Document and Entity Information
Document and Entity Information - USD ($) | 10 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Apollo Realty Income Solutions, Inc. | ||
Entity Central Index Key | 0001882850 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | true | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity File Number | 333-264456 | ||
Entity Tax Identification Number | 87-2557571 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 9 West 57th Street | ||
Entity Address, Address Line Two | 42nd Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 212 | ||
Local Phone Number | 515-3200 | ||
Entity Public Float | $ 0 | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | New York, New York | ||
Entity Common Stock, Shares Outstanding | 4,810,249 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Feb. 18, 2022 |
Assets | ||
Cash and cash equivalents | $ 131,589 | $ 200 |
Other assets | 5,000 | |
Total assets | 136,589 | 200 |
Liabilities and Equity | ||
Due to affiliates | 8,298 | |
Total liabilities | 8,298 | |
Equity | ||
Common stock, $0.01 par value per share (Note 6 - Equity) | 18 | 1 |
Additional paid-in capital | 31,367 | 199 |
Accumulated deficit | (815) | |
Total stockholders' equity | 30,570 | 200 |
Non-controlling interest attributable to ARIS OP unitholders | 97,721 | |
Total equity | 128,291 | 200 |
Total liabilities and equity | $ 136,589 | $ 200 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2022 | Feb. 18, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 0 |
Preferred stock, shares issued | 0 | |
Common stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding | 0 | |
Common stock, shares authorized | 1,100,000,000 | 10,000 |
Common stock, shares issued | 1,823,750 | 10,000 |
Common stock, shares outstanding | 1,823,750 | 10,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations $ in Thousands | 10 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Revenues | |
Other Income | $ 114 |
Total revenues | 114 |
Expenses | |
General and administrative expenses | (1,678) |
Organization expenses | (1,487) |
Total expenses | (3,165) |
Net loss | (3,051) |
Net loss attributable to non-controlling interests in ARIS OP | (2,236) |
Net loss attributable to ARIS stockholders | $ (815) |
Net loss per share of common stock, basic | $ / shares | $ (12.13) |
Net loss per share of common stock, diluted | $ / shares | $ (12.13) |
Weighted-average shares of common stock outstanding, basic | shares | 67,216 |
Weighted-average shares of common stock outstanding, diluted | shares | 67,216 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders Equity | Non-Controlling Interest |
Balance at February 18, 2022 (Date of Initial Capitalization) at Feb. 17, 2022 | $ 200 | $ 200 | $ 200 | |||
Balance at February 18, 2022 (Date of Initial Capitalization), Shares at Feb. 17, 2022 | 10,000 | |||||
Balance at December 31, 2022 at Feb. 18, 2022 | 200 | |||||
Balance at February 18, 2022 (Date of Initial Capitalization) at Feb. 17, 2022 | 200 | 200 | 200 | |||
Balance at February 18, 2022 (Date of Initial Capitalization), Shares at Feb. 17, 2022 | 10,000 | |||||
Common stock issued, value | 36,275 | $ 18 | 36,257 | 36,275 | ||
Common stock issued, shares | 1,814,000 | |||||
Offering costs | 5,133 | (5,090) | (5,090) | $ (43) | ||
Net loss | (3,051) | $ (815) | (815) | (2,236) | ||
Contributions from non-controlling interests | 100,000 | 100,000 | ||||
Balance at December 31, 2022 at Dec. 31, 2022 | $ 128,291 | $ 18 | $ 31,367 | $ (815) | $ 30,570 | $ 97,721 |
Balance at December 31, 2022, Shares at Dec. 31, 2022 | 1,824,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows $ in Thousands | 10 Months Ended |
Dec. 31, 2022 USD ($) | |
Cash flows from operating activities | |
Net loss | $ (3,051) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |
Due to affiliate | 3,165 |
Net cash provided by operating activities | 114 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |
Acquisitions of real estate | (5,000) |
Net cash used in investing activities | (5,000) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |
Proceeds from Issuance of Common Stock | 36,275 |
Contributions from non-controlling interests | 100,000 |
Net cash provided by financing activities | 136,275 |
Net change in cash and cash equivalents | |
Net change in cash and cash equivalents | 131,389 |
Cash and cash equivalents, beginning of period | 200 |
Cash and cash equivalents, end of period | 131,589 |
Non-cash investing and financing activities | |
Accrued offering costs due to affiliate | $ (5,133) |
Organization and Business Purpo
Organization and Business Purpose | 10 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Purpose | Apollo Realty Income Solutions, Inc. (the "Company") was formed on September 8, 2021 as a Maryland corporation. The Company is the sole general partner of ARIS Operating Partnership L.P., a Delaware limited partnership (the "Operating Partnership"). ARIS Special Limited Partner LLC (the "Special Limited Partner"), a subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"), owns a special limited partner interest in the Operating Partnership. The Company was organized to invest primarily in a portfolio of diversified income-oriented commercial real estate in the United States. Substantially all of the Company's business will be conducted through the Operating Partnership. The Company commenced its operations on December 22, 2022 and is externally managed by ARIS Management, LLC (the "Adviser"), an indirect subsidiary of Apollo. The Company has registered with the Securities and Exchange Commission (the "SEC") an offering of up to $ 5,000,000,000 in shares of common stock, consisting of up to $ 4,000,000,000 in shares in its primary offering and up to $ 1,000,000,000 in shares pursuant to its distribution reinvestment plan (the "Offering"). In the Offering, the Company intends to sell any combination of nine classes of shares of its common stock, Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, and Class A-III shares with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions, ongoing stockholder servicing fees, management fees, and performance participation allocations. Until December 22, 2022, the per share purchase price for shares of the Company's common stock in its primary offering was $ 20.00 per share plus applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share for each class of common stock will vary and will generally equal the Company's prior month's net asset value ("NAV") per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees. The Company also may issue Class E shares to certain of Apollo's affiliates and employees in one or more private placements; however, Class E shares are not being offered to the public pursuant to the Offering. The Company intends to elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with the taxable year ending December 31, 2023. To maintain its tax qualification as a REIT, the Company will be required to distribute at least 90 % of our taxable income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests. The Company had no investments as of December 31, 2022. As of December 31, 2022, the Company had entered into an agreement to purchase an investment, which was acquired subsequent to December 31, 2022. See "Note 3 - Other Assets" and "Note 9 - Subsequent Events " for additional information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 10 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date. Actual results may differ from those estimates. Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. The accompanying consolidated financial statements include the accounts of the Company and the Company's subsidiary partnerships. Third party unitholders of Operating Partnership's share of the assets, liabilities and operations of the Operating Partnership is included in non-controlling interest as equity of the Company. The noncontrolling interest is generally computed based on third party unit-holders ownership percentage. Risks and Uncertainties Although there has been improved global economic activity due to global and domestic vaccination efforts, there are still various uncertainties around the impact COVID-19 and its variants will have on our business and the economy as a whole, including longer-term macroeconomic effects on supply chains, inflation and labor shortages. For example, in response to recent inflationary pressure, the U.S. Federal Reserve and other global central banks have raised interest rates in 2022 and have indicated likely further interest rate increases. The Company believes the estimates used in preparing its financial statements and related footnotes are reasonable and supportable based on the best information available to the Company as of December 31, 2022. The uncertainty over the ultimate impact of COVID-19 and its variants, supply chain disruptions and labor shortages, rising inflation and increases in interest rates on the global economy generally and the Company's business in particular may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and, as a result, actual results may vary significantly from estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did no t hold cash equivalents at December 31, 2022 and February 18, 2022 . Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than an investor who is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Any investor who is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the "transaction price") at the time the distribution is payable, which will generally be equal to the Company's prior month's NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company's Class S shares, Class D shares, Class F-S shares, and Class F-D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ending December 31, 2023. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. Earnings per Share of Common Stock Basic earnings per share of common stock is computed by dividing net income or loss for the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss for the period by the weighted average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. As there were no common stock equivalents outstanding during the period from February 18, 2022 (date of initial capitalization) through December 31, 2022 the calculation of basic and diluted earnings per share are equal. Organization and Offering Expenses The Adviser has agreed that it and/or its affiliates will advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company's organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser and its affiliates for all such advanced expenses ratably over a 60-month period beginning on December 22, 2023. Organization costs are expensed as incurred and recorded as expenses on the Company's consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. At December 31, 2022, the Adviser and its affiliates had incurred organization and offering costs on our behalf of $ 6.6 million , consisting of offering costs of $ 5.1 million and organization costs of $ 1.5 million . Such costs became the Company's liability on December 22, 2022, the date which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of due to affiliates on the Company's consolidated balance sheet as of December 31, 2022 . As of February 18, 2022, the Adviser and its affiliates had incurred organization and offering expenses on the Company's behalf of approximately $ 2.4 million, however this amount was not recorded on consolidated balance sheet as of that date because operations had not yet commenced. Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The aggregate NAV of total repurchases of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, Class A-III shares and Class E shares will be limited to 2 % of the aggregate NAV per month and 5 % of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company's board of directors may modify or suspend the share repurchase plan. Recent Accounting Pronouncements Any recently issued accounting pronouncements have been excluded as they either are not relevant to us or they are not expected to have a material impact on our consolidated financial statements. |
Capitalization
Capitalization | 10 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Note 6 - Equity Authorized Capital The Company is authorized to issue preferred stock and ten classes of common stock consisting of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, Class A-III shares, and Class E shares. The differences among the common share classes relate to upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees, as well as varying management and performance participation fees. See "Note 4 - Related Party Transactions" for additional information. As of December 31, 2022 and February 18, 2022, the Company had the following classes of common stock authorized, issued and outstanding: December 31, 2022 February 18, 2022 (Date of Initial Capitalization) Classification Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Preferred Stock, $ 0.01 par value per share 100,000,000 — — — Class S Shares, $ 0.01 par value per share 100,000,000 — — — Class D Shares, $ 0.01 par value per share 100,000,000 — — — Class I Shares, $ 0.01 par value per share 100,000,000 — 10,000 10,000 Class F-S Shares, $ 0.01 par value per share 100,000,000 — — — Class F-D Shares, $ 0.01 par value per share 100,000,000 — — — Class F-I Shares, $ 0.01 par value per share 100,000,000 1,823,750 — — Class A-I Shares, $ 0.01 par value per share 100,000,000 — — — Class A-II Shares, $ 0.01 par value per share 100,000,000 — — — Class A-III Shares, $ 0.01 par value per share 100,000,000 — — — Class E Shares, $ 0.01 par value per share 100,000,000 — — — Total 1,100,000,000 1,823,750 10,000 10,000 Common Stock The following table details the movement in the Company's outstanding shares of common stock: Class I Class F-I Beginning balance, February 18, 2022 10,000 — Common stock transferred ( 10,000 ) 10,000 Common stock issued — 1,813,750 Ending balance, December 31, 2022 — 1,823,750 As of December 31, 2022 the Company had no t so ld any Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class A-I shares, Class A-II shares, Class A-III shares, or Class E shares. Non-controlling Interests - ARIS Operating Partnership Unitholders Operating Partnership units are subject to the same fees as the corresponding classes of common stock and do not have any preferential rights relative to the Company's interest in the Operating Partnership. On December 22, 2022, the Company issued 5,000,000 Class A-I Operating Partnership units to an affiliate of Apollo for the aggregate consideration of $ 100.0 million in a private placement. |
