ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 424B3 Prospectus supplement

Filed pursuant to 424(b)(3)
Registration No. 333-255376

ARES INDUSTRIAL REAL ESTATE INCOME TRUST INC.
SUPPLEMENT NO. 8 DATED OCTOBER 16, 2023
TO THE PROSPECTUS DATED APRIL 17, 2023

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Ares Industrial Real Estate Income Trust Inc. dated April 17, 2023, as supplemented by Supplement No. 1, dated April 17, 2023, Supplement No. 2 dated May 3, 2023, Supplement No. 3 dated May 15, 2023, Supplement No. 4 dated June 15, 2023, Supplement No. 5 dated July 17, 2023, Supplement No. 6 dated August 15, 2023, and Supplement No. 7 dated September 15, 2023 (the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purpose of this Supplement is to disclose:

● the transaction price and offering price for each class of our common stock for subscriptions to be accepted as of November 1, 2023;

● the calculation of our September 30, 2023 net asset value (“NAV”) per share, as determined in accordance with our valuation procedures, for each of our shareclasses;

● the status of this offering;

● updated information with respect to our real properties;

● updated information regarding distributions;

● an update on our assets and performance; and

● updated experts information.

● NOVEMBER 1, 2023 TRANSACTION PRICE

The transaction price for each share class of our common stock for subscriptions to be accepted as of November 1, 2023 (and distribution reinvestment plan issuances following the close of business on October 31, 2023 and share redemptions as of October 31, 2023) is as follows:

	Transaction Price		Offering Price
Share Class	(per share)		(per share)
Class T	$	13.7232	$	14.3698
Class D	$	13.7232	$	13.7232
Class I	$	13.7232	$	13.7232

The transaction price for each of our share classes is equal to such class’s NAV per share as of September 30, 2023. A calculation of the NAV per share is set forth in the section of this Supplement titled “September 30, 2023 NAV Per Share.” The offering price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees.

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● SEPTEMBER 30, 2023 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.areswmsresources.com/investment-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, reviewing annual third-party real property appraisals, providing monthly valuations of our debt-related assets (excluding DST Program Loans), reviewing the internal valuations of DST Program Loans 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 30, 2023 and August 31, 2023:

	As of
(in thousands)	September 30, 2023		August 31, 2023
Investments in industrial properties	$	8,724,450	$	8,708,600
Investment in unconsolidated joint venture partnership		23,841		23,696
Investments in real estate debt and securities		161,649		158,843
DST Program Loans		188,997		191,177
Cash and cash equivalents		16,384		62,384
Other assets		56,786		52,707
Line of credit, term loans and mortgage notes		(3,296,456)		(3,269,256)
Secured financings on investments in real estate-related securities		(44,004)		(44,004)
Financing obligations associated with our DST Program		(1,487,606)		(1,494,303)
Other liabilities		(155,589)		(143,488)
Accrued performance participation allocation		—		—
Accrued fixed component of advisory fee		(5,990)		(6,048)
Aggregate Fund NAV	$	4,182,462	$	4,240,308
Total Fund Interests outstanding		304,774		308,678

The following table sets forth the NAV per Fund Interest as of September 30, 2023 and August 31, 2023:

			Class T		Class D		Class I
(in thousands, except per Fund Interest data)	Total		Shares		Shares		Shares		OP Units
As of September 30, 2023
Monthly NAV	$	4,182,462	$	2,587,286	$	285,907	$	1,190,727	$	118,542
Fund Interests outstanding		304,774		188,534		20,834		86,768		8,638
NAV Per Fund Interest	$	13.7232	$	13.7232	$	13.7232	$	13.7232	$	13.7232
As of August 31, 2023
Monthly NAV	$	4,240,308	$	2,653,969	$	285,936	$	1,181,742	$	118,661
Fund Interests outstanding		308,678		193,199		20,815		86,026		8,638
NAV Per Fund Interest	$	13.7370	$	13.7370	$	13.7370	$	13.7370	$	13.7370

Under GAAP, we record liabilities for ongoing distribution fees that (i) we currently owe the Dealer Manager under the terms of the dealer manager agreement and (ii) we estimate we may pay to the Dealer Manager in future periods for the Fund Interests. As of September 30, 2023, we estimated approximately $74.0 million of ongoing distribution fees were potentially payable to the Dealer Manager. 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.

