AIREIT Performance | Ares Wealth Management Solutions

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Performance

Returns Summary¹³

Returns Summary as of February 28, 2023¹

	Trailing Three Month	One-Year Trailing 12-Month	Three-Year Annualized	Since Inception⁶ Cumulative	Since Inception⁶ Annualized
Class T Share Return at NAV⁴ (ZAIRTX)	-1.34%	13.93%	18.69%	86.73%	12.44%
Class T Share with Sales Charge (Net)⁷ (ZAIRTX)	-5.78%	8.80%	16.88%	78.33%	11.47%
Class D Share Return at NAV (ZAIRDX)	-1.21%	14.58%	19.26%	85.31%	14.15%
Class I Share Return at NAV (ZAIRIX)	-1.15%	14.85%	19.72%	96.08%	13.48%

Trailing Three Month

One-Year Trailing
12-Month

Three-Year Annualized

Since Inception⁶
Cumulative

Since Inception⁶
Annualized

Class T Share Return at NAV⁴
(ZAIRTX)

-1.34%

13.93%

18.69%

86.73%

12.44%

Class T Share with Sales Charge (Net)⁷
(ZAIRTX)

-5.78%

8.80%

16.88%

78.33%

11.47%

Class D Share Return at NAV
(ZAIRDX)

-1.21%

14.58%

19.26%

85.31%

14.15%

Class I Share Return at NAV
(ZAIRIX)

-1.15%

14.85%

19.72%

96.08%

13.48%

Net Distributions per Share⁹

Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End¹⁰

Month

Pay Date

T Share¹¹

D Share³

I Share²

T Share¹¹

D Share³

I Share²

January

2/1/23

$0.035

$0.042

$0.045

2.66%

3.36%

3.60%

February

3/1/23

$0.036

$0.043

$0.045

2.69%

3.39%

3.63%

March

April

May

June

July

August

September

October

November

December

	Net Distributions per Share⁹	Annualized Yield-Net of Distribution Fees Based on Public Offering Price Per Share at Month End¹⁰
Month	Pay Date	T Share¹¹	D Share³	I Share²	T Share¹¹	D Share³	I Share²
January	2/1/22	$0.037	$0.043	$0.045	3.28%	4.00%	4.25%
February	3/1/22	$0.037	$0.043	$0.045	3.06%	3.77%	4.02%
March	4/1/22	$0.036	$0.043	$0.045	2.81%	3.52%	3.76%
April	5/2/22	$0.036	$0.043	$0.045	2.67%	3.37%	3.61%
May	6/1/22	$0.035	$0.042	$0.045	2.63%	3.32%	3.57%
June	7/1/22	$0.035	$0.042	$0.045	2.63%	3.33%	3.57%
July	8/1/22	$0.035	$0.042	$0.045	2.62%	3.32%	3.56%
August	9/1/22	$0.035	$0.042	$0.045	2.61%	3.31%	3.55%
September	10/3/22	$0.035	$0.042	$0.045	2.61%	3.30%	3.54%
October	11/1/22	$0.035	$0.042	$0.045	2.61%	3.31%	3.55%
November	12/1/22	$0.035	$0.042	$0.045	2.62%	3.31%	3.55%
December	1/3/2023	$0.035	$0.042	$0.045	2.64%	3.33%	3.57%

