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 February 28, 2022.
As of February 2022, the REIT’s Class T, Class W, and Class I shares were valued at approximately $13.57 per share, compared to $12.84 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 February 28, 2022. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
The REIT’s investments in industrial properties increased from roughly $5.78 billion in January to $6.5 billion in February. Investments in unconsolidated joint venture partnerships decreased from $161.1 million to $14.7 million, and Delaware statutory trust program loans increased from $73.3 million to $81.2 million month-over-month.
Cash and cash equivalents increased from $262.6 million in January to $270.7 million in February, and other assets increased from $40.5 million to $48.1 million.
Lines of credit, term loan and mortgage notes increased from ($2.26 billion) to ($2.42 billion), while other liabilities increased from ($70 million) to ($85.4 million).
The REIT had 275.8 million shares outstanding in February, compared to 267.5 million the previous month.
As of February 28, 2022, the REIT’s real estate portfolio included 202 industrial buildings totaling approximately 39.3 million square feet. The portfolio was 96.8 percent occupied (99.2 percent leased) with a weighted-average remaining lease term of 4.5 years.
Ares Industrial Real Estate Income Trust launched its initial public offering in July 2017, and as of January 2022, has raised more than $2.8 billion in multiple offerings.
The REIT’s follow-on offering was declared effective in August 2021 and has raised approximately $568.1 million, as of February 28, 2022.