Ares Real Estate Income Trust Return Estimator¹

This calculator is provided to assist financial professionals and their clients in determining the approximate historical return and realized gain to an investor as of the latest month end data displayed. This calculator is not specific to any investor and further assumes a single investment on the first business day of any month after 9/1/2017. From 10/1/12 - 9/1/17 calculator assumes a purchase on last day of the prior month. Actual investor results will vary from those presented above depending on multiple factors, including without limitation, the actual day of investment, whether multiple purchases were made over time, whether any shares were redeemed over time, whether there was a partial transfer of shares, and whether there were any changes to the investor’s distribution election (cash or reinvestment). Actual results will vary depending on the specific date an investment was made which could result in an overestimate or underestimate of tax liability. Shareholders should consult with their own tax advisors concerning the tax consequences and to determine taxability of their distributions. NAV inception is September 30, 2012 and this calculator only reflects purchases made on or after that date. With exception to Class E shares, the historical returns presented show share performance back to 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, the returns 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. Returns for class T, S and W account for the 8.75% cap on total upfront selling commission, upfront dealer manager fees and ongoing distribution fees. Once the upfront selling commission, upfront dealer manager fees and ongoing distribution fees equals or exceeds 8.75%, T, S, and W shares are converted to Class I shares which are not subject to ongoing distribution fees and as a result receive higher distributions than Class T, S and W shares.

Average Annual Return represents the annualized total return for distributions reinvested and annualized internal rate of return (IRR) for distributions paid in cash. Cumulative Return is calculated by dividing the Current Value by the Initial Investment. Cumulative Return is not shown if distributions paid in cash is selected unless held for less than one year.

For distributions in cash, sum of historic cash distributions paid resulting from regular distributions. For distributions reinvested, sum of shares reinvested multiplied by NAV. The 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 user 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 that value of your investment in shares of AREIT common stock. Our cash distributions for the year ended December 31, 2021 were 100.0% funded from cash flows from operations. Our cash distributions for the years 2012 to 2020 were fully funded from our operations on an annualized basis. 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.

Initial shares purchased multiplied by NAV.

Total Value represents the sum of the current value of the initial investment and distributions paid in cash or reinvested.

Estimated gain/loss accounts for the tax treatment of distributions through 12/1/21 and does not estimate the tax character of 2022 distributions. 2022 distributions could, in part or in full, be recharacterized as nondividend distributions which would lower the estimated cost basis and therefore increase the gain or lower the loss. Tax treatment for the current year distributions will be available at the end of January the following year. This information is an estimate and should not be used to file your taxes with the IRS. Investors should speak with a tax professional regarding their specific situation. Black Creek Group and its affiliates do not provide tax advice.

Sum of initial investment and distributions reinvested, if applicable.

Nondividend distributions do not reflect nondividend distributions in the current tax year. Total nondividend distributions reflect estimated total nondividend distributions paid since initial investment through the last full tax year once the information is available. Nondividend distributions are reported annually on form 1099 DIV in box 3.

Estimated Cost Basis is calculated by taking the total investment amount and subtracting the total amount of nondividend distributions.

Estimated Gain/Loss is calculated by by taking the current shares multiplied by NAV and subtracting the Estimated Cost Basis. Estimated Gain is taxable as capital gains.