Ares US Real Estate Opportunity Fund III
Opportunistic Track Record Summary
As of June 30, 2020
AREOF II & Related Vehicles
Vehicle
AREOF II
CIP Program
Gaylord Vehicle
601 W. 29th St.
Vehicle
AREOF II &
Related Vehicles
(Pro Forma) (¹)
Vehicle
AREOF
RESCO
AREOF & Related Vehicles
Freddie Mac B-
Piece Vehicle
Boston
Waterfront
Hotels Vehicle
Channel Center
Vehicle
Pilgrim-Triton
Multifamily
Vehicle
Inception Date (15) Vehicle Size(⁹)
AREOF & Related
Vehicles (Pro
Forma) (¹)
2015
2015
2015
2019
2012
2010
2012
Inception Date (15) Vehicle Size(⁹)
2014
2012
$415.0
418.0
57.9
2013
110.0
$1,000.9
$518.4
84.3
27.6
16.5
29.7
53.0
$729.4
Equity
Committed (10)
Confidential - Not for Publication or Distribution
$359.3
204.1
51.7
100.0
$715.1
Equity
Committed (10)
$533.3
75.9
27.2
15.6
29.1
51.1
$732.2
Realized
Proceeds (11)
$326.0
140.1
122.8
0.0
$588.9
Realized
Proceeds(11)
$830.5
155.6
53.6
13.8
60.9
86.7
$1,201.1
Projected
Unrealized
Proceeds(12)
$356.5
245.9
0.0
203.6
$806.0
Projected
Unrealized
Proceeds(12)
$12.7
0.0
0.0
0.0
0.0
0.0
$12.7
Total Projected
Proceeds(13)
$682.5
386.0
122.8
203.6
62
$1,394.9
Total Projected
Proceeds(13)
$843.2
155.6
53.6
13.8
60.9
86.7
As of June 30, 2020. Past performance is not indicative of future results. Please refer to endnotes starting on page 65.
$1,213.8
Fair Value Returns
Gross / Net
IRR(2)(3)(5)
31% / 27%
25% / 15%
45% / 27%
-1% / -3%
31% / 22%
Gross / Net
IRR(2)(3)(5)
18% / 11%
47% / 40%
Fair Value Returns
16% / 15%
-5% / -9%
34% / 24%
13% / 12%
Gross / Net
EM(2)(3)(5)
20% / 14%
1.6x/ 1.5x
1.4x / 1.3x
2.4x/2.0x
1.0x/ 1.0x
1.5x / 1.4x
Gross / Net
EM(2)(3)(5)
1.6x/ 1.4x
2.0x/ 1.8x
2.0x / 1.9x
0.9x/0.8x
2.1X/1.7x
1.7x/ 1.6x
1.7x/ 1.5x
Projected Returns
Gross / Net
IRR(2)(3)(4)
27% / 23%
23% / 15%
45% / 27%
17% / 13%
26% / 19%
Gross / Net
IRR(2)(3)(4)
Projected Returns
18% / 11%
47% / 40%
16% / 15%
-5% / -9%
34% / 24%
13% / 12%
Gross / Net
EM(2)(3)(4)
1.9x/1.7x
1.9x/ 1.6x
2.4x/2.0x
2.0x/ 1.8x
20% / 14%
2.0x/ 1.7x
Gross / Net
EM(2)(3)(4)
1.6x/ 1.4x
2.0x/ 1.8x
2.0x/ 1.9x
0.9x/0.8x
2.1X/1.7x
1.7x/ 1.6x
1.7x/ 1.5x
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