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FS Credit REIT Declares Monthly NAV Per Share, Closes $294 Million in Loan Originations

FS Credit Real Estate Income Trust Inc., a monthly NAV REIT sponsored by FS Investments, has declared a monthly net asset value per share as of April 30, 2021.

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FS Credit Real Estate Income Trust Inc., a monthly NAV REIT sponsored by FS Investments, has declared a monthly net asset value per share as of April 30, 2021.

The REIT reported that it reached $1 billion in assets in April and closed on $294 million in loan originations, the highest monthly total since inception.

  • Class S shares had an NAV per share of $25.28, compared to $25.29 per share the previous month.
  • Class T shares had an NAV per share of $25.07, compared to $25.08 per share the previous month.
  • Class D shares had an NAV per share of $25.10, compared to $25.11 per share the previous month.
  • Class M shares had an NAV per share of $25.16, compared to $25.17 per share the previous month.
  • Class I shares had an NAV per share of $24.54, compared to $24.56 per share the previous month.
  • Class F shares had an NAV per share of $25.08, compared to $25.08 per share the previous month.
  • Class Y shares had an NAV per share of $24.50, compared to $24.59 per share the previous month.

*Dollar amounts have been rounded to the nearest cent.

Class S shares are available through brokerage and transactional-based accounts, while Class D, Class M and Class I shares are generally available through fee-based programs. Class I shares are available for purchase by endowments, foundations, pension funds and other institutional investors. Class F and Class Y shares were offered via private offerings and are only available in the public offering through the distribution reinvestment plan.

Loan originations for the month included three multifamily properties, including two properties in the suburban Atlanta metro area and one North Las Vegas; an office property in suburban Dallas; and an industrial property in Queens, New York.

Multifamily and industrial represented nearly half of the REIT’s portfolio (47.2 percent) as of April 30, 2021, while hospitality and retail comprised 11.4 percent. There were no impairments or non-accruals, and 98 percent of the loan portfolio was current as of April 30, 2021, the company said.

“We continue to develop a robust pipeline of identified transactions with more than $360 million of identified transactions backed by a diverse mix of properties,” the REIT stated in a filing with the Securities and Exchange Commission. “Additionally, the short-term nature of our typical loan allows us to regularly adjust the portfolio to current market conditions.”

As of April 30, 2021, approximately 55 percent of the portfolio consisted of investments sourced after July 2020. Following month-end, the REIT priced a new $783 financing, providing it with additional matched term, non-mark-to-market financing. Following this closing, approximately 92 percent of its borrowings were through long-term, non-marked to market vehicles which it claims “helps minimize volatility in its net asset value.”

FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties and had an investment portfolio of 45 loans with a net book value of $901 million, as of March 31, 2020. The REIT is advised by FS Real Estate Advisor LLC and sub-advised by Rialto Capital Management LLC.

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