Net Distributions per Share⁹

Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End¹⁰

Month

Pay Date

T Share¹¹

D Share³

I Share²

T Share¹¹

D Share³

I Share²

January

2/1/22

$0.037

$0.043

$0.045

3.28%

4.00%

4.25%

February

3/1/22

$0.037

$0.043

$0.045

3.06%

3.77%

4.02%

March

4/1/22

$0.036

$0.043

$0.045

2.81%

3.52%

3.76%

April

5/2/22

$0.036

$0.043

$0.045

2.67%

3.37%

3.61%

May

6/1/22

$0.035

$0.042

$0.045

2.63%

3.32%

3.57%

June

7/1/22

$0.035

$0.042

$0.045

2.63%

3.33%

3.57%

July

8/1/22

$0.035

$0.042

$0.045

2.62%

3.32%

3.56%

August

9/1/22

$0.035

$0.042

$0.045

2.61%

3.31%

3.55%

September

10/3/22

$0.035

$0.042

$0.045

2.61%

3.30%

3.54%

October

11/1/22

$0.035

$0.042

$0.045

2.61%

3.31%

3.55%

November

12/1/22

$0.035

$0.042

$0.045

2.62%

3.31%

3.55%

December

1/3/2023

$0.035

$0.042

$0.045

2.64%

3.33%

3.57%

	Net Distributions per Share⁹	Annualized Yield-Net of Distribution Fees Based on Public Offering Price Per Share at Month End¹⁰
Month	Pay Date	T Share¹¹	W Share³	I Share²	T Share¹¹	W Share³	I Share²
January	2/1/21	$0.037	$0.041	$0.045	4.17%	4.86%	5.36%
February	3/1/21	$0.038	$0.042	$0.045	4.15%	4.85%	5.35%
March	4/1/21	$0.038	$0.041	$0.045	4.32%	4.86%	5.34%
April	5/3/21	$0.039	$0.041	$0.045	4.29%	4.83%	5.32%
May	6/1/21	$0.038	$0.041	$0.045	4.24%	4.78%	5.26%
June	7/1/21	$0.038	$0.041	$0.045	4.14%	4.67%	5.16%
July	8/2/21	$0.038	$0.041	$0.045	4.08%	4.60%	5.09%
August	9/1/21	$0.038	$0.041	$0.045	3.98%	4.50%	4.98%
September	10/1/21	$0.038	$0.041	$0.045	3.73%	4.24%	4.73%
October	11/1/21	$0.037	$0.041	$0.045	3.62%	4.13%	4.61%
November	12/1/21	$0.037	$0.041	$0.045	3.57%	4.07%	4.56%
December	1/3/22	$0.037	$0.041	$0.045	3.38%	3.88%	4.36%

Net Distributions per Share⁹

Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End¹⁰

Month

Pay Date

T Share¹¹

W Share³

I Share²

T Share¹¹

W Share³

I Share²

January

2/1/21

$0.037

$0.041

$0.045

4.17%

4.86%

5.36%

February

3/1/21

$0.038

$0.042

$0.045

4.15%

4.85%

5.35%

March

4/1/21

$0.038

$0.041

$0.045

4.32%

4.86%

5.34%

April

5/3/21

$0.039

$0.041

$0.045

4.29%

4.83%

5.32%

May

6/1/21

$0.038

$0.041

$0.045

4.24%

4.78%

5.26%

June

7/1/21

$0.038

$0.041

$0.045

4.14%

4.67%

5.16%

July

8/2/21

$0.038

$0.041

$0.045

4.08%

4.60%

5.09%

August

9/1/21

$0.038

$0.041

$0.045

3.98%

4.50%

4.98%

September

10/1/21

$0.038

$0.041

$0.045

3.73%

4.24%

4.73%

October

11/1/21

$0.037

$0.041

$0.045

3.62%

4.13%

4.61%

November

12/1/21

$0.037

$0.041

$0.045

3.57%

4.07%

4.56%

December

1/3/22

$0.037

$0.041

$0.045

3.38%

3.88%

4.36%

	Net Distributions per Share⁹	Annualized Yield-Net of Distribution Fees Based on Public Offering Price Per Share at Month End¹⁰
Month	Pay Date	T Share¹¹	D Share³	I Share²	T Share¹¹	D Share³	I Share²
January	2/3/2020	$0.037	$0.041	$0.045	4.25%	4.95%	5.45%
February	3/2/2020	$0.038	$0.041	$0.045	4.21%	4.91%	5.41%
March	4/1/2020	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
April	5/1/2020	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
May	6/1/2020	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
June	7/1/2020	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
July	8/3/2020	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
August	9/1/2020	$0.037	$0.041	$0.045	4.21%	4.91%	5.41%
September	10/1/2020	$0.037	$0.041	$0.045	4.20%	4.90%	5.40%
October	11/2/2020	$0.037	$0.041	$0.045	4.20%	4.90%	5.40%
November	12/1/2020	$0.037	$0.041	$0.045	4.20%	4.89%	5.39%
December	1/4/2021	$0.037	$0.041	$0.045	4.18%	4.87%	5.37%

