You Must First Receive a Copy of the Prospectus - AREIT

This website is neither an offer to sell nor a solicitation of an offer to buy the securities described in the Ares Real Estate Income Trust (AREIT) prospectus. This offering is made only by means of a prospectus filed with the Department of Law of the State of New York, which should be read in its entirety in order to understand all of the implications and risks associated with this offering. Neither the Securities and Exchange Commission nor any other state securities regulator has approved or disapproved of the securities described in the AREIT prospectus or determined if the AREIT prospectus is truthful or complete. In addition, the Attorney General of the state of New York has not passed on or endorsed the merits of the offering. Any representation to the contrary is unlawful.

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Investment Solutions > Ares Real Estate Income Trust (AREIT)

Performance

Product Overview 10-Year Track Record Performance Investment Strategy Literature & Forms Properties Corporate Governance Regulatory Filings Tax Information Historical Return Estimator Request Information

NAV Performance of a $10,000 Investment¹^,²

Class I Share Return¹³
Class D Share Return¹³
Class T/S Share Return at NAV^3,¹³
Class T/S Share Return with Sales Charge^3,^4,¹³

Returns Summary¹³

Returns Summary as of March 31, 2023¹^,²
	One-Year Trailing 12-Month	Three-Year Annualized	Five-Year Annualized	Ten-Year Annualized	Since NAV Inception Annualized^2, ³
Class I Share (ZAREIX)	3.65%	9.66%	8.04%	7.47%	7.59%
Class D Share (ZAREDX)	3.39%	9.39%	7.77%	7.08%	7.20%
Class T / S Share at NAV (ZARETX / ZARESX)	2.78%	8.74%	7.13%	6.50%	6.92%
Class T / S Share with Sales Charges (ZARETX / ZARESX)	-0.70%	7.50%	6.39%	6.18%	6.79%

Volatility and Risk-Adjusted Performance Summary as of March 31, 2023
	Standard Deviation (since NAV inception)⁵	Sharpe Ratio (since NAV inception)⁶
Class I Share	2.12%	3.17
Class D Share	2.12%	2.99
Class T / S Share at NAV	2.15%	2.82
Class T / S Share with Sales Charges	2.13%	2.79

Distribution History⁷

The table below provides information on distributions paid by Ares Real Estate Income Trust.

Distributions per Share							Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹²
Quarter/Month	Pay Date	E Share	T Share⁸	S Share⁹	D Share¹⁰	I Share¹¹	E Share	T Share⁸	S Shares⁹	D Share¹⁰	I Share¹¹
January	2/1/23	$0.0313	$0.0249	$0.0249	$0.0294	$0.0313	4.29%	3.44%	3.44%	4.04%	4.29%
February	3/1/23	$0.0313	$0.0256	$0.0256	$0.0296	$0.0313	4.31%	3.46%	3.46%	4.06%	4.31%
March	4/3/23	$0.0313	$0.0250	$0.0250	$0.0294	$0.0313	4.34%	3.49%	3.49%	4.09%	4.34%
April
May
June
July
August
September
October
November
December

Distributions per Share							Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹²
Quarter/Month	Pay Date	E Share	T Share⁸	S Share⁹	D Share¹⁰	I Share¹¹	E Share	T Share⁸	S Shares⁹	D Share¹⁰	I Share¹¹
January	2/1/22	$0.0313	$0.0253	$0.0253	$0.0295	$0.0313	4.54%	3.69%	3.69%	4.29%	4.54%
February	3/1/22	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	4.44%	3.59%	3.59%	4.19%	4.44%
March	4/1/22	$0.0313	$0.0251	$0.0251	$0.0295	$0.0313	4.32%	3.47%	3.47%	4.07%	4.32%
April	5/2/22	$0.0313	$0.0252	$0.0252	$0.0295	$0.0313	4.25%	3.40%	3.40%	4.00%	4.25%
May	6/1/22	$0.0313	$0.0249	$0.0249	$0.0294	$0.0313	4.22%	3.37%	3.37%	3.97%	4.22%
June	7/1/22	$0.0313	$0.0250	$0.0250	$0.0294	$0.0313	4.23%	3.38%	3.38%	3.98%	4.23%
July	8/1/22	$0.0313	$0.0249	$0.0249	$0.0294	$0.0313	4.23%	3.38%	3.38%	3.98%	4.23%
August	9/1/22	$0.0313	$0.0248	$0.0248	$0.0294	$0.0313	4.22%	3.37%	3.37%	3.97%	4.22%
September	10/3/22	$0.0313	$0.0250	$0.0250	$0.0294	$0.0313	4.22%	3.37%	3.37%	3.97%	4.22%
October	11/1/22	$0.0313	$0.0248	$0.0248	$0.0294	$0.0313	4.22%	3.37%	3.37%	3.97%	4.22%
November	12/1/22	$0.0313	$0.0250	$0.0250	$0.0294	$0.0313	4.23%	3.38%	3.38%	3.98%	4.23%
December	1/1/23	$0.0313	$0.0248	$0.0248	$0.0294	$0.0313	4.25%	3.40%	3.40%	4.00%	4.25%

