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 March 31, 2022.
As of March 31, 2022, all share classes were valued at $8.69 per share, compared to $8.45 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 nearly $3.77 billion in February to $3.81 billion in March. Investments in unconsolidated joint venture partnerships increased from $72.8 million in February to $98.4 million in March. Debt related investments hovered around $107 million, while DST program loans increased from $69.7 million to $73.4 million month-over-month.
Cash and cash equivalents decreased from $34.8 million in February to $22.6 million in March. Restricted cash remained flat around $4 million, and other assets increased slightly from $49 million to $51 million.
Line of credit, term loans and mortgage notes decreased from ($1.40 billion) to ($1.29 billion). Financing obligations associated with its DST program increased from ($841.1 million) to ($930.3 million) month-over-month, and other liabilities increased from ($51.7 million) to ($59.2 million).
There were 215.8 million shares outstanding at the end of March, compared to 212.6 million the previous month.
As of March 31, 2022, the REIT owned a portfolio of 72 real estate properties totaling approximately 14.9 million square feet that were 94.2 percent leased.
The REIT launched in January 2006 and has raised $2.97 billion in multiple offerings, as of February 2022. Its current offering has raised approximately $778.8 million from the sale of approximately 100.4 million shares, including proceeds from the distribution reinvestment plan of approximately $50.9 million, as of April 1, 2022.