Black Creek Diversified Property Fund 10-K 11 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 03, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-52596
Entity Registrant Name	Ares Real Estate Income Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-0309068
Entity Address, Address Line One	518 Seventeenth Street, 17th Floor
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado
Auditor Firm ID	185
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T
Document Information [Line Items]
Title of 12(g) Security	Class T Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		19,026,018
Class S
Document Information [Line Items]
Title of 12(g) Security	Class S Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		40,489,159
Class D
Document Information [Line Items]
Title of 12(g) Security	Class D Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		7,634,065
Class I
Document Information [Line Items]
Title of 12(g) Security	Class I Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		59,285,778
Class E
Document Information [Line Items]
Title of 12(g) Security	Class E Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		55,451,690

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Net investment in real estate properties	$ 2,589,826	$ 1,954,573
Investment in unconsolidated joint venture partnerships	57,425	0
Debt-related investments, net	105,752	49,628
Cash and cash equivalents	10,605	11,266
Restricted cash	3,747	10,468
DST Program Loans	62,123	45,229
Other assets	56,397	40,396
Assets held for sale	105,096	0
Total assets	2,990,971	2,111,560
Liabilities
Accounts payable and accrued expenses	38,182	35,763
Debt, net	1,363,234	965,305
Intangible lease liabilities, net	47,499	40,457
Financing obligations, net	661,075	502,533
Other liabilities	89,817	65,813
Liabilities related to assets held for sale	5,744	0
Total liabilities	2,205,551	1,609,871
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	8,994	3,798
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,457,296	1,269,146
Distributions in excess of earnings	(865,844)	(841,496)
Accumulated other comprehensive loss	(13,418)	(27,431)
Total stockholders' equity	579,730	401,649
Noncontrolling interests	196,696	96,242
Total equity	776,426	497,891
Total liabilities and equity	2,990,971	2,111,560
Class E
Stockholders' equity:
Common stock	563	609
Class T
Stockholders' equity:
Common stock	164	98
Class S
Stockholders' equity:
Common stock	358	235
Class D
Stockholders' equity:
Common stock	67	41
Class I
Stockholders' equity:
Common stock	$ 544	$ 447

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000	200,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class E
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	56,328	60,873
Common stock, shares outstanding (in shares)	56,328	60,873
Class T
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	16,425	9,831
Common stock, shares outstanding (in shares)	16,425	9,831
Class S
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	35,757	23,516
Common stock, shares outstanding (in shares)	35,757	23,516
Class D
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	6,749	4,098
Common stock, shares outstanding (in shares)	6,749	4,098
Class I
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	54,406	44,723
Common stock, shares outstanding (in shares)	54,406	44,723

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental revenues	$ 209,176	$ 184,245	$ 184,441
Debt-related income	9,174	2,347	227
Total revenues	218,350	186,592	184,668
Operating expenses:
Rental expenses	69,773	62,378	61,060
Real estate-related depreciation and amortization	74,415	62,923	57,342
General and administrative expenses	8,797	7,548	7,894
Advisory fees	21,433	17,211	13,637
Performance participation allocation	15,327	4,608	3,776
Acquisition costs and reimbursements	2,636	1,108	1,091
Litigation expense	0	2,500	0
Impairment of real estate property	758	0	113
Total operating expenses	193,139	158,276	144,913
Other expenses (income):
Equity in income from unconsolidated joint venture partnerships	(114)	0	0
Interest expense	70,494	58,747	48,170
Gain on sale of real estate property	(77,857)	(13,335)	(160,537)
Gain on extinguishment of debt and financing commitments, net	0	0	(1,002)
Other income	(1,852)	(1,037)	(153)
Total other expenses (income)	(9,329)	44,375	(113,522)
Net income (loss)	34,540	(16,059)	153,277
Net (income) loss attributable to redeemable noncontrolling interests	(221)	54	0
Net (income) loss attributable to noncontrolling interests	(3,565)	1,091	(10,726)
Net income (loss) attributable to common stockholders	$ 30,754	$ (14,914)	$ 142,551
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic	154,767	142,268	136,925
Weighted-average shares outstanding-diluted	174,330	154,052	147,316
Net income (loss) attributable to common stockholders per common share - basic	$ 0.20	$ (0.10)	$ 1.04
Net income (loss) attributable to common stockholders per common share - diluted	$ 0.20	$ (0.10)	$ 1.04

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 34,540	$ (16,059)	$ 153,277
Net unrealized loss from available-for-sale securities	0	0	(100)
Change from cash flow hedging derivatives	15,897	(13,842)	(16,315)
Comprehensive income (loss)	50,437	(29,901)	136,862
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(324)	99	0
Comprehensive (income) loss attributable to noncontrolling interests	(5,346)	2,119	(9,495)
Comprehensive income (loss) attributable to common stockholders	$ 44,767	$ (27,683)	$ 127,367

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances (in shares) at Dec. 31, 2018	130,852
Beginning Balances at Dec. 31, 2018	$ 1,309	$ 1,199,736	$ (867,849)	$ 522	$ 77,295	$ 411,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			142,551		10,726	153,277
Net unrealized loss from available-for-sale securities				(100)		(100)
Unrealized gain (loss) from derivative instruments				(15,084)	(1,231)	(16,315)
Issuance of common stock, net of offering costs (in shares)	25,955
Issuance of common stock, net of offering costs	$ 260	177,519				177,779
Share-based compensation, net of forfeitures (in shares)	86
Share-based compensation, net of forfeitures	$ 1	636				637
Redemptions of noncontrolling interests		(218)			(1,220)	$ (1,438)
Redemptions of common stock (in shares)	(16,413)					(16,413)
Redemptions of common stock	$ (165)	(120,415)				$ (120,580)
Amortization of share-based compensation		(111)				(111)
Distributions declared on common stock and noncontrolling interests, net of distribution fees			(49,961)		(3,913)	(53,874)
Ending Balances (in shares) at Dec. 31, 2019	140,480
Ending Balances at Dec. 31, 2019	$ 1,405	1,257,147	(775,259)	(14,662)	81,657	550,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized loss from available-for-sale securities						0
Unrealized gain (loss) from derivative instruments						(13,842)
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(14,914)		(1,091)	(16,005)
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				(12,769)	(1,028)	(13,797)
Issuance of common stock, net of offering costs (in shares)	16,612
Issuance of common stock, net of offering costs	$ 166	118,207				118,373
Share-based compensation, net of forfeitures (in shares)	20
Share-based compensation, net of forfeitures		150				150
Redemptions of noncontrolling interests		(711)			(7,321)	$ (8,032)
Redemptions of common stock (in shares)	(14,071)					(14,071)
Redemptions of common stock	$ (141)	(105,447)				$ (105,588)
Amortization of share-based compensation		110				110
Redemption value allocation adjustment to redeemable noncontrolling interest		(310)				(310)
Issuances of OP Units for DST Interests					28,266	28,266
Distributions declared on common stock and noncontrolling interests, net of distribution fees (excludes attributable to redeemable noncontrolling interest)			(51,323)		(4,241)	(55,564)
Ending Balances (in shares) at Dec. 31, 2020	143,041
Ending Balances at Dec. 31, 2020	$ 1,430	1,269,146	(841,496)	(27,431)	96,242	497,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized loss from available-for-sale securities						0
Unrealized gain (loss) from derivative instruments						15,897
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			30,754		3,565	34,319
Unrealized gain (loss) from derivative instruments (excluding portion attributable to redeemable noncontrolling interest)				14,013	1,781	15,794
Issuance of common stock, net of offering costs (in shares)	35,379
Issuance of common stock, net of offering costs	$ 354	259,175				259,529
Share-based compensation, net of forfeitures (in shares)	29
Share-based compensation, net of forfeitures		217				217
Redemptions of noncontrolling interests		(506)			(5,456)	$ (5,962)
Redemptions of common stock (in shares)	(8,784)					(8,784)
Redemptions of common stock	$ (88)	(67,146)				$ (67,234)
Amortization of share-based compensation		(22)				(22)
Redemption value allocation adjustment to redeemable noncontrolling interest		(682)				(682)
Issuances of OP Units for DST Interests					107,480	107,480
Distributions declared on common stock and noncontrolling interests, net of distribution fees (excludes attributable to redeemable noncontrolling interest)		(2,886)	(55,102)		(6,916)	(64,904)
Ending Balances (in shares) at Dec. 31, 2021	169,665
Ending Balances at Dec. 31, 2021	$ 1,696	$ 1,457,296	$ (865,844)	$ (13,418)	$ 196,696	$ 776,426

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interests	$ 221	$ (54)	$ 0
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	103	(45)
Distribution fees attributable to redeemable noncontrolling interest	$ 418	$ 189

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income (loss)	$ 34,540	$ (16,059)	$ 153,277
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	74,415	62,923	57,342
Straight-line rent and amortization of above- and below-market leases	(8,939)	(8,703)	(11,026)
Gain on sale of real estate property	(77,857)	(13,335)	(160,537)
Impairment of real estate property	758	0	113
Gain on extinguishment of debt and financing commitments, net	0	0	(1,002)
Amortization of debt and financing obligation costs	13,373	9,775	6,749
Other	939	2,198	1,034
Changes in operating assets and liabilities	12,161	4,329	3,398
Net cash provided by operating activities	49,390	41,128	49,348
Investing activities:
Real estate acquisitions	(774,335)	(357,815)	(396,901)
Capital expenditures	(36,899)	(41,092)	(45,217)
Proceeds from disposition of real estate property	223,791	27,372	341,677
Principal collections on debt-related investments	2,405	173	8,104
Investment in unconsolidated joint venture partnerships	(57,310)	0	0
Investment in debt-related investments	(58,291)	(45,539)	0
Other	(6,069)	(3,355)	(574)
Net cash used in investing activities	(706,708)	(420,256)	(92,911)
Financing activities:
Proceeds from mortgage notes	195,600	0	62,000
Repayments of mortgage notes	(60,653)	(3,036)	(35,075)
Net proceeds (repayments) of line of credit	150,000	106,000	(131,000)
Proceeds from term loan	0	0	50,000
Redemptions of common stock	(67,234)	(105,588)	(120,580)
Distributions paid to common stockholders	(31,201)	(30,010)	(29,117)
Proceeds from issuance of common stock	251,527	104,703	172,309
Proceeds from financing obligations, net	253,959	251,671	194,778
Offering costs for issuance of common stock and private placements	(11,549)	(9,635)	(12,186)
Distributions paid to noncontrolling interest holders and redeemable noncontrolling interest holders	(6,624)	(4,335)	(3,913)
Redemption of noncontrolling interests	(5,962)	(8,032)	(1,438)
Deferred financing costs paid	(17,927)	(8,658)	(12,676)
Other	0	0	1,205
Net cash provided by financing activities	649,936	293,080	134,307
Net (decrease) increase in cash, cash equivalents and restricted cash	(7,382)	(86,048)	90,744
Cash, cash equivalents and restricted cash, at beginning of period	21,734	107,782	17,038
Cash, cash equivalents and restricted cash, at end of period	$ 14,352	$ 21,734	$ 107,782

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company”, “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. Ares Real Estate Income Trust Inc. is a Maryland corporation formed on April 11, 2005. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including the Company’s former advisor, Black Creek Diversified Property Advisors LLC (the “Former Advisor”). As a result of the closing of this transaction, Ares Commercial Real Estate Management LLC became the Company’s new advisor (the “New Advisor”). Ares did not acquire the Company’s former sponsor, Black Creek Diversified Property Advisors Group LLC (the “Former Sponsor”), and the Company now considers the Ares real estate group (“AREG”) to be its Sponsor. See “Note 13” for additional information regarding this transaction. References to the “Advisor” throughout this report mean Black Creek Diversified Property Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. We are primarily focused on investing in and operating a diverse portfolio of real property and investing in other real estate-related assets. We currently focus our investment activities primarily across the major U.S. property sectors (industrial, residential (which includes and/or may include multi-family and other types of rental housing such as manufactured, student, and single family rental housing), office (which includes and/or may include medical office and life science laboratories) and retail). To a lesser extent, we intend to strategically invest in geographies outside of the U.S., which may include Canada, the United Kingdom, Europe and other foreign jurisdictions, and in other sectors such as triple net lease, real estate debt (which may include mortgages and subordinated interests) and infrastructure, to create a diversified blend of current income and long-term value appreciation. As of December 31, 2021, our consolidated real property portfolio consisted of 67 properties. We operate four reportable segments: retail, office, residential, and industrial. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. See “Note 18” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, Black Creek Diversified Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares continuously through our ongoing primary offerings and our distribution reinvestment plan. See “Note 10” for detail regarding our public offerings.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities whereby we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated balance sheet as of December 31, 2020 and in our consolidated statements of operations for the years ended December 31, 2019 and 2020 have been reclassified to conform to the 2021 presentation. Our accrued performance participation allocation has been reclassified from accounts payable and accrued expenses to other liabilities in our consolidated balance sheets. Additionally, acquisition costs and reimbursements have been reclassified from general and administrative expenses to be shown separately on one line item on the consolidated statements of operations. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2021 and 2020 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2021, 2020 and 2019, we recorded $0.9 million, $2.6 million and $2.0 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: ​ ​ ​ ​ Land Not depreciated Building 20-40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to a ground lease, for which a lease liability and corresponding right of use asset were recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments, and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2021 and 2019. There were no impairment charges during the year ended December 31, 2020. Investment in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investment in unconsolidated joint venture partnerships for the year ended December 31, 2021. Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of deferred financing costs was approximately $13.0 million and $13.9 million as of December 31, 2021 and 2020, respectively. Our interest expense for the years ended December 31, 2021, 2020 and 2019 included $13.6 million, $10.0 million and $6.9 million, respectively, of amortization of financing costs. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 13” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Redeemable Noncontrolling Interest The Former Sponsor held, directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the advisory agreement (the “Advisory Agreement”) by and among us, the Operating Partnership and the Advisor. Subsequent to the Transaction (as defined in “Note 13”), the Former Sponsor transferred these OP Units to its members or their affiliate. We have classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the limited partners who hold these OP Units have the ability to transfer or redeem its OP units at any time. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of December 31, 2021, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2021 and 2020, our allowance for doubtful accounts was approximately $0.6 million and $1.1 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share. Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2021, no customers represented more than 10.0% of our total annualized base rent. Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2020. We adopted this standard as of the reporting period beginning January 1, 2021. The adoption did not have a material effect on our consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to derivative contracts entered into after December 31, 2022. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 4” for detail relating to our real estate properties held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 2020 Land ​ $ 583,728 ​ $ 476,442 Buildings and improvements ​ 2,180,358 ​ 1,689,474 Intangible lease assets ​ 284,128 ​ 289,762 Right of use asset ​ 13,637 ​ — Investment in real estate properties ​ 3,061,851 ​ 2,455,678 Accumulated depreciation and amortization ​ (472,025) ​ (501,105) Net investment in real estate properties ​ $ 2,589,826 ​ $ 1,954,573 Acquisitions During the years ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) Radar Distribution Center ​ Industrial ​ 3/31/2021 ​ $ 49,168 Intermountain Space Center ​ Industrial ​ 6/30/2021 ​ ​ 61,057 Airway Industrial Park ​ Industrial ​ 7/9/2021 ​ ​ 24,356 Greenwood Business Center ​ Industrial ​ 8/2/2021 ​ ​ 16,888 25 Linden Industrial Center ​ Industrial ​ 8/31/2021 ​ ​ 17,146 Little Orchard Business Park ​ Industrial ​ 9/8/2021 ​ ​ 96,559 Tustin Business Center ​ Industrial ​ 9/22/2021 ​ ​ 33,285 Campus Drive IC ​ Industrial ​ 10/7/2021 ​ ​ 6,652 Long Island Logistics Center ​ Industrial ​ 12/9/2021 ​ ​ 20,001 Phoenix IC ​ Industrial ​ 12/13/2021 ​ ​ 17,604 Tempe IC ​ Industrial ​ 12/13/2021 ​ ​ 28,347 Las Vegas IC ​ Industrial ​ 12/13/2021 ​ ​ 8,809 Barrow Crossing ​ Retail ​ 6/22/2021 ​ ​ 50,205 oLiv Tucson (2) ​ Residential ​ 10/20/2021 ​ ​ 124,219 Arabelle Clearwater ​ Residential ​ 11/30/2021 ​ ​ 116,352 Arabelle Riverwalk (3) ​ Residential ​ 12/28/2021 ​ ​ 234,050 Total 2021 acquisitions ​ $ 904,698 2020 Acquisitions: ​ ​ ​ ​ Village at Lee Branch ​ Retail ​ 1/29/2020 ​ $ 41,665 Railhead DC (4) ​ Industrial ​ 2/4/2020 ​ 19,295 Tri-County DC II B ​ Industrial ​ 2/14/2020 ​ 2,884 Sterling IC ​ Industrial ​ 3/25/2020 ​ 5,118 Clayton Commerce Center ​ Industrial ​ 6/26/2020 ​ ​ 59,289 Bay Area Commerce Center ​ Industrial ​ 8/27/2020 ​ 48,807 Air Tech DC (5) ​ Industrial ​ 10/16/2020 ​ 18,709 East Columbia IC ​ Industrial ​ 12/2/2020 ​ 14,914 Plainfield LC ​ Industrial ​ 12/16/2020 ​ ​ 19,428 395 LC ​ Industrial ​ 12/21/2020 ​ ​ 68,270 The Palms ​ Residential ​ 11/3/2020 ​ 79,212 Total 2020 acquisitions ​ $ 377,591 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) We acquired a 97.5% interest in this property. As part of the transaction, we assumed a ground lease with 97 years remaining and four 25 year extension options, which resulted in a $13.6 million right of use asset and a $4.4 million lease liability associated with the ground lease upon completion of the transaction. (3) Includes debt assumed at fair value as of the acquisition date of $125.9 million, with a principal amount of $117.1 million. (4) Includes debt assumed at fair value as of the acquisition date of $9.8 million, with a principal amount of $9.2 million. (5) Includes debt assumed at fair value as of the acquisition date of $3.6 million, with a principal amount of $3.4 million. During the years ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ($ in thousands) 2021 2020 Land ​ $ 166,310 ​ $ 64,517 Building ​ 703,597 ​ 287,762 Intangible lease assets ​ 39,270 ​ 26,144 Above-market lease assets ​ 1,392 ​ 2,102 Right of use asset (1) ​ ​ 13,637 ​ ​ — Lease liability (1) ​ ​ (4,440) ​ ​ — Below-market lease liabilities ​ (15,068) ​ (2,934) Total purchase price (2) ​ $ 904,698 ​ $ 377,591 (1) Right of use asset and lease liability are related to the ground lease entered into as part of the oLiv Tucson transaction. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2021 Dispositions During the year ended December 31, 2021, we sold three retail properties, one industrial property, and two office properties for net proceeds of approximately $223.8 million. We recorded a net gain on sale of approximately $77.9 million. During the year ended December 31, 2020, we sold one retail property and one retail outparcel for net proceeds of approximately $27.4 million. We recorded a net gain on sale of approximately $13.3 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2021 and 2020 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 As of December 31, 2020 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets ​ $ 261,401 ​ $ (186,820) ​ $ 74,581 ​ $ 266,242 ​ $ (214,055) ​ $ 52,187 Above-market lease assets ​ 22,727 ​ (19,507) ​ 3,220 ​ 23,520 ​ (21,216) ​ 2,304 Below-market lease liabilities ​ (80,206) ​ 32,707 ​ (47,499) ​ (79,891) ​ 39,434 ​ (40,457) ​ The following table details the estimated net amortization of such intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2021, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 (in thousands) 2022 2023 2024 2025 2026 Thereafter Total Intangible lease assets ​ $ 20,877 ​ $ 13,465 ​ $ 10,269 ​ $ 8,575 ​ $ 6,854 ​ $ 14,541 ​ $ 74,581 Above-market lease assets ​ 565 ​ 553 ​ 525 ​ 415 ​ 352 ​ 810 ​ 3,220 Below-market lease liabilities ​ (4,153) ​ (3,982) ​ (3,619) ​ (3,441) ​ (3,199) ​ (29,105) ​ (47,499) ​ Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments (1) ​ $ 5,849 ​ $ 5,539 ​ $ 7,776 Above-market lease amortization ​ (469) ​ (357) ​ (792) Below-market lease amortization ​ 3,559 ​ 3,521 ​ 4,042 Real estate-related depreciation and amortization: ​ ​ ​ Depreciation expense ​ $ 59,766 ​ $ 47,629 ​ $ 40,824 Intangible lease asset amortization ​ 14,649 ​ 15,294 ​ 16,518 (1) The straight-line rent adjustment amount for the years ended December 31, 2021 and 2019 included $ 2.5 million and $6.1 million, respectively, related to early lease termination payments that were recognized to rental revenues on a straight-line basis over the remaining term of the respective lease. There was no straight-line rent adjustments related to early lease termination fees for the year ended December 31, 2020. Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2021, excluding rental revenues from the potential renewal or replacement of existing leases and excluding rental revenues from properties classified as held for sale, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2021 Year 1 ​ $ 128,671 ​ Year 2 ​ 119,272 ​ Year 3 ​ 103,502 ​ Year 4 ​ 90,453 ​ Year 5 ​ 74,651 ​ Thereafter ​ 233,682 ​ Total ​ $ 750,231 ​ ​ Leases for our residential customers are generally 12 months or less and are therefore excluded from the table above. Real Estate Property Impairment During the year ended December 31, 2021, we recorded non-cash impairment charges of $0.8 million related to a retail property located in the Manomet, Massachusetts market, which was disposed of in March 2021. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. There were no impairment charges recorded during the year ended December 31, 2020. During the year ended December 31, 2019, we recorded an incremental impairment of $0.1 million due to additional costs incurred which related to the retail property located in the Holbrook, Massachusetts market that had been previously impaired during 2018. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “Note 2” for further discussion of the fair value hierarchy.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2021
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	4. ASSETS HELD FOR SALE We classify a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. As of December 31, 2021, we had one retail property (Bandera Road) and one office property (1 st ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2021 December 31, 2020 Net investment in real estate properties ​ $ 101,690 ​ $ — Other Assets ​ 3,406 ​ — Assets held for sale ​ $ 105,096 ​ $ — Accounts payable and accrued expenses ​ $ 3,172 ​ $ — Intangible lease liabilities, net ​ ​ 995 ​ ​ ​ Other liabilities ​ 1,577 ​ — Liabilities related to assets held for sale ​ $ 5,744 ​ $ — ​

