X0306 4 2023-02-01 0001625941 ARES INDUSTRIAL REAL ESTATE INCOME TRUST Inc. NONE 0001411535 Widoff Joshua J 1200 SEVENTEENTH STREET SUITE 9200 DENVER CO 80202 0 1 0 0 Partner, GC and Secretary Class I Operating Partnership Units 2023-02-01 4 J 0 138070.8397 0 A Class I Common Stock 138070.8397 138070.8397 D The Class I Operating Partnership Units ("Class I OP Units") were acquired by the reporting person on February 1, 2023 as consideration for the redemption of the reporting person's interest in a limited partnership. No cash consideration was paid. Beginning on January 1, 2024, the reporting person may request that AIREIT Operating Partnership LP, a subsidiary of the Issuer, redeem all or a portion of the Class I OP Units for cash, unless the Issuer's board of directors determines that the redemption of the Class I OP Units 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 OP Units will be redeemed for shares of the Issuer's Class I common stock, subject to any limitations on redemption in the OP agreement. Any such redemption of Class I OP Units will be priced at the then-current NAV of such Class I OP Units. There is no expiration date for the reporting person's ability to request redemption of the Class I OP Units. Exhibit 24 - Power of Attorney. /s/ Andrew Ko, Attorney-in-Fact 2023-02-02