Ares US Real Estate Opportunity Fund III

Select AREOF Investments 1425 New York Avenue Washington, D.C. Ritz-Carlton, Kapalua, Hotel Maui, HI WEEKL HEX One Channel Center, Office Boston, MA STATE STREET Hudson Yards, Multifamily New York, NY Represents transactions previously completed by Ares Real Estate Group. Shown for illustrative purposes only. Confidential - Not for Publication or Distribution 6 Portland Distribution Center, Industrial Portland, OR Pendry Hotel, Hotel San Diego, CA PENDRY ARES

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