FS Credit REIT Reports Slight Decrease in Monthly NAV; Raises Distribution Rate
FS Credit Real Estate Income Trust Inc., a monthly net asset value REIT sponsored by FS Investments, has declared a monthly estimated net asset value per share as of March 31, 2023.
FS Credit REIT’s board of directors approved an increase to the distribution rate of approximately 25 basis points across all share classes, effective with the payment of the March distribution. The company says this was driven by the continued strong performance of the portfolio and the positive impact of rising interest rates on its loan portfolio.
As a result, the annualized distribution rate is 7.37% for Class I shares, 6.89% for Class D shares, 6.87% for Class M shares, 6.29% for Class S shares and 6.34% for Class T shares, based on the May 1, 2023, transaction price.
The company noted that it met 100% of repurchase requests tendered in March.
FS Credit REIT also closed on a $48 million loan collateralized by a portfolio of 14 garden style and mid-rise suburban multifamily properties located primarily throughout markets in the southeast and southwest regions including, Georgia, Florida, and Texas, among others. The portfolio is 92.8% occupied and the company says it is owned by a “well-known and experienced institutional sponsor.”
Class S shares had an NAV per share of $25.05 as of March 30, 2023, compared to $25.10 per share the previous month.
Class T shares had an NAV per share of $24.81, compared to $24.87 per share the previous month.
Class D shares had an NAV per share of $24.85, compared to $24.90 per share the previous month.
Class M shares had an NAV per share of $24.92, compared to $24.97 per share the previous month.
Class I shares had an NAV per share of $24.25, compared to $24.31 per share the previous month.
Class F shares had an NAV per share of $25.01, compared to $25.04 per share the previous month.
Class Y shares had an NAV per share of $24.20, compared to $24.25 per share the previous month.
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.
The number of shares outstanding totaled 105.8 million as of March 31, 2023, compared to 104.3 million the previous month. The company’s total net asset value equaled approximately $2.6 billion at month’s end.
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 and has received gross offering proceeds of approximately $281.1 million as of Jan. 31, 2022.
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