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Cole Credit Property Trust V Follow-On Offering Declared Effective

August 4, 2017

 

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Cole Credit Property Trust V Follow-On Offering Declared Effective

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August 3, 2017 | by James Sprow | Blue Vault

On August 1, 2017, a follow-on offering by Cole Credit Property Trust V of $1,500,000,000 in shares of common stock was declared effective by the SEC. Of these shares, the REIT is offering up to $1,200,000,000 in shares of common stock pursuant to the primary portion of the follow-on offering, consisting of two classes of shares: $660,000,000 in Class A shares and $540,000,000 in Class T shares. It is also offering up to $300,000,000 in shares pursuant to the distribution reinvestment plan portion of the follow-on offering.

The minimum initial investment for either class of shares is $2,500.

According to the pre-effective amendment to the S-11 filing which was filed on June 23, 2017, the Class A shares are being offered at $26.37 per share and the Class T shares are being offered at $25.26 per share. The offering prices are based on the estimated NAV as of December 31, 2016, as determined by the board of directors on March 24, 2017, plus any applicable per share up-front selling commissions and dealer manager fees. Class A and Class T DRIP shares are priced at $24.00 per share.

The follow-on offering will continue until August 1, 2019, unless the board of directors terminates the offering at an earlier date or all shares being offered have been sold.

During the month of July 2017, the REIT accepted investors’ subscriptions for, and issued, a total of approximately 227,000 shares of common stock in its initial offering, resulting in gross proceeds of approximately $5.7 million, consisting of approximately 189,000 shares of common stock in the primary portion of the initial offering, resulting in gross proceeds of approximately $4.8 million ($2.3 million in Class A shares and $2.5 million in Class T shares), and approximately 38,000 shares of common stock pursuant to the distribution reinvestment plan portion of the initial offering, resulting in gross proceeds of approximately $909,000. As of July 31, 2017, the REIT had accepted investors’ subscriptions for, and issued, a total of approximately 15.2 million shares of common stock in the initial offering, resulting in gross proceeds of approximately $381.0 million ($357.4 million in Class A shares and $23.6 million in Class T shares; including shares issued pursuant to its distribution reinvestment plan).

The REIT invests in single-tenant necessity retail properties or anchored shopping centers leased to national or regional credit0-worthy tenants under long-term, net leases. 

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