Black Creek Diversified Property Fund 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	One Tabor Center, 1200 Seventeenth Street, Suite 2900
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,412,159
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,907,555
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,913,723
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		68,759,036
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		53,299,201

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Net investment in real estate properties	$ 3,619,719	$ 2,589,826
Investment in unconsolidated joint venture partnerships	106,343	57,425
Debt-related investments, net	151,612	105,752
Cash and cash equivalents	24,245	10,605
Restricted cash	3,788	3,747
DST Program Loans	88,597	62,123
Other assets	79,373	56,397
Assets held for sale	0	105,096
Total assets	4,073,677	2,990,971
Liabilities
Accounts payable and accrued expenses	67,552	38,182
Debt, net	1,566,225	1,363,234
Intangible lease liabilities, net	43,652	47,499
Financing obligations, net	1,153,175	661,075
Other liabilities	106,678	89,817
Liabilities related to assets held for sale	0	5,744
Total liabilities	2,937,282	2,205,551
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest	18,170	8,994
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,717,360	1,457,296
Distributions in excess of earnings	(925,083)	(865,844)
Accumulated other comprehensive loss	12,778	(13,418)
Total stockholders' equity	807,081	579,730
Noncontrolling interests	311,144	196,696
Total equity	1,118,225	776,426
Total liabilities and equity	4,073,677	2,990,971
Class T
Stockholders' equity:
Common stock	247	164
Class S
Stockholders' equity:
Common stock	481	358
Class D
Stockholders' equity:
Common stock	79	67
Class I
Stockholders' equity:
Common stock	682	544
Class E
Stockholders' equity:
Common stock	$ 537	$ 563

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
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 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)	24,712	16,425
Common stock, shares outstanding (in shares)	24,712	16,425
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)	48,146	35,757
Common stock, shares outstanding (in shares)	48,146	35,757
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)	7,933	6,749
Common stock, shares outstanding (in shares)	7,933	6,749
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)	68,169	54,406
Common stock, shares outstanding (in shares)	68,169	54,406
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)	53,657	56,328
Common stock, shares outstanding (in shares)	53,657	56,328

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental revenues	$ 76,988	$ 53,596	$ 212,987	$ 152,657
Debt-related income	1,548	2,298	5,862	6,741
Total revenues	78,536	55,894	218,849	159,398
Operating expenses:
Rental expenses	28,095	17,842	74,305	52,318
Real estate-related depreciation and amortization	36,713	18,821	101,067	52,728
General and administrative expenses	3,155	2,183	7,786	6,582
Advisory fees	8,980	5,480	24,351	15,389
Performance participation allocation	3,710	3,774	22,088	7,769
Acquisition costs and reimbursements	1,176	738	3,898	1,451
Impairment of real estate property	0	0	0	758
Total operating expenses	81,829	48,838	233,495	136,995
Other expenses (income):
Equity in income from unconsolidated joint venture partnerships	(1,590)	0	(2,298)	0
Interest expense	42,255	17,866	100,439	51,477
Gain on sale of real estate property	(11,303)	(25,979)	(94,827)	(53,321)
Loss on extinguishment of debt and financing commitments, net	0	0	8	0
Other income	(2,534)	(524)	(6,074)	(1,274)
Total other expenses (income)	26,828	(8,637)	(2,752)	(3,118)
Net (loss) income	(30,121)	15,693	(11,894)	25,521
Net loss (income) attributable to redeemable noncontrolling interests	253	(99)	67	(169)
Net loss (income) attributable to noncontrolling interests	4,996	(1,654)	2,378	(2,430)
Net (loss) income attributable to common stockholders	$ (24,872)	$ 13,940	$ (9,449)	$ 22,922
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	200,667	157,025	190,199	151,045
Weighted-average shares outstanding-diluted (in shares)	242,994	176,777	226,294	168,475
Net (loss) income attributable to common stockholders per common share - basic	$ (0.12)	$ 0.09	$ (0.05)	$ 0.15
Net (loss) income attributable to common stockholders per common share - diluted	$ (0.12)	$ 0.09	$ (0.05)	$ 0.15

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (30,121)	$ 15,693	$ (11,894)	$ 25,521
Change from cash flow hedging activities	17,445	2,313	31,258	10,259
Comprehensive (loss) income	(12,676)	18,006	19,364	35,780
Comprehensive loss (income) attributable to redeemable noncontrolling interests	106	(114)	(216)	(239)
Comprehensive loss (income) attributable to noncontrolling interests	2,179	(1,940)	(2,401)	(3,477)
Comprehensive (loss) income attributable to common stockholders	$ (10,391)	$ 15,952	$ 16,747	$ 32,064

CONDENSED CONSOLIDATED STATEM_3

CONDENSED 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, 2020	143,041
Beginning 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 income (loss) (excluding portion attributable to redeemable noncontrolling interest)			22,922		2,430	25,352
Change from cash flow hedging activities (excluding portion attributable to redeemable noncontrolling interest)				9,142	1,047	10,189
Issuance of common stock (in shares)	23,916
Issuance of common stock	$ 239	183,517				183,756
Share-based compensation (in shares)	29
Share-based compensation		145				145
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(4,100)				(4,100)
Trailing distribution fees		(8,222)	2,000		(4,656)	$ (10,878)
Redemptions of common stock (in shares)	(6,601)					(6,601)
Redemptions of common stock	$ (65)	(50,065)				$ (50,130)
Issuances of OP Units for DST Interests					57,729	57,729
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(42,476)		(4,575)	(47,051)
Redemption value allocation adjustment to redeemable noncontrolling interest		(293)				(293)
Redemptions of noncontrolling interests		(305)			(3,987)	(4,292)
Ending Balances (in shares) at Sep. 30, 2021	160,385
Ending Balances at Sep. 30, 2021	$ 1,604	1,389,823	(859,050)	(18,289)	144,230	658,318
Beginning Balances (in shares) at Jun. 30, 2021	152,021
Beginning Balances at Jun. 30, 2021	$ 1,520	1,330,413	(859,021)	(20,301)	116,306	568,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			13,940		1,654	15,594
Change from cash flow hedging activities (excluding portion attributable to redeemable noncontrolling interest)				2,012	286	2,298
Issuance of common stock (in shares)	10,268
Issuance of common stock	$ 103	79,369				79,472
Share-based compensation (in shares)	21
Share-based compensation		60				60
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,800)				(1,800)
Trailing distribution fees		(3,214)	759		(2,252)	(4,707)
Redemptions of common stock (in shares)	(1,925)
Redemptions of common stock	$ (19)	(14,731)				(14,750)
Issuances of OP Units for DST Interests					31,788	31,788
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(14,728)		(1,748)	(16,476)
Redemption value allocation adjustment to redeemable noncontrolling interest		(108)				(108)
Redemptions of noncontrolling interests		(166)			(1,804)	(1,970)
Ending Balances (in shares) at Sep. 30, 2021	160,385
Ending Balances at Sep. 30, 2021	$ 1,604	1,389,823	(859,050)	(18,289)	144,230	658,318
Beginning Balances (in shares) at Dec. 31, 2021	169,665
Beginning Balances at Dec. 31, 2021	$ 1,696	1,457,296	(865,844)	(13,418)	196,696	776,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(9,449)		(2,378)	(11,827)
Change from cash flow hedging activities (excluding portion attributable to redeemable noncontrolling interest)				26,196	4,779	$ 30,975
Issuance of common stock (in shares)	38,620					38,600
Issuance of common stock	$ 387	332,032				$ 332,419
Share-based compensation (in shares)	27
Share-based compensation		192				192
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(7,172)				(7,172)
Trailing distribution fees		(13,312)	3,688		(11,744)	$ (21,368)
Redemptions of common stock (in shares)	(5,695)					(5,695)
Redemptions of common stock	$ (57)	(48,726)				$ (48,783)
Issuances of OP Units for DST Interests					136,905	136,905
Other noncontrolling interests net distributions					(54)	(54)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(53,478)		(9,604)	(63,082)
Redemption value allocation adjustment to redeemable noncontrolling interest		(1,900)				(1,900)
Redemptions of noncontrolling interests		(1,050)			(3,456)	(4,506)
Ending Balances (in shares) at Sep. 30, 2022	202,617
Ending Balances at Sep. 30, 2022	$ 2,026	1,717,360	(925,083)	12,778	311,144	1,118,225
Beginning Balances (in shares) at Jun. 30, 2022	195,101
Beginning Balances at Jun. 30, 2022	$ 1,951	1,655,295	(882,795)	(1,703)	228,185	1,000,933
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(24,872)		(4,996)	(29,868)
Change from cash flow hedging activities (excluding portion attributable to redeemable noncontrolling interest)				14,481	2,817	17,298
Issuance of common stock (in shares)	9,776
Issuance of common stock	$ 98	87,795				87,893
Share-based compensation (in shares)	27
Share-based compensation		92				92
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,771)				(1,771)
Trailing distribution fees		(2,940)	1,399		(7,921)	(9,462)
Redemptions of common stock (in shares)	(2,287)
Redemptions of common stock	$ (23)	(20,260)				(20,283)
Issuances of OP Units for DST Interests					97,464	97,464
Other noncontrolling interests net distributions					(31)	(31)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(18,815)		(3,780)	(22,595)
Redemption value allocation adjustment to redeemable noncontrolling interest		(304)				(304)
Redemptions of noncontrolling interests		(547)			(594)	(1,141)
Ending Balances (in shares) at Sep. 30, 2022	202,617
Ending Balances at Sep. 30, 2022	$ 2,026	$ 1,717,360	$ (925,083)	$ 12,778	$ 311,144	$ 1,118,225

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Net (loss) income attributable to redeemable noncontrolling interests	$ (253)	$ 99	$ (67)	$ 169
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	147	15	283	70
Distribution fees attributable to redeemable noncontrolling interest	$ 192	$ 106	$ 543	$ 314

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income	$ (11,894)	$ 25,521
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate-related depreciation and amortization	101,067	52,728
Straight-line rent and amortization of above- and below-market leases	(5,941)	(6,759)
Gain on sale of real estate property	(94,827)	(53,321)
Performance participation allocation	22,088	7,769
Equity in income of unconsolidated joint venture partnership	(2,298)	0
Impairment of real estate property	0	758
Amortization of debt and financing obligation costs	5,464	4,766
Financing obligation liability appreciation	24,721	4,181
Other	2,177	(5,725)
Changes in operating assets and liabilities	19,150	8,832
Net cash provided by operating activities	59,707	38,750
Investing activities:
Real estate acquisitions	(1,181,616)	(346,765)
Capital expenditures	(25,309)	(22,725)
Proceeds from disposition of real estate property	274,816	141,360
Principal collections on debt-related investments	4,084	2,405
Investment in unconsolidated joint venture partnerships	(47,906)	0
Investment in debt-related investments	(49,699)	(402)
Other	(13)	(48)
Net cash used in investing activities	(1,025,643)	(226,175)
Financing activities:
Repayments of mortgage notes	(1,408)	(26,241)
Net proceeds from (repayments of) line of credit	(71,000)	(21,000)
Proceeds from term loan	275,000	0
Redemptions of common stock	(48,783)	(50,130)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(36,104)	(27,552)
Proceeds from issuance of common stock	311,106	166,750
Proceeds from financing obligations, net	576,541	163,018
Offering costs for issuance of common stock and private placements	(11,963)	(8,689)
Redemption of noncontrolling interests	(4,506)	(4,292)
Redemption of redeemable noncontrolling interests	(7,724)	0
Deferred financing costs paid	(1,542)	(3,177)
Net cash provided by financing activities	979,617	188,687
Net increase in cash, cash equivalents and restricted cash	13,681	1,262
Cash, cash equivalents and restricted cash, at beginning of period	14,352	21,734
Cash, cash equivalents and restricted cash, at end of period	$ 28,033	$ 22,996

