Griffin Realty Trust Declares Quarterly NAV Per Share
Griffin Realty Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Griffin Capital Essential Asset REIT, has declared a new quarterly net asset value per share of its common stock, as of June 30, 2021.
Griffin Realty Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Griffin Capital Essential Asset REIT, has declared a new quarterly net asset value per share of its common stock, as of June 30, 2021.
The average NAV per share across all share classes was $9.10 as of June 30, 2021, compared to $9.05 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 June 30, 2021. ALPS Fund Services Inc., a third-party firm, assisted with the valuation process.
Real estate investments at fair value totaled approximately $5.62 billion for the second quarter of 2021 compared to the previous quarter’s total of nearly $5.63 billion. Other assets increased from roughly $61 million to $96.6 million quarter-over-quarter. Total debt remained flat at approximately ($2.54 billion). The total number of shares outstanding increased from 356 million to nearly 356.2 million quarter-over-quarter.
On an individual basis, Class T shares had an NAV of $9.23 as of June 30, 2021, compared to $9.17 the previous quarter.
Class S shares had an NAV of $9.22 per share, compared to $9.17 the previous quarter.
Class D shares had an NAV of $9.21 per share, compared to $9.16 the previous quarter.
Class I shares had an NAV of $9.21 per share, compared to $9.16 the previous quarter.
Class E shares had an NAV of $9.12 per share, compared to $9.07 the previous quarter.
IPO shares, which includes Class A, Class AA, and Class AAA shares, had an NAV per share of $9.04, compared to $8.99 the previous quarter.
Griffin Realty Trust owns and operates a portfolio of corporate office and industrial properties that are primarily net leased to single tenants that the company deems creditworthy.
The REIT’s portfolio consists of 121 properties (144 buildings) totaling 29.2 million square feet. The portfolio is 94.8 percent occupied with an average remaining lease term of 6.8 years. Major tenants include Amazon.com, General Electric, and Keurig Dr. Pepper, among others.
