Ares Real Estate Income Trust Inc., a publicly registered NAV-based perpetual life real estate investment trust formerly known as Black Creek Diversified Property Fund, has updated its net asset value per share for its Class T, Class S, Class D, Class I, and Class E shares of common stock, as of May 31, 2022.
As of May 31, 2022, all share classes were valued at $8.88 per share, compared to $8.83 the previous month.
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. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.
Total investments in real estate properties increased from $4.49 billion in April to $4.51 billion in May. Investments in unconsolidated joint venture partnerships increased from $102.1 million to $103.4 million month-over-month. Debt related investments increased slightly from around $107.7 million to $108.2 million, while DST program loans increased from $80.5 million to $83.3 million.
Cash and cash equivalents increased from $27 million in April to $31.3 million in May. Restricted cash remained flat around $4 million, and other assets increased slightly from $50.6 million to $51.3 million.
Line of credit, term loans and mortgage notes decreased from ($1.84 billion) to ($1.77 billion). Financing obligations associated with its DST program increased from ($994.9 million) to ($1.03 billion) month-over-month, and other liabilities increased from ($58.5 million) to ($64.1 million).
There were 225.1 million shares outstanding at the end of May, compared to 220.8 million the previous month.
The REIT launched in January 2006 and has raised $3.05 billion in multiple offerings, as of March 2022. As of May 31, 2022, the REIT owned a portfolio of 79 real estate properties totaling approximately 16.8 million square feet that were 95.1 percent leased.
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