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Ares Industrial REIT Per Share NAV Dips in January; All Redemption Requests Satisfied

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

As of January 2023, the REIT’s Class T, Class D and Class I shares were valued at approximately $15.15 per share, compared to $15.26 per share the previous month. The fund’s aggregate NAV remained at $4.89 billion.

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

Ares Industrial REIT also announced that it fully satisfied all stockholder redemption requests in January in the ordinary course. Additionally, Ares Industrial REIT reported that the company continued to experience positive net inflows in January from the proceeds of its capital raising efforts, including from its Delaware statutory trust program.

The REIT had 323.2 million fund interests (shares of common stock along with partnership units in the fund’s operating partnership) outstanding in January, compared to 318.8 million the previous month.

Ares Real Estate Income Trust launched in January 2006 and has raised more than $3 billion in multiple offerings. As of Sept. 30, 2022, the REIT owned a portfolio of 89 real estate properties totaling approximately 18.5 million square feet that were 95.7% leased and had a leverage ratio of 31.7%.

The REIT’s real estate portfolio is comprised of 241 industrial buildings totaling approximately 49.8 million square feet. The portfolio was 98.3% occupied (98.7% leased) with a weighted-average remaining lease term of 4.4 years. As of Oct. 31, 2022, the REIT’s leverage ratio was approximately 30.1%.

As The DI Wire previously reported, the company recently announced changes to its board of directors and executive management.

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