Skip to content

Ares Industrial REIT Reports Slight Decrease in Total Monthly NAV

By Mari Nicholson

Ares Industrial REIT Reports Slight Decrease in Total Monthly NAV

Ares Industrial Real Estate Income Trust Inc., a monthly net asset value real estate investment trust sponsored by Ares Management Corporation, reported that its total NAV decreased in value by approximately 0.3% month-over-month as of the end of September, from approximately $4.045 billion to just over $4.033 billion.

Its declared monthly NAV per share (inclusive of Class T-R, D-R, and I-R shares) was $12.6234 as of Sept. 30, 2024, a 0.09% increase on the $12.6116 monthly NAV per share at the end of August. Class S-PR and I-PR shares also had a $12.6234 monthly NAV per share at the end of September, but no shares outstanding at the end of August.

Ares Industrial REIT’s leverage ratio was approximately 44.6% as of Sept. 30.

As of the end of the third quarter of 2024, the REIT directly owned and managed a portfolio that included 248 industrial buildings totaling approximately 53.8 million square feet located in 30 markets throughout the United States and was 93.7% occupied (95.6% leased) with a weighted-average remaining lease term, based on square feet, of 3.9 years.

For the quarter ended Sept. 30, the REIT has raised gross proceeds of approximately $64.2 million, including proceeds from its distribution reinvestment plan and the sale of Delaware statutory trust interests. The aggregate dollar amount of common stock and operating partnership unit redemptions requested for July, August, and September which were redeemed on the 1st of each following month, respectively, was $71.1 million.

The company paid its normal monthly gross distribution of $0.05 per share for each share class for the month of September. These distributions were paid to all stockholders of record as of the close of business on Sept. 30.

During the three months ended Sept. 30, the REIT sold two industrial buildings for a gross sales price of $32.2 million. Its accounting basis (net of accumulated depreciation and amortization) for these buildings as of the disposition date was approximately $17.7 million.

Ares Industrial Real Estate Income Trust is an industrial-focused real estate solution that seeks to deliver consistent distributions, capital preservation, and capital appreciation by investing in high-quality bulk and last-mile distribution facilities in key logistics markets across the nation.

Click here to visit The DI Wire directory page.

follow the DI Wire on LinkedIn

follow the DI Wire on Google News