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	12 Months Ended
	Dec. 31, 2021
Equity Method Investment And Joint Venture [Abstract]
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On November 30, 2021, we acquired interests in two joint venture partnerships, Pathfinder Core AREIT JV NNN Holdings, LLC (“Net Lease JV I”) and Pathfinder Core AREIT Net Lease Aggregator LLC (“Net Lease JV II”), for purposes of investing in properties across the U.S. with triple net lease agreements. On December 21, 2021, we also acquired interests in another joint venture partnership, AREIT-McDowell Vue Parent LLC (“Vue 1400 JV”), with third party investors for purposes of acquiring a 316 unit residential property in West Palm Beach, Florida. We record our investments in these joint venture partnerships under the equity method on our consolidated balance sheets as we have the ability to exercise significant influence in each partnership but do not have control of the entities. The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in ​ ​ ​ ​ Ownership ​ Unconsolidated Joint ($ in thousands) Segment Percentage Venture Partnership Vue 1400 JV ​ Residential ​ 85% ​ $ 26,117 Net Lease JV I ​ Net Lease ​ 50% ​ ​ 16,267 Net Lease JV II ​ Net Lease ​ 50% ​ ​ 15,041 Total investment in unconsolidated joint venture partnerships ​ $ 57,425 ​ During the year-ended December 31, 2021, we recorded approximately $0.1 million in equity income from our equity holdings in these investments.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT	6. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. Two of our mortgage notes are currently partial recourse to us, for which we provide the following limited guaranties: $16.3 million and $0.3 million that are each guaranteed until we meet certain lender-specified thresholds at the respective collateralized property. Other than these limited guarantees, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2021 2020 Current Maturity Date 2021 2020 Line of credit (1) ​ 1.35 % 1.54 % November 2025 ​ $ 256,000 ​ $ 106,000 Term loan (2) 3.16 ​ 3.27 ​ November 2026 ​ ​ 325,000 ​ 325,000 Term loan (3) 3.19 ​ 3.29 ​ January 2027 ​ 200,000 200,000 Fixed-rate mortgage notes 3.49 ​ 3.55 ​ October 2022 - May 2031 ​ 381,954 210,544 Floating-rate mortgage note (4) 2.26 ​ 2.50 ​ October 2024 - October 2026 ​ 207,600 127,000 Total principal amount / weighted-average (5) 2.78 % 3.04 % ​ $ 1,370,554 $ 968,544 Less: unamortized debt issuance costs ​ $ (16,762) $ (4,083) Add: mark-to-market adjustment on assumed debt ​ 9,442 844 Total debt, net ​ $ 1,363,234 $ 965,305 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 981,927 ​ $ 584,637 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.25% to 2.00% , depending on our consolidated leverage ratio. As of December 31, 2021, the unused and available portions under the line of credit were approximately $444.0 million and $327.8 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. As of December 31, 2021, the unused and available portion of this term loan was $75.0 million. Any additional amount drawn on this term loan would reduce the amount available under the line of credit in the same amount. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. As of December 31, 2021, the unused and available portion of this term loan was $200.0 million. Any additional amount drawn on this term loan would reduce the amount available under the line of credit in the same amount. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The effective interest rate is calculated based on LIBOR plus a margin. As of December 31, 2021, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . As of December 31, 2020, our floating-rate mortgage note was subject to an interest rate spread of 2.25% . (5) The weighted-average remaining term of our consolidated borrowings was approximately 4.9 years as of December 31, 2021, excluding the impact of certain extension options. ​ As of December 31, 2021, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total 2022 ​ $ — ​ $ — ​ $ 1,612 ​ $ 1,612 2023 ​ — ​ — ​ 1,463 ​ 1,463 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 256,000 ​ — ​ 72,360 ​ 328,360 2026 ​ — ​ 325,000 ​ 84,214 ​ 409,214 Thereafter ​ — ​ 200,000 ​ 300,640 ​ 500,640 Total principal payments ​ $ 256,000 ​ $ 525,000 ​ $ 589,554 ​ $ 1,370,554 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. ​ In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee ("ARRC"), which identified the Secured Overnight Financing Rate ("SOFR") as its preferred alternative rate for LIBOR in derivatives and other financial contracts. We are not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. LIBOR is expected to be phased out or modified by June 2023. As of December 31, 2021, our line of credit, term loans and mortgage notes are our only consolidated indebtedness with initial or extended maturity dates beyond 2023 that have exposure to LIBOR. The agreements governing these loans provide procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. We intend to monitor the developments with respect to the potential phasing out of LIBOR after 2023 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with our debt covenants as of December 31, 2021. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have ongoing exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. During the next 12 months, we estimate that approximately $5.4 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt, and we estimate that approximately $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 13 ​ $ 500,000 ​ $ 164 ​ $ 11,236 Interest rate caps 2 ​ 207,600 ​ 159 ​ — Total derivative instruments 15 ​ $ 707,600 ​ $ 323 ​ $ 11,236 As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 14 ​ $ 549,849 ​ $ — ​ $ 26,916 Interest rate caps 1 ​ 127,000 ​ — ​ — Total derivative instruments 15 ​ $ 676,849 ​ $ — ​ $ 26,916 ​ The following table presents the effect of our derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 5,616 ​ $ (21,589) ​ $ (13,341) Amount reclassified from AOCI into interest expense ​ 10,281 ​ 7,747 ​ (1,600) Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring ​ — ​ — ​ (1,374) Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 70,494 ​ 58,747 ​ 48,170 Derivative instruments not designated as cash flow hedges: ​ ​ ​ Gain (loss) recognized in income ​ $ 71 ​ $ (13) ​ $ (25) ​

DST PROGRAM

DST PROGRAM	12 Months Ended
	Dec. 31, 2021
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	7. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of beneficial interests (the “DST Interests”) in the trusts holding DST Properties to potential investors. As of December 31, 2021 and 2020, there were approximately $62.1 million and $45.2 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. Of the $292.7 million and $278.2 million, respectively, of gross interests sold during the years ended December 31, 2021 and 2020, $26.0 million and $26.5 million, respectively, were financed by DST Program Loans. DST Program Loans are evidenced by promissory notes from the investor and are secured by the investor’s DST Interests based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, we include our investments in DST Program Loans separately on our consolidated balance sheets in the “DST Program loans” line item and we include income earned from DST Program Loans in “other income” on our statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. During the years ended December 31, 2021, 2020 and 2019, we sold approximately $292.7 million, $278.2 million and $212.7 million, respectively, of gross interests related to the DST Program, $26.0 million, $26.5 million, and $18.7 million of which were financed by the DST Program Loans, respectively. During the years ended December 31, 2021, 2020 and 2019, we incurred rent obligations of approximately $28.4 million, $19.4 million and $7.0 million, respectively, under our master lease agreements with investors in the DST Program. Additionally, during the years ended December 31, 2021 and 2020, 15.0 million OP Units and 3.8 million OP Units, respectively, were issued in exchange for DST Interests for a net investment of $115.7 million and $28.3 million, respectively, in accordance with our UPREIT structure. Refer to “Note 13” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
FAIR VALUE	8. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 323 ​ $ — ​ $ 323 Total assets measured at fair value ​ $ — ​ $ 323 ​ $ — ​ $ 323 Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 11,236 ​ $ — ​ $ 11,236 Total liabilities measured at fair value ​ $ — ​ $ 11,236 ​ $ — ​ $ 11,236 As of December 31, 2020 ​ ​ ​ ​ Assets: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ — ​ $ — ​ $ — Total assets measured at fair value ​ $ — ​ $ — ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 26,916 ​ $ — ​ $ 26,916 Total liabilities measured at fair value ​ $ — ​ $ 26,916 ​ $ — ​ $ 26,916 ​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. Nonrecurring Fair Value Measurements As of December 31, 2021 and 2020, the fair values of cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, and distributions payable approximate their carrying values because of the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 106,463 ​ $ 106,463 ​ $ 49,885 ​ $ 49,584 DST Program Loans ​ 62,123 ​ 62,123 ​ 45,229 ​ 45,229 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 256,000 ​ $ 256,000 ​ $ 106,000 ​ $ 105,592 Term loans ​ 525,000 ​ 525,000 ​ 525,000 ​ 521,945 Mortgage notes ​ 589,554 ​ 600,467 ​ 337,544 ​ 336,336 (1) The carrying value reflects the principal amount outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2021, 2020 and 2019. We had a net deferred tax asset of approximately $1.2 million and $1.6 million as of December 31, 2021 and 2020, respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2018. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2021, 2020 and 2019. This information assumes that an investor owned shares of our common stock for the full 2021 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 2020 2019 Ordinary income 13.62 % 3.28 % 22.78 % Non-taxable return of capital 61.37 12.34 61.01 ​ Capital gain 25.01 84.38 16.21 ​ Total distributions 100.00 % 100.00 % 100.00 % ​ Our ordinary income taxability increased in 2021 as compared to 2020 primarily due to increased acquisitions of revenue generating properties. Our capital gain taxability decreased in 2021 as compared to 2020 primarily due to our utilization of 1031 tax deferred exchanges to dispose of certain properties in accordance with our business plan. The remaining distributions in 2021 were treated as non-taxable return of capital.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	10 Public Offering As a net asset value (“NAV”)-based perpetual life REIT, we intend to conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we intend to file new registration statements on Form S-11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have the following registration statements effective with the SEC: ● A public offering of up to $3.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $2.5 billion offered in our primary offering and up to $500.0 million offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. As of December 31, 2021, $2.38 billion remained unsold under this registration statement. ● A public offering of Class E shares under our distribution reinvestment plan. As of December 31, 2021, $84.2 million remained unsold under this registration statement. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the year ended December 31, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 56,107 ​ $ 97,389 ​ $ 21,299 ​ $ 76,732 ​ $ — ​ $ 251,527 DRIP ​ 2,050 ​ 4,736 ​ 927 ​ 8,521 ​ 6,963 ​ 23,197 Total offering ​ $ 58,157 ​ $ 102,125 ​ $ 22,226 ​ $ 85,253 ​ $ 6,963 ​ $ 274,724 Number of shares sold: ​ ​ ​ ​ ​ ​ Primary offering ​ 6,593 ​ 12,539 ​ 2,778 ​ 10,441 ​ — ​ 32,351 DRIP ​ 267 ​ 618 ​ 121 ​ 1,112 ​ 910 ​ 3,028 Total offering ​ 6,860 ​ 13,157 ​ 2,899 ​ 11,553 ​ 910 ​ 35,379 ​ Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317) (1,215) (409) (2,689) (11,783) (16,413) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,006 4,507 728 4,531 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,593 12,539 2,778 10,441 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 ​ Distributions The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested in ​ Total (in thousands, except per share data) ​ Common Share (1) ​ Paid in Cash (2) ​ Distributions (3) ​ Shares ​ Distributions 2021 ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,562 ​ $ 2,010 ​ $ 5,526 ​ $ 15,098 June 30 ​ 0.09375 ​ 7,696 ​ 2,266 ​ 5,723 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 2,613 ​ 5,985 ​ 16,582 December 31 ​ 0.09375 ​ 8,265 ​ 3,331 ​ 6,361 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 10,220 ​ $ 23,595 ​ $ 65,322 2020 ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,533 ​ $ 1,499 ​ $ 5,360 ​ $ 14,392 June 30 ​ 0.09375 ​ 7,539 ​ 1,611 ​ 5,316 ​ 14,466 September 30 ​ 0.09375 ​ 7,482 ​ 1,592 ​ 5,282 ​ 14,356 December 31 ​ 0.09375 ​ 7,464 ​ 1,750 ​ 5,347 ​ 14,561 Total ​ $ 0.37500 ​ $ 30,018 ​ $ 6,452 ​ $ 21,305 ​ $ 57,775 (1) Amount reflects the total gross quarterly distribution rate, prior to adjustment for class-specific fees. (2) Amount reflects distributions paid in cash to common stockholders, net of class-specific fees. (3) Includes other cash distributions consisting of: (i) distributions paid to holders of OP Units in the Operating Partnership; and (ii) ongoing distribution fees paid to the dealer manager for our public offerings, Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC, the “Dealer Manager”), with respect to certain classes of our shares. See “Note 13” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2021, 2020 and 2019. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ (in thousands, except for per share data) 2021 2020 2019 Number of shares requested for redemption or repurchase ​ ​ 8,784 ​ 14,071 ​ 16,413 ​ Number of shares redeemed or repurchased ​ ​ 8,784 ​ 14,071 ​ 16,413 ​ % of shares requested that were redeemed or repurchased ​ ​ 100.0 % ​ 100.0 % ​ 100.0 % Average redemption or repurchase price per share ​ $ 7.65 ​ $ 7.50 ​ $ 7.35 ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2021
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	11. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”). The Former Sponsor subsequently transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as provided in the Partnership Agreement, the limited partners who hold these OP Units have the ability to tender the OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of the Company’s common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) 2021 2020 Balance at beginning of year ​ $ 3,798 ​ $ - Settlement of prior year performance participation allocation (1) ​ ​ 4,608 ​ ​ 3,776 Distributions to redeemable noncontrolling interests ​ ​ (418) ​ ​ (189) Net income (loss) attributable to redeemable noncontrolling interests ​ ​ 221 ​ ​ (54) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 103 ​ ​ (45) Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 682 ​ ​ 310 Balance at end of year ​ $ 8,994 ​ $ 3,798 (1) The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $4.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. The 2019 performance participation allocation in the amount of $3.8 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $3.8 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2020 and subsequently transferred to its members or their affiliates.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS OP Units As of December 31, 2021 and 2020, the Operating Partnership had issued OP Units to third-party investors, representing 14.3% and 8.6%, respectively, of limited partnership interests. OP Units held by third-party investors are made up of Class E, Class T, Class S, and Class I OP Units. The following table summarizes the number of OP Units issued and outstanding to third-party investors: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 2020 Number of OP Units issued and outstanding to third-party investors ​ ​ 28,295 ​ 13,486 Estimated maximum redemption value (unaudited) ​ $ 228,254 ​ $ 101,703 ​ Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. The following table summarizes the number of OP Units redeemed during the years presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Number of OP Units redeemed ​ 776 ​ 1,070 ​ 196 Aggregate amount of OP Units redeemed ​ $ 5,962 ​ $ 8,032 ​ $ 1,438 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the amended and restated advisory agreement, effective as of December 1, 2021, by and among us, the Operating Partnership and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends April 30, 2022, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager, which is also a related party, provides dealer manager services in connection with our public offerings pursuant to the terms of the fourth amended and restated dealer manager agreement, effective December 1, 2021 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our Former Advisor (the “Transaction”). On the same date, our Former Advisor assigned the advisory agreement to our New Advisor. Ares did not acquire the Former Sponsor, and we now consider the Ares real estate group to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates. The Dealer Manager was also directly or indirectly majority owned, controlled and/or managed by the estate of Mr. Blumberg, Mr. Mulvihill and/or Mr. Zucker and/or their affiliates. Presently, following the Transaction, the Advisor and the Dealer Manager are directly or indirectly majority owned, controlled and/or managed by Ares. The Advisor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our public offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the limited partnership agreement of the Operating Partnership (the “Operating Partnership Agreement”), and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. Selling Commissions, Dealer Manager Fees and Distribution Fees. primary offering. The upfront selling commissions and dealer manager fees are calculated as a percentage of the transaction price (generally equal to the most recent monthly NAV per share) at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of all outstanding Class T, Class S and Class D shares, including shares issued under our distribution reinvestment plan. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow all or a portion of the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T, Class S, and/or Class D shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % ​ We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. Organization and Offering Expense Reimbursement. Advisory Fee and Operating Expense Reimbursement. ​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % ​ The performance participation allocation is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance participation allocation equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance participation allocation. The loss carryforward is zero as of December 31, 2021. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance participation allocation that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2021, all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “Note 12” for detail regarding the Class E OP Units. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” On July 1, 2021, these Special Units were transferred from BCDPAG to our New Advisor. These agreements were amended, and the Special Units were issued, so that, at the election of the holder, the performance participation allocation previously payable to the Advisor may be paid instead to the holder of the Special Units as a performance participation allocation with respect to the Special Units. If the holder does not elect on or before the first day of a calendar year to have the performance participation allocation paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to the holder of the Special Units. In such case, the performance participation allocation will be payable in cash or Class I OP Units, at the election of the holder. If the holder elects to receive such distributions in Class I OP Units, the number of Class I OP Units to be issued to the holder will be determined by dividing an amount equal to the value of the performance participation allocation by the net asset value per Class I OP Unit as of the date of the distribution. The holder of the Special Units may request the Operating Partnership to repurchase such OP Units from the holder at a later date. Any such repurchase requests will not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership Agreement or to our stockholders under our share redemption program. In the event the performance participation allocation is paid in cash to the holder of the Special Units as an allocation and distribution in its capacity as holder of the Special Units, such amount will not be deductible by the Operating Partnership although it will reduce the cash available for distribution to holders of common OP Units and we believe that taxable income allocated to the holder of the Special Units should reduce the amount of taxable income allocable to the holders of common OP Units for the taxable period of the allocation. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, the holder of the Special Units will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance participation allocation, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers, unless the named executive officer is providing stockholder services Acquisition Expense Reimbursements. Pursuant to the Advisory Agreement, subject to certain limitations, we agreed to reimburse the Advisor for all acquisition expenses incurred on our behalf in connection with the selection and acquisition of properties, real estate-related assets, and other investments, whether or not such investments are acquired. As these expense reimbursements were not directly attributable to a specified property, they were expensed as incurred on the consolidated statements of operations. Fees from Other Services. DST Program DST Program Dealer Manager Fees. ADREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. ADREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or ADREX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by ADREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed and performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. fee of up to 1.0% for any financing provided by us in connection with the DST Program (in which case a subsidiary of ours would provide the debt financing and earn interest thereon, as discussed further below), (iii) reimbursement of certain expenses associated with the establishment, maintenance and operation of the trust and DST Properties and the sale of any DST Property to a third party, and (iv) up to 1.0% of the gross equity proceeds as compensation for developing and maintaining the DST Program technology and intellectual property. Furthermore, to the extent that the Operating Partnership exercises its fair market value purchase option to acquire the interests from the investors at a later time in exchange for OP Units, and such investors subsequently submit such OP Units for redemption pursuant to the terms of the Operating Partnership, a redemption fee of up to 1.0% of the amount otherwise payable to a limited partner upon redemption will be paid to DST Manager (or such other amount as may be set forth in the applicable DST Program offering documents). In connection with the DST Program, ADREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the Delaware statutory trusts (the “DST Interests”) to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2021 2020 2019 2021 2020 Selling commissions and dealer manager fees (1) ​ $ 2,977 ​ $ 1,498 ​ $ 2,094 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 2,974 ​ ​ 2,024 ​ ​ 1,387 ​ ​ 394 ​ ​ 188 Advisory fees - fixed component ​ ​ 21,433 ​ ​ 17,211 ​ ​ 13,637 ​ ​ 2,094 ​ ​ 1,547 Performance participation allocation ​ 15,327 ​ 4,608 ​ 3,776 ​ 15,327 ​ 4,608 Other expense reimbursements— Advisor (3)(4) ​ 11,070 ​ 10,002 ​ 10,601 ​ 1,443 ​ 2,112 Other expense reimbursements—Dealer Manager ​ 376 ​ 516 ​ 1,408 ​ — ​ — DST Program selling commissions, dealer manager and distribution fees (1) ​ 9,871 ​ 4,097 ​ 3,119 ​ 219 ​ — Other DST Program related costs—Advisor (3) ​ 6,229 ​ 4,085 ​ 2,988 ​ 87 ​ — Total ​ $ 70,257 ​ $ 44,041 ​ $ 39,010 ​ $ 19,564 ​ $ 8,455 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $34.1 million and $15.5 million as of December 31, 2021 and 2020, respectively, are included in other liabilities on the consolidated balance sheets. (3) Includes costs reimbursed to the Advisor related to the DST Program. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described after this footnote, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers and employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. Amounts incurred related to these compensation expenses for the years ended December 31, 2021, 2020 and 2019, were approximately $9.8 million, $8.0 million and $8.5 million, respectively. No reimbursement is made for compensation of our named executive officers unless the named executive officer is providing stockholder services, as outlined in the Advisory Agreement. Completion of the Transaction with Ares On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including Black Creek Diversified Property Advisors LLC, the Company’s Former Advisor (the “Transaction”). On the same date, the Company’s Former Advisor assigned the advisory agreement to the Company’s New Advisor. Ares did not acquire the Former Sponsor, and the Company now considers the Ares real estate group to be the Company’s sponsor. Ares intends to continue to operate the business of Black Creek Group consistent with past practice. The principals of Black Creek Group, the rest of the management team and the Company’s current officers are expected to continue to serve in their roles with respect to the Company for the foreseeable future, although a member of Ares’ personnel has joined the Company’s board of directors and members of Ares’ personnel have joined the Advisor’s investment committee. Advisory Agreement On July 1, 2021, in connection with the Transaction, the Company and the Operating Partnership entered into the Second Amended and Restated Advisory Agreement (2021) (the “Advisory Agreement”) with the New Advisor. The Advisory Agreement amends and restates the Second Amended and Restated Advisory Agreement (2021) (the “Prior Advisory Agreement”) to, among other things, reflect the assignment of the Advisor’s rights and obligations under the Prior Advisory Agreement to the New Advisor. The term of the Advisory Agreement ends on April 30, 2022, subject to renewals by mutual consent of the parties for an unlimited number of successive one-year periods. The terms of the Advisory Agreement are otherwise substantially the same as the terms of the Prior Advisory Agreement. On December 1, 2021, we replaced our then-current advisory agreement by entering into a Third Amended and Restated Advisory Agreement (2021) with the Advisor. Other than updating our name and that of our Operating Partnership, this agreement is substantially the same as the prior version. Limited Partnership Agreement On July 1, 2021, in connection with the Transaction, the Company, on behalf of itself as general partner and on behalf of the limited partners thereto other than the special limited partner, entered into the Tenth Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Tenth AR Limited Partnership Agreement”). The Tenth AR Limited Partnership Agreement amended and restated the Ninth Amended and Restated Limited Partnership Agreement of the Operating Partnership, dated as of December 20, 2019, as amended by Amendment No. 1 dated as of December 8, 2020 (the “Prior Limited Partnership Agreement”) in order to reflect the assignment and transfer of all of the special partnership units to the New Advisor. The terms of the Tenth AR Limited Partnership Agreement were otherwise substantially the same as the terms of the Prior Limited Partnership Agreement. On December 1, 2021, the Company replaced the then-current limited partnership agreement of the Operating Partnership by entering into an Eleventh Amended and Restated Limited Partnership Agreement. The amended agreement clarifies that restrictions with respect to the Advisor’s ability to request that the Operating Partnership repurchase OP Units allocated to the Advisor as a performance allocation from any prior calendar year do not apply any OP Units awarded in the then-current year for the prior year’s performance, if any. Other than that clarification and updating our name, that of our Operating Partnership and that of our Advisor, this agreement is substantially the same as the prior version. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2021 and 2020, we held a 85.7% and 91.4%, respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “Note 12” for detail regarding our noncontrolling interests.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	14. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2021 2020 2019 Net income (loss) attributable to common stockholders—basic ​ $ 30,754 ​ $ (14,914) ​ $ 142,551 Net income (loss) attributable to redeemable OP Units ​ ​ 221 ​ ​ (54) ​ ​ — Net income (loss) attributable to OP Units ​ 3,565 ​ (1,091) ​ 10,726 Net income (loss) attributable to common stockholders—diluted ​ $ 34,540 ​ $ (16,059) ​ $ 153,277 Weighted-average shares outstanding—basic ​ 154,767 ​ 142,268 ​ 136,925 Incremental weighted-average shares effect of conversion of OP Units ​ 19,563 ​ 11,784 ​ 10,391 Weighted-average shares outstanding—diluted ​ 174,330 ​ 154,052 ​ 147,316 Net income (loss) per share attributable to common stockholders: ​ ​ ​ Basic ​ $ 0.20 ​ $ (0.10) ​ $ 1.04 Diluted ​ $ 0.20 ​ $ (0.10) ​ $ 1.04 ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	15. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Cash paid for interest ​ $ 55,069 ​ $ 46,417 ​ $ 39,515 Distributions reinvested in common stock ​ 23,197 ​ 21,278 ​ 20,595 Change in accrued future ongoing distribution fees ​ 18,576 ​ 1,019 ​ 6,540 Repayment of property-level loans upon disposition of real estate property ​ — ​ — ​ 98,600 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 25,978 ​ ​ 26,486 ​ ​ 18,744 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 4,608 ​ ​ 3,776 ​ ​ — Mortgage notes assumed on real estate acquisitions at fair value ​ ​ 125,887 ​ ​ 13,472 ​ ​ — Issuances of OP Units for DST Interests ​ ​ 115,653 ​ ​ 28,266 ​ ​ — ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 11,266 ​ $ 97,772 ​ $ 10,008 Restricted cash ​ 10,468 ​ 10,010 ​ 7,030 Cash, cash equivalents and restricted cash ​ $ 21,734 ​ $ 107,782 ​ $ 17,038 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 10,605 ​ $ 11,266 ​ $ 97,772 Restricted cash ​ 3,747 ​ 10,468 ​ 10,010 Cash, cash equivalents and restricted cash ​ $ 14,352 ​ $ 21,734 ​ $ 107,782 ​

