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. 1 DATED APRIL 15, 2024
TO THE PROSPECTUS DATED APRIL 12, 2024

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 12, 2024 (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 May 1, 2024;

● the calculation of our March 31, 2024 net asset value (“NAV”) per share, as determined in accordance with our valuation procedures, for each of our share classes;

● 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.

● MAY 1, 2024 TRANSACTION PRICE

The transaction price for each share class of our common stock for subscriptions to be accepted as of May 1, 2024 (and distribution reinvestment plan issuances following the close of business on April 30, 2024 and share redemptions as of April 30, 2024) is as follows:

	Transaction Price		Offering Price
Share Class	(per share)		(per share)
Class T	$	12.5560	$	13.1476
Class D	$	12.5560	$	12.5560
Class I	$	12.5560	$	12.5560

The transaction price for each of our share classes is equal to such class’s NAV per share as of March 31, 2024. A calculation of the NAV per share is set forth in the section of this Supplement titled “March 31, 2024 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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● MARCH 31, 2024 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 and valuations for certain of our debt-related assets, reviewing annual third-party real property appraisals, 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 March 31, 2024 and February 29, 2024:

	As of
(in thousands)	March 31, 2024		February 29, 2024
Investments in industrial properties	$	8,364,750	$	8,475,600
Investment in unconsolidated joint venture partnership		17,885		17,746
Investments in real estate debt and securities		242,037		237,719
DST Program Loans		175,370		173,023
Cash and cash equivalents		82,797		35,782
Restricted cash		29,046		654
Other assets		73,322		69,205
Line of credit, term loans and mortgage notes		(3,557,200)		(3,528,628)
Secured financings on investments in real estate-related securities		(46,366)		(42,393)
Financing obligations associated with our DST Program		(1,453,708)		(1,425,072)
Other liabilities		(133,137)		(124,385)
Accrued performance participation allocation		—		—
Accrued fixed component of advisory fee		(5,585)		(5,655)
Aggregate Fund NAV	$	3,789,211	$	3,883,596
Total Fund Interests outstanding		301,785		303,935

The following table sets forth the NAV per Fund Interest as of March 31, 2024 and February 29, 2024:

			Class T		Class D		Class I
(in thousands, except per Fund Interest data)	Total		Shares		Shares		Shares		OP Units
As of March 31, 2024
Monthly NAV	$	3,789,211	$	1,571,390	$	251,407	$	1,739,310	$	227,104
Fund Interests outstanding		301,785		125,151		20,023		138,524		18,087
NAV Per Fund Interest	$	12.5560	$	12.5560	$	12.5560	$	12.5560	$	12.5560
As of February 29, 2024
Monthly NAV	$	3,883,596	$	1,659,258	$	257,513	$	1,735,710	$	231,115
Fund Interests outstanding		303,935		129,855		20,153		135,840		18,087
NAV Per Fund Interest	$	12.7777	$	12.7777	$	12.7777	$	12.7777	$	12.7777

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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 March 31, 2024, we estimated approximately $70.3 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.

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 March 31, 2024, 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	5.8	%
Discount rate / internal rate of return	7.2	%
Average holding period (years)	10.0

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)	%

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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, corporate-level credit facilities, and other secured and unsecured debt 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 March 31, 2024, 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 April 1, 2024, we had raised gross proceeds of approximately $1.8 billion from the sale of approximately 129.1 million shares in this offering, including proceeds from our distribution reinvestment plan of approximately $213.2 million. As of April 1, 2024, approximately $3.2 billion in shares remained available for sale pursuant to this offering, including approximately $1.0 billion 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:

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Real Estate Portfolio Overview

As of March 31, 2024, we directly owned and managed a real estate portfolio that included 252 industrial buildings totaling approximately 53.4 million square feet located in 29 markets throughout the U.S., with 418 customers, and was 93.1% occupied (93.8% leased) with a weighted-average remaining lease term (based on square feet) of approximately 3.9 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 March 31, 2024, we transacted approximately 1.6 million square feet of new and renewal leases, and rent growth on comparable leases averaged 55.0%, calculated using cash basis rental rates (67.5% 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 March 31, 2024 our real estate portfolio included:

● 245 industrial buildings totaling approximately 51.3 million square feet comprised our operating portfolio, which includes stabilized properties, and was 96.9% occupied (97.4% leased) with a weighted-average remaining lease term (based on square feet) of approximately 3.9 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 March 31, 2024, we owned and managed two buildings either under construction or in the pre-construction phase totaling approximately 0.2 million square feet. Unless otherwise noted, these buildings are excluded from the presentation of our portfolio data herein.

