Ares (AIREX)
8 Programs on record · filing history back to 2022 · 0 classified as raising now
ares.comPrograms on record8
First filed2022
Raising now0
Finished with published result0%
Capital-loss alertNone published
Sponsor-reported, from SEC filings and cited sources.
What the record shows
Ares Industrial Real Estate Exchange LLC (AIREX) is the Delaware statutory trust arm of Ares Industrial Real Estate Income Trust (AIREIT), held through AIREIT's taxable REIT subsidiary beneath AIREIT Operating Partnership. The DST Program raises capital through private placements of beneficial interests in Delaware statutory trusts holding real properties, which AIREIT states may serve as replacement properties for investors completing Section 1031 like-kind exchanges. The underlying industrial strategy is substantial: as of December 31, 2025, AIREIT reported 269 directly owned and managed industrial buildings totaling roughly 57.4 million square feet across 31 U.S. markets, 90.7% occupied. Top1031 tracks eight AIREX trusts, from AIREX Portfolio IV DST through AIREX Portfolio 11 DST.
Sponsor-stated figures are as reported by the sponsor.Evidence 123
Published Grade summary
The public record here tracks 8 Programs, of which 1 is lifecycle-eligible, across a 4 yrs window, with 0 distress events recorded. That single lifecycle-eligible Program is a 721 / UPREIT corroborated in an acquiring REIT SEC filing, while the outcome-disclosure ledger shows 1 Program silent, with no investor-level figure published or acknowledged. Documentation rests on 4 citations at a proof depth of 2; an absence of documented adverse events is not itself evidence about outcomes.
1Programs with an ending or 7+ years of history
0 of 1Programs with a documented problem
0%Finished Programs with a published result
Not foundPublishes its own track record
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
No active offerings are on record for this sponsor.
How this Grade was computed
The four channels describe the documented public record. The published letter also applies evidence gates, ceilings, and adverse floors.
Four evidence channelsEach channel is scored from 0 to 100, then weighted under the published method.
Read the full methodHarm recordDocumented problems, weighed against everything at stake35% weight
Lifecycle outcomesHow programs old enough to finish actually ended25% weight
Market acceptanceHow each raise went against comparable offerings25% weight
Disclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
- Ceilings
- The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
- Evidence gates
- A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
- Adverse floors
- An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth49.6Published-outcome coverage0%
- D2026-Q3 · First published letter. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
- C2026-Q3 · Moved from D. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
ProgramFirst filedStatusPublished outcome
AIREX Portfolio 11 DST2026Filing record
—Not in the finished-Program ledger
AIREX Portfolio 10 DST2025Filing record
—Not in the finished-Program ledger
AIREX Portfolio 9 DST2025Filing record
—Not in the finished-Program ledger
Airex Portfolio 8 DST2024Filing record
—Not in the finished-Program ledger
AIREX Portfolio 7 DST2023Filing record
—Not in the finished-Program ledger
AIREX Portfolio IV DST2022Filing record
—Not in the finished-Program ledger
Who they are
Written from SEC filings and cited sources
AIREX within the AIREIT structure
Ares Industrial Real Estate Exchange LLC (AIREX) is a wholly owned subsidiary of the taxable REIT subsidiary of Ares Industrial Real Estate Income Trust (AIREIT), which is itself wholly owned by AIREIT Operating Partnership 1. AIREX Manager LLC, also a wholly owned subsidiary of AIREIT Operating Partnership, acts directly or through a wholly owned subsidiary as manager of each Delaware statutory trust holding a DST property, and its manager rights and obligations were assigned to the advisor affiliate AIREX Advisor LLC 2. The Ares relationship dates to July 1, 2021, when Ares Management Corporation acquired Black Creek Group's U.S. real-estate advisory and distribution business, including former advisor BCI IV Advisors LLC but not former sponsor BCI IV Advisors Group LLC; AIREIT thereafter considered the Ares real estate group its sponsor 2.
Industrial portfolio and DST program
AIREIT describes its DST Program as raising capital through private placements of beneficial interests in specific Delaware statutory trusts holding real properties, and states that those interests may serve as replacement properties for investors completing Section 1031 like-kind exchanges 1. As of December 31, 2025, AIREIT reported a directly owned and managed portfolio of 269 industrial buildings totaling approximately 57.4 million square feet in 31 U.S. markets, leased to 440 customers, at 90.7% occupancy and 91.3% leased 1. For the year ended December 31, 2025, AIREIT reported selling $250.3 million of gross interests related to the DST Program, of which $17.2 million was financed by DST Program Loans 1.
Tracked AIREX trusts
Top1031 tracks eight AIREX Delaware statutory trusts: AIREX Portfolio IV DST, AIREX Portfolio V DST and AIREX Portfolio VI DST, each first filing in 2022; AIREX Portfolio 7 DST in 2023; Airex Portfolio 8 DST in 2024; AIREX Portfolio 9 DST and AIREX Portfolio 10 DST in 2025; and AIREX Portfolio 11 DST in 2026 3.
Show sources (3)Hide sources (3)
- U.S. Securities and Exchange Commission (EDGAR) ↗Public record
- U.S. Securities and Exchange Commission (EDGAR) ↗Public record
- Top1031 sponsor record ↗Top1031-derived