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
SIGNIFICANT RISKS AND UNCERTAINTIES	16. SIGNIFICANT RISKS AND UNCERTAINTIES Significant Risks and Uncertainties One of the most significant risks and uncertainties is the adverse effect of the current novel coronavirus (COVID-19) pandemic. We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it will impact our customers and business partners. During the years ended December 31, 2021 and 2020, the COVID-19 pandemic has not had a material effect on our consolidated financial statements. While we are unable to predict the impact that the COVID-19 pandemic in the United States will have on our future financial condition, results of operations and cash flows, there have not been any indications of material future economic disruptions to us related to the COVID-19 pandemic. The extent to which the COVID-19 pandemic impacts our operations and those of our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Litigation We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2021.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	18. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, residential and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Items that are not directly assignable to a segment, such as certain corporate items, are not allocated but reflected as reconciling items. ​ The following table reflects our total consolidated assets by segment as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2021(1) ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 335,811 ​ $ 487,193 Retail properties ​ 639,584 ​ 685,116 Residential properties ​ 837,491 ​ 365,195 Industrial properties ​ 826,353 ​ 464,391 Corporate ​ 351,732 ​ 109,665 Total assets ​ $ 2,990,971 ​ $ 2,111,560 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 4” for further detail. ​ The following table sets forth consolidated financial results by segment for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 64,290 ​ $ 72,102 ​ $ 31,023 ​ $ 41,761 ​ $ 209,176 Rental expenses ​ (28,280) ​ (18,693) ​ (13,387) ​ (9,413) ​ (69,773) Net operating income ​ $ 36,010 ​ $ 53,409 ​ $ 17,636 ​ $ 32,348 ​ $ 139,403 Real estate-related depreciation and amortization ​ $ 19,875 ​ $ 19,485 ​ $ 11,062 ​ $ 23,993 ​ $ 74,415 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 69,110 ​ $ 71,244 ​ $ 20,424 ​ $ 23,467 ​ $ 184,245 Rental expenses ​ ​ (30,355) ​ (17,568) ​ (9,448) ​ (5,007) ​ ​ (62,378) Net operating income ​ $ 38,755 ​ $ 53,676 ​ $ 10,976 ​ $ 18,460 ​ $ 121,867 Real estate-related depreciation and amortization ​ $ 21,130 ​ $ 19,795 ​ $ 9,762 ​ $ 12,236 ​ $ 62,923 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 93,826 ​ $ 70,462 ​ $ 6,418 ​ $ 13,735 ​ $ 184,441 Rental expenses ​ ​ (37,905) ​ ​ (17,357) ​ ​ (2,864) ​ ​ (2,934) ​ ​ (61,060) Net operating income ​ $ 55,921 ​ $ 53,105 ​ $ 3,554 ​ $ 10,801 ​ $ 123,381 Real estate-related depreciation and amortization ​ $ 26,194 ​ $ 20,317 ​ $ 4,028 ​ $ 6,803 ​ $ 57,342 ​ We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2021, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Net income (loss) attributable to common stockholders ​ $ 30,754 ​ $ (14,914) ​ $ 142,551 Debt-related income ​ (9,174) ​ (2,347) ​ (227) Real estate-related depreciation and amortization ​ 74,415 ​ 62,923 ​ 57,342 General and administrative expenses ​ 8,797 ​ 7,548 ​ 7,894 Advisory fees, related party ​ 21,433 ​ 17,211 ​ 13,637 Performance participation allocation ​ 15,327 ​ 4,608 ​ 3,776 Acquisition costs and reimbursements ​ 2,636 ​ 1,108 ​ 1,091 Litigation expense ​ — ​ 2,500 ​ — Impairment of real estate property ​ 758 ​ — ​ 113 Equity in income from unconsolidated joint venture partnerships ​ ​ (114) ​ ​ — ​ ​ — Other income ​ ​ (1,852) ​ ​ (1,037) ​ ​ (153) Interest expense ​ 70,494 ​ 58,747 ​ 48,170 Gain on sale of real estate property ​ (77,857) ​ (13,335) ​ (160,537) Gain on extinguishment of debt and financing commitments, net ​ — ​ — ​ (1,002) Net income (loss) attributable to redeemable noncontrolling interests ​ ​ 221 ​ ​ (54) ​ ​ — Net income (loss) attributable to noncontrolling interests ​ 3,565 ​ (1,091) ​ 10,726 Net operating income ​ $ 139,403 ​ $ 121,867 ​ $ 123,381 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS Acquisition of Properties Subsequent to December 31, 2021, we acquired (excluding properties related to our DST Program), seven industrial properties and one residential property for a combined contractual purchase price of approximately $369.5 million. Disposition of Properties Subsequent to December 31, 2021, we sold one retail property (Bandera Road) and one office property (1 st Avenue), both of which were classified as held for sale as of December 31, 2021, to unrelated third parties for a combined contractual sale price of $150.0 million. Our accounting basis (net of accumulated depreciation and amortization) for these real estate properties as of the closing dates was approximately $101.0 million.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ​ Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Office properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bala Pointe ​ Bala Cynwyd, PA ​ 1 ​ $ — ​ $ 10,115 ​ $ 27,516 ​ $ 37,631 ​ $ 14,536 ​ $ 10,115 ​ $ 42,052 ​ $ 52,167 ​ $ (23,527) ​ 8/28/2006 ​ 1 - 40 1300 Connecticut ​ Washington, DC ​ 1 ​ ​ — ​ ​ 25,177 ​ ​ 41,250 ​ ​ 66,427 ​ ​ 10,694 ​ ​ 25,177 ​ ​ 51,944 ​ ​ 77,121 ​ ​ (30,170) ​ 3/10/2009 ​ 2 - 40 CityView ​ Austin, TX ​ 4 ​ ​ — ​ ​ 4,606 ​ ​ 65,250 ​ ​ 69,856 ​ ​ 8,343 ​ ​ 4,606 ​ ​ 73,593 ​ ​ 78,199 ​ ​ (22,291) ​ 4/24/2015 ​ 1 - 40 Eden Prairie ​ Eden Prairie, MN ​ 1 ​ ​ — ​ ​ 3,538 ​ ​ 25,865 ​ ​ 29,403 ​ ​ 125 ​ ​ 3,538 ​ ​ 25,990 ​ ​ 29,528 ​ ​ (12,446) ​ 10/3/2008 ​ 5 - 40 Preston Sherry Plaza ​ Dallas, TX ​ 1 ​ ​ — ​ ​ 7,500 ​ ​ 22,303 ​ ​ 29,803 ​ ​ 13,722 ​ ​ 7,500 ​ ​ 36,025 ​ ​ 43,525 ​ ​ (18,101) ​ 12/16/2009 ​ 1 - 40 3 Second Street ​ Jersey City, NJ ​ 1 ​ ​ 127,000 ​ ​ 16,800 ​ ​ 193,742 ​ ​ 210,542 ​ ​ 43,556 ​ ​ 16,800 ​ ​ 237,298 ​ ​ 254,098 ​ ​ (112,117) ​ 6/25/2010 ​ 3 - 40 Total office properties ​ ​ ​ 9 ​ $ 127,000 ​ $ 67,736 ​ $ 375,926 ​ $ 443,662 ​ $ 90,976 ​ $ 67,736 ​ $ 466,902 ​ $ 534,638 ​ $ (218,652) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beaver Creek ​ Apex, NC ​ 1 ​ $ — ​ $ 12,426 ​ $ 31,375 ​ $ 43,801 ​ $ (457) ​ $ 9,955 ​ $ 33,389 ​ $ 43,344 ​ $ (14,052) ​ 5/11/2007 ​ 1 - 40 Kingston ​ Kingston, MA ​ 1 ​ ​ — ​ ​ 8,580 ​ ​ 12,494 ​ ​ 21,074 ​ ​ 5,830 ​ ​ 8,580 ​ ​ 18,324 ​ ​ 26,904 ​ ​ (7,390) ​ 8/1/2007 ​ 1 - 40 Orleans ​ Orleans, MA ​ 1 ​ ​ — ​ ​ 8,780 ​ ​ 23,683 ​ ​ 32,463 ​ ​ 1,009 ​ ​ 8,780 ​ ​ 24,692 ​ ​ 33,472 ​ ​ (10,903) ​ 8/1/2007 ​ 1 - 40 Sandwich ​ Sandwich, MA ​ 1 ​ ​ — ​ ​ 7,380 ​ ​ 25,778 ​ ​ 33,158 ​ ​ 787 ​ ​ 7,380 ​ ​ 26,565 ​ ​ 33,945 ​ ​ (11,654) ​ 8/1/2007 ​ 1 - 40 Wareham ​ Wareham, MA ​ 1 ​ ​ — ​ ​ 12,972 ​ ​ 27,030 ​ ​ 40,002 ​ ​ 3,796 ​ ​ 12,972 ​ ​ 30,826 ​ ​ 43,798 ​ ​ (14,258) ​ 8/1/2007 ​ 1 - 40 Abington ​ Abington, MA ​ 1 ​ ​ — ​ ​ 14,396 ​ ​ 594 ​ ​ 14,990 ​ ​ — ​ ​ 14,396 ​ ​ 594 ​ ​ 14,990 ​ ​ (594) ​ 8/1/2007 ​ - Hyannis ​ Hyannis, MA ​ 1 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ (718) ​ 8/1/2007 ​ 18 - 68 Meriden ​ Meriden, CT ​ 1 ​ ​ — ​ ​ 6,560 ​ ​ 22,014 ​ ​ 28,574 ​ ​ (1) ​ ​ 6,560 ​ ​ 22,013 ​ ​ 28,573 ​ ​ (9,834) ​ 8/1/2007 ​ 13 - 43 Weymouth ​ Weymouth, MA ​ 1 ​ ​ — ​ ​ 5,170 ​ ​ 19,396 ​ ​ 24,566 ​ ​ (12) ​ ​ 4,913 ​ ​ 19,641 ​ ​ 24,554 ​ ​ (8,414) ​ 8/1/2007 ​ 4 - 40 Whitman 475 Bedford Street ​ Whitman, MA ​ 1 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ (5,341) ​ 8/1/2007 ​ 16 - 56 New Bedford ​ New Bedford, MA ​ 1 ​ ​ 5,072 ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ — ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ (4,720) ​ 10/18/2007 ​ 22 - 40 Norwell ​ Norwell, MA ​ 1 ​ ​ 738 ​ ​ 5,850 ​ ​ 14,547 ​ ​ 20,397 ​ ​ — ​ ​ 5,850 ​ ​ 14,547 ​ ​ 20,397 ​ ​ (6,588) ​ 10/18/2007 ​ 15 - 65 270 Center ​ Washington, DC ​ 1 ​ ​ 70,000 ​ ​ 19,779 ​ ​ 42,515 ​ ​ 62,294 ​ ​ 4,930 ​ ​ 19,781 ​ ​ 47,443 ​ ​ 67,224 ​ ​ (20,110) ​ 4/6/2009 ​ 1 - 40 Springdale ​ Springfield, MA ​ 1 ​ ​ — ​ ​ 11,866 ​ ​ 723 ​ ​ 12,589 ​ ​ 8 ​ ​ 11,866 ​ ​ 731 ​ ​ 12,597 ​ ​ (670) ​ 2/18/2011 ​ 6 - 62 Saugus ​ Saugus, MA ​ 1 ​ ​ — ​ ​ 3,783 ​ ​ 9,713 ​ ​ 13,496 ​ ​ 367 ​ ​ 3,783 ​ ​ 10,080 ​ ​ 13,863 ​ ​ (5,415) ​ 3/17/2011 ​ 3 - 40 Salt Pond ​ Narragansett, RI ​ 2 ​ ​ — ​ ​ 8,759 ​ ​ 40,233 ​ ​ 48,992 ​ ​ 1,725 ​ ​ 8,759 ​ ​ 41,958 ​ ​ 50,717 ​ ​ (11,981) ​ 11/4/2014 ​ 1 - 40 South Cape ​ Mashpee, MA ​ 6 ​ ​ — ​ ​ 9,936 ​ ​ 27,552 ​ ​ 37,488 ​ ​ 5,093 ​ ​ 10,307 ​ ​ 32,274 ​ ​ 42,581 ​ ​ (8,230) ​ 3/18/2015 ​ 1 - 40 Shenandoah ​ Davie, FL ​ 3 ​ ​ — ​ ​ 10,501 ​ ​ 27,397 ​ ​ 37,898 ​ ​ 292 ​ ​ 10,501 ​ ​ 27,689 ​ ​ 38,190 ​ ​ (6,998) ​ 8/6/2015 ​ 1 - 40 Chester Springs ​ Chester, NJ ​ 4 ​ ​ — ​ ​ 7,376 ​ ​ 51,155 ​ ​ 58,531 ​ ​ 7,296 ​ ​ 7,376 ​ ​ 58,451 ​ ​ 65,827 ​ ​ (14,393) ​ 10/8/2015 ​ 1 - 40 Yale Village ​ Tulsa, OK ​ 4 ​ ​ — ​ ​ 3,492 ​ ​ 30,655 ​ ​ 34,147 ​ ​ 1,738 ​ ​ 3,492 ​ ​ 32,393 ​ ​ 35,885 ​ ​ (7,179) ​ 12/9/2015 ​ 3 - 40 Suniland Shopping Center ​ Pinecrest, FL ​ 4 ​ ​ — ​ ​ 34,804 ​ ​ 33,902 ​ ​ 68,706 ​ ​ 1,416 ​ ​ 34,804 ​ ​ 35,318 ​ ​ 70,122 ​ ​ (8,817) ​ 5/27/2016 ​ 1 - 40 Village at Lee Branch ​ Birmingham, AL ​ 2 ​ ​ — ​ ​ 10,476 ​ ​ 32,461 ​ ​ 42,937 ​ ​ 1,228 ​ ​ 10,476 ​ ​ 33,689 ​ ​ 44,165 ​ ​ (3,848) ​ 1/29/2020 ​ 1 - 40 Barrow Crossing ​ Bethlehem, GA ​ 5 ​ ​ — ​ ​ 6,107 ​ ​ 50,208 ​ ​ 56,315 ​ ​ 82 ​ ​ 6,107 ​ ​ 50,290 ​ ​ 56,397 ​ ​ (1,912) ​ 6/22/2021 ​ 1 - 40 Total retail properties ​ ​ ​ 45 ​ $ 75,810 ​ $ 226,798 ​ $ 547,176 ​ $ 773,974 ​ $ 35,127 ​ $ 224,443 ​ $ 584,658 ​ $ 809,101 ​ $ (184,019) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ​ Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Residential properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Daley ​ Rockville, MD ​ 4 ​ $ 62,000 ​ $ 15,139 ​ $ 80,500 ​ $ 95,639 ​ $ 345 ​ $ 15,139 ​ $ 80,845 ​ $ 95,984 ​ $ (7,353) ​ 7/2/2019 ​ 1 - 40 Juno Winter Park ​ Winter Park, FL ​ 1 ​ ​ — ​ ​ 9,129 ​ ​ 75,420 ​ ​ 84,549 ​ ​ 251 ​ ​ 9,129 ​ ​ 75,671 ​ ​ 84,800 ​ ​ (5,888) ​ 7/9/2019 ​ 1 - 40 Perimeter ​ Sandy Springs, GA ​ 1 ​ ​ — ​ ​ 17,407 ​ ​ 99,763 ​ ​ 117,170 ​ ​ 376 ​ ​ 17,407 ​ ​ 100,139 ​ ​ 117,546 ​ ​ (7,298) ​ 12/19/2019 ​ 1 - 40 The Palms ​ Davie, FL ​ 15 ​ ​ — ​ ​ 18,737 ​ ​ 60,475 ​ ​ 79,212 ​ ​ 1,629 ​ ​ 18,737 ​ ​ 62,104 ​ ​ 80,841 ​ ​ (3,278) ​ 11/3/2020 ​ 1 - 40 oLiv Tucson ​ Tucson, AZ ​ 1 ​ ​ 80,600 ​ ​ — ​ ​ 128,659 ​ ​ 128,659 ​ ​ 6 ​ ​ — ​ ​ 128,665 ​ ​ 128,665 ​ ​ (896) ​ 10/20/2021 ​ 1 - 40 Arabelle Clearwater ​ Clearwater, FL ​ 10 ​ ​ — ​ ​ 11,633 ​ ​ 104,719 ​ ​ 116,352 ​ ​ — ​ ​ 11,633 ​ ​ 104,719 ​ ​ 116,352 ​ ​ (321) ​ 11/30/2021 ​ 1 - 40 Arabelle Riverwalk ​ Tampa Bay, FL ​ 1 ​ ​ 117,063 ​ ​ 20,005 ​ ​ 214,045 ​ ​ 234,050 ​ ​ — ​ ​ 20,005 ​ ​ 214,045 ​ ​ 234,050 ​ ​ — ​ 12/28/2021 ​ 1 - 40 Total residential properties ​ ​ ​ 33 ​ $ 259,663 ​ $ 92,050 ​ $ 763,581 ​ $ 855,631 ​ $ 2,607 ​ $ 92,050 ​ $ 766,188 ​ $ 858,238 ​ $ (25,034) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vasco Road ​ Livermore, CA ​ 1 ​ $ 17,435 ​ $ 4,880 ​ $ 12,019 ​ $ 16,899 ​ $ (60) ​ $ 4,880 ​ $ 11,959 ​ $ 16,839 ​ $ (2,783) ​ 7/21/2017 ​ 3 - 40 Northgate ​ North Las Vegas, NV ​ 1 ​ ​ 22,605 ​ ​ 3,940 ​ ​ 20,715 ​ ​ 24,655 ​ ​ 16 ​ ​ 3,943 ​ ​ 20,728 ​ ​ 24,671 ​ ​ (3,506) ​ 7/26/2017 ​ 10 - 40 Stafford Grove ​ Stafford, TX ​ 3 ​ ​ — ​ ​ 8,540 ​ ​ 28,879 ​ ​ 37,419 ​ ​ 1,697 ​ ​ 8,586 ​ ​ 30,530 ​ ​ 39,116 ​ ​ (5,036) ​ 4/9/2018 ​ 4 - 40 Kaiser Business Center ​ Folcroft, PA ​ 2 ​ ​ — ​ ​ 6,140 ​ ​ 12,730 ​ ​ 18,870 ​ ​ 235 ​ ​ 6,140 ​ ​ 12,965 ​ ​ 19,105 ​ ​ (2,752) ​ 12/10/2018 ​ 2 - 40 Tri-County DC ​ Schertz, TX ​ 1 ​ ​ 16,819 ​ ​ 2,346 ​ ​ 18,400 ​ ​ 20,746 ​ ​ 907 ​ ​ 2,346 ​ ​ 19,307 ​ ​ 21,653 ​ ​ (2,780) ​ 2/13/2019 ​ 1 - 40 Florence Logistics Center ​ Florence, KY ​ 1 ​ ​ 14,358 ​ ​ 1,791 ​ ​ 16,968 ​ ​ 18,759 ​ ​ — ​ ​ 1,791 ​ ​ 16,968 ​ ​ 18,759 ​ ​ (2,001) ​ 5/14/2019 ​ 1 - 40 World Connect Logistics Center ​ Indianapolis, IN ​ 1 ​ ​ 32,386 ​ ​ 4,983 ​ ​ 39,172 ​ ​ 44,155 ​ ​ — ​ ​ 4,983 ​ ​ 39,172 ​ ​ 44,155 ​ ​ (3,762) ​ 9/27/2019 ​ 1 - 40 Tri-County DC II A ​ Schertz, TX ​ 1 ​ ​ 9,004 ​ ​ 1,280 ​ ​ 8,562 ​ ​ 9,842 ​ ​ 89 ​ ​ 1,280 ​ ​ 8,651 ​ ​ 9,931 ​ ​ (1,135) ​ 10/1/2019 ​ 1 - 40 Aurora DC ​ Aurora, IL ​ 1 ​ ​ — ​ ​ 1,681 ​ ​ 6,887 ​ ​ 8,568 ​ ​ 887 ​ ​ 1,681 ​ ​ 7,774 ​ ​ 9,455 ​ ​ (1,346) ​ 12/13/2019 ​ 1 - 40 Railhead DC ​ Dallas/Fort Worth, TX ​ 1 ​ ​ 8,694 ​ ​ 2,102 ​ ​ 17,475 ​ ​ 19,577 ​ ​ 25 ​ ​ 2,102 ​ ​ 17,500 ​ ​ 19,602 ​ ​ (1,470) ​ 2/4/2020 ​ 6 - 40 Tri-County DC II B ​ Schertz, TX ​ 1 ​ ​ 2,393 ​ ​ 455 ​ ​ 2,429 ​ ​ 2,884 ​ ​ 48 ​ ​ 455 ​ ​ 2,477 ​ ​ 2,932 ​ ​ (244) ​ 2/14/2020 ​ 4 - 40 Sterling IC ​ Washington, DC ​ 1 ​ ​ — ​ ​ 1,976 ​ ​ 3,369 ​ ​ 5,345 ​ ​ (18) ​ ​ 1,976 ​ ​ 3,351 ​ ​ 5,327 ​ ​ (277) ​ 3/25/2020 ​ 6 - 40 Clayton Commerce Center ​ Atlanta, GA ​ 1 ​ ​ — ​ ​ 7,403 ​ ​ 51,886 ​ ​ 59,289 ​ ​ 5,415 ​ ​ 7,403 ​ ​ 57,301 ​ ​ 64,704 ​ ​ (4,403) ​ 6/26/2020 ​ 7 - 40 Bay Area Commerce Center ​ East Bay, CA ​ 1 ​ ​ — ​ ​ 10,135 ​ ​ 38,672 ​ ​ 48,807 ​ ​ 1,254 ​ ​ 10,135 ​ ​ 39,926 ​ ​ 50,061 ​ ​ (1,902) ​ 8/27/2020 ​ 9 - 40 Air Tech DC ​ Louisville, KY ​ 2 ​ ​ 3,387 ​ ​ 615 ​ ​ 18,471 ​ ​ 19,086 ​ ​ 156 ​ ​ 615 ​ ​ 18,627 ​ ​ 19,242 ​ ​ (1,136) ​ 10/16/2020 ​ 1 - 40 East Columbia IC ​ Portland, OR ​ 2 ​ ​ — ​ ​ 3,352 ​ ​ 11,726 ​ ​ 15,078 ​ ​ 54 ​ ​ 3,352 ​ ​ 11,780 ​ ​ 15,132 ​ ​ (947) ​ 12/2/2020 ​ 3 - 20 Plainfield LC ​ Indianapolis, IN ​ 1 ​ ​ — ​ ​ 2,514 ​ ​ 17,260 ​ ​ 19,774 ​ ​ 17 ​ ​ 2,514 ​ ​ 17,277 ​ ​ 19,791 ​ ​ (668) ​ 12/16/2020 ​ 7 - 40 395 LC ​ Reno, NV ​ 1 ​ ​ — ​ ​ 6,752 ​ ​ 61,784 ​ ​ 68,536 ​ ​ 134 ​ ​ 6,752 ​ ​ 61,918 ​ ​ 68,670 ​ ​ (2,721) ​ 12/21/2020 ​ 5 - 40 Radar Distribution Center ​ Northampton, PA ​ 1 ​ ​ — ​ ​ 7,167 ​ ​ 42,373 ​ ​ 49,540 ​ ​ 631 ​ ​ 7,167 ​ ​ 43,004 ​ ​ 50,171 ​ ​ (836) ​ 3/31/2021 ​ 7 - 40 Intermountain Space Center ​ Salt Lake City, UT ​ 1 ​ ​ — ​ ​ 14,786 ​ ​ 48,645 ​ ​ 63,431 ​ ​ 322 ​ ​ 14,786 ​ ​ 48,967 ​ ​ 63,753 ​ ​ (1,726) ​ 6/30/2021 ​ 3 - 20 Airway Industrial Park ​ San Diego, CA ​ 1 ​ ​ — ​ ​ 5,740 ​ ​ 18,616 ​ ​ 24,356 ​ ​ 719 ​ ​ 5,740 ​ ​ 19,335 ​ ​ 25,075 ​ ​ (198) ​ 7/9/2021 ​ 1 - 40 Greenwood Business Center ​ Greenwood, IN ​ 1 ​ ​ — ​ ​ 858 ​ ​ 16,251 ​ ​ 17,109 ​ ​ (30) ​ ​ 858 ​ ​ 16,221 ​ ​ 17,079 ​ ​ (338) ​ 8/2/2021 ​ 5 - 40 25 Linden Industrial Center ​ Jersey City, NJ ​ 1 ​ ​ — ​ ​ 7,764 ​ ​ 9,576 ​ ​ 17,340 ​ ​ — ​ ​ 7,764 ​ ​ 9,576 ​ ​ 17,340 ​ ​ (358) ​ 8/31/2021 ​ 2 - 20 Little Orchard Business Park ​ San Jose, CA ​ 4 ​ ​ — ​ ​ 51,265 ​ ​ 48,147 ​ ​ 99,412 ​ ​ 99 ​ ​ 51,265 ​ ​ 48,246 ​ ​ 99,511 ​ ​ (1,454) ​ 9/8/2021 ​ 1 - 20 Tustin Business Center ​ Tustin, CA ​ 2 ​ ​ — ​ ​ 22,734 ​ ​ 12,233 ​ ​ 34,967 ​ ​ 35 ​ ​ 22,734 ​ ​ 12,268 ​ ​ 35,002 ​ ​ (226) ​ 9/22/2021 ​ 8 - 20 Campus Drive IC ​ Burlington, NJ ​ 1 ​ ​ — ​ ​ 2,364 ​ ​ 4,288 ​ ​ 6,652 ​ ​ 33 ​ ​ 2,364 ​ ​ 4,321 ​ ​ 6,685 ​ ​ (68) ​ 10/7/2021 ​ 10 - 20 Long Island Logistics Center ​ Islandia, NY ​ 1 ​ ​ — ​ ​ 4,927 ​ ​ 16,198 ​ ​ 21,125 ​ ​ 90 ​ ​ 4,927 ​ ​ 16,288 ​ ​ 21,215 ​ ​ (61) ​ 12/9/2021 ​ 9 - 20 Phoenix IC ​ Phoenix, AZ ​ 1 ​ ​ — ​ ​ 4,709 ​ ​ 12,895 ​ ​ 17,604 ​ ​ — ​ ​ 4,709 ​ ​ 12,895 ​ ​ 17,604 ​ ​ (83) ​ 12/13/2021 ​ 1 - 20 Tempe IC ​ Tempe, AZ ​ 1 ​ ​ — ​ ​ 3,628 ​ ​ 24,857 ​ ​ 28,485 ​ ​ — ​ ​ 3,628 ​ ​ 24,857 ​ ​ 28,485 ​ ​ (85) ​ 12/13/2021 ​ 2 - 20 Las Vegas IC ​ Las Vegas, NV ​ 2 ​ ​ — ​ ​ 2,623 ​ ​ 6,186 ​ ​ 8,809 ​ ​ — ​ ​ 2,623 ​ ​ 6,186 ​ ​ 8,809 ​ ​ (18) ​ 12/13/2021 ​ 4 - 30 Total industrial properties ​ ​ ​ 40 ​ $ 127,081 ​ $ 199,450 ​ $ 647,669 ​ $ 847,119 ​ $ 12,755 ​ $ 199,499 ​ $ 660,375 ​ $ 859,874 ​ $ (44,320) ​ ​ ​ ​ Grand total ​ ​ ​ 127 ​ $ 589,554 ​ $ 586,034 ​ $ 2,334,352 ​ $ 2,920,386 ​ $ 141,465 ​ $ 583,728 ​ $ 2,478,123 ​ $ 3,061,851 ​ $ (472,025) ​ ​ ​ ​ (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2021. See “Note 6 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2021, the aggregate cost for U.S. federal income tax purposes of investments in property was approximately $1.4 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 2020 2019 Investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 2,455,678 ​ $ 2,057,350 ​ $ 2,008,733 Acquisitions of properties ​ 924,206 ​ 380,525 ​ 399,428 Improvements ​ 38,295 ​ 40,595 ​ 44,103 Property dispositions or held for sale assets ​ (355,570) ​ (22,792) ​ (394,711) Impairment of real estate ​ (758) ​ — ​ (113) Write-offs of intangibles and customer leasing costs ​ — ​ — ​ (90) Balance at the end of period ​ $ 3,061,851 ​ $ 2,455,678 ​ $ 2,057,350 Accumulated depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 501,105 ​ $ 444,718 ​ $ 501,621 Real estate depreciation and amortization expense ​ 74,415 ​ 62,923 ​ 57,342 Above-market lease assets amortization expenses ​ 469 ​ 357 ​ 792 Right of use asset amortization expense ​ ​ 53 ​ ​ — ​ ​ — Property dispositions or held for sale assets ​ (104,017) ​ (6,893) ​ (114,948) Write-offs of intangibles and customer leasing costs ​ — ​ — ​ (89) Balance at the end of period ​ $ 472,025 ​ $ 501,105 ​ $ 444,718

