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 Feb. 28, 2023.
Each class of stock were valued at $8.699 per share, compared to $8.731 the previous month. The fund’s aggregate NAV decreased from $2.30 billion in January to $2.28 billion in February.
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 January to $4.58 billion in February. Investments in unconsolidated joint venture partnerships increased from $142.0 million to $142.3 million. Debt related investments decreased from $261.4 million to $259.4 million month-over-month, while DST program loans increased from $81.3 million to $91.3 million.
There were 262.0 million shares outstanding at the end of February compared to 263.5 million the previous month.
The company also reported that it “fully satisfied all stockholder redemption requests in February.”
Ares Real Estate Income Trust launched in January 2006 and has raised more than $3 billion in multiple offerings. As of Feb. 28, 2023, the REIT owned a portfolio of 91 real estate properties totaling approximately 18.6 million square feet that were 95.0% leased and had a leverage ratio of 31.7%.
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