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 April 30, 2022.
As of April 2022, the REIT’s Class T, Class W, and Class I shares were valued at approximately $15.08 per share, compared to $14.49 per share the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
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.
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 April 30, 2022. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
The REIT’s investments in industrial properties increased from $6.86 billion in March to nearly $7.47 billion in April. Investments in unconsolidated joint venture partnerships increased slightly from $20.4 million to $20.6 million, and Delaware statutory trust program loans increased from $81.3 million to $85.6 million month-over-month.
Cash and cash equivalents decreased from $277.4 million in March to $166.8 million in April, and other assets increased from $58.2 million to $68 million.
Lines of credit, term loan and mortgage notes increased from ($2.35 billion) to nearly ($2.44 billion), while other liabilities decreased from ($105.4 million) to ($103.3 million).
The REIT had 288.7 million shares outstanding in April, compared to 280.8 million the previous month.
As of April 30, 2022, the REIT’s real estate portfolio included 209 industrial buildings totaling approximately 42.4 million square feet. The portfolio was 97.1 percent occupied (97.8 percent leased) with a weighted-average remaining lease term of 4.4 years.
Ares Industrial Real Estate Income Trust launched its initial public offering in July 2017, and as of March 2022, has raised $2.98 billion in multiple offerings.
The REIT’s follow-on offering was declared effective in August 2021 and has raised approximately $749.3 million, as of April 30, 2022.