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities whereby we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in our consolidated balance sheet as of December 31, 2020 and in our consolidated statements of operations for the years ended December 31, 2019 and 2020 have been reclassified to conform to the 2021 presentation. Our accrued performance participation allocation has been reclassified from accounts payable and accrued expenses to other liabilities in our consolidated balance sheets. Additionally, acquisition costs and reimbursements have been reclassified from general and administrative expenses to be shown separately on one line item on the consolidated statements of operations.
Investment In Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2021 and 2020 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2021, 2020 and 2019, we recorded $0.9 million, $2.6 million and $2.0 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: ​ ​ ​ ​ Land Not depreciated Building 20-40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to a ground lease, for which a lease liability and corresponding right of use asset were recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments, and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease was used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2021 and 2019. There were no impairment charges during the year ended December 31, 2020.
Investment in unconsolidated joint venture partnerships	Investment in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investment in unconsolidated joint venture partnerships for the year ended December 31, 2021.
Debt-Related Investments	Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts.
Derivative Instruments	Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of deferred financing costs was approximately $13.0 million and $13.9 million as of December 31, 2021 and 2020, respectively. Our interest expense for the years ended December 31, 2021, 2020 and 2019 included $13.6 million, $10.0 million and $6.9 million, respectively, of amortization of financing costs.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 13” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest The Former Sponsor held, directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the advisory agreement (the “Advisory Agreement”) by and among us, the Operating Partnership and the Advisor. Subsequent to the Transaction (as defined in “Note 13”), the Former Sponsor transferred these OP Units to its members or their affiliate. We have classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the limited partners who hold these OP Units have the ability to transfer or redeem its OP units at any time. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of December 31, 2021, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2021 and 2020, our allowance for doubtful accounts was approximately $0.6 million and $1.1 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses.
Income Taxes	Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2021, no customers represented more than 10.0% of our total annualized base rent.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2020. We adopted this standard as of the reporting period beginning January 1, 2021. The adoption did not have a material effect on our consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to derivative contracts entered into after December 31, 2022. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: ​ ​ ​ ​ Land Not depreciated Building 20-40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 4” for detail relating to our real estate properties held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 2020 Land ​ $ 583,728 ​ $ 476,442 Buildings and improvements ​ 2,180,358 ​ 1,689,474 Intangible lease assets ​ 284,128 ​ 289,762 Right of use asset ​ 13,637 ​ — Investment in real estate properties ​ 3,061,851 ​ 2,455,678 Accumulated depreciation and amortization ​ (472,025) ​ (501,105) Net investment in real estate properties ​ $ 2,589,826 ​ $ 1,954,573
Schedule of Asset Acquisitions	During the years ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) Radar Distribution Center ​ Industrial ​ 3/31/2021 ​ $ 49,168 Intermountain Space Center ​ Industrial ​ 6/30/2021 ​ ​ 61,057 Airway Industrial Park ​ Industrial ​ 7/9/2021 ​ ​ 24,356 Greenwood Business Center ​ Industrial ​ 8/2/2021 ​ ​ 16,888 25 Linden Industrial Center ​ Industrial ​ 8/31/2021 ​ ​ 17,146 Little Orchard Business Park ​ Industrial ​ 9/8/2021 ​ ​ 96,559 Tustin Business Center ​ Industrial ​ 9/22/2021 ​ ​ 33,285 Campus Drive IC ​ Industrial ​ 10/7/2021 ​ ​ 6,652 Long Island Logistics Center ​ Industrial ​ 12/9/2021 ​ ​ 20,001 Phoenix IC ​ Industrial ​ 12/13/2021 ​ ​ 17,604 Tempe IC ​ Industrial ​ 12/13/2021 ​ ​ 28,347 Las Vegas IC ​ Industrial ​ 12/13/2021 ​ ​ 8,809 Barrow Crossing ​ Retail ​ 6/22/2021 ​ ​ 50,205 oLiv Tucson (2) ​ Residential ​ 10/20/2021 ​ ​ 124,219 Arabelle Clearwater ​ Residential ​ 11/30/2021 ​ ​ 116,352 Arabelle Riverwalk (3) ​ Residential ​ 12/28/2021 ​ ​ 234,050 Total 2021 acquisitions ​ $ 904,698 2020 Acquisitions: ​ ​ ​ ​ Village at Lee Branch ​ Retail ​ 1/29/2020 ​ $ 41,665 Railhead DC (4) ​ Industrial ​ 2/4/2020 ​ 19,295 Tri-County DC II B ​ Industrial ​ 2/14/2020 ​ 2,884 Sterling IC ​ Industrial ​ 3/25/2020 ​ 5,118 Clayton Commerce Center ​ Industrial ​ 6/26/2020 ​ ​ 59,289 Bay Area Commerce Center ​ Industrial ​ 8/27/2020 ​ 48,807 Air Tech DC (5) ​ Industrial ​ 10/16/2020 ​ 18,709 East Columbia IC ​ Industrial ​ 12/2/2020 ​ 14,914 Plainfield LC ​ Industrial ​ 12/16/2020 ​ ​ 19,428 395 LC ​ Industrial ​ 12/21/2020 ​ ​ 68,270 The Palms ​ Residential ​ 11/3/2020 ​ 79,212 Total 2020 acquisitions ​ $ 377,591 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) We acquired a 97.5% interest in this property. As part of the transaction, we assumed a ground lease with 97 years remaining and four 25 year extension options, which resulted in a $13.6 million right of use asset and a $4.4 million lease liability associated with the ground lease upon completion of the transaction. (3) Includes debt assumed at fair value as of the acquisition date of $125.9 million, with a principal amount of $117.1 million. (4) Includes debt assumed at fair value as of the acquisition date of $9.8 million, with a principal amount of $9.2 million. (5) Includes debt assumed at fair value as of the acquisition date of $3.6 million, with a principal amount of $3.4 million.
Allocation of Purchase Price Allocations	During the years ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ($ in thousands) 2021 2020 Land ​ $ 166,310 ​ $ 64,517 Building ​ 703,597 ​ 287,762 Intangible lease assets ​ 39,270 ​ 26,144 Above-market lease assets ​ 1,392 ​ 2,102 Right of use asset (1) ​ ​ 13,637 ​ ​ — Lease liability (1) ​ ​ (4,440) ​ ​ — Below-market lease liabilities ​ (15,068) ​ (2,934) Total purchase price (2) ​ $ 904,698 ​ $ 377,591 (1) Right of use asset and lease liability are related to the ground lease entered into as part of the oLiv Tucson transaction. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value.
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2021 and 2020 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 As of December 31, 2020 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets ​ $ 261,401 ​ $ (186,820) ​ $ 74,581 ​ $ 266,242 ​ $ (214,055) ​ $ 52,187 Above-market lease assets ​ 22,727 ​ (19,507) ​ 3,220 ​ 23,520 ​ (21,216) ​ 2,304 Below-market lease liabilities ​ (80,206) ​ 32,707 ​ (47,499) ​ (79,891) ​ 39,434 ​ (40,457)
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2021, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 (in thousands) 2022 2023 2024 2025 2026 Thereafter Total Intangible lease assets ​ $ 20,877 ​ $ 13,465 ​ $ 10,269 ​ $ 8,575 ​ $ 6,854 ​ $ 14,541 ​ $ 74,581 Above-market lease assets ​ 565 ​ 553 ​ 525 ​ 415 ​ 352 ​ 810 ​ 3,220 Below-market lease liabilities ​ (4,153) ​ (3,982) ​ (3,619) ​ (3,441) ​ (3,199) ​ (29,105) ​ (47,499)
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments (1) ​ $ 5,849 ​ $ 5,539 ​ $ 7,776 Above-market lease amortization ​ (469) ​ (357) ​ (792) Below-market lease amortization ​ 3,559 ​ 3,521 ​ 4,042 Real estate-related depreciation and amortization: ​ ​ ​ Depreciation expense ​ $ 59,766 ​ $ 47,629 ​ $ 40,824 Intangible lease asset amortization ​ 14,649 ​ 15,294 ​ 16,518 (1) The straight-line rent adjustment amount for the years ended December 31, 2021 and 2019 included $ 2.5 million and $6.1 million, respectively, related to early lease termination payments that were recognized to rental revenues on a straight-line basis over the remaining term of the respective lease. There was no straight-line rent adjustments related to early lease termination fees for the year ended December 31, 2020.
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2021, excluding rental revenues from the potential renewal or replacement of existing leases and excluding rental revenues from properties classified as held for sale, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2021 Year 1 ​ $ 128,671 ​ Year 2 ​ 119,272 ​ Year 3 ​ 103,502 ​ Year 4 ​ 90,453 ​ Year 5 ​ 74,651 ​ Thereafter ​ 233,682 ​ Total ​ $ 750,231 ​