Other Assets
Other Assets | 10 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | Note 3 - Other Assets As of December 31, 2022, the Company had signed a purchase and sale agreement, and had made a $ 5.0 million deposit pursuant to such purchase and sale agreement to acquire an industrial property in Columbus, Ohio. Subsequent to year end, the Company completed the acquisition of this asset. Refer to "Note 9 - Subsequent Events " for additional information. |
Related Party Transactions
Related Party Transactions | 10 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Pursuant to the Advisory Agreement between the Company and the Operating Partnership, on the one hand, and the Adviser, on the other hand, the Adviser is responsible for sourcing, evaluating and monitoring the Company's investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company's assets, in accordance with the Company's investment objectives, guidelines, policies and limitations, subject to oversight by the Company's board of directors. Certain affiliates of the Company, including the Adviser, will receive fees and compensation in connection with the Offering and ongoing management of the assets of the Company. The Adviser will be paid a management fee equal to 1.25 % of NAV per annum, payable monthly on Class S shares, Class D shares, and Class I shares. The Adviser will be paid a management fee equal to 1.0 % of NAV per annum, payable monthly on Class F-S shares, Class F-D shares, Class F-I shares, and Class A-I shares. The Adviser will be paid a management fee equal to 1.0 % of NAV for Class A-II shares per annum payable monthly; and provided that, for the period of January 1, 2023 through June 30, 2026, this management fee will be reduced to 0.92 % of NAV for Class A-II shares per annum payable monthly. The Adviser will be paid a management fee equal to 1.0 % of NAV for Class A-III shares per annum payable monthly; and provided that, for the period of January 1, 2023 through December 31, 2026, this management fee will be reduced to 0.85 % of NAV for Class A-III shares per annum payable monthly. Subsequent to year end the measurement date for Class A-I shares, Class A-II shares, and Class A-III shares were extended, please refer to " Note 9 - Subsequent Events" for more information. The management fee will be paid, at the Adviser's election, in cash, Class E shares, Class E units of the Operating Partnership or any combination thereof. The Special Limited Partner holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation from the Operating Partnership on Class S shares, Class D shares, and Class I shares equal to 12.5 % of the annual Total Return, subject to a 5 % annual Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined in the Operating Partnership limited partnership agreement). On Class F-S shares, Class F-D shares, and Class F-I shares, the Special Limited Partner is entitled to receive an allocation equal to 9.0 % of the annual Total Return, subject to a 5 % annual Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined in the Operating Partnership limited partnership agreement). Such allocation will accrue monthly and be made annually. There will not be a performance participation interest with respect to Class A-I shares, Class A-II shares, Class A-III shares, and Class E shares. The performance participation interest will be paid, at the Adviser's election, in cash, Class E shares, Class E units of the Operating Partnership or any combination thereof. The Company may retain certain of the Adviser's affiliates for necessary services relating to the Company's investments or its operations, including any administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and/or other types of insurance, management consulting and other similar operational matters. Any such arrangements will be at market terms and rates. For the period from February 18, 2022 (date of initial capitalization) through December 31, 2022, the Company had not retained an affiliate of the Adviser for any such services. In addition, Apollo Global Securities, LLC (the "Dealer Manager") will serve as the dealer manager for the Offering. The Dealer Manager is a registered broker-dealer affiliated with the Adviser. The Company entered into an agreement (the "Dealer Manager Agreement") with the Dealer Manager in connection with the Offering. Subject to the terms of the Dealer Manager Agreement, the Company's obligations to pay stockholder servicing fees with respect to the Class S shares, Class D shares, Class F-S shares, and Class F-D shares sold in the Offering shall survive until such shares are no longer outstanding (including because such shares have converted into Class I shares or Class F-I shares). The Dealer Manager is entitled to receive selling commissions of up to 3.0 %, and dealer manager fees of up to 0.5 %, of the transaction price of each Class S share and Class F-S share sold in the primary offering; however, such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5 % of the transaction price. Participating broker-dealers are third-party broker-dealers engaged by the Dealer Manager to participate in the distribution of shares of the Company's common stock. The Dealer Manager is also entitled to receive selling commissions of up to 1.5 % of the transaction price of each Class D share and Class F-D share sold in the primary offering. The Dealer Manager also receives a stockholder servicing fee of 0.85 % and 0.25 % per annum of the aggregate NAV of the Company's outstanding Class S and F-S shares and Class D and F-D shares, respectively. The Dealer Manager intends to enter into agreements with selected dealers that agree to distribute the Company's shares in the Offering, which will provide, among other things, for the reallowance of the full amount of the selling commissions and stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class S share, Class D share, Class F-S share, or Class F-D share held in a shareholder's account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed, in the aggregate, 8.75 % of the gross proceeds from the sale of such share. The Company will accrue the cost of the stockholder servicing fee as an offering cost at the time each Class S share, Class F-S share, Class D share, and Class F-D share is sold