X0508 4 2026-02-02 0001327978 Ares Real Estate Income Trust Inc. NONE 0001962222 Glaubach Jay W. 1200 SEVENTEENTH STREET SUITE 2900 DENVER CO 80202 1 1 0 0 Partner, Co-President 0 Class I-R Operating Partnership Units 2026-02-02 4 J 0 48749.972 0 A Class I-R Common Stock 48749.972 48749.972 D The reporting person acquired the Class I-R Operating Partnership Units ("Class I-R OP Units") on February 2, 2026 as consideration for the redemption of the reporting person's interest in a limited partnership. No cash consideration was paid. Beginning January 1, 2027, the reporting person may request that AREIT Operating Partnership LP, a subsidiary of the Issuer, redeem all or a portion of the Class I-R OP Units for cash, unless the Issuer's board of directors determines that such redemption for cash would be prohibited by applicable law, the Issuer's charter, or the Operating Partnership's limited partnership agreement (the "OP Agreement"), in which case the Class I-R OP Units will be redeemed for shares of the Issuer's Class I-R common stock, subject to any limitations on redemption in the OP agreement. Any such redemption of Class I-R OP Units will be priced at the then-current net asset value of such Class I-R OP Units. There is no expiration date for the reporting person's ability to request redemption of the Class I-R OP Units. /s/ Andrew Ko, Attorney-in-Fact 2026-02-04