Exhibit 21.1

Ares Real Estate Income Trust Inc.

Subsidiary List as of December 31, 2024

NAME

JURISDICTION

ADREX 1031 California Lender LLC

Delaware

ADREX 1031 Lender Diversified I LLC

Delaware

ADREX 1031 Lender Diversified II LLC

Delaware

ADREX 1031 Lender Diversified 3 LLC

Delaware

ADREX 1031 Lender Diversified 4 LLC

Delaware

ADREX 1031 Lender Diversified 5 LLC

Delaware

ADREX 1031 Lender Diversified 6 LLC

Delaware

ADREX 1031 Lender Diversified 7 LLC

Delaware

ADREX 1031 Lender LLC

Delaware

ADREX 1031 Lender Multifamily I LLC

Delaware

ADREX 56th Ave IC DST

Delaware

ADREX Diversified I LLC

Delaware

ADREX Diversified I Manager LLC

Delaware

ADREX Diversified I Master Tenant LLC

Delaware

ADREX Diversified I TRS LLC

Delaware

ADREX Diversified II DST

Delaware

ADREX Diversified II Manager LLC

Delaware

ADREX Diversified II Master Tenant LLC

Delaware

ADREX Diversified II TRS LLC

Delaware

ADREX Diversified 3 DST

Delaware

ADREX Diversified 3 Manager LLC

Delaware

ADREX Diversified 3 Master Tenant LLC

Delaware

ADREX Diversified 3 TRS LLC

Delaware

ADREX Manager LLC

Delaware

ADREX Diversified 4 DST

Delaware

ADREX Diversified 4 Manager LLC

Delaware

ADREX Diversified 4 Master Tenant LLC

Delaware

ADREX Diversified 4 TRS LLC

Delaware

ADREX Diversified 5 DST

Delaware

ADREX Diversified 5 Manager LLC

Delaware

ADREX Diversified 5 Master Tenant LLC

Delaware

ADREX Diversified 5 TRS LLC

Delaware

ADREX Diversified 6 DST

Delaware

ADREX Diversified 6 Manager LLC

Delaware

ADREX Diversified 6 Master Tenant LLC

Delaware

ADREX Diversified 6 TRS LLC

Delaware

ADREX Diversified 7 DST

Delaware

ADREX Diversified 7 Manager LLC

Delaware

ADREX Diversified 7 Master Tenant LLC

Delaware

ADREX Diversified 7 TRS LLC

Delaware

ADREX Boca Apartments DST

Delaware

ADREX Fort Myers Self-Storage DST

Delaware


NAME

JURISDICTION

ADREX Glen Afton IC DST

Delaware

ADREX Johns Creek DST

Delaware

ADREX Master Tenant LLC

Delaware

ADREX Metro North IC DST

Delaware

ADREX Miami NW 114th IC DST

Delaware

ADREX Multifamily I DST

Delaware

ADREX Multifamily I Manager LLC

Delaware

ADREX Multifamily I Master Tenant LLC

Delaware

ADREX Multifamily I TRS LLC

Delaware

ADREX Newtown Square Self-Storage DST

Delaware

ADREX North Harney IC DST

Delaware

ADREX Norwood Storage DST

Delaware

ADREX Pine Vista IC DST

Delaware

ADREX Pinellas Park Self-Storage DST

Delaware

ADREX Sarasota Self-Storage DST

Delaware

ADREX Sharon Hill Self-Storage DST

Delaware

ADREX Sugar Land CC DST

Delaware

ADREX Trevose Self-Storage DST

Delaware

ADREX Tri County Parkway IC DST

Delaware

American Financial Exchange L.L.C.

