Ares Real Estate Income Trust sets September NAV at $8.2841, up 0.74% from June

Ares Real Estate Income Trust Inc. put its net asset value at $8.2841 per Fund Interest as of September 30, 2026, up 0.09% from August 31 and 0.74% from June 30, in a current report filed October 15 under Item 8.01 that also set Aggregate Fund NAV at $3.95 billion and the portfolio at 170 properties that were 95% leased. The filing is a valuation and portfolio update, not a quarterly earnings report, and it fixes the November 1, 2026 transaction price for every share class at that September 30 NAV.

NAV per Fund Interest rises 0.09% in September

The November 1, 2026 transaction price for every share class equals that class's NAV per share at September 30, 2026, and the filing publishes the components behind it. NAV per Fund Interest was $8.2841 at September 30, up 0.09% from $8.2769 a month earlier and 0.74% above the $8.2229 reported for June 30. Aggregate Fund NAV reached $3.95 billion as of September 30, compared with $3.94 billion at August 31, on 477,231 Fund Interests outstanding. The same table carries $10.47 billion of total investments against $3.66 billion of line of credit, term loans and mortgage notes and $2.72 billion of financing obligations tied to the trust's Delaware statutory trust program.

Acquisitions push leverage to 35% from 28%

Portfolio growth drove the balance sheet. The trust held 170 real estate properties totaling approximately 36 million square feet in 35 markets at September 30, 95% leased, up from 152 properties that were 94% leased at June 30. It acquired nine retail, four industrial, four residential and one self-storage property during the quarter for an aggregate contractual purchase price of $1.1 billion, and sold part of one industrial property for a contractual sales price of $5 million. Borrowings net of cash pushed the leverage ratio to 35% from 28% at June 30, and the weighted-average interest rate on consolidated borrowings rose to 4.97% from 4.75%. Part of the buying ran through a joint venture that closed the Whitestone REIT acquisition on July 14, 2026, giving the trust roughly 28% of a nine-property grocery-anchored portfolio in Arizona and Texas for about $473 million, according to its July filing.

Capital raising slows to $183 million as redemptions ease

The trust raised gross proceeds of approximately $183 million in the three months ended September 30, 2026, including proceeds from its distribution reinvestment plan and the sale of DST Interests, of which $13 million was financed by DST Program Loans. That is a 71.67% decline from the $646 million raised in the three months ended June 30. Common stock and OP Unit redemption requests for July, August and September totaled $27 million, a 37.21% decline from the $43 million requested for the prior quarter, and each month's requests were redeemed in full on August 1, September 1 and October 1.

Distribution is $0.03583 a share, 3.86% above June

The trust authorized monthly gross distributions for each class of common stock "in the amount of $0.03583 per share for the month of September 2026", paid to holders of record on September 30 net of applicable distribution fees. That is 3.86% above the $0.0345 a share authorized for June 2026. The filing also puts the GAAP liability for ongoing distribution fees at approximately $105 million, an amount it does not deduct in calculating NAV, and it repeats that "We include no discounts to our NAV for the illiquid nature of our shares", adding that NAV generally does not reflect the exit costs a liquidation would incur.

Altus Group valuations rest on a 5.7% exit cap rate

The valuations of the trust's real properties at September 30, 2026, excluding certain newly acquired properties held at cost, came from Altus Group U.S. Inc., its independent valuation advisor, whose consent is the filing's only exhibit. The weighted-average exit capitalization rate used in the discounted cash flow analysis was 5.7%, the discount rate was 7.4% and the average holding period was 10.4 years. Comparable commercial leases signed in the trailing 12 months produced rent growth of 26% on a cash basis and 41% on a GAAP basis, and the filing estimates residential rents at 9% below market. It counts 681 commercial customers and reports none above 10% of annualized base rent or leased square feet.

No income statement arrives with the valuation update

This is a valuation and portfolio update filed under Item 8.01 rather than a quarterly earnings report: it contains no income statement, no earnings per share or funds from operations figure and no guidance, so it says nothing about the trust's third-quarter profitability or its full-year outlook. It publishes no share price and no market reaction, because the transaction price is defined by NAV rather than by a market quote. What the filing does add is caution: NAV is presented as an estimate and not as a promise of what a holder could get for the shares, and the same document sets out the redemption limits the share class carries.

The next dated reference point is the October NAV

The trust recalculates NAV per share for each class as of the last calendar day of every month, so the next reference point after this filing is October 31, 2026, with the transaction price for each class reset from that value. On the trust's recent pattern the following current report should repeat the same disclosures for October, including property count and occupancy, the leverage ratio, gross proceeds raised, redemption requests and the monthly distribution. Until then, the September figures stand: 95% leased across 170 properties, 35% leverage and $27 million of redemption requests met in full.