FS Credit REIT Reports 0.28% Increase in Monthly Total NAV

FS Credit Real Estate Income Trust Inc., a monthly net asset value real estate investment trust sponsored by FS Investments, experienced a total net asset value of approximately $3.01 billion at the end of March. This was a 0.28% increase compared to February’s total NAV of approximately $3 billion.

Although monthly NAV in March declined approximately $0.02 per share across share classes, each share class paid distributions in excess of the decline, thereby generating positive returns. Its declared monthly NAV per share as of March 31, 2024, was as follows (calculations based on full figures in filing, percentages rounded to the nearest hundredth):

Class S shares had a NAV per share of $25.0585, compared to $25.0729 per share the previous month, a 0.06% decrease.

Class T shares had a NAV per share of $24.8193, compared to $24.8374 per share the previous month, a 0.07% decrease.

Class D shares had a NAV per share of $24.8683, compared to $24.8892 per share the previous month, a 0.08% decrease.

Class M shares had a NAV per share of $24.9228, compared to $24.938 per share the previous month, a 0.06% decrease.

Class I shares had a NAV per share of $24.1759, compared to $24.1966 per share the previous month, a 0.09% decrease.

Class F shares had a NAV per share of $25.2518, compared to $25.2457 per share the previous month, a 0.02% increase.

Class Y shares had an NAV per share of $24.1385, compared to $24.1575 per share the previous month, a 0.08% decrease.

The current annualized distribution rate is 7.64% for Class I shares, 7.13% for Class D shares, 7.11% for Class M shares, 6.52% for Class S shares and 6.58% for Class T shares.

The REIT also noted that it met 100% of repurchase requests tendered in March.

As of March 31, 2024, the portfolio was weighted to multifamily (56%), and followed by hospitality (12%) and industrial (11%). The portfolio’s allocation reflects its view that these sectors are well-positioned to benefit from long-term structural trends such as the record-high cost of homeownership, return of business and leisure travel, and continued demand for technologically advanced warehouse space.

Further, the REIT closed on an $86.5 million loan predominantly backed by industrial properties located in the Cleveland, Chicago, Phoenix, and Charlotte, N.C., metropolitan areas. Each property is 100% leased to high-quality single tenants and the portfolio has a weighted average lease term of 7.4 years.

The number of shares outstanding totaled nearly 122 million at the end of March compared to just over 121.5 million the previous month.

FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties. The REIT is currently offering up to $2.75 billion in shares of common stock on a continuous basis, consisting of up to $2.5 billion in shares in its primary offering and up to $250 million in shares pursuant to its distribution reinvestment plan. As of April 18, it had issued and sold in the offering approximately 42.5 million shares of its common stock in the primary offering for total proceeds of just over $1.05 billion and approximately 5.4 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of $133 million.

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