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 November 30, 2021.
As of November 30, 2021, all share classes were valued at nearly $8.07, compared to approximately $7.93 last 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 $3.04 billion in October to $3.19 billion in November. Debt related investments hovered around $47.9 million, while DST program loans decreased slightly from $58.9 million to $57.2 million month-over-month.
Cash and cash equivalents increased from $10.3 million in October to $11.9 million in November. Restricted cash decreased from $14 million to $2.1 million, and other assets increased from $32.1 million to $56.1 million.
Line of credit, term loans and mortgage notes increased from ($1.02 billion) in October to ($1.09 billion) in November. Financing obligations associated with its DST program decreased from ($651.3 million) to ($646 million) month-over-month, and other liabilities decreased from ($56.3 million) to ($54.4 million).
As of November 30, 2021, Black Creek Diversified Property Fund owned a portfolio of 64 real estate properties totaling approximately 13.1 million square feet that were 94.1 percent leased.
The REIT launched in January 2006 and has raised more than $2.8 billion in multiple offerings. In its current offering, it has raised approximately $615.9 million from the sale of approximately 80.8 million shares, including proceeds from the distribution reinvestment plan of approximately $44 million, as of December 1, 2021.