Who Owns Ares Real Estate Income Trust (AREIT)?

The fund was formed in 2005 in Denver as Dividend Capital Total Realty Trust, a public, non-listed REIT sponsored by Dividend Capital Group. Its public offering went effective in January 2006 and ultimately raised more than $2.4 billion in investor equity through multiple offerings.

In 2011, the vehicle was renamed Dividend Capital Diversified Property Fund (DPF), and in July 2012 it converted to a daily NAV structure, becoming one of the earliest daily-valued non-traded REITs. By 2014, the portfolio held 68 properties totaling 11.9 million square feet with an estimated fair value of approximately $2.5 billion.

The Black Creek era began when the fund was renamed Black Creek Diversified Property Fund in September 2017, part of a restructuring that lowered fees, moved to monthly NAV, and unified share classes. Black Creek had absorbed the Dividend Capital platform and consolidated its non-traded funds under one sponsor.

Ares Management completed its acquisition of Black Creek Group's US real estate investment advisory and distribution business in July 2021, adding $11.6 billion of assets. The diversified fund was renamed Ares Real Estate Income Trust, taking its place alongside the industrial-focused AIREIT within Ares's wealth management platform.

Under Ares, AREIT has refocused its portfolio. As of September 30, 2026, the fund held approximately 170 properties diversified across residential, industrial, retail, office, self-storage, and data center assets, with total investments of about $10.5 billion and aggregate NAV of $3.95 billion. NAV per Fund Interest was $8.2841, and the fund pays a monthly distribution of $0.03583 per share.