Filing Flows › Ares Real Estate Income Trust (ZARE) › Q4 2025
Ares Real Estate Income Trust (ZARE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 6, 2026
Ares Real Estate Income Trust (ZARE) reported revenue of $141M for the fourth quarter 2025 (Q4 2025), +31% from a year earlier and +15% from the quarter before. Operating margin was 68.9%, net loss $35.0M (24.8% of revenue).
Ares Real Estate Income Trust, Q4 2025: revenue $141M (+31% year over year), operating margin 68.9%, net loss $35.0M, operating cash flow $163M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $141M | +15% | +31% |
| Operating profit | $97.5M | +23% | +30% |
| Net earnings | −$35.0M | — | — |
| Operating cash flow | $163M | — | — |
| Free cash flow | $141M | — | — |
What changed
Revenue was $141.4M in Q4 2025, up 31% year over year and up 15% from the previous quarter.
Operating profit was $97.5M, a 68.9% margin (down 0.7 points year over year). Of the extra revenue versus Q4 2024, 67% reached operating profit, below the 70% margin then. Total costs grew 34% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+36%). The quarter ended with a net loss of $35.0M, wider than the previous quarter's $15.6M loss. Minority interests bore $15.9M of it: to shareholders the quarter was a loss of $19.1M. Net interest and other expense of $131.2M was the main reason.
Operating cash flow was $162.9M. Non-cash charges added back $54.7M of depreciation and amortization. Working capital and other items added $143.2M. Capital expenditures of $21.4M left free cash flow of $141.5M.
Questions
What was Ares Real Estate Income Trust's revenue in the fourth quarter 2025?
Ares Real Estate Income Trust (ZARE) reported revenue of $141M for the fourth quarter 2025 (Q4 2025), +31% from a year earlier and +15% from the quarter before.
Was Ares Real Estate Income Trust profitable in the fourth quarter 2025?
Operating profit was $97.5M (68.9% of revenue) and net loss $35.0M.