Ares Industrial REIT NAV Per Share Tumbles 2.5% in August

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., declared its monthly net asset value per share for its classes of common stock as of Aug. 31, 2023.

At the end of August 2023, the REIT’s Class T, Class D and Class I shares were valued at approximately $13.74 per share, compared to $14.10 per share the previous month, a decrease of more than 2.5%. The fund’s aggregate NAV dropped more dramatically month-over-month, from $4.42 billion in July to $4.24 billion in August – a drop of approximately 4.0%.

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 Aug. 31, 2023. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.

Through the first two months of the third quarter, Ares Industrial REIT received common stock redemption requests totaling $157.million, all of which were redeemed.

The REIT had 308.7 million fund interests (shares of common stock along with partnership units in the fund’s operating partnership) outstanding in July, compared to 313.1 million the previous month.

As of Aug. 31, 2023, Ares Industrial REIT’s real estate portfolio was comprised of 252 industrial buildings totaling approximately 53.1 million square feet. The portfolio was 94.6% occupied (94.7% leased) with a weighted-average remaining lease term of 4.2 years.

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