Net Distributions per Share⁹

Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End¹⁰

Month

Pay Date

T Share¹¹

D Share³

I Share²

T Share¹¹

D Share³

I Share²

January

2/3/2020

$0.037

$0.041

$0.045

4.25%

4.95%

5.45%

February

3/2/2020

$0.038

$0.041

$0.045

4.21%

4.91%

5.41%

March

4/1/2020

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

April

5/1/2020

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

May

6/1/2020

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

June

7/1/2020

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

July

8/3/2020

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

August

9/1/2020

$0.037

$0.041

$0.045

4.21%

4.91%

5.41%

September

10/1/2020

$0.037

$0.041

$0.045

4.20%

4.90%

5.40%

October

11/2/2020

$0.037

$0.041

$0.045

4.20%

4.90%

5.40%

November

12/1/2020

$0.037

$0.041

$0.045

4.20%

4.89%

5.39%

December

1/4/2021

$0.037

$0.041

$0.045

4.18%

4.87%

5.37%

	Net Distributions per Share⁹	Annualized Yield-Net of Distribution Fees Based on Public Offering Price Per Share at Month End¹⁰
Month	Pay Date	T Share¹¹	D Share¹²	I Share¹³	T Share¹¹	D Share¹²	I Share¹³
January	2/1/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
February	3/1/2019	$0.038	$0.042	$0.045	4.22%	4.92%	5.42%
March	4/1/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
April	5/1/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
May	6/3/2019	$0.037	$0.041	$0.045	4.23%	4.92%	5.42%
June	7/1/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
July	8/1/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
August	9/3/2019	$0.037	$0.041	$0.045	4.23%	4.93%	5.43%
September	10/1/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
October	11/1/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
November	12/2/2019	$0.037	$0.041	$0.045	4.22%	4.91%	5.41%
December	1/2/2020	$0.037	$0.041	$0.045	4.21%	4.91%	5.41%

Net Distributions per Share⁹

Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End¹⁰

Month

Pay Date

T Share¹¹

D Share¹²

I Share¹³

T Share¹¹

D Share¹²

I Share¹³

January

2/1/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

February

3/1/2019

$0.038

$0.042

$0.045

4.22%

4.92%

5.42%

March

4/1/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

April

5/1/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

May

6/3/2019

$0.037

$0.041

$0.045

4.23%

4.92%

5.42%

June

7/1/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

July

8/1/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

August

9/3/2019

$0.037

$0.041

$0.045

4.23%

4.93%

5.43%

September

10/1/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

October

11/1/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

November

12/2/2019

$0.037

$0.041

$0.045

4.22%

4.91%

5.41%

December

1/2/2020

$0.037

$0.041

$0.045

4.21%

4.91%

5.41%

	Net Distributions per Share⁹	Annualized Yield-Net of Distribution Fees Based on Public Offering Price Per Share at Month End¹⁰
Month	Pay Date	T Share¹¹	D Share¹²	I Share¹³	T Share¹¹	D Share¹²	I Share¹³
January	2/1/2018	$0.037	N/A	$0.045	4.25%	N/A	5.45%
February	3/1/2018	$0.038	N/A	$0.045	4.25%	N/A	5.45%
March	4/2/2018	$0.037	N/A	$0.045	4.25%	N/A	5.45%
April	5/1/2018	$0.037	N/A	$0.045	4.25%	N/A	5.45%
May	6/1/2018	$0.037	N/A	$0.045	4.25%	N/A	5.45%
June	7/2/2018	$0.037	N/A	$0.045	4.25%	N/A	5.45%
July	8/1/2018	$0.037	$0.044	$0.045	4.24%	4.94%	5.44%
August	9/4/2018	$0.037	$0.043	$0.045	4.24%	4.94%	5.44%
September	10/1/2018	$0.037	$0.042	$0.045	4.23%	4.92%	5.42%
October	11/1/2018	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
November	12/3/2018	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%
December	1/2/2019	$0.037	$0.041	$0.045	4.22%	4.92%	5.42%