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company,” “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. The Company is externally managed by its advisor. 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. 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. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 14, 2022 (“2021 Form 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the war in Ukraine and the ongoing effects of the novel coronavirus pandemic, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. Reclassifications Certain items in our condensed consolidated statements of operations, condensed consolidated statements of equity and condensed consolidated statements of cash flows for the three and nine months ended September 30, 2021 have been reclassified to conform to the 2022 presentation.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	2. 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 3” for detail relating to our real estate properties held for sale. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2022 December 31, 2021 Land ​ $ 693,409 ​ $ 583,728 Buildings and improvements ​ 3,136,259 ​ 2,180,358 Intangible lease assets ​ 315,429 ​ 284,128 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,158,734 ​ 3,061,851 Accumulated depreciation and amortization ​ (539,015) ​ (472,025) Net investment in real estate properties ​ $ 3,619,719 ​ $ 2,589,826 ​ Acquisitions During the nine months ended September 30, 2022, we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Skye 750 ​ Residential ​ 1/5/2022 ​ $ 92,845 Arabelle City Center ​ Residential ​ 4/12/2022 ​ ​ 156,781 Dallas Cityline ​ Residential ​ 4/13/2022 ​ ​ 111,093 Dallas Wycliff ​ Residential ​ 4/13/2022 ​ ​ 94,083 Dallas Maple District ​ Residential ​ 4/13/2022 ​ ​ 93,089 San Vance ​ Residential ​ 4/13/2022 ​ ​ 77,586 San Stone Oak ​ Residential ​ 4/13/2022 ​ ​ 72,605 General Washington IC ​ Industrial ​ 1/7/2022 ​ ​ 11,051 Western Foods Center ​ Industrial ​ 1/14/2022 ​ ​ 39,298 Orlando I & II LC ​ Industrial ​ 2/17/2022 ​ ​ 94,759 Orlando III & IV LC ​ Industrial ​ 2/17/2022 ​ ​ 42,347 Orlando V LC ​ Industrial ​ 2/17/2022 ​ ​ 34,828 Orlando VI LC ​ Industrial ​ 2/17/2022 ​ ​ 28,694 Orlando VII LC ​ Industrial ​ 2/17/2022 ​ ​ 23,532 1403 Gillingham Lane ​ Industrial ​ 6/10/2022 ​ ​ 20,550 Industrial Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 4,018 Glen Afton IC ​ Industrial ​ 6/17/2022 ​ ​ 22,036 East 56th Ave IC ​ Industrial ​ 6/17/2022 ​ ​ 19,041 Brockton IC ​ Industrial ​ 6/17/2022 ​ ​ 6,522 Pine Vista IC ​ Industrial ​ 6/17/2022 ​ ​ 18,790 Tri-County Parkway IC ​ Industrial ​ 6/17/2022 ​ ​ 12,784 Miami NW 114th IC ​ Industrial ​ 6/17/2022 ​ ​ 12,022 North Harney IC ​ Industrial ​ 6/17/2022 ​ ​ 8,026 Wes Warren Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 7,515 Enterprise Way IC ​ Industrial ​ 6/17/2022 ​ ​ 6,519 New Albany IC ​ Industrial ​ 6/17/2022 ​ ​ 17,544 Maplewood Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 5,514 1801 N. 5th Street ​ Industrial ​ 6/24/2022 ​ ​ 23,305 350 Carter Road ​ Office ​ 4/27/2022 ​ ​ 31,256 Total 2022 acquisitions ​ $ 1,188,033 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2022 acquisitions. During the nine months ended September 30, 2022, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ($ in thousands) September 30, 2022 Land ​ $ 152,767 Building ​ 999,305 Intangible lease assets ​ 41,439 Above-market lease assets ​ 696 Below-market lease liabilities ​ (6,174) Total purchase price (1) ​ $ 1,188,033 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2022 acquisitions. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the nine months ended September 30, 2022, as of the respective date of each acquisition, was 5.2 years. Dispositions During the nine months ended September 30, 2022, we sold six retail properties, one office property and one retail land parcel for net proceeds of approximately $274.8 million. We recorded a net gain on sale of approximately $94.8 million. During the nine months ended September 30, 2021, we sold one retail property, one industrial property, and two office properties for net proceeds of approximately $141.4 million. We recorded a net gain on sale of approximately $53.3 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, excluding properties classified as held for sale, as of September 30, 2022 and December 31, 2021 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets ​ $ 292,530 ​ $ (207,172) ​ $ 85,358 ​ $ 261,401 ​ $ (186,820) ​ $ 74,581 Above-market lease assets ​ 22,899 ​ (19,521) ​ 3,378 ​ 22,727 ​ (19,507) ​ 3,220 Below-market lease liabilities ​ (76,033) ​ 32,381 ​ (43,652) ​ (80,206) ​ 32,707 ​ (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 Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 898 ​ $ 2,798 ​ $ 2,864 ​ $ 4,667 ​ Above-market lease amortization ​ (185) ​ (138) ​ (538) ​ (327) ​ Below-market lease amortization ​ 1,209 ​ 922 ​ 3,615 ​ 2,419 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 26,118 ​ $ 15,332 ​ $ 71,665 ​ $ 42,740 ​ Intangible lease asset amortization ​ 10,595 ​ 3,489 ​ 29,402 ​ 9,988 ​ ​ Real Estate Property Impairment During the nine months ended September 30, 2021, we recorded non-cash impairment charges of $0.8 million related to a retail property located in the Greater Boston 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.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Sep. 30, 2022
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	3. 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) September 30, 2022 December 31, 2021 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	9 Months Ended
	Sep. 30, 2022
Equity Method Investment And Joint Venture [Abstract]
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. 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 September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in Unconsolidated Joint ​ ​ ​ ​ Ownership ​ Venture Partnerships as of ($ in thousands) Segment Percentage September 30, 2022 December 31, 2021 Vue 1400 JV ​ Residential ​ 85% ​ $ 26,038 ​ $ 26,117 Net Lease JV I ​ Net Lease ​ 50% ​ ​ 16,393 ​ ​ 16,267 Net Lease JV II ​ Net Lease ​ 50% ​ ​ 63,912 ​ ​ 15,041 Total investment in unconsolidated joint venture partnerships ​ $ 106,343 ​ $ 57,425 ​

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	5. DEBT A summary of our consolidated debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ September 30, ​ December 31, ​ ​ ​ September 30, ​ December 31, ($ in thousands) 2022 2021 Current Maturity Date 2022 2021 Line of credit (1) ​ 4.41 % 1.35 % November 2025 ​ $ 185,000 ​ $ 256,000 Term loan (2) 3.57 ​ 3.16 ​ November 2026 ​ ​ 400,000 ​ 325,000 Term loan (3) 4.39 ​ 3.19 ​ January 2027 ​ 400,000 200,000 Fixed-rate mortgage notes 3.48 ​ 3.49 ​ December 2025 - May 2031 ​ 380,546 381,954 Floating-rate mortgage notes (4) 4.52 ​ 2.26 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 3.98 % 2.78 % ​ $ 1,573,146 $ 1,370,554 Less: unamortized debt issuance costs ​ $ (15,588) $ (16,762) Add: unamortized mark-to-market adjustment on assumed debt ​ 8,667 9,442 Total debt, net ​ $ 1,566,225 $ 1,363,234 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 969,752 ​ $ 981,927 (1) The effective interest rate is calculated based on the Secured Overnight Financing Rate plus an 11.448 basis point adjustment (“Term SOFR”), plus a margin ranging from 1.25% to 2.00% depending on our consolidated leverage ratio. As of September 30, 2022, the unused and available portions under the line of credit were approximately $715.0 million and $573.3 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 Term SOFR, 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. 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 Term SOFR, 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. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $350.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”) plus a margin. As of both September 30, 2022 and December 31, 2021, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . As of September 30, 2022, our floating-rate mortgage notes were capped at 4.50% and 4.55% through interest rate cap agreements. (5) The weighted-average remaining term of our consolidated borrowings was approximately 4.2 years as of September 30, 2022, excluding the impact of certain extension options. ​ As of September 30, 2022, 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 Remainder of 2022 ​ $ — ​ $ — ​ $ 204 ​ $ 204 2023 ​ — ​ — ​ 1,463 ​ 1,463 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 185,000 ​ — ​ 72,360 ​ 257,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 Thereafter ​ — ​ 400,000 ​ 300,640 ​ 700,640 Total principal payments ​ $ 185,000 ​ $ 800,000 ​ $ 588,146 ​ $ 1,573,146 (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 as its preferred alternative rate for LIBOR in derivatives and other financial contracts. 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 September 30, 2022, certain of our mortgage notes have initial or extended maturity dates beyond 2023 with 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 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 September 30, 2022. 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 condensed 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 $10.2 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). ​ The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 12 ​ $ 650,000 ​ $ 20,148 ​ $ — Interest rate caps 2 ​ 207,600 ​ 4,341 ​ — Total derivative instruments 14 ​ $ 857,600 ​ $ 24,489 ​ $ — 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 ​ ​ The following table presents the effect of our consolidated derivative instruments on our condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 17,114 ​ $ (224) ​ $ 27,976 ​ $ 2,519 ​ Amount reclassified from AOCI into interest expense ​ 331 ​ 2,537 ​ 3,282 ​ 7,740 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 42,255 ​ 17,866 ​ 100,439 ​ 51,477 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain (loss) recognized in other income ​ $ 1,691 ​ $ — ​ $ 4,223 ​ $ (13) ​ ​

