Ares Nontraded REITs Post April NAV Gains as Industrial Fund Nears $5.1B

Ares Industrial Real Estate Income Trust, the larger of two nontraded real estate investment trusts sponsored by Ares Management Corporation, reported a $5.08 billion aggregate net asset value as of April 30, 2026. Both Ares funds posted monthly NAV gains and satisfied April redemption requests in full.

Ares Industrial Real Estate Income Trust Inc. reported an aggregate NAV of $5.08 billion as of April 30, 2026, up from $5.07 billion at the end of March, with NAV per fund interest (or NAV per share) rising to $13.2483 from $13.2083 — a 0.30% month-over-month gain. The fund’s industrial property portfolio stood at $9.73 billion in value across 270 buildings and 57.5 million square feet in 31 U.S. markets, with occupancy at 89.2% leased and 90.1% occupied.

Quarter-to-date through April 30, the fund raised gross proceeds of $45.4 million, including proceeds from its distribution reinvestment plan and the sale of Delaware statutory trust interests. Redemptions for April totaled $29.7 million and were redeemed in full on May 1. The fund authorized a monthly gross distribution of $0.0525 per share for April across all share classes, paid to stockholders of record as of April 30.

Year-over-year, the fund’s aggregate NAV grew 9.3%, from $4.65 billion in April 2025 to $5.08 billion in April 2026, as industrial property valuations continued to appreciate and DST conversion activity added fund interests. NAV per fund interest rose 2.6% over the same period, from $12.9180 to $13.2483. Quarter-to-date capital raised through April was $45.4 million, compared with $52.7 million in the same period last year, as inflows moderated slightly. Portfolio footprint grew from approximately 253 buildings at the end of April 2025 to 270 today.

The fund’s leverage ratio was approximately 44.7% as of April 30, consistent with recent quarters and unchanged from the 44.6% reported a year earlier. Ares Industrial REIT has historically carried leverage above the nontraded REIT peer average, which the company has attributed to its concentration in industrial assets and the long-term lease structures of those properties.

Ares Real Estate Income Trust

Ares Real Estate Income Trust Inc., the diversified nontraded REIT in the Ares platform, reported an aggregate NAV of $3.41 billion as of April 30, up from $3.39 billion at the end of March. NAV per share rose to $8.1640 from $8.1467, a 0.21% month-over-month gain. The portfolio spans 144 properties totaling approximately 30.7 million square feet across 34 U.S. markets and was 94.5% leased as of April 30, compared with 94.8% at the end of March.

The fund’s real estate portfolio totaled $7.71 billion across property types: industrial ($3.08 billion), residential ($2.68 billion), other — including self-storage and data centers — ($823.5 million), retail ($728.7 million), and office ($406.2 million). Industrial properties grew in value month-over-month while residential and office both edged lower. The fund also holds $533 million in real estate debt and securities, $534 million in unconsolidated joint venture partnerships, and $200.8 million in DST program loans.

Quarter-to-date through April 30, the fund raised gross proceeds of $126 million, including distribution reinvestment plan proceeds and DST interest proceeds, compared with $103.0 million raised in the same period last year. In the first quarter of 2026, the fund raised $401 million in total gross proceeds, driven in part by 22.6 million operating partnership units issued in DST-to-REIT conversions. April redemptions of $11.6 million were redeemed in full on May 1. The fund authorized a monthly gross distribution of $0.0345 per share for April, paid to stockholders of record as of April 30.

The fund’s NAV per share gains of 6.4% year-over-year reflect steady industrial and self-storage valuations, offset by modest pressure in the residential and office segments. A $200 million capital infusion in October 2025 added to the fund’s balance sheet capacity heading into 2026. The fund carries $2.57 billion in financing obligations associated with its DST program, up from $2.47 billion at the end of March. Leverage was 33.1% as of April 30.

Both funds moved to perpetual private offerings in mid-2024, closing their public primary offerings effective July 2 of that year. Both have maintained uninterrupted redemption satisfaction, a contrast to the redemption queue pressures that affected other large nontraded REITs during the 2022-2023 period. Combined, the two Ares nontraded REIT programs represent approximately $8.5 billion in aggregate NAV across more than 400 properties nationwide.

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