Net Distributions per Share⁹

Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End¹⁰

Month

Pay Date

T Share¹¹

D Share¹²

I Share¹³

T Share¹¹

D Share¹²

I Share¹³

January

2/1/2018

$0.037

N/A

$0.045

4.25%

N/A

5.45%

February

3/1/2018

$0.038

N/A

$0.045

4.25%

N/A

5.45%

March

4/2/2018

$0.037

N/A

$0.045

4.25%

N/A

5.45%

April

5/1/2018

$0.037

N/A

$0.045

4.25%

N/A

5.45%

May

6/1/2018

$0.037

N/A

$0.045

4.25%

N/A

5.45%

June

7/2/2018

$0.037

N/A

$0.045

4.25%

N/A

5.45%

July

8/1/2018

$0.037

$0.044

$0.045

4.24%

4.94%

5.44%

August

9/4/2018

$0.037

$0.043

$0.045

4.24%

4.94%

5.44%

September

10/1/2018

$0.037

$0.042

$0.045

4.23%

4.92%

5.42%

October

11/1/2018

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

November

12/3/2018

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

December

1/2/2019

$0.037

$0.041

$0.045

4.22%

4.92%

5.42%

	Net Distributions per Share⁹	Annualized Yield-Net of Distribution Fees Based on Public Offering Price Per Share at Month End¹⁰
Month	Pay Date	T Share¹¹	D Share¹²	I Share¹³	T Share¹¹	D Share¹²	I Share¹³
November	12/1/2017	$0.037	N/A	$0.045	4.25%	N/A	5.45%
December	1/2/2018	$0.037	N/A	$0.045	4.25%	N/A	5.45%

Net Distributions per Share⁹

Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End¹⁰

Month

Pay Date

T Share¹¹

D Share¹²

I Share¹³

T Share¹¹

D Share¹²

I Share¹³

November

12/1/2017

$0.037

N/A

$0.045

4.25%

N/A

5.45%

December

1/2/2018

$0.037

N/A

$0.045

4.25%

N/A

5.45%

Monthly Performance
		2023	2022	2021	2020	2019	2018	2017
January	Class I Share	-0.45%	3.06%	0.65%	-0.25%	0.38%	0.45%
	Class D Share	-0.47%	3.03%	0.61%	-0.29%	0.34%	n/a
	Class T Share⁴ at NAV	-0.51%	2.98%	0.57%	-0.33%	0.29%	0.37%
February	Class I Share	-0.48%	6.11%	0.69%	1.09%	0.49%	0.45%
	Class D Share	-0.49%	6.09%	0.65%	1.05%	0.45%	n/a
	Class T Share⁴ at NAV	-0.54%	6.04%	0.61%	1.01%	0.41%	0.38%
March	Class I Share		7.15%	0.59%	0.41%	0.54%	0.45%
	Class D Share		7.13%	0.55%	0.37%	0.49%	n/a
	Class T Share⁴ at NAV		7.07%	0.52%	0.32%	0.45%	0.37%
April	Class I Share		4.39%	0.92%	0.44%	0.38%	0.45%
	Class D Share		4.37%	0.88%	0.39%	0.34%	n/a
	Class T Share⁴ at NAV		4.32%	0.86%	0.35%	0.30%	0.37%
May	Class I Share		1.66%	1.51%	0.42%	0.38%	0.49%
	Class D Share		1.64%	1.47%	0.38%	0.34%	n/a
	Class T Share⁴ at NAV		1.59%	1.44%	0.34%	0.30%	0.40%
June	Class I Share		0.15%	2.46%	0.45%	0.56%	0.51%
	Class D Share		0.13%	2.42%	0.41%	0.52%	n/a
	Class T Share⁴ at NAV		0.08%	2.39%	0.36%	0.48%	0.43%
July	Class I Share		0.66%	1.76%	0.46%	0.36%	0.48%
	Class D Share		0.64%	1.72%	0.41%	0.32%	0.46%
	Class T Share⁴ at NAV		0.59%	1.69%	0.37%	0.27%	0.40%
August	Class I Share		0.54%	2.54%	0.53%	0.29%	0.49%
	Class D Share		0.52%	2.49%	0.49%	0.25%	0.46%
	Class T Share⁴ at NAV		0.47%	2.46%	0.45%	0.21%	0.41%
September	Class I Share		0.46%	5.92%	0.68%	0.71%	0.78%
	Class D Share		0.44%	5.87%	0.64%	0.67%	0.74%
	Class T Share⁴ at NAV		0.40%	5.85%	0.60%	0.63%	0.69%
October	Class I Share		0.21%	2.86%	0.47%	0.48%	0.46%
	Class D Share		0.19%	2.82%	0.42%	0.43%	0.42%
	Class T Share⁴ at NAV		0.14%	2.79%	0.38%	0.39%	0.38%
November	Class I Share		0.15%	1.63%	0.58%	0.51%	0.54%	0.45%
	Class D Share		0.13%	1.59%	0.54%	0.47%	0.50%	n/a
	Class T Share⁴ at NAV		0.08%	1.56%	0.50%	0.43%	0.45%	0.37%
December	Class I Share		-0.23%	4.89%	0.83%	0.54%	0.46%	0.45%
	Class D Share		-0.25%	4.85%	0.79%	0.50%	0.42%	n/a
	Class T Share⁴ at NAV		-0.30%	4.82%	0.75%	0.46%	0.37%	0.37%

