On November 13, 2024, Dwight L. Merriman III, Co-Chairman and a member of the board of directors of Ares Industrial Real Estate Income Trust Inc. notified the Company of his decision to retire from Ares Management Corporation and his position on the Board, effective as of February 1, 2025. Mr. Merriman's decision to retire was not the result of any disagreement with management, the Company or its operations, policies or practices. Mr. Merriman has served on the Board since November 2014.