Distributions per Share							Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹²
Quarter/Month	Pay Date	E Share	T Share⁸	S Share⁹	D Share¹⁰	I Share¹¹	E Share	T Share⁸	S Shares⁹	D Share¹⁰	I Share¹¹
January	2/1/21	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	4.96%	4.11%	4.11%	4.71%	4.96%
February	3/1/21	$0.0313	$0.0263	$0.0263	$0.0298	$0.0313	4.95%	4.10%	4.10%	4.70%	4.95%
March	4/1/21	$0.0313	$0.0258	$0.0258	$0.0296	$0.0313	4.94%	4.09%	4.09%	4.69%	4.94%
April	5/3/21	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	4.92%	4.07%	4.07%	4.67%	4.92%
May	6/1/21	$0.0313	$0.0258	$0.0258	$0.0296	$0.0313	4.91%	4.06%	4.06%	4.66%	4.91%
June	7/1/21	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	4.89%	4.04%	4.04%	4.64%	4.89%
July	8/2/21	$0.0313	$0.0257	$0.0257	$0.0296	$0.0313	4.88%	4.03%	4.03%	4.63%	4.88%
August	9/1/21	$0.0313	$0.0257	$0.0257	$0.0296	$0.0313	4.85%	4.00%	4.00%	4.60%	4.85%
September	10/1/21	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	4.79%	3.94%	3.94%	4.54%	4.79%
October	11/1/21	$0.0313	$0.0256	$0.0256	$0.0296	$0.0313	4.73%	3.88%	3.88%	4.48%	4.73%
November	12/1/21	$0.0313	$0.0257	$0.0257	$0.0296	$0.0313	4.65%	3.80%	3.80%	4.40%	4.65%
December	1/3/22	$0.0313	$0.0254	$0.0254	$0.0295	$0.0313	4.59%	3.74%	3.74%	4.34%	4.59%

Distributions per Share							Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹²
Quarter/Month	Pay Date	E Share	T Share⁸	S Share⁹	D Share¹⁰	I Share¹¹	E Share	T Share⁸	S Shares⁹	D Share¹⁰	I Share¹¹
January	2/3/2020	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	4.99%	4.14%	4.14%	4.74%	4.99%
February	3/2/2020	$0.0313	$0.0262	$0.0262	$0.0298	$0.0313	4.98%	4.13%	4.13%	4.73%	4.98%
March	4/1/2020	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	4.98%	4.13%	4.13%	4.73%	4.98%
April	5/1/2020	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	4.99%	4.14%	4.14%	4.74%	4.99%
May	6/1/2020	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	5.00%	4.15%	4.15%	4.75%	5.00%
June	7/1/2020	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	5.00%	4.15%	4.15%	4.75%	5.00%
July	8/3/2020	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	5.00%	4.15%	4.15%	4.75%	5.00%
August	9/1/2020	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	4.99%	4.14%	4.14%	4.74%	4.99%
September	10/1/2020	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	4.98%	4.13%	4.13%	4.73%	4.98%
October	11/2/2020	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	4.98%	4.13%	4.13%	4.73%	4.98%
November	12/1/2020	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	4.97%	4.12%	4.12%	4.72%	4.97%
December	1/4/2021	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	4.97%	4.12%	4.12%	4.72%	4.97%