DST PROGRAM

DST PROGRAM	9 Months Ended
	Sep. 30, 2022
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	6. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). 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 DST Interests to potential investors. As of September 30, 2022 and December 31, 2021, there were approximately $88.6 million and $62.1 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. We include our investments in DST Program Loans separately on our condensed consolidated balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income on our condensed consolidated statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. The following table presents our DST Program activity for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ For the Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 212,118 ​ $ 73,049 ​ $ 654,781 ​ $ 187,972 DST Interests financed by DST Program Loans ​ ​ 17,286 ​ ​ 5,349 ​ ​ 45,318 ​ ​ 17,105 Income earned from DST Program Loans (1) ​ ​ 942 ​ ​ 577 ​ ​ 2,443 ​ ​ 1,586 Financing obligation liability appreciation (2) ​ ​ 12,189 ​ ​ 1,670 ​ ​ 24,721 ​ ​ 4,181 Rent obligation incurred under master lease agreements (2) ​ ​ 12,708 ​ ​ 7,361 ​ ​ 33,565 ​ ​ 20,697 (1) Included in other income and expenses on condensed consolidated statements of operations. (2) Included in interest expense on condensed consolidated statements of operations. Additionally, during the nine months ended September 30, 2022 and 2021, 15.8 million partnership units (“OP Units”) in our operating partnership, AREIT Operating Partnership LP (the “Operating Partnership”) and 7.6 million OP Units, respectively were issued in exchange for DST Interests, for a net investment of $136.9 million and $57.7 million, respectively, in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE	7. 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 September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 24,489 ​ $ — ​ $ 24,489 Total assets measured at fair value ​ $ — ​ $ 24,489 ​ $ — ​ $ 24,489 Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ — ​ $ — ​ $ — Total liabilities measured at 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 ​ 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 September 30, 2022 and December 31, 2021, 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 September 30, 2022 ​ As of December 31, 2021 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 152,927 ​ $ 152,463 ​ $ 106,463 ​ $ 106,463 DST Program Loans ​ 88,597 ​ 84,596 ​ 62,123 ​ 62,123 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 185,000 ​ $ 185,000 ​ $ 256,000 ​ $ 256,000 Term loans ​ 800,000 ​ 800,000 ​ 525,000 ​ 525,000 Mortgage notes ​ 588,146 ​ 538,881 ​ 589,554 ​ 600,467 (1) The carrying value reflects the principal amount outstanding.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	8. EQUITY Public Offerings We intend to conduct a continuous public offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. On May 3, 2022, the SEC declared our registration statement on Form S-11 with respect to our fourth public offering of up to $10.0 billion of shares of its common stock effective, and the fourth public offering commenced the same day. We ceased selling shares of our common stock under our third public offering of up to $3.0 billion of shares immediately upon the effectiveness of the registration statement for the fourth public offering. Under the fourth public offering, we are offering up to $8.5 billion of shares of our common stock in the primary offering and up to $1.5 billion of shares of our common stock pursuant to our distribution reinvestment plan, in any combination of Class T shares, Class D shares, Class S shares, and Class I shares. We may reallocate amounts between the primary offering and distribution reinvestment plan. Pursuant to our public offerings, we offered and continue to offer shares of our common stock at the “transaction price,” plus applicable upfront selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the nine months ended September 30, 2022, we raised gross proceeds of approximately $332.4 million from the sale of approximately 38.6 million shares of our common stock in our ongoing public offerings, including proceeds from our distribution reinvestment plan of approximately $21.6 million. ​ Common Stock The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 11,692 28,958 5,509 47,745 58,117 152,021 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,202 3,245 ​ 568 ​ 3,483 ​ — 9,498 Distribution reinvestment plan 69 162 ​ 32 ​ 282 ​ 225 770 Share-based compensation — — ​ — ​ 21 ​ — 21 Redemptions of common stock ​ (64) (217) ​ (119) ​ (442) ​ (1,083) ​ (1,925) Conversions (217) — ​ — ​ 217 ​ — — Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,994 2,303 135 3,483 — 8,915 Distribution reinvestment plan 109 211 39 321 181 861 Share-based compensation — — — 27 — 27 Redemptions of common stock ​ (49) ​ (531) ​ (188) ​ (417) ​ (1,102) ​ (2,287) Conversions (14) — — 14 — — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 4,118 8,873 2,024 6,664 — 21,679 Distribution reinvestment plan 188 444 86 824 ​ 695 2,237 Share-based compensation — — — 29 — 29 Redemptions of common stock (163) ​ (685) ​ (218) ​ (1,226) ​ (4,309) (6,601) Conversions ​ (292) ​ — ​ — ​ 292 ​ — ​ — Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 8,183 12,627 1,628 13,666 — 36,104 Distribution reinvestment plan 301 604 114 928 569 2,516 Share-based compensation — — — 27 — 27 Redemptions of common stock (82) (842) (558) (973) (3,240) (5,695) Conversions ​ (115) ​ — ​ — ​ 115 ​ — ​ — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617 ​ ​ 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 ​ Distribution ​ Gross (in thousands, except per share data) ​ Common Share (1) ​ Paid in Cash ​ Distributions (2) ​ Shares ​ Fees (3) ​ Distributions (4) 2022 ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 8,837 ​ $ 3,018 ​ $ 6,876 ​ $ 1,030 ​ $ 19,761 June 30 ​ 0.09375 ​ 9,299 ​ 3,157 ​ 7,362 ​ 1,259 ​ 21,077 September 30 ​ 0.09375 ​ 9,684 ​ 3,972 ​ 7,732 ​ 1,399 ​ 22,787 Total ​ $ 0.28125 ​ $ 27,820 ​ $ 10,147 ​ $ 21,970 ​ $ 3,688 ​ $ 63,625 2021 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,562 ​ $ 1,424 ​ $ 5,526 ​ $ 586 ​ $ 15,098 June 30 ​ 0.09375 ​ 7,696 ​ 1,611 ​ 5,723 ​ 655 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 1,854 ​ 5,985 ​ 759 ​ 16,582 December 31 ​ 0.09375 ​ 8,265 ​ 2,446 ​ 6,361 ​ 885 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 7,335 ​ $ 23,595 ​ $ 2,885 ​ $ 65,322 (1) Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T share, per Class S share, per Class D share, per Class I share, and per Class E share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares, Class S shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T shares, Class S shares and Class D shares. (2) Consists of distribution fees paid to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager, with respect to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 2022 and 2021. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ (in thousands, except for per share data) 2022 2021 ​ ​ Number of shares redeemed or repurchased ​ 5,695 ​ 6,601 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 48,783 ​ $ 50,130 ​ ​ Average redemption or repurchase price per share ​ $ 8.57 ​ $ 7.59 ​ ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2022
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	​ ​ 9. 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 Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the amended and restated advisory agreement, by and among the Company, the Operating Partnership and our Advisor. The Advisor and Former Sponsor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the condensed consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (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 nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ($ in thousands) ​ 2022 ​ 2021 Balance at beginning of the year ​ $ 8,994 ​ $ 3,798 ​ Settlement of prior year performance participation allocation (1) ​ ​ 15,327 ​ ​ 4,608 ​ Distributions to redeemable noncontrolling interests ​ ​ (543) ​ ​ (314) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ (7,724) ​ ​ — ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (67) ​ ​ 169 ​ Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 283 ​ ​ 70 ​ Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 1,900 ​ ​ 293 ​ Ending balance ​ $ 18,170 ​ $ 8,624 ​ (1) The 2021 performance participation allocation in the amount of $15.3 million became payable on December 31, 2021, and was issued as 1.9 million Class I OP Units in January 2022. At the direction of the Advisor and in light of our Former Sponsor having been the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”) for the first six months of 2021, the holder of the Special Units designated 465,000 of these Class I OP Units to an entity owned indirectly by our Chairman, Mr. Mulvihill, and 465,000 of these Class I OP Units to an entity owned indirectly by a member of our Former Sponsor. The holder of the Special Units transferred 945,000 Class I OP Units to the Advisor thereafter. The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former Sponsor, as the former holder of the Special Units, on December 31, 2020. At the Former 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. (2) At the request of the Advisor, the Operating Partnership redeemed all Class I OP Units issued to the Advisor in January 2022 for $7.7 million.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS 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 the Dealer Manager provided in connection with our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ Payable as of ​ (in thousands) 2022 2021 2022 2021 September 30, 2022 December 31, 2021 ​ Selling commissions and dealer manager fees (1) ​ $ 1,614 ​ $ 845 ​ $ 4,480 ​ $ 1,866 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 1,416 ​ ​ 788 ​ ​ 3,745 ​ ​ 2,064 ​ ​ 638 ​ ​ 394 ​ Advisory fees—fixed component ​ ​ 8,980 ​ ​ 5,480 ​ ​ 24,351 ​ ​ 15,389 ​ ​ 3,058 ​ ​ 2,094 ​ Performance participation allocation ​ 3,710 ​ 3,774 ​ 22,088 ​ 7,769 ​ 22,088 ​ 15,327 ​ Other expense reimbursements—Advisor (3)(4) ​ 2,962 ​ 2,950 ​ 8,308 ​ 8,783 ​ 2,597 ​ 1,443 ​ Other expense reimbursements—Dealer Manager ​ 99 ​ 107 ​ 269 ​ 249 ​ 84 ​ — ​ Property accounting fee (5) ​ ​ 508 ​ ​ — ​ ​ 811 ​ ​ — ​ ​ 811 ​ ​ — ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 5,994 ​ 3,106 ​ 19,178 ​ 6,422 ​ 264 ​ 219 ​ Other DST Program related costs—Advisor (4) ​ 4,217 ​ 1,710 ​ 12,617 ​ 3,978 ​ 150 ​ 87 ​ Total ​ $ 29,500 ​ $ 18,760 ​ $ 95,847 ​ $ 46,520 ​ $ 29,690 ​ $ 19,564 ​ (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 $55.4 million and $34.1 million as of September 30, 2022 and December 31, 2021, respectively, are included in other liabilities on the consolidated balance sheets. (3) 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. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. 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 three months ended September 30, 2022, and 2021 were approximately $2.6 million and $2.6 million, respectively. Amounts incurred related to these compensation expenses for the nine months ended September 30, 2022, and 2021 were approximately $7.9 million and $7.3 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. Property-Level Accounting Services. reflects the market rate for all real property management services, including property-level accounting services, based on rates charged for similar properties within the region or market in which the real property is located, and (ii) the amount paid to third-party property management firms for property management services, which fee is based on an arm’s length negotiation with a third party property management service provider (the difference between (i) and (ii), the “property accounting fee”). Performance Participation Allocation As used below, “Fund Interests” means our outstanding shares of common stock, along with OP Units, which may be or were held directly or indirectly by the Advisor, the Former Sponsor, members or affiliates of the Former Sponsor, and third parties. 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 allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I OP units or cash, at the election of the Advisor. As the performance hurdle was achieved as of both September 30, 2022 and 2021, we recognized approximately $3.7 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $22.1 million and $7.8 million for the nine months ended September 30, 2022 and 2021, respectively, of performance participation allocation expense in our condensed consolidated statements of operations. ​