Monthly Performance

2023

2022

2021

2020

2019

2018

2017

January

Class I Share

-0.45%

3.06%

0.65%

-0.25%

0.38%

0.45%

Class D Share

-0.47%

3.03%

0.61%

-0.29%

0.34%

n/a

Class T Share⁴ at NAV

-0.51%

2.98%

0.57%

-0.33%

0.29%

0.37%

February

Class I Share

-0.48%

6.11%

0.69%

1.09%

0.49%

0.45%

Class D Share

-0.49%

6.09%

0.65%

1.05%

0.45%

n/a

Class T Share⁴ at NAV

-0.54%

6.04%

0.61%

1.01%

0.41%

0.38%

March

Class I Share

7.15%

0.59%

0.41%

0.54%

0.45%

Class D Share

7.13%

0.55%

0.37%

0.49%

n/a

Class T Share⁴ at NAV

7.07%

0.52%

0.32%

0.45%

0.37%

April

Class I Share

4.39%

0.92%

0.44%

0.38%

0.45%

Class D Share

4.37%

0.88%

0.39%

0.34%

n/a

Class T Share⁴ at NAV

4.32%

0.86%

0.35%

0.30%

0.37%

May

Class I Share

1.66%

1.51%

0.42%

0.38%

0.49%

Class D Share

1.64%

1.47%

0.38%

0.34%

n/a

Class T Share⁴ at NAV

1.59%

1.44%

0.34%

0.30%

0.40%

June

Class I Share

0.15%

2.46%

0.45%

0.56%

0.51%

Class D Share

0.13%

2.42%

0.41%

0.52%

n/a

Class T Share⁴ at NAV

0.08%

2.39%

0.36%

0.48%

0.43%

July

Class I Share

0.66%

1.76%

0.46%

0.36%

0.48%

Class D Share

0.64%

1.72%

0.41%

0.32%

0.46%

Class T Share⁴ at NAV

0.59%

1.69%

0.37%

0.27%

0.40%

August

Class I Share

0.54%

2.54%

0.53%

0.29%

0.49%

Class D Share

0.52%

2.49%

0.49%

0.25%

0.46%

Class T Share⁴ at NAV

0.47%

2.46%

0.45%

0.21%

0.41%

September

Class I Share

0.46%

5.92%

0.68%

0.71%

0.78%

Class D Share

0.44%

5.87%

0.64%

0.67%

0.74%

Class T Share⁴ at NAV

0.40%

5.85%

0.60%

0.63%

0.69%

October

Class I Share

0.21%

2.86%

0.47%

0.48%

0.46%

Class D Share

0.19%

2.82%

0.42%

0.43%

0.42%

Class T Share⁴ at NAV

0.14%

2.79%

0.38%

0.39%

0.38%

November

Class I Share

0.15%

1.63%

0.58%

0.51%

0.54%

0.45%

Class D Share

0.13%

1.59%

0.54%

0.47%

0.50%

n/a

Class T Share⁴ at NAV

0.08%

1.56%

0.50%

0.43%

0.45%

0.37%

December

Class I Share

-0.23%

4.89%

0.83%

0.54%

0.46%

0.45%

Class D Share

-0.25%

4.85%

0.79%

0.50%

0.42%

n/a

Class T Share⁴ at NAV

-0.30%

4.82%

0.75%

0.46%

0.37%

Quarterly Performance
		2022	2021	2020	2019	2018
Q1	Class I Share	17.16%	1.94%	1.24%	1.41%	1.37%
	Class D Share	17.10%	1.82%	1.12%	1.29%	n/a
	Class T Share⁴ at NAV	16.93%	1.71%	1.00%	1.16%	1.12%
Q2	Class I Share	6.28%	4.97%	1.31%	1.33%	1.46%
	Class D Share	6.21%	4.84%	1.18%	1.20%	n/a
	Class T Share⁴ at NAV	6.06%	4.75%	1.06%	1.08%	1.21%
Q3	Class I Share	1.67%	10.51%	1.67%	1.37%	1.75%
	Class D Share	1.60%	10.38%	1.55%	1.24%	1.67%
	Class T Share⁴ at NAV	1.46%	10.28%	1.43%	1.12%	1.51%
Q4	Class I Share	0.13%	9.65%	1.89%	1.54%	1.46%
	Class D Share	0.07%	9.52%	1.76%	1.41%	1.35%
	Class T Share⁴ at NAV	-0.08%	9.42%	1.64%	1.29%	1.21%