Distributions per Share							Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
January	02/01/2019	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	5.06%	4.21%	4.21%	4.81%	5.06%
February	03/01/2019	$0.0313	$0.0264	$0.0264	$0.0298	$0.0313	5.13%	4.28%	4.28%	4.88%	5.13%
March	04/01/2019	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	5.13%	4.28%	4.28%	4.88%	5.13%
April	05/01/2019	$0.0313	$0.0261	$0.0261	$0.0297	$0.0313	5.12%	4.27%	4.27%	4.87%	5.12%
May	06/03/2019	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	5.14%	4.29%	4.29%	4.89%	5.14%
June	07/01/2019	$0.0313	$0.0262	$0.0262	$0.0298	$0.0313	5.14%	4.29%	4.29%	4.89%	5.14%
July	08/01/2019	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	5.12%	4.27%	4.27%	4.87%	5.12%
August	09/03/2019	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	5.12%	4.27%	4.27%	4.87%	5.12%
September	10/01/2019	$0.0313	$0.0261	$0.0261	$0.0297	$0.0313	5.10%	4.25%	4.25%	4.85%	5.10%
October	11/01/2019	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	5.10%	4.25%	4.25%	4.85%	5.10%
November	12/02/2019	$0.0313	$0.0261	$0.0261	$0.0297	$0.0313	5.07%	4.22%	4.22%	4.82%	5.07%
December	01/02/2020	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	5.00%	4.15%	4.15%	4.75%	5.00%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
January	02/01/2018	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	5.03%	4.18%	4.18%	4.78%	5.03%
February	03/01/2018	$0.0313	$0.0264	$0.0264	$0.0298	$0.0313	5.02%	4.17%	4.17%	4.77%	5.02%
March	04/02/2018	$0.0313	$0.0259	$0.0259	$0.0297	$0.0313	5.03%	4.18%	4.18%	4.78%	5.03%
April	05/01/2018	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	5.01%	4.16%	4.16%	4.76%	5.01%
May	06/01/2018	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	5.03%	4.18%	4.18%	4.78%	5.03%
June	07/02/2018	$0.0313	$0.0260	$0.0260	$0.0298	$0.0313	5.01%	4.16%	4.16%	4.76%	5.01%
July	08/01/2018	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	5.00%	4.15%	4.15%	4.75%	5.00%
August	09/04/2018	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	5.01%	4.16%	4.16%	4.76%	5.01%
September	10/01/2018	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	4.97%	4.12%	4.12%	4.72%	4.97%
October	11/01/2018	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	4.97%	4.12%	4.12%	4.72%	4.97%
November	12/03/2018	$0.0313	$0.0260	$0.0260	$0.0297	$0.0313	5.00%	4.15%	4.15%	4.75%	5.00%
December	01/02/2019	$0.0313	$0.0258	$0.0258	$0.0297	$0.0313	5.04%	4.19%	4.19%	4.79%	5.04%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/17/2017	$0.0900	$0.0695	$0.0695	$0.0788	$0.0881	4.79%	3.69%	3.69%	4.19%	4.69%
Q2	07/17/2017	$0.0900	$0.0694	$0.0694	$0.0787	$0.0881	4.80%	3.70%	3.70%	4.20%	4.70%
July	07/31/2017	$0.0300	$0.0230	$0.0230	$0.0262	$0.0294	4.80%	3.70%	3.70%	4.20%	4.70%
August	08/31/2017	$0.0300	$0.0230	$0.0230	$0.0262	$0.0294	4.83%	3.73%	3.73%	4.23%	4.73%
September	09/29/2017	$0.0300	$0.0248	$0.0248	$0.0285	$0.0300	4.83%	3.98%	3.98%	4.58%	4.83%
October	11/01/2017	$0.0300	$0.0246	$0.0246	$0.0284	$0.0300	4.85%	4.00%	4.00%	4.60%	4.85%
November	12/01/2017	$0.0300	$0.0248	$0.0248	$0.0285	$0.0300	4.84%	3.99%	3.99%	4.59%	4.84%
December	01/02/2018	$0.0300	$0.0246	$0.0246	$0.0284	$0.0300	4.86%	4.01%	4.01%	4.61%	4.86%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2016	$0.0900	$0.0697	$0.0697	$0.0789	$0.0882	4.89%	3.79%	3.79%	4.29%	4.79%
Q2	07/15/2016	$0.0900	$0.0699	$0.0699	$0.0790	$0.0882	4.88%	3.78%	3.78%	4.28%	4.78%
Q3	10/15/2016	$0.0900	$0.0695	$0.0695	$0.0788	$0.0881	4.82%	3.72%	3.72%	4.22%	4.72%
Q4	01/13/2017	$0.0900	$0.0692	$0.0692	$0.0787	$0.0881	4.76%	3.66%	3.66%	4.16%	4.66%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2015	$0.0900	$0.0705	$0.0705	$0.0794	$0.0882	4.93%	3.83%	3.83%	4.33%	4.83%
Q2	07/01/2015	$0.0900	$0.0700	$0.0700	$0.0791	$0.0882	4.88%	3.78%	3.78%	4.28%	4.78%
Q3	10/15/2015	$0.0900	$0.0695	$0.0695	$0.0788	$0.0881	4.85%	3.75%	3.75%	4.25%	4.75%
Q4	01/15/2016	$0.0900	$0.0694	$0.0694	$0.0788	$0.0881	4.82%	3.72%	3.72%	4.22%	4.72%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2014	$0.0875	$0.0687	$0.0687	$0.0772	$0.0858	5.03%	3.93%	3.93%	4.43%	4.93%
Q2	07/15/2014	$0.0875	$0.0684	$0.0684	$0.0771	$0.0858	5.00%	3.90%	3.90%	4.40%	4.90%
Q3	10/15/2014	$0.0875	$0.0680	$0.0680	$0.0769	$0.0857	4.94%	3.84%	3.84%	4.34%	4.84%
Q4	01/15/2015	$0.0875	$0.0677	$0.0677	$0.0767	$0.0857	4.89%	3.79%	3.79%	4.29%	4.79%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2013	$0.0875	$0.0692	$0.0692	$0.0775	$0.0858	5.15%	4.05%	4.05%	4.55%	5.05%
Q2	07/15/2013	$0.0875	$0.0689	$0.0689	$0.0774	$0.0858	5.12%	4.02%	4.02%	4.52%	5.02%
Q3	10/15/2013	$0.0875	$0.0685	$0.0685	$0.0771	$0.0858	5.10%	4.00%	4.00%	4.50%	5.00%
Q4	01/15/2014	$0.0875	$0.0684	$0.0684	$0.0771	$0.0858	5.05%	3.95%	3.95%	4.45%	4.95%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2012	$0.1250	–	–	–	–	–	–	–	–	–
Q2	07/16/2012	$0.1250	–	–	–	–	–	–	–	–	–
Q3	10/15/2012	$0.1250	–	–	–	–	–	–	–	–	–
Q4	01/15/2013	$0.0875	$0.0691	$0.0691	$0.0775	$0.0858	5.22%	4.12%	4.12%	4.62%	5.12%

