UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~September~~October 3031, 2025

Ares Industrial Real Estate Income Trust Inc.

(Exact name of registrant as specified in its charter)

Maryland

000-56032

47-1592886

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

One Tabor Center,

1200 Seventeenth Street, Suite 2900

Denver, CO 80202

(Address of principal executive offices)

(303) 228-2200

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

Ares Industrial Real Estate Income Trust Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) is filing this Current Report on Form 8-K in order to provide an update regarding our net asset value (“NAV”), our assets and portfolio.

Most Recent Transaction Price and Net Asset Value Per Share

~~November~~December 1, 2025 Transaction Price

The transaction price for each of our share classes is equal to such share class’s NAV per share as of ~~September~~October 3031, 2025. A calculation of the NAV per share is set forth below.

~~September~~October 3031, 2025 NAV Per Share

Our board of directors, including a majority of our independent directors, has adopted valuation procedures, as amended from time to time, that contain a comprehensive set of methodologies to be used in connection with the calculation of our NAV. Our most recent NAV per share for each share class, which is updated as of the last calendar day of each month, is posted on our website at www.areswms.com/solutions/aireit and is also available on our toll-free, automated telephone line at (888) 310-9352. With the approval of our board of directors, including a majority of our independent directors, we have engaged Altus Group U.S. Inc., a third-party valuation firm, to serve as our independent valuation advisor (“Altus Group” or the “Independent Valuation Advisor”) with respect to helping us administer the valuation and review process for the real properties in our portfolio, providing monthly real property appraisals and valuations for certain of our debt-related assets, reviewing annual third-party real property appraisals, reviewing the internal valuations of loans (“DST Program Loans”) provided to certain investors in our program to raise capital in private placements exempt from registration pursuant to Rule 506(b) of Regulation D under the Securities Act of 1933, as amended, through the sale of beneficial interests (“DST Interests”) in specific Delaware statutory trusts holding real properties, including properties currently indirectly owned by our operating partnership (the “DST Program”), and debt-related liabilities performed by Ares Commercial Real Estate Management LLC (our “Advisor”), providing quarterly valuations of our properties subject to master lease obligations associated with the DST Program, and assisting in the development and review of our valuation procedures.

As used below, “Fund Interests” means our outstanding shares of common stock, along with the partnership units in our operating partnership (“OP Units”), which may be or were held directly or indirectly by the Advisor, our former sponsor, members or affiliates of our former sponsor, and third parties, and “Aggregate Fund NAV” means the NAV of all the Fund Interests.

The following table sets forth the components of Aggregate Fund NAV as of ~~September~~October 3031, 2025 and ~~August~~September 3130, 2025:


	As of
(in thousands)	~~September~~October 3031, 2025		~~August~~September 3130, 2025
Investments in industrial properties	$	9,~~357~~388,~~300~~700	$	9,~~240~~357,~~850~~300
Investments in unconsolidated joint venture partnerships		14,~~206~~225		1614,~~122~~206
Investments in real estate debt and securities		~~482~~551,~~278~~679		~~478~~482,~~683~~278
DST Program Loans		6974,~~104~~087		6769,~~782~~104
Cash and cash equivalents		4268,~~869~~800		42,~~653~~869
Restricted cash		129,~~996~~505		912,~~293~~996
Other assets		9187,~~514~~064		9691,~~915~~514
Line of credit, term loans and mortgage notes		(4,~~416~~506,~~928~~926)		(4,~~396~~416,~~931~~928)
Secured financings on investments in real estate debt securities		(8779,~~457~~127)		(8887,~~566~~457)
Financing obligations associated with our DST Program		(~~706~~738,~~861~~378)		(~~644~~706,~~738~~861)
Other liabilities		(~~155~~140,~~312~~909)		(~~134~~155,~~640~~312)
Accrued performance participation allocation		—		—
Accrued fixed component of advisory fee		(5,~~658~~715)		(5,~~580~~658)
Aggregate Fund NAV	$	4,~~698~~723,~~051~~005	$	4,~~681~~698,~~843~~051
Total Fund Interests outstanding		360,~~021~~946		~~359~~360,~~745~~021

The following table sets forth the NAV per Fund Interest as of ~~September~~October 3031, 2025 and ~~August~~September 3130, 2025:


