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Exhibit 21.1

Ares Industrial Real Estate Income Trust Inc.
Subsidiary List as of December 31, 2025

NAME
JURISDICTION
AIREIT 1 North Avenue DC LLC
Delaware
AIREIT 101 Corporate IC LLC
Delaware
AIREIT 1201 Logistics Way LLC
Delaware
AIREIT 2024 P1 LLC
Delaware
AIREIT 2024 P2 LLC
Delaware
AIREIT 2025 P1 LLC
Delaware
AIREIT 2025 P2 LLC
Delaware
AIREIT 350 Logistics Center LLC
Delaware
AIREIT 4 Studebaker CC GP LLC
Delaware
AIREIT 4 Studebaker CC LP
Delaware
AIREIT Acquisitions LLC
Delaware
AIREIT Addison DC II LLC
Delaware
AIREIT Aurora DC II LLC
Delaware
AIREIT Baymeadow CC LLC
Delaware
AIREIT Beltway Logistics Center LLC
Delaware
AIREIT Benchmark DC LLC
Delaware
AIREIT Big Eddy CC LLC
Delaware
AIREIT Bluff Road LC LLC
Delaware
AIREIT Bolingbrook LC I LLC
Delaware
AIREIT Bolingbrook LC II LLC
Delaware
AIREIT Brittmoore IC GP LLC
Delaware
AIREIT Brittmoore IC LP
Delaware
AIREIT Buckeye IC II LLC
Delaware
AIREIT Cameron BC LLC
Delaware
AIREIT Cedardale LC LLC
Delaware
AIREIT Central Green IC I LLC
Delaware
AIREIT Central Green IC II LLC
Delaware
AIREIT Central Green IC III & IV LLC
Delaware
AIREIT Clackamas IC LLC
Delaware
AIREIT Coffee Creek CC LLC
Delaware
AIREIT Commonwealth Logistics Center LLC
Delaware
AIREIT County Line Corporate Park LLC
Delaware
AIREIT Creekside I LLC
Delaware
AIREIT Creekside II LLC
Delaware
AIREIT Crossroads DC I LLC
Delaware
AIREIT Crossroads DC II LLC
Delaware
AIREIT Debt Investment Holdco LLC
Delaware
AIREIT Debt Securities Holdco LLC
Delaware
AIREIT Decatur DC LLC
Delaware



NAME
JURISDICTION
AIREIT Eaglepoint LC LLC
Delaware
AIREIT Eldorado BP LLC
Delaware
AIREIT Elgin DC LLC
Delaware
AIREIT Elgin Industrial Center LLC
Delaware
AIREIT Enterprise IC LLC
Delaware
AIREIT Esplanade DC LLC
Delaware
AIREIT Executive Airport DC LLC
Delaware
AIREIT Garland DC GP LLC
Delaware
AIREIT Garland DC LP
Delaware
AIREIT Gerwig DC LLC
Delaware
AIREIT Grand Central West LLC
Delaware
AIREIT Hebron Airpark Logistics Center LLC
Delaware
AIREIT Heron DC LLC
Delaware
AIREIT Hoagland DC LLC
Delaware
AIREIT I-80 Logistics Center LLC
Delaware
AIREIT Industry CC GP LLC
Delaware
AIREIT Industry CC LP
Delaware
AIREIT Innovation Corporate Park LLC
Delaware
AIREIT JFK Logistics Center LLC
Delaware
AIREIT Kelly Trade Center LLC
Delaware
AIREIT Lakewood Logistics Center II LLC
Delaware
AIREIT Lender LLC
Delaware
AIREIT Little York LC LLC
Delaware
AIREIT LOC Lender LLC
Delaware
AIREIT Medley 104 IC LLC
Delaware
AIREIT Medley IC LLC
Delaware
AIREIT Memphis DC LLC
Delaware
AIREIT Miami Midway Park LLC
Delaware
AIREIT Naperville DC LLC
Delaware
AIREIT Nashville Logistics Center LLC
Delaware
AIREIT Norcross Industrial Center LLC
Delaware
AIREIT Norton DC LLC
Delaware
AIREIT O’Hare DC III LLC
Delaware
AIREIT Olive Branch DC LLC
Delaware
AIREIT Operating Partnership LP
Delaware
AIREIT Park 429 LC LLC
Delaware
AIREIT Philadelphia CC LLC
Delaware
AIREIT Philadelphia CC Holdco LLC
Delaware
AIREIT Philadelphia CC Holdco 1 LLC
Delaware
AIREIT Philadelphia CC Holdco 2 LLC
Delaware
AIREIT Plainfield DC I LLC
Delaware
AIREIT Plainfield DC II LLC
Delaware
AIREIT Port Crossing LC LLC
Delaware
AIREIT Portfolio VI DST Holder LLC
Delaware



