Communities’ portfolio includes 33 multifamily apartment communities in 13 states with 9,746 units. As of September 30, 2021, the REIT has raised gross proceeds of approximately $85.8 million from the sale of Series 2019 Preferred Stock in its private offering and approximately $122 million from the sale of common stock in its initial offering.