(in thousands, except per Fund			Class T-R		Class D-R		Class I-R		Class S-PR		Class D-PR		Class I-PR
Interest data)	Total		Shares		Shares		Shares		Shares		Shares		Shares		OP Units
As of September 30, 2025
As of October 31, 2025
Monthly NAV	$	4,723,005	$	985,321	$	237,562	$	2,105,023	$	162,141	$	384	$	109,057	$	1,123,517
Fund Interests outstanding		360,946		75,301		18,155		160,872		12,391		29		8,335		85,863
NAV Per Fund Interest	$	13.0851	$	13.0851	$	13.0851	$	13.0851	$	13.0851	$	13.0851	$	13.0851	$	13.0851
As of September 30, 2025
Monthly NAV	$	4,698,051	$	1,005,551	$	237,522	$	2,086,093	$	146,130	$	387	$	100,730	$	1,121,638
Fund Interests outstanding		360,021		77,057		18,202		159,862		11,198		30		7,719		85,953
NAV Per Fund Interest	$	13.0494	$	13.0494	$	13.0494	$	13.0494	$	13.0494	$	13.0494	$	13.0494	$	13.0494
As of August 31, 2025
Monthly NAV	$	4,681,843	$	1,012,821	$	237,168	$	2,079,117	$	137,990	$	379	$	94,743	$	1,119,625
Fund Interests outstanding		359,745		77,824		18,224		159,756		10,603		28		7,280		86,030
NAV Per Fund Interest	$	13.0143	$	13.0143	$	13.0143	$	13.0143	$	13.0143	$	13.0143	$	13.0143	$	13.0143

Under U.S. generally accepted accounting principles (“GAAP”), we record liabilities for ongoing distribution fees that we estimate we may pay in future periods for the Fund Interests. As of ~~September~~October 3031, 2025, we estimated approximately $~~124~~126.90 million of ongoing distribution fees were potentially payable. We do not deduct the liability for estimated future distribution fees in our calculation of NAV since we intend for our NAV to reflect our estimated value on the date that we determine our NAV. Accordingly, our estimated NAV at any given time does not include consideration of any estimated future distribution fees that may become payable after such date.

We include no discounts to our NAV for the illiquid nature of our shares, including the limitations on our stockholders’ ability to redeem shares under our share redemption program and our ability to make exceptions to, modify or suspend our share redemption program at any time. Our NAV generally does not reflect the potential impact of exit costs (e.g. selling costs and commissions related to the sale of a property) that would likely be incurred if our assets and liabilities were liquidated or sold today. While we may use market pricing concepts to value individual components of our NAV, our per share NAV is not derived from the market pricing information of open-end real estate funds listed on stock exchanges.

Our NAV is not a representation, warranty or guarantee that: (i) we would fully realize our NAV upon a sale of our assets; (ii) shares of our common stock would trade at our per share NAV on a national securities exchange; and (iii) a stockholder would be able to realize the per share NAV if such stockholder attempted to sell his or her shares to a third party.

The valuations of our real properties as of ~~September~~October 3031, 2025, excluding certain newly acquired properties that are currently held at cost which we believe reflects the fair value of such properties, were provided by the Independent Valuation Advisor in accordance with our valuation procedures. Certain key assumptions that were used by the Independent Valuation Advisor in the discounted cash flow analysis are set forth in the following table:


	Weighted-
	Average Basis
Exit capitalization rate	5.7	%
Discount rate / internal rate of return	7.3	%
Average holding period (years)	10.1

A change in the exit capitalization and discount rates used would impact the calculation of the value of our real property. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties, excluding certain newly acquired properties that are currently held at cost which we believe reflects the fair value of such properties:


			Increase
			(Decrease) to
	Hypothetical		the Fair Value of Real
Input	Change		Properties
Exit capitalization rate (weighted-average)	0.25	% decrease	3.0	%
	0.25	% increase	(2.8)	%
Discount rate (weighted-average)	0.25	% decrease	2.0	%
	0.25	% increase	(2.0)	%

Distributions

We authorized monthly gross distributions for each class of shares of our common stock in the amount of $0.05250 per share for the month of ~~September~~October 2025. These distributions were paid to all stockholders of record as of the close of business on ~~September~~October 3031, 2025, net of, as applicable, distribution fees that are payable monthly with respect to certain classes of shares of our common stock.

Update on Our Assets and Activities

As of ~~September~~October 3031, 2025, we directly owned and managed a real estate portfolio that included 263 industrial buildings totaling approximately 56.4 million square feet located in 31 markets throughout the U.S. and was 9192.71% occupied (92.2% leased).