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2011	$0.1500	–	–	–	–	–	–	–	–	–
Q2	07/15/2011	$0.1500	–	–	–	–	–	–	–	–	–
Q3	10/14/2011	$0.1500	–	–	–	–	–	–	–	–	–
Q4	01/17/2012	$0.1250	–	–	–	–	–	–	–	–	–

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2010	$0.1500	–	–	–	–	–	–	–	–	–
Q2	07/15/2010	$0.1500	–	–	–	–	–	–	–	–	–
Q3	10/15/2010	$0.1500	–	–	–	–	–	–	–	–	–
Q4	01/17/2011	$0.1500	–	–	–	–	–	–	–	–	–

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2009	$0.1500	–	–	–	–	–	–	–	–	–
Q2	07/15/2009	$0.1500	–	–	–	–	–	–	–	–	–
Q3	10/15/2009	$0.1500	–	–	–	–	–	–	–	–	–
Q4	01/15/2010	$0.1500	–	–	–	–	–	–	–	–	–

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/15/2008	$0.1500	–	–	–	–	–	–	–	–	–
Q2	07/15/2008	$0.1500	–	–	–	–	–	–	–	–	–
Q3	10/15/2008	$0.1500	–	–	–	–	–	–	–	–	–
Q4	01/15/2009	$0.1500	–	–	–	–	–	–	–	–	–

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q1	04/16/2007	$0.1500	–	–	–	–	–	–	–	–	–
Q2	07/16/2007	$0.1500	–	–	–	–	–	–	–	–	–
Q3	10/11/2007	$0.1500	–	–	–	–	–	–	–	–	–
Q4	01/15/2008	$0.1500	–	–	–	–	–	–	–	–	–

		Distributions per Share					Associated Annualized Distribution Rate Based on NAV Per Share at Quarter End/Month End¹¹
Quarter/Month	Pay Date	E Share	T Share⁷	S Share⁸	D Share⁹	I Share¹⁰	E Share	T Share⁷	S Shares⁸	D Share⁹	I Share¹⁰
Q4	01/12/2007	$0.1512	–	–	–	–	–	–	–	–	–
Q3	10/13/2006	$0.1386	–	–	–	–	–	–	–	–	–
Q2	07/17/2006	$0.1326	–	–	–	–	–	–	–	–	–

