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Performance

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Growth of a $10,000 Investment1

Returns Summary13

Returns Summary as of  January 31, 20241
Trailing Three MonthOne-Year Trailing 12-MonthThree-Year AnnualizedSince Inception6 CumulativeSince Inception6 Annualized
Class T Share Return at NAV4(ZAIRTX) -3.26% -11.09% 12.45% 66.92% 8.54%
Class T Share with Sales Charge (Net)7(ZAIRTX) -7.61% -15.09% 10.73% 59.41% 7.75%
Class D Share Return at NAV (ZAIRDX) -3.12% -10.59% 13.01% 66.52% 9.56%
Class I Share Return at NAV (ZAIRIX) -3.06% -10.37% 13.37% 76.58% 9.53%

Performance By Period

Monthly Performance
20242023202220212020201920182017
JanuaryClass I Share-1.04%-0.45%3.06%0.65%-0.25%0.38%0.45%
Class D Share-1.06%-0.47%3.03%0.61%-0.29%0.34%n/a
Class T Share4 at NAV-1.11%-0.51%2.98%0.57%-0.33%0.29%0.37%
FebruaryClass 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%
MarchClass I Share0.01%7.15%0.59%0.41%0.54%0.45%
Class D Share-0.01%7.13%0.55%0.37%0.49%n/a
Class T Share4 at NAV-0.06%7.07%0.52%0.32%0.45%0.37%
AprilClass I Share-0.21%4.39%0.92%0.44%0.38%0.45%
Class D Share-0.23%4.37%0.88%0.39%0.34%n/a
Class T Share4 at NAV-0.28%4.32%0.86%0.35%0.30%0.37%
MayClass I Share-2.39%1.66%1.51%0.42%0.38%0.49%
Class D Share-2.41%1.64%1.47%0.38%0.34%n/a
Class T Share4 at NAV-2.46%1.59%1.44%0.34%0.30%0.40%
JuneClass I Share-0.21%0.15%2.46%0.45%0.56%0.51%
Class D Share-0.23%0.13%2.42%0.41%0.52%n/a
Class T Share4 at NAV-0.27%0.08%2.39%0.36%0.48%0.43%
JulyClass I Share-1.99%0.66%1.76%0.46%0.36%0.48%
Class D Share-2.01%0.64%1.72%0.41%0.32%0.46%
Class T Share4 at NAV-2.05%0.59%1.69%0.37%0.27%0.40%
AugustClass I Share-2.24%0.54%2.54%0.53%0.29%0.49%
Class D Share-2.26%0.52%2.49%0.49%0.25%0.46%
Class T Share4 at NAV-2.31%0.47%2.46%0.45%0.21%0.41%
SeptemberClass I Share0.26%0.46%5.92%0.68%0.71%0.78%
Class D Share0.24%0.44%5.87%0.64%0.67%0.74%
Class T Share4 at NAV0.20%0.40%5.85%0.60%0.63%0.69%
OctoberClass I Share-0.52%0.21%2.86%0.47%0.48%0.46%
Class D Share-0.54%0.19%2.82%0.42%0.43%0.42%
Class T Share4 at NAV-0.59%0.14%2.79%0.38%0.39%0.38%
NovemberClass I Share-0.83%0.15%1.63%0.58%0.51%0.54%0.45%
Class D Share-0.85%0.13%1.59%0.54%0.47%0.50%n/a
Class T Share4 at NAV-0.90%0.08%1.56%0.50%0.43%0.45%0.37%
DecemberClass I Share-1.22%-0.23%4.89%0.83%0.54%0.46%0.45%
Class D Share-1.24%-0.25%4.85%0.79%0.50%0.42%n/a
Class T Share4 at NAV-1.29%-0.30%4.82%0.75%0.46%0.37%0.37%

