What Happened to Black Creek Group (Dividend Capital)? Every Vehicle, Every Sale, and What a Share Became
Quick Answer
Black Creek Group, the Denver sponsor that began as Dividend Capital, did not fail: it sold its U.S. real estate investment advisory and distribution business to Ares Management, and Ares closed the purchase on July 1, 2021. The older public REITs did not end with Ares; they ended earlier, in cash. Industrial Income Trust paid $10.30 a share when an affiliate of Global Logistic Properties bought it on November 4, 2015, plus $0.26 from a loan and trust units that made a final $0.5509 distribution on December 20, 2017: about $11.11 in all (our arithmetic) on shares sold at $10.00 and $10.40. Industrial Property Trust sold substantially all its assets to Prologis on January 8, 2020 and paid a $12.54 special distribution, then a final $1.1815 on July 28, 2020: $13.72 on a $10.00 share (our arithmetic). DCT Industrial listed on the NYSE on December 13, 2006 and became 1.02 Prologis shares per share on August 22, 2018. Two Black Creek vehicles still exist: Dividend Capital Total Realty Trust, now Ares Real Estate Income Trust, whose NAV was $8.2769 on August 31, 2026 against the $10.00 shares sold from 2006, and Black Creek Industrial REIT IV, now Ares Industrial Real Estate Income Trust, at $13.3703. As of October 7, 2026.
Key Takeaways
- Five SEC-registered public vehicles came out of Dividend Capital and Black Creek: Dividend Capital Trust (listed 2006 as DCT Industrial, bought by Prologis in 2018), Dividend Capital Total Realty Trust (now AREIT), Industrial Income Trust (sold in 2015), Industrial Property Trust (sold in 2020) and Black Creek Industrial REIT IV (now AIREIT). Only Dividend Capital Total Realty Trust and Black Creek Industrial REIT IV are still operating, now as AREIT and AIREIT.
- Industrial Income Trust raised about $2.2 billion on shares sold at $10.00 and then $10.40. Holders received $10.30 in cash at the November 4, 2015 merger (a $4.55 billion deal funded by Global Logistic Properties), $0.26 per share of loan proceeds and trust units that paid $0.5509 on December 20, 2017, against a $0.56 estimate: $11.1109 in total (our arithmetic), $1.11 above a $10.00 share.
- Industrial Property Trust raised about $1.9 billion at $10.00. After Prologis agreed to pay $12.44 a share in July 2019, a third party filed offers at $9.00 to $9.25 a share during 2019 and the board told holders to reject the last one. Holders received $12.54 on January 8, 2020 and $1.1815 on July 28, 2020: $13.7215 (our arithmetic), $4.47 more than the $9.25 offer.
- Both endgames ended with a Black Creek-named vehicle on the buying side. Industrial Income Trust's liquidating trust sold its last 10 properties for $190,500,000 to subsidiaries of Black Creek Industrial Open End Fund OP LP; Industrial Property Trust sold its remaining interests for $301 million in cash to a subsidiary of Black Creek Industrial REIT IV, and its 8-K says the two companies are “also sponsored by affiliates of Black Creek Group”.
- Dividend Capital Total Realty Trust (AREIT) paid $0.60 a share a year from 2007 to 2010, set an $8.45 estimated value in March 2011, started daily NAVs at $6.69 on July 12, 2012 (the date it became Dividend Capital Diversified Property Fund) and stood at $8.2769 on August 31, 2026, 17.2% below $10.00 (our arithmetic).
- Ares announced the purchase on May 20, 2021: up to 3,496,353 operating group units at closing plus cash, and up to $137.5 million of earnout in units or shares. Black Creek had $13.7 billion of assets under management at June 30, 2021. Ares did not buy the former sponsor entity of AIREIT, and renamed the two REITs on November 30, 2021 (AREIT) and February 9, 2022 (AIREIT).
CSV · 131 rows
Black Creek Group and Dividend Capital: every SEC-registered vehicle, the per-share payouts and the Ares acquisition
131 rows from 10-Ks, 8-Ks, proxies, tender-offer filings and EDGAR entity records of Dividend Capital Trust, Industrial Income Trust, Industrial Property Trust, Dividend Capital Total Realty Trust and Black Creek Industrial REIT IV, plus Ares Management's May 2021 8-K, Q2 2021 10-Q and 2021 10-K, with form and accession number on every row.