New Jersey

AREIT 107 Morgan Lane Lease Management LLC

Delaware

AREIT 107 Morgan Lane LLC

Delaware

AREIT 2024 P1 LLC

Delaware

AREIT Acquisitions LLC

Delaware

AREIT Andover Member LLC

Delaware

AREIT Andover Platform LLC

Delaware

AREIT Andover Services LLC

Delaware

AREIT Artizia Borrower LLC

Delaware

AREIT Artizia Holdco LLC

Delaware

AREIT Artizia LLC

Delaware

AREIT Atlantic Ave Parent Member LLC

Delaware

AREIT Brockton IC LLC

Delaware

AREIT Chester LLC

Delaware

AREIT City View LLC

Delaware

AREIT Clearwater LLC

Delaware

AREIT Debt Securities Holdco LLC

Delaware

AREIT Diversified I DST Holder LLC

Delaware

AREIT Diversified II DST Holder LLC

Delaware

AREIT East Columbia ICLLC

Delaware

AREIT Enterprise Way IC LLC

Delaware

AREIT Exchange REIT LLC

Delaware

AREIT Exchange REIT Holdco LLC

Delaware

AREIT Fairfield CC Borrower LLC

Delaware

AREIT Fairfield CC Holdco LLC

Delaware

AREIT Fairfield CC LLC

Delaware

AREIT General Washington IC LLC

Delaware


NAME

JURISDICTION

AREIT Gillingham IC GP LLC

Delaware

AREIT Gillingham IC Lease Management LLC

Delaware

AREIT Gillingham IC LP

Delaware

AREIT Greenfield DC Borrower LLC

Delaware

AREIT Greenfield DC Holdco LLC

Delaware

AREIT Greenfield DC LLC

Delaware

AREIT Grove City LC Borrower LLC

Delaware

AREIT Grove City LC Holdco LLC

Delaware

AREIT Grove City LC LLC

Delaware

AREIT Industrial Drive IC LLC

Delaware

AREIT Intermountain Space Center LLC

Delaware

AREIT JV Credit Facility Holdco LLC

Delaware

AREIT Kenzie Borrower LLC

Delaware

AREIT Kenzie Holdco LLC

Delaware

AREIT Kenzie LLC

Delaware

AREIT Las Vegas IC I LLC

Delaware

AREIT Las Vegas IC II LLC

Delaware

AREIT Manor Riverwalk LLC

Delaware

AREIT Manor Riverwalk Parent JV Member LLC

Delaware

AREIT Maplewood Drive IC LLC

Delaware

AREIT-McDowell Vue Parent LLC

Delaware

AREIT MC European Real Estate Debt Holdco LLC

Delaware

AREIT MC US RE JV Member LLC

Delaware

AREIT Mered II LP LLC

Cayman

AREIT Mercury Borrower LLC

Delaware

AREIT Mercury Holdco LLC

Delaware

AREIT Mercury LLC

Delaware

AREIT MF2 LLC

Delaware

AREIT MF3 LLC

Delaware

AREIT MF4 LLC

Delaware

AREIT MF5 LLC

Delaware

AREIT MF6 LLC

Delaware

AREIT MF7 LLC

Delaware

AREIT MF8 LLC

Delaware

AREIT MF9 LLC

Delaware

AREIT MF10 LLC

Delaware

AREIT MF11 LLC

Delaware

AREIT MF12 LLC

Delaware

AREIT Moreno Valley GP LLC

Delaware

AREIT Moreno Valley DC LP

Delaware

AREIT Net Lease Portfolio Aggregator Member LLC

Delaware

AREIT New Albany IC LLC

Delaware

AREIT New Town Square Self-Storage LLC

Delaware

AREIT NLD JV Aggregator Member LLC

Delaware

AREIT Norfolk Self-Storage Borrower LLC

Delaware

AREIT Norfolk Self-Storage Holdco LLC

Delaware


NAME

JURISDICTION

AREIT Norfolk Self-Storage LLC

Delaware

AREIT North 5th Street CC Holdco II LLC

Delaware

AREIT North 5th Street CC Holdco I LLC

Delaware

AREIT North 5th Street CC Holdco LLC

Delaware

AREIT North 5th Street CC LLC