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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 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 30, 2023, 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	5.5	%
Discount rate / internal rate of return	6.8	%
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	3.2	%
	0.25	% increase	(2.9)	%
Discount rate (weighted-average)	0.25	% decrease	2.0	%
	0.25	% increase	(2.0)	%

Prior to January 31, 2020, we valued our debt-related investments and real estate-related liabilities generally in accordance with fair value standards under GAAP. Beginning with our valuation for February 29, 2020, our property-level mortgages and corporate-level credit facilities that are intended to be held to maturity (which for fixed rate debt not subject to interest rate hedges may be the date near maturity at which time the debt will be eligible for prepayment at par for purposes herein), including those subject to interest rate hedges, were valued at par (i.e. at their respective outstanding balances). In addition, because we utilize interest rate hedges to stabilize interest payments (i.e. to fix all-in interest rates through interest rate swaps or to limit interest rate exposure through interest rate caps) on individual loans, each loan and associated interest rate hedge is treated as one financial instrument which is valued at par if intended to be held to maturity. This policy of valuing at par applies regardless of whether any given interest rate hedge is considered as an asset or liability for GAAP purposes. Notwithstanding, if we acquire an investment and assume associated in-place debt from the seller that is above or below market, then consistent with how we recognize assumed debt for GAAP purposes when acquiring an asset with pre-existing debt in place, the liabilities used in the determination of our NAV will include the market value of such debt based on market value as of the closing date. The associated premium or discount on such debt as of closing that is reflected in our liabilities will then be amortized through loan maturity. Per our valuation policy, the corresponding investment is valued on an unlevered basis for purposes of determining NAV. Accordingly, all else equal, we would not recognize an immediate gain or loss to our NAV upon acquisition of an investment whereby we assume associated pre-existing debt that is above or below market. As of September 30, 2023, we classified all of our debt as intended to be held to maturity, and our liabilities included mark-to-market adjustments for pre-existing debt that we assumed upon acquisition.

● STATUS OF THIS OFFERING

As of October 1, 2023, we had raised gross proceeds of approximately $1.7 billion from the sale of approximately 122.7 million shares in this offering, including proceeds from our distribution reinvestment plan of approximately $168.5 million. As of October 1, 2023, approximately $3.3 billion in shares remained available for sale pursuant to this offering, including approximately $1.1 billion

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in shares available for sale through our distribution reinvestment plan. We may reallocate amounts between the primary offering and our distribution reinvestment plan.

● REAL PROPERTIES

The following information supplements, and should be read in conjunction with, the disclosure contained in the section titled “Investments in Real Properties, Real Estate Securities and Debt Related Investments” beginning on page 135 of the Prospectus:

Real Estate Portfolio Overview

As of September 30, 2023, we directly owned and managed a real estate portfolio that included 253 industrial buildings totaling approximately 53.2 million square feet located in 29 markets throughout the U.S., with 433 customers, and was 94.2% occupied (94.7% leased) with a weighted-average remaining lease term (based on square feet) of approximately 4.1 years. 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. During the three months ended September 30, 2023, we transacted approximately 2.5 million square feet of new and renewal leases, and rent growth on comparable leases averaged 42.1%, calculated using cash basis rental rates (47.1% when calculated using GAAP basis rental rates).

Industrial market fundamentals remain favorable and we continue to evaluate acquisition opportunities within the industrial market to effectively execute our business strategy. As of September 30, 2023 our real estate portfolio included:

● 246 industrial buildings totaling approximately 51.1 million square feet comprised our operating portfolio, which includes stabilized properties, and was 97.6% occupied (97.7% leased) with a weighted-average remaining lease term (based on square feet) of approximately 4.1 years; and

● Seven industrial buildings totaling approximately 2.1 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, 2023, we owned and managed five buildings either under construction or in the pre-construction phase totaling approximately 1.0 million square feet. Unless otherwise noted, these buildings are excluded from the presentation of our portfolio data herein.