As of ~~September~~October 3031, 2025, our leverage ratio was approximately 45.34% (calculated as outstanding principal balance of our borrowings, including secured financings on investments in real estate debt securities, less cash and cash equivalents, divided by the fair value of our real property, net investments in unconsolidated joint venture partnerships and investments in real estate debt and securities not associated with the DST Program, as determined in accordance with our valuation procedures) ~~and the weighted-average interest rate of our consolidated borrowings was 4~~.~~41%.~~

~~For~~Quarter-to-date ~~the~~through ~~quarter~~October ~~ended September 30~~31, 2025, we raised gross proceeds of approximately $~~143~~60.65 million, including proceeds from our distribution reinvestment plan and the sale of DST Interests (including $25.07 million of DST Interests financed by DST Program Loans). The aggregate dollar amount of common stock and OP Unit redemptions requested for ~~July~~October, ~~August and September,~~ which were redeemed in full on ~~August~~November 1, 2025, ~~September 1, 2025 and October 1, 2025, respectively,~~ was $5620.47 million.

Update on Real Properties

As of September 30, 2025 our real estate portfolio included:

● 261 industrial buildings totaling approximately 56.1 million square feet comprised our operating portfolio, which includes stabilized properties, and was 92.0% occupied (92.6% leased) with a weighted-average remaining lease term (based on square feet) of approximately 3.8 years; and

● Two industrial buildings totaling approximately 0.3 million square feet comprised our value-add portfolio, which includes buildings acquired with the intention to reposition or redevelop, or buildings recently completed which have not yet reached stabilization. We generally consider a building to be stabilized on the earlier to occur of the first anniversary of a building’s shell completion or a building achieving 90% occupancy.

Additionally, as of September 30, 2025, we owned and managed one building under construction totaling approximately 0.1 million square feet. Unless otherwise noted, this building is excluded from the presentation of our portfolio data herein.

During the trailing 12 months ended September 30, 2025, we transacted approximately 7.0 million square feet of new and renewal leases, and rent growth on comparable leases averaged 45.5%, calculated using cash basis rental rates (50.1% when calculated using GAAP basis rental rates). As of September 30, 2025, rents across our portfolio were estimated to be 19.6% below market (on a weighted-average basis).

Acquisitions. During the three months ended September 30, 2025, we acquired five industrial buildings for an aggregate contractual purchase price of $141.5 million.

Building Types. Our industrial buildings consist primarily of warehouse distribution facilities suitable for single or multiple customers. The following table summarizes our portfolio by building type as of September 30, 2025:


Building Type	Description	Percent of Rentable Square Feet
Bulk distribution	Building size of 150,000 to over 1 million square feet, single or multi-customer	79.0	%
Light industrial	Building size of less than 150,000 square feet, single or multi-customer	20.9
Flex industrial	Includes assembly or research and development, primarily multi-customer	0.1
		100.0	%

Portfolio Overview and Market Diversification. As of September 30, 2025, the average effective annual rent of our total real estate portfolio (calculated by dividing total annualized base rent, which includes the impact of any contractual tenant concessions (cash basis), by total occupied square footage) was approximately $7.82 per square foot. The following table summarizes certain operating metrics of our portfolio by market as of September 30, 2025:


	Number of	Rentable	Occupied		Leased
($ and square feet in thousands)	Buildings	Square Feet	Rate (1)		Rate (1)		Annualized Base Rent (2)
Operating Properties:
Atlanta	19	3,949	89.9	%	89.9	%	$	25,785	6.4	%
Austin	6	562	76.3		76.3			4,367	1.1
Bay Area	3	845	100.0		100.0			10,706	2.6
Boston	4	606	100.0		100.0			5,741	1.4
Central Florida	11	2,195	89.6		89.6			15,193	3.7
Central Valley	9	2,280	86.6		86.6			14,177	3.5
Charlotte	1	210	100.0		100.0			1,149	0.3
Chicago	26	5,373	100.0		100.0			31,047	7.7
Cincinnati	2	705	100.0		100.0			3,877	1.0
Columbus	4	996	100.0		100.0			6,000	1.5
Dallas	18	5,973	97.5		100.0			34,662	8.6
D.C. / Baltimore	11	1,196	85.4		96.8			10,499	2.6
Denver	2	252	100.0		100.0			1,566	0.4
Houston	8	1,815	100.0		100.0			11,285	2.8
Indianapolis	5	2,591	100.0		100.0			12,399	3.1
Las Vegas	7	1,118	56.4		56.4			8,438	2.1
Louisville	5	1,579	100.0		100.0			7,270	1.8
Memphis	10	3,598	100.0		100.0			17,454	4.3
Nashville	3	1,254	64.4		64.4			5,590	1.4
New Jersey	17	3,526	90.8		90.8			33,787	8.3
Pennsylvania	16	2,937	70.9		70.9			17,477	4.3
Phoenix	6	654	100.0		100.0			5,943	1.5
Portland	3	716	66.3		66.3			4,458	1.1
Reno	6	1,422	100.0		100.0			9,415	2.3
Salt Lake City	5	1,003	49.1		52.5			3,971	1.0
San Antonio	1	96	100.0		100.0			810	0.2
San Diego	7	694	83.7		83.7			7,696	1.9
Savannah	2	519	100.0		100.0			3,035	0.7
Seattle	14	2,395	99.0		99.0			24,505	6.0
South Florida	12	2,136	100.0		100.0			23,834	5.9
Southern California	18	2,906	96.8		96.8			41,219	10.2
Total operating	261	56,101	92.0		92.6			403,355	99.7
Value-Add Properties:
South Florida	1	181	40.9		40.9			1,105	0.3
Southern California	1	100	—		—			—	—
Total value-add properties	2	281	26.3		26.3			1,105	0.3
Total portfolio	263	56,382	91.7	%	92.2	%	$	404,460	100.0	%

(1) The occupied rate reflects the square footage with a paying customer in place. The leased rate includes the occupied square footage and additional square footage with leases in place that have not yet commenced.

(2) Annualized base rent is calculated as monthly base rent, including the impact of any contractual tenant concessions (cash basis) per the terms of the lease as of September 30, 2025, multiplied by 12.

The following table sets forth the top 10 geographic allocations of our real estate portfolio based on fair value as of September 30, 2025:


($ in thousands)	Number ofBuildings (1)		Fair Value of Real Property (2)	% of Fair Value
New Jersey	17	$	912,150	9.8	%
Southern California	19		845,950	9.0
Dallas	18		780,850	8.3
Chicago	26		663,000	7.1
South Florida	13		653,900	7.0
Atlanta	19		591,300	6.3
Seattle	14		521,050	5.6
Pennsylvania	16		504,850	5.4
Central Florida	11		338,500	3.6
Central Valley	9		316,750	3.4
Other	101		3,229,000	34.5
Total Portfolio	263	$	9,357,300	100.0	%

(1) Excludes one building under construction.

(2) Comprised of $9.3 billion of real property in our operating portfolio, which includes stabilized properties, $81.4 million of real property in our value-add portfolio, which includes buildings acquired with the intention to reposition or redevelop or buildings recently completed which have not yet reached stabilization, and $8.5 million of real property in our development portfolio, which includes buildings that are either under construction or in the pre-construction phase. We generally consider a building to be stabilized on the earlier to occur of the first anniversary of a building’s shell completion or a building achieving 90% occupancy.

Lease Terms. Lease terms typically range from one to 10 years and often include renewal options. Leases that are structured on a “triple net basis,” in which customers pay their proportionate share of real estate taxes, insurance, common area maintenance, and certain other operating costs, account for 99.2% of our total leased portfolio. In addition, most of our leases include fixed rental increases or Consumer Price Index-based rental increases.

Lease Expirations. As of September 30, 2025, the weighted-average remaining lease term (based on square feet) of our total occupied portfolio was approximately 3.8 years, excluding renewal options. The following table summarizes the lease expirations of our occupied portfolio for leases in place as of September 30, 2025, without giving effect to the exercise of renewal options or termination rights, if any:


($ and square feet in thousands)	Number of Leases	Annualized Base Rent (1)				Occupied Square Feet
Remainder of 2025 (2)	13	$	12,510	3.1	%	1,716	3.3	%
2026	78		51,132	12.7		7,968	15.4
2027	86		66,473	16.4		8,825	17.1
2028	99		69,629	17.2		8,231	15.9
2029	71		51,113	12.6		6,005	11.6
2030	49		49,398	12.2		6,012	11.6
2031	24		23,500	5.8		2,867	5.6
2032	33		39,978	9.9		5,253	10.2
2033	6		1,955	0.5		230	0.4
2034	9		24,816	6.1		2,745	5.3
Thereafter	10		13,956	3.5		1,840	3.6
Total occupied	478	$	404,460	100.0	%	51,692	100.0	%

(1) Annualized base rent is calculated as monthly base rent, including the impact of any contractual tenant concessions (cash basis) per the terms of the lease as of September 30, 2025, multiplied by 12.

