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 June 30, 2022.
As of June 2022, the REIT’s Class T, Class D, and Class I shares were valued at approximately $15.26 per share, compared to $15.29 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 June 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 $7.93 billion in May to $8.53 billion in June. Investments in unconsolidated joint venture partnerships increased slightly from $20.8 million to $21.2 million, and Delaware statutory trust program loans increased from $100 million to $101.4 million, month-over-month.
Cash and cash equivalents decreased from $134.8 million in May to $113.7 million in June, and other assets decreased from $73.5 million to $59.4 million.
Lines of credit, term loan and mortgage notes increased from nearly ($2.64 billion) to ($3.07 billion), while other liabilities increased from ($101.5 million) to ($122.1 million).
The REIT had 299 million shares outstanding in June, compared to 294 million the previous month.
Ares Industrial Real Estate Income Trust launched its initial public offering in July 2017, and as of June 2022, has raised $3.3 billion in multiple offerings. The REIT’s follow-on offering was declared effective in August 2021 and has raised approximately $930.3 million, as of June 30, 2022.
The REIT’s real estate portfolio included 240 industrial buildings totaling approximately 49.1 million square feet. The portfolio was 97.1 percent occupied (98.4 percent leased) with a weighted-average remaining lease term of 4.4 years.