during the primary offering. There will no t be a stockholder servicing fee, upfront selling commission or dealer manager fee with respect to Class I shares, Class F-I shares, Class A-I shares, Class A-II shares, and Class A-III shares. The Company may also offer Class E shares, which will only be available to certain of Apollo's affiliates and employees, in one or more private placements. These shares are not being offered to the public pursuant to the Offering and will no t incur any upfront selling costs, ongoing servicing costs, management fee or performance participation allocation. On February 18, 2022, the Company was capitalized with a $ 200,000 investment by Apollo ARIS Holdings LLC, an indirect wholly-owned subsidiary of Apollo, in exchange for 10,000 shares of Class I common stock. On November 11, 2022, 10,000 shares of Class I common stock held by Apollo ARIS Holdings LLC were exchanged for 10,000 shares of Class F-I common stock. On November 29, 2022, the Company entered into an OP Unit subscription agreement with an affiliate of Apollo and issued 5,000,000 Class A-I Operating Partnership units for the aggregate consideration of $ 100.0 million . Due to Affiliates The following table details the Company's expenses that are due to its Adviser: December 31, 2022 February 18, 2022 Organization and offering $ 6,620 $ — General and administrative 1,678 — Total $ 8,298 $ — Organization and Offering Expenses The Adviser has advanced $ 6.6 million of organization and offering expenses (including legal, accounting, and other expenses attributable to the Company's organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 31, 2022. The Adviser will continue to advance the Company's organization and offering expenses on behalf of the Company through December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser for all such advanced costs ratably over a 60 month period beginning on December 22, 2023. General and Administrative Expenses The Adviser has agreed that it and/or its affiliates will advance certain general and administrative expenses on behalf of the Company's through December 22, 2023, the first anniversary of the escrow break for the Offering. The Adviser has advanced $ 1.7 million of general and administrative expenses on the Company's behalf as of December 31, 2022 . The Adviser will continue to advance certain of the Company's general and administrative expenses through December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser for all such advanced costs ratably over a 60 month period beginning on December 22, 2023. |
Economic Dependency
Economic Dependency | 10 Months Ended |
Dec. 31, 2022 | |
Economic Dependency [Abstract] | |
Economic Dependency | Note 5 - Economic Dependency The Company will be dependent on the Adviser and its affiliates for certain services that are essential to it, including the sale of the Company's shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable or unwilling to provide such services, the Company would be required to find alternative service providers. The Company may retain third parties, including certain of the Adviser's affiliates, for necessary services relating to its investments or operations. |
Equity
Equity | 10 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Note 6 - Equity Authorized Capital The Company is authorized to issue preferred stock and ten classes of common stock consisting of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, Class A-III shares, and Class E shares. The differences among the common share classes relate to upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees, as well as varying management and performance participation fees. See "Note 4 - Related Party Transactions" for additional information. As of December 31, 2022 and February 18, 2022, the Company had the following classes of common stock authorized, issued and outstanding: December 31, 2022 February 18, 2022 (Date of Initial Capitalization) Classification Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Preferred Stock, $ 0.01 par value per share 100,000,000 — — — Class S Shares, $ 0.01 par value per share 100,000,000 — — — Class D Shares, $ 0.01 par value per share 100,000,000 — — — Class I Shares, $ 0.01 par value per share 100,000,000 — 10,000 10,000 Class F-S Shares, $ 0.01 par value per share 100,000,000 — — — Class F-D Shares, $ 0.01 par value per share 100,000,000 — — — Class F-I Shares, $ 0.01 par value per share 100,000,000 1,823,750 — — Class A-I Shares, $ 0.01 par value per share 100,000,000 — — — Class A-II Shares, $ 0.01 par value per share 100,000,000 — — — Class A-III Shares, $ 0.01 par value per share 100,000,000 — — — Class E Shares, $ 0.01 par value per share 100,000,000 — — — Total 1,100,000,000 1,823,750 10,000 10,000 Common Stock The following table details the movement in the Company's outstanding shares of common stock: Class I Class F-I Beginning balance, February 18, 2022 10,000 — Common stock transferred ( 10,000 ) 10,000 Common stock issued — 1,813,750 Ending balance, December 31, 2022 — 1,823,750 As of December 31, 2022 the Company had no t so ld any Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class A-I shares, Class A-II shares, Class A-III shares, or Class E shares. Non-controlling Interests - ARIS Operating Partnership Unitholders Operating Partnership units are subject to the same fees as the corresponding classes of common stock and do not have any preferential rights relative to the Company's interest in the Operating Partnership. On December 22, 2022, the Company issued 5,000,000 Class A-I Operating Partnership units to an affiliate of Apollo for the aggregate consideration of $ 100.0 million in a private placement. |
Earnings Per Share
Earnings Per Share | 10 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7 - Earnings per Share The Company's net loss and weighted average number of shares outstanding for the period February 18, 2022 (date of initial capitalization) through December 31, 2022 consists of the following (in thousands, except per share data): Basic and Diluted Net Loss per Share Attributable to ARIS Stockholders For the period February 18, 2022 (date of initial capitalization) through December 31, 2022 Numerator: Net loss attributable to ARIS stockholders $ ( 815 ) Denominator: Basic and diluted weighted average shares of common stock outstanding 67,216 Basic and diluted net loss per share of common stock $ ( 12.13 ) |
Commitments and Contingencies
Commitments and Contingencies | 10 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 - Commitments and Contingencies From time to time the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2022 and February 18, 2022, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it. |
Subsequent Events
