Sec Form 4 Filing - Fazekas David M @ ARES INDUSTRIAL REAL ESTATE INCOME TRUST Inc. - 2024-12-26

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Fazekas David M 2. Issuer Name and Ticker or Trading Symbol ARES INDUSTRIAL REAL ESTATE INCOME TRUST Inc. [ NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Partner, Co-President (Last) (First) (Middle) C/O ARES MANAGEMENT LLC, 1200 17TH STREET, SUITE 2900 3. Date of Earliest Transaction (MM/DD/YY) 12/26/2024 (Street) DENVER, CO80202 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Class I-R Operating Partnership Units ( 1 ) ( 1 ) 12/26/2024 J( 2 ) 736,377.812 ( 1 ) ( 1 ) Class I-R Common Stock 736,377.812 ( 1 ) 0 D Class I-R Operating Partnership Units ( 1 ) ( 1 ) 12/26/2024 J( 2 ) 736,377.812 ( 1 ) ( 1 ) Class I-R Common Stock 736,377.812 ( 1 ) 736,377.812 I By LLC ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Fazekas David M C/O ARES MANAGEMENT LLC 1200 17TH STREET, SUITE 2900 DENVER, CO80202 X Partner, Co-President Signatures /s/ Andrew Ko, Attorney-in-Fact 12/30/2024 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Each Class I-R Operating Partnership Unit (formerly designated as Class I Operating Partnership Units) (the "Class I-R OP Units") in AIREIT Operating Partnership LP (the "OP"), a subsidiary of the Issuer, is redeemable by the holder for cash or, if the Issuer's board of directors determines that the redemption of the Class I-R OP Units for cash would be prohibited by applicable law, the Issuer's charter or the OP's limited partnership agreement (the "OP Agreement"), for shares of the Issuer's Class I-R common stock (formerly designated as Class I 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 holder's ability to request redemption of the Class I-R OP Units. ( 2 )On December 26, 2024, the reporting person transferred and assigned all of the Class I-R OP Units directly held by the reporting person to a limited liability company in which the reporting person is a member. As a result of the transfer and assignment, the reporting person no longer directly owns any Class I-R OP Units.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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