Ares Real Estate Income Trust Total Monthly NAV Decreases by 1.6%

Ares Real Estate Income Trust, a publicly registered net asset value-based perpetual life real estate investment trust formerly known as Black Creek Diversified Property Fund, had an aggregate NAV of $2.21 billion as of May 31, 2014, an approximate 1.6% decrease from $2.24 billion at the end of the previous month.

The REIT’s NAV per share for each class of common stock – Classes T, S, D, I, and E – was approximately $7.61 as of May 31, about a 0.9% decrease from $7.68 at the end of the prior month.

In personnel news, Lainie Minnick announced she would step down as the company’s partner and head of debt capital markets. Minnick will remain with the REIT to assist with the transition until Oct. 4, 2024, her official resignation date.

Last month, the REIT announced it was closing its public primary offering of shares effective July 2, and starting a perpetual private offering of multiple classes of common stock, including a distribution reinvestment plan.

As of June 1, 2024, the Ares REIT had raised gross proceeds of approximately $322.5 million from the sale of approximately 36.7 million shares in the offering, including proceeds from its distribution reinvestment plan of approximately $54.1 million. As of June 1, approximately $9.68 billion in shares remained available for sale pursuant to this offering, including approximately $1.45 billion in shares available for sale through the distribution reinvestment plan.

Launched in January 2006, Ares Real Estate Income Trust owns 101 properties across the residential, industrial, retail, and office sectors, which were 95.2% leased. The properties total approximately 20.6 million square feet located in 33 markets throughout the United States.

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