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 June 30, 2022. The company also completed the acquisition of its first real property investment, following the approval of its board of directors.
In late June 2022, the REIT purchased 555 Aviation, a 260,000-square-foot creative office building located in El Segundo, California, for approximately $209.4 million. The property was built in 1966 and renovated in 2017 to convert the property into a creative office building, including LEED Gold certification, a glass façade and an interior open-air atrium. The property sits on 13.3 acres near the Los Angeles International Airport and is fully leased to three tenants: Fabletics, Saatchi & Saatchi, and Belkin.
Class S shares had an NAV per share of $25.17 as of June 30, 2022, compared to $25.18 per share the previous month.
Class T shares had an NAV per share of $24.94, compared to $24.95 per share the previous month.
Class D shares had an NAV per share of $24.97, compared to $24.98 per share the previous month.
Class M shares had an NAV per share of $25.05, compared to $25.06 per share the previous month.
Class I shares had an NAV per share of $24.40, compared to $24.42 per share the previous month.
Class F shares had an NAV per share of $24.98, compared to $24.99 per share the previous month.
Class Y shares had an NAV per share of $24.36, compared to $24.37 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.
Loans receivable increased from $5.7 billion in May to $6.5 billion in June. Mortgage-backed securities held-to-maturity increased from $68 million to $78.9 million, while mortgage-backed securities available-for-sale increased from $141 million to $153.3 million month-over-month.
Cash and cash equivalents decreased from $159.6 million in May to $73.8 million in June, while restricted cash increased from $3.5 million to $15 million. Other assets increased from $18 million to $83.3 million month-over-month.
Collateralized loan obligations increased from ($2.65 billion) in May to ($3.19 billion) in June. Repurchase agreements payable increased from ($1.10 billion) to ($1.18 billion), month-over-month. Other liabilities increased from ($22.7 million) to ($38.6 million).
The number of shares outstanding totaled 76.8 million as of June 30, 2022, compared to 70.7 million the previous month.
FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties. The REIT launched in September 2017 and has raised $2.1 billion in its public offerings as of June 2022.