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 July 31, 2023.
Each class of stock were valued at $8.337 per share, compared to $8.394 the previous month. The fund’s aggregate NAV increased from $2.27 billion in June to $2.23 billion in July.
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 267.7 million shares outstanding at the end of July compared to 270.0 million the previous month.
The company also reported that it fully satisfied all stockholder redemption requests in July.
As The DI Wire previously reported in June 2023, the Ares REIT board of directors also authorized distributions in the amount of $0.03333 per share to stockholders of record on July 31, 2023, August 31, 2023, and September 29, 2023. The new monthly gross distribution per share reflects an increase to the amount of the previous monthly gross distribution of $0.03125 per share that has been paid since January 31, 2018. The distributions will be paid to stockholders on or around the last business day of each respective month.
Ares Real Estate Income Trust launched in January 2006 and has raised more than $3 billion in multiple offerings. As of June 30, 2023, the REIT owned a portfolio of 92 real estate properties totaling approximately 18.7 million square feet. They also owned 161 properties through their unconsolidated joint venture partnerships.