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Ares Industrial Real Estate Income Trust cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$16.2M in Q2 2026 · $37.9M over twelve months

Operating cash flow$32.0M
Capital spending−$15.8M
Free cash flow+$16.2M

Analysis

In Q2 2026, Ares Industrial Real Estate Income Trust generated $32.0M of operating cash flow and spent $15.8M on capital projects, leaving free cash flow of $16.2M. That is $12.0M more than in Q2 2025 ($4.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was $106M; the largest uses were other investing ($594M), buybacks ($232M), dividends ($122M); besides operations, cash came from other financing ($537M), shares issued ($229M); the cash balance fell by $6.4M.

Operating cash flow was $32.0M against net income of −$69.8M. The largest differences: depreciation & amortization +$79.0M, other non-cash +$409K.

Free cash flow

Ares Industrial Real Estate Income Trust: free cash flow by quarterAres Industrial Real Estate Income Trust: free cash flow by quarter$1.9MQ3 2024−$13.8MQ4 2024$2.0MQ1 2025$4.2MQ2 2025$19.0MQ3 2025−$8.1MQ4 2025$10.7MQ1 2026$16.2MQ2 2026
Operating cash flow less capital spending.
Ares Industrial Real Estate Income Trust: operating cash flow against capital spendingAres Industrial Real Estate Income Trust: operating cash flow against capital spendingOperating cash flowCapital spending$26.3M$24.4MQ3 2024$12.8M$26.6MQ4 2024$20.6M$18.6MQ1 2025$27.2M$23.0MQ2 2025$35.3M$16.3MQ3 2025$15.8M$23.9MQ4 2025$23.4M$12.7MQ1 2026$32.0M$15.8MQ2 2026
Latest (Q2 2026): Operating cash flow $32.0M, Capital spending $15.8M.

Capital allocation, year by year

Ares Industrial Real Estate Income Trust: where the cash came from (up) and went (down), by fiscal yearAres Industrial Real Estate Income Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $62.6MFY2021: Net borrowing $600MFY2021: Shares issued $1.2BFY2021: Capital spending −$30.4MFY2021: Buybacks −$25.1MFY2021: Dividends −$37.3M$1.8BFY2021FY2022: Operating cash flow $102MFY2022: Net borrowing $1.2BFY2022: Shares issued $938MFY2022: Capital spending −$199MFY2022: Buybacks −$213MFY2022: Dividends −$57.9M$2.3BFY2022FY2023: Operating cash flow $2.0MFY2023: Net borrowing $960MFY2023: Shares issued $194MFY2023: Capital spending −$221MFY2023: Buybacks −$653MFY2023: Dividends −$68.2M$1.2BFY2023FY2024: Operating cash flow $66.1MFY2024: Net borrowing $3.0MFY2024: Shares issued $106MFY2024: Asset sales $239MFY2024: Capital spending −$120MFY2024: Buybacks −$421MFY2024: Dividends −$85.4M$414MFY2024FY2025: Operating cash flow $98.8MFY2025: Net borrowing −$185MFY2025: Shares issued $248MFY2025: Capital spending −$81.6MFY2025: Buybacks −$258MFY2025: Dividends −$111M$347MFY2025
Over these 5 years operating cash flow totalled $331M; the largest uses were buybacks ($1.6B) and capital spending ($653M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$31.6M
Debt$4.7B
Net debt$4.7B
Due within a year$1.2B

Ares Industrial Real Estate Income Trust funds itself: free cash flow was $37.9M over the last twelve months, and $31.6M of cash and investments stands against $4.7B of debt ($1.2B due within a year, 0.0× covered by cash).

Ares Industrial Real Estate Income Trust: debt maturities by year (FY2025)Ares Industrial Real Estate Income Trust: debt maturities by year (FY2025)$1.2BYear 1$1.9BYear 2$600MYear 3$849MYear 4$280MAfter year 5
Principal due in each year as disclosed in the annual report, against $31.6M of cash and investments now.

Where the cash came from and went

Ares Industrial Real Estate Income Trust: sources (+) and uses (−) of cash, Q2 2026Ares Industrial Real Estate Income Trust: sources (+) and uses (−) of cash, Q2 2026Other investing−$127MNet borrowing (+) / repaid (−)$105MBuybacks−$67.9MShares issued$56.2MCash drawn (+) / kept (−)$38.8MOperating cash flow$32.0MDividends−$31.9MOther financing$23.6MCapital spending−$15.8MPartners−$13.1M
Ares Industrial Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Ares Industrial Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$594MOther financing$537MBuybacks−$232MShares issued$229MNet borrowing (+) / repaid (−)$145MDividends−$122MOperating cash flow$106MCapital spending−$68.6MPartners−$25.0MAsset & business sales$17.8MCash drawn (+) / kept (−)$6.4M

From profit to cash

Ares Industrial Real Estate Income Trust: net income to operating cash flow, Q2 2026Ares Industrial Real Estate Income Trust: net income to operating cash flow, Q2 2026Net income−$69.8MDepreciation & amortization$79.0MOther non-cash$409KOperating cash flow$32.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$32.0M−$15.8M−$67.9M−$31.9M$105M$56.2M$38.8M$16.2M
Q1 2026$23.4M−$12.7M−$48.2M−$31.8M−$125M$53.7M−$7.1M$10.7M
Q4 2025$15.8M−$23.9M−$54.6M−$29.2M$55.0M$67.5M−$20.5M−$8.1M
Q3 2025$35.3M−$16.3M−$61.3M−$29.3M$110M$51.8M−$4.8M$19.0M
Q2 2025$27.2M−$23.0M−$68.1M−$26.7M−$390M$72.4M−$24.8M$4.2M
Q1 2025$20.6M−$18.6M−$74.0M−$25.6M$40.0M$56.3M$2.5M$2.0M
Q4 2024$12.8M−$26.6M−$59.0M−$23.7M$255M$54.9M$3.3M−$13.8M
Q3 2024$26.3M−$24.4M−$82.9M−$22.2M$230M$14.4M$2.4M$1.9M

Ares Industrial Real Estate Income Trust: income statement and cash flow

Ares Industrial Real Estate Income Trust, Q2 2026: revenue $158M (+8% year over year), operating margin 75.6%. The chart follows the revenue to costs, profit and cash.

Ares Industrial Real Estate Income Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.