Oaktree Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has declared a monthly net asset value per share for its common stock, as of August 31, 2021.
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 August 31, 2021.
Class S shares were valued at approximately $11.12 each, compared to $10.91 the previous month.
Class I shares had an NAV per share of $11.20, compared to nearly $10.99 the previous month.
Class C shares were valued at nearly $11.14, compared to $10.93 the previous month.
Shares were originally priced at $10.00 each, plus applicable upfront selling commissions and dealer manager fees.
Class S shares are available through brokerage and transactional-based accounts, while Class I shares are available to institutional investors. Class C shares were sold through a private offering.
The REIT also offers Class T or Class D shares, which are available through brokerage and transactional-based accounts, and fee-based programs, respectively, but had not sold any as of August 31, 2021.
Investments in real properties increased from $363.6 million in July to $371.1 million in August, while investments in real estate-related securities decreased from $84 million to $82.8 million. Cash and cash equivalents decreased from $37.1 million in July to nearly $35.1 million in August. Other assets increased from $4.6 million to $7.6 million month-over-month.
Debt obligations remained flat at ($230.1 million) while other liabilities decreased from ($16.3 million) in July to ($6.2 million) in August. Non-controlling interests in joint ventures increased from ($13.8 million) to ($15.3 million).
There were nearly 22.2 million shares outstanding in August compared to 21.2 million the previous month.
As of August 31st, the REIT’s portfolio was invested 75 percent in real property, 17 percent in real estate-related debt, and 8 percent in cash and cash equivalents. The real property investments are split between multifamily (65 percent) and office (35 percent). The company’s leverage ratio increased to 43 percent compared to 42 percent in the prior month.
Oaktree Real Estate Income Trust launched its $2 billion offering in April 2018 to invest primarily in what it deems as “high quality” commercial real estate assets located across the top 50 markets in the United States. As of mid-September 2021, the REIT raised $213.8 million in the primary offering and $5.6 million through its distribution reinvestment plan.