Ares Real Estate Income Trust (AREIT) is a non-traded, perpetual-life REIT that owns and operates a diversified portfolio of U.S. commercial real estate, comprising 143 properties totaling roughly 30.5M square feet across 34 U.S. markets. The portfolio spans residential, industrial, retail (largely grocery-anchored), office, and data center properties, with some exposure to real estate debt and securities. AREIT is externally managed by an Ares Management affiliate and has no employees of its own. AREIT generates income primarily from tenant rents, and as a REIT, distributes most of its taxable income to shareholders. AREIT raises capital through two main channels: a continuous public stock offering (including a DRIP), where share price is based on NAV rather than market trading; and a Delaware Statutory Trust (DST) program, through which AREIT places properties into statutory trusts and sells beneficial interests to investors, particularly those seeking 1031 exchange replacement properties. The DST program raised $1.22B in gross proceeds in 2025, making it the larger of the two capital-raising channels. AREIT also finances up to 50% of DST interest purchases through loans to buyers. The near-term investment focus is on residential and industrial properties, with additional interest in real estate debt.