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	11. 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 Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands, except per share data) 2022 2021 2022 2021 ​ Net (loss) income attributable to common stockholders—basic ​ $ (24,872) ​ $ 13,940 ​ $ (9,449) ​ $ 22,922 ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (253) ​ ​ 99 ​ ​ (67) ​ ​ 169 ​ Net (loss) income attributable to noncontrolling interests ​ (4,996) ​ 1,654 ​ (2,378) ​ 2,430 ​ Net (loss) income attributable to common stockholders—diluted ​ $ (30,121) ​ $ 15,693 ​ $ (11,894) ​ $ 25,521 ​ Weighted-average shares outstanding—basic ​ 200,667 ​ 157,025 ​ 190,199 ​ 151,045 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 42,327 ​ 19,752 ​ 36,095 ​ 17,430 ​ Weighted-average shares outstanding—diluted ​ 242,994 ​ 176,777 ​ 226,294 ​ 168,475 ​ Net (loss) income per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.12) ​ $ 0.09 ​ $ (0.05) ​ $ 0.15 ​ Diluted ​ $ (0.12) ​ $ 0.09 ​ $ (0.05) ​ $ 0.15 ​ ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, (in thousands) ​ 2022 ​ 2021 Distributions reinvested in common stock ​ $ 21,555 ​ $ 17,001 Change in accrued future ongoing distribution fees ​ ​ 21,371 ​ ​ 10,864 Net increase in DST Program Loans receivable through DST Program capital raising ​ 45,318 ​ 17,105 Settlement of DST Program Loans through issuance of OP Units ​ ​ 18,695 ​ ​ 4,058 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 15,327 ​ ​ 4,608 Issuances of OP Units for DST Interests ​ 136,905 ​ 57,729 ​ 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 condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ ​ September 30, ​ (in thousands) 2022 2021 ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 10,605 ​ $ 11,266 ​ Restricted cash ​ 3,747 ​ 10,468 ​ Cash, cash equivalents and restricted cash ​ $ 14,352 ​ $ 21,734 ​ End of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 24,245 ​ $ 12,463 ​ Restricted cash ​ 3,788 ​ 10,533 ​ Cash, cash equivalents and restricted cash ​ $ 28,033 ​ $ 22,996 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. 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 September 30, 2022.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	14. 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. Net investment in real estate properties, restricted cash, tenant receivables, straight-line rent receivables, and other assets directly assignable to a property are allocated to the segment groupings. Corporate items that are not directly assignable to a property, such as investment in unconsolidated joint venture partnerships, debt-related investments and DST Program Loans, are not allocated to segment groupings, but are reflected as reconciling items. The following table reflects our total consolidated assets by business segment as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2022 ​ December 31, 2021 (1) Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 367,711 ​ $ 335,811 Retail properties ​ 541,881 ​ 639,584 Residential properties ​ 1,504,078 ​ 837,491 Industrial properties ​ 1,265,691 ​ 826,353 Corporate ​ 394,316 ​ 351,732 Total assets ​ $ 4,073,677 ​ $ 2,990,971 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 3” for further detail. The following table sets forth consolidated financial results by segment for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated For the Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,065 ​ $ 15,303 ​ $ 28,047 ​ $ 20,573 ​ $ 76,988 Rental expenses ​ (6,296) ​ (4,421) ​ (12,261) ​ (5,117) ​ (28,095) Net operating income ​ $ 6,769 ​ $ 10,882 ​ $ 15,786 ​ $ 15,456 ​ $ 48,893 Real estate-related depreciation and amortization ​ $ 3,746 ​ $ 4,140 ​ $ 13,490 ​ $ 15,337 ​ $ 36,713 For the Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 16,887 ​ $ 18,679 ​ $ 7,237 ​ $ 10,793 ​ $ 53,596 Rental expenses ​ ​ (7,111) ​ (4,660) ​ (3,257) ​ (2,814) ​ ​ (17,842) Net operating income ​ $ 9,776 ​ $ 14,019 ​ $ 3,980 ​ $ 7,979 ​ $ 35,754 Real estate-related depreciation and amortization ​ $ 4,945 ​ $ 5,336 ​ $ 2,283 ​ $ 6,257 ​ $ 18,821 For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 39,845 ​ $ 48,879 ​ $ 70,225 ​ $ 54,038 ​ $ 212,987 Rental expenses ​ (18,259) ​ (12,826) ​ (30,265) ​ (12,955) ​ (74,305) Net operating income ​ $ 21,586 ​ $ 36,053 ​ $ 39,960 ​ $ 41,083 ​ $ 138,682 Real estate-related depreciation and amortization ​ $ 11,986 ​ $ 13,268 ​ $ 37,882 ​ $ 37,931 ​ $ 101,067 For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 49,663 ​ $ 53,600 ​ $ 20,885 ​ $ 28,509 ​ $ 152,657 Rental expenses ​ ​ (22,116) ​ (13,854) ​ (9,666) ​ (6,682) ​ ​ (52,318) Net operating income ​ $ 27,547 ​ $ 39,746 ​ $ 11,219 ​ $ 21,827 ​ $ 100,339 Real estate-related depreciation and amortization ​ $ 14,814 ​ $ 14,445 ​ $ 7,612 ​ $ 15,857 ​ $ 52,728 ​ 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 three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Net (loss) income attributable to common stockholders ​ $ (24,872) ​ $ 13,940 ​ $ (9,449) ​ $ 22,922 ​ Debt-related income ​ (1,548) ​ (2,298) ​ (5,862) ​ (6,741) ​ Real estate-related depreciation and amortization ​ 36,713 ​ 18,821 ​ 101,067 ​ 52,728 ​ General and administrative expenses ​ 3,155 ​ 2,183 ​ 7,786 ​ 6,582 ​ Advisory fees ​ 8,980 ​ 5,480 ​ 24,351 ​ 15,389 ​ Performance participation allocation ​ 3,710 ​ 3,774 ​ 22,088 ​ 7,769 ​ Acquisition costs and reimbursements ​ 1,176 ​ 738 ​ 3,898 ​ 1,451 ​ Impairment of real estate property ​ — ​ — ​ — ​ 758 ​ Equity in income from unconsolidated joint venture partnerships ​ ​ (1,590) ​ ​ — ​ ​ (2,298) ​ ​ — ​ Interest expense ​ 42,255 ​ 17,866 ​ 100,439 ​ 51,477 ​ Gain on sale of real estate property ​ (11,303) ​ (25,979) ​ (94,827) ​ (53,321) ​ Loss on extinguishment of debt and financing commitments, net ​ — ​ — ​ 8 ​ — ​ Other income ​ ​ (2,534) ​ ​ (524) ​ ​ (6,074) ​ ​ (1,274) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (253) ​ ​ 99 ​ ​ (67) ​ ​ 169 ​ Net (loss) income attributable to noncontrolling interests ​ (4,996) ​ 1,654 ​ (2,378) ​ 2,430 ​ Net operating income ​ $ 48,893 ​ $ 35,754 ​ $ 138,682 ​ $ 100,339 ​ ​

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2022
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 3” for detail relating to our real estate properties held for sale. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2022 December 31, 2021 Land ​ $ 693,409 ​ $ 583,728 Buildings and improvements ​ 3,136,259 ​ 2,180,358 Intangible lease assets ​ 315,429 ​ 284,128 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,158,734 ​ 3,061,851 Accumulated depreciation and amortization ​ (539,015) ​ (472,025) Net investment in real estate properties ​ $ 3,619,719 ​ $ 2,589,826
Schedule of Asset Acquisitions	During the nine months ended September 30, 2022, we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Skye 750 ​ Residential ​ 1/5/2022 ​ $ 92,845 Arabelle City Center ​ Residential ​ 4/12/2022 ​ ​ 156,781 Dallas Cityline ​ Residential ​ 4/13/2022 ​ ​ 111,093 Dallas Wycliff ​ Residential ​ 4/13/2022 ​ ​ 94,083 Dallas Maple District ​ Residential ​ 4/13/2022 ​ ​ 93,089 San Vance ​ Residential ​ 4/13/2022 ​ ​ 77,586 San Stone Oak ​ Residential ​ 4/13/2022 ​ ​ 72,605 General Washington IC ​ Industrial ​ 1/7/2022 ​ ​ 11,051 Western Foods Center ​ Industrial ​ 1/14/2022 ​ ​ 39,298 Orlando I & II LC ​ Industrial ​ 2/17/2022 ​ ​ 94,759 Orlando III & IV LC ​ Industrial ​ 2/17/2022 ​ ​ 42,347 Orlando V LC ​ Industrial ​ 2/17/2022 ​ ​ 34,828 Orlando VI LC ​ Industrial ​ 2/17/2022 ​ ​ 28,694 Orlando VII LC ​ Industrial ​ 2/17/2022 ​ ​ 23,532 1403 Gillingham Lane ​ Industrial ​ 6/10/2022 ​ ​ 20,550 Industrial Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 4,018 Glen Afton IC ​ Industrial ​ 6/17/2022 ​ ​ 22,036 East 56th Ave IC ​ Industrial ​ 6/17/2022 ​ ​ 19,041 Brockton IC ​ Industrial ​ 6/17/2022 ​ ​ 6,522 Pine Vista IC ​ Industrial ​ 6/17/2022 ​ ​ 18,790 Tri-County Parkway IC ​ Industrial ​ 6/17/2022 ​ ​ 12,784 Miami NW 114th IC ​ Industrial ​ 6/17/2022 ​ ​ 12,022 North Harney IC ​ Industrial ​ 6/17/2022 ​ ​ 8,026 Wes Warren Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 7,515 Enterprise Way IC ​ Industrial ​ 6/17/2022 ​ ​ 6,519 New Albany IC ​ Industrial ​ 6/17/2022 ​ ​ 17,544 Maplewood Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 5,514 1801 N. 5th Street ​ Industrial ​ 6/24/2022 ​ ​ 23,305 350 Carter Road ​ Office ​ 4/27/2022 ​ ​ 31,256 Total 2022 acquisitions ​ $ 1,188,033 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2022 acquisitions.
Allocation of Purchase Price Allocations	During the nine months ended September 30, 2022, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ($ in thousands) September 30, 2022 Land ​ $ 152,767 Building ​ 999,305 Intangible lease assets ​ 41,439 Above-market lease assets ​ 696 Below-market lease liabilities ​ (6,174) Total purchase price (1) ​ $ 1,188,033 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2022 acquisitions.
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, excluding properties classified as held for sale, as of September 30, 2022 and December 31, 2021 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 As of December 31, 2021 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets ​ $ 292,530 ​ $ (207,172) ​ $ 85,358 ​ $ 261,401 ​ $ (186,820) ​ $ 74,581 Above-market lease assets ​ 22,899 ​ (19,521) ​ 3,378 ​ 22,727 ​ (19,507) ​ 3,220 Below-market lease liabilities ​ (76,033) ​ 32,381 ​ (43,652) ​ (80,206) ​ 32,707 ​ (47,499)
Summary of 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 Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 898 ​ $ 2,798 ​ $ 2,864 ​ $ 4,667 ​ Above-market lease amortization ​ (185) ​ (138) ​ (538) ​ (327) ​ Below-market lease amortization ​ 1,209 ​ 922 ​ 3,615 ​ 2,419 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 26,118 ​ $ 15,332 ​ $ 71,665 ​ $ 42,740 ​ Intangible lease asset amortization ​ 10,595 ​ 3,489 ​ 29,402 ​ 9,988 ​

