Diversified NAV-based perpetual-life REIT investing primarily in U.S. commercial real estate (industrial, residential, office, retail, data center, self-storage) and, to a lesser extent, real estate debt and securities, non-U.S. jurisdictions, and infrastructure. Leverages the Ares institutional real assets platform to pursue income, capital preservation, capital appreciation, and diversification; near-term new investment is weighted toward industrial and residential assets. Portfolio substantially weighted to industrial assets.