The roll call: every public Black Creek vehicle and what a share became
Searching EDGAR for “Black Creek” returns many private funds, operating partnerships and unrelated companies. Five vehicles were sold to the public through brokers and filed 10-Ks. This is what each one's own filings say.
| Vehicle (CIK) | Offering price and amount raised | Event | Date | What one original share became |
|---|---|---|---|---|
| Dividend Capital Trust, then DCT Industrial Trust (1170991) | $10.00, later $10.50; about $1.4 billion of net proceeds from four offerings (June 30, 2006) | Listed on the NYSE as DCT; acquired by Prologis | Dec 13, 2006; Aug 22, 2018 | Traded between $11.13 and $13.00 in late 2006; 1.02 Prologis shares per share in 2018 (Prologis price not in the filings I saved) |
| Industrial Income Trust, later DC Industrial Liquidating Trust (1464720) | $10.00, then $10.40; about $2.2 billion from 215.1 million shares (Dec 31, 2014) | Merged into a Global Logistic Properties affiliate; trust sold its last properties | Nov 4, 2015; Dec 6 and Dec 20, 2017 | $10.30 cash + $0.26 + $0.5509 = $11.1109 (our arithmetic) |
| Industrial Property Trust (1558441) | $10.00; about $1.9 billion from 184.0 million shares (Dec 31, 2019) | Sold substantially all assets to Prologis; sold the rest to a Black Creek REIT; dissolved | Jan 8, 2020; Jul 15, 2020; Jul 28, 2020 | $12.54 + $1.1815 = $13.7215 (our arithmetic); Class T received up to $0.17 less of the first payment |
| Dividend Capital Total Realty Trust, now Ares Real Estate Income Trust (1327978) | $10.00; about $1.8 billion gross at Dec 31, 2008 | Daily NAV from July 12, 2012; Ares rename Nov 30, 2021 | Ongoing | NAV $8.2769 at Aug 31, 2026, 17.2% below $10.00 (our arithmetic) |
| Black Creek Industrial REIT IV, now Ares Industrial Real Estate Income Trust (1625941) | $10.00 for Class W and I until the first NAV; $517.7 million gross at Dec 31, 2019 | Ares rename Feb 9, 2022 | Ongoing | NAV $13.3703 at Aug 31, 2026, 33.7% above $10.00 (our arithmetic) |
Two patterns stand out. The two vehicles that sold, Industrial Income Trust and Industrial Property Trust, both paid out more than the offering price in cash; for contrast, see how Griffin Capital's net-lease REITs and United Development Funding ended. And the two that remain, both now run by Ares, sit on opposite sides of $10.00: the diversified fund below it, the industrial fund above it. Distributions are not in this table; each section below gives what the filings show.
Dividend Capital, Black Creek, Ares: what changed hands in 2021
The sponsor name changed several times, and the filings show it through the broker-dealer that sold the shares. EDGAR's record for the dealer manager lists Dividend Capital Securities, LLC until February 2017 and Black Creek Capital Markets, LLC from 2018 to March 2021; Ares' 2021 10-K describes the dealer manager as Ares Wealth Management Solutions, LLC, “formerly known as Black Creek Capital Markets, LLC”. The link between the first Dividend Capital REIT and its later sibling is stated in DCT's own 2006 proxy: one of its directors was a manager of Dividend Capital Total Advisors Group LLC, “which owns the advisor of DCTRT”.
The Ares purchase was announced on May 20, 2021. Ares' own 8-K said it would deliver “up to an aggregate of approximately 3,496,353 operating group units” at closing, in addition to cash consideration, about 1% of its total equity, plus up to $137.5 million of earnout in units or shares if revenue milestones were met. Ares closed on July 1, 2021. Its June 2021 10-Q puts Black Creek's assets under management at $13.7 billion, and its 2021 10-K recorded a $42.3 million bargain purchase gain, meaning the assets it identified were worth more than the purchase consideration. The 8-K filed by what is now AIREIT adds two details a holder should know: Ares bought the advisory and distribution business, and “Ares did not acquire BCI IV Advisors Group LLC”, the REIT's former sponsor entity; and the advisory agreement was assigned to Ares Commercial Real Estate Management LLC.
Neither REIT was acquired. Their shares are the same shares; the manager changed, and so did the names: AREIT on November 30, 2021 and AIREIT on February 9, 2022. For both, see our full reviews of AREIT and AIREIT.