NAME
JURISDICTION
AIREIT Portfolio Real Estate Holdco LLC
Delaware
AIREIT Property Management LLC
Delaware
AIREIT QR III LP LLC
Delaware
AIREIT Real Estate Holdco LLC
Delaware
AIREIT Riverport DC LLC
Delaware
AIREIT Robbinsville DC I Urban Renewal LLC
Delaware
AIREIT Robbinsville DC II Urban Renewal LLC
Delaware
AIREIT Runway DC GP LLC
Delaware
AIREIT Runway DC LP
Delaware
AIREIT Services LLC
Delaware
AIREIT Southmeadow J LLC
Delaware
AIREIT Tampa CC LLC
Delaware
AIREIT Taunton Distribution Center LLC
Delaware
AIREIT Thompson Mill IC LLC
Delaware
AIREIT Trade Port DC LLC
Delaware
AIREIT Trade Port DC II LLC
Delaware
AIREIT Trade Port DC III LLC
Delaware
AIREIT Tradeport LC LLC
Delaware
AIREIT TRS Corp.
Delaware
AIREIT TRS Holdco I LLC
Delaware
AIREIT TRS Holdco LLC
Delaware
AIREIT Tolleson IC LLC
Delaware
AIREIT Tualatin DC LLC
Delaware
AIREIT Valwood IC I LLC
Delaware
AIREIT Valwood IC II LLC
Delaware
AIREIT Weston BC LLC
Delaware
AIREX 1031 Lender LLC
Delaware
AIREX 1031 Lender Portfolio VI LLC
Delaware
AIREX 1031 Lender Portfolio 7 LLC
Delaware
AIREX 1031 Lender Portfolio 8 LLC
Delaware
AIREX 1031 Lender Portfolio 9 LLC
Delaware
AIREX 1031 Lender Portfolio 10 LLC
Delaware
AIREX Bayport 146 DC DST
Delaware
AIREX Buckeye IC I DST
Delaware
AIREX Chicago Industrial Center DST
Delaware
AIREX Executive Airport DC II DST
Delaware
AIREX Executive Airport DC III DST
Delaware
AIREX Fort Worth DC DST
Delaware
AIREX Greater Boston IC I DST
Delaware
AIREX Greater Boston IC II DST
Delaware
AIREX I-146 East LC DST
Delaware
AIREX Innovation Corporate Park DST
Delaware
AIREX Lexington Valley Drive LC DST
Delaware



NAME
JURISDICTION
AIREX Madison DC DST
Delaware
AIREX Manager LLC
Delaware
AIREX Master Tenant LLC
Delaware
AIREX Portfolio VI Manager LLC
Delaware
AIREX Portfolio VI Master Tenant LLC
Delaware
AIREX Portfolio VI TRS LLC
Delaware
AIREX Portfolio 7 DST
Delaware
AIREX Portfolio 7 Manager LLC
Delaware
AIREX Portfolio 7 Master Tenant LLC
Delaware
AIREX Portfolio 7 TRS LLC
Delaware
AIREX Portfolio 8 DST
Delaware
AIREX Portfolio 8 Manager LLC
Delaware
AIREX Portfolio 8 Master Tenant LLC
Delaware
AIREX Portfolio 8 TRS LLC
Delaware
AIREX Portfolio 9 DST
Delaware
AIREX Portfolio 9 Manager LLC
Delaware
AIREX Portfolio 9 Master Tenant LLC
Delaware
AIREX Portfolio 9 TRS LLC
Delaware
AIREX Portfolio 10 DST
Delaware
AIREX Portfolio 10 Manager LLC
Delaware
AIREX Portfolio 10 Master Tenant LLC
Delaware
AIREX Portfolio 10 TRS LLC
Delaware
AIREX Skyline DC DST
Delaware
AIREX Stateline DC DST
Delaware
AIREX Westlake LC III DST
Delaware
Ares Industrial Real Estate Exchange LLC
Delaware
Ares QR III Acquisitions LLC
Delaware
Ares QR Industrial Partnership III LP
Delaware
Ares QR III Services LLC
Delaware
AREX 1031 Lender LLC
Delaware
BC Industrial Exchange Portfolio III Manager LLC
Delaware
BCI IV 1 Stanley Drive Holdco I LLC
Delaware
BCI IV 1 Stanley Drive Holdco II LLC
Delaware
BCI IV 1 Stanley Drive Holdco LLC
Delaware
BCI IV 1 Stanley Drive LLC
Delaware
BCI IV 395 DC LLC
Delaware
BCI IV 485 DC LLC
Delaware
BCI IV 7A DC II LLC
Delaware
BCI IV 7A DC LLC
Delaware
BCI IV Air Commerce Center LLC
Delaware
BCI IV Airpark International Logistics Center LLC
Delaware
BCI IV Airport IC GP LLC
Delaware
BCI IV Airport IC LP
Delaware