Subsequent Events | 10 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 - Subsequent Events Subsequent to the year ended December 31, 2022, the following events took place: Investing Activity: On January 5, 2023 the Company acquired a fee simple interest in a newly constructed, approximately 165,000 square foot, cold storage facility located adjacent to the Rickenbacker Airport in Columbus, Ohio (the "Rickenbacker Property"). The Rickenbacker Property was acquired from an unaffiliated third party for approximately $ 49.5 million, exclusive of closing costs. The Company funded the acquisition of the Rickenbacker Property with cash on hand. Construction of the Rickenbacker Property was completed in December 2022. The Rickenbacker Property is 100 % leased to SK Food Group, a custom food manufacturer with facilities across North America. The initial annual rent is approximately $ 3 million, with 3.25 % annual rent escalations. The lease is guaranteed by SK Food Group's parent company, Premium Brands Holdings Corporation (TSX: PBH), and expires in February 2038, with two five-year renewal options. On March 3, 2023, the Company co-originated a $ 50 million pari passu interest ($ 30.4 million of which was funded at closing) in a $ 207 million floating-rate, first mortgage loan secured by an approximately 1.3 million square foot Class-A food distribution facility being constructed in Manchester, Pennsylvania. Affiliates of Apollo co-originated the remaining $ 157 million pari passu interest. The loan has an initial three-year term, with two one-year extension options and an initial interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 400 basis points, which will decrease to SOFR plus 350 basis points upon construction completion. The facility is 100 % leased to United Natural Foods (NYSE:UNFI), a national wholesale food distributor with 58 distribution centers across North America. The transaction sponsor is a real estate private equity firm exclusively focused on cold storage investments. Other Activity The Company has amended the dates for which certain financial intermediaries may be able to enter classes of our Class A-I shares, Class A-II shares, and Class A-III shares ("Anchor Shares") as well as the periods for which those share classes will incur reduced management fees as outlined below. As o f the first business day of any month during the period from April 1, 2023 through August 1, 2023 (the "Class A-I measurement date”), if the Company has issued founders shares (in any combination thereof) to clients of a financial intermediary with aggregate proceeds to the Company ranging from $ 100,000,000 to $ 249,999,999 (the “minimum Class A-I subscription requirement”), such financial intermediary will be identified as an "A-I Anchor Intermediary” and, effective as of the business day following the relevant Class A-I measurement date, all of the founder shares issued to clients of such intermediary will automatically be exchanged for a number of Class A-I shares with an equivalent aggregate NAV as the exchanged shares. The clients of an A-I Anchor Intermediary will be eligible to purchase additional Class A-I shares for so long as the Company conducts a continuous public offering, whether in the Offering or any subsequent follow-on public offering and subject to the minimum investment requirement for Class A-I shares as described in the prospectus for the Offering. As of the first business day of any month during the period from April 1, 2023 through September 1, 2023 (each such date, a "Class A-II measurement date”), if the Company has issued founder shares or Class A-I shares (in any combination thereof) to clients of a financial intermediary that has been identified as an A-I Anchor Intermediary by having satisfied the minimum Class A-I subscription requirement (on behalf of its clients) with aggregate proceeds to the Company ranging from $ 250,000,000 to $ 499,999,999 (the “minimum Class A-II subscription requirement”), such financial intermediary will be identified as an "A-II Anchor Intermediary" and, effective as of the business day following the relevant Class A-II measurement date, all such shares issued to clients of such intermediary will automatically be exchanged for a number of Class A-II shares with an equivalent aggregate NAV as the exchanged shares. The clients of an A-II Anchor Intermediary will be eligible to purchase additional Class A-II shares for so long as the Company conducts a continuous public offering, whether in the Offering or any subsequent follow-on public offering and subject to the minimum investment requirement for Class A-II shares as described in the prospectus for the Offering. Additionally, the management fee for Class A-II shares will be reduced from 1.0 % to 0.92 % for the period from April 1, 2023 through September 1, 2026. As of the first business day of any month during the period from April 1, 2023 through January 2, 2024 (each such date, a "Class A-III measurement date” and together with Class A-I measurement date and the Class A-II measurement date, the “anchor shares measurement dates”), if the Company has issued founder shares, Class A-I shares or Class A-II shares (in any combination thereof) to clients of a financial intermediary that has been identified as an A-I Anchor Intermediary by having satisfied the minimum Class A-I subscription requirement (on behalf of its clients) with aggregate proceeds to the Company of $ 500,000,000 or more (the “minimum Class A-III subscription requirement” and together with the minimum Class A-I subscription requirement and the minimum Class A-II subscription requirement, the “minimum anchor shares subscription requirements”), such financial intermediary will be identified as an A-III Anchor Intermediary” and, effective as of the business day following the relevant Class A-III measurement date, all such shares issued to clients of such intermediary will automatically be exchanged for a number of Class A-III shares with an equivalent aggregate NAV as the exchanged shares. The clients of an A-III Anchor Intermediary will be eligible to purchase additional Class A-III shares for so long as the Company conducts a continuous public offering, whether in the Offering or any subsequent follow-on public offering and subject to the minimum investment requirement for Class A-III shares as described in the prospectus for the Offering. Additionally, the management fee for Class A-III shares will be reduced from 1.0 % to 0.85 % for the period from April 1, 2023 through January 2, 2027. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 10 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date. Actual results may differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. The accompanying consolidated financial statements include the accounts of the Company and the Company's subsidiary partnerships. Third party unitholders of Operating Partnership's share of the assets, liabilities and operations of the Operating Partnership is included in non-controlling interest as equity of the Company. The noncontrolling interest is generally computed based on third party unit-holders ownership percentage. |
