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 Jan. 31, 2023.
Each class of stock were valued at $8.731 per share, compared to $8.823 the previous month. The fund’s aggregate NAV decreased from $2.32 billion in December to $2.30 billion in January.
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 decreased from $4.64 billion in December to $4.63 billion in January. Investments in unconsolidated joint venture partnerships increased from $141.3 million to $142.0 million. Debt related investments increased from $260.8 million to $261.4 million month-over-month, while DST program loans increased from $79.0 million to $81.3 million.
Cash and cash equivalents increased from $13.3 million in December to $21.5 million in January. Restricted cash decreased slightly from $3.9 million to $3.4 million, and other assets decreased from $44.3 million to $39.9 million.
Line of credit, term loans and mortgage notes increased from ($1.63 billion) to ($1.68 billion). Financing obligations associated with its DST program increased from ($1.14 billion) to ($1.16 billion) month-over-month, and other liabilities decreased from ($73.0 million) to ($53.4 million).
There were 263.5 million shares outstanding at the end of January compared to 263.2 million the previous month.
Ares Real Estate Income Trust launched in January 2006 and has raised more than $3 billion in multiple offerings. As of Jan. 31, 2023, the REIT owned a portfolio of 91 real estate properties totaling approximately 18.7 million square feet that were 95.1% leased and had a leverage ratio of 32.7%.