Quarterly Performance
202320222021202020192018
Q1Class I Share-0.91%17.16%1.94%1.24%1.41%1.37%
Class D Share-0.96%17.10%1.82%1.12%1.29%n/a
Class T Share4 at NAV-1.10%16.93%1.71%1.00%1.16%1.12%
Q2Class I Share-2.80%6.28%4.97%1.31%1.33%1.46%
Class D Share-2.86%6.21%4.84%1.18%1.20%n/a
Class T Share4 at NAV-2.99%6.06%4.75%1.06%1.08%1.21%
Q3Class I Share-3.94%1.67%10.51%1.67%1.37%1.75%
Class D Share-3.99%1.60%10.38%1.55%1.24%1.67%
Class T Share4 at NAV-4.13%1.46%10.28%1.43%1.12%1.51%
Q4Class I Share-2.56%0.13%9.65%1.89%1.54%1.46%
Class D Share-2.61%0.07%9.52%1.76%1.41%1.35%
Class T Share4 at NAV-2.75%-0.08%9.42%1.64%1.29%1.21%

Annual Performance
2024 Year-to-Date202320222021202020192018
Class I Share-1.04%-9.83%26.75%29.66%6.25%5.76%6.18%
Class D Share-1.06%-10.05%26.45%29.04%5.73%5.24%n/a
Class T Share4 at NAV-1.11%-10.56%25.73%28.58%5.22%4.73%5.14%
Class T Share7  with Sales Charges-5.56%-14.58%20.07%22.79%0.49%0.02%0.41%

Distribution History8

The table below provides information on the distributions paid by Ares Industrial Real Estate Income Trust since inception5