As of March 31, 2024, 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 March 31, 2024:

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	80.8	%
Light industrial	Building size of less than 150,000 square feet, single or multi-customer	19.1
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 March 31, 2024, 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 $6.91 per square foot. The following table summarizes certain operating metrics of our portfolio by market as of March 31, 2024:

	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	93.2	%	93.2	%		26,328	7.7	%
Austin	6	562	95.4		100.0			4,810	1.4
Bay Area	3	845	100.0		100.0			10,078	2.9
Boston	3	409	100.0		100.0			3,205	0.9
Central Florida	8	1,517	92.0		92.0			8,675	2.5
Central Valley	9	2,280	98.9		98.9			15,746	4.6
Charlotte	1	210	100.0		100.0			1,094	0.3
Chicago	26	5,373	100.0		100.0			29,010	8.4
Cincinnati	7	1,661	100.0		100.0			8,409	2.4
Dallas	16	4,210	98.4		100.0			22,559	6.6
D.C. / Baltimore	9	1,037	88.4		88.4			7,973	2.3
Denver	2	252	100.0		100.0			1,291	0.4
Houston	7	1,624	96.9		100.0			9,408	2.7
Indianapolis	3	1,614	100.0		100.0			6,581	1.9
Las Vegas	7	1,118	98.7		98.7			11,699	3.4
Louisville	6	1,903	88.8		88.8			7,504	2.2
Memphis	10	3,598	100.0		100.0			14,479	4.2
Nashville	2	817	100.0		100.0			4,895	1.4
New Jersey	16	3,426	98.0		98.0			32,058	9.3
Pennsylvania	17	3,103	94.9		94.9			20,179	5.9
Phoenix	3	417	100.0		100.0			3,598	1.0
Portland	2	605	100.0		100.0			4,041	1.2
Reno	6	1,422	100.0		100.0			8,835	2.6
Salt Lake City	5	1,003	95.5		95.5			5,972	1.7
San Antonio	1	96	100.0		100.0			779	0.2
San Diego	6	553	93.3		93.3			5,420	1.6
Seattle	14	2,395	97.1		97.3			20,887	6.1
South Florida	11	1,905	98.9		100.0			18,335	5.3
Southern California	18	2,907	92.0		94.6			29,995	8.9
Total operating	245	51,330	96.9		97.4			343,843	100.0
Value-Add Properties:
Central Florida	3	678	—		15.9			—	—
Dallas	1	986	—		—			—	—
Houston	1	192	—		—			—	—
New Jersey	1	100	—		—			—	—
San Diego	1	140	—		—			—	—
Total value-add properties	7	2,096	—		5.2			—	—
Total portfolio	252	53,426	93.1	%	93.8	%	$	343,843	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 March 31, 2024, 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 March 31, 2024, the weighted-average remaining lease term (based on square feet) of our total occupied portfolio was approximately 3.9 years, excluding renewal options. The following table summarizes the lease expirations of our occupied portfolio for leases in place as of March 31, 2024, 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 (2)
Remainder of 2024 (1)	38	3,246	6.5	%	$	24,493	7.1	%
2025	77	8,027	16.1			51,961	15.1
2026	82	8,839	17.8			52,765	15.3
2027	73	7,619	15.3			54,545	15.9
2028	81	6,812	13.7			54,664	15.9
2029	45	5,096	10.2			34,401	10.0
2030	20	2,447	4.9			15,457	4.5
2031	13	1,664	3.3			13,509	3.9
2032	16	4,060	8.2			27,511	8.0
2033	2	83	0.2			948	0.3
Thereafter	11	1,866	3.8			13,589	4.0
Total occupied	458	49,759	100.0	%	$	343,843	100.0	%

(1) No leases expired on March 31, 2024.

(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 March 31, 2024, multiplied by 12.