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2021
ASSETS HELD FOR SALE
Schedule of assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2021 December 31, 2020 Net investment in real estate properties ​ $ 101,690 ​ $ — Other Assets ​ 3,406 ​ — Assets held for sale ​ $ 105,096 ​ $ — Accounts payable and accrued expenses ​ $ 3,172 ​ $ — Intangible lease liabilities, net ​ ​ 995 ​ ​ ​ Other liabilities ​ 1,577 ​ — Liabilities related to assets held for sale ​ $ 5,744 ​ $ —

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investment And Joint Venture [Abstract]
Equity method investments	The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in ​ ​ ​ ​ Ownership ​ Unconsolidated Joint ($ in thousands) Segment Percentage Venture Partnership Vue 1400 JV ​ Residential ​ 85% ​ $ 26,117 Net Lease JV I ​ Net Lease ​ 50% ​ ​ 16,267 Net Lease JV II ​ Net Lease ​ 50% ​ ​ 15,041 Total investment in unconsolidated joint venture partnerships ​ $ 57,425

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2021 2020 Current Maturity Date 2021 2020 Line of credit (1) ​ 1.35 % 1.54 % November 2025 ​ $ 256,000 ​ $ 106,000 Term loan (2) 3.16 ​ 3.27 ​ November 2026 ​ ​ 325,000 ​ 325,000 Term loan (3) 3.19 ​ 3.29 ​ January 2027 ​ 200,000 200,000 Fixed-rate mortgage notes 3.49 ​ 3.55 ​ October 2022 - May 2031 ​ 381,954 210,544 Floating-rate mortgage note (4) 2.26 ​ 2.50 ​ October 2024 - October 2026 ​ 207,600 127,000 Total principal amount / weighted-average (5) 2.78 % 3.04 % ​ $ 1,370,554 $ 968,544 Less: unamortized debt issuance costs ​ $ (16,762) $ (4,083) Add: mark-to-market adjustment on assumed debt ​ 9,442 844 Total debt, net ​ $ 1,363,234 $ 965,305 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 981,927 ​ $ 584,637 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.25% to 2.00% , depending on our consolidated leverage ratio. As of December 31, 2021, the unused and available portions under the line of credit were approximately $444.0 million and $327.8 million, respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. As of December 31, 2021, the unused and available portion of this term loan was $75.0 million. Any additional amount drawn on this term loan would reduce the amount available under the line of credit in the same amount. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $300.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.20% to 1.90% , depending on our consolidated leverage ratio. Total commitments for this term loan are $400.0 million. As of December 31, 2021, the unused and available portion of this term loan was $200.0 million. Any additional amount drawn on this term loan would reduce the amount available under the line of credit in the same amount. The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The effective interest rate is calculated based on LIBOR plus a margin. As of December 31, 2021, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . As of December 31, 2020, our floating-rate mortgage note was subject to an interest rate spread of 2.25% . (5) The weighted-average remaining term of our consolidated borrowings was approximately 4.9 years as of December 31, 2021, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of December 31, 2021, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total 2022 ​ $ — ​ $ — ​ $ 1,612 ​ $ 1,612 2023 ​ — ​ — ​ 1,463 ​ 1,463 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 256,000 ​ — ​ 72,360 ​ 328,360 2026 ​ — ​ 325,000 ​ 84,214 ​ 409,214 Thereafter ​ — ​ 200,000 ​ 300,640 ​ 500,640 Total principal payments ​ $ 256,000 ​ $ 525,000 ​ $ 589,554 ​ $ 1,370,554 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 13 ​ $ 500,000 ​ $ 164 ​ $ 11,236 Interest rate caps 2 ​ 207,600 ​ 159 ​ — Total derivative instruments 15 ​ $ 707,600 ​ $ 323 ​ $ 11,236 As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 14 ​ $ 549,849 ​ $ — ​ $ 26,916 Interest rate caps 1 ​ 127,000 ​ — ​ — Total derivative instruments 15 ​ $ 676,849 ​ $ — ​ $ 26,916
Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 5,616 ​ $ (21,589) ​ $ (13,341) Amount reclassified from AOCI into interest expense ​ 10,281 ​ 7,747 ​ (1,600) Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring ​ — ​ — ​ (1,374) Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 70,494 ​ 58,747 ​ 48,170 Derivative instruments not designated as cash flow hedges: ​ ​ ​ Gain (loss) recognized in income ​ $ 71 ​ $ (13) ​ $ (25)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
Fair value of instruments measured on a recurring basis	The following table presents our financial instruments measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 323 ​ $ — ​ $ 323 Total assets measured at fair value ​ $ — ​ $ 323 ​ $ — ​ $ 323 Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 11,236 ​ $ — ​ $ 11,236 Total liabilities measured at fair value ​ $ — ​ $ 11,236 ​ $ — ​ $ 11,236 As of December 31, 2020 ​ ​ ​ ​ Assets: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ — ​ $ — ​ $ — Total assets measured at fair value ​ $ — ​ $ — ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 26,916 ​ $ — ​ $ 26,916 Total liabilities measured at fair value ​ $ — ​ $ 26,916 ​ $ — ​ $ 26,916
Fair value of instruments measured on a nonrecurring basis	The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 106,463 ​ $ 106,463 ​ $ 49,885 ​ $ 49,584 DST Program Loans ​ 62,123 ​ 62,123 ​ 45,229 ​ 45,229 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 256,000 ​ $ 256,000 ​ $ 106,000 ​ $ 105,592 Term loans ​ 525,000 ​ 525,000 ​ 525,000 ​ 521,945 Mortgage notes ​ 589,554 ​ 600,467 ​ 337,544 ​ 336,336 (1) The carrying value reflects the principal amount outstanding.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2021, 2020 and 2019. This information assumes that an investor owned shares of our common stock for the full 2021 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 2020 2019 Ordinary income 13.62 % 3.28 % 22.78 % Non-taxable return of capital 61.37 12.34 61.01 ​ Capital gain 25.01 84.38 16.21 ​ Total distributions 100.00 % 100.00 % 100.00 %

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Summary of Public Offerings	A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the year ended December 31, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 56,107 ​ $ 97,389 ​ $ 21,299 ​ $ 76,732 ​ $ — ​ $ 251,527 DRIP ​ 2,050 ​ 4,736 ​ 927 ​ 8,521 ​ 6,963 ​ 23,197 Total offering ​ $ 58,157 ​ $ 102,125 ​ $ 22,226 ​ $ 85,253 ​ $ 6,963 ​ $ 274,724 Number of shares sold: ​ ​ ​ ​ ​ ​ Primary offering ​ 6,593 ​ 12,539 ​ 2,778 ​ 10,441 ​ — ​ 32,351 DRIP ​ 267 ​ 618 ​ 121 ​ 1,112 ​ 910 ​ 3,028 Total offering ​ 6,860 ​ 13,157 ​ 2,899 ​ 11,553 ​ 910 ​ 35,379
Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock	The following table describes the changes in each class of common shares during each of the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317) (1,215) (409) (2,689) (11,783) (16,413) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,006 4,507 728 4,531 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,593 12,539 2,778 10,441 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665
Summary of Distribution Activity	The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested in ​ Total (in thousands, except per share data) ​ Common Share (1) ​ Paid in Cash (2) ​ Distributions (3) ​ Shares ​ Distributions 2021 ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,562 ​ $ 2,010 ​ $ 5,526 ​ $ 15,098 June 30 ​ 0.09375 ​ 7,696 ​ 2,266 ​ 5,723 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 2,613 ​ 5,985 ​ 16,582 December 31 ​ 0.09375 ​ 8,265 ​ 3,331 ​ 6,361 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 10,220 ​ $ 23,595 ​ $ 65,322 2020 ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,533 ​ $ 1,499 ​ $ 5,360 ​ $ 14,392 June 30 ​ 0.09375 ​ 7,539 ​ 1,611 ​ 5,316 ​ 14,466 September 30 ​ 0.09375 ​ 7,482 ​ 1,592 ​ 5,282 ​ 14,356 December 31 ​ 0.09375 ​ 7,464 ​ 1,750 ​ 5,347 ​ 14,561 Total ​ $ 0.37500 ​ $ 30,018 ​ $ 6,452 ​ $ 21,305 ​ $ 57,775 (1) Amount reflects the total gross quarterly distribution rate, prior to adjustment for class-specific fees. (2) Amount reflects distributions paid in cash to common stockholders, net of class-specific fees. (3) Includes other cash distributions consisting of: (i) distributions paid to holders of OP Units in the Operating Partnership; and (ii) ongoing distribution fees paid to the dealer manager for our public offerings, Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC, the “Dealer Manager”), with respect to certain classes of our shares. See “Note 13” for further detail regarding the current and historical ongoing distribution fees.
Redemptions and Repurchases Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2021, 2020 and 2019. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ (in thousands, except for per share data) 2021 2020 2019 Number of shares requested for redemption or repurchase ​ ​ 8,784 ​ 14,071 ​ 16,413 ​ Number of shares redeemed or repurchased ​ ​ 8,784 ​ 14,071 ​ 16,413 ​ % of shares requested that were redeemed or repurchased ​ ​ 100.0 % ​ 100.0 % ​ 100.0 % Average redemption or repurchase price per share ​ $ 7.65 ​ $ 7.50 ​ $ 7.35 ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2021
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) 2021 2020 Balance at beginning of year ​ $ 3,798 ​ $ - Settlement of prior year performance participation allocation (1) ​ ​ 4,608 ​ ​ 3,776 Distributions to redeemable noncontrolling interests ​ ​ (418) ​ ​ (189) Net income (loss) attributable to redeemable noncontrolling interests ​ ​ 221 ​ ​ (54) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 103 ​ ​ (45) Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 682 ​ ​ 310 Balance at end of year ​ $ 8,994 ​ $ 3,798 (1) The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $4.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. The 2019 performance participation allocation in the amount of $3.8 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $3.8 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2020 and subsequently transferred to its members or their affiliates.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest Balances	The following table summarizes the number of OP Units issued and outstanding to third-party investors: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 2020 Number of OP Units issued and outstanding to third-party investors ​ ​ 28,295 ​ 13,486 Estimated maximum redemption value (unaudited) ​ $ 228,254 ​ $ 101,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Number of OP Units redeemed ​ 776 ​ 1,070 ​ 196 Aggregate amount of OP Units redeemed ​ $ 5,962 ​ $ 8,032 ​ $ 1,438

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related party Manager fees	The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — %
Schedule Of Fixed Components of the Advisory Fee	The following table details the fixed component of the advisory fee: ​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 %
Schedule Fees and Expenses to the Advisor and Its Affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2021 2020 2019 2021 2020 Selling commissions and dealer manager fees (1) ​ $ 2,977 ​ $ 1,498 ​ $ 2,094 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 2,974 ​ ​ 2,024 ​ ​ 1,387 ​ ​ 394 ​ ​ 188 Advisory fees - fixed component ​ ​ 21,433 ​ ​ 17,211 ​ ​ 13,637 ​ ​ 2,094 ​ ​ 1,547 Performance participation allocation ​ 15,327 ​ 4,608 ​ 3,776 ​ 15,327 ​ 4,608 Other expense reimbursements— Advisor (3)(4) ​ 11,070 ​ 10,002 ​ 10,601 ​ 1,443 ​ 2,112 Other expense reimbursements—Dealer Manager ​ 376 ​ 516 ​ 1,408 ​ — ​ — DST Program selling commissions, dealer manager and distribution fees (1) ​ 9,871 ​ 4,097 ​ 3,119 ​ 219 ​ — Other DST Program related costs—Advisor (3) ​ 6,229 ​ 4,085 ​ 2,988 ​ 87 ​ — Total ​ $ 70,257 ​ $ 44,041 ​ $ 39,010 ​ $ 19,564 ​ $ 8,455 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $34.1 million and $15.5 million as of December 31, 2021 and 2020, respectively, are included in other liabilities on the consolidated balance sheets. (3) Includes costs reimbursed to the Advisor related to the DST Program. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described after this footnote, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income (Loss) Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2021 2020 2019 Net income (loss) attributable to common stockholders—basic ​ $ 30,754 ​ $ (14,914) ​ $ 142,551 Net income (loss) attributable to redeemable OP Units ​ ​ 221 ​ ​ (54) ​ ​ — Net income (loss) attributable to OP Units ​ 3,565 ​ (1,091) ​ 10,726 Net income (loss) attributable to common stockholders—diluted ​ $ 34,540 ​ $ (16,059) ​ $ 153,277 Weighted-average shares outstanding—basic ​ 154,767 ​ 142,268 ​ 136,925 Incremental weighted-average shares effect of conversion of OP Units ​ 19,563 ​ 11,784 ​ 10,391 Weighted-average shares outstanding—diluted ​ 174,330 ​ 154,052 ​ 147,316 Net income (loss) per share attributable to common stockholders: ​ ​ ​ Basic ​ $ 0.20 ​ $ (0.10) ​ $ 1.04 Diluted ​ $ 0.20 ​ $ (0.10) ​ $ 1.04

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Supplemental Cash Flow Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Cash paid for interest ​ $ 55,069 ​ $ 46,417 ​ $ 39,515 Distributions reinvested in common stock ​ 23,197 ​ 21,278 ​ 20,595 Change in accrued future ongoing distribution fees ​ 18,576 ​ 1,019 ​ 6,540 Repayment of property-level loans upon disposition of real estate property ​ — ​ — ​ 98,600 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 25,978 ​ ​ 26,486 ​ ​ 18,744 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 4,608 ​ ​ 3,776 ​ ​ — Mortgage notes assumed on real estate acquisitions at fair value ​ ​ 125,887 ​ ​ 13,472 ​ ​ — Issuances of OP Units for DST Interests ​ ​ 115,653 ​ ​ 28,266 ​ ​ —
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 11,266 ​ $ 97,772 ​ $ 10,008 Restricted cash ​ 10,468 ​ 10,010 ​ 7,030 Cash, cash equivalents and restricted cash ​ $ 21,734 ​ $ 107,782 ​ $ 17,038 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 10,605 ​ $ 11,266 ​ $ 97,772 Restricted cash ​ 3,747 ​ 10,468 ​ 10,010 Cash, cash equivalents and restricted cash ​ $ 14,352 ​ $ 21,734 ​ $ 107,782

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by segment as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2021(1) ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 335,811 ​ $ 487,193 Retail properties ​ 639,584 ​ 685,116 Residential properties ​ 837,491 ​ 365,195 Industrial properties ​ 826,353 ​ 464,391 Corporate ​ 351,732 ​ 109,665 Total assets ​ $ 2,990,971 ​ $ 2,111,560 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 4” for further detail.
Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 64,290 ​ $ 72,102 ​ $ 31,023 ​ $ 41,761 ​ $ 209,176 Rental expenses ​ (28,280) ​ (18,693) ​ (13,387) ​ (9,413) ​ (69,773) Net operating income ​ $ 36,010 ​ $ 53,409 ​ $ 17,636 ​ $ 32,348 ​ $ 139,403 Real estate-related depreciation and amortization ​ $ 19,875 ​ $ 19,485 ​ $ 11,062 ​ $ 23,993 ​ $ 74,415 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 69,110 ​ $ 71,244 ​ $ 20,424 ​ $ 23,467 ​ $ 184,245 Rental expenses ​ ​ (30,355) ​ (17,568) ​ (9,448) ​ (5,007) ​ ​ (62,378) Net operating income ​ $ 38,755 ​ $ 53,676 ​ $ 10,976 ​ $ 18,460 ​ $ 121,867 Real estate-related depreciation and amortization ​ $ 21,130 ​ $ 19,795 ​ $ 9,762 ​ $ 12,236 ​ $ 62,923 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 93,826 ​ $ 70,462 ​ $ 6,418 ​ $ 13,735 ​ $ 184,441 Rental expenses ​ ​ (37,905) ​ ​ (17,357) ​ ​ (2,864) ​ ​ (2,934) ​ ​ (61,060) Net operating income ​ $ 55,921 ​ $ 53,105 ​ $ 3,554 ​ $ 10,801 ​ $ 123,381 Real estate-related depreciation and amortization ​ $ 26,194 ​ $ 20,317 ​ $ 4,028 ​ $ 6,803 ​ $ 57,342
Reconciliation of Net Operating Income to Reported Net Income (Loss)	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2021, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Net income (loss) attributable to common stockholders ​ $ 30,754 ​ $ (14,914) ​ $ 142,551 Debt-related income ​ (9,174) ​ (2,347) ​ (227) Real estate-related depreciation and amortization ​ 74,415 ​ 62,923 ​ 57,342 General and administrative expenses ​ 8,797 ​ 7,548 ​ 7,894 Advisory fees, related party ​ 21,433 ​ 17,211 ​ 13,637 Performance participation allocation ​ 15,327 ​ 4,608 ​ 3,776 Acquisition costs and reimbursements ​ 2,636 ​ 1,108 ​ 1,091 Litigation expense ​ — ​ 2,500 ​ — Impairment of real estate property ​ 758 ​ — ​ 113 Equity in income from unconsolidated joint venture partnerships ​ ​ (114) ​ ​ — ​ ​ — Other income ​ ​ (1,852) ​ ​ (1,037) ​ ​ (153) Interest expense ​ 70,494 ​ 58,747 ​ 48,170 Gain on sale of real estate property ​ (77,857) ​ (13,335) ​ (160,537) Gain on extinguishment of debt and financing commitments, net ​ — ​ — ​ (1,002) Net income (loss) attributable to redeemable noncontrolling interests ​ ​ 221 ​ ​ (54) ​ ​ — Net income (loss) attributable to noncontrolling interests ​ 3,565 ​ (1,091) ​ 10,726 Net operating income ​ $ 139,403 ​ $ 121,867 ​ $ 123,381

