Ares REIT NAV Declined by Nearly 1% in September
Ares Real Estate Income Trust Inc., a publicly registered net asset value-based perpetual life real estate investment trust formerly known as Black Creek Diversified Property Fund, announced the company has declared a monthly net asset value per share for its classes of common stock, as of Sept. 30, 2023.
Each class of stock were valued at $8.225 per share, compared to $8.254 the previous month, a decline of 0.4%. The fund’s aggregate NAV decreased from $2.20 billion in August to $2.18 billion in September, a decline of 0.9%.
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.
There were 264.8 million shares outstanding at the end of September compared to 266.9 million the previous month.
The company also reported that it fully satisfied all stockholder redemption requests in September. The company says they were redeemed in full on Aug. 1, 2023, Sept. 1, 2023, and Oct. 1, 2023, respectively, for a total of $58.1 million.
Ares Real Estate Income Trust launched in January 2006 and has raised more than $3 billion in multiple offerings. As of Sept. 30, 2023, the REIT owned a portfolio of 95 real estate properties totaling approximately 19.6 million square feet.