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Ares Real Estate Income Trust cash flow, quarter by quarter

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

Free cash flow$177M in Q2 2026 · −$747K over twelve months

Operating cash flow$189M
Capital spending−$12.7M
Free cash flow+$177M

Analysis

In Q2 2026, Ares Real Estate Income Trust generated $189M of operating cash flow and spent $12.7M on capital projects, leaving free cash flow of $177M. That is $167M more than in Q2 2025 ($9.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was $62.0M; the largest uses were net borrowing (+) / repaid (−) ($1.6B), real estate bought ($1.5B), other investing ($196M); besides operations, cash came from other financing ($2.8B), shares issued ($619M); the cash balance rose by $4.7M.

Operating cash flow was $189M against net income of −$26.1M. The largest differences: depreciation & amortization +$59.5M, other non-cash +$387K.

Free cash flow

Ares Real Estate Income Trust: free cash flow by quarterAres Real Estate Income Trust: free cash flow by quarter−$5.8MQ3 2024−$212MQ4 2024$195MQ1 2025$9.9MQ2 2025−$140MQ3 2025$141MQ4 2025−$179MQ1 2026$177MQ2 2026
Operating cash flow less capital spending.
Ares Real Estate Income Trust: operating cash flow against capital spendingAres Real Estate Income Trust: operating cash flow against capital spendingOperating cash flowCapital spending$8.2M$14.0MQ3 2024−$200M$12.1MQ4 2024$201M$6.4MQ1 2025$17.4M$7.5MQ2 2025−$128M$12.4MQ3 2025$163M$21.4MQ4 2025−$163M$16.3MQ1 2026$189M$12.7MQ2 2026
Latest (Q2 2026): Operating cash flow $189M, Capital spending $12.7M.

Capital allocation, year by year

Ares Real Estate Income Trust: where the cash came from (up) and went (down), by fiscal yearAres 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 $49.4MFY2021: Net borrowing $150MFY2021: Shares issued $252MFY2021: Asset sales $224MFY2021: Capital spending −$36.9MFY2021: Buybacks −$67.2MFY2021: Dividends −$37.8M$675MFY2021FY2022: Operating cash flow $62.5MFY2022: Net borrowing $231MFY2022: Shares issued $360MFY2022: Asset sales $275MFY2022: Capital spending −$33.9MFY2022: Buybacks −$73.4MFY2022: Dividends −$49.6M$928MFY2022FY2023: Operating cash flow $16.0MFY2023: Net borrowing −$956MFY2023: Shares issued $88.1MFY2023: Asset sales $53.7MFY2023: Capital spending −$48.3MFY2023: Buybacks −$194MFY2023: Dividends −$61.2M$158MFY2023FY2024: Operating cash flow −$169MFY2024: Net borrowing −$1.2BFY2024: Shares issued $29.7MFY2024: Asset sales $31.2MFY2024: Capital spending −$55.6MFY2024: Buybacks −$192MFY2024: Dividends −$78.3M$60.9MFY2024FY2025: Operating cash flow $254MFY2025: Net borrowing −$1.7BFY2025: Shares issued $304MFY2025: Asset sales $111MFY2025: Capital spending −$47.6MFY2025: Buybacks −$122MFY2025: Dividends −$94.6M$668MFY2025
Over these 5 years operating cash flow totalled $212M; the largest uses were net borrowing ($3.9B) and buybacks ($648M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$41.1M
Debt$2.5B
Net debt$2.5B
Due within a year$479M

Ares Real Estate Income Trust's operations bring cash in ($62.0M over twelve months), and it spends more than that on capital projects: a gap of $747K funded from its $41.1M of cash and investments and from borrowing ($2.5B of debt, $479M due within a year). That is a choice to invest, not a cash runway running down.

Ares Real Estate Income Trust: debt maturities by year (FY2025)Ares Real Estate Income Trust: debt maturities by year (FY2025)$479MYear 1$228MYear 2$83.8MYear 3$2.1BYear 4$2.3MYear 5$107MAfter year 5
Principal due in each year as disclosed in the annual report, against $41.1M of cash and investments now.

Where the cash came from and went

Ares Real Estate Income Trust: sources (+) and uses (−) of cash, Q2 2026Ares Real Estate Income Trust: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)−$585MOther financing$492MShares issued$292MReal estate bought−$263MOperating cash flow$189MOther investing−$62.8MDividends−$30.9MBuybacks−$26.2MCapital spending−$12.7MCash drawn (+) / kept (−)$3.9MAsset & business sales$3.8MExchange rates−$34K
Ares Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Ares Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$2.8BNet borrowing (+) / repaid (−)−$1.6BReal estate bought−$1.5BShares issued$619MOther investing−$196MDividends−$108MBuybacks−$106MAsset & business sales$81.2MCapital spending−$62.8MOperating cash flow$62.0MCash drawn (+) / kept (−)−$4.7MExchange rates−$128K

From profit to cash

Ares Real Estate Income Trust: net income to operating cash flow, Q2 2026Ares Real Estate Income Trust: net income to operating cash flow, Q2 2026Net income−$26.1MDepreciation & amortization$59.5MOther non-cash$387KOperating cash flow$189M
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$189M−$12.7M−$26.2M−$30.9M−$585M$292M$3.9M$177M
Q1 2026−$163M−$16.3M−$23.3M−$28.6M−$48.3M$62.4M−$14.0M−$179M
Q4 2025$163M−$21.4M—−$24.3M$788M$240M$34.1M$141M
Q3 2025−$128M−$12.4M−$28.1M−$24.3M$114M$25.2M−$28.7M−$140M
Q2 2025$17.4M−$7.5M−$26.9M−$22.5M$200M$25.4M−$7.4M$9.9M
Q1 2025$201M−$6.4M−$39.4M−$23.5M−$339M$13.3M−$16.3M$195M
Q4 2024−$200M−$12.1M—−$22.0M$45.0M$7.7M$777K−$212M
Q3 2024$8.2M−$14.0M−$54.8M−$20.5M−$35.6M$5.9M$16.4M−$5.8M

Ares Real Estate Income Trust: income statement and cash flow

Ares Real Estate Income Trust, Q2 2026: revenue $151M (+28% year over year), operating margin 70.2%. The chart follows the revenue to costs, profit and cash.

Ares 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.