Ares Industrial REIT Reports Further Decline in NAV

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 Feb. 28, 2023.

At the end of February 2023, the REIT’s Class T, Class D and Class I shares were valued at approximately $15.03 per share, compared to $15.15 per share the previous month, equal to a month-over-month decline of approximately 0.79%. The fund’s aggregate NAV remained at approximately $4.83 billion.

As The DI Wire previously reported, Ares Industrial REIT’s NAV dropped the previous month as well.

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 Feb. 28, 2023. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.

The REIT had 321.2 million fund interests (shares of common stock along with partnership units in the fund’s operating partnership) outstanding in February, compared to 323.2 million the previous month.

As of Dec. 31, 2022, Ares Industrial REIT’s real estate portfolio is comprised of 243 industrial buildings totaling approximately 50.2 million square feet. The portfolio was 98.1% occupied (98.9% 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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