Fortress Net Lease REIT, a recently launched, perpetual, non-traded real estate investment trust sponsored by Fortress Investment Group, reported a total net asset value of approximately $661.9 million as of Sept. 30, 2024. This was an increase of more than 7.18% compared to August’s monthly NAV of $617.5 million.
Its declared monthly NAV per share as of Sept. 30, was as follows (calculations based on full figures in filing, percentages rounded to the nearest hundredth):
Class F-S shares had a NAV per share of $10.0989. There was no previous NAV outstanding.
Class F-I shares had a NAV per share of $10.1098, compared to $10.0427 per share the previous month, a 0.67% increase.
Class D shares had a NAV per share of $10.1719, compared to $10.0932 per share the previous month, a 0.77% increase.
Class D-X shares had a NAV per share of $10.2121, compared to $10.1265 per share the previous month, a 0.85% increase. The REIT reported that Class D-X represents Class D common shares purchased during the initial share offering period and are currently entitled to a fee waiver.
Class E shares had a NAV per share of $10.2188, compared to $10.1342 per share the previous month, a 0.84% increase.
Fortress Net Lease REIT is focused primarily on acquiring, owning, financing and leasing a diversified portfolio of single-tenant commercial real estate properties subject to medium- to long-term net leases with creditworthy and/or investment-grade tenants or guarantors across the United States and other locations as the REIT sees fit. The fund has stated that it will seek to invest in any and all commercial property types that it deems appropriate, including retail, office, industrial, and other specialized-use assets.
The REIT is conducting a continuous private offering to accredited investors. The REIT’s management fee is 1% of NAV per annum, payable monthly, with a six-month waiver for certain share classes purchased during the initial share offering period.
The REIT’s stated investment objectives are to deliver superior risk-adjusted returns from a diversified real estate portfolio and to generate a known and predictable stream of cash flow by investing primarily in single-tenant net leased assets. The REIT said that it believes it may accomplish these objectives by utilizing Fortress’ extensive sourcing platform and capitalizing on Fortress’ strong financial underwriting experience.
Founded in 1998, Fortress Investment Group LLC is a leading global investment management firm. Fortress is headquartered in New York with affiliated offices worldwide and offers a range of alternative investment strategies. As of June 30, Fortress had $48 billion in managed assets.
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