Net Distributions per Share9Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End10
MonthPay DateT Share11D Share3I Share2T Share11D Share3I Share2
January2/1/24$0.041$0.047$0.053.62%4.37%4.60%
February
March
April
May
June
July
August
September
October
November
December
Net Distributions per Share9Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End10
MonthPay DateT Share11D Share3I Share2T Share11D Share3I Share2
January2/1/23$0.035$0.042$0.0452.66%3.36%3.60%
February3/1/23$0.036$0.043$0.0452.69%3.39%3.63%
March4/3/23$0.035$0.042$0.0452.70%3.40%3.64%
April5/1/23$0.035$0.042$0.0452.72%3.41%3.65%
May6/1/23$0.035$0.042$0.0452.81%3.52%3.76%
June7/3/23$0.036$0.043$0.0452.83%3.54%3.77%
July8/1/23$0.04$0.047$0.053.29%4.02%4.25%
August9/1/23$0.04$0.047$0.053.40%4.13%4.37%
September10/2/23$0.041$0.047$0.053.41%4.13%4.37%
October11/1/23$0.041$0.047$0.053.44%4.17%4.41%
November12/1/23$0.041$0.047$0.053.50%4.23%4.46%
December1/2/24$0.041$0.047$0.053.56%4.30%4.54%
Net Distributions per Share9Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End10
MonthPay DateT Share11D Share3I Share2T Share11D Share3I Share2
January2/1/22$0.037$0.043$0.0453.28%4.00%4.25%
February3/1/22$0.037$0.043$0.0453.06%3.77%4.02%
March4/1/22$0.036$0.043$0.0452.81%3.52%3.76%
April5/2/22$0.036$0.043$0.0452.67%3.37%3.61%
May6/1/22$0.035$0.042$0.0452.63%3.32%3.57%
June7/1/22$0.035$0.042$0.0452.63%3.33%3.57%
July8/1/22$0.035$0.042$0.0452.62%3.32%3.56%
August9/1/22$0.035$0.042$0.0452.61%3.31%3.55%
September10/3/22$0.035$0.042$0.0452.61%3.30%3.54%
October11/1/22$0.035$0.042$0.0452.61%3.31%3.55%
November12/1/22$0.035$0.042$0.0452.62%3.31%3.55%
December1/3/23$0.035$0.042$0.0452.64%3.33%3.57%
Net Distributions per Share9Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End10
MonthPay DateT Share11D Share3I Share2T Share11D Share3I Share2
January2/1/21$0.037$0.041$0.0454.17%4.86%5.36%
February3/1/21$0.038$0.042$0.0454.15%4.85%5.35%
March4/1/21$0.038$0.041$0.0454.32%4.86%5.34%
April5/3/21$0.039$0.041$0.0454.29%4.83%5.32%
May6/1/21$0.038$0.041$0.0454.24%4.78%5.26%
June7/1/21$0.038$0.041$0.0454.14%4.67%5.16%
July8/2/21$0.038$0.041$0.0454.08%4.60%5.09%
August9/1/21$0.038$0.041$0.0453.98%4.50%4.98%
September10/1/21$0.038$0.041$0.0453.73%4.24%4.73%
October11/1/21$0.037$0.041$0.0453.62%4.13%4.61%
November12/1/21$0.037$0.041$0.0453.57%4.07%4.56%
December1/3/22$0.037$0.041$0.0453.38%3.88%4.36%
Net Distributions per Share9Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End10
MonthPay DateT Share11D Share3I Share2T Share11D Share3I Share2
January2/3/20$0.037$0.041$0.0454.25%4.95%5.45%
February3/2/20$0.038$0.041$0.0454.21%4.91%5.41%
March4/1/20$0.037$0.041$0.0454.22%4.92%5.42%
April5/1/20$0.037$0.041$0.0454.22%4.92%5.42%
May6/1/20$0.037$0.041$0.0454.22%4.92%5.42%
June7/1/20$0.037$0.041$0.0454.22%4.92%5.42%
July8/3/20$0.037$0.041$0.0454.22%4.92%5.42%
August9/1/20$0.037$0.041$0.0454.21%4.91%5.41%
September10/1/20$0.037$0.041$0.0454.20%4.90%5.40%
October11/2/20$0.037$0.041$0.0454.20%4.90%5.40%
November12/1/20$0.037$0.041$0.0454.20%4.89%5.39%
December1/4/21$0.037$0.041$0.0454.18%4.87%5.37%
Net Distributions per Share9Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End10
MonthPay DateT Share11D Share3I Share2T Share11D Share3I Share2
January2/1/19$0.037$0.041$0.0454.22%4.92%5.42%
February3/1/19$0.038$0.042$0.0454.22%4.92%5.42%
March4/1/19$0.037$0.041$0.0454.22%4.92%5.42%
April5/1/19$0.037$0.041$0.0454.22%4.92%5.42%
May6/3/19$0.037$0.041$0.0454.23%4.92%5.42%
June7/1/19$0.037$0.041$0.0454.22%4.92%5.42%
July8/1/19$0.037$0.041$0.0454.22%4.92%5.42%
August9/3/19$0.037$0.041$0.0454.23%4.93%5.43%
September10/1/19$0.037$0.041$0.0454.22%4.92%5.42%
October11/1/19$0.037$0.041$0.0454.22%4.92%5.42%
November12/2/19$0.037$0.041$0.0454.22%4.91%5.41%
December1/2/20$0.037$0.041$0.0454.21%4.91%5.41%
Net Distributions per Share9Annualized Yield-Net of Distribution Fees
Based on Public Offering Price Per Share
at Month End10
MonthPay DateT Share11D Share3I Share2T Share11D Share3I Share2
January
February
March
April
May
June
July
August
September
October
November12/1/17$0.037N/A$0.0454.25%0.00%5.45%
December1/2/18$0.037N/A$0.0454.25%0.00%5.45%

Monthly Transaction Price11 and Offering Price for T Share12

Monthly Transaction Price11 and Offering Price for T Share12
2024202320222021202020192018
JanuaryTransaction Price$13.23$15.26$12.50$10.14$10.08$10.06-
Offering Price for T Share$13.85$15.98$13.09$10.62$10.55$10.53-
FebruaryTransaction Price$13.04$15.15$12.84$10.16$10.01$10.05-
Offering Price for T Share$13.65$15.87$13.44$10.64$10.48$10.52-
MarchTransaction 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-
AprilTransaction Price$14.99$14.49$10.20$10.06$10.06-
Offering Price for T Share$15.70$15.18$10.68$10.54$10.54-
MayTransaction Price$14.91$15.08$10.25$10.06$10.06-
Offering Price for T Share$15.62$15.79$10.73$10.54$10.53-
JuneTransaction Price$14.51$15.29$10.36$10.06$10.05$10.00
Offering Price for T Share$15.20$16.01$10.85$10.53$10.52$10.47
JulyTransaction Price$14.44$15.26$10.57$10.06$10.06$10.01
Offering Price for T Share$15.12$15.98$11.07$10.53$10.53$10.48
AugustTransaction Price$14.10$15.32$10.71$10.06$10.05$10.01
Offering Price for T Share$14.77$16.04$11.21$10.53$10.52$10.48
SeptemberTransaction Price$13.74$15.35$10.93$10.07$10.03$10.01
Offering Price for T Share$14.38$16.08$11.45$10.54$10.51$10.49
OctoberTransaction Price$13.72$15.38$11.53$10.09$10.06$10.05
Offering Price for T Share$14.37$16.11$12.08$10.57$10.53$10.52
NovemberTransaction Price$13.60$15.37$11.82$10.09$10.06$10.05
Offering Price for T Share$14.24$16.09$12.37$10.57$10.54$10.52
DecemberTransaction Price$13.44$15.35$11.96$10.11$10.07$10.06
Offering Price for T Share$14.07$16.07$12.53$10.58$10.54$10.53
1