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2022
ASSETS HELD FOR SALE
Schedule of assets held for sale	The following table summarizes the amounts held for sale as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2022 December 31, 2021 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)	9 Months Ended
	Sep. 30, 2022
Equity Method Investment And Joint Venture [Abstract]
Equity method investments	The following table summarizes our investments in unconsolidated joint venture partnerships as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in Unconsolidated Joint ​ ​ ​ ​ Ownership ​ Venture Partnerships as of ($ in thousands) Segment Percentage September 30, 2022 December 31, 2021 Vue 1400 JV ​ Residential ​ 85% ​ $ 26,038 ​ $ 26,117 Net Lease JV I ​ Net Lease ​ 50% ​ ​ 16,393 ​ ​ 16,267 Net Lease JV II ​ Net Lease ​ 50% ​ ​ 63,912 ​ ​ 15,041 Total investment in unconsolidated joint venture partnerships ​ $ 106,343 ​ $ 57,425

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our consolidated debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ September 30, ​ December 31, ​ ​ ​ September 30, ​ December 31, ($ in thousands) 2022 2021 Current Maturity Date 2022 2021 Line of credit (1) ​ 4.41 % 1.35 % November 2025 ​ $ 185,000 ​ $ 256,000 Term loan (2) 3.57 ​ 3.16 ​ November 2026 ​ ​ 400,000 ​ 325,000 Term loan (3) 4.39 ​ 3.19 ​ January 2027 ​ 400,000 200,000 Fixed-rate mortgage notes 3.48 ​ 3.49 ​ December 2025 - May 2031 ​ 380,546 381,954 Floating-rate mortgage notes (4) 4.52 ​ 2.26 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 3.98 % 2.78 % ​ $ 1,573,146 $ 1,370,554 Less: unamortized debt issuance costs ​ $ (15,588) $ (16,762) Add: unamortized mark-to-market adjustment on assumed debt ​ 8,667 9,442 Total debt, net ​ $ 1,566,225 $ 1,363,234 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 969,752 ​ $ 981,927 (1) The effective interest rate is calculated based on the Secured Overnight Financing Rate plus an 11.448 basis point adjustment (“Term SOFR”), plus a margin ranging from 1.25% to 2.00% depending on our consolidated leverage ratio. As of September 30, 2022, the unused and available portions under the line of credit were approximately $715.0 million and $573.3 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 Term SOFR, 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. 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 Term SOFR, 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. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $350.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”) plus a margin. As of both September 30, 2022 and December 31, 2021, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . As of September 30, 2022, our floating-rate mortgage notes were capped at 4.50% and 4.55% through interest rate cap agreements. (5) The weighted-average remaining term of our consolidated borrowings was approximately 4.2 years as of September 30, 2022, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of September 30, 2022, 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 Remainder of 2022 ​ $ — ​ $ — ​ $ 204 ​ $ 204 2023 ​ — ​ — ​ 1,463 ​ 1,463 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 185,000 ​ — ​ 72,360 ​ 257,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 Thereafter ​ — ​ 400,000 ​ 300,640 ​ 700,640 Total principal payments ​ $ 185,000 ​ $ 800,000 ​ $ 588,146 ​ $ 1,573,146 (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 consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 12 ​ $ 650,000 ​ $ 20,148 ​ $ — Interest rate caps 2 ​ 207,600 ​ 4,341 ​ — Total derivative instruments 14 ​ $ 857,600 ​ $ 24,489 ​ $ — 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 ​
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our consolidated derivative instruments on our condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 17,114 ​ $ (224) ​ $ 27,976 ​ $ 2,519 ​ Amount reclassified from AOCI into interest expense ​ 331 ​ 2,537 ​ 3,282 ​ 7,740 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 42,255 ​ 17,866 ​ 100,439 ​ 51,477 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain (loss) recognized in other income ​ $ 1,691 ​ $ — ​ $ 4,223 ​ $ (13) ​

DST PROGRAM (Tables)

