Ares Real Estate Income Trust Inc. is a perpetual-life, net asset value–based REIT focused on diversified U.S. real estate and related debt. As of December 31, 2025, it owned 143 properties totaling 30.5 million square feet across 34 U.S. markets and maintained REIT status using an UPREIT structure.
In 2025 it raised $335.5 million of common equity, including $31.6 million via its distribution reinvestment plan, and sold $1.22 billion of DST interests, with $99.8 million financed by DST Program Loans, targeting 1031-exchange investors. Reported leverage, calculated under its own methodology, decreased to 35.5% at year-end 2025 from 41.2% a year earlier, versus a stated target range of 40–60%.
The trust emphasizes income and diversification across residential, industrial, retail, office, data centers, and real estate debt, with up to 30% of assets expected in debt, non-U.S. jurisdictions and infrastructure. Shares are not exchange-traded; liquidity is primarily through a monthly share redemption program capped at 2% of aggregate NAV per month and 5% per quarter and subject to board discretion. It redeemed approximately $122.5 million of shares in 2025. Distributions totaled $139.4 million in 2025 versus $253.6 million of cash flow from operations, but prior years show distributions at times funded in part by the distribution reinvestment plan, borrowings or DST sales. The trust warns that its NAV, illustrated by an example of $8.04 per share as of December 31, 2025, is an estimate that may differ from realizable asset values and can move suddenly with property revaluations, leasing changes or market shifts.