INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS

In February 2022, we and our joint venture partners formed the Build-To-Core Industrial Partnership II Tranche B LP (the “BTC II B Partnership”) for purposes of investing in industrial properties located in certain major U.S. distribution markets. Upon formation, we owned a combined 8.0% interest in the BTC II B Partnership as general partner and as a limited partner.

In June 2024, we formed a new joint venture partnership, Ares QR Industrial Partnership III LP (the “QR III Partnership”) as a limited partner, and upon formation, we owned an 8.0% interest in the partnership. The QR III Partnership was formed to acquire or develop industrial-type properties in the United States.

The following table summarizes our investments in unconsolidated joint venture partnerships:


	As of						Investments in Unconsolidated Joint Venture Partnerships as of
	December 31, 2025			December 31, 2024
($ in thousands)	Ownership Percentage		Number of Buildings (1)	Ownership Percentage		Number of Buildings (1)	December 31, 2025		December 31, 2024
BTC II B Partnership	8.0	%	1	8.0	%	1	$	19,571	$	23,433
QR III Partnership	8.0	%	—	8.0	%	—	76		93
Total JV Partnerships			1			1	$	19,647	$	23,526

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(1)Represents acquired or completed buildings. As of both December 31, 2025 and 2024, the BTC II B Partnership also owned three industrial buildings that were in the pre-construction phase.

ARES INDUSTRIAL REAL ESTATE INCOME TRUST Inc. 10-K