DST PROGRAM (Tables)	9 Months Ended
	Sep. 30, 2022
Delaware Statutory Trust Program [Abstract]
Schedule Of DST Program activity	The following table presents our DST Program activity for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ For the Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 212,118 ​ $ 73,049 ​ $ 654,781 ​ $ 187,972 DST Interests financed by DST Program Loans ​ ​ 17,286 ​ ​ 5,349 ​ ​ 45,318 ​ ​ 17,105 Income earned from DST Program Loans (1) ​ ​ 942 ​ ​ 577 ​ ​ 2,443 ​ ​ 1,586 Financing obligation liability appreciation (2) ​ ​ 12,189 ​ ​ 1,670 ​ ​ 24,721 ​ ​ 4,181 Rent obligation incurred under master lease agreements (2) ​ ​ 12,708 ​ ​ 7,361 ​ ​ 33,565 ​ ​ 20,697 (1) Included in other income and expenses on condensed consolidated statements of operations. (2) Included in interest expense on condensed consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value 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 September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 24,489 ​ $ — ​ $ 24,489 Total assets measured at fair value ​ $ — ​ $ 24,489 ​ $ — ​ $ 24,489 Liabilities: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ — ​ $ — ​ $ — Total liabilities measured at 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
Schedule of Financial Instruments Measured at Fair Value on a Nonrecurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 152,927 ​ $ 152,463 ​ $ 106,463 ​ $ 106,463 DST Program Loans ​ 88,597 ​ 84,596 ​ 62,123 ​ 62,123 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 185,000 ​ $ 185,000 ​ $ 256,000 ​ $ 256,000 Term loans ​ 800,000 ​ 800,000 ​ 525,000 ​ 525,000 Mortgage notes ​ 588,146 ​ 538,881 ​ 589,554 ​ 600,467 (1) The carrying value reflects the principal amount outstanding.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Changes for Each Class of Common Stock	The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 11,692 28,958 5,509 47,745 58,117 152,021 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,202 3,245 ​ 568 ​ 3,483 ​ — 9,498 Distribution reinvestment plan 69 162 ​ 32 ​ 282 ​ 225 770 Share-based compensation — — ​ — ​ 21 ​ — 21 Redemptions of common stock ​ (64) (217) ​ (119) ​ (442) ​ (1,083) ​ (1,925) Conversions (217) — ​ — ​ 217 ​ — — Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,994 2,303 135 3,483 — 8,915 Distribution reinvestment plan 109 211 39 321 181 861 Share-based compensation — — — 27 — 27 Redemptions of common stock ​ (49) ​ (531) ​ (188) ​ (417) ​ (1,102) ​ (2,287) Conversions (14) — — 14 — — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 4,118 8,873 2,024 6,664 — 21,679 Distribution reinvestment plan 188 444 86 824 ​ 695 2,237 Share-based compensation — — — 29 — 29 Redemptions of common stock (163) ​ (685) ​ (218) ​ (1,226) ​ (4,309) (6,601) Conversions ​ (292) ​ — ​ — ​ 292 ​ — ​ — Balance as of September 30, 2021 13,682 32,148 5,990 51,306 57,259 160,385 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 8,183 12,627 1,628 13,666 — 36,104 Distribution reinvestment plan 301 604 114 928 569 2,516 Share-based compensation — — — 27 — 27 Redemptions of common stock (82) (842) (558) (973) (3,240) (5,695) Conversions ​ (115) ​ — ​ — ​ 115 ​ — ​ — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617
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 ​ Distribution ​ Gross (in thousands, except per share data) ​ Common Share (1) ​ Paid in Cash ​ Distributions (2) ​ Shares ​ Fees (3) ​ Distributions (4) 2022 ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 8,837 ​ $ 3,018 ​ $ 6,876 ​ $ 1,030 ​ $ 19,761 June 30 ​ 0.09375 ​ 9,299 ​ 3,157 ​ 7,362 ​ 1,259 ​ 21,077 September 30 ​ 0.09375 ​ 9,684 ​ 3,972 ​ 7,732 ​ 1,399 ​ 22,787 Total ​ $ 0.28125 ​ $ 27,820 ​ $ 10,147 ​ $ 21,970 ​ $ 3,688 ​ $ 63,625 2021 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,562 ​ $ 1,424 ​ $ 5,526 ​ $ 586 ​ $ 15,098 June 30 ​ 0.09375 ​ 7,696 ​ 1,611 ​ 5,723 ​ 655 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 1,854 ​ 5,985 ​ 759 ​ 16,582 December 31 ​ 0.09375 ​ 8,265 ​ 2,446 ​ 6,361 ​ 885 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 7,335 ​ $ 23,595 ​ $ 2,885 ​ $ 65,322 (1) Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T share, per Class S share, per Class D share, per Class I share, and per Class E share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares, Class S shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T shares, Class S shares and Class D shares. (2) Consists of distribution fees paid to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager, with respect to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares, Class S shares and Class D shares issued in the primary portion of our public offerings.
Redemptions and Repurchases Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 2022 and 2021. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ (in thousands, except for per share data) 2022 2021 ​ ​ Number of shares redeemed or repurchased ​ 5,695 ​ 6,601 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 48,783 ​ $ 50,130 ​ ​ Average redemption or repurchase price per share ​ $ 8.57 ​ $ 7.59 ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2022
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ($ in thousands) ​ 2022 ​ 2021 Balance at beginning of the year ​ $ 8,994 ​ $ 3,798 ​ Settlement of prior year performance participation allocation (1) ​ ​ 15,327 ​ ​ 4,608 ​ Distributions to redeemable noncontrolling interests ​ ​ (543) ​ ​ (314) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ (7,724) ​ ​ — ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (67) ​ ​ 169 ​ Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 283 ​ ​ 70 ​ Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 1,900 ​ ​ 293 ​ Ending balance ​ $ 18,170 ​ $ 8,624 ​ (1) The 2021 performance participation allocation in the amount of $15.3 million became payable on December 31, 2021, and was issued as 1.9 million Class I OP Units in January 2022. At the direction of the Advisor and in light of our Former Sponsor having been the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”) for the first six months of 2021, the holder of the Special Units designated 465,000 of these Class I OP Units to an entity owned indirectly by our Chairman, Mr. Mulvihill, and 465,000 of these Class I OP Units to an entity owned indirectly by a member of our Former Sponsor. The holder of the Special Units transferred 945,000 Class I OP Units to the Advisor thereafter. The 2020 performance participation allocation in the amount of $4.6 million became payable to the Former Sponsor, as the former holder of the Special Units, on December 31, 2020. At the Former 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. (2) At the request of the Advisor, the Operating Partnership redeemed all Class I OP Units issued to the Advisor in January 2022 for $7.7 million.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule Fees and Expenses to the Advisor and Its Affiliates	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 the Dealer Manager provided in connection with our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ Payable as of ​ (in thousands) 2022 2021 2022 2021 September 30, 2022 December 31, 2021 ​ Selling commissions and dealer manager fees (1) ​ $ 1,614 ​ $ 845 ​ $ 4,480 ​ $ 1,866 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 1,416 ​ ​ 788 ​ ​ 3,745 ​ ​ 2,064 ​ ​ 638 ​ ​ 394 ​ Advisory fees—fixed component ​ ​ 8,980 ​ ​ 5,480 ​ ​ 24,351 ​ ​ 15,389 ​ ​ 3,058 ​ ​ 2,094 ​ Performance participation allocation ​ 3,710 ​ 3,774 ​ 22,088 ​ 7,769 ​ 22,088 ​ 15,327 ​ Other expense reimbursements—Advisor (3)(4) ​ 2,962 ​ 2,950 ​ 8,308 ​ 8,783 ​ 2,597 ​ 1,443 ​ Other expense reimbursements—Dealer Manager ​ 99 ​ 107 ​ 269 ​ 249 ​ 84 ​ — ​ Property accounting fee (5) ​ ​ 508 ​ ​ — ​ ​ 811 ​ ​ — ​ ​ 811 ​ ​ — ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 5,994 ​ 3,106 ​ 19,178 ​ 6,422 ​ 264 ​ 219 ​ Other DST Program related costs—Advisor (4) ​ 4,217 ​ 1,710 ​ 12,617 ​ 3,978 ​ 150 ​ 87 ​ Total ​ $ 29,500 ​ $ 18,760 ​ $ 95,847 ​ $ 46,520 ​ $ 29,690 ​ $ 19,564 ​ (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 $55.4 million and $34.1 million as of September 30, 2022 and December 31, 2021, respectively, are included in other liabilities on the consolidated balance sheets. (3) 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. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
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 Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands, except per share data) 2022 2021 2022 2021 ​ Net (loss) income attributable to common stockholders—basic ​ $ (24,872) ​ $ 13,940 ​ $ (9,449) ​ $ 22,922 ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (253) ​ ​ 99 ​ ​ (67) ​ ​ 169 ​ Net (loss) income attributable to noncontrolling interests ​ (4,996) ​ 1,654 ​ (2,378) ​ 2,430 ​ Net (loss) income attributable to common stockholders—diluted ​ $ (30,121) ​ $ 15,693 ​ $ (11,894) ​ $ 25,521 ​ Weighted-average shares outstanding—basic ​ 200,667 ​ 157,025 ​ 190,199 ​ 151,045 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 42,327 ​ 19,752 ​ 36,095 ​ 17,430 ​ Weighted-average shares outstanding—diluted ​ 242,994 ​ 176,777 ​ 226,294 ​ 168,475 ​ Net (loss) income per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.12) ​ $ 0.09 ​ $ (0.05) ​ $ 0.15 ​ Diluted ​ $ (0.12) ​ $ 0.09 ​ $ (0.05) ​ $ 0.15 ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
Supplemental Cash Flow Information and Disclosure Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, (in thousands) ​ 2022 ​ 2021 Distributions reinvested in common stock ​ $ 21,555 ​ $ 17,001 Change in accrued future ongoing distribution fees ​ ​ 21,371 ​ ​ 10,864 Net increase in DST Program Loans receivable through DST Program capital raising ​ 45,318 ​ 17,105 Settlement of DST Program Loans through issuance of OP Units ​ ​ 18,695 ​ ​ 4,058 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 15,327 ​ ​ 4,608 Issuances of OP Units for DST Interests ​ 136,905 ​ 57,729
Summary of Cash, Cash Equivalents and 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 condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ ​ September 30, ​ (in thousands) 2022 2021 ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 10,605 ​ $ 11,266 ​ Restricted cash ​ 3,747 ​ 10,468 ​ Cash, cash equivalents and restricted cash ​ $ 14,352 ​ $ 21,734 ​ End of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 24,245 ​ $ 12,463 ​ Restricted cash ​ 3,788 ​ 10,533 ​ Cash, cash equivalents and restricted cash ​ $ 28,033 ​ $ 22,996 ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by business segment as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2022 ​ December 31, 2021 (1) Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 367,711 ​ $ 335,811 Retail properties ​ 541,881 ​ 639,584 Residential properties ​ 1,504,078 ​ 837,491 Industrial properties ​ 1,265,691 ​ 826,353 Corporate ​ 394,316 ​ 351,732 Total assets ​ $ 4,073,677 ​ $ 2,990,971 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 3” for further detail.
Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated For the Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,065 ​ $ 15,303 ​ $ 28,047 ​ $ 20,573 ​ $ 76,988 Rental expenses ​ (6,296) ​ (4,421) ​ (12,261) ​ (5,117) ​ (28,095) Net operating income ​ $ 6,769 ​ $ 10,882 ​ $ 15,786 ​ $ 15,456 ​ $ 48,893 Real estate-related depreciation and amortization ​ $ 3,746 ​ $ 4,140 ​ $ 13,490 ​ $ 15,337 ​ $ 36,713 For the Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 16,887 ​ $ 18,679 ​ $ 7,237 ​ $ 10,793 ​ $ 53,596 Rental expenses ​ ​ (7,111) ​ (4,660) ​ (3,257) ​ (2,814) ​ ​ (17,842) Net operating income ​ $ 9,776 ​ $ 14,019 ​ $ 3,980 ​ $ 7,979 ​ $ 35,754 Real estate-related depreciation and amortization ​ $ 4,945 ​ $ 5,336 ​ $ 2,283 ​ $ 6,257 ​ $ 18,821 For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 39,845 ​ $ 48,879 ​ $ 70,225 ​ $ 54,038 ​ $ 212,987 Rental expenses ​ (18,259) ​ (12,826) ​ (30,265) ​ (12,955) ​ (74,305) Net operating income ​ $ 21,586 ​ $ 36,053 ​ $ 39,960 ​ $ 41,083 ​ $ 138,682 Real estate-related depreciation and amortization ​ $ 11,986 ​ $ 13,268 ​ $ 37,882 ​ $ 37,931 ​ $ 101,067 For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 49,663 ​ $ 53,600 ​ $ 20,885 ​ $ 28,509 ​ $ 152,657 Rental expenses ​ ​ (22,116) ​ (13,854) ​ (9,666) ​ (6,682) ​ ​ (52,318) Net operating income ​ $ 27,547 ​ $ 39,746 ​ $ 11,219 ​ $ 21,827 ​ $ 100,339 Real estate-related depreciation and amortization ​ $ 14,814 ​ $ 14,445 ​ $ 7,612 ​ $ 15,857 ​ $ 52,728 ​
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 three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2022 2021 2022 2021 ​ Net (loss) income attributable to common stockholders ​ $ (24,872) ​ $ 13,940 ​ $ (9,449) ​ $ 22,922 ​ Debt-related income ​ (1,548) ​ (2,298) ​ (5,862) ​ (6,741) ​ Real estate-related depreciation and amortization ​ 36,713 ​ 18,821 ​ 101,067 ​ 52,728 ​ General and administrative expenses ​ 3,155 ​ 2,183 ​ 7,786 ​ 6,582 ​ Advisory fees ​ 8,980 ​ 5,480 ​ 24,351 ​ 15,389 ​ Performance participation allocation ​ 3,710 ​ 3,774 ​ 22,088 ​ 7,769 ​ Acquisition costs and reimbursements ​ 1,176 ​ 738 ​ 3,898 ​ 1,451 ​ Impairment of real estate property ​ — ​ — ​ — ​ 758 ​ Equity in income from unconsolidated joint venture partnerships ​ ​ (1,590) ​ ​ — ​ ​ (2,298) ​ ​ — ​ Interest expense ​ 42,255 ​ 17,866 ​ 100,439 ​ 51,477 ​ Gain on sale of real estate property ​ (11,303) ​ (25,979) ​ (94,827) ​ (53,321) ​ Loss on extinguishment of debt and financing commitments, net ​ — ​ — ​ 8 ​ — ​ Other income ​ ​ (2,534) ​ ​ (524) ​ ​ (6,074) ​ ​ (1,274) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (253) ​ ​ 99 ​ ​ (67) ​ ​ 169 ​ Net (loss) income attributable to noncontrolling interests ​ (4,996) ​ 1,654 ​ (2,378) ​ 2,430 ​ Net operating income ​ $ 48,893 ​ $ 35,754 ​ $ 138,682 ​ $ 100,339 ​

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($) property
Real Estate Properties [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets			5 years 2 months 12 days
Proceeds from disposition of real estate property | $			$ 274,816	$ 141,360
Gain on sale of real estate property | $	$ 11,303	$ 25,979	94,827	53,321
Impairment of real estate property | $	$ 0	$ 0	$ 0	$ 758
Disposed of by Sale | Office properties
Real Estate Properties [Line Items]
Number of real estate properties | property	1	2	1	2
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property	6	1	6	1
Disposed of by Sale | Retail properties | Retail Property, Greater Boston Market
Real Estate Properties [Line Items]
Impairment of real estate property | $				$ 800
Disposed of by Sale | Retail land parcel
Real Estate Properties [Line Items]
Number of real estate properties | property	1		1
Disposed of by Sale | Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties | property		1		1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 693,409	$ 583,728
Buildings and improvements	3,136,259	2,180,358
Intangible lease assets	315,429	284,128
Right of use asset	$ 13,637	$ 13,637
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Net investment in real estate properties	Net investment in real estate properties
Investment in real estate properties	$ 4,158,734	$ 3,061,851
Accumulated depreciation and amortization	(539,015)	(472,025)
Net investment in real estate properties	$ 3,619,719	$ 2,589,826

