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 Sept. 30, 2020.
The average NAV per share across all share classes was $8.90 as of Sept. 30, 2020, compared to $8.86 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 Sept. 30, 2020. ALPS Fund Services Inc., a third-party firm, assisted with the valuation process.
Gross real estate investments totaled nearly $4.3 billion for the third quarter and remained flat compared to the previous quarter. Investments in unconsolidated entities increased from $2.5 million in the second quarter to $4.1 million in the third quarter. Other assets increased from $151.3 million to $158.8 million, quarter-over-quarter.
Total debt remained flat at $2.2 billion quarter-over-quarter. The total number of shares outstanding increased form 261.6 million in the second quarter of 2020 to 262.1 million in the third quarter of 2020.
The REIT offers Class T, Class S, Class D, Class I, Class E, and IPO shares (which includes Class A, Class AA, and Class AAA shares).
On an individual basis, Class T shares had an NAV of 9.02 as of September 30, 2020, compared to $8.97 the previous quarter.
Class S shares had an NAV per share of $9.01, compared to $8.97 the previous quarter.
Class D shares had an NAV per share of $9.00, compared to $8.95 the previous quarter.
Class I shares had an NAV per share of $9.00, compared to $8.96 the previous quarter.
Class E shares had an NAV per share of $8.92, compared to $8.88 the previous quarter.
IPO shares, which includes Class A, Class AA, and Class AAA shares, had an NAV per share of $8.84, compared to $8.81 the previous quarter.
In April, the REIT reduced the distribution rate paid to investors and transitioned to publishing its net asset value per share on a quarterly rather than daily basis. The company made the changes because it believed that it was prudent to enact a more conservative cash management strategy in light of the current environment, and in consideration of its future strategic positioning and plans.
Griffin Capital Essential Asset REIT suspended its follow-on offering, share redemption program, and distribution reinvestment plan in order to evaluate a potential strategic transaction, as reported by The DI Wire in February 2020.
Griffin Capital Essential Asset REIT Inc. is a self-managed non-traded REIT with a portfolio consisting primarily of single tenant business essential properties throughout the United States. As of June 30, 2020, the REIT’s portfolio consisted of 122 office and industrial buildings, totaling approximately 27 million rentable square feet.