As of September 30, 2023, we owned and managed two industrial buildings totaling approximately 0.8 million square feet and three buildings that were either under construction or in the pre-construction phase totaling approximately 1.0 million square feet through our 8.0% minority ownership interest in the BTC II B Partnership. Unless otherwise noted, these buildings are excluded from the presentation of our portfolio data herein.

The purchase price capitalization rate is based on the property’s projected cash net operating income from in-place leases for the 12 months after the date of purchase, including any contractual rent increases contained in such leases for those 12 months, divided by the purchase price for the property, exclusive of transfer taxes, due diligence expenses and other closing costs including acquisition costs.

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, 2023:

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	80.1	%
Light industrial	Building size of less than 150,000 square feet, single or multi-customer	19.8
Flex industrial	Includes assembly or research and development, primarily multi-customer	0.1
		100.0	%

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Portfolio Overview and Market Diversification. As of September 30, 2023, 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 $6.59 per square foot. The following table summarizes certain operating metrics of our portfolio by market as of September 30, 2023:

	Number of	Rentable	Occupied		Leased
($ and square feet in thousands)	Buildings	Square Feet	Rate (1)		Rate (1)		Annualized Base Rent (2)
Operating Properties:
Atlanta	21	4,468	97.9	%	97.9	%		25,318	7.7	%
Austin	6	562	95.4		100.0			4,708	1.4
Bay Area	3	845	100.0		100.0			10,078	3.1
Boston	3	415	92.3		92.3			2,805	0.7
Central Florida	8	1,517	92.9		92.9			8,225	2.5
Central Valley	9	2,280	98.9		98.9			15,527	4.7
Charlotte	1	210	100.0		100.0			1,094	0.3
Chicago	26	5,373	100.0		100.0			28,672	8.7
Cincinnati	7	1,661	100.0		100.0			8,262	2.5
Dallas	16	4,210	99.0		99.0			22,209	6.7
D.C. / Baltimore	9	1,037	88.4		88.4			7,897	2.4
Denver	2	252	100.0		100.0			1,277	0.4
Houston	8	1,502	96.7		96.7			7,783	2.4
Indianapolis	3	1,614	100.0		100.0			6,512	2.0
Las Vegas	7	1,118	100.0		100.0			9,370	2.8
Louisville	6	1,903	88.8		88.8			7,145	2.2
Memphis	10	3,598	100.0		100.0			13,519	4.1
Nashville	2	817	100.0		100.0			4,794	1.5
New Jersey	16	3,426	100.0		100.0			31,885	9.7
Pennsylvania	17	3,103	99.4		99.4			20,057	6.1
Phoenix	3	417	100.0		100.0			3,565	1.1
Portland	2	605	100.0		100.0			4,033	1.2
Reno	6	1,422	100.0		100.0			8,204	2.5
Salt Lake City	5	1,003	95.5		95.5			5,761	1.7
San Antonio	1	96	—		—			—	—
San Diego	7	762	95.1		95.1			6,884	2.1
Seattle	14	2,395	91.2		91.2			18,824	5.7
South Florida	10	1,544	98.6		100.0			13,625	4.1
Southern California	18	2,907	97.0		97.0			30,559	9.2
Total operating	246	51,062	97.6		97.7			328,592	99.5
Value-Add Properties:
Central Florida	1	176	—		—			—	—
Dallas	1	986	—		—			—	—
Houston	2	647	35.1		70.2			1,570	0.5
New Jersey	1	100	—		—			—	—
San Diego	2	200	—		—			—	—
Total value-add properties	7	2,109	10.8		21.5			1,570	0.5
Total portfolio	253	53,171	94.2	%	94.7	%	$	330,162	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, 2023, multiplied by 12.

Lease Terms. Our industrial properties are typically subject to leases 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. In addition, most of our leases include fixed rental increases or Consumer Price Index-based rental increases. Lease terms typically range from one to 10 years, and often include renewal options.

