Ares Real Estate Income Trust Updates NAV to $8.2769 per Share

What Happened
Ares Real Estate Income Trust Inc. (ZARE) filed an 8‑K on September 16, 2026 to report its most recent NAV and portfolio update. As of August 31, 2026 the Aggregate Fund NAV was $3.938 billion and the NAV per Fund Interest (per share/OP unit) was $8.2769, up from $8.2554 on July 31, 2026. The company engaged Altus Group U.S. Inc. as its Independent Valuation Advisor to provide monthly property valuations and related valuation support.

Key Details

• Aggregate Fund NAV (8/31/2026): $3,937,946 (thousands) — NAV per Fund Interest: $8.2769 (compared with $8.2554 on 7/31/2026).
• Total investments (8/31/2026): $10,205,921 (thousands) including $9,028,100 in real estate properties; DST Program Loans: $221,519 (thousands).
• Portfolio: 168 properties totaling ~35 million sq. ft. across 35 U.S. markets, 95% leased; leverage ratio reported at 34% (as of 8/31/2026).
• Cash flow and capital activity: raised approx. $145 million quarter‑to‑date through 8/31/2026 (including DRIP and DST Interests); July/August redemption requests totaled $19 million (redeemed on 8/1 and 9/1). Monthly gross distribution for August 2026 was $0.03583 per share (up from $0.03450).
• Valuation notes: NAV excludes an estimated $105 million of potential future distribution fees and does not apply discounts for illiquidity or estimated exit costs; valuation assumptions (weighted averages) include exit cap rates ~5.1%–7.3% and discount rates ~7.0%–8.7% by property type.

Why It Matters
This filing gives investors an updated snapshot of Ares REIT’s reported value, portfolio size, leasing, leverage and recent cash activity. The modest NAV increase month‑over‑month (to $8.2769) combined with ongoing fundraising ($145M) and limited redemptions ($19M) indicates continued capital inflows and stable operations through August 2026. Investors should note NAV exclusions (future distribution fees, illiquidity/exit costs) and that NAV is an internal valuation — not a guaranteed liquidation value or market trading price.