(2) Includes three leases totaling approximately 0.4 million square feet that expired on September 30, 2025.

Customer Diversification. As of September 30, 2025, only one of our customers individually represented more than 5.0% of total occupied square feet of our portfolio and more than 5.0% of total annualized base rent of our portfolio. The following table reflects the 10 largest customers of our portfolio, based on annualized base rent, which occupied a combined 10.1 million square feet as of September 30, 2025:


Customer	% of TotalAnnualized Base Rent (1)		% of TotalOccupied Square Feet
Amazon.com Services LLC	6.9	%	6.1	%
B. Braun Medical	2.8		1.2
Mondelez Global, LLC	2.0		2.4
Radial, Inc.	1.8		3.2
Maersk	1.7		1.0
Estes Forwarding Worldwide	1.7		1.2
Geodis Logistics, LLC	1.5		1.6
East Coast/West Coast Logistics, LLC	1.3		0.5
FedEx Corporation	1.1		1.5
US Elogistics Service Corp	1.1		0.9
Total	21.9	%	19.6	%

The majority of our customers do not have a public corporate credit rating. We evaluate creditworthiness and financial strength of prospective customers based on financial, operating and business plan information that is provided to us by such prospective customers, as well as other market, industry, and economic information that is generally publicly available.

Industry Diversification. The table below illustrates the diversification of our portfolio by industry classifications of our customers as of September 30, 2025:


($ and square feet in thousands)	Number of Leases	Annualized Base Rent (1)				Occupied Square Feet
Transportation / Logistics	52	$	70,321	17.4	%		8,181	15.8	%
eCommerce / Fulfillment	28		44,062	10.9			6,020	11.6
Food & Beverage	35		36,085	8.9			4,252	8.2
Storage / Warehousing	44		30,741	7.6			4,075	7.9
Auto	29		24,586	6.1			3,697	7.2
Manufacturing	38		20,616	5.1			2,750	5.3
Home Furnishings	14		14,925	3.7			1,841	3.6
Medical Products / Equipment	5		14,669	3.6			1,021	2.0
Electrical / Wire	13		11,902	2.9			1,809	3.5
Home Improvement	23		10,905	2.7			1,431	2.8
Other	197		125,648	31.1			16,615	32.1
Total	478	$	404,460	100.0	%		51,692	100.0	%

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit Number		Description
99.1		Consent of Altus Group U.S. Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements

This Current Report on Form 8-K includes certain statements that are intended to be deemed “forward-looking statements” within the meaning of, and to be covered by the safe harbor provisions contained in, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or other similar words or terms and include, without limitation, statements regarding the estimates and assumptions used in the calculation of our NAV per Fund Interest. These statements are based on certain assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Such statements are subject to a number of assumptions, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the factors that may cause results to vary are the negative impact of increased inflation, changes in interest rates, developments related to tariffs and trade policies and the resulting impacts on market volatility and global trade, the conflict between Russia and Ukraine, and/or the ongoing conflict in the Middle East on our financial condition and results of operations being more significant than expected, general economic and business (particularly real estate and capital market) conditions being less favorable than expected, the business opportunities that may be presented to and pursued by us, changes in laws or regulations (including changes to laws governing the taxation of real estate investment trusts (“REITs”)), risk of acquisitions, availability and creditworthiness of prospective customers, availability of capital (debt and equity), interest rate fluctuations, competition, supply and demand for properties in current and any proposed market areas in which we invest, our customers’ ability and willingness to pay rent at current or increased levels, accounting principles, policies and guidelines applicable to REITs, environmental, regulatory and/or safety requirements, customer bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, and other factors, many of which are beyond our control. For a further discussion of these factors and other risk factors that could lead to actual results materially different from those described in the forward-looking statements, see “Risk Factors” under Item 1A of Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent periodic and current reports filed with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	ARES INDUSTRIAL REAL ESTATE INCOME TRUST INC.

October 17, 2025		By:	/s/ SCOTT A. SEAGER
November 14, 2025		By:	/s/ JEFFREY W. TAYLOR
			Name: ~~Scott~~Jeffrey AW. ~~Seager~~Taylor
			Title: ~~Managing Director~~Partner, ~~Chief Financial Officer and Treasurer~~Co-President

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