Dividend Capital Trust: the 2006 listing and the 2018 Prologis exchange
The first Dividend Capital REIT sold $10.00 shares and, in its third and fourth registered offerings, $10.50 shares, raising about $1.4 billion of net proceeds between December 2002 and mid-2006. It listed on the NYSE as DCT Industrial on December 13, 2006, the same day its share redemption program ended under its terms, and between listing and year-end 2006 it traded between $11.13 and $13.00. The 2006 proxy had contemplated a reverse stock split of two shares into one at listing; the 10-K shows 168,354,596 shares still outstanding on February 28, 2007 with the stock at $11.31, so no such split appears in what I read. Prologis completed its acquisition on August 22, 2018 at 1.02 Prologis shares per DCT share, issuing about 96,212,000 shares. A holder of 1,000 original shares therefore ended with 1,020 Prologis shares; the Prologis price on that day is not in the 8-K, so I do not convert it to dollars.
Industrial Income Trust: three payments over two years
Industrial Income Trust offered shares from December 18, 2009 at $10.00 and from April 17, 2012 at $10.40, and had raised about $2.2 billion from 215.1 million shares by December 31, 2014. It paid $0.625 a share in each of 2012, 2013 and 2014; in 2014 $0.420 of that, about 67% (our arithmetic), was non-taxable return of capital. Its board set an estimated NAV of $11.04 at December 31, 2014.
On July 28, 2015 it agreed to merge into an entity controlled by Global Logistic Properties for $10.30 in cash per share. Before the merger it moved 11 properties still in development or lease-up into a liquidating entity whose units went to stockholders; the proxy estimated that entity at $0.82 a share and the total package at $11.12, which is $0.08 above the $11.04 NAV (our arithmetic). Stockholders approved on October 21, 2015 (119,858,691 for, 1,722,726 against, 3,276,060 abstaining), and the merger closed on November 4, 2015 at a value of about $4.55 billion. The same 8-K records that the former advisor and an affiliate were paid about $91.0 million for their operating-partnership units.
What holders then received, in the order the filings record it:
- $10.30 in cash at the merger.
- $0.26 a share of net cash proceeds from borrowings, which the liquidating trust's 10-K says each share received alongside one trust unit valued at an initial $0.56.
- $0.5509 a share on December 20, 2017, the trust's final distribution, $0.0091 below the $0.56 estimate (our arithmetic). It followed the December 6, 2017 sale of the trust's last 10 properties for $190,500,000 to subsidiaries of Black Creek Industrial Open End Fund OP LP, after a separate August 3, 2017 sale of the Cajon Distribution Center for about $60.2 million.
Total: $11.1109 a share (our arithmetic), $1.11 above a $10.00 share and $0.71 above a $10.40 share, before the distributions paid up to 2015. The December 21, 2017 8-K calls the $0.5509 “the final disbursement of the Unitholders’ interest in the Trust”, and the trust's post-termination services agreement with its new advisor ran to December 31, 2020.
Industrial Property Trust: from $12.44 to $13.72, a mini-tender and a $301 million related-party sale
Industrial Property Trust began offering $10.00 shares on July 24, 2013 and had raised about $1.9 billion from 184.0 million shares by December 31, 2019. Its estimated NAV rose from $9.24 (June 30, 2015) to $9.74, $11.11 and $12.33 (November 30, 2016, 2017 and 2018). Of its distributions, 70.87%, 52.10% and 60.55% were return of capital in 2016, 2017 and 2018.
On July 15, 2019 it agreed to be acquired by Prologis for $12.44 a share. In the months that followed, Everest REIT Investors I, LLC filed tender offers for its shares: Class T at $9.00 (July 29, 2019) and $9.01 (August 19, 2019), and Class A at $9.00 (October 28, 2019), amended to $9.25. The company's Schedule 14D-9 said its board “unanimously recommends that the Company’s stockholders REJECT the Everest Offer and NOT tender their shares”. What holders who did not tender received was $4.47 a share more than the $9.25 offer (our arithmetic: $13.7215 less $9.25).
The sale closed on January 8, 2020 for about $4.0 billion, including about $744.9 million of mortgage notes Prologis paid off. The waterfall in the 8-K: $957.3 million repaid credit facilities, $57.9 million went to the holder of the special partnership units (a later 8-K, filed February 4, 2020, describes the special limited partner as an affiliate of the sponsor), $24.75 million went to the external advisor as an asset management fee, and $2.23 billion was distributed to stockholders as a $12.54 special distribution per share. Class T shares received up to $0.17 less. The board then set an estimated NAV of $1.25 a share for what was left, mostly two joint ventures.