NAME
JURISDICTION
BCI IV Arrow Route DC LLC
Delaware
BCI IV Auburn 167 IC LLC
Delaware
BCI IV Aurora Corporate Center LLC
Delaware
BCI IV Avenue B Industrial Center LLC
Delaware
BCI IV Bishops Gate DC LLC
Delaware
BCI IV BR LLC
Delaware
BCI IV Brodhead DC Holdco I LLC
Delaware
BCI IV Brodhead DC Holdco II LLC
Delaware
BCI IV Brodhead DC Holdco LLC
Delaware
BCI IV Brodhead DC LLC
Delaware
BCI IV BTC II Tranche B GP LLC
Delaware
BCI IV BTC II Tranche B LP LLC
Delaware
BCI IV California Business Center LLC
Delaware
BCI IV Cameron BC LLC
Delaware
BCI IV Carlstadt IC LLC
Delaware
BCI IV Chicago IC LLC
Delaware
BCI IV Colony Crossing GP LLC
Delaware
BCI IV Colony Crossing LP
Delaware
BCI IV Commerce Farms Logistics Center LLC
Delaware
BCI IV Connection Park GP LLC
Delaware
BCI IV Connection Park LP
Delaware
BCI IV Demarest DC LLC
Delaware
BCI IV Drew Court CC Holdco I LLC
Delaware
BCI IV Drew Court CC Holdco II LLC
Delaware
BCI IV Drew Court CC Holdco LLC
Delaware
BCI IV Drew Court CC LLC
Delaware
BCI IV Edison DC LLC
Delaware
BCI IV Etiwanda IC GP LLC
Delaware
BCI IV Etiwanda IC LP
Delaware
BCI IV Executive Airport DC II Holdco LLC
Delaware
BCI IV Fontana DC GP LLC
Delaware
BCI IV Fontana DC LP
Delaware
BCI IV Gilbert Commerce Park LLC
Delaware
BCI IV Gothard IC GP LLC
Delaware
BCI IV Gothard IC LP
Delaware
BCI IV Hainesport CC LLC
Delaware
BCI IV Hainesport CC Master Tenant LLC
Delaware
BCI IV Harvill Business Center GP LLC
Delaware
BCI IV Harvill Business Center LP
Delaware
BCI IV Harvill Industrial Center GP LLC
Delaware
BCI IV Harvill Industrial Center LP
Delaware
BCI IV Hayward Logistics Center LLC
Delaware
BCI IV Hebron LC LLC
Delaware
BCI IV I-24 IC LLC
Delaware



NAME
JURISDICTION
BCI IV I-80 DC LLC
Delaware
BCI IV Iron Run DC LLC
Delaware
BCI IV Kent IP LLC
Delaware
BCI IV King of Prussia Industrial Center LLC
Delaware
BCI IV Lanham DC LLC
Delaware
BCI IV LaPorte DC GP LLC
Delaware
BCI IV LaPorte DC LP
Delaware
BCI IV LC 33 Holdco 1 LLC
Delaware
BCI IV LC 33 Holdco 2 LLC
Delaware
BCI IV LC 33 Holdco LLC
Delaware
BCI IV Lakewood Logistics Center I LLC
Delaware
BCI IV Lakewood Logistics Center III LLC
Delaware
BCI IV Lakewood Logistics Center IV LLC
Delaware
BCI IV Lakewood Logistics Center V LLC
Delaware
BCI IV Legacy Logistics Center LLC
Delaware
BCI IV Lima DC LLC
Delaware
BCI IV Lodi DC LLC
Delaware
BCI IV Logistics Center at 33 LLC
Delaware
BCI IV Marigold DC GP LLC
Delaware
BCI IV Marigold DC LP
Delaware
BCI IV Mechanicsburg DC Holdco I LLC
Delaware
BCI IV Mechanicsburg DC Holdco II LLC
Delaware
BCI IV Mechanicsburg DC Holdco LLC
Delaware
BCI IV Mechanicsburg DC LLC
Delaware
BCI IV Midway IC LLC
Delaware
BCI IV Miraloma IC GP LLC
Delaware
BCI IV Miraloma IC LP
Delaware
BCI IV Monte Vista IC GP LLC
Delaware
BCI IV Monte Vista IC LP
Delaware
BCI IV Monument BP GP LLC
Delaware
BCI IV Monument BP LP
Delaware
BCI IV Nelson Industrial Center GP LLC
Delaware
BCI IV Nelson Industrial Center LP
Delaware
BCI IV North County Commerce Center GP LLC
Delaware
BCI IV North County Commerce Center LP
Delaware
BCI IV Northgate DC Holdco LLC
Delaware
BCI IV Northgate DC LLC
Delaware
BCI IV Northlake Logistics Crossings GP LLC
Delaware
BCI IV Northlake Logistics Crossings LP
Delaware
BCI IV Ontario DC GP LLC
Delaware
BCI IV Ontario DC LP
Delaware
BCI IV Ontario IC GP LLC
Delaware
BCI IV Ontario IC LP
Delaware
BCI IV Otay Logistics Center LLC
Delaware



