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 February 28, 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 February 28, 2021.
The REIT’s Class S shares were valued at approximately $10.53 per share and its Class I shares at nearly $10.65. The previous month, Class S shares were valued at approximately $10.50 and Class I shares at $10.62 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 February 28, 2021.
As of February 28, 2021, the REIT’s investment in real properties remained flat at $352.3 million. Investments in real estate-related securities increased from $71.1 million in January to $88.4 million in February.
Cash and cash equivalents decreased from $39.3 million to $24.8 million month-over-month, while restricted cash increased slightly from $6.1 million in January to $6.3 million in February. Other assets totaled $3.9 million in February, compared to $3.7 million the previous month.
The REIT’s debt obligations remained flat at ($229.4 million) and ($229.3 million) in January and February, respectively, while other liabilities decreased from ($9.3 million) to ($8.6 million) month-over-month.
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-March 2021, the REIT raised $209.2 million in the primary offering and $3.2 million through its distribution reinvestment plan.