Ares Industrial Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust 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 January 31, 2022.
As of January 31, 2022, the REIT’s Class T, Class W, and Class I shares were valued at approximately $12.84 per share, compared to $12.50 per share the previous month. Shares were originally priced at $10.00 each plus applicable selling commissions and fees.
The REIT said that the NAV per share increase was primarily the result of “strong leasing, above-average market rent growth, and strengthening capital markets.”
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 January 31, 2022. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
The REIT’s investments in industrial properties increased from nearly $5.68 billion in December to roughly $5.78 billion in January. Investments in unconsolidated joint venture partnerships increased from $148 million to $161.1 million, and Delaware statutory trust program loans increased from $68.8 million to $73.3 million month-over-month.
Cash and cash equivalents increased from $216.9 million in December to $262.6 million in January, and other assets increased from $36.3 million to $40.5 million.
Lines of credit, term loan and mortgage notes remained flat at ($2.26 billion), while other liabilities decreased from ($73.5 million) to ($70 million).
The REIT had 267.5 million shares outstanding in January, compared to 258.2 million the previous month.
As of January 31, 2022, the REIT’s real estate portfolio included 193 industrial buildings totaling approximately 37.6 million square feet. The portfolio was 97.4 percent occupied (97.8 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 December 2021, has raised more than $2.7 billion in multiple offerings.
The REIT’s follow-on offering was declared effective in August 2021 and has raised approximately $461 million, as of January 31, 2022. The REIT is managed by Ares Management Corporation (NYSE: ARES).