Risks and Uncertainties | Risks and Uncertainties Although there has been improved global economic activity due to global and domestic vaccination efforts, there are still various uncertainties around the impact COVID-19 and its variants will have on our business and the economy as a whole, including longer-term macroeconomic effects on supply chains, inflation and labor shortages. For example, in response to recent inflationary pressure, the U.S. Federal Reserve and other global central banks have raised interest rates in 2022 and have indicated likely further interest rate increases. The Company believes the estimates used in preparing its financial statements and related footnotes are reasonable and supportable based on the best information available to the Company as of December 31, 2022. The uncertainty over the ultimate impact of COVID-19 and its variants, supply chain disruptions and labor shortages, rising inflation and increases in interest rates on the global economy generally and the Company's business in particular may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and, as a result, actual results may vary significantly from estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did no t hold cash equivalents at December 31, 2022 and February 18, 2022 . |
Distribution Reinvestment Plan | Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than an investor who is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Any investor who is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the "transaction price") at the time the distribution is payable, which will generally be equal to the Company's prior month's NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company's Class S shares, Class D shares, Class F-S shares, and Class F-D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. |
Income Taxes | Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ending December 31, 2023. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. |
Earnings per Share of Common Stock | Earnings per Share of Common Stock Basic earnings per share of common stock is computed by dividing net income or loss for the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss for the period by the weighted average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. As there were no common stock equivalents outstanding during the period from February 18, 2022 (date of initial capitalization) through December 31, 2022 the calculation of basic and diluted earnings per share are equal. |
Organization and Offering Expenses | Organization and Offering Expenses The Adviser has agreed that it and/or its affiliates will advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company's organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser and its affiliates for all such advanced expenses ratably over a 60-month period beginning on December 22, 2023. Organization costs are expensed as incurred and recorded as expenses on the Company's consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. At December 31, 2022, the Adviser and its affiliates had incurred organization and offering costs on our behalf of $ 6.6 million , consisting of offering costs of $ 5.1 million and organization costs of $ 1.5 million . Such costs became the Company's liability on December 22, 2022, the date which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of due to affiliates on the Company's consolidated balance sheet as of December 31, 2022 . As of February 18, 2022, the Adviser and its affiliates had incurred organization and offering expenses on the Company's behalf of approximately $ 2.4 million, however this amount was not recorded on consolidated balance sheet as of that date because operations had not yet commenced. |
Share Repurchases | Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The aggregate NAV of total repurchases of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, Class A-III shares and Class E shares will be limited to 2 % of the aggregate NAV per month and 5 % of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company's board of directors may modify or suspend the share repurchase plan. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Any recently issued accounting pronouncements have been excluded as they either are not relevant to us or they are not expected to have a material impact on our consolidated financial statements. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 10 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Expenses | The following table details the Company's expenses that are due to its Adviser: December 31, 2022 February 18, 2022 Organization and offering $ 6,620 $ — General and administrative 1,678 — Total $ 8,298 $ — |
Equity (Tables)
Equity (Tables) | 10 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Company's Authorized, Issued and Outstanding Shares | As of December 31, 2022 and February 18, 2022, the Company had the following classes of common stock authorized, issued and outstanding: December 31, 2022 February 18, 2022 (Date of Initial Capitalization) Classification Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Preferred Stock, $ 0.01 par value per share 100,000,000 — — — Class S Shares, $ 0.01 par value per share 100,000,000 — — — Class D Shares, $ 0.01 par value per share 100,000,000 — — — Class I Shares, $ 0.01 par value per share 100,000,000 — 10,000 10,000 Class F-S Shares, $ 0.01 par value per share 100,000,000 — — — Class F-D Shares, $ 0.01 par value per share 100,000,000 — — — Class F-I Shares, $ 0.01 par value per share 100,000,000 1,823,750 — — Class A-I Shares, $ 0.01 par value per share 100,000,000 — — — Class A-II Shares, $ 0.01 par value per share 100,000,000 — — — Class A-III Shares, $ 0.01 par value per share 100,000,000 — — — Class E Shares, $ 0.01 par value per share 100,000,000 — — — Total 1,100,000,000 1,823,750 10,000 10,000 |
Schedule of Movement In The Company's Outstanding Shares of Common Stock | The following table details the movement in the Company's outstanding shares of common stock: Class I Class F-I Beginning balance, February 18, 2022 10,000 — Common stock transferred ( 10,000 ) 10,000 Common stock issued — 1,813,750 Ending balance, December 31, 2022 — 1,823,750 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 10 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss and Weighted Average Number of Shares Outstanding | The Company's net loss and weighted average number of shares outstanding for the period February 18, 2022 (date of initial capitalization) through December 31, 2022 consists of the following (in thousands, except per share data): Basic and Diluted Net Loss per Share Attributable to ARIS Stockholders For the period February 18, 2022 (date of initial capitalization) through December 31, 2022 Numerator: Net loss attributable to ARIS stockholders $ ( 815 ) Denominator: Basic and diluted weighted average shares of common stock outstanding 67,216 Basic and diluted net loss per share of common stock $ ( 12.13 ) |
Organization and Business Pur_2