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - 12 months ended Dec. 31, 2021	segmentproperty	building
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties	67	127
Number of reportable segments	4

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Write-offs of unamortized intangible leases	$ 900	$ 2,600	$ 2,000
Impairment charges	758	0	113
Impairment losses recorded related to investment	0
Accumulated amortization of deferred financing costs	13,000	13,900
Amortization of financing costs	13,600	10,000	$ 6,900
Straight-line rent and tenant receivables, allowance for doubtful accounts	$ 600	$ 1,100

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2021
Building | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	20 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years
Building and Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	10 years
Building and Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2021building
Real Estate Properties [Line Items]
Number of real estate properties	67			127
Proceeds from disposition of real estate property	$ 223,791	$ 27,372	$ 341,677
Gain on sale of real estate property	77,857	13,335	160,537
Impairment of Real Estate	$ 758	$ 0	113
Intangible lease assets
Real Estate Properties [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	7 years 8 months 12 days	9 years 2 months 12 days
Office properties
Real Estate Properties [Line Items]
Number of real estate properties | building				9
Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | building				45
Retail properties | Retail Property, Holbrook, Massachusetts
Real Estate Properties [Line Items]
Impairment of Real Estate			$ 100
Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties | building				40
Disposed of by Sale | Office properties
Real Estate Properties [Line Items]
Number of real estate properties | property	2
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property	3	1
Disposed of by Sale | Retail properties | Retail Property, Manomet, Massachusetts Market
Real Estate Properties [Line Items]
Impairment of Real Estate	$ 800
Disposed of by Sale | Retail outparcel
Real Estate Properties [Line Items]
Number of real estate properties | property		1
Disposed of by Sale | Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties | property	1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 583,728	$ 476,442
Buildings and improvements	2,180,358	1,689,474
Intangible lease assets	284,128	289,762
Right of use asset	$ 13,637
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Net investment in real estate properties
Investment in real estate properties	$ 3,061,851	2,455,678
Accumulated depreciation and amortization	(472,025)	(501,105)	$ (444,718)	$ (501,621)
Net investment in real estate properties	$ 2,589,826	$ 1,954,573

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Asset Acquisition [Line Items]
Percentage of assets acquired	100.00%
Right of use asset	$ 13,637
Lease liability	$ 4,440
oLiv Tucson
Asset Acquisition [Line Items]
Percentage of voting interest	97.50%
Lessee, Finance Lease, Remaining Lease Term	97 years
Lessee, Finance Lease, Renewal Term	25 years
Lessee, Finance Lease, Number Of Term Extensions | item	4
Right of use asset	$ 13,600
Lease liability	4,400
Village at Lee Branch
Asset Acquisition [Line Items]
Total acquisitions		$ 41,665
Railhead DC
Asset Acquisition [Line Items]
Total acquisitions		19,295
Debt assumed at fair value		9,800
Debt instrument, principal amount		9,200
Campus Drive IC
Asset Acquisition [Line Items]
Total acquisitions	6,652
Long Island Logistics Center
Asset Acquisition [Line Items]
Total acquisitions	20,001
Phoenix IC
Asset Acquisition [Line Items]
Total acquisitions	17,604
Tempe IC
Asset Acquisition [Line Items]
Total acquisitions	28,347
Las Vegas IC
Asset Acquisition [Line Items]
Total acquisitions	8,809
oLiv Tucson
Asset Acquisition [Line Items]
Total acquisitions	124,219
Arabelle Clearwater
Asset Acquisition [Line Items]
Total acquisitions	116,352
Arabelle Riverwalk
Asset Acquisition [Line Items]
Total acquisitions	234,050
Debt assumed at fair value	125,900
Debt instrument, principal amount	117,100
Asset Acquisition
Asset Acquisition [Line Items]
Total acquisitions	904,698	377,591
Tri-County DC II B
Asset Acquisition [Line Items]
Total acquisitions		2,884
Sterling IC
Asset Acquisition [Line Items]
Total acquisitions		5,118
Clayton Commerce Center
Asset Acquisition [Line Items]
Total acquisitions		59,289
Bay Area Commerce Center
Asset Acquisition [Line Items]
Total acquisitions		48,807
Air Tech DC
Asset Acquisition [Line Items]
Total acquisitions		18,709
Debt assumed at fair value		3,600
Debt instrument, principal amount		3,400
East Columbia IC
Asset Acquisition [Line Items]
Total acquisitions		14,914
Plainfield LC
Asset Acquisition [Line Items]
Total acquisitions		19,428
395 LC
Asset Acquisition [Line Items]
Total acquisitions		68,270
The Palms
Asset Acquisition [Line Items]
Total acquisitions		$ 79,212
Radar Distribution Center
Asset Acquisition [Line Items]
Total acquisitions	49,168
Intermountain Space Center
Asset Acquisition [Line Items]
Total acquisitions	61,057
Airway Logistics
Asset Acquisition [Line Items]
Total acquisitions	24,356
Greenwood Business Center
Asset Acquisition [Line Items]
Total acquisitions	16,888
25 Linden Industrial Center
Asset Acquisition [Line Items]
Total acquisitions	17,146
Little Orchard Business Park
Asset Acquisition [Line Items]
Total acquisitions	96,559
Tustin Business Center
Asset Acquisition [Line Items]
Total acquisitions	33,285
Barrow Crossing
Asset Acquisition [Line Items]
Total acquisitions	$ 50,205

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 166,310	$ 64,517
Building	703,597	287,762
Intangible lease assets	39,270	26,144
Above-market lease assets	1,392	2,102
Right of use asset	13,637
Lease liability	(4,440)
Below-market lease liabilities	(15,068)	(2,934)
Total purchase price	904,698	377,591
Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed, Net	$ 904,698	$ 377,591

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 284,128	$ 289,762
Gross, Liabilities	(80,206)	(79,891)
Accumulated Amortization, Liabilities	32,707	39,434
Net, Liabilities	(47,499)	(40,457)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	261,401	266,242
Accumulated Amortization, Assets	(186,820)	(214,055)
Net, Assets	74,581	52,187
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	22,727	23,520
Accumulated Amortization, Assets	(19,507)	(21,216)
Net, Assets	$ 3,220	$ 2,304

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
2021	$ (4,153)
2022	(3,982)
2023	(3,619)
2024	(3,441)
2025	(3,199)
Thereafter	(29,105)
Net, Liabilities	(47,499)	$ (40,457)
Intangible lease assets
Real Estate Properties [Line Items]
2022	20,877
2023	13,465
2024	10,269
2025	8,575
2026	6,854
Thereafter	14,541
Net, Assets	74,581	52,187
Above-market lease assets
Real Estate Properties [Line Items]
2022	565
2023	553
2024	525
2025	415
2026	352
Thereafter	810
Net, Assets	$ 3,220	$ 2,304

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ (5,849)	$ (5,539)	$ (7,776)
Depreciation expense	59,766	47,629	40,824
Intangible lease asset amortization	14,649	15,294	16,518
Early lease termination revenue	2,500	0	6,100
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(469)	(357)	(792)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 3,559	$ 3,521	$ 4,042

INVESTMENTS IN REAL ESTATE P_10

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Real Estate [Abstract]
Year 1	$ 128,671
Year 2	119,272
Year 3	103,502
Year 4	90,453
Year 5	74,651
Thereafter	233,682
Total	$ 750,231

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	Dec. 31, 2021USD ($)Officeproperty	Dec. 31, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 105,096	$ 0
Liabilities related to assets held for sale	$ 5,744	$ 0
Bandera Road
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | property	1
1st Avenue Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | Office	1
Assets Held for Sale.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment in real estate properties	$ 101,690
Other Assets	3,406
Assets held for sale	105,096
Accounts payable and accrued expenses	3,172
Intangible lease liabilities, net	995
Other liabilities	1,577
Liabilities related to assets held for sale	$ 5,744

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Dec. 21, 2021property	Nov. 30, 2021item	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | item		2
Investment in unconsolidated joint venture partnerships			$ 57,425	$ 0
Equity in income from unconsolidated joint venture partnerships			$ 114	$ 0	$ 0
Vue 1400 JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage			85.00%
Investment in unconsolidated joint venture partnerships			$ 26,117
Vue 1400 JV | Vue 1400 JV
Schedule of Equity Method Investments [Line Items]
Number Of Units | property	316
Net Lease JV I
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.00%
Investment in unconsolidated joint venture partnerships			$ 16,267
Net Lease JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.00%
Investment in unconsolidated joint venture partnerships			$ 15,041

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Number of Partial Recourse Mortgage Notes | loan	2
Weighted-Average Effective Interest Rate as of	2.78%	3.04%
Total borrowings	$ 1,370,554	$ 968,544
Less: unamortized debt issuance costs	(16,762)	(4,083)
Add: mark-to-market adjustment on assumed debt	9,442	844
Total debt, net	1,363,234	965,305
Gross book value of properties encumbered by debt	$ 981,927	$ 584,637
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	4 years 10 months 24 days
Partial Recourse 1 | Performance Guarantee
Debt Instrument [Line Items]
Current guarantor obligations	$ 16,300
Partial Recourse 2 | Performance Guarantee
Debt Instrument [Line Items]
Current guarantor obligations	$ 300
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	1.35%	1.54%
Total borrowings	$ 256,000	$ 106,000
Current borrowing capacity	444,000
Available portions under the line of credit	$ 327,800
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.25%	1.25%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.00%	2.00%
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 525,000
Term Loan (Maturity Date November 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.16%	3.27%
Total borrowings	$ 325,000	$ 325,000
Maximum borrowing capacity	400,000
Current borrowing capacity	$ 75,000
Term Loan (Maturity Date November 2026) | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.20%	1.20%
Term Loan (Maturity Date November 2026) | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.90%	1.90%
Term Loan (Maturity Date November 2026) | Interest rate swaps
Debt Instrument [Line Items]
Amount of hedged item	$ 300,000
Term Loan (Maturity Date January 2027)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.19%	3.29%
Total borrowings	$ 200,000	$ 200,000
Maximum borrowing capacity	400,000
Current borrowing capacity	$ 200,000
Term Loan (Maturity Date January 2027) | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.20%	1.20%
Term Loan (Maturity Date January 2027) | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.90%	1.90%
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.49%	3.55%
Total borrowings	$ 381,954	$ 210,544
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	2.26%	2.50%
Total borrowings	$ 207,600	$ 127,000
Floating-Rate Mortgage Notes | LIBOR
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR		2.25%
Floating-Rate Mortgage Notes | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	1.55%
Floating-Rate Mortgage Notes | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread over LIBOR	2.50%	2.50%
Mortgage Notes
Debt Instrument [Line Items]
Total borrowings	$ 589,554

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2022	$ 1,612
2023	1,463
2024	129,265
2025	328,360
2026	409,214
Thereafter	500,640
Total principal payments	1,370,554	$ 968,544
Line of Credit
Debt Instrument [Line Items]
2022	0
2023	0
2024	0
2025	256,000
2026	0
Thereafter	0
Total principal payments	$ 256,000	106,000
Term of extension	6 months
Number of extension options | item	2
Term Loan
Debt Instrument [Line Items]
2022	$ 0
2023	0
2024	0
2025	0
2026	325,000
Thereafter	200,000
Total principal payments	525,000
Mortgage Notes
Debt Instrument [Line Items]
2022	1,612
2023	1,463
2024	129,265
2025	72,360
2026	84,214
Thereafter	300,640
Total principal payments	589,554
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Total principal payments	$ 207,600	$ 127,000

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Dec. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	15	15
Total notional amount	$ 707,600	$ 676,849
Estimated increase to interest expense related to active effective hedges of floating rate debt	(5,400)
Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets	323
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 11,236	$ 26,916
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	13	14
Total notional amount	$ 500,000	$ 549,849
Estimated increase to interest expense related to termination of hedging instrument	(100)
Interest rate swaps | Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets	164
Interest rate swaps | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 11,236	$ 26,916
Interest rate caps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	2	1
Total notional amount	$ 207,600	$ 127,000
Interest rate caps | Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets	159	0
Interest rate caps | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 0	$ 0

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 70,494	$ 58,747	$ 48,170
Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	70,494	58,747	48,170
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	71	(13)	(25)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	5,616	(21,589)	(13,341)
Amount reclassified from AOCI into interest expense	$ 10,281	$ 7,747	(1,600)
Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring			$ (1,374)

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
DST Program Loans	$ 62,123	$ 45,229
Rent Obligations	69,773	62,378	$ 61,060
Issuances of OP Units for DST Interests	107,480	28,266
DST Program
Variable Interest Entity [Line Items]
DST Program Loans	62,100	45,200
Proceeds from private placement	292,700	278,200	212,700
DST interest sold that were financed during period	26,000	26,500	18,700
Rent Obligations	28,400	19,400	$ 7,000
Issuances of OP Units for DST Interests	$ 115,700	$ 28,300
DST Program | OP Units
Variable Interest Entity [Line Items]
Issuance of OP Units (in shares)	15	3.8

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Derivative instruments	$ 323	$ 0
Total assets measured at fair value	323	0
Liabilities:
Derivative instruments	11,236	26,916
Total liabilities measured at fair value	11,236	26,916
Level 1
Assets:
Derivative instruments	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative instruments	0	0
Total liabilities measured at fair value	0	0
Level 2
Assets:
Derivative instruments	323	0
Total assets measured at fair value	323	0
Liabilities:
Derivative instruments	11,236	26,916
Total liabilities measured at fair value	11,236	26,916
Level 3
Assets:
Derivative instruments	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative instruments	0	0
Total liabilities measured at fair value	$ 0	$ 0

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 106,463	$ 49,885
DST Program Loans	62,123	45,229
Line of credit	256,000	106,000
Term loans	525,000	525,000
Mortgage notes	589,554	337,544
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	106,463	49,584
DST Program Loans	62,123	45,229
Line of credit	256,000	105,592
Term loans	525,000	521,945
Mortgage notes	$ 600,467	$ 336,336

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Impact on uncertain tax positions from results of operations	$ 0	$ 0	$ 0
Deferred Tax Assets, Net	$ 1,200	$ 1,600

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary income	13.62%	3.28%	22.78%
Non-taxable return of capital	61.37%	12.34%	61.01%
Capital gain	25.01%	84.38%	16.21%
Total distributions	100.00%	100.00%	100.00%

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details) $ in Millions	Dec. 31, 2021USD ($)
Stockholders Equity Note Disclosure [Line Items]
Registration offering amount	$ 3,000
Common Class T, Common Class S, Common Class D and Common Class I
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold	2,380
Primary offering
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement offering	2,500
DRIP Offering
Stockholders Equity Note Disclosure [Line Items]
Amount of DRIP offering	500
DRIP Offering | Class E
Stockholders Equity Note Disclosure [Line Items]
Amount of registration statement remaining unsold	$ 84.2

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Public Offerings) (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 274,724
Number of shares sold | shares	35,379
Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 58,157
Number of shares sold | shares	6,860
Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 102,125
Number of shares sold | shares	13,157
Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 22,226
Number of shares sold | shares	2,899
Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 85,253
Number of shares sold | shares	11,553
Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,963
Number of shares sold | shares	910
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 251,527
Number of shares sold | shares	32,351
Primary offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 56,107
Number of shares sold | shares	6,593
Primary offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 97,389
Number of shares sold | shares	12,539
Primary offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 21,299
Number of shares sold | shares	2,778
Primary offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 76,732
Number of shares sold | shares	10,441
Primary offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 0
Number of shares sold | shares	0
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 23,197
Number of shares sold | shares	3,028
DRIP Offering | Class T
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,050
Number of shares sold | shares	267
DRIP Offering | Class S
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,736
Number of shares sold | shares	618
DRIP Offering | Class D
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 927
Number of shares sold | shares	121
DRIP Offering | Class I
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 8,521
Number of shares sold | shares	1,112
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,963
Number of shares sold | shares	910

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)	(8,784)	(14,071)	(16,413)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	143,041	140,480	130,852
Primary shares (in shares)	32,351	13,772	23,155
Distribution reinvestment plan (in shares)	3,028	2,840	2,800
Share-based compensation (in shares)	29	20	86
Redemptions of common stock (in shares)	(8,784)	(14,071)	(16,413)
Ending Balances (in shares)	169,665	143,041	140,480
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	9,831
Ending Balances (in shares)	16,425	9,831
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	9,831	5,852	2,783
Primary shares (in shares)	6,593	4,006	3,298
Distribution reinvestment plan (in shares)	267	187	88
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(266)	(214)	(317)
Ending Balances (in shares)	16,425	9,831	5,852
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	23,516
Ending Balances (in shares)	35,757	23,516
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	23,516	20,593	10,516
Primary shares (in shares)	12,539	4,507	10,926
Distribution reinvestment plan (in shares)	618	476	366
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(916)	(2,060)	(1,215)
Ending Balances (in shares)	35,757	23,516	20,593
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	4,098
Ending Balances (in shares)	6,749	4,098
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	4,098	3,499	2,778
Primary shares (in shares)	2,778	728	1,050
Distribution reinvestment plan (in shares)	121	91	80
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(248)	(220)	(409)
Ending Balances (in shares)	6,749	4,098	3,499
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	44,723
Ending Balances (in shares)	54,406	44,723
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	44,723	43,732	37,385
Primary shares (in shares)	10,441	4,531	7,881
Distribution reinvestment plan (in shares)	1,112	1,065	1,069
Share-based compensation (in shares)	29	20	86
Redemptions of common stock (in shares)	(1,899)	(4,625)	(2,689)
Ending Balances (in shares)	54,406	44,723	43,732
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	60,873
Ending Balances (in shares)	56,328	60,873
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	60,873	66,804	77,390
Primary shares (in shares)	0	0	0
Distribution reinvestment plan (in shares)	910	1,021	1,197
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(5,455)	(6,952)	(11,783)
Ending Balances (in shares)	56,328	60,873	66,804

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.37500	$ 0.37500
Common Stock Distributions Paid in Cash	$ 8,265	$ 7,984	$ 7,696	$ 7,562	$ 7,464	$ 7,482	$ 7,539	$ 7,533	$ 31,507	$ 30,018
Other Cash Distributions	3,331	2,613	2,266	2,010	1,750	1,592	1,611	1,499	10,220	6,452
Reinvested in Shares	6,361	5,985	5,723	5,526	5,347	5,282	5,316	5,360	23,595	21,305
Total Distributions	$ 17,957	$ 16,582	$ 15,685	$ 15,098	$ 14,561	$ 14,356	$ 14,466	$ 14,392	$ 65,322	$ 57,775

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Number of shares requested for redemption or repurchase (in shares)	8,784	14,071	16,413
Number of shares redeemed or repurchased (in shares)	8,784	14,071	16,413
% of shares requested that were redeemed or repurchased	100.00%	100.00%	100.00%
Average redemption or repurchase price per share (usd per share)	$ 7.65	$ 7.50	$ 7.35

