After Recent Dip, Ares REIT Announces 2.3% Increase in Total Monthly NAV
Ares Industrial Real Estate Income Trust Inc., a monthly net asset value real estate investment trust sponsored by Ares Management Corporation, reported that its total NAV increased in value by 2.3% month-over-month as of the end of July, from approximately $3.97 billion to more than $4.06 billion.
Its declared monthly NAV per share (inclusive of Class T, Class D, and Class I shares) transaction and offering prices remained the same as of June 30 and July 31, holding at $12.6032.
Ares Industrial REIT’s leverage ratio was approximately 43.4% as of July 31, 2024.
As of the end of July, the REIT directly owned and managed a portfolio that included 248 industrial buildings totaling approximately 53.8 million square feet located in 30 markets throughout the United States and was 91.3% occupied (94.9% leased) with a weighted-average remaining lease term, based on square feet, of 3.8 years.
Quarter-to-date through July 31, the REIT has raised gross proceeds of approximately $24.9 million, including proceeds from its distribution reinvestment plan and the sale of Delaware statutory trust interests. The aggregate dollar amount of common stock requested for July, which were redeemed in full on Aug. 1, was $24.9 million. During July 2024, the REIT also issued 8.3 million operating partnership units in exchange for DST interests for a net investment of $104.7 million.
The company paid its normal monthly gross distribution of $0.05 per share for each share class for the month of July 2024. These distributions were paid to all stockholders of record as of the close of business on July 31.
As previously reported by The DI Wire, Ares Industrial REIT was one of the 12 largest REITS to report a positive return in the month of July, according to investment banking firm Robert Stanger & Co.
Ares Industrial Real Estate Income Trust is an industrial-focused real estate solution that seeks to deliver consistent distributions, capital preservation, and capital appreciation by investing in high-quality bulk and last-mile distribution facilities in key logistics markets across the nation.
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