On July 15, 2020 the operating partnership sold those remaining interests for $301 million in cash to a subsidiary of Black Creek Industrial REIT IV. The 8-K says both companies are “also sponsored by affiliates of Black Creek Group”, and that each side's special committee used its own financial advisor, with CBRE Capital Advisors delivering a fairness opinion to Industrial Property Trust's committee. The final distribution of $1.1815 a share followed on July 28, 2020, 5.5% below the $1.25 NAV (our arithmetic), and the company ended its existence at 5:00 p.m. Eastern the same day. The filings describe a Liquidator Services Agreement with reserves of $471,000 for claims, ending December 31, 2023, not a trust whose units holders keep.
Total: $12.54 + $1.1815 = $13.7215 a share (our arithmetic), $3.72 above $10.00 and 11.3% above the last regular NAV of $12.33. Of the $2.23 billion that reached stockholders, the sponsor-side payments in the same waterfall added up to $82.65 million (our arithmetic), 3.7% of that figure.
Dividend Capital Total Realty Trust to AREIT: the longest per-share trail
This is the one Black Creek vehicle whose original shares still exist. It began its offering on January 27, 2006 at $10.00, had raised about $1.8 billion gross by December 31, 2008, and has kept the same SEC registrant through four names.
| Date | Per-share figure | What it is |
|---|---|---|
| 2006 | $0.42 | Distributions declared in the first year |
| 2007 to 2010 | $0.60 a year | Distributions declared, 6.0% of $10.00 (our arithmetic) |
| 2011 | $0.575 | Distributions declared |
| Mar 11, 2011 | $8.45 | Board's estimated value per share |
| Jul 12, 2012 | $6.69 | First daily NAV, when it became a NAV REIT and changed its name to Dividend Capital Diversified Property Fund |
| 2012 | $0.4625 | Distributions declared (weighted average) |
| 2013 and 2014 | $0.3499 and $0.3492 | Distributions declared (weighted average) |
| 2015 to 2017 | $0.3600 a year | Distributions declared |
| 2018 and 2019 | $0.3750 a year | Distributions declared |
| Q4 2025 | $7.9404 to $8.0353 | NAV range in the 2025 10-K |
| Aug 31, 2026 | $8.2769 | NAV per Fund Interest in the September 2026 8-K |
The names: Dividend Capital Total Realty Trust until July 12, 2012, Dividend Capital Diversified Property Fund from then, Black Creek Diversified Property Fund from September 2017 (EDGAR's former-name record) and Ares Real Estate Income Trust from November 30, 2021. The first rename is dated in the 2012 10-K, which says the company changed its name immediately after commencing the NAV offering on July 12, 2012.
For a holder who bought a $10.00 share in 2006 and kept it, the declared distributions from 2006 to 2019 add up to $6.3866 (our arithmetic, declared rather than paid, using three different 10-K tables and leaving out 2020 to 2026), and the NAV is $8.2769. The two together are $14.66 (our arithmetic) before the 2020 to 2026 distributions and before any tax effect. The price of that outcome was the stretch from 2011 to 2012, when the estimated value went from the $10.00 offering price to $8.45 in March 2011 and the first daily NAV was $6.69 in July 2012. Redemption rules and recent liquidity are in the review rather than repeated here.
Black Creek Industrial REIT IV to AIREIT: three names, one share price above $10
The company was formed on August 12, 2014 as Logistics Property Trust, became Industrial Logistics Realty Trust, and appears as Black Creek Industrial REIT IV in its 2017 10-K. In August 2016 it offered Class A at $10.00, Class T at $9.4180 and Class W at $9.0355; until its first NAV, which it expected to set by June 30, 2018, Class T cost $10.4712 and Class W and I $10.00. It had raised $12,690,389 by the end of 2017, $212.8 million by the end of 2018 and $517.7 million by the end of 2019, and 100% of its 2017 to 2019 distributions were return of capital. Its NAV was $13.0851 to $13.1272 in the fourth quarter of 2025 and $13.3703 on August 31, 2026. Class T buyers paid $10.4712 before the first NAV, so the 33.7% gain over $10.00 is not what every original buyer earned.
