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 February 28, 2022.
As of February 28, 2022, all share classes were valued at $8.45 per share, compared to $8.25 the previous month.
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 $3.6 billion in January to nearly $3.8 billion in February. Debt related investments hovered around $107 million, while DST program loans increased from $64.3 million to $69.7 million month-over-month.
Cash and cash equivalents increased from $17.6 million in January to $34.8 million in February. Restricted cash increased slightly from $3.2 million to $4.3 million, and other assets decreased from $52.7 million to $49 million.
Line of credit, term loans and mortgage notes remained flat at ($1.4 billion). Financing obligations associated with its DST program increased from ($738 million) to ($841 million) month-over-month, and other liabilities increased from ($45.6 million) to ($51.7 million).
There were 212.6 million shares outstanding at the end of February, compared to 203.7 million the previous month.
As of February 28, 2022, the REIT owned a portfolio of 73 real estate properties totaling approximately 15 million square feet that were 94.1 percent leased.
The REIT launched in January 2006 and has raised $2.97 billion in multiple offerings. Its current offering has raised approximately $730.7 million from the sale of approximately 94.8 million shares, including proceeds from the distribution reinvestment plan of approximately $49.1 million, as of March 1, 2022.