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Lease Expirations. As of September 30, 2023, the weighted-average remaining lease term (based on square feet) of our total occupied portfolio was approximately 4.1 years, excluding renewal options. The following table summarizes the lease expirations of our occupied portfolio for leases in place as of September 30, 2023, without giving effect to the exercise of renewal options or termination rights, if any:

($ and square feet in thousands)	Number of Leases	Occupied Square Feet			Annualized Base Rent (1)
Remainder of 2023	16	1,034	2.1	%	$	6,369	1.9	%
2024	61	5,085	10.2			31,883	9.7
2025	76	7,920	15.8			49,408	15.0
2026	83	8,938	17.9			52,706	16.0
2027	72	7,124	14.2			52,187	15.8
2028	77	6,364	12.7			49,297	14.9
2029	29	4,132	8.3			24,319	7.4
2030	20	2,219	4.4			13,681	4.1
2031	11	1,601	3.2			12,634	3.8
Thereafter	28	5,648	11.2			37,678	11.4
Total occupied	473	50,065	100.0	%	$	330,162	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, 2023, multiplied by 12.

Customer Diversification. As of September 30, 2023, there was one customer that individually represented more than 5.0% of total occupied square feet of our portfolio and one customer that individually represented 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 9.4 million square feet as of September 30, 2023:

Customer	% of Total Occupied Square Feet (1)		% of Total Annualized Base Rent (1)
Amazon.com Services LLC	6.4	%	7.6	%
Radial, Inc.	4.2		2.8
Steelcase Inc.	2.5		2.3
Maersk	1.1		1.9
East Coast/West Coast Logistics, LLC	0.5		1.5
US Elogistics Service Corp	1.0		1.3
Boyd Flotation	0.6		1.2
SBS Transportation, Inc.	0.9		1.0
General Services Administration	0.5		1.0
Geodis Logistics, LLC	1.1		0.9
Total	18.8	%	21.5	%

(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, 2023, multiplied by 12.

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.

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Industry Diversification. The table below illustrates the diversification of our portfolio by industry classifications of our customers as of September 30, 2023:

($ and square feet in thousands)	Number of Leases	Annualized Base Rent (1)				Occupied Square Feet
Transportation / Logistics	52	$	58,255	17.5	%		8,007	16.0	%
eCommerce / Fulfillment	28		45,308	13.6			7,400	14.8
Storage / Warehousing	43		24,656	7.5			3,879	7.7
Food & Beverage	31		24,607	7.5			3,488	7.0
Home Furnishings	18		20,061	6.1			2,680	5.4
Manufacturing	46		19,662	6.0			2,860	5.7
Auto	26		17,915	5.4			3,261	6.5
Packaging	16		9,452	2.9			1,580	3.2
Electrical / Wire	13		8,953	2.7			1,791	3.6
Printing	10		8,487	2.6			1,488	3.0
Other	190		92,806	28.2			13,631	27.1
Total	473	$	330,162	100.0	%	$	50,065	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, 2023, multiplied by 12.

● DISTRIBUTIONS

We have declared monthly distributions for each class of our common stock. To date, each class of our common stock has received the same gross distribution per share. Monthly gross distributions were $0.05 per share for each share class for the month of September 2023 and were paid to all stockholders of record as of the close of business on September 29, 2023. The net distribution per share is calculated as the gross distribution per share less any distribution fees that are payable monthly with respect to Class T shares and Class D shares. Since distribution fees are not paid with respect to Class I shares, the net distributions payable with respect to Class I shares are equal to the gross distributions payable with respect to Class I shares. The table below details the net distributions for each class of our common stock for the period presented:

Net Distributions per Share
		Class T		Class D		Class I
Month	Pay Date	Share		Share		Share
September 2023	10/2/2023	$	0.041	$	0.047	$	0.050

● UPDATE ON OUR ASSETS AND PERFORMANCE

As of September 30, 2023, our leverage ratio was approximately 37.3% (calculated as outstanding principal balance of our borrowings, including secured financings on investments in real estate-related securities, less cash and cash equivalents, divided by the fair value of our real property, our net investment in an unconsolidated joint venture partnership, investments in real estate-related securities and debt-related investments not associated with the DST Program, as determined in accordance with our valuation procedures).