What $10,000 at the offering price returned
| Vehicle | Bought at | Exit payments per share | Result per 1,000 shares (our arithmetic) |
|---|---|---|---|
| Industrial Income Trust | $10.00 | $10.30 + $0.26 + $0.5509 | $11,110.90 before earlier distributions |
| Industrial Property Trust | $10.00 | $12.54 + $1.1815 | $13,721.50 (Class T up to $170 less on the special distribution) |
| Dividend Capital Trust (DCT Industrial) | $10.00 | 1.02 Prologis shares, Aug 22, 2018 | 1,020 Prologis shares; value not in the filings saved |
| Dividend Capital Total Realty Trust (AREIT) | $10.00 | None; NAV $8.2769 | $8,276.90 of NAV, plus $6,386.60 of declared distributions through 2019 |
| Black Creek Industrial REIT IV (AIREIT) | $10.00 | None; NAV $13.3703 | $13,370.30 of NAV, distributions not summed |
What a holder can do with this
- If you held Industrial Income Trust or Industrial Property Trust: the money has been paid. Check your own records: the cash from the 2015 merger, the $0.5509 in December 2017 and the $12.54 and $1.1815 in 2020 all come with tax forms for those years. The filings describe distributions beyond earnings and profits this way: “Distributions that exceed the Company’s current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares.” That is why the return-of-capital percentages above matter for the gain or loss you reported.
- If you got a letter offering $9.00 to $9.25 in late 2019: it came from a third party, not from the company, and the board said not to tender. Industrial Property Trust holders who did not tender received $13.7215 (our arithmetic).
- If you hold AREIT or AIREIT shares: they are the same shares under Ares management, priced monthly at NAV. Read the current position in our AREIT and AIREIT reviews, and compare how other non-traded REITs have exited in our listing-discount study and tender-offer data.
- If you hold shares from DCT Industrial: you converted to Prologis stock in 2018; follow Prologis, not Black Creek.
- If a broker offers you a Black Creek or Ares DST or NAV REIT today: ask which of the vehicles above the firm sold before, what its holders were paid, and how the fees compare (our DST fee analysis shows what Forms D disclose).
This is analysis of public documents, not investment, legal or tax advice.
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Sources, read on October 7, 2026: Industrial Income Trust / DC Industrial Liquidating Trust (CIK 1464720) 10-K for 2014 (0001193125-15-068923) and 2016 (0001193125-17-025118), 8-Ks of July 29, 2015 (0001193125-15-266689), October 21, 2015 (0001193125-15-349347), November 4, 2015 (0001193125-15-365695), August 9, 2017 (0001104659-17-050631), December 8, 2017 (0001104659-17-072564) and December 21, 2017 (0001104659-17-074625), and the merger proxy of September 4, 2015 (0001193125-15-312891); Industrial Property Trust (CIK 1558441) 10-Ks for 2018 (0001558441-19-000003) and 2019 (0001558441-20-000007), 8-Ks of July 16, 2019 (0001047469-19-004192), January 8, 2020 (0001104659-20-002272), February 4, 2020 (0001104659-20-010511), July 21, 2020 (0001104659-20-085254) and July 28, 2020 (0001104659-20-087387), the Schedule 14D-9 of November 4, 2019 (0001104659-19-059588) and the Schedule TO-T of October 28, 2019 (0001659587-19-000036); Dividend Capital Total Realty Trust / Ares Real Estate Income Trust (CIK 1327978) 10-Ks for 2007 (0001047469-08-003564), 2008 (0001193125-09-067700), 2009 (0001193125-10-063455), 2011 (0001193125-12-123917), 2012 (0001193125-13-114957), 2016 (0001327978-17-000028), 2019 (0001327978-20-000019), 2021 (0001558370-22-003455) and 2025 (0001628280-26-015437), 8-Ks of December 3, 2021 (0001327978-21-000052) and September 16, 2026 (0001628280-26-062277); Black Creek Industrial REIT IV / Ares Industrial Real Estate Income Trust (CIK 1625941) 10-Ks for 2016, 2017, 2018, 2019 and 2025, 8-Ks of May 20, 2021 (0001104659-21-069922), July 1, 2021 (0001104659-21-088269), February 11, 2022 (0001558370-22-001046) and September 16, 2026 (0001628280-26-062275); DCT Industrial Trust / Dividend Capital Trust (CIK 1170991) proxy of September 1, 2006 (0001193125-06-184484), 8-Ks of December 18 and 19, 2006, 10-K for 2006 (0001193125-07-054655) and the August 22, 2018 8-K (0001193125-18-254519); Ares Management (CIK 1176948) 8-K of May 20, 2021 (0001628280-21-010779), 10-Q for the second quarter of 2021 (0001104659-21-102140) and 10-K for 2021 (0001628280-22-004289); and EDGAR entity records for CIKs 1327978 and 1168034. Per-share totals, differences and percentages are our arithmetic and exclude distributions paid before each exit. This is analysis of public documents, not investment, legal or tax advice.
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