ARES INDUSTRIAL REAL ESTATE INCOME TRUST Inc. 8-K

What Happened

• Ares Industrial Real Estate Income Trust filed an 8‑K on May 15, 2026 reporting its net asset value (NAV) as of April 30, 2026, portfolio and financing metrics, and its April distribution. The company reported Aggregate Fund NAV of $5,078,880 (in thousands) — about $5.079 billion — and a NAV per Fund Interest of $13.2483 as of April 30, 2026 (up from $13.2083 on March 31, 2026). The June 1, 2026 transaction price for each share class equals the NAV per share as of April 30, 2026.
• The company engaged Altus Group U.S. Inc. as its independent valuation advisor to provide monthly real property appraisals and assist with valuation procedures; key valuation assumptions included a weighted-average exit cap rate of 5.6% and a discount/internal rate of return of 7.3%.

Key Details

• Aggregate Fund NAV (April 30, 2026): $5,078,880 (in thousands) ≈ $5.079 billion; NAV per Fund Interest: $13.2483 (April 30) vs. $13.2083 (March 31).
• Portfolio and holdings (as of April 30, 2026): 270 industrial buildings, ~57.5 million sq ft, 89.2% occupied (90.1% leased); investments in industrial properties $9,725,500 (in thousands) ≈ $9.726 billion; investments in real estate debt & securities $670,393 (in thousands) ≈ $670.4 million; DST Program Loans $42,795 (in thousands) ≈ $42.8 million.
• Financing and liquidity: leverage ratio ~44.7%; cash & cash equivalents $22,906 (in thousands) ≈ $22.9 million; quarter‑to‑date through April raised gross proceeds ≈ $45.4 million; April redemptions requested $29.7 million (redeemed May 1, 2026).
• Distributions and fees: authorized monthly gross distribution of $0.0525 per share for April 2026; the company estimated $141.3 million of potential ongoing distribution fees but does not deduct estimated future distribution fees from NAV. Valuation sensitivity: a 0.25% decrease in exit cap rate would increase property fair value by ~3.0%; a 0.25% increase would lower it by ~2.8%.

Why It Matters

• Investors get a current snapshot of the fund’s NAV, portfolio size, occupancy and leverage; NAV ticked up modestly month‑over‑month to $13.2483 per share. The engagement of an independent valuation advisor (Altus Group) and disclosure of valuation assumptions (cap and discount rates) give transparency on how property values were derived and how small rate changes can affect NAV.
• Key liquidity signals: modest cash on hand, active capital raises ($45.4M) and significant April redemptions ($29.7M) that were redeemed May 1. Also note NAV does not reflect estimated future distribution fees or illiquidity discounts and is not a guarantee of realizable sale proceeds.