Ares Industrial REIT Reports Lower 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 July 31, 2023.

At the end of July 2023, the REIT’s Class T, Class D and Class I shares were valued at approximately $14.10 per share, compared to $14.44 per share the previous month. The fund’s aggregate NAV lowered slightly from $4.60 billion in June to $4.42 billion in July.

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

The REIT had 313.1 million fund interests (shares of common stock along with partnership units in the fund’s operating partnership) outstanding in July, compared to 315.9 million the previous month.

The company redeemed all shares submitted for repurchase during July 2023, totaling $81.3 million.

As of June 30, 2023, Ares Industrial REIT’s real estate portfolio was comprised of 249 industrial buildings totaling approximately 52.7 million square feet. The portfolio was 95.1% occupied (96% leased) with a weighted-average remaining lease term of 4.1 years.

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