Ares Real Estate Income Trust Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ares Real Estate Income Trust Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	216	197	190	185	187	218	299	353	417	499
Cost of revenue		66.5	61.7	61.1
Gross profit		131	129	124
General and administrative	9.45	9.24	8.82	7.89	7.55	8.8	10.6	11.8	12.8	13.7
Operating income	150	130	128	123	122	149	195	234	281	332
Interest expense	40.8	42.3	48.4	48.2	58.7	70.5	140	149	188	251
Other non-operating income	12.2	40.3	-34.5	114	-44.4	9.33	-35	-112	-113	-156
Pre-tax income							-49.7	-83.2	-45.5	-109
Income tax							0	0	11.8	18
Income from continuing operations	50
Net income to minority interests	5.07	7.18	-0.1	10.7	-1.09	3.57
Net income	50	72.2	-1.24	153	-14.9	30.8	-40	-62.4	-37.1	-68
EBITDA	230	198	186	181	185	223	330	384	434	528
EPS, basic	0.31	0.51	-0.01	1.04	-0.10	0.20	-0.21	-0.31	-0.20	-0.37
EPS, diluted	0.31	0.51	-0.01	1.04	-0.10	0.20	-0.21	-0.31	-0.20	-0.37
Shares, basic (weighted)	160	142	129	137	142	155	194	203	188	184
Shares, diluted (weighted)	172	154	140	147	154	174	233	268	305	342
Dividend per share		0.36	0.38	0.38	0.38	0.38	0.38	0.39	0.40	0.41

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.9	10.5	10	97.8	11.3	10.6	13.3	15.1	19.6	40.1
Total assets	1,784	1,608	1,581	1,778	2,112	2,991	4,175	4,639	5,731	7,269
Total liabilities	1,176	1,115	1,170	1,228	1,610	2,206	2,963	3,516	4,316	5,746
Total debt	1,049	1,012	1,001	847	965	1,363	1,616	1,961	2,700	2,972
Paid-in capital	1,362	1,224	1,200	1,257	1,321	1,543	1,899	1,896	1,957	2,005
Other comprehensive income	-6.91	-0.91	0.52	-14.7	-24.7	-9.56	16.1	6.36	3.72	-0.23
Shareholders' equity	516	406	334	469	402	580	943	795	746	655
Minority interests	91.7	86.9	77.3	81.7	41.3	108	251	316	660	656
Total equity	608	493	411	550	498	776	1,194	1,111	1,406	1,311
Total liabilities and equity	1,784	1,608	1,581	1,778	2,112	2,991	4,175	4,639	5,731	7,269
Shares outstanding	151

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	55	79.4	-1.34	153	-16.1	34.5	-49.7	-83.2	-57.3	-127
Depreciation and amortization	80.1	68.1	57.9	57.3	62.9	74.4	135	150	153	197
Deferred income tax										6.7
Change in payables								4.09	6.91	13.7
Cash from operations	87.4	58.9	67.5	49.3	41.1	49.4	62.5	16	-169	254
Purchases of investments			0	0	-45.5	-58.3	-14.9	-102	-2.99	-118
Sales and maturities of investments								0	4.59	128
Cash from investing	113	106	-18	-92.9	-420	-707	-1,185	-522	-919	-1,610
Debt issued			0	50	0	0	275
Debt repaid			0	-98.6	0	0
Stock issued	88.2	19.9	141	172	105	252	360	88.1	29.7	304
Share buybacks	-213	-178	-171	-121	-106	-67.2	-73.4	-194	-192	-122
Dividends paid	-37.6	-37.5	-28.7	-29.1	-34.3	-37.8	-49.6	-61.2	-78.3	-94.6
Cash from financing	-214	-168	-51.5	134	293	650	1,125	508	1,096	1,374
Exchange rate effect								0	0.02	0.14
Net change in cash	-13	-2.13	-1.98	90.7	-86	-7.38	2.83	2.48	7.75	18.3
Interest paid	38.2	37.5	42	39.5	29.9	28.4	53.9	78.3	99.4	132
Income taxes paid							0	0	8.23	15

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. No valuation: we have no share price for this company.

Profitability

Metric	Value	How it is calculated
Operating margin	68.3%	Operating income / revenue.
EBITDA margin	107.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-16.2%	Pre-tax income / revenue.
Net margin	-11.1%	Net income / revenue.
Operating cash flow margin	11.1%	Cash from operations / revenue.
Return on equity (ROE)	-8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.8%	Net income / average total assets.
Return on invested capital (ROIC)	9.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	39.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	22.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	59.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	43.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	26.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	12.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	13.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	3.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.1%	Total debt / total assets.
Liabilities / assets	73.5%	Total liabilities / total assets.
Net debt	$2.50B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.14x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.37x	Operating income / interest expense.
Tangible book value	$750.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.28	Revenue / diluted weighted shares.
Operating cash flow per share	$0.14	Cash from operations / diluted weighted shares.
Book value per share	$1.72	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.72	Tangible book value / shares outstanding.
Cash per share	$0.09	(Cash + short-term investments) / shares outstanding.

What was Ares Real Estate Income Trust Inc.'s revenue in fiscal 2025?

Ares Real Estate Income Trust Inc. reported revenue of $498.8M for fiscal 2025, 19.5% higher than the year before.

Was Ares Real Estate Income Trust Inc. profitable in fiscal 2025?

No. It reported a net loss of $68.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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