NAME
JURISDICTION
BCI IV Palm Beach CC LLC
Delaware
BCI IV Park 100 DC LLC
Delaware
BCI IV Peachtree DC LLC
Delaware
BCI IV Pennsy Logistics Center LLC
Delaware
BCI IV Performance DC GP LLC
Delaware
BCI IV Performance DC LP
Delaware
BCI IV Pescadero DC GP LLC
Delaware
BCI IV Pescadero DC LP
Delaware
BCI IV Pioneer DC LLC
Delaware
BCI IV Pioneer Parking Lot DC LLC
Delaware
BCI IV Pompano IC LLC
Delaware
BCI IV Port 146 DC GP LLC
Delaware
BCI IV Port 146 DC LP
Delaware
BCI IV Princess Logistics Center LLC
Delaware
BCI IV Quakerbridge DC LLC
Delaware
BCI IV Rancho Cucamonga BC GP LLC
Delaware
BCI IV Rancho Cucamonga BC LP
Delaware
BCI IV Renton DC LLC
Delaware
BCI IV Richmond Logistics Center LLC
Delaware
BCI IV Riggs Hill Industrial Center LLC
Delaware
BCI IV Robbinsville DC LLC
Delaware
BCI IV San Antonio Logistics Center LLC
Delaware
BCI IV Silicon Valley IC LLC
Delaware
BCI IV Southpark CC I LLC
Delaware
BCI IV Southpark CC II LLC
Delaware
BCI IV Stockton DC GP LLC
Delaware
BCI IV Stockton DC II GP LLC
Delaware
BCI IV Stockton DC II LP
Delaware
BCI IV Stockton DC LP
Delaware
BCI IV Stockton Industrial Center GP LLC
Delaware
BCI IV Stockton Industrial Center LP
Delaware
BCI IV Stonewood Logistics Center LLC
Delaware
BCI IV Stonewood Logistics LC Holdco 1 LLC
Delaware
BCI IV Stonewood Logistics LC Holdco 2 LLC
Delaware
BCI IV Stonewood Logistics LC Holdco LLC
Delaware
BCI IV Tacoma CC LLC
Delaware
BCI IV Tacoma Logistics Center LLC
Delaware
BCI IV Totowa CC LLC
Delaware
BCI IV Tracy DC GP LLC
Delaware
BCI IV Tracy DC II GP LLC
Delaware
BCI IV Tracy DC II LP
Delaware
BCI IV Tracy DC III LLC
Delaware
BCI IV Tracy DC LP LLC
Delaware
BCI IV Trade Zone IC LLC
Delaware



NAME
JURISDICTION
BCI IV Tuscany IC II GP LLC
Delaware
BCI IV Tuscany IC II LP
Delaware
BCI IV Upland DC LLC
Delaware
BCI IV Valencia IP GP LLC
Delaware
BCI IV Valencia IP LP
Delaware
BCI IV Valwood Crossroads DC GP LLC
Delaware
BCI IV Valwood Crossroads DC LP
Delaware
BCI IV Walker Mill IC LLC
Delaware
BCI IV Westlake LC LLC
Delaware
BCI IV Windward Ridge BC LLC
Delaware
BCI IV York DC Holdco I LLC
Delaware
BCI IV York DC Holdco II LLC
Delaware
BCI IV York DC Holdco LLC
Delaware
BCI IV York DC LLC
Delaware
BTC I REIT B LLC
Delaware
BTC II Holdco LLC
Delaware
Build-To-Core Industrial Partnership II Tranche B LP
Delaware
Hainesport Commerce Center Urban Renewal LLC
New Jersey
Industrial Property Advisors Sub III LLC
Delaware
IPT Avenel DC Urban Renewal LLC
Delaware
IPT BTC I GP LLC
Delaware
IPT BTC I LP LLC
Delaware
IPT BTC II GP LLC
Delaware
IPT BTC II LP LLC
Delaware
IPT Corona Commerce Center LLC
Delaware
IPT Enterprise Business Center LLC
Delaware
IPT Kingsbridge Business Center LLC
Delaware
IPT Menifee CC LLC
Delaware
IPT Newark Airport Logistics Center Urban Renewal LLC
Delaware
IPT Riverside Logistics Center I LLC
Delaware
IPT Riverside Logistics Center II LLC
Delaware
MPLD II REIT B
Texas