Organization and Business Purpose - Additional Information (Details) - USD ($) | 10 Months Ended | |
Dec. 31, 2022 | Feb. 18, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||
Offering of common stock shares | 1,100,000,000 | 10,000 |
Share price | $ 20 | |
Taxable income distributed to qualify as REIT | 90% | |
Investments | $ 0 | |
Maximum | ||
Subsidiary, Sale of Stock [Line Items] | ||
Offering of common stock shares | 5,000,000,000 | |
Maximum | IPO | ||
Subsidiary, Sale of Stock [Line Items] | ||
Offering of common stock shares | 4,000,000,000 | |
Maximum | Distribution Reinvestment Plan | ||
Subsidiary, Sale of Stock [Line Items] | ||
Offering of common stock shares | 1,000,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 10 Months Ended | |
Dec. 31, 2022 | Feb. 18, 2022 | |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
Organization and offering cost | 6,600,000 | $ 2,400,000 |
Offering costs | 5,100,000 | |
Organization Costs | $ 1,500,000 | |
Percentage of total amount of aggregate repurchases of shares on aggregate NAV per month | 2% | |
Percentage of total amount of aggregate repurchases of shares on aggregate NAV per calendar quarter | 5% |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Other Assets [Abstract] | |
Deposit made to acquire property | $ 5 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 10 Months Ended | 42 Months Ended | 48 Months Ended | ||||
Dec. 22, 2022 | Nov. 29, 2022 | Feb. 18, 2022 | Dec. 31, 2022 | Jun. 30, 2026 | Dec. 31, 2026 | Nov. 11, 2022 | |
Related Party Transaction [Line Items] | |||||||
Investments | $ 0 | ||||||
Exchange of shares | 10,000 | 1,823,750 | |||||
Aggregate consideration | $ 36,275,000 | ||||||
Due to affiliates | $ 8,298,000 | ||||||
Apollo ARIS Holdings LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Aggregate consideration | $ 200,000,000 | ||||||
Class S, D and I Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of total return | 12.50% | ||||||
Hurdle amount percentage | 5% | ||||||
Class F-S, F-D and F-I Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of total return | 9% | ||||||
Hurdle amount percentage | 5% | ||||||
Class E Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Upfront selling costs, ongoing servicing costs, management fee or performance participation allocation | $ 0 | ||||||
Common Stock - Class I Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Exchange of shares | 10,000 | ||||||
Common Stock - Class I Shares | Apollo ARIS Holdings LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Exchange of shares | 10,000 | 10,000 | |||||
Common stock - Class F-I Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Exchange of shares | 1,823,750 | ||||||
Common stock - Class F-I Shares | Apollo ARIS Holdings LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Exchange of shares | 10,000 | ||||||
Class A-I Operating Partnership Units | |||||||
Related Party Transaction [Line Items] | |||||||
Exchange of shares | 5,000,000 | 5,000,000 | |||||
Aggregate consideration | $ 100,000,000 | $ 100,000,000 | |||||
Adviser | Class S, D and I Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of management fee payment of NAV per annum | 1.25% | ||||||
Adviser | Class F-S, F-D and F-I Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of management fee payment of NAV per annum | 1% | ||||||
Adviser | Class A-II Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of management fee payment of NAV per annum | 1% | ||||||
Adviser | Class A-II Shares | Forecast | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of management fee payment of net asset value per annum reduced | 0.92% | ||||||
Adviser | Class A-III Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of management fee payment of NAV per annum | 1% | ||||||
Adviser | Class A-III Shares | Forecast | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of management fee payment of net asset value per annum reduced | 0.85% | ||||||
Apollo Global Securities, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum selling commissions, dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares | 8.75% | ||||||
Apollo Global Securities, LLC | Class S and F-S Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum selling commissions as percentage of transaction price | 3% | ||||||
Maximum dealer manager fees as percentage of transaction price | 0.50% | ||||||
Maximum selling commissions and dealer manager fees as percentage of transaction price | 3.50% | ||||||
Stockholder servicing fee as percentage of NAV | 0.85% | ||||||
Apollo Global Securities, LLC | Class D and F-D Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum selling commissions as percentage of transaction price | 1.50% | ||||||
Stockholder servicing fee as percentage of NAV | 0.25% | ||||||
Apollo Global Securities, LLC | Class I and F-I Shares | |||||||
Related Party Transaction [Line Items] | |||||||
Stockholder servicing fee | $ 0 | ||||||
Upfront selling commission | 0 | ||||||
Dealer manager fee | 0 | ||||||
Organization and Offering | |||||||
Related Party Transaction [Line Items] | |||||||
Due to affiliates | 6,620,000 | ||||||
General and Administrative | |||||||
Related Party Transaction [Line Items] | |||||||
Due to affiliates | $ 1,678,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of Expenses (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Related Party Transaction [Line Items] | |
Total | $ 8,298 |
Organization and Offering | |
Related Party Transaction [Line Items] | |
Total | 6,620 |
General and Administrative | |
Related Party Transaction [Line Items] | |
Total | $ 1,678 |
Equity - Schedule of Company's
Equity - Schedule of Company's Authorized, Issued and Outstanding Shares (Details) - shares | Dec. 31, 2022 | Feb. 18, 2022 |
Subsidiary, Sale of Stock [Line Items] | ||
Preferred stock, shares authorized | 100,000,000 | 0 |
Common stock, shares authorized | 1,100,000,000 | 10,000 |
Common stock, shares issued | 1,823,750 | 10,000 |
Common stock, shares outstanding | 1,823,750 | 10,000 |
Common Stock - Class S Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common Stock - Class D Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common Stock - Class I Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | 10,000 |
Common stock, shares issued | 10,000 | |
Common stock, shares outstanding | 0 | 10,000 |
Common Stock - Class F-S Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common Stock - Class F-D Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common stock - Class F-I Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common stock, shares issued | 1,823,750 | |
Common stock, shares outstanding | 1,823,750 | 0 |
Common Stock - Class A-I Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common Stock - Class A-II Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common Stock - Class A-III Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
Common Stock - Class E Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 |