Monthly Performance
		2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
January	Class I Share	-0.70%	1.35%	0.68%	0.63%	0.04%	1.08%	0.25%	-0.07%	-0.04%	0.63%	0.55%
	Class D Share	-0.72%	1.32%	0.66%	0.61%	0.02%	1.06%	0.20%	-0.11%	-0.08%	0.59%	0.51%
	Class T / S Share at NAV	-0.77%	1.27%	0.61%	0.56%	-0.03%	1.00%	0.16%	-0.16%	-0.13%	0.55%	0.47%
February	Class I Share	0.00%	2.80%	0.53%	0.64%	-0.94%	0.54%	0.31%	0.00%	1.11%	0.45%	0.85%
	Class D Share	-0.02%	2.78%	0.51%	0.62%	-0.96%	0.52%	0.27%	-0.04%	1.07%	0.41%	0.81%
	Class T / S Share at NAV	-0.07%	2.73%	0.46%	0.57%	-1.00%	0.47%	0.23%	-0.08%	1.03%	0.38%	0.77%
March	Class I Share	-0.41%	3.19%	0.66%	0.43%	0.48%	0.34%	-0.02%	-0.21%	2.14%	0.61%	1.16%
	Class D Share	-0.44%	3.17%	0.64%	0.41%	0.46%	0.32%	-0.06%	-0.25%	2.10%	0.57%	1.12%
	Class T / S Share at NAV	-0.49%	3.11%	0.59%	0.36%	0.41%	0.27%	-0.10%	-0.29%	2.05%	0.52%	1.08%
April	Class I Share		1.97%	0.76%	0.25%	0.59%	0.76%	0.37%	0.50%	0.27%	0.55%	-0.02%
	Class D Share		1.95%	0.74%	0.23%	0.57%	0.74%	0.33%	0.45%	0.22%	0.51%	-0.06%
	Class T / S Share at NAV		1.90%	0.69%	0.18%	0.52%	0.69%	0.28%	0.41%	0.18%	0.47%	-0.10%
May	Class I Share		0.96%	0.63%	0.21%	0.03%	0.06%	0.59%	0.46%	0.21%	0.31%	0.05%
	Class D Share		0.93%	0.61%	0.19%	0.00%	0.04%	0.55%	0.41%	0.16%	0.26%	0.00%
	Class T / S Share at NAV		0.88%	0.56%	0.14%	-0.05%	-0.01%	0.51%	0.37%	0.12%	0.22%	-0.04%
June	Class I Share		0.10%	0.80%	0.46%	0.46%	0.79%	-0.11%	0.46%	1.71%	0.87%	1.89%
	Class D Share		0.08%	0.78%	0.44%	0.44%	0.77%	-0.15%	0.42%	1.67%	0.82%	1.85%
	Class T / S Share at NAV		0.03%	0.73%	0.39%	0.39%	0.72%	-0.20%	0.38%	1.62%	0.78%	1.81%
July	Class I Share		0.45%	0.77%	0.47%	0.80%	0.57%	0.33%	0.71%	0.49%	0.45%	0.83%
	Class D Share		0.43%	0.74%	0.44%	0.78%	0.55%	0.29%	0.67%	0.45%	0.41%	0.79%
	Class T / S Share at NAV		0.38%	0.69%	0.39%	0.73%	0.50%	0.25%	0.63%	0.41%	0.37%	0.75%
August	Class I Share		0.54%	1.05%	0.46%	0.46%	0.27%	-0.05%	0.95%	1.05%	1.11%	0.70%
	Class D Share		0.52%	1.03%	0.44%	0.44%	0.25%	-0.09%	0.91%	1.01%	1.06%	0.66%
	Class T / S Share at NAV		0.47%	0.97%	0.39%	0.39%	0.20%	-0.14%	0.87%	0.97%	1.02%	0.61%
September	Class I Share		0.37%	1.66%	0.60%	0.76%	1.16%	0.31%	0.90%	0.18%	0.94%	0.16%
	Class D Share		0.35%	1.64%	0.58%	0.74%	1.14%	0.29%	0.86%	0.14%	0.90%	0.12%
	Class T / S Share at NAV		0.30%	1.59%	0.53%	0.69%	1.09%	0.24%	0.82%	0.10%	0.86%	0.08%
October	Class I Share		0.42%	1.63%	0.45%	0.47%	0.37%	-0.08%	0.47%	0.35%	0.47%	0.08%	0.50%
	Class D Share		0.40%	1.61%	0.43%	0.45%	0.34%	-0.10%	0.43%	0.31%	0.43%	0.03%	0.46%
	Class T / S Share at NAV		0.35%	1.56%	0.38%	0.40%	0.29%	-0.15%	0.39%	0.27%	0.38%	-0.01%	0.42%
November	Class I Share		0.04%	2.13%	0.58%	0.99%	-0.09%	0.61%	0.98%	1.00%	1.27%	1.27%	0.35%
	Class D Share		0.02%	2.11%	0.56%	0.97%	-0.11%	0.58%	0.94%	0.96%	1.22%	1.23%	0.30%
	Class T / S Share at NAV		-0.03%	2.06%	0.51%	0.92%	-0.16%	0.54%	0.90%	0.92%	1.18%	1.19%	0.26%
December	Class I Share		-0.13%	1.73%	0.45%	1.73%	-0.41%	0.08%	0.97%	0.52%	0.55%	0.86%	1.42%
	Class D Share		-0.15%	1.71%	0.43%	1.71%	-0.43%	0.06%	0.93%	0.48%	0.51%	0.82%	1.37%
	Class T / S Share at NAV		-0.20%	1.66%	0.38%	1.66%	-0.48%	0.01%	0.89%	0.44%	0.47%	0.77%	1.33%

Quarterly Performance
		2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Q1	AREIT Class I Share	-1.11%	7.50%	1.88%	1.71%	-0.42%	1.97%	0.54%	-0.27%	3.21%	1.70%	2.57%
	AREIT Class D Share	-1.17%	7.44%	1.82%	1.65%	-0.48%	1.91%	0.41%	-0.40%	3.08%	1.57%	2.45%
	AREIT Class T / S Share at NAV	-1.32%	7.28%	1.67%	1.50%	-0.62%	1.76%	0.29%	-0.52%	2.96%	1.45%	2.33%
Q2	AREIT Class I Share		3.05%	2.21%	0.92%	1.08%	1.62%	0.85%	1.41%	2.17%	1.72%	1.90%
	AREIT Class D Share		2.99%	2.14%	0.86%	1.01%	1.56%	0.72%	1.29%	2.05%	1.60%	1.78%
	AREIT Class T / S Share at NAV		2.84%	1.99%	0.71%	0.86%	1.41%	0.60%	1.17%	1.92%	1.47%	1.65%
Q3	AREIT Class I Share		1.37%	3.51%	1.54%	2.04%	2.01%	0.59%	2.57%	1.73%	2.51%	1.70%
	AREIT Class D Share		1.31%	3.44%	1.47%	1.97%	1.95%	0.48%	2.45%	1.60%	2.38%	1.57%
	AREIT Class T / S Share at NAV		1.15%	3.29%	1.32%	1.82%	1.80%	0.35%	2.32%	1.48%	2.26%	1.45%
Q4	AREIT Class I Share		0.33%	5.59%	1.49%	3.22%	-0.14%	0.60%	2.43%	1.88%	2.29%	2.21%	2.27%
	AREIT Class D Share		0.27%	5.52%	1.43%	3.16%	-0.20%	0.54%	2.30%	1.76%	2.17%	2.08%	2.14%
	AREIT Class T / S Share at NAV		0.12%	5.37%	1.27%	3.00%	-0.35%	0.39%	2.18%	1.63%	2.04%	1.96%	2.02%