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Real Estate Acquired
Asset Acquisition [Line Items]
Total acquisitions	$ 1,188,033
Debt assumed at fair value	0
Skye 750
Asset Acquisition [Line Items]
Total acquisitions	92,845
Arabelle City Center
Asset Acquisition [Line Items]
Total acquisitions	156,781
Dallas Cityline
Asset Acquisition [Line Items]
Total acquisitions	111,093
Dallas Wycliff
Asset Acquisition [Line Items]
Total acquisitions	94,083
Dallas Maple District
Asset Acquisition [Line Items]
Total acquisitions	93,089
San Vance
Asset Acquisition [Line Items]
Total acquisitions	77,586
San Stone Oak
Asset Acquisition [Line Items]
Total acquisitions	72,605
General Washington IC
Asset Acquisition [Line Items]
Total acquisitions	11,051
Western Foods Center
Asset Acquisition [Line Items]
Total acquisitions	39,298
Orlando I & II LC
Asset Acquisition [Line Items]
Total acquisitions	94,759
Orlando III & IV LC
Asset Acquisition [Line Items]
Total acquisitions	42,347
Orlando V LC
Asset Acquisition [Line Items]
Total acquisitions	34,828
Orlando VI LC
Asset Acquisition [Line Items]
Total acquisitions	28,694
Orlando VII LC
Asset Acquisition [Line Items]
Total acquisitions	23,532
1403 Gillingham Lane
Asset Acquisition [Line Items]
Total acquisitions	20,550
Industrial Drive IC
Asset Acquisition [Line Items]
Total acquisitions	4,018
Glen Afton IC
Asset Acquisition [Line Items]
Total acquisitions	22,036
East 56th Ave IC
Asset Acquisition [Line Items]
Total acquisitions	19,041
Brockton IC
Asset Acquisition [Line Items]
Total acquisitions	6,522
Pine Vista IC
Asset Acquisition [Line Items]
Total acquisitions	18,790
Tri-County Parkway IC
Asset Acquisition [Line Items]
Total acquisitions	12,784
Miami NW 114th IC
Asset Acquisition [Line Items]
Total acquisitions	12,022
North Harney IC
Asset Acquisition [Line Items]
Total acquisitions	8,026
Wes Warren Drive IC
Asset Acquisition [Line Items]
Total acquisitions	7,515
Enterprise Way IC
Asset Acquisition [Line Items]
Total acquisitions	6,519
New Albany IC
Asset Acquisition [Line Items]
Total acquisitions	17,544
Maplewood Drive IC
Asset Acquisition [Line Items]
Total acquisitions	5,514
1801 N. 5th Street
Asset Acquisition [Line Items]
Total acquisitions	23,305
350 Carter Road
Asset Acquisition [Line Items]
Total acquisitions	$ 31,256

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Real Estate [Line Items]
Land	$ 152,767
Building	999,305
Intangible lease assets	41,439
Above-market lease assets	696
Below-market lease liabilities	(6,174)
Total purchase price	1,188,033
Real Estate Acquired
Real Estate [Line Items]
Debt assumed at fair value	$ 0

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 315,429	$ 284,128
Gross, Liabilities	(76,033)	(80,206)
Accumulated Amortization, Liabilities	32,381	32,707
Net, Liabilities	(43,652)	(47,499)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	292,530	261,401
Accumulated Amortization, Assets	(207,172)	(186,820)
Net, Assets	85,358	74,581
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	22,899	22,727
Accumulated Amortization, Assets	(19,521)	(19,507)
Net, Assets	$ 3,378	$ 3,220

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Abstract]
Straight-line rent adjustments	$ 898	$ 2,798	$ 2,864	$ 4,667
Above-market lease amortization	(185)	(138)	(538)	(327)
Below-market lease amortization	1,209	922	3,615	2,419
Depreciation expense	26,118	15,332	71,665	42,740
Intangible lease asset amortization	$ 10,595	$ 3,489	$ 29,402	$ 9,988

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) property
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	$ 0	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	$ 0	$ 5,744
Assets Held for Sale. | Bandera Road
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | property		1
Assets Held for Sale. | 1st Avenue Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | property		1

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Dec. 21, 2021 property	Nov. 30, 2021 item	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | item		2
Investment in unconsolidated joint venture partnerships			$ 106,343	$ 57,425
Vue 1400 JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage			85%
Investment in unconsolidated joint venture partnerships			$ 26,038	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%
Investment in unconsolidated joint venture partnerships			$ 16,393	16,267
Net Lease JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%
Investment in unconsolidated joint venture partnerships			$ 63,912	$ 15,041

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.98%	2.78%
Total borrowings	$ 1,573,146	$ 1,370,554
Less: unamortized debt issuance costs	(15,588)	(16,762)
Add: unamortized mark-to-market adjustment on assumed debt	8,667	9,442
Total debt, net	1,566,225	1,363,234
Gross book value of properties encumbered by debt	$ 969,752	$ 981,927
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	4 years 2 months 12 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.41%	1.35%
Total borrowings	$ 185,000	$ 256,000
Current borrowing capacity	715,000
Available portions under the line of credit	$ 573,300
Line of Credit | SOFR
Debt Instrument [Line Items]
Borrowings spread rate adjustment	11.448%	11.448%
Line of Credit | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.25%	1.25%
Line of Credit | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	2%	2%
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 800,000
Term Loan (Maturity Date November 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.57%	3.16%
Total borrowings	$ 400,000	$ 325,000
Maximum borrowing capacity	$ 400,000
Term Loan (Maturity Date November 2026) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.20%	1.20%
Term Loan (Maturity Date November 2026) | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	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	4.39%	3.19%
Total borrowings	$ 400,000	$ 200,000
Maximum borrowing capacity	$ 400,000
Term Loan (Maturity Date January 2027) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.20%	1.20%
Term Loan (Maturity Date January 2027) | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.90%	1.90%
Term Loan (Maturity Date January 2027) | Interest rate swaps
Debt Instrument [Line Items]
Amount of hedged item	$ 350,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.48%	3.49%
Total borrowings	$ 380,546	$ 381,954
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.52%	2.26%
Total borrowings	$ 207,600	$ 207,600
Floating-Rate Mortgage Notes | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.55%	1.55%
Floating-Rate Mortgage Notes | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	2.50%	2.50%
Floating-Rate Mortgage Notes | Interest rate caps | LIBOR | Minimum
Debt Instrument [Line Items]
Floating rate	4.50%
Floating-Rate Mortgage Notes | Interest rate caps | LIBOR | Maximum
Debt Instrument [Line Items]
Floating rate	4.55%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Remainder of 2022	$ 204
2023	1,463
2024	129,265
2025	257,360
2026	484,214
Thereafter	700,640
Total principal payments	1,573,146	$ 1,370,554
Line of Credit
Debt Instrument [Line Items]
Remainder of 2022	0
2023	0
2024	0
2025	185,000
2026	0
Thereafter	0
Total principal payments	$ 185,000	$ 256,000
Term of extension	6 months
Number of extension options | item	2
Term Loan
Debt Instrument [Line Items]
Remainder of 2022	$ 0
2023	0
2024	0
2025	0
2026	400,000
Thereafter	400,000
Total principal payments	800,000
Mortgage Notes
Debt Instrument [Line Items]
Remainder of 2022	204
2023	1,463
2024	129,265
2025	72,360
2026	84,214
Thereafter	300,640
Total principal payments	$ 588,146

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Sep. 30, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	14	15
Total notional amount	$ 857,600	$ 707,600
Derivative assets	$ 24,489	$ 323
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities	$ 0	$ 11,236
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	12	13
Total notional amount	$ 650,000	$ 500,000
Derivative assets	$ 20,148	$ 164
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities	$ 0	$ 11,236
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
Estimated change to interest expense related to active effective hedges of floating rate debt	$ 10,200
Interest rate caps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	2	2
Total notional amount	$ 207,600	$ 207,600
Derivative assets	$ 4,341	$ 159
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities	$ 0	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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	$ 42,255	$ 17,866	$ 100,439	$ 51,477
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	42,255	$ 17,866	100,439	51,477
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other income	$ 1,691		$ 4,223	$ (13)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	$ 17,114	$ (224)	$ 27,976	$ 2,519
Amount reclassified from AOCI into interest expense	$ 331	$ 2,537	$ 3,282	$ 7,740

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
DST Program Loans	$ 88,597		$ 88,597		$ 62,123
Financing obligation liability appreciation			24,721	$ 4,181
Rent obligation incurred under master lease agreements	28,095	$ 17,842	74,305	52,318
Issuances of OP Units for DST Interests	97,464	31,788	136,905	57,729
DST Program
Variable Interest Entity [Line Items]
DST Program Loans	88,600		88,600		$ 62,100
DST Interests sold	212,118	73,049	654,781	187,972
DST Interests financed by DST Program Loans	17,286	5,349	45,318	17,105
Income earned from DST Program Loans	942	577	2,443	1,586
Financing obligation liability appreciation	12,189	1,670	24,721	4,181
Rent obligation incurred under master lease agreements	$ 12,708	$ 7,361	33,565	20,697
Issuances of OP Units for DST Interests			$ 136,900	$ 57,700
DST Program | OP Units
Variable Interest Entity [Line Items]
Issuance of OP Units (in shares)			15.8	7.6

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Derivative instruments	$ 24,489	$ 323
Liabilities:
Derivative instruments	0	11,236
Recurring
Assets:
Derivative instruments	24,489	323
Total assets measured at fair value	24,489	323
Liabilities:
Derivative instruments	0	11,236
Total liabilities measured at fair value	0	11,236
Recurring | 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
Recurring | Level 2
Assets:
Derivative instruments	24,489	323
Total assets measured at fair value	24,489	323
Liabilities:
Derivative instruments	0	11,236
Total liabilities measured at fair value	0	11,236
Recurring | 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	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 152,927	$ 106,463
DST Program Loans	88,597	62,123
Line of credit	185,000	256,000
Term loans	800,000	525,000
Mortgage notes	588,146	589,554
Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	152,463	106,463
DST Program Loans	84,596	62,123
Line of credit	185,000	256,000
Term loans	800,000	525,000
Mortgage notes	$ 538,881	$ 600,467

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 03, 2022	May 02, 2022
Subsidiary, Sale of Stock [Line Items]
Dollar Value Of Primary Shares Of Common Stock In Offering					$ 10,000,000	$ 3,000,000
Issuance of common stock	$ 87,893	$ 79,472	$ 332,419	$ 183,756
Issuance of common stock (in shares)			38.6
Primary offering
Subsidiary, Sale of Stock [Line Items]
Dollar Value Of Primary Shares Of Common Stock In Offering					8,500,000
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Dollar Value Of Primary Shares Of Common Stock In Offering					$ 1,500,000
Issuance of common stock			$ 21,600

EQUITY (Information of Share Tr

EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(5,695)	(6,601)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	195,101	152,021	169,665	143,041
Primary shares (in shares)	8,915	9,498	36,104	21,679
Distribution reinvestment plan (in shares)	861	770	2,516	2,237
Share-based compensation (in shares)	27	21	27	29
Redemptions of common stock (in shares)	(2,287)	(1,925)	(5,695)	(6,601)
Conversions (in shares)	0	0	0	0
Ending Balances (in shares)	202,617	160,385	202,617	160,385
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			16,425
Ending Balances (in shares)	24,712		24,712
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	21,672	11,692	16,425	9,831
Primary shares (in shares)	2,994	2,202	8,183	4,118
Distribution reinvestment plan (in shares)	109	69	301	188
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(49)	(64)	(82)	(163)
Conversions (in shares)	(14)	(217)	(115)	(292)
Ending Balances (in shares)	24,712	13,682	24,712	13,682
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			35,757
Ending Balances (in shares)	48,146		48,146
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	46,163	28,958	35,757	23,516
Primary shares (in shares)	2,303	3,245	12,627	8,873
Distribution reinvestment plan (in shares)	211	162	604	444
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(531)	(217)	(842)	(685)
Conversions (in shares)	0	0	0	0
Ending Balances (in shares)	48,146	32,148	48,146	32,148
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			6,749
Ending Balances (in shares)	7,933		7,933
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	7,947	5,509	6,749	4,098
Primary shares (in shares)	135	568	1,628	2,024
Distribution reinvestment plan (in shares)	39	32	114	86
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(188)	(119)	(558)	(218)
Conversions (in shares)	0	0	0	0
Ending Balances (in shares)	7,933	5,990	7,933	5,990
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			54,406
Ending Balances (in shares)	68,169		68,169
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	64,741	47,745	54,406	44,723
Primary shares (in shares)	3,483	3,483	13,666	6,664
Distribution reinvestment plan (in shares)	321	282	928	824
Share-based compensation (in shares)	27	21	27	29
Redemptions of common stock (in shares)	(417)	(442)	(973)	(1,226)
Conversions (in shares)	14
Conversions (in shares)		217	115	292
Ending Balances (in shares)	68,169	51,306	68,169	51,306
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)			56,328
Ending Balances (in shares)	53,657		53,657
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	54,578	58,117	56,328	60,873
Primary shares (in shares)	0	0	0	0
Distribution reinvestment plan (in shares)	181	225	569	695
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(1,102)	(1,083)	(3,240)	(4,309)
Conversions (in shares)	0	0	0	0
Ending Balances (in shares)	53,657	57,259	53,657	57,259

