Apollo REIT Total Monthly NAV Up 3.87%; Acquires Two Properties
Apollo Realty Income Solutions Inc., a non-traded net asset value real estate investment trust sponsored by Apollo Global Management Inc., has declared its monthly aggregate NAV. It grew to $746.39 million, compared to $718.55 million the month prior, an increase of 3.87%.
Its declared monthly NAV per share as of May 31, 2024, was as follows (calculations based on full figures in filing, percentages rounded to the nearest hundredth):
Class S shares had a NAV per share of $20.8603, compared to $20.9090 per share the previous month (prior to shares being sold), a 0.23% decrease.
Class I shares had a NAV per share of $20.8063, compared to $20.7993 per share the previous month, a 0.03% increase.
Class F-I shares had a NAV per share of $20.6595, compared to $20.6502 per share the previous month, a 0.05% increase.
Class A-I shares had a NAV per share of $20.9638, compared to $20.9432 per share the previous month, a 0.10% increase.
Class A-II shares had a NAV per share of $20.9177, compared to $20.8976 per share the previous month, a 0.10% increase.
While the REIT has registered nine separate share classes, it has only sold the classes listed. As a result, the transaction price for the remaining share classes (D, F-S, F-D, A-III) is based on the company’s total NAV per share of $20.9290 as of May 31.
As of May 31, 2024, Apollo’s number of outstanding shares was 35.66 million.
Last month, the REIT made two acquisitions:
On May 17, it acquired the Hampton Rivers property, a newly constructed, 186-unit garden-style multifamily property located in the West Ashley submarket of Charleston, S.C. The property was acquired from an unaffiliated third party for approximately $49 million and is approximately 95% leased. Property amenities include a saltwater pool and private workspaces, and yoga center.
On May 29, 2024, the company acquired a newly constructed approximately 708,000 square foot distribution center in Byhalia, Miss. The Cayce Road property is 100% leased to an affiliate of PepsiCo through January 2031 with two five-year renewal options. The property was acquired on an all-cash basis from an unaffiliated third party for approximately $58 million. The property is primarily used for the distribution of Gatorade, Starbucks, Celsius, and other PepsiCo products and significantly expands PepsiCo’s distribution network in the region.
The REIT is currently offering up $5 billion in shares of common stock on a continuous basis, consisting of up to $4 billion in shares in its primary offering and up to $1 billion in shares pursuant to its distribution reinvestment plan. As of June 18, it has issued and sold in the offering approximately 31.8 million shares of its common stock (Class A-II shares, Class A-I shares, Class F-I shares, Class I shares, and Class S shares) in the primary offering for total proceeds of approximately $651 million; and nearly 136,000 shares of its common stock (Class A-I shares, Class F-I shares, Class A-II shares, Class I shares) pursuant to its distribution reinvestment plan for a total value of approximately $2.8 million.
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