Ares Industrial Real Estate Income Trust, Inc.

Full cycle NTR

Ares Industrial Real Estate Income Trust, Inc.

Full-Cycle REIT	Ares Industrial Real Estate Income Trust, Inc.
Sponsor	Ares Real Estate Group
Inception Date	2016-02-18
Date of Full Cycle Event
Liquidity Event Type
Liquidity Event Description

Life Cycle Years	0.0
Average Total Assets ($ Mil.)	$0.00
Average Leverage (Debt/Total Assets)	0.0%
Initial Price	$0.00
Exit Price	$0.00

Alternate Sponsor Name	Ares Real Estate Group
Original Offering Name	N/A
Original Name Through Date	N/A

Capital Gain	0.00%
Conditional Annual Distribution Yield	0.00%

Full-Cycle REIT IRRs vs. Custom Benchmarks

Full-Cycle REIT IRRs vs. Conventional Benchmarks

Full-Cycle (Date): Shareholders received cash or listed stock for all common shares of the previously non-traded investment program as of the given date.

In-Process: The investment program has commenced liquidation of its investment portfolio, has announced a merger or sale that has not yet been consummated, or has yet to provide common shareholders with full liquidity for their shares with cash and/or listed stock.

SRP/Tender: Share repurchase or tender program which permits shareholders to sell their shares back to the company, subject to limitations. The frequency, price, and limitations vary by investment program.

Suspended: The investment program has suspended its share repurchase or tender program.

None: The investment program does not have an intermittent liquidity program, but shareholders will receive liquidity upon termination or liquidity event at the end of the investment term.