Annual Performance
	2023 Year-to-Date	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Class I Share	-1.11%	12.68%	13.80%	5.77%	6.02%	5.56%	2.59%	6.25%	9.30%	8.47%	8.65%
Class D Share	-1.17%	12.40%	13.52%	5.51%	5.75%	5.29%	2.17%	5.73%	8.76%	7.94%	8.11%
Class T / S Share at NAV	-1.32%	11.73%	12.84%	4.88%	5.12%	4.67%	1.63%	5.21%	8.23%	7.41%	7.59%
Class T / S Share with Sales Charges	-4.65%	7.95%	9.03%	1.33%	1.57%	1.13%	-1.42%	2.05%	5.08%	4.29%	4.45%

Monthly Transaction Price and Offering Price¹

		2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
January	Transaction Price	$8.82	$8.17	$7.54	$7.49	$7.44	$7.41	$7.56	$7.43	$7.13	$6.95	$6.71	–
	Offering Price for T / S Shares	$9.13	$8.46	$7.81	$7.76	$7.70	$7.67	$7.82	$7.69	$7.38	$7.19	$6.95	–
February	Transaction Price	$8.73	$8.25	$7.56	$7.51	$7.41	$7.46	$7.55	$7.40	$7.18	$6.95	$6.74	–
	Offering Price for T / S Shares	$9.04	$8.54	$7.83	$7.77	$7.67	$7.72	$7.82	$7.66	$7.43	$7.19	$6.98	–
March	Transaction Price	$8.70	$8.45	$7.57	$7.53	$7.31	$7.46	$7.52	$7.36	$7.31	$6.96	$6.79	–
	Offering Price for T / S Shares	$9.00	$8.75	$7.83	$7.79	$7.56	$7.73	$7.79	$7.62	$7.56	$7.21	$7.03	–
April	Transaction Price	$8.63	$8.69	$7.59	$7.53	$7.31	$7.46	$7.52	$7.37	$7.30	$6.97	$6.76	–
	Offering Price for T / S Shares	$8.93	$8.99	$7.85	$7.79	$7.57	$7.72	$7.78	$7.62	$7.55	$7.22	$7.00	–
May	Transaction Price		$8.83	$7.61	$7.51	$7.32	$7.49	$7.54	$7.37	$7.28	$6.97	$6.74	–
	Offering Price for T / S Shares		$9.14	$7.88	$7.78	$7.58	$7.75	$7.80	$7.63	$7.54	$7.21	$6.97	–
June	Transaction Price		$8.88	$7.63	$7.50	$7.30	$7.46	$7.50	$7.37	$7.38	$7.00	$6.83	–
	Offering Price for T / S Shares		$9.19	$7.90	$7.76	$7.55	$7.72	$7.76	$7.63	$7.63	$7.24	$7.07	–
July	Transaction Price		$8.86	$7.66	$7.50	$7.30	$7.49	$7.49	$7.40	$7.38	$7.00	$6.86	–
	Offering Price for T / S Shares		$9.17	$7.93	$7.77	$7.55	$7.75	$7.76	$7.66	$7.64	$7.25	$7.10	–
August	Transaction Price		$8.87	$7.69	$7.51	$7.32	$7.50	$7.46	$7.44	$7.43	$7.05	$6.88	–
	Offering Price for T / S Shares		$9.18	$7.96	$7.77	$7.58	$7.76	$7.72	$7.70	$7.69	$7.30	$7.12	–
September	Transaction Price		$8.89	$7.74	$7.51	$7.33	$7.49	$7.46	$7.48	$7.42	$7.09	$6.87	$6.64
	Offering Price for T / S Shares		$9.20	$8.01	$7.77	$7.58	$7.75	$7.72	$7.74	$7.67	$7.34	$7.11	$6.87
October	Transaction Price		$8.89	$7.83	$7.52	$7.35	$7.54	$7.45	$7.48	$7.41	$7.09	$6.84	$6.84
	Offering Price for T / S Shares		$9.20	$8.11	$7.79	$7.61	$7.81	$7.71	$7.74	$7.67	$7.34	$7.08	$6.88
November	Transaction Price		$8.89	$7.93	$7.53	$7.36	$7.54	$7.42	$7.53	$7.46	$7.15	$6.90	$6.64
	Offering Price for T / S Shares		$9.20	$8.21	$7.79	$7.61	$7.80	$7.68	$7.79	$7.72	$7.40	$7.14	$6.87
December	Transaction Price		$8.87	$8.07	$7.54	$7.40	$7.50	$7.43	$7.57	$7.47	$7.16	$6.93	$6.70
	Offering Price for T / S Shares		$9.18	$8.35	$7.80	$7.66	$7.76	$7.69	$7.83	$7.73	$7.41	$7.17	$6.94