Quarterly Performance

2022

2021

2020

2019

2018

Class I Share

17.16%

1.94%

1.24%

1.41%

1.37%

Class D Share

17.10%

1.82%

1.12%

1.29%

n/a

Class T Share⁴ at NAV

16.93%

1.71%

1.00%

1.16%

1.12%

Class I Share

6.28%

4.97%

1.31%

1.33%

1.46%

Class D Share

6.21%

4.84%

1.18%

1.20%

n/a

Class T Share⁴ at NAV

6.06%

4.75%

1.06%

1.08%

1.21%

Class I Share

1.67%

10.51%

1.67%

1.37%

1.75%

Class D Share

1.60%

10.38%

1.55%

1.24%

1.67%

Class T Share⁴ at NAV

1.46%

10.28%

1.43%

1.12%

1.51%

Class I Share

0.13%

9.65%

1.89%

1.54%

1.46%

Class D Share

0.07%

9.52%

1.76%

1.41%

1.35%

Class T Share⁴ at NAV

-0.08%

9.42%

1.64%

1.29%

1.21%

Annual Performance
	2023 Year-to-Date	2022	2021	2020	2019	2018
Class I Share	-0.92%	26.75%	29.66%	6.25%	5.76%	6.18%
Class D Share	-0.96%	26.45%	29.04%	5.73%	5.24%	n/a
Class T Share⁴ at NAV	-1.05%	25.73%	28.58%	5.22%	4.73%	5.14%
Class T Share⁷ with Sales Charges	-5.50%	20.07%	22.79%	0.49%	0.02%	0.41%

Annual Performance

2023 Year-to-Date

2022

2021

2020

2019

2018

Class I Share

-0.92%

26.75%

29.66%

6.25%

5.76%

6.18%

Class D Share

-0.96%

26.45%

29.04%

5.73%

5.24%

n/a

Class T Share⁴ at NAV

-1.05%

25.73%

28.58%

5.22%

4.73%

5.14%

Class T Share⁷ with Sales Charges

-5.50%

20.07%

22.79%

0.49%

0.02%

0.41%

		2023	2022	2021	2020	2019	2018
January	Transaction Price	$15.26	$12.50	$10.14	$10.08	$10.06	-
	Offering Price for T Share	$15.98	$13.09	$10.62	$10.55	$10.53	-
February	Transaction Price	$15.15	$12.84	$10.16	$10.01	$10.05	-
	Offering Price for T Share	$15.87	$13.44	$10.64	$10.48	$10.52	-
March	Transaction Price	$15.03	$13.57	$10.19	$10.07	$10.05	-
	Offering Price for T Share	$15.74	$14.21	$10.67	$10.54	$10.52	-
April	Transaction Price		$14.49	$10.20	$10.06	$10.06	-
	Offering Price for T Share		$15.18	$10.68	$10.54	$10.54	-
May	Transaction Price		$15.08	$10.25	$10.06	$10.06	-
	Offering Price for T Share		$15.79	$10.73	$10.54	$10.53	-
June	Transaction Price		$15.29	$10.36	$10.06	$10.05	$10.00
	Offering Price for T Share		$16.01	$10.85	$10.53	$10.52	$10.47
July	Transaction Price		$15.26	$10.57	$10.06	$10.06	$10.01
	Offering Price for T Share		$15.98	$11.07	$10.53	$10.53	$10.48
August	Transaction Price		$15.32	$10.71	$10.06	$10.05	$10.01
	Offering Price for T Share		$16.04	$11.21	$10.53	$10.52	$10.48
September	Transaction Price		$15.35	$10.93	$10.07	$10.03	$10.01
	Offering Price for T Share		$16.08	$11.45	$10.54	$10.51	$10.49
October	Transaction Price		$15.38	$11.53	$10.09	$10.06	$10.05
	Offering Price for T Share		$16.11	$12.08	$10.57	$10.53	$10.52
November	Transaction Price		$15.37	$11.82	$10.09	$10.06	$10.05
	Offering Price for T Share		$16.09	$12.37	$10.57	$10.54	$10.52
December	Transaction Price		$15.35	$11.96	$10.11	$10.07	$10.06
	Offering Price for T Share		$16.07	$12.53	$10.58	$10.54	$10.53