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 3,798	$ 3,798
Settlement of prior year performance participation allocation	$ 4,600	4,608	$ 3,776	$ 3,800
Distributions declared on redeemable noncontrolling interests		(418)	(189)
Net income (loss) attributable to redeemable noncontrolling interests		221	(54)	0
Change from cash flow hedging activities attributable to redeemable noncontrolling interests		103	(45)
Redemption value allocation adjustment to redeemable noncontrolling interests		682	310
Due to Related Parties		19,564	8,455
Ending balance		$ 8,994	3,798
Black Creek Diversified Property Advisors, LLC | Performance Participation Allocation
Redeemable Noncontrolling Interest [Line Items]
Due to Related Parties			$ 4,600	$ 3,800

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - OP Units - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Redemption Of Operating Partnership Units, Number Of Common Stock Issued Per Operating Partnership Unit	1
Operating Partnership | Third Party Investors [Member]
Noncontrolling Interest [Line Items]
Ownership percentage owned by third-party investors	14.30%	8.60%

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Number of OP Units redeemed	8,784	14,071	16,413
Aggregate amount of OP Units redeemed	$ 67,234	$ 105,588	$ 120,580
OP Units
Noncontrolling Interest [Line Items]
Number of OP Units issued to third-party investors (in shares)	28,295	13,486
Number of OP Units outstanding to third-party investors (in shares)	28,295	13,486
Estimated maximum redemption value (unaudited)	$ 228,254	$ 101,703
Number of OP Units redeemed	776	1,070	196
Aggregate amount of OP Units redeemed	$ 5,962	$ 8,032	$ 1,438

RELATED PARTY TRANSACTIONS - (S

RELATED PARTY TRANSACTIONS - (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Advisor - Selling commissions and dealer manager fees	12 Months Ended
	Dec. 31, 2021
Class T
Related Party Transaction [Line Items]
Dealer manager fees (as % of transaction price)	0.50%
Distribution fees (as % of NAV per annum)	0.85%
Class T | Maximum
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.00%
Class S
Related Party Transaction [Line Items]
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.85%
Class S | Maximum
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.50%
Class D
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.25%
Class I
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0.00%
Dealer manager fees (as % of transaction price)	0.00%
Distribution fees (as % of NAV per annum)	0.00%

RELATED PARTY TRANSACTIONS - (A

RELATED PARTY TRANSACTIONS - (Advisory Fee) (Details) - USD ($)	Jan. 01, 2019	Dec. 31, 2021
Affiliated Entity | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Consideration received	$ 1,000
Number of shares issued (in shares)	100
Affiliated Entity | Advisory Fees
Related Party Transaction [Line Items]
Class E Dealer Manager Fee Portion Waived Under NAV Per Share Threshold		$ 10
Advisor
Related Party Transaction [Line Items]
Advisory Agreement Contract Renewal Term		1 year
Advisor | Advisory Fees
Related Party Transaction [Line Items]
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)		1.10%
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in "Note 5") to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests		1.10%
Threshold for performance component of advisory fee		12.50%
Threshold of annual total return as % of NAV		5.00%
Performance component earned for excess return over the hurdle amount		100.00%
Maximum performance component limited to % of total annual return		12.50%
Loss carryforward		$ 0

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party transaction expense		$ 70,257	$ 44,041	$ 39,010
Payable as of		19,564	8,455
Advisor
Related Party Transaction [Line Items]
Amount reimbursed for services		$ 9,800	8,000	8,500
Dealer Manager
Related Party Transaction [Line Items]
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares	5.00%
Selling commissions and dealer manager fees | Advisor
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment		8.75%
Related party transaction expense		$ 2,977	1,498	2,094
Payable as of		0	0
Ongoing Distribution Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense		2,974	2,024	1,387
Payable as of		394	188
Ongoing Distribution Fees [Member] | Dealer Manager | Other Liabilities
Related Party Transaction [Line Items]
Future Estimated Distribution Fees Payable		34,100	15,500
Advisory Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		21,433	17,211	13,637
Payable as of		2,094	1,547
Performance Participation Allocation | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		15,327	4,608	3,776
Payable as of		15,327	4,608
Other Expense Reimbursements [Member] | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		11,070	10,002	10,601
Payable as of		1,443	2,112
Other Expense Reimbursements [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense		376	516	1,408
Payable as of		$ 0	0
DST Program Manager Fees
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties		100.00%
DST Program Manager Fees | Affiliated Entity
Related Party Transaction [Line Items]
Maximum percentage of purchase price paid by investor		50.00%
Percentage of origination fee		1.00%
DST Program Manager Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		$ 6,229	4,085	2,988
Payable as of		$ 87	0
DST Program Manager Fees | DST Manager | DST Manager
Related Party Transaction [Line Items]
Redemption fee, payable to manager		1.00%
DST Program Manager Fees | DST Manager | DST Advisor
Related Party Transaction [Line Items]
Management Compensation Fee Receivable, Percent Of Gross Rents		1.00%
Management fee, percent of equity proceeds		1.00%
Management loan fee, percent of financing arranged		1.00%
DST Program dealer manager fees | Affiliated Entity | Dealer Manager | Ares Diversified Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Amount of interests placed with dealer		$ 1,000,000
DST Program dealer manager fees | Dealer Manager
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Related party transaction expense		$ 9,871	4,097	$ 3,119
Payable as of		$ 219	$ 0
DST Program dealer manager fees | Dealer Manager | Ares Diversified Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Percent of gross equity proceeds		5.00%
Ongoing dealer manager fees associated with private placement offering		0.85%
Organization And Offering Expenses [Member] | Advisor
Related Party Transaction [Line Items]
Threshold criteria of organization and offering expenses		15.00%

RELATED PARTY TRANSACTIONS - (T

RELATED PARTY TRANSACTIONS - (Transactions with Affiliates) (Details) - Operating Partnership - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
General Partner [Member]
Related Party Transaction [Line Items]
General Partners' Contributed Capital	$ 2
OP Units held by general partner	200
Limited Partner [Member]
Related Party Transaction [Line Items]
Contributed of gross proceeds of common stock to the operating partnership	100.00%
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	85.70%	91.40%

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders - basic	$ 30,754	$ (14,914)	$ 142,551
Net income (loss) attributable to redeemable OP Units	221	(54)	0
Net income (loss) attributable to OP Units	3,565	(1,091)	10,726
Net income (loss) attributable to common stockholders - diluted	$ 34,540	$ (16,059)	$ 153,277
Weighted-average shares outstanding-basic	154,767	142,268	136,925
Incremental weighted-average shares effect of conversion of OP Units (in shares)	19,563	11,784	10,391
Weighted-average shares outstanding - diluted (in shares)	174,330	154,052	147,316
Basic	$ 0.20	$ (0.10)	$ 1.04
Diluted	$ 0.20	$ (0.10)	$ 1.04

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncash Investing and Financing Items [Abstract]
Cash paid for interest	$ 55,069	$ 46,417	$ 39,515
Distributions reinvested in common stock	23,197	21,278	20,595
Change in accrued future ongoing distribution fees	18,576	1,019	6,540
Repayment of property-level loans upon disposition of real estate property	0	0	98,600
Increase in DST Program Loans receivable through DST Program capital raising	25,978	26,486	18,744
Redeemable noncontrolling interest issued as settlement of performance participation allocation	4,608	3,776	0
Mortgage notes assumed on real estate acquisitions at fair value	125,887	13,472	0
Issuances of OP Units for DST Interests	115,653	28,266	0
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	10,605	11,266	97,772	$ 10,008
Restricted cash	3,747	10,468	10,010	7,030
Cash, cash equivalents and restricted cash	$ 14,352	$ 21,734	$ 107,782	$ 17,038

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	4
Total Assets	$ 2,990,971	$ 2,111,560
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	335,811	487,193
Operating Segments | Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	639,584	685,116
Operating Segments | Residential
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	837,491	365,195
Operating Segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	826,353	464,391
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 351,732	$ 109,665

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Rental revenues	$ 209,176	$ 184,245	$ 184,441
Rental expenses	(69,773)	(62,378)	(61,060)
Net operating income	139,403	121,867	123,381
Real estate-related depreciation and amortization	74,415	62,923	57,342
Operating Segments | Office
Segment Reporting Information [Line Items]
Rental revenues	64,290	69,110	93,826
Rental expenses	(28,280)	(30,355)	(37,905)
Net operating income	36,010	38,755	55,921
Real estate-related depreciation and amortization	19,875	21,130	26,194
Operating Segments | Retail
Segment Reporting Information [Line Items]
Rental revenues	72,102	71,244	70,462
Rental expenses	(18,693)	(17,568)	(17,357)
Net operating income	53,409	53,676	53,105
Real estate-related depreciation and amortization	19,485	19,795	20,317
Operating Segments | Residential
Segment Reporting Information [Line Items]
Rental revenues	31,023	20,424	6,418
Rental expenses	(13,387)	(9,448)	(2,864)
Net operating income	17,636	10,976	3,554
Real estate-related depreciation and amortization	11,062	9,762	4,028
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Rental revenues	41,761	23,467	13,735
Rental expenses	(9,413)	(5,007)	(2,934)
Net operating income	32,348	18,460	10,801
Real estate-related depreciation and amortization	$ 23,993	$ 12,236	$ 6,803

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of net operating income attributable to common shareholders
Net income (loss) attributable to common stockholders	$ 30,754	$ (14,914)	$ 142,551
Debt-related income	(9,174)	(2,347)	(227)
Real estate-related depreciation and amortization	74,415	62,923	57,342
General and administrative expenses	8,797	7,548	7,894
Advisory fees, related party	21,433	17,211	13,637
Performance participation allocation	15,327	4,608	3,776
Acquisition costs and reimbursements	2,636	1,108	1,091
Litigation expense	0	2,500	0
Impairment of real estate property	758	0	113
Equity in income from unconsolidated joint venture partnerships	(114)	0	0
Other income	(1,852)	(1,037)	(153)
Interest expense	70,494	58,747	48,170
Gain on sale of real estate property	(77,857)	(13,335)	(160,537)
Gain on extinguishment of debt and financing commitments, net	0	0	(1,002)
Net income (loss) attributable to redeemable noncontrolling interests	221	(54)	0
Net income (loss) attributable to noncontrolling interests	3,565	(1,091)	10,726
Net operating income	$ 139,403	$ 121,867	$ 123,381

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	2 Months Ended
	Mar. 11, 2022USD ($)property	Dec. 31, 2021USD ($)	Dec. 31, 2021property	Dec. 31, 2021building	Dec. 31, 2020USD ($)property
Subsequent Event [Line Items]
Number of real estate properties			67	127
Accounting basis (net of accumulated depreciation and amortization) | $		$ 2,589,826			$ 1,954,573
Subsequent Event
Subsequent Event [Line Items]
Gross proceeds | $	$ 150,000
Accounting basis (net of accumulated depreciation and amortization) | $	101,000
Subsequent Event | Real Estate Acquired [Member]
Subsequent Event [Line Items]
Asset purchase price | $	$ 369,500
Industrial properties
Subsequent Event [Line Items]
Number of real estate properties | building				40
Industrial properties | Subsequent Event | Real Estate Acquired [Member]
Subsequent Event [Line Items]
Number of real estate properties	7
Industrial properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties			1
Residential properties
Subsequent Event [Line Items]
Number of real estate properties | building				33
Residential properties | Subsequent Event | Real Estate Acquired [Member]
Subsequent Event [Line Items]
Number of real estate properties	1
Retail properties
Subsequent Event [Line Items]
Number of real estate properties | building				45
Retail properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties			3		1
Retail properties | Disposed of by Sale | Bandera Road | Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties	1
Office properties
Subsequent Event [Line Items]
Number of real estate properties | building				9
Office properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties			2
Office properties | Disposed of by Sale | 1st Avenue Plaza | Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties	1

