Ares REIT Updates Monthly NAV Per Share

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 Sept. 30, 2022.

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 Sept. 30, 2022.

Each class of stock were valued at $8.887 per share, compared to $8.886 the previous month. The fund’s aggregate NAV increased from $2.18 billion in August to $2.20 billion in September.

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 $4.61 billion in August to $4.62 billion in September. Investments in unconsolidated joint venture partnerships increased from $119.1 million to $119.8 million. Debt related investments decreased from $153.3 million to $152.4 million month-over-month, while DST program loans decreased from $85.3 million to $84.6 million.

Cash and cash equivalents increased from $20.6 million in August to $24.2 million in September. Restricted cash decreased slightly from $4.5 million to $3.8 million, and other assets increased from $50.5 million to $51.5 million.

Line of credit, term loans and mortgage notes decreased from ($1.65 billion) to ($1.58 billion). Financing obligations associated with its DST program increased from ($1.19 billion) to ($1.17 billion) month-over-month, and other liabilities decreased from ($75.7 million) to ($79.8 million).

There were 247.1 million shares outstanding at the end of September compared to 245.0 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 Sept. 30, 2022, the REIT owned a portfolio of 89 real estate properties totaling approximately 18.5 million square feet that were 95.7% leased and had a leverage ratio of 31.7%.

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