ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) S-11/A Registration of securities for real estate companies (amended)

Exhibit 21.1

Black Creek Industrial REIT IV Entities

(as of June 30, 2021)

ENTITY NAME	DOMESTIC JURISDICTION	FOREIGN QUALIFICATION
BCI IV 7A DC LLC	Delaware	New Jersey
BCI IV 7A DC II LLC	Delaware	New Jersey
BCI IV 395 DC LLC	Delaware	Nevada
BCI IV 485 DC LLC	Delaware	Pennsylvania
BCI IV Acquisitions LLC	Delaware	n/a
BCI IV Addison DC II LLC	Delaware	Illinois
BCI IV Airpark International Logistics Center LLC	Delaware	Kentucky
BCI IV Airport IC GP LLC	Delaware	n/a
BCI IV Airport IC LP	Delaware	California
BCI IV Arrow Route DC LLC	Delaware	California
BCI IV Avenue B Industrial Center LLC	Delaware	Pennsylvania
BCI IV Benchmark DC GP LLC	Delaware	n/a
BCI IV Benchmark DC LP	Delaware	Texas
BCI IV Bishops Gate DC LLC	Delaware	New Jersey
BCI IV BR LLC	Delaware	n/a
BCI IV Brodhead DC Holdco I LLC	Delaware	n/a
BCI IV Brodhead DC Holdco II LLC	Delaware	n/a
BCI IV Brodhead DC Holdco LLC	Delaware	n/a
BCI IV Brodhead DC LLC	Delaware	Pennsylvania
BCI IV Cameron BC LLC	Delaware	Nevada
BCI IV Carlstadt IC LLC	Delaware	New Jersey
BCI IV Eaglepoint LC LLC	Delaware	Indiana
BCI IV Edison DC LLC	Delaware	New Jersey
BCI IV Eldorado BP LLC	Delaware	Nevada
BCI IV Executive Airport DC II Holdco LLC	Delaware	n/a
BCI IV Executive Airport DC II LLC	Delaware	Nevada
BCI IV Executive Airport DC III LLC	Delaware	Nevada
BCI IV Fontana DC GP LLC	Delaware	n/a
BCI IV Fontana DC LP	Delaware	California
BCI IV Gothard IC GP LLC	Delaware	n/a
BCI IV Gothard IC LP	Delaware	California
BCI IV Harvill Business Center GP LLC	Delaware	n/a
BCI IV Harvill Business Center LP	Delaware	California
BCI IV Hayward Logistics Center LLC	Delaware	California
BCI IV Hebron Airpark Logistics Center LLC	Delaware	Kentucky
BCI IV Heron Industrial Center LLC	Delaware	New Jersey
BCI IV I-80 DC LLC	Delaware	Nevada
BCI IV Intermodal Logistics Center GP LLC	Delaware	n/a
BCI IV Intermodal Logistics Center LP	Delaware	Texas
BCI IV Iron Run DC LLC	Delaware	Pennsylvania
BCI IV Kelly Trade Center GP LLC	Delaware	n/a
BCI IV Kelly Trade Center LP	Delaware	Texas
BCI IV King of Prussia Industrial Center LLC	Delaware	Pennsylvania
BCI IV LaPorte DC GP LLC	Delaware	n/a

ENTITY NAME	DOMESTIC JURISDICTION	FOREIGN QUALIFICATION
BCI IV LaPorte DC LP	Delaware	Texas
BCI IV LC 33 Holdco LLC	Delaware	n/a
BCI IV LC 33 Holdco 1 LLC	Delaware	n/a
BCI IV LC 33 Holdco 2 LLC	Delaware	n/a
BCI IV Legacy Logistics Center LLC	Delaware	Utah
BCI IV Lima DC LLC	Delaware	Colorado
BCI IV LOC Lender LLC	Delaware	n/a
BCI IV Lodi DC LLC
BCI IV Logistics Center at 33 LLC	Delaware	Pennsylvania
BCI IV Marigold DC GP LLC	Delaware	n/a
BCI IV Marigold DC LP	Delaware	California
BCI IV Medley IC LLC	Delaware	Florida
BCI IV Midway IC LLC	Delaware	Maryland
BCI IV Miraloma IC GP LLC	Delaware	n/a
BCI IV Miraloma IC LP	Delaware	California
BCI IV Monte Vista IC GP LLC	Delaware	n/a
BCI IV Monte Vista IC LP	Delaware	California
BCI IV Nelson Industrial Center GP LLC	Delaware	n/a
BCI IV Nelson Industrial Center LP	Delaware	California
BCI IV Norcross Industrial Center LLC	Delaware	Georgia
BCI IV Northgate DC Holdco LLC	Delaware	Texas
BCI IV Northgate DC LLC	Delaware	Texas
BCI IV Norton DC LLC	Delaware	Massachusetts
BCI IV Ontario DC GP LLC	Delaware	n/a
BCI IV Ontario DC LP	Delaware	California
BCI IV Ontario IC GP LLC	Delaware	n/a
BCI IV Ontario IC LP	Delaware	California
BCI IV Operating Partnership LP	Delaware	Colorado
BCI IV Otay Logistics Center LLC	Delaware	California
BCI IV Peachtree DC LLC	Delaware	Georgia
BCI IV Pennsy Logistics Center LLC	Delaware	Maryland
BCI IV Pescadero DC GP LLC	Delaware	n/a
BCI IV Pescadero DC LP	Delaware	California
BCI IV Pioneer DC LLC	Delaware	Texas
BCI IV Pioneer Parking Lot DC LLC	Delaware	Texas
BCI IV Port 146 DC GP LLC	Delaware	n/a
BCI IV Port 146 DC LP	Delaware	Texas
BCI IV Portfolio Real Estate Holdco LLC	Delaware	n/a
BCI IV Princess Logistics Center LLC	Delaware	New Jersey
BCI IV Property Management LLC	Delaware	n/a
BCI IV Quakerbridge DC LLC	Delaware	New Jersey
BCI IV Rancho Cucamonga BC GP LLC	Delaware	n/a
BCI IV Rancho Cucamonga BC LP	Delaware	California
BCI IV Richmond Logistics Center LLC	Delaware	California
BCI IV Services LLC	Delaware	n/a
BCI IV Silicon Valley IC LLC	Delaware	California
BCI IV Stonewood LC Holdco LLC	Delaware	n/a

