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 Sept. 30, 2022.
As of September 2022, the REIT’s Class T, Class D, and Class I shares were valued at approximately $15.38 per share, compared to $15.35 per share the previous month. The fund’s aggregate NAV increased from $4.80 billion in August to $4.87 billion in September.
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 Sept. 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 $8.74 billion in August to $8.79 billion in September. Investments in unconsolidated joint venture partnerships grew from $21.2 million in August to $21.6 million in September, and Delaware statutory trust program loans increased from $118.3 million to $130.8 million, month-over-month.
Cash and cash equivalents increased from $48.8 million in August to $82.0 million in September, and other assets increased from $70.5 million to $75.9 million.
Lines of credit, term loan and mortgage notes decreased from ($2.84 billion) to ($2.76 billion), while other liabilities increased from ($142.8 million) to ($165.0 million).
The REIT had 312.4 million fund interests (shares of common stock along with partnership units in the fund’s operating partnership) outstanding in August, compared to 316.3 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 $1.1 billion, as of July 31, 2022.
The REIT’s real estate portfolio is comprised of 241 industrial buildings totaling approximately 49.8 million square feet. The portfolio was 98.1 percent occupied (98.6 percent leased) with a weighted-average remaining lease term of 4.4 years. As of July 31, 2022, the REIT’s leverage ratio was approximately 33.6 percent.
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