Apollo Realty Income Solutions 10-K 10 Mar 23 2022 FY Annual report Financial data

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