2023

2022

2021

2020

2019

2018

January

Transaction Price

$15.26

$12.50

$10.14

$10.08

$10.06

Offering Price for T Share

$15.98

$13.09

$10.62

$10.55

$10.53

February

Transaction Price

$15.15

$12.84

$10.16

$10.01

$10.05

Offering Price for T Share

$15.87

$13.44

$10.64

$10.48

$10.52

March

Transaction Price

$15.03

$13.57

$10.19

$10.07

$10.05

Offering Price for T Share

$15.74

$14.21

$10.67

$10.54

$10.52

April

Transaction Price

$14.49

$10.20

$10.06

Offering Price for T Share

$15.18

$10.68

$10.54

May

Transaction Price

$15.08

$10.25

$10.06

Offering Price for T Share

$15.79

$10.73

$10.54

$10.53

June

Transaction Price

$15.29

$10.36

$10.06

$10.05

$10.00

Offering Price for T Share

$16.01

$10.85

$10.53

$10.52

$10.47

July

Transaction Price

$15.26

$10.57

$10.06

$10.01

Offering Price for T Share

$15.98

$11.07

$10.53

$10.48

August

Transaction Price

$15.32

$10.71

$10.06

$10.05

$10.01

Offering Price for T Share

$16.04

$11.21

$10.53

$10.52

$10.48

September

Transaction Price

$15.35

$10.93

$10.07

$10.03

$10.01

Offering Price for T Share

$16.08

$11.45

$10.54

$10.51

$10.49

October

Transaction Price

$15.38

$11.53

$10.09

$10.06

$10.05

Offering Price for T Share

$16.11

$12.08

$10.57

$10.53

$10.52

November

Transaction Price

$15.37

$11.82

$10.09

$10.06

$10.05

Offering Price for T Share

$16.09

$12.37

$10.57

$10.54

$10.52

December

Transaction Price

$15.35

$11.96

$10.11

$10.07

$10.06

Offering Price for T Share

$16.07

$12.53

$10.58

$10.54

$10.53

¹Performance is measured by total return, which includes income and appreciation. Total return represents the compound annual rate of return assuming reinvestment of all distributions pursuant to Ares Industrial Real Estate Income Trust’s (AIREIT) distribution reinvestment plan. 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.

²The inception date for Class I Shares is November 1, 2017. With respect to the Class I Share, AIREIT pays no upfront selling commission, no upfront dealer manager fee and no ongoing distribution fee.

³The inception date for Class D Shares is July 2, 2018. With respect to the Class D Share, AIREIT pays no up-front selling commission and no up-front dealer manager fee. AIREIT pays an ongoing distribution fee that accrues monthly at an annualized rate of 0.50% of AIREIT’s NAV per Class D Share for such month on a continuous basis. These expenses are allocated to all Class D shares and reduce the distributions otherwise payable to all Class D stockholders.

⁴The inception date for Class T Shares is November 1, 2017. The “Class T Share Return at NAV” does not include maximum up front selling commissions at initial subscription but includes an ongoing distribution fee that accrues monthly at an annualized rate of 0.85% of AIREIT’s NAV per Class T Share for such month on a continuous basis. These expenses are allocated to all Class T shares and reduce the distributions otherwise payable to all Class T stockholders.

⁵The inception date for Class T Shares is November 1, 2017. The “Class T Share with Sales Charges” was calculated assuming the maximum up front selling commission, dealer manager fees and ongoing distribution fees in effect during the time period indicated. With respect to the Class T Share, AIREIT pays an upfront selling commission of up to 2.00% and an upfront dealer manager fee of up to 2.50% on shares issued in the primary offering. The upfront selling commission and dealer manager fee are each a percentage of the public offering price. The amount of selling commissions and dealer manager fees paid to certain broker dealers may vary, provided that the sum will not exceed 4.5% of the public offering price. AIREIT also pays an ongoing distribution fee that accrues monthly at an annualized rate of 0.85% of AIREIT’s NAV per Class T Share for such month on a continuous basis. The distribution fees are subject to a cap as described in the prospectus. These expenses are allocated to all Class T shares and reduce the distributions otherwise payable to all Class T stockholders.