¹NAV inception is September 30, 2012. With exception to Class E shares, the historical returns presented show share performance since September 30, 2012, which is when AREIT first sold Class A, W and I shares after converting to an NAV REIT on July 12, 2012. Subsequently, as a result of a share restructuring effective as of September 1, 2017, AREIT’s outstanding Class A, W and I shares changed to Class T, Class D and a new version of Class I shares, respectively. AREIT also created a new Class S share, with the same NAV per share and class-specific expenses as Class T shares. Accordingly, in this table, the return of the Class T and D shares reflects the performance of the Class A and W shares since NAV inception through the restructuring date, respectively. Prior to NAV inception on September 30, 2012, AREIT had certain unclassified shares, which it referred to as Class E shares following NAV inception. Following the share restructuring effective as of September 1, 2017, the formerly unclassified shares were formally designated Class E shares. In connection with the restructuring, AREIT also revised its fee structure with its advisor and dealer manager and its NAV methodology, which will affect future returns. Please see AREIT’s definitive proxy statement filed with the Securities and Exchange Commission on June 7, 2017, for more information about the fee changes and our pro forma estimates of how those fee changes would have affected returns on AREIT shares in the years 2013-2016. Investors in AREIT’s fixed price offerings prior to NAV inception on September 30, 2012 are likely to have a lower return.

²Performance is measured by total return, which represents the compound annual rate of return assuming reinvestment of all distributions. Annualized return for each respective time period represents the return, which if achieved each year during the respective time period and compounded annually, would produce the total return for the respective time period. Past performance is not a guarantee of future results. Performance data quoted above is historical. Current performance may be higher or lower than the performance data quoted.

³For purposes of returns since NAV inception on September 30, 2012, we show returns assuming a Class S or Class T share was bought on that date which would have converted to Class I shares on September 1, 2017 (if purchased with Sales Charge) or September 1, 2019 (if purchased without Sales Charge at NAV), and after those dates, as applicable, would have owned Class I shares which are not subject to ongoing distribution fees and as a result receive higher distributions than Class S or Class T shares. Actual returns for an individual investor will be higher or lower than the returns shown.

⁴The Class T/S Share with Sales Charges returns shown are based on the maximum up-front sales commission and ongoing distribution/dealer manager fees that were in effect for the time period indicated. Prior to September 1, 2017, Class T/S Shares were offered with an up to 3.0% sales commission and 1.10% per annum of aggregate annual distribution and dealer manager fees. Beginning September 1, 2017, Class T/S Shares are offered with an up to 3.5% up-front sales loads to investors and 0.85% per annum in distribution fees. Performance shown at NAV does not include maximum up-front sales charge at initial subscription. If the sales charges had been deducted, the performance would have been lower.

⁵Standard deviation is a measurement of the variability (volatility) of a security, derived from the security’s historical returns. The higher the standard deviation, the greater potential for volatility.

⁶Sharpe Ratio is a measure for calculating risk-adjusted return, and is calculated by subtracting the risk-free rate — such as that of the 3-Month Treasury Bill — from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. Both standard deviation and the Sharpe Ratio are annualized since NAV inception.

⁷Our cash distributions for the year ended December 31, 2022 were 100.0% funded from cash flows from operations. Our cash distributions for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, on an annualized basis, were fully funded from our operations. When looking at individual quarters within those periods, in certain cases our distributions were not fully funded from our operations for such quarters. In such cases, the shortfalls were funded from proceeds from our distribution reinvestment plan or borrowings. Cash flow from operations does not include a reduction to cash flow resulting from on-going capital expenditures as GAAP defines those cash outflows as part of investment activities. Nonetheless, capital expenditures are inherently a significant and material part of the on-going business of AREIT. Furthermore, cash flow from operations, after deducting capital expenditures, may not be sufficient to fund 100% of AREIT’s distribution. For example, cash flow from operations, after deducting capital expenditures, for each of the years ended December 31, 2017 and 2016, would not have been sufficient to fund AREIT’s entire distribution amounts. Furthermore, AREIT may continue to incur capital expenditures associated with in-place vacancies, which would continue to make funding distributions through cash flow from operations, after deducting capital expenditures, unlikely during higher periods of lease-up.

⁸With respect to the Class T Share, AREIT pays an up-front selling commission of up to 3.00% and an up-front dealer manager fee up to 1.50%, which in the aggregate may not exceed 3.50% of the transaction price. The up-front selling commission and dealer manager fee are each a percentage of the transaction price, which will generally be the most recently disclosed monthly NAV per share for such class of the shares sold in the primary offering. AREIT also pays an ongoing distribution fee that accrues monthly at an annualized rate of 0.85% of AREIT’s NAV per Class T Share. These expenses are allocated to Class T stockholders and reduce the distributions otherwise payable to Class T stockholders.

