FS Credit REIT Reports 1.37% Increase in Monthly Total NAV, Appoints New Board Member
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 $3.05 billion at the end of April. This was a 1.37% increase compared to March’s total NAV of approximately $3.01 billion.
The REIT reported that it generated positive total returns across all share classes in April driven by distributions paid during the month and stability in its NAV. Its declared monthly NAV per share as of April 30, 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 $25.0681, compared to $25.0585 per share the previous month, a 0.04% increase.
Class T shares had a NAV per share of $24.8300, compared to $24.8193 per share the previous month, a 0.04% increase.
Class D shares had a NAV per share of $24.8801, compared to $24.8683 per share the previous month, a 0.05% increase.
Class M shares had a NAV per share of $24.9312, compared to $24.9228 per share the previous month, a 0.03% increase.
Class I shares had a NAV per share of $24.1772, compared to $24.1759 per share the previous month, a 0.01% increase.
Class F shares had a NAV per share of $25.2783, compared to $25.2518 per share the previous month, a 0.11% increase.
Class Y shares had an NAV per share of $24.1415, compared to $24.1385 per share the previous month, a 0.01% increase.
The current annualized distribution rate is 7.64% for Class I shares, 7.12% 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 April.
As of April 30, 2024, the portfolio was weighted to multifamily (56%), followed by hospitality (13%) 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.
The number of shares outstanding totaled approximately 123.6 million at the end of April compared to nearly 122 million the previous month.
Additionally, as of May 13, the REIT’s board increased its size by one, appointing William P. Hankowsky as a new director. Hankowsky will serve for a term expiring at the REIT’s annual stockholders’ meeting in 2025.
Hankowsky was appointed in light of his leadership and real estate experience. Since 2020, Hankowsky has served as senior adviser to Alterra Industrial Outdoor Storage and president of Wayne Avenue Enterprises; and, since 2023, Hankowsky has served as an investment committee member of High Real Estate Group. Among various other leadership positions throughout his career, Hankowsky also served as chairman, president, and chief executive officer of Liberty Property Trust until its acquisition by Prologis in February 2020 for $13 billion. He received his Bachelor of Arts in economics from Brown University.
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 May 16, it had issued and sold in the offering approximately 43.9 million shares of its common stock in the primary offering for total proceeds of just over $1.087 billion and approximately 5.8 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of just over $142 million.
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