Filing Flows › Ares Real Estate Income Trust (ZARE) › Q3 2025
Ares Real Estate Income Trust (ZARE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Ares Real Estate Income Trust (ZARE) reported revenue of $123M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +4% from the quarter before. Operating margin was 64.6%, net loss $15.6M (12.7% of revenue).
Ares Real Estate Income Trust, Q3 2025: revenue $123M (+14% year over year), operating margin 64.6%, net loss $15.6M, operating cash flow −$128M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $123M | +4% | +14% |
| Operating profit | $79.3M | +1% | — |
| Net earnings | −$15.6M | — | — |
| Operating cash flow | −$128M | -835% | — |
What changed
Revenue was $122.7M in Q3 2025, up 14% year over year and up 4% from the previous quarter.
Operating profit was $79.3M, a 64.6% margin (down 1.1 points year over year). Of the extra revenue versus a year earlier, 57% reached operating profit, below the 66% margin then. Total costs grew 18% against revenue growth of 14%. The fastest-growing cost line was General & admin (+26%). The quarter ended with a net loss of $15.6M, narrower than the previous quarter's $42.5M loss. Minority interests bore $7.3M of it: to shareholders the quarter was a loss of $8.3M. Net interest and other expense of $84.5M was the main reason.
Operating cash flow was −$127.6M. Non-cash charges added back $49.3M of depreciation and amortization. Working capital and other items used $161.4M. Capital expenditures of $12.4M exceeded it, leaving free cash flow of −$140.0M.
Questions
What was Ares Real Estate Income Trust's revenue in the third quarter 2025?
Ares Real Estate Income Trust (ZARE) reported revenue of $123M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +4% from the quarter before.
Was Ares Real Estate Income Trust profitable in the third quarter 2025?
Operating profit was $79.3M (64.6% of revenue) and net loss $15.6M.