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021property	Dec. 31, 2021building	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	67	127
Debt			$ 589,554
Initial Cost to Company, Land			586,034
Initial Cost to Company, Building & Improvements			2,334,352
Initial Cost to Company, Total			2,920,386
Costs Capitalized or Adjustments Subsequent to Acquisition			141,465
Gross Amount Carried, Land			583,728
Gross Amount Carried, Building and Improvements			2,478,123
Real Estate, Gross, Total Cost			3,061,851	$ 2,455,678	$ 2,057,350	$ 2,008,733
Accumulated Depreciation			(472,025)
Aggregate cost of investments in real property for federal income tax purposes			1,400,000
Office properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		9
Debt			127,000
Initial Cost to Company, Land			67,736
Initial Cost to Company, Building & Improvements			375,926
Initial Cost to Company, Total			443,662
Costs Capitalized or Adjustments Subsequent to Acquisition			90,976
Gross Amount Carried, Land			67,736
Gross Amount Carried, Building and Improvements			466,902
Real Estate, Gross, Total Cost			534,638
Accumulated Depreciation			(218,652)
Office properties | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,115
Initial Cost to Company, Building & Improvements			27,516
Initial Cost to Company, Total			37,631
Costs Capitalized or Adjustments Subsequent to Acquisition			14,536
Gross Amount Carried, Land			10,115
Gross Amount Carried, Building and Improvements			42,052
Real Estate, Gross, Total Cost			52,167
Accumulated Depreciation			(23,527)
Office properties | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			25,177
Initial Cost to Company, Building & Improvements			41,250
Initial Cost to Company, Total			66,427
Costs Capitalized or Adjustments Subsequent to Acquisition			10,694
Gross Amount Carried, Land			25,177
Gross Amount Carried, Building and Improvements			51,944
Real Estate, Gross, Total Cost			77,121
Accumulated Depreciation			(30,170)
Office properties | CityView
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			4,606
Initial Cost to Company, Building & Improvements			65,250
Initial Cost to Company, Total			69,856
Costs Capitalized or Adjustments Subsequent to Acquisition			8,343
Gross Amount Carried, Land			4,606
Gross Amount Carried, Building and Improvements			73,593
Real Estate, Gross, Total Cost			78,199
Accumulated Depreciation			(22,291)
Office properties | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,538
Initial Cost to Company, Building & Improvements			25,865
Initial Cost to Company, Total			29,403
Costs Capitalized or Adjustments Subsequent to Acquisition			125
Gross Amount Carried, Land			3,538
Gross Amount Carried, Building and Improvements			25,990
Real Estate, Gross, Total Cost			29,528
Accumulated Depreciation			(12,446)
Office properties | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,500
Initial Cost to Company, Building & Improvements			22,303
Initial Cost to Company, Total			29,803
Costs Capitalized or Adjustments Subsequent to Acquisition			13,722
Gross Amount Carried, Land			7,500
Gross Amount Carried, Building and Improvements			36,025
Real Estate, Gross, Total Cost			43,525
Accumulated Depreciation			(18,101)
Office properties | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			127,000
Initial Cost to Company, Land			16,800
Initial Cost to Company, Building & Improvements			193,742
Initial Cost to Company, Total			210,542
Costs Capitalized or Adjustments Subsequent to Acquisition			43,556
Gross Amount Carried, Land			16,800
Gross Amount Carried, Building and Improvements			237,298
Real Estate, Gross, Total Cost			254,098
Accumulated Depreciation			(112,117)
Office properties | Minimum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office properties | Minimum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Office properties | Minimum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office properties | Minimum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Office properties | Minimum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office properties | Minimum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Office properties | Maximum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		45
Debt			75,810
Initial Cost to Company, Land			226,798
Initial Cost to Company, Building & Improvements			547,176
Initial Cost to Company, Total			773,974
Costs Capitalized or Adjustments Subsequent to Acquisition			35,127
Gross Amount Carried, Land			224,443
Gross Amount Carried, Building and Improvements			584,658
Real Estate, Gross, Total Cost			809,101
Accumulated Depreciation			(184,019)
Retail properties | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,426
Initial Cost to Company, Building & Improvements			31,375
Initial Cost to Company, Total			43,801
Costs Capitalized or Adjustments Subsequent to Acquisition			(457)
Gross Amount Carried, Land			9,955
Gross Amount Carried, Building and Improvements			33,389
Real Estate, Gross, Total Cost			43,344
Accumulated Depreciation			(14,052)
Retail properties | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			8,580
Initial Cost to Company, Building & Improvements			12,494
Initial Cost to Company, Total			21,074
Costs Capitalized or Adjustments Subsequent to Acquisition			5,830
Gross Amount Carried, Land			8,580
Gross Amount Carried, Building and Improvements			18,324
Real Estate, Gross, Total Cost			26,904
Accumulated Depreciation			(7,390)
Retail properties | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			8,780
Initial Cost to Company, Building & Improvements			23,683
Initial Cost to Company, Total			32,463
Costs Capitalized or Adjustments Subsequent to Acquisition			1,009
Gross Amount Carried, Land			8,780
Gross Amount Carried, Building and Improvements			24,692
Real Estate, Gross, Total Cost			33,472
Accumulated Depreciation			(10,903)
Retail properties | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,380
Initial Cost to Company, Building & Improvements			25,778
Initial Cost to Company, Total			33,158
Costs Capitalized or Adjustments Subsequent to Acquisition			787
Gross Amount Carried, Land			7,380
Gross Amount Carried, Building and Improvements			26,565
Real Estate, Gross, Total Cost			33,945
Accumulated Depreciation			(11,654)
Retail properties | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,972
Initial Cost to Company, Building & Improvements			27,030
Initial Cost to Company, Total			40,002
Costs Capitalized or Adjustments Subsequent to Acquisition			3,796
Gross Amount Carried, Land			12,972
Gross Amount Carried, Building and Improvements			30,826
Real Estate, Gross, Total Cost			43,798
Accumulated Depreciation			(14,258)
Retail properties | Abington
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			14,396
Initial Cost to Company, Building & Improvements			594
Initial Cost to Company, Total			14,990
Gross Amount Carried, Land			14,396
Gross Amount Carried, Building and Improvements			594
Real Estate, Gross, Total Cost			14,990
Accumulated Depreciation			(594)
Retail properties | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,405
Initial Cost to Company, Building & Improvements			917
Initial Cost to Company, Total			11,322
Gross Amount Carried, Land			10,405
Gross Amount Carried, Building and Improvements			917
Real Estate, Gross, Total Cost			11,322
Accumulated Depreciation			(718)
Retail properties | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,560
Initial Cost to Company, Building & Improvements			22,014
Initial Cost to Company, Total			28,574
Costs Capitalized or Adjustments Subsequent to Acquisition			(1)
Gross Amount Carried, Land			6,560
Gross Amount Carried, Building and Improvements			22,013
Real Estate, Gross, Total Cost			28,573
Accumulated Depreciation			(9,834)
Retail properties | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,170
Initial Cost to Company, Building & Improvements			19,396
Initial Cost to Company, Total			24,566
Costs Capitalized or Adjustments Subsequent to Acquisition			(12)
Gross Amount Carried, Land			4,913
Gross Amount Carried, Building and Improvements			19,641
Real Estate, Gross, Total Cost			24,554
Accumulated Depreciation			(8,414)
Retail properties | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,610
Initial Cost to Company, Building & Improvements			11,682
Initial Cost to Company, Total			15,292
Gross Amount Carried, Land			3,610
Gross Amount Carried, Building and Improvements			11,682
Real Estate, Gross, Total Cost			15,292
Accumulated Depreciation			(5,341)
Retail properties | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			5,072
Initial Cost to Company, Land			3,790
Initial Cost to Company, Building & Improvements			11,152
Initial Cost to Company, Total			14,942
Gross Amount Carried, Land			3,790
Gross Amount Carried, Building and Improvements			11,152
Real Estate, Gross, Total Cost			14,942
Accumulated Depreciation			(4,720)
Retail properties | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			738
Initial Cost to Company, Land			5,850
Initial Cost to Company, Building & Improvements			14,547
Initial Cost to Company, Total			20,397
Gross Amount Carried, Land			5,850
Gross Amount Carried, Building and Improvements			14,547
Real Estate, Gross, Total Cost			20,397
Accumulated Depreciation			(6,588)
Retail properties | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			70,000
Initial Cost to Company, Land			19,779
Initial Cost to Company, Building & Improvements			42,515
Initial Cost to Company, Total			62,294
Costs Capitalized or Adjustments Subsequent to Acquisition			4,930
Gross Amount Carried, Land			19,781
Gross Amount Carried, Building and Improvements			47,443
Real Estate, Gross, Total Cost			67,224
Accumulated Depreciation			(20,110)
Retail properties | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			11,866
Initial Cost to Company, Building & Improvements			723
Initial Cost to Company, Total			12,589
Costs Capitalized or Adjustments Subsequent to Acquisition			8
Gross Amount Carried, Land			11,866
Gross Amount Carried, Building and Improvements			731
Real Estate, Gross, Total Cost			12,597
Accumulated Depreciation			(670)
Retail properties | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,783
Initial Cost to Company, Building & Improvements			9,713
Initial Cost to Company, Total			13,496
Costs Capitalized or Adjustments Subsequent to Acquisition			367
Gross Amount Carried, Land			3,783
Gross Amount Carried, Building and Improvements			10,080
Real Estate, Gross, Total Cost			13,863
Accumulated Depreciation			(5,415)
Retail properties | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			8,759
Initial Cost to Company, Building & Improvements			40,233
Initial Cost to Company, Total			48,992
Costs Capitalized or Adjustments Subsequent to Acquisition			1,725
Gross Amount Carried, Land			8,759
Gross Amount Carried, Building and Improvements			41,958
Real Estate, Gross, Total Cost			50,717
Accumulated Depreciation			(11,981)
Retail properties | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		6
Initial Cost to Company, Land			9,936
Initial Cost to Company, Building & Improvements			27,552
Initial Cost to Company, Total			37,488
Costs Capitalized or Adjustments Subsequent to Acquisition			5,093
Gross Amount Carried, Land			10,307
Gross Amount Carried, Building and Improvements			32,274
Real Estate, Gross, Total Cost			42,581
Accumulated Depreciation			(8,230)
Retail properties | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			10,501
Initial Cost to Company, Building & Improvements			27,397
Initial Cost to Company, Total			37,898
Costs Capitalized or Adjustments Subsequent to Acquisition			292
Gross Amount Carried, Land			10,501
Gross Amount Carried, Building and Improvements			27,689
Real Estate, Gross, Total Cost			38,190
Accumulated Depreciation			(6,998)
Retail properties | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			7,376
Initial Cost to Company, Building & Improvements			51,155
Initial Cost to Company, Total			58,531
Costs Capitalized or Adjustments Subsequent to Acquisition			7,296
Gross Amount Carried, Land			7,376
Gross Amount Carried, Building and Improvements			58,451
Real Estate, Gross, Total Cost			65,827
Accumulated Depreciation			(14,393)
Retail properties | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			3,492
Initial Cost to Company, Building & Improvements			30,655
Initial Cost to Company, Total			34,147
Costs Capitalized or Adjustments Subsequent to Acquisition			1,738
Gross Amount Carried, Land			3,492
Gross Amount Carried, Building and Improvements			32,393
Real Estate, Gross, Total Cost			35,885
Accumulated Depreciation			(7,179)
Retail properties | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			34,804
Initial Cost to Company, Building & Improvements			33,902
Initial Cost to Company, Total			68,706
Costs Capitalized or Adjustments Subsequent to Acquisition			1,416
Gross Amount Carried, Land			34,804
Gross Amount Carried, Building and Improvements			35,318
Real Estate, Gross, Total Cost			70,122
Accumulated Depreciation			(8,817)
Retail properties | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			10,476
Initial Cost to Company, Building & Improvements			32,461
Initial Cost to Company, Total			42,937
Costs Capitalized or Adjustments Subsequent to Acquisition			1,228
Gross Amount Carried, Land			10,476
Gross Amount Carried, Building and Improvements			33,689
Real Estate, Gross, Total Cost			44,165
Accumulated Depreciation			(3,848)
Retail properties | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		5
Initial Cost to Company, Land			6,107
Initial Cost to Company, Building & Improvements			50,208
Initial Cost to Company, Total			56,315
Costs Capitalized or Adjustments Subsequent to Acquisition			82
Gross Amount Carried, Land			6,107
Gross Amount Carried, Building and Improvements			50,290
Real Estate, Gross, Total Cost			56,397
Accumulated Depreciation			(1,912)
Retail properties | Minimum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	18 years
Retail properties | Minimum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	13 years
Retail properties | Minimum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Retail properties | Minimum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	16 years
Retail properties | Minimum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	22 years
Retail properties | Minimum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	15 years
Retail properties | Minimum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Retail properties | Minimum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail properties | Minimum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail properties | Minimum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Maximum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Kingston
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Orleans
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	68 years
Retail properties | Maximum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	43 years
Retail properties | Maximum | Weymouth
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	56 years
Retail properties | Maximum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Norwell
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	65 years
Retail properties | Maximum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	62 years
Retail properties | Maximum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		33
Debt			259,663
Initial Cost to Company, Land			92,050
Initial Cost to Company, Building & Improvements			763,581
Initial Cost to Company, Total			855,631
Costs Capitalized or Adjustments Subsequent to Acquisition			2,607
Gross Amount Carried, Land			92,050
Gross Amount Carried, Building and Improvements			766,188
Real Estate, Gross, Total Cost			858,238
Accumulated Depreciation			(25,034)
Residential properties | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Debt			62,000
Initial Cost to Company, Land			15,139
Initial Cost to Company, Building & Improvements			80,500
Initial Cost to Company, Total			95,639
Costs Capitalized or Adjustments Subsequent to Acquisition			345
Gross Amount Carried, Land			15,139
Gross Amount Carried, Building and Improvements			80,845
Real Estate, Gross, Total Cost			95,984
Accumulated Depreciation			(7,353)
Residential properties | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			9,129
Initial Cost to Company, Building & Improvements			75,420
Initial Cost to Company, Total			84,549
Costs Capitalized or Adjustments Subsequent to Acquisition			251
Gross Amount Carried, Land			9,129
Gross Amount Carried, Building and Improvements			75,671
Real Estate, Gross, Total Cost			84,800
Accumulated Depreciation			(5,888)
Residential properties | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			17,407
Initial Cost to Company, Building & Improvements			99,763
Initial Cost to Company, Total			117,170
Costs Capitalized or Adjustments Subsequent to Acquisition			376
Gross Amount Carried, Land			17,407
Gross Amount Carried, Building and Improvements			100,139
Real Estate, Gross, Total Cost			117,546
Accumulated Depreciation			(7,298)
Residential properties | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		15
Initial Cost to Company, Land			18,737
Initial Cost to Company, Building & Improvements			60,475
Initial Cost to Company, Total			79,212
Costs Capitalized or Adjustments Subsequent to Acquisition			1,629
Gross Amount Carried, Land			18,737
Gross Amount Carried, Building and Improvements			62,104
Real Estate, Gross, Total Cost			80,841
Accumulated Depreciation			(3,278)
Residential properties | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			80,600
Initial Cost to Company, Building & Improvements			128,659
Initial Cost to Company, Total			128,659
Costs Capitalized or Adjustments Subsequent to Acquisition			6
Gross Amount Carried, Building and Improvements			128,665
Real Estate, Gross, Total Cost			128,665
Accumulated Depreciation			(896)
Residential properties | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		10
Initial Cost to Company, Land			11,633
Initial Cost to Company, Building & Improvements			104,719
Initial Cost to Company, Total			116,352
Gross Amount Carried, Land			11,633
Gross Amount Carried, Building and Improvements			104,719
Real Estate, Gross, Total Cost			116,352
Accumulated Depreciation			(321)
Residential properties | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			117,063
Initial Cost to Company, Land			20,005
Initial Cost to Company, Building & Improvements			214,045
Initial Cost to Company, Total			234,050
Gross Amount Carried, Land			20,005
Gross Amount Carried, Building and Improvements			214,045
Real Estate, Gross, Total Cost			234,050
Residential properties | Minimum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Maximum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		40
Debt			127,081
Initial Cost to Company, Land			199,450
Initial Cost to Company, Building & Improvements			647,669
Initial Cost to Company, Total			847,119
Costs Capitalized or Adjustments Subsequent to Acquisition			12,755
Gross Amount Carried, Land			199,499
Gross Amount Carried, Building and Improvements			660,375
Real Estate, Gross, Total Cost			859,874
Accumulated Depreciation			(44,320)
Industrial properties | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			17,435
Initial Cost to Company, Land			4,880
Initial Cost to Company, Building & Improvements			12,019
Initial Cost to Company, Total			16,899
Costs Capitalized or Adjustments Subsequent to Acquisition			(60)
Gross Amount Carried, Land			4,880
Gross Amount Carried, Building and Improvements			11,959
Real Estate, Gross, Total Cost			16,839
Accumulated Depreciation			(2,783)
Industrial properties | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			22,605
Initial Cost to Company, Land			3,940
Initial Cost to Company, Building & Improvements			20,715
Initial Cost to Company, Total			24,655
Costs Capitalized or Adjustments Subsequent to Acquisition			16
Gross Amount Carried, Land			3,943
Gross Amount Carried, Building and Improvements			20,728
Real Estate, Gross, Total Cost			24,671
Accumulated Depreciation			(3,506)
Industrial properties | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			8,540
Initial Cost to Company, Building & Improvements			28,879
Initial Cost to Company, Total			37,419
Costs Capitalized or Adjustments Subsequent to Acquisition			1,697
Gross Amount Carried, Land			8,586
Gross Amount Carried, Building and Improvements			30,530
Real Estate, Gross, Total Cost			39,116
Accumulated Depreciation			(5,036)
Industrial properties | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			6,140
Initial Cost to Company, Building & Improvements			12,730
Initial Cost to Company, Total			18,870
Costs Capitalized or Adjustments Subsequent to Acquisition			235
Gross Amount Carried, Land			6,140
Gross Amount Carried, Building and Improvements			12,965
Real Estate, Gross, Total Cost			19,105
Accumulated Depreciation			(2,752)
Industrial properties | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			16,819
Initial Cost to Company, Land			2,346
Initial Cost to Company, Building & Improvements			18,400
Initial Cost to Company, Total			20,746
Costs Capitalized or Adjustments Subsequent to Acquisition			907
Gross Amount Carried, Land			2,346
Gross Amount Carried, Building and Improvements			19,307
Real Estate, Gross, Total Cost			21,653
Accumulated Depreciation			(2,780)
Industrial properties | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			14,358
Initial Cost to Company, Land			1,791
Initial Cost to Company, Building & Improvements			16,968
Initial Cost to Company, Total			18,759
Gross Amount Carried, Land			1,791
Gross Amount Carried, Building and Improvements			16,968
Real Estate, Gross, Total Cost			18,759
Accumulated Depreciation			(2,001)
Industrial properties | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			32,386
Initial Cost to Company, Land			4,983
Initial Cost to Company, Building & Improvements			39,172
Initial Cost to Company, Total			44,155
Gross Amount Carried, Land			4,983
Gross Amount Carried, Building and Improvements			39,172
Real Estate, Gross, Total Cost			44,155
Accumulated Depreciation			(3,762)
Industrial properties | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			9,004
Initial Cost to Company, Land			1,280
Initial Cost to Company, Building & Improvements			8,562
Initial Cost to Company, Total			9,842
Costs Capitalized or Adjustments Subsequent to Acquisition			89
Gross Amount Carried, Land			1,280
Gross Amount Carried, Building and Improvements			8,651
Real Estate, Gross, Total Cost			9,931
Accumulated Depreciation			(1,135)
Industrial properties | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,681
Initial Cost to Company, Building & Improvements			6,887
Initial Cost to Company, Total			8,568
Costs Capitalized or Adjustments Subsequent to Acquisition			887
Gross Amount Carried, Land			1,681
Gross Amount Carried, Building and Improvements			7,774
Real Estate, Gross, Total Cost			9,455
Accumulated Depreciation			(1,346)
Industrial properties | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			8,694
Initial Cost to Company, Land			2,102
Initial Cost to Company, Building & Improvements			17,475
Initial Cost to Company, Total			19,577
Costs Capitalized or Adjustments Subsequent to Acquisition			25
Gross Amount Carried, Land			2,102
Gross Amount Carried, Building and Improvements			17,500
Real Estate, Gross, Total Cost			19,602
Accumulated Depreciation			(1,470)
Industrial properties | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			2,393
Initial Cost to Company, Land			455
Initial Cost to Company, Building & Improvements			2,429
Initial Cost to Company, Total			2,884
Costs Capitalized or Adjustments Subsequent to Acquisition			48
Gross Amount Carried, Land			455
Gross Amount Carried, Building and Improvements			2,477
Real Estate, Gross, Total Cost			2,932
Accumulated Depreciation			(244)
Industrial properties | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,976
Initial Cost to Company, Building & Improvements			3,369
Initial Cost to Company, Total			5,345
Costs Capitalized or Adjustments Subsequent to Acquisition			(18)
Gross Amount Carried, Land			1,976
Gross Amount Carried, Building and Improvements			3,351
Real Estate, Gross, Total Cost			5,327
Accumulated Depreciation			(277)
Industrial properties | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,403
Initial Cost to Company, Building & Improvements			51,886
Initial Cost to Company, Total			59,289
Costs Capitalized or Adjustments Subsequent to Acquisition			5,415
Gross Amount Carried, Land			7,403
Gross Amount Carried, Building and Improvements			57,301
Real Estate, Gross, Total Cost			64,704
Accumulated Depreciation			(4,403)
Industrial properties | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,135
Initial Cost to Company, Building & Improvements			38,672
Initial Cost to Company, Total			48,807
Costs Capitalized or Adjustments Subsequent to Acquisition			1,254
Gross Amount Carried, Land			10,135
Gross Amount Carried, Building and Improvements			39,926
Real Estate, Gross, Total Cost			50,061
Accumulated Depreciation			(1,902)
Industrial properties | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			3,387
Initial Cost to Company, Land			615
Initial Cost to Company, Building & Improvements			18,471
Initial Cost to Company, Total			19,086
Costs Capitalized or Adjustments Subsequent to Acquisition			156
Gross Amount Carried, Land			615
Gross Amount Carried, Building and Improvements			18,627
Real Estate, Gross, Total Cost			19,242
Accumulated Depreciation			(1,136)
Industrial properties | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			3,352
Initial Cost to Company, Building & Improvements			11,726
Initial Cost to Company, Total			15,078
Costs Capitalized or Adjustments Subsequent to Acquisition			54
Gross Amount Carried, Land			3,352
Gross Amount Carried, Building and Improvements			11,780
Real Estate, Gross, Total Cost			15,132
Accumulated Depreciation			(947)
Industrial properties | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,514
Initial Cost to Company, Building & Improvements			17,260
Initial Cost to Company, Total			19,774
Costs Capitalized or Adjustments Subsequent to Acquisition			17
Gross Amount Carried, Land			2,514
Gross Amount Carried, Building and Improvements			17,277
Real Estate, Gross, Total Cost			19,791
Accumulated Depreciation			(668)
Industrial properties | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,752
Initial Cost to Company, Building & Improvements			61,784
Initial Cost to Company, Total			68,536
Costs Capitalized or Adjustments Subsequent to Acquisition			134
Gross Amount Carried, Land			6,752
Gross Amount Carried, Building and Improvements			61,918
Real Estate, Gross, Total Cost			68,670
Accumulated Depreciation			(2,721)
Industrial properties | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,167
Initial Cost to Company, Building & Improvements			42,373
Initial Cost to Company, Total			49,540
Costs Capitalized or Adjustments Subsequent to Acquisition			631
Gross Amount Carried, Land			7,167
Gross Amount Carried, Building and Improvements			43,004
Real Estate, Gross, Total Cost			50,171
Accumulated Depreciation			(836)
Industrial properties | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			14,786
Initial Cost to Company, Building & Improvements			48,645
Initial Cost to Company, Total			63,431
Costs Capitalized or Adjustments Subsequent to Acquisition			322
Gross Amount Carried, Land			14,786
Gross Amount Carried, Building and Improvements			48,967
Real Estate, Gross, Total Cost			63,753
Accumulated Depreciation			(1,726)
Industrial properties | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,740
Initial Cost to Company, Building & Improvements			18,616
Initial Cost to Company, Total			24,356
Costs Capitalized or Adjustments Subsequent to Acquisition			719
Gross Amount Carried, Land			5,740
Gross Amount Carried, Building and Improvements			19,335
Real Estate, Gross, Total Cost			25,075
Accumulated Depreciation			(198)
Industrial properties | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			858
Initial Cost to Company, Building & Improvements			16,251
Initial Cost to Company, Total			17,109
Costs Capitalized or Adjustments Subsequent to Acquisition			(30)
Gross Amount Carried, Land			858
Gross Amount Carried, Building and Improvements			16,221
Real Estate, Gross, Total Cost			17,079
Accumulated Depreciation			(338)
Industrial properties | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,764
Initial Cost to Company, Building & Improvements			9,576
Initial Cost to Company, Total			17,340
Gross Amount Carried, Land			7,764
Gross Amount Carried, Building and Improvements			9,576
Real Estate, Gross, Total Cost			17,340
Accumulated Depreciation			(358)
Industrial properties | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			51,265
Initial Cost to Company, Building & Improvements			48,147
Initial Cost to Company, Total			99,412
Costs Capitalized or Adjustments Subsequent to Acquisition			99
Gross Amount Carried, Land			51,265
Gross Amount Carried, Building and Improvements			48,246
Real Estate, Gross, Total Cost			99,511
Accumulated Depreciation			(1,454)
Industrial properties | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			22,734
Initial Cost to Company, Building & Improvements			12,233
Initial Cost to Company, Total			34,967
Costs Capitalized or Adjustments Subsequent to Acquisition			35
Gross Amount Carried, Land			22,734
Gross Amount Carried, Building and Improvements			12,268
Real Estate, Gross, Total Cost			35,002
Accumulated Depreciation			(226)
Industrial properties | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,364
Initial Cost to Company, Building & Improvements			4,288
Initial Cost to Company, Total			6,652
Costs Capitalized or Adjustments Subsequent to Acquisition			33
Gross Amount Carried, Land			2,364
Gross Amount Carried, Building and Improvements			4,321
Real Estate, Gross, Total Cost			6,685
Accumulated Depreciation			(68)
Industrial properties | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,927
Initial Cost to Company, Building & Improvements			16,198
Initial Cost to Company, Total			21,125
Costs Capitalized or Adjustments Subsequent to Acquisition			90
Gross Amount Carried, Land			4,927
Gross Amount Carried, Building and Improvements			16,288
Real Estate, Gross, Total Cost			21,215
Accumulated Depreciation			(61)
Industrial properties | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,709
Initial Cost to Company, Building & Improvements			12,895
Initial Cost to Company, Total			17,604
Gross Amount Carried, Land			4,709
Gross Amount Carried, Building and Improvements			12,895
Real Estate, Gross, Total Cost			17,604
Accumulated Depreciation			(83)
Industrial properties | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,628
Initial Cost to Company, Building & Improvements			24,857
Initial Cost to Company, Total			28,485
Gross Amount Carried, Land			3,628
Gross Amount Carried, Building and Improvements			24,857
Real Estate, Gross, Total Cost			28,485
Accumulated Depreciation			(85)
Industrial properties | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			2,623
Initial Cost to Company, Building & Improvements			6,186
Initial Cost to Company, Total			8,809
Gross Amount Carried, Land			2,623
Gross Amount Carried, Building and Improvements			6,186
Real Estate, Gross, Total Cost			8,809
Accumulated Depreciation			$ (18)
Industrial properties | Minimum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial properties | Minimum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial properties | Minimum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial properties | Minimum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial properties | Minimum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Industrial properties | Minimum | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial properties | Minimum | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Industrial properties | Minimum | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	9 years
Industrial properties | Minimum | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial properties | Minimum | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial properties | Minimum | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial properties | Minimum | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	8 years
Industrial properties | Minimum | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial properties | Minimum | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	9 years
Industrial properties | Minimum | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial properties | Minimum | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial properties | Maximum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	30 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in real estate properties:
Balance at the beginning of period	$ 2,455,678	$ 2,057,350	$ 2,008,733
Acquisitions of properties	924,206	380,525	399,428
Improvements	38,295	40,595	44,103
Property dispositions or held for sale assets	(355,570)	(22,792)	(394,711)
Impairment of real estate	(758)	0	(113)
Write-offs of intangibles and customer leasing costs	0	0	(90)
Balance at the end of period	3,061,851	2,455,678	2,057,350
Accumulated depreciation and amortization:
Balance at the beginning of period	501,105	444,718	501,621
Real estate depreciation and amortization expense	74,415	62,923	57,342
Above-market lease assets amortization expenses	469	357	792
Right of use asset amortization expense	53	0	0
Property dispositions or held for sale assets	(104,017)	(6,893)	(114,948)
Write-offs of intangibles and customer leasing costs	0	0	89
Balance at the end of period	$ 472,025	$ 501,105	$ 444,718