Performance 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.

2

The 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.

3

The 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.

4

The 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.

5

The 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.

6

Inception 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.

7

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.

8

The 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.

9

Amount 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.

10

With 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.

11

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

12

The 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.

13

NAV-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 incurred approximately $312.9 million in net loss, excluding net gains or losses attributable to third party JV interests, if any, for the year ended December 31, 2022. For the year ended December 31, 2022, approximately 52.6% of our total gross distributions were paid from cash flows from operating activities, as determined on a GAAP basis, and approximately 47.4% 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.

Please read the applicable Ares Fund or Real Estate Income Trust ("REIT") Prospectus prior to making any investment decision and consider carefully the REIT’s or Funds’ investment objectives, risks, charges, expenses and other important information described therein. A copy of the REIT and Funds 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 Funds' Prospectuses. The REIT and Funds prospectuses do not constitute an offer to sell securities, nor a solicitation of an offer to buy their Shares in any state where the offer or sale is not permitted.

Ares Wealth Management Solutions does not offer investment advice. Individuals should consult a professional investment advisor.

Investments in the Ares Private Markets Fund, Ares Strategic Income Fund, or Ares REITs are not suitable for all investors. Investing in shares of the Funds 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 AREIT Summary Risk Factors and the Prospectus, AIREIT Summary Risk Factors and the Prospectus, and the APMF Summary Risk Factors and the Prospectus, and the ASIF Summary Risk Factors and the Prospectus for a complete list of the risks associated with the REITs, Ares Private Markets Fund, and Ares Strategic Income Fund 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 a criminal offense. Fund and REIT shares will be offered to the public through Ares Wealth Management Solutions, LLC, member of Financial Industry Regulatory Authority (FINRA) and SIPC, which will act as the dealer manager, and through other members of FINRA or with the assistance of registered investment advisors.

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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

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This website is neither an offer to sell nor a solicitation of an offer to buy the securities described in the Ares Industrial Real Estate Income Trust Inc. (AI-REIT) prospectus. Offerings are made only by means of a prospectus, which should be read in order to fully understand all of the implications and risks associated with an offering.

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View Ares Real Estate Income Fund Prospectus

Each person investing through an employee pension benefit plan subject to the Employee Retirement Income Security Act of 1974, such as a profit sharing, section 401(k) or pension plan, or any other retirement plan or account subject to Section 4975 of the Internal Revenue Code of 1986, as amended, such as an IRA, or any entity that includes such assets, which we refer to collectively as the “Benefit Plans,” should only view these materials in consultation with a qualified independent fiduciary, such as an independent financial advisor. Ares Industrial Real Estate Income Trust Inc., its advisor, its dealer manager and their affiliates have financial interests associated with an investment as outlined in the prospectus. These materials do not constitute a recommendation to invest, and should not be construed as investment advice. If you are a person investing through a Benefit Plan, you must agree that you will only view these materials in consultation with your independent financial advisor or other qualified independent fiduciary.

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AccessAres is the thought-leadership and educational division of Ares Wealth Management Solutions. The materials distributed by AccessAres are for informational purposes only and do not constitute investment advice or a recommendation to buy, sell or hold any security, investment strategy or market sector. Ares Wealth Management Solutions is a global brand of Ares Management Corporation.