As of September 30, 2023, rents across our portfolio are estimated to be 27.2% below market (on a weighted-average basis), providing the opportunity for meaningful net operating income growth.

During the three months ended September 30, 2023, we raised gross proceeds of approximately $164.9 million, including proceeds from our distribution reinvestment plan and the sale of DST Interests (including $14.0 million of DST Interests financed by DST Program Loans). The aggregate dollar amount of common stock and OP Unit redemptions requested for July, August and September, which were redeemed in full on August 1, 2023, September 1, 2023, and October 1, 2023, respectively, was $210.7 million.

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The following table sets forth the top ten geographic allocations of our real estate portfolio based on fair value as of September 30, 2023:

($ in thousands)	Number of Buildings (1)		Fair Value of Real Property	% of Fair Value
Southern California	18	$	1,058,100	12.0	%
New Jersey	17		895,900	10.3
Atlanta	21		607,300	7.0
Chicago	26		596,050	6.8
Dallas	17		577,850	6.6
Seattle	14		535,500	6.1
Pennsylvania	17		512,050	5.9
South Florida	10		426,650	4.9
Central Valley	9		336,550	3.9
Central Florida	9		283,900	3.3
Other	95		2,894,600	33.2
Total Portfolio	253	$	8,724,450	100.0	%

(1) Excludes five buildings that are either under construction or in the pre-construction phase.

The following table sets forth the total returns for the periods ended September 30, 2023:

	Trailing One-Month (1)		Year-to-Date (1)		One-Year (Trailing 12-Months)(1)		Since NAV Inception Annualized (1)(2)(3)
Class T Share Total Return (without sales charge) (3)	0.20	%	(8.03)	%	(8.10)	%	9.77	%
Class T Share Total Return (with sales charge) (3)	(4.31)	%	(12.16)	%	(12.23)	%	8.92	%
Class D Share Total Return (3)	0.24	%	(7.63)	%	(7.57)	%	10.99	%
Class I Share Total Return (3)	0.26	%	(7.47)	%	(7.35)	%	10.77	%

(1) Performance is measured by total return, which includes income and appreciation (i.e., distributions and changes in NAV) and reinvestment of all distributions (“Total Return”) for the respective time period. Past performance is not a guarantee of future results. Performance data quoted above is historical. Current performance may be higher or lower than the performance data quoted. Actual individual stockholder returns will vary. The returns have been prepared using unaudited data and valuations of the underlying investments in our portfolio, which are estimates of fair value and form the basis for our NAV. Valuations based upon unaudited or estimated reports from the underlying investments may be subject to later adjustments or revisions, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated on any given day.

(2) The inception date for Class I shares and Class T shares was November 1, 2017, which is when shares of our common stock were first issued to third-party investors in our initial public offering. The inception date for Class D shares (formerly designated as Class W shares) was July 2, 2018, which is when Class D shares of common stock were first issued to third-party investors.

(3) The Total Returns presented are based on the actual NAVs at which stockholders transacted, calculated pursuant to our valuation procedures. With respect to the “Class T Share Total Return (with sales charge),” the Total Returns are calculated assuming the stockholder also paid the maximum upfront selling commission, dealer manager fee and ongoing distribution fees in effect during the time period indicated. With respect to “Class T Share Total Return (without sales change),” the Total Returns are calculated assuming the stockholder did not pay any upfront selling commission or dealer manager fee, but did pay the maximum ongoing distribution fees in effect during the time period indicated. From NAV inception to January 31, 2020, these NAVs reflected mark-to-market adjustments on our borrowing-related debt instruments and our borrowing-related interest rate hedge positions. See Item 5 in Part II of our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the impact of not continuing to mark these instruments to market on the calculation of our Total Returns.

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● EXPERTS

The statements included in this Supplement under the section titled “September 30, 2023 NAV Per Share” relating to the role of Altus Group U.S. Inc. have been reviewed by Altus Group U.S. Inc., an independent valuation advisor, and are included in this Supplement given the authority of such advisor as experts in real estate valuations.

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