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 February 28, 2022.
As of February 28, 2022, the NAV per share was approximately $18.99, compared to $18.41 the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
Investments in operating multifamily properties increased from $1.89 billion in January to $1.93 billion in February. Investments in multifamily development properties increased from $212.3 million to $216 million, month-over-month, while investments in real estate-related structured investments increased from $62.5 million to $63.1 million. Other assets decreased from $71.5 million to $47.5 million, and cash and cash equivalents increased from $10.6 million in January to $42.2 million in February.
Secured real estate financing increased from ($909.9 million) in January to ($914.2 million) in February, and subordinated notes remained flat at ($43.5 million). Preferred equity increased from ($264.7 million) to ($267.1 million) month-over-month. The REIT had 56 million shares outstanding in February, compared to 55.4 million shares the previous month.
Cottonwood Communities has raised gross proceeds of approximately $124.5 million from the sale of Series 2019 Preferred Stock in its private offering and approximately $128.9 million from the sale of common stock in its initial offering, as of January 2022.