⁶Inception is the date shares of AIREIT’s common stock were first issued to third-party investors in its initial public offering. Class T Shares and Class I Shares inception date is November 1, 2017. Class D Shares inception date is July 2, 2018.

⁷The “Class T Share with Sales Charges” was calculated assuming the maximum up front selling commission, dealer manager fees and ongoing distribution fees in effect during the time period indicated.

⁸The amount of distributions AIREIT may make is uncertain, is not guaranteed, may be modified at the program’s discretion, and is subject to board approval. Substantial fees and expenses will be paid to AIREIT’s advisor, dealer manager and other affiliates of AIREIT’s sponsor for services they provide to AIREIT in connection with the offering and the operation of AIREIT’s business and the acquisition, management and disposition of AIREIT’s investments. Distributions may be paid from sources other than cash flow from operations. Distributions to stockholders may represent a return of capital. For the three months ended March 31, 2022, approximately 50.7% of our total gross distributions were paid from cash flows from operating activities, as determined in accordance with generally accepted accounting principles (GAAP), and 49.3% of our total gross distributions were funded from sources other than cash flows from operating activities, as determined on a GAAP basis; specifically, with proceeds from shares issued pursuant to our distribution reinvestment plan.

⁹Amount represents the net annualized distribution rate which is calculated as the gross annualized distribution rate less annual distribution fees that are payable monthly with respect to Class T Shares and Class D Shares. For the periods presented, AIREIT’s board of directors authorized monthly cash distributions to all common stockholders of record as of close of business on the last business day of each month at a monthly rate of $0.0454 per share, less the respective annual distribution fees that are payable monthly with respect to Class T shares and Class D shares. The actual net annualized distribution rate for a particular stockholder will vary based on the NAV and the actual amount of distribution fees payable, as applicable, at any point in time.

¹⁰With respect to the Class T Share, AIREIT pays an up-front selling commission of up to 2.00% and an up-front dealer manager fee of up to 2.50%. The up-front selling commission and dealer manager fee are each a percentage of the public offering price (“POP”), which is equal to the transaction price plus the up-front selling commission and dealer manager fee. The transaction price generally will be the most recently disclosed monthly net asset value (“NAV”) per share for such class of shares sold in the primary offering. AIREIT also pays an ongoing distribution fee that accrues monthly at an annualized rate of 0.85% of AIREIT’s NAV per Class T Share for such month on a continuous basis. These expenses are allocated to all Class T shares and reduce the distributions otherwise payable to all Class T stockholders.

¹¹The transaction price is applicable to all share classes and generally is equal to the most recently published NAV per share.

¹²The Class T share is offered with an up-front sales load of up to 4.5% of the offering price to investors through registered broker/dealers, which is reflected in the offering price listed above. The Class T share offering price may vary based on discounts to the up-front sales load. There is no up-front sales load charged with respect to Class D shares and Class I shares.

¹³NAV-based calculations involve significant professional judgments and the calculated value of AIREIT’s assets and liabilities may differ from AIREIT’s 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 the 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. AIREIT has incurred $189.6 million in net losses, excluding net losses attributable to our third-party JV interests, for the six months ended June 30, 2022, respectively.

Any properties shown are owned by AIREIT.

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.

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

You Must First Receive a Copy of the Prospectus - AIREIT

Performance

Growth of a $10,000 Investment¹

Returns Summary¹³

Distribution History⁸

Performance by Period

Monthly Transaction Price¹¹ and Offering Price for T Share¹²

Are You A Resident of Ohio?

Are You A Resident Of New Jersey?

Are You A Resident Of New Jersey or Ohio?

Are You A Resident Of Washington?

You Must First Receive a Copy of the Prospectus - AIREIT

Performance

Growth of a $10,000 Investment1

Returns Summary13

Distribution History8

Performance by Period

Monthly Transaction Price11 and Offering Price for T Share12

Are You A Resident of Ohio?

Are You A Resident Of New Jersey?

Are You A Resident Of New Jersey or Ohio?

Are You A Resident Of Washington?

Growth of a $10,000 Investment¹

Returns Summary¹³

Distribution History⁸

Monthly Transaction Price¹¹ and Offering Price for T Share¹²