Ares Industrial REIT Announces Slight Decrease in Monthly NAV Per Share
Ares Industrial Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust managed by Ares Management Corporation (NYSE: ARES) and formerly known as Black Creek Industrial REIT IV Inc., announced the company has declared a monthly net asset value per share for its classes of common stock, as of June 30, 2023.
At the end of June 2023, the REIT’s Class T, Class D and Class I shares were valued at approximately $14.44 per share, compared to $14.51 per share the previous month. The fund’s aggregate NAV lowered slightly from $4.61 billion in May to $4.60 billion in June.
Class T shares are available to the general public; Class W shares are generally available through fee-based programs known as wrap accounts; and Class I shares are available to institutional investors. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
The NAV per share is based on the estimated value of the company’s assets, less the estimated value of its liabilities divided by the number of outstanding shares, all as of June 30, 2023. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
The REIT had 315.9 million fund interests (shares of common stock along with partnership units in the fund’s operating partnership) outstanding in June, compared to 317.7 million the previous month.
The company redeemed all shares submitted for repurchase during the first quarter of 2023, totaling 8.9 million shares repurchased for $135 million.
As The DI Wire previously reported, Ares Industrial’s board of directors authorized an increase to the amount of monthly gross distributions for each class of their common stock.
As of March 31, 2023, Ares Industrial REIT’s real estate portfolio is comprised of 244 industrial buildings totaling approximately 50.7 million square feet. The portfolio was 97.5% occupied (98.4% leased) with a weighted-average remaining lease term of 4.2 years. As of Feb. 28, 2023, the REIT’s leverage ratio was approximately 32.4%.
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