12/16/2024 | Press release | Distributed by Public on 12/16/2024 15:23
Transaction Price (per share) |
||
Class S | $ | 10.8872 |
Class I | $ | 10.9920 |
Class D | $ | 11.0910 |
Class T | $ | 10.9920 |
Components of NAV | November 30, 2024 | |
Investments in real estate | $ | 1,807,320 |
Investments in real estate-related loans and securities | 73,840 | |
Investments in unconsolidated entities | 82,830 | |
Cash and cash equivalents | 20,703 | |
Restricted cash | 10,322 | |
Other assets | 11,961 | |
Debt obligations | (1,062,241) | |
Accrued stockholder servicing fees(1)
|
(222) | |
Management fee payable | (882) | |
Dividend payable | (4,704) | |
Subscriptions received in advance | (1,294) | |
Other liabilities | (36,920) | |
Non-controlling interests in joint ventures | (19,884) | |
Net asset value | $ | 880,829 |
Number of shares/units outstanding | 80,629 |
(1) |
Stockholder servicing fees only apply to Class S, Class T and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares of our common stock. As of November 30, 2024, we had accrued under GAAP approximately $17.7 million of stockholder servicing fees payable to the Dealer Manager related to the Class S and Class D shares sold (as of November 30, 2024, we had not sold any Class T shares).
|
Class S Shares |
Class I
Shares
|
Class D Shares |
Class T
Shares
|
Class C
Shares(1)
|
Class E Shares(1)
|
Third-party Class I OP Units(2)
|
Third-party Class E OP Units(2)
|
Total | ||||||||||
Net asset value | $ | 304,835 | $ | 163,426 | $ | 1,409 | $ | - | $ | 95,584 | $ | 14,617 | $ | 276,156 | $ | 24,802 | $ | 880,829 |
Number of shares/units outstanding | 27,999 | 14,868 | 127 | - | 8,922 | 1,331 | 25,123 | 2,259 | 80,629 | |||||||||
NAV per share/unit as of November 30, 2024
|
$ | 10.8872 | $ | 10.9920 | $ | 11.0910 | $ | - | $ | 10.7129 | $ | 10.9805 | $ | 10.9920 | $ | 10.9805 |
(1) | Class C and Class E shares of our common stock are not sold in this Offering. |
(2) | Includes the units of the Operating Partnership held by parties other than the Company. |
Property Type
|
Discount Rate
|
Exit Capitalization Rate
|
Rental Housing | 7.2% | 5.8% |
Net Lease | 6.9% | 5.9% |
Logistics | 7.1% | 6.0% |
Office | 8.3% | 7.5% |
Input |
Hypothetical Change |
Rental Housing Investment Values |
Net Lease Investment Values |
Logistics Investment Values |
Office Investment Values |
Discount Rate | 0.25% Decrease | 2.1% | 2.2% | 2.0% | 1.9% |
(weighted average) | 0.25% Increase | (2.0)% | (2.1)% | (2.0)% | (1.9)% |
Exit Capitalization Rate | 0.25% Decrease | 2.8% | 2.8% | 2.8% | 2.2% |
(weighted average) | 0.25% Increase | (2.6)% | (2.6)% | (2.7)% | (1.9)% |
Components of NAV |
October 31, 2024
|
|
Investments in real estate | $ | 1,804,980 |
Investments in real estate-related loans and securities | 81,673 | |
Investments in unconsolidated entities | 83,177 | |
Cash and cash equivalents | 19,226 | |
Restricted cash | 9,745 | |
Other assets | 19,055 | |
Debt obligations | (1,070,355) | |
Accrued stockholder servicing fees(1)
|
(231) | |
Management fee payable | (890) | |
Dividend payable | (4,725) | |
Subscriptions received in advance | (976) | |
Other liabilities | (40,040) | |
Non-controlling interests in joint ventures | (12,150) | |
Net asset value | $ | 888,489 |
Number of shares/units outstanding | 80,977 |
(1) |
Stockholder servicing fees only apply to Class S, Class T and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares of our common stock. As of October 31, 2024, we had accrued under GAAP approximately $18.2 million of stockholder servicing fees payable to the Dealer Manager related to the Class S and Class D shares sold (as of October 31, 2024, we had not sold any Class T shares).
|
Class S Shares |
Class I
Shares
|
Class D Shares |
Class T Shares |
Class C
Shares(1)
|
Class E Shares(1)
|
Third-party Class E OP Units(2)
|
Total | |||||||||
Net asset value | $ | 306,852 | $ | 449,687 | $ | 1,414 | $ | - | $ | 91,175 | $ | 38,430 | $ | 931 | $ | 888,489 |
Number of shares/units outstanding | 28,066 | 40,738 | 127 | - | 8,476 | 3,485 | 85 | 80,977 | ||||||||
NAV Per Share/Unit as of October 31, 2024
|
$ | 10.9331 | $ | 11.0385 | $ | 11.1365 | $ | - | $ | 10.7570 | $ | 11.0273 | $ | 11.0273 |
(1) | Class C and Class E shares of our common stock are not sold in this Offering. |
(2) | Includes the units of the Operating Partnership held by parties other than the Company. |