ENTITY NAME	DOMESTIC JURISDICTION	FOREIGN QUALIFICATION
BCI IV Stonewood LC Holdco 1 LLC	Delaware	n/a
BCI IV Stonewood LC Holdco 2 LLC	Delaware	n/a
BCI IV Stonewood Logistics Center LLC	Delaware	Pennsylvania
BCI IV Tacoma Logistics Center LLC	Delaware	Washington
BCI IV Tracy DC III LLC	Delaware	California
BCI IV TRS Corp.	Delaware	n/a
BCI IV Tuscany IC II GP LLC	Delaware	n/a
BCI IV Tuscany IC II LP	Delaware	Texas
BCI IV Valwood Crossroads DC GP LLC	Delaware	n/a
BCI IV Valwood Crossroads DC LP	Delaware	Texas
BCI IV Weston BC LLC	Delaware	Florida
Black Creek Industrial REIT IV Inc.	Maryland	Colorado
BTC I REIT B LLC	Delaware	n/a
IPT BTC I GP LLC	Delaware	n/a
IPT BTC I LP LLC	Delaware	n/a
IPT Real Estate Holdco LLC	Delaware	n/a
BC Industrial Exchange Manager LLC	Delaware	n/a
BC Industrial Exchange Master Tenant LLC	Delaware	n/a
BC Industrial Exchange Portfolio I DST	Delaware	n/a
BC Industrial Exchange Portfolio II DST	Delaware	n/a
BC Industrial Exchange Portfolio I Manager LLC	Delaware	n/a
BC Industrial Exchange Portfolio II Manager LLC	Delaware	n/a
BC Industrial Exchange Portfolio I Master Tenant LLC	Delaware	n/a
BC Industrial Exchange Portfolio II Master Tenant LLC	Delaware	n/a
BC Industrial Exchange Portfolio I TRS LLC	Delaware	n/a
BC Industrial Exchange Portfolio II TRS LLC	Delaware	n/a
BC Industrial Exchange Portfolio II TRS Sub LLC	Delaware	n/a
BCIX 1031 Lender LLC	Delaware	n/a
BCIX 1031 Lender Portfolio I LLC	Delaware	n/a
BCIX 1031 Lender Portfolio II LLC	Delaware	n/a
Black Creek Industrial Exchange LLC	Delaware	n/a
BTC II CA Line Holdco LLC	Delaware	n/a
BTC II Holdco LLC	Delaware	n/a
BTC II Line Holdco LLC	Delaware	n/a
BTC II PA Allentown DC Holdco LLC	Delaware	n/a
BTC II PA Allentown DC II Holdco LLC	Delaware	n/a
BTC II PA Heritage Logistics Center Holdco LLC	Delaware	n/a
Build-to-Core Industrial Partnership II LP	Delaware	n/a
IPT Allentown DC LLC	Delaware	Pennsylvania
IPT Allentown DC II LLC	Delaware	Pennsylvania
IPT Aurora DC II LLC	Delaware	Illinois
IPT Avenel DC Urban Renewal LLC	Delaware	New Jersey
IPT BTC II GP LLC	Delaware	n/a
IPT BTC II LP LLC	Delaware	n/a
IPT Douglas Hill Logistics Center LLC	Delaware	Georgia
IPT Douglas Hill Logistics Center II LLC	Delaware	Georgia
IPT Enterprise Business Center LLC	Delaware	California

ENTITY NAME	DOMESTIC JURISDICTION	FOREIGN QUALIFICATION
IPT Florence West Urban Renewal LLC	Delaware	New Jersey
IPT Heritage Logistics Center LLC	Delaware	Pennsylvania
IPT Lakewood Logistics Center I LLC	Delaware	Washington
IPT Lakewood Logistics Center II LLC	Delaware	Washington
IPT Lakewood Logistics Center III LLC	Delaware	Washington
IPT Lakewood Logistics Center IV LLC	Delaware	Washington
IPT Lakewood Logistics Center V LLC	Delaware	Washington
IPT Mercure Logistics Center LLC	Delaware	Virginia
IPT Naperville DC LLC	Delaware	Illinois
IPT Newark Airport Logistics Center Urban Renewal LLC	Delaware	New Jersey
IPT O’Hare DC III LLC	Delaware	Illinois
IPT Perris DC III LLC	Delaware	California
IPT Railroad Logistics Center LLC	Delaware	New Jersey
IPT Richmond DC III LLC	Delaware	California
IPT Riverbridge Urban Renewal LLC	Delaware	New Jersey
IPT Riverside Logistics Center I LLC	Delaware	California
IPT Riverside Logistics Center II LLC	Delaware	California
IPT San Antonio Logistics Center LLC	Delaware	Texas
IPT Southmeadow DC LLC	Delaware	Georgia
IPT Southpark Logistics Center LLC	Delaware	Georgia
IPT Tracy DC IV LLC	Delaware	California
IPT Tracy DC VI LLC	Delaware	California
IPT Tualatin DC LLC	Delaware	Oregon