Fortress Net Lease REIT

05/21/2025 | Press release | Distributed by Public on 05/21/2025 09:32

Material Event (Form 8-K)

Item 8.01. Other Events.
April 30, 2025NAV Per Share
On May 15, 2025, the Company reported the NAV per share for each class of common shares of the Company as of April 30, 2025, whichis set forth below:
NAV per Share
Class I $ 10.2152
Class F-S $ 10.1980
Class F-I $ 10.2467
Class D-S $ 10.3953
Class E $ 10.5982
Net Asset Value
A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of trustees. Our total NAV presented in the following tables includes the NAV of our outstanding classes of common shares, which includes Class I, Class F-S, Class F-D, Class F-I, Class D-S and Class E common shares, as well as the partnership interests ("OP Units") of FNLR OP LP (the "Operating Partnership"), if any, held by parties other than the Company.
The following table provides a breakdown of the major components of our NAV as of April 30, 2025(amounts in thousands):
Components of NAV Amount
Investments in real estate $ 1,583,504
Intangible assets 243,678
Cash and cash equivalents 7,792
Restricted cash 72,432
Other assets 18,743
Revolving credit facility and term loan (751,319)
Subscriptions received in advance (66,223)
Distribution payable (5,912)
Due to affiliate (4,981)
Other liabilities (24,803)
Net Asset Value $ 1,072,911
Number of outstanding shares/units 104,200
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of April 30, 2025 (amounts in thousands, except per share unit data):
Monthly NAV Number of outstanding shares/units NAV per Share/Unit as of April 30, 2025
Class I $ 32,576 3,189 $ 10.2152
Class F-S 82,539 8,094 $ 10.1980
Class F-D - - -
Class F-I 565,673 55,205 $ 10.2467
Class D-S 386,663 37,196 $ 10.3953
Class E 3,081 291 $ 10.5982
OP Units 2,379 225 $ 10.5643
Total $ 1,072,911 104,200
The following table provides a breakdown of the major components of our NAV as of March 31, 2025(amounts in thousands):
Components of NAV Amount
Investments in real estate $ 1,352,910
Intangible assets 211,065
Cash and cash equivalents 3,188
Restricted cash 76,563
Other assets 82,981
Revolving credit facility and term loan (627,091)
Subscriptions received in advance (69,329)
Distribution payable (5,569)
Due to affiliate (3,987)
Other liabilities (15,298)
Net Asset Value $ 1,005,433
Number of outstanding shares/units 97,848
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of March 31, 2025(amounts in thousands, except per share/unit data):
Monthly NAV Number of outstanding shares/units NAV per Share/Unit as of March 31, 2025
Class I $ 19,766 1,939 $ 10.1931
Class F-S 67,126 6,597 $ 10.1760
Class F-D - - -
Class F-I 523,717 51,222 $ 10.2245
Class D-S 381,659 36,829 $ 10.3631
Class D-X(1)
3,197 306 $ 10.4440
Class E 6,579 630 $ 10.4357
OP Units 3,389 325 $ 10.4432
Total $ 1,005,433 97,848
(1)Class D-X represents Class D common shares that were purchased during the Initial Share Offering Period (as defined in the Company's registration statement on Form 10 initially filed with the Securities and Exchange Commission on February 1, 2024 (as amended, the "Form 10")) and that are currently entitled to a fee waiver, as described in the Form 10. Pursuant to the fee waiver: (i) the Adviser has waived the management fee for six months for certain investors measured from the later of (x) the day on which such investor first purchased any such shares and (y) if applicable, the day on which such shares were released from escrow (such later date in respect of any investor, the "Issuance Date"); and (ii) FNLR SLP LLC, the special limited partner of the Operating Partnership, has waived the performance participation for six months for certain investors measured from the applicable Issuance Date.
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