Home Alts News Griffin Capital Essential Asset REIT Declares Quarterly NAV Per Share

Griffin Capital Essential Asset REIT Declares Quarterly NAV Per Share

Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, has declared a new quarterly net asset value per share of its common stock, as of March 31, 2021.

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Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust, has declared a new quarterly net asset value per share of its common stock, as of March 31, 2021.

The average NAV per share across all share classes was $9.05 as of March 31, 2021, compared to $8.95 the previous quarter.

The NAV per share is based on the estimated value of the company’s assets, less the estimated value of its liabilities divided by the number of outstanding shares, all as of March 31, 2021. ALPS Fund Services Inc., a third-party firm, assisted with the valuation process.

Gross real estate totaled approximately $5.6 billion for the first quarter of 2021 compared to the previous quarter’s total of nearly $4.3 billion. Investments in unconsolidated entities remained flat at $4.1 million for both quarters. Other assets decreased from $157.2 million to roughly $61 million quarter-over-quarter.

Total debt increased from ($2.1 billion) during the fourth quarter of 2020 to ($2.5 billion) in the first quarter of 2021. The total number of shares outstanding increased from 262.2 million to 356 million quarter-over-quarter.

On an individual basis, Class T shares had an NAV of $9.17 as of March 31, 2021, compared to $9.07 the previous quarter.

Class S shares had an NAV of $9.17 per share, compared to $9.07 the previous quarter.

Class D shares had an NAV of $9.16 per share, compared to $9.06 the previous quarter.

Class I shares had an NAV of $9.16 per share, compared to $9.06 the previous quarter.

Class E shares had an NAV of $9.07 per share, compared to $8.97 the previous quarter.

IPO shares, which includes Class A, Class AA, and Class AAA shares, had an NAV per share of $8.99, compared to $8.89 the previous quarter.

Last month, Griffin Capital Essential Asset REIT closed its stock-for-stock merger with Cole Office & Industrial REIT and purchased 26 properties for $1.3 billion, including transaction costs. The merger transaction combined similar portfolios of single-tenant, office and industrial properties with long-term, net leases to corporate tenants, the company said when the merger was announced.

Griffin Capital Essential Asset REIT is a self-managed REIT with a portfolio of 123 consisting primarily of single tenant properties throughout the United States.

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