Delaware

AREIT Ohio LC Borrower LLC

Delaware

AREIT Ohio LC Holdco LLC

Delaware

AREIT Ohio LC LLC

Delaware

AREIT Operating Partnership LP

Delaware

AREIT PDC Common Holdings LLC

Delaware

AREIT PDC Pref Investor LLC

Delaware

AREIT Phoenix IC LLC

Delaware

AREIT Pima Street LC Borrower LLC

Delaware

AREIT Pima Street LC Holdco LLC

Delaware

AREIT Pima Street LC LLC

Delaware

AREIT Plainfield Logistics Center LLC

Delaware

AREIT Preston Sherry LLC

Delaware

AREIT-PRH Manor Riverwalk Parent LLC

Delaware

AREIT Property Management LLC

Delaware

AREIT Real Estate Holdco LLC

Delaware

AREIT Redmond Borrower LLC

Delaware

AREIT Redmond Holdco LLC

Delaware

AREIT Redmond LLC

Delaware

AREIT Richmond Airport LC I Borrower LLC

Delaware

AREIT Richmond Airport LC I Holdco LLC

Delaware

AREIT Richmond Airport LC I LLC

Delaware

AREIT Richmond Airport LC II Borrower LLC

Delaware

AREIT Richmond Airport LC II Holdco LLC

Delaware

AREIT Richmond Airport LC II LLC

Delaware

AREIT Richmond Airport LC III Borrower LLC

Delaware

AREIT Richmond Airport LC III Holdco LLC

Delaware

AREIT Richmond Airport LC III LLC

Delaware

AREIT Richmond Airport LC IV LLC

Delaware

AREIT Salt Pond LLC

Delaware

AREIT San Stone Oak GP LLC

Delaware

AREIT San Stone Oak LP

Delaware

AREIT Southpark LC I Borrower LLC

Delaware

AREIT Southpark LC I Holdco LLC

Delaware

AREIT Southpark LC I LLC

Delaware

AREIT Southpark LC II Borrower LLC

Delaware

AREIT Southpark LC II Holdco LLC

Delaware

AREIT Southpark LC II LLC

Delaware

AREIT Southpark LC III Borrower LLC

Delaware

AREIT Southpark LC III Holdco LLC

Delaware

AREIT Southpark LC III LLC

Delaware

AREIT Shenandoah Square LLC

Delaware


NAME

JURISDICTION

AREIT Stafford Grove IP GP LLC

Delaware

AREIT Stafford Grove IP LP

Delaware

AREIT Suniland LLC

Delaware

AREIT Tempe IC LLC

Delaware

AREIT The Palms LLC

Delaware

AREIT Transport Drive CC LLC

Delaware

AREIT TRS Lender LLC

Delaware

AREIT TRS Holdco I LLC

Delaware

AREIT TRS Holdco LLC

Delaware

AREIT TRS Holdings LLC

Delaware

AREIT UK Fragco 1 LLC

Delaware

AREIT UK Fragco 2 LLC

Delaware

AREIT UK Fragco 3 LLC

Delaware

AREIT UK Holdco LLC

Delaware

AREIT VM8 Logistics Center GP LLC

Delaware

AREIT VM8 Logistics Center LP

Delaware

AREIT Vue Parent JV Member LLC

Delaware

AREIT Wes Warren IC LLC

Delaware

AREIT Western Food Center LLC

Delaware

AREIT Whitestown DC I Borrower LLC

Delaware

AREIT Whitestown DC I Holdco LLC

Delaware

AREIT Whitestown DC I LLC

Delaware

AREIT Whitestown DC II Borrower LLC

Delaware

AREIT Whitestown DC II Holdco LLC

Delaware

AREIT Whitestown DC II LLC

Delaware

AREIT Whitestown DC III Borrower LLC

Delaware

AREIT Whitestown DC III Holdco LLC

Delaware

AREIT Whitestown DC III LLC

Delaware

AREIT Yale Village LLC

Delaware

Ares Diversified Real Estate Exchange LLC

Delaware

Bala Pointe GP, LLC

Delaware

Bala Pointe Owner LP

Delaware

BCD TRS Corp.