Customer Diversification. As of March 31, 2024, 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 9.5 million square feet as of March 31, 2024:

Customer	% of Total Occupied Square Feet (1)		% of Total Annualized Base Rent (1)
Amazon.com Services LLC	6.4	%	7.5	%
Radial, Inc.	4.3		2.8
Steelcase Inc.	2.5		2.2
Maersk	1.1		1.9
Kroger	1.0		1.5
Estes Forwarding Worldwide	1.1		1.5
East Coast/West Coast Logistics, LLC	0.5		1.4
US Elogistics Service Corp	1.0		1.2
KeHE Distributors, Inc	0.7		1.2
Boyd Flotation	0.6		1.1
Total	19.2	%	22.3	%

(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 March 31, 2024, 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 March 31, 2024:

($ and square feet in thousands)	Number of Leases	Annualized Base Rent (1)				Occupied Square Feet
Transportation / Logistics	50	$	58,723	17.0	%		7,656	15.5	%
eCommerce / Fulfillment	27		43,670	12.6			6,691	13.4
Food & Beverage	29		28,423	8.3			3,555	7.1
Storage / Warehousing	39		25,673	7.5			3,881	7.8
Home Furnishings	17		19,843	5.8			2,666	5.4
Manufacturing	42		19,216	5.6			2,748	5.5
Auto	24		19,090	5.6			3,242	6.5
Electrical / Wire	13		9,908	2.9			1,791	3.6
Computer / Electronics	19		9,508	2.8			1,365	2.7
Home Improvement	22		9,061	2.6			1,351	2.7
Other	176		100,728	29.3			14,813	29.8
Total	458	$	343,843	100.0	%	$	49,759	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 March 31, 2024, 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 March 2024 and were paid to all stockholders of record as of the close of business on March 29, 2024. 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
March 2024	4/1/2024	$	0.041	$	0.047	$	0.050

● UPDATE ON OUR ASSETS AND PERFORMANCE

As of March 31, 2024, our leverage ratio was approximately 40.8% (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) and the weighted-average interest rate of our consolidated borrowings was 4.28%.

As of March 31, 2024, rents across our portfolio are estimated to be 25.6% below market (on a weighted-average basis), providing the opportunity for meaningful net operating income growth.

During the three months ended March 31, 2024, we originated one debt-related investment comprised of a senior loan with an aggregate commitment of up to $36.4 million. Additionally, during the three months ended March 31, 2024, we disposed of four industrial buildings totaling 0.6 million square feet, for an aggregate gross sales price of $106.7 million.

During the three months ended March 31, 2024, we raised gross proceeds of approximately $110.8 million, including proceeds from our distribution reinvestment plan and the sale of DST Interests (including $5.2 million of DST Interests financed by DST Program Loans). The aggregate dollar amount of common stock redemptions requested for January, February and March, which were redeemed in full on February 1, 2024, March 1, 2024 and April 1, 2024, respectively, was $125.5 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 March 31, 2024:

($ in thousands)	Number of Buildings (1)		Fair Value of Real Property (2)	% of Fair Value
Southern California	18	$	899,300	10.7	%
New Jersey	17		863,500	10.2
Atlanta	21		607,250	7.3
Dallas	17		599,050	7.2
Chicago	26		577,000	6.9
Seattle	14		517,800	6.2
Pennsylvania	17		514,950	6.2
South Florida	11		448,200	5.4
Central Valley	9		314,300	3.8
Central Florida	11		282,750	3.4
Other	91		2,740,650	32.7
Total Portfolio	252	$	8,364,750	100.0	%

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

(2) Comprised of $8.1 billion of real property in our operating portfolio, which includes stabilized properties, $253.9 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 $50.9 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.

The following table sets forth the total returns for the periods ended March 31, 2024:

	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)	(1.42)	%	(4.16)	%	(13.32)	%	7.79	%
Class T Share Total Return (with sales charge) (3)	(5.85)	%	(8.47)	%	(17.22)	%	7.02	%
Class D Share Total Return (3)	(1.37)	%	(4.02)	%	(12.83)	%	8.71	%
Class I Share Total Return (3)	(1.35)	%	(3.97)	%	(12.62)	%	8.76	%

(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 was July 2, 2018, which is when Class D shares of common stock were first issued to third-party investors.

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(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, 2023 for additional information on the impact of not continuing to mark these instruments to market on the calculation of our Total Returns.

● EXPERTS

The statements included in this Supplement under the section titled “March 31, 2024 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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