Equity - Schedule of Company'_2
Equity - Schedule of Company's Authorized, Issued and Outstanding Shares (Parenthetical) (Details) - $ / shares | Dec. 31, 2022 | Feb. 18, 2022 |
Subsidiary, Sale of Stock [Line Items] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, par value | 0.01 | $ 0.01 |
Common Stock - Class S Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class D Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class I Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class F-S Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class F-D Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common stock - Class F-I Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class A-I Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class A-II Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class A-III Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | 0.01 | |
Common Stock - Class E Shares | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, par value | $ 0.01 |
Equity - Schedule of Movement I
Equity - Schedule of Movement In The Company's Outstanding Shares Of Common Stock (Details) | 10 Months Ended |
Dec. 31, 2022 shares | |
Class of Stock [Line Items] | |
Ending balance, December 31, 2022 | 1,823,750 |
Class I | |
Class of Stock [Line Items] | |
Common stock transferred | (10,000) |
Common stock issued | 0 |
Ending balance, December 31, 2022 | 0 |
Class F-I | |
Class of Stock [Line Items] | |
Common stock transferred | 10,000 |
Common stock issued | 1,813,750 |
Ending balance, December 31, 2022 | 1,823,750 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ in Thousands | 10 Months Ended | ||||
Dec. 22, 2022 | Nov. 29, 2022 | Feb. 18, 2022 | Dec. 31, 2022 | Nov. 11, 2022 | |
Class of Stock [Line Items] | |||||
Common stock, shares issued | 10,000 | 1,823,750 | |||
Aggregate consideration | $ 36,275 | ||||
Apollo ARIS Holdings LLC | |||||
Class of Stock [Line Items] | |||||
Aggregate consideration | $ 200,000 | ||||
Class A-I Operating Partnership Units | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 5,000,000 | 5,000,000 | |||
Aggregate consideration | $ 100,000 | $ 100,000 | |||
Common Stock - Class S Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 | ||||
Common Stock - Class D Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 | ||||
Common Stock - Class I Shares | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 10,000 | ||||
Common stock sold | 0 | ||||
Common Stock - Class I Shares | Apollo ARIS Holdings LLC | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 10,000 | 10,000 | |||
Common Stock - Class F-S Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 | ||||
Common Stock - Class F-D Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 | ||||
Common Stock - Class A-I Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 | ||||
Common Stock - Class A-II Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 | ||||
Common Stock - Class A-III Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 | ||||
Common Stock - Class E Shares | |||||
Class of Stock [Line Items] | |||||
Common stock sold | 0 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Net Loss and Weighted Average Number of Shares Outstanding (Details) $ / shares in Units, $ in Thousands | 10 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Numerator: | |
Net loss attributable to ARIS stockholders | $ | $ (815) |
Denominator: | |
Weighted-average shares of common stock outstanding, basic | shares | 67,216 |
Weighted-average shares of common stock outstanding, diluted | shares | 67,216 |
Net loss per share of common stock, basic | $ / shares | $ (12.13) |
Net loss per share of common stock, diluted | $ / shares | $ (12.13) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | 4 Months Ended | 5 Months Ended | 9 Months Ended | 10 Months Ended | ||
Mar. 03, 2023 USD ($) DistributionCenter | Jan. 05, 2023 USD ($) ft² | Aug. 01, 2023 USD ($) | Sep. 01, 2023 USD ($) | Jan. 02, 2024 USD ($) | Dec. 31, 2022 USD ($) | |
Subsequent Event [Line Items] | ||||||
Aggregate proceeds to issuance of founders shares | $ 36,275,000 | |||||
Class A-I Shares | Forecast | Minimum | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate proceeds to issuance of founders shares | $ 100,000,000 | |||||
Class A-I Shares | Forecast | Maximum | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate proceeds to issuance of founders shares | $ 249,999,999 | |||||
Class A-II Shares | Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Management fee description | the management fee for Class A-II shares will be reduced from 1.0% to 0.92% for the period from April 1, 2023 through September 1, 2026. | |||||
Class A-II Shares | Forecast | Minimum | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate proceeds to issuance of founders shares | $ 250,000,000 | |||||
Management fee percent | 1% | |||||
Class A-II Shares | Forecast | Maximum | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate proceeds to issuance of founders shares | $ 499,999,999 | |||||
Management fee percent | 0.92% | |||||
Class A-III Shares | Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate proceeds to issuance of founders shares | $ 500,000,000 | |||||
Management fee description | the management fee for Class A-III shares will be reduced from 1.0% to 0.85% for the period from April 1, 2023 through January 2, 2027. | |||||
Class A-III Shares | Forecast | Minimum | ||||||
Subsequent Event [Line Items] | ||||||
Management fee percent | 1% | |||||
Class A-III Shares | Forecast | Maximum | ||||||
Subsequent Event [Line Items] | ||||||
Management fee percent | 0.85% | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Co-origination arrangement funded at closing | $ 30,400,000 | |||||
Secured debt | 50,000,000 | |||||
Square foot class-A food distribution facility | 1,300,000 | |||||
Co-origination arrangement for joint contribution of credit remaining amount | $ 157,000,000 | |||||
Percentage of lease | 100% | |||||
Number of distribution centers | DistributionCenter | 58 | |||||
Subsequent Event | First Mortgage Loan | ||||||
Subsequent Event [Line Items] | ||||||
Co-origination arrangement for joint contribution of credit | $ 207,000,000 | |||||
Debt instrument, term | 3 years | |||||
Loan term extension option description | two one-year extension options | |||||
Subsequent Event | SOFR | First Mortgage Loan | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, basis spread on variable rate upon construction completion | 350% | |||||
Debt instrument, basis spread on variable rate | 400% | |||||
Rickenbacker Property | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Area of cold storage facility | ft² | 165,000 | |||||
Purchase price | $ 49,500,000 | |||||
Rickenbacker Property | Subsequent Event | SK Food Group | ||||||
Subsequent Event [Line Items] | ||||||
Acquired property leased percentage | 100% | |||||
Initial annual rent | $ 3,000,000 | |||||
Annual rent escalations percentage | 3.25% | |||||
Lease renewal options | 5 years |