James R. Mulvihill - Jan 31, 2021 Form 4 Insider Report for Ares Real Estate Income Trust Inc. (NONE)

Role: CHAIRMAN, Director
Signature: /s/ Sarah Wadsworth, Attorney-in-Fact
Stock symbol: NONE
Transactions as of: Jan 31, 2021
Transactions value $: $0
Form type: 4
Date filed: 1/31/2022, 03:25 PM
Next filing: Jul 1, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NONE	Class I Operating Partnership Units	Other	$0	+465K	+125.12%	$0.00	837K	Jan 31, 2022	Class I Common Stock	465K		See footnote	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	See Remarks.
F2	All of the Class I operating partnership units (the "Units") reported in column 9 of Table II were issued to a limited liability company owned indirectly by the Reporting Person.

Remarks:

(1) The NAV per Unit at the time of the issuance of the Units was $8.1748. The holder of the Units may cause AREIT Operating Partnership LP, a subsidiary of the Issuer, to redeem the Units for cash, unless the Issuer's board of directors determines that the redemption of the Units for cash would be prohibited by applicable law or the Issuer's charter, in which case the Units will be redeemed for shares of the Issuer's Class I common stock with an equivalent aggregate net asset value. Any such redemption of Units for shares of the Issuer's common stock is expected to be on a one-for-one basis.