Fortress Net Lease Reports Higher NAV
Improved valuations and stabilized liabilities contribute to the REIT’s month-over-month net asset value growth.
June 19, 2025
Fortress Net Lease Sees Gains in May NAV Amid Portfolio Stability
Fortress Net Lease is showing signs of steady momentum. As of May 31, 2025, the REIT reported a net asset value (NAV) of $1.14 billion —up from $1.07 billion at the end of April. Alongside that growth, the number of outstanding shares and units rose from 104,200 to 110,754.
NAV per share ticked upward across every share class:
- Class I increased from $10.2152 to $10.2370
- Class F-I rose to $10.2768
- Class D-S climbed to $10.4377
- Class E posted the highest value at $10.4982
What’s driving the change? A bump in real estate investment valuations played a key role, growing from $1.58 billion in April to $1.60 billion in May. Intangible assets also moved higher, reaching $258.1 million.
On the liability side, Fortress made progress in reducing outstanding debt. Combined balances on its revolving credit facility and term loan decreased by nearly $45 million month over month.
Cash positions adjusted modestly. Restricted cash declined from $72.4 million to $46.7 million, and cash and cash equivalents saw a small drop. These shifts were partly offset by a reduction in advance subscriptions and lower other liabilities, which helped balance out the changes.
Partnership units (OP Units)—which represent equity held by external stakeholders—also gained value, rising to $10.6088 per unit from $10.5643 the previous month.
Altogether, the data signals a portfolio that’s holding steady and edging upward. Fortress Net Lease continues to capture modest improvements across key metrics, giving shareholders a more transparent read on how the portfolio is evolving month by month.
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