Delaware

BCD TRS Services LLC

Delaware

BCDPF 25 Linden Industrial Center LLC

Delaware

BCDPF 250 Radar Holdco 1 LLC

Delaware

BCDPF 250 Radar Holdco 2 LLC

Delaware

BCDPF 250 Radar Holdco LLC

Delaware

BCDPF 395 Logistics Center LLC

Delaware

BCDPF Air Tech DC II LLC

Delaware

BCDPF Air Tech DC III LLC

Delaware

BCDPF Air Tech DC LLC

Delaware

BCDPF Airway Industrial Park GP LLC

Delaware

BCDPF Airway Industrial Park LP

Delaware

BCDPF Aurora DC LLC

Delaware

BCDPF Barrow Crossing LLC

Delaware


NAME

JURISDICTION

BCDPF Barrow Crossing Pad II LLC

Delaware

BCDPF Barrow Crossing Pad III LLC

Delaware

BCDPF Bay Area Commerce Center GP LLC

Delaware

BCDPF Bay Area Commerce Center LP

Delaware

BCDPF Campus Drive IC LLC

Delaware

BCDPF Cayco LLC

Delaware

BCDPF Clayton Commerce Center LLC

Delaware

BCDPF Florence Logistics Center LLC

Delaware

BCDPF Juno Winter Park LLC

Delaware

BCDPF Kaiser Business Center LLC

Delaware

BCDPF Little Orchard Business Park GP LLC

Delaware

BCDPF Little Orchard Business Park LP

Delaware

BCDPF Long Island Logistics Center LLC

Delaware

BCDPF Northgate DC LLC

Delaware

BCDPF Radar Distribution Center LLC

Delaware

BCDPF Railhead DC GP LLC

Delaware

BCDPF Railhead DC LP

Delaware

BCDPF Springdale LLC

Delaware

BCDPF Sterling IC LLC

Delaware

BCDPF Tempe Student Housing Portfolio JV Member LLC

Delaware

BCDPF Tempe Student Housing Portfolio LLC

Delaware

BCDPF The Daley at Shady Grove LLC

Delaware

BCDPF Tri County DC II LLC

Delaware

BCDPF Tri County DC LLC

Delaware

BCDPF Tustin Business Center GP LLC

Delaware

BCDPF Tustin Business Center LP

Delaware

BCDPF Vasco IC LLC

Delaware

BCDPF Village at Lee Branch LLC

Delaware

BCDPF World Connect Logistics Center LLC

Delaware

BC Exchange Perimeter Manager LLC

Delaware

Core Tucson Main Gate LLC

Delaware

DCTRT Bala Pointe GP LLC

Delaware

DCTRT Bala Pointe LP

Delaware

DCTRT REPO Holdco LLC

Delaware

DCTRT Securities Holdco LLC

Delaware

DCTRT Springing Member Inc.

Delaware

Div Cap Bala Pointe I General Partnership

Delaware

DPF 1031 Parent LLC

Delaware

DPF 1600 Woodbury Avenue LLC

Delaware

DPF Beaver Creek GP LLC

Delaware

DPF Beaver Creek LP

Delaware

DPF Cherry Creek LLC

Delaware

DPF LOC Lender LLC

Delaware

DPF Mashpee Manager LLC

Delaware

DPF Sandwich LLC

Delaware

DPF Services LLC

Delaware


NAME

JURISDICTION

NLD JV Credit Facility Holdco LLC

Delaware

Perimeter Town Center Master Condominium Association, Inc.

Georgia

Plaza X Leasing Associates L.L.C.

New Jersey

Plaza X Realty L.L.C.

New Jersey

Plaza X Urban Renewal Associates L.L.C.

New Jersey

Southcape Village, LLC

Massachusetts

TRT 1300 Connecticut Avenue Owner LLC

Delaware

TRT 270 Center Holdings LLC

Delaware

TRT 270 Center Owner LLC

Delaware

TRT Flying Cloud Drive LLC

Delaware

TRT Harborside LLC

Delaware

TRT Hyannis LLC

Delaware

TRT Lending LLC

Delaware

TRT Lending Subsidiary I Holdco LLC

Delaware

TRT Lending Subsidiary I LLC

Delaware

TRT Lending Subsidiary II Holdco LLC

Delaware

TRT Lending Subsidiary II LLC

Delaware

TRT Meriden LLC

Delaware

TRT New Bedford LLC

Delaware

TRT Saugus LLC

Delaware

TRT Wareham LLC

Delaware

TRT Weymouth III LLC

Delaware

TRT Whitman 475 Bedford LLC

Delaware