EQUITY (Total Distributions Dec

EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.28125	$ 0.37500
Common Stock Distributions Paid in Cash	$ 9,684	$ 9,299	$ 8,837	$ 8,265	$ 7,984	$ 7,696	$ 7,562	$ 27,820	$ 31,507
Other Cash Distributions	3,972	3,157	3,018	2,446	1,854	1,611	1,424	10,147	7,335
Reinvested in Shares	7,732	7,362	6,876	6,361	5,985	5,723	5,526	21,970	23,595
Distribution Fees	1,399	1,259	1,030	885	759	655	586	3,688	2,885
Total Distributions	$ 22,787	$ 21,077	$ 19,761	$ 17,957	$ 16,582	$ 15,685	$ 15,098	$ 63,625	$ 65,322

EQUITY (Redemptions and Repurch

EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Number of shares redeemed or repurchased (in shares)			5,695	6,601
Aggregate dollar amount of shares redeemed	$ 20,283	$ 14,750	$ 48,783	$ 50,130
Average redemption or repurchase price per share (usd per share)			$ 8.57	$ 7.59

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning of the year	$ 8,994			$ 8,994	$ 3,798
Settlement of prior year performance participation allocation				15,327	4,608
Distributions to redeemable noncontrolling interests		$ (192)	$ (106)	(543)	(314)
Redemptions to redeemable noncontrolling interests				(7,724)	0
Net (loss) income attributable to redeemable noncontrolling interests		(253)	99	(67)	169
Change from cash flow hedging activities attributable to redeemable noncontrolling interests		147	15	283	70
Redemption value allocation adjustment to redeemable noncontrolling interests				1,900	293
Ending balance		18,170	$ 8,624	18,170	$ 8,624	$ 3,798
Payable as of		29,690		29,690			$ 19,564
Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	1,900,000
Black Creek Diversified Property Advisors, LLC | Performance Participation Allocation
Redeemable Noncontrolling Interest [Line Items]
Settlement of prior year performance participation allocation						4,600
Payable as of							15,300
Black Creek Diversified Property Advisors, LLC | Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	465,000
Advisor | Advisory Fee, Performance Component | OP Units
Redeemable Noncontrolling Interest [Line Items]
Settlement of prior year performance participation allocation						$ 4,600
Redemptions to redeemable noncontrolling interests	$ 7,700
Issuance of OP Units (in shares)	945,000
Advisor | Performance Participation Allocation
Redeemable Noncontrolling Interest [Line Items]
Payable as of		$ 22,088		$ 22,088			$ 15,327
Chairman | Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	465,000

RELATED PARTY TRANSACTIONS - (S

RELATED PARTY TRANSACTIONS - (Summary of Fees and Other Amounts Earned by Advisor and Its Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Related party transaction expense	$ 29,500	$ 18,760	$ 95,847	$ 46,520
Payable as of	29,690		29,690		$ 19,564
Black Creek Diversified Property Advisors, LLC | Performance Participation Allocation
Related Party Transaction [Line Items]
Payable as of					15,300
Advisor
Related Party Transaction [Line Items]
Amount reimbursed for services	2,600	2,600	7,900	7,300
Advisor | Selling commissions and dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	1,614	845	4,480	1,866
Advisor | Advisory fee, fixed component
Related Party Transaction [Line Items]
Related party transaction expense	8,980	5,480	24,351	15,389
Payable as of	3,058		3,058		2,094
Advisor | Performance Participation Allocation
Related Party Transaction [Line Items]
Related party transaction expense	3,710	3,774	22,088	7,769
Payable as of	22,088		22,088		15,327
Advisor | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Related party transaction expense	2,962	2,950	8,308	8,783
Payable as of	2,597		2,597		1,443
Advisor | DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	4,217	1,710	12,617	3,978
Payable as of	150		150		87
Dealer Manager | Ongoing distribution fees
Related Party Transaction [Line Items]
Related party transaction expense	1,416	788	3,745	2,064
Payable as of	638		638		394
Dealer Manager | Ongoing distribution fees | Other Liabilities
Related Party Transaction [Line Items]
Future estimated amounts payable	55,400		55,400		34,100
Dealer Manager | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Related party transaction expense	99	107	269	249
Payable as of	84		84
Dealer Manager | Property accounting fee
Related Party Transaction [Line Items]
Related party transaction expense	508		811
Payable as of	811		811
Dealer Manager | DST Program dealer manager fees
Related Party Transaction [Line Items]
Related party transaction expense	5,994	$ 3,106	19,178	$ 6,422
Payable as of	$ 264		$ 264		$ 219

RELATED PARTY TRANSACTIONS - (P

RELATED PARTY TRANSACTIONS - (Performance Participation Allocation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Related party transaction expense	$ 29,500	$ 18,760	$ 95,847	$ 46,520
Advisor | Performance Participation Allocation
Related Party Transaction [Line Items]
Threshold for performance component of advisory fee	12.50%		12.50%
Threshold of annual total return as % of NAV			5%
Performance component earned for excess return over the hurdle amount			100%
Maximum performance component limited to % of total annual return			12.50%
Related party transaction expense	$ 3,710	$ 3,774	$ 22,088	$ 7,769

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders-basic	$ (24,872)	$ 13,940	$ (9,449)	$ 22,922
Net (loss) income attributable to redeemable noncontrolling interests	(253)	99	(67)	169
Net (loss) income attributable to noncontrolling interests	(4,996)	1,654	(2,378)	2,430
Net (loss) income attributable to common stockholders-diluted	$ (30,121)	$ 15,693	$ (11,894)	$ 25,521
Weighted-average shares outstanding-basic (in shares)	200,667	157,025	190,199	151,045
Incremental weighted-average shares effect of conversion of noncontrolling interests	42,327	19,752	36,095	17,430
Weighted-average shares outstanding - diluted (in shares)	242,994	176,777	226,294	168,475
Basic	$ (0.12)	$ 0.09	$ (0.05)	$ 0.15
Diluted	$ (0.12)	$ 0.09	$ (0.05)	$ 0.15

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Noncash Investing and Financing Items [Abstract]
Distributions reinvested in common stock	$ 21,555	$ 17,001
Change in accrued future ongoing distribution fees	21,371	10,864
Net increase in DST Program Loans receivable through DST Program capital raising	45,318	17,105
Settlement of DST Program Loans through issuance of OP Units	18,695	4,058
Redeemable noncontrolling interest issued as settlement of performance participation allocation	15,327	4,608
Issuances of OP Units for DST Interests	136,905	57,729
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	24,245	12,463	$ 10,605	$ 11,266
Restricted cash	3,788	10,533	3,747	10,468
Cash, cash equivalents and restricted cash	$ 28,033	$ 22,996	$ 14,352	$ 21,734

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	4
Total Assets	$ 4,073,677	$ 2,990,971
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	367,711	335,811
Operating Segments | Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	541,881	639,584
Operating Segments | Residential
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	1,504,078	837,491
Operating Segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	1,265,691	826,353
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 394,316	$ 351,732

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Rental revenues	$ 76,988	$ 53,596	$ 212,987	$ 152,657
Rental expenses	(28,095)	(17,842)	(74,305)	(52,318)
Net operating income	48,893	35,754	138,682	100,339
Real estate-related depreciation and amortization	36,713	18,821	101,067	52,728
Office
Segment Reporting Information [Line Items]
Rental revenues	13,065	16,887	39,845	49,663
Rental expenses	(6,296)	(7,111)	(18,259)	(22,116)
Net operating income	6,769	9,776	21,586	27,547
Real estate-related depreciation and amortization	3,746	4,945	11,986	14,814
Retail
Segment Reporting Information [Line Items]
Rental revenues	15,303	18,679	48,879	53,600
Rental expenses	(4,421)	(4,660)	(12,826)	(13,854)
Net operating income	10,882	14,019	36,053	39,746
Real estate-related depreciation and amortization	4,140	5,336	13,268	14,445
Residential
Segment Reporting Information [Line Items]
Rental revenues	28,047	7,237	70,225	20,885
Rental expenses	(12,261)	(3,257)	(30,265)	(9,666)
Net operating income	15,786	3,980	39,960	11,219
Real estate-related depreciation and amortization	13,490	2,283	37,882	7,612
Industrial
Segment Reporting Information [Line Items]
Rental revenues	20,573	10,793	54,038	28,509
Rental expenses	(5,117)	(2,814)	(12,955)	(6,682)
Net operating income	15,456	7,979	41,083	21,827
Real estate-related depreciation and amortization	$ 15,337	$ 6,257	$ 37,931	$ 15,857

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (24,872)	$ 13,940	$ (9,449)	$ 22,922
Debt-related income	(1,548)	(2,298)	(5,862)	(6,741)
Real estate-related depreciation and amortization	36,713	18,821	101,067	52,728
General and administrative expenses	3,155	2,183	7,786	6,582
Advisory fees	8,980	5,480	24,351	15,389
Performance participation allocation	3,710	3,774	22,088	7,769
Acquisition costs and reimbursements	1,176	738	3,898	1,451
Impairment of real estate property	0	0	0	758
Equity in income from unconsolidated joint venture partnerships	(1,590)	0	(2,298)	0
Interest expense	42,255	17,866	100,439	51,477
Gain on sale of real estate property	(11,303)	(25,979)	(94,827)	(53,321)
Loss on extinguishment of debt and financing commitments, net	0	0	8	0
Other income	(2,534)	(524)	(6,074)	(1,274)
Net (loss) income attributable to redeemable noncontrolling interests	(253)	99	(67)	169
Net (loss) income attributable to noncontrolling interests	(4,996)	1,654	(2,378)	2,430
Net operating income	$ 48,893	$ 35,754	$ 138,682	$ 100,339