⁹With respect to the Class S Share, AREIT pays an up-front selling commission of up to 3.50% and no up-front dealer manager fee. The up-front selling commission is a percentage of the transaction price, which will generally be the most recently disclosed monthly NAV per share for such class, of the shares sold in the primary offering. AREIT also pays an ongoing distribution fee that accrues monthly at an annualized rate of 0.85% of AREIT’s NAV per Class S Share. These expenses are allocated to Class S stockholders and reduce the distributions otherwise payable to Class S stockholders.

¹⁰With respect to the Class D Share, AREIT pays no up-front selling commission and no up-front dealer manager fee. AREIT pays an ongoing distribution fee that accrues monthly at an annualized rate of 0.25% of AREIT’s NAV per Class D Share. These expenses are allocated to Class D stockholders and reduce the distributions otherwise payable to Class D stockholders.

¹¹With respect to the Class I Share, AREIT pays no up-front selling commission, no up-front dealer manager fee and no ongoing distribution fee.

¹²The amount of distributions AREIT may make is uncertain, is not guaranteed, may be modified at the program’s discretion, and is subject to board approval. AREIT may pay distributions from sources other than cash flow from operations including, without limitation, the sale of assets, borrowings or offering proceeds (including the return of principal amounts invested). The use of these sources for distributions would decrease the amount of cash AREIT has available for new investments, repayment of debt, share redemptions and other corporate purposes, and could reduce your overall return and dilute the value of your investment in shares of AREIT common stock. Our cash distributions for the year ended December 31, 2022 were 100.0% funded from cash flows from operations. Our cash distributions for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, on an annualized basis, were fully funded from our operations. When looking at individual quarters within those periods, in certain cases our distributions were not fully funded from our operations for such quarters. In such cases, the shortfalls were funded from proceeds from our distribution reinvestment plan or borrowings. Cash flow from operations does not include a reduction to cash flow resulting from on-going capital expenditures as GAAP defines those cash outflows as part of investment activities. Nonetheless, capital expenditures are inherently a significant and material part of the on-going business of AREIT. Furthermore, cash flow from operations, after deducting capital expenditures, may not be sufficient to fund 100% of AREIT’s distribution. For example, cash flow from operations, after deducting capital expenditures, for each of the years ended December 31, 2017 and 2016, would not have been sufficient to fund AREIT’s entire distribution amounts. Furthermore, AREIT may continue to incur capital expenditures associated with in-place vacancies, which would continue to make funding distributions through cash flow from operations, after deducting capital expenditures, unlikely during higher periods of lease-up.

¹³NAV-based calculations involve significant professional judgments and the calculated value of our assets and liabilities may differ from our actual realizable value or future value. An incorrect judgment will affect the NAV as well as any returns derived from that NAV, and ultimately the value of your investment. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. We have recorded approximately $49,663,000 in net loss for the year ended December 31, 2022. For the year ended December 31, 2022, approximately 65.8% of our total gross distributions were paid in cash and approximately 34.2% of our total gross distributions were funded with proceeds from shares issued pursuant to our distribution reinvestment plan. Of the total gross distributions paid in cash, 100.0% of our total gross cash distributions were paid from cash flows from operating activities, as determined on a GAAP basis.

Any properties shown are owned by AREIT, unless otherwise noted.

Please read the applicable Ares REIT or Fund Prospectus prior to making any investment decision and consider carefully the REIT’s or Fund’s investment objective, risks, charges, expenses and other important information described therein. A copy of our REIT and Fund Prospectuses, which contain this and other information about the REIT or Fund, must be made available to you in connection with any offering of the Shares. Click here to view the REIT and Fund Prospectuses. The REIT and Fund’s Prospectuses are not an offer to sell Shares and are not soliciting an offer to buy their Shares in any state where the offer or sale is not permitted.

Investments in the Ares Private Markets Fund or Ares REITs are not suitable for all investors. Investing in shares of the Fund or REITs involves a high degree of risk, including the risk that payment of distributions is uncertain and cannot be guaranteed, the risk that an investment is not liquid, and the risk that stockholders may lose the entire amount of their investment. Please review the Summary Risk Factors and the Prospectus for a complete list of the risks associated with Ares Fund and REIT investments.

No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the SEC nor any other state securities regulator has approved or disapproved of the securities described in the prospectus or determined if the prospectus is truthful or complete. In addition, the Attorney General of the state of New York has not passed on or endorsed the merits of the offering. Any representation to the contrary is unlawful. Fund and REIT shares will be offered to the public through Ares Wealth Management Solutions, LLC, member FINRA and SIPC, which will act as the dealer manager, and through other members of the Financial Industry Regulatory Authority (FINRA) or with the assistance of registered investment advisors. Unless noted otherwise, all properties shown are owned by AREIT.

Check this firm’s Form CRS Customer Relationship Summary.

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Our prospectuses are provided in Adobe PDF format. The Adobe Reader software can be downloaded here.

NOT A DEPOSIT • NOT FDIC INSURED • NOT GUARANTEED BY THE BANK • MAY LOSE VALUE • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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