Ares US Real Estate Opportunity Fund III
Summary of Vehicle Definitions
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AREOF means Ares US Real Estate Opportunity Fund, L.P.
AREOF II means Ares Real Estate Development and Redevelopment Fund II, L.P.; however, Ares intends to align the names
of vehicles in its opportunity fund strategy and therefore is referring to this entity as AREOF II.
Related Vehicles means the vehicles that invest on a side-by-side basis with AREOF and AREOF II, as applicable, in one or
more investments. The Related Vehicles that invested alongside AREOF and AREOF II and performance information for each
vehicle listed on page 62.
RESCO is a Related Vehicle that invested alongside AREOF in certain multifamily investments. The investor in RESCO held the
discretion to invest in each investment on a deal-by-deal basis. As RESCO also invested on a side-by-side basis with other
Ares funds in addition to AREOF, the portfolio-wide net returns for RESCO are 40% net IRR and 1.8x net. (3) Please see notes
on page 65.
CIP Program is a Related Vehicle that invested alongside AREOF II in the following transactions: Gaylord (Convention Center
& excluding High Point Land), 2nd Avenue Residences, Ritz-Carlton Kapalua, One South Halsted, The District at Scottsdale,
Van Daele Inland Empire, Portland Industrial, Wellington Green, RW50, and 601 West 29th Street. Investors made soft
commitments to the CIP Program and therefore the investors (and not Ares) generally hold the discretion to elect to invest
in each investment on a deal-by-deal basis. Other than the initial investment determination to participate in an investment,
investors in the CIP Program do not have any governance rights.
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