Oaktree Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by alternative investment manager Oaktree Capital Management L.P., has declared a net asset value per share for its Class S and Class I common stock, as of March 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 March 31, 2021.
The REIT’s Class S shares were valued at approximately $10.61 per share and its Class I shares at nearly $10.73, as of March 31, 2021.
The previous month, Class S shares were valued at approximately $10.53 and Class I shares at $10.65 each. 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. 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 March 31, 2021.
The REIT’s investments in real properties increased from $352.3 million in February to $354.3 million in March. Investments in real estate-related securities decreased from $88.4 million to $86.3 million, month-over-month.
Cash and cash equivalents increased from $24.8 million in February to $27.4 million in March, while restricted cash decreased from $6.3 million to $3.7 million month-over-month. Other assets increased from $3.9 million in February to $5.4 million in March.
The REIT’s debt obligations decreased from ($229.3 million) in February to ($226.3 million) in March, while other liabilities increased from ($8.6 million) to ($14.5 million) month-over-month.
As of March 31, 2021, the portfolio was invested 76 percent in real property, 18 percent in real estate-related debt and 6 percent in cash and cash equivalents. The REIT’s real property investments are split between multifamily (63 percent) and office (37 percent). The company’s leverage ratio decreased to 45 percent compared to 46 percent in the prior month, the company said.
Oaktree Real Estate Income Trust plans 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-April 2021, the REIT raised $208.8 million in the primary offering and $3.5 million through its distribution reinvestment plan.