Black Creek Diversified Property Fund 10-K 20 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 14, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado
Auditor Firm ID	185
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T
Document Information [Line Items]
Title of 12(g) Security	Class T Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		28,210,275
Class S
Document Information [Line Items]
Title of 12(g) Security	Class S Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		49,899,498
Class D
Document Information [Line Items]
Title of 12(g) Security	Class D Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		7,473,322
Class I
Document Information [Line Items]
Title of 12(g) Security	Class I Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		69,314,895
Class E
Document Information [Line Items]
Title of 12(g) Security	Class E Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		52,549,996

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Net investment in real estate properties	$ 3,605,578,000	$ 2,589,826,000
Investments in unconsolidated joint venture partnerships	120,372,000	57,425,000
Debt-related investments, net	260,439,000	105,752,000
Investment in available-for-sale securities, at fair value	14,896,000	0
Cash and cash equivalents	13,336,000	10,605,000
Restricted cash	3,850,000	3,747,000
DST Program Loans	81,897,000	62,123,000
Other assets	74,356,000	56,397,000
Assets held for sale		105,096,000
Total assets	4,174,724,000	2,990,971,000
Liabilities
Accounts payable and accrued expenses	58,097,000	38,182,000
Debt, net	1,616,475,000	1,363,234,000
Intangible lease liabilities, net	42,444,000	47,499,000
Financing obligations, net	1,130,810,000	661,075,000
Other liabilities	114,901,000	89,817,000
Liabilities related to assets held for sale		5,744,000
Total liabilities	2,962,727,000	2,205,551,000
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest	18,130,000	8,994,000
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	1,744,022,000	1,457,296,000
Distributions in excess of earnings	(973,395,000)	(865,844,000)
Accumulated other comprehensive income (loss)	13,148,000	(13,418,000)
Total stockholders' equity	785,836,000	579,730,000
Noncontrolling interests	408,031,000	196,696,000
Total equity	1,193,867,000	776,426,000
Total liabilities and equity	4,174,724,000	2,990,971,000
Class T
Stockholders' equity:
Common stock	269,000	164,000
Class S
Stockholders' equity:
Common stock	492,000	358,000
Class D
Stockholders' equity:
Common stock	79,000	67,000
Class I
Stockholders' equity:
Common stock	691,000	544,000
Class E
Stockholders' equity:
Common stock	$ 530,000	$ 563,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 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)	26,884	16,425
Common stock, shares outstanding (in shares)	26,884	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)	49,237	35,757
Common stock, shares outstanding (in shares)	49,237	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)	7,871	6,749
Common stock, shares outstanding (in shares)	7,871	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)	69,142	54,406
Common stock, shares outstanding (in shares)	69,142	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)	52,974	56,328
Common stock, shares outstanding (in shares)	52,974	56,328

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental revenues	$ 289,234	$ 209,176	$ 184,245
Debt-related income	9,989	9,174	2,347
Total revenues	299,223	218,350	186,592
Operating expenses:
Rental expenses	103,953	69,773	62,378
Real estate-related depreciation and amortization	134,617	74,415	62,923
General and administrative expenses	10,570	8,797	7,548
Advisory fees	33,747	21,433	17,211
Performance participation allocation	23,747	15,327	4,608
Acquisition costs and reimbursements	5,427	2,636	1,108
Litigation expense	0	0	2,500
Impairment of real estate property	0	758	0
Credit loss expense	1,799	0	0
Total operating expenses	313,860	193,139	158,276
Other expenses (income):
Equity in income from unconsolidated joint venture partnerships	(2,970)	(114)	0
Interest expense	140,406	70,494	58,747
Gain on sale of real estate property	(94,827)	(77,857)	(13,335)
(Gain) loss on derivative instruments	(4,723)	(71)	13
Other income	(2,860)	(1,781)	(1,050)
Total other expenses (income)	35,026	(9,329)	44,375
Net (loss) income	(49,663)	34,540	(16,059)
Net loss (income) attributable to redeemable noncontrolling interests	370	(221)	54
Net loss (income) attributable to noncontrolling interests	9,314	(3,565)	1,091
Net (loss) income attributable to common stockholders	$ (39,979)	$ 30,754	$ (14,914)
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	194,039	154,767	142,268
Weighted-average shares outstanding-diluted (in shares)	233,304	174,330	154,052
Net (loss) income attributable to common stockholders per common share - basic	$ (0.21)	$ 0.20	$ (0.10)
Net (loss) income attributable to common stockholders per common share - diluted	$ (0.21)	$ 0.20	$ (0.10)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (49,663)	$ 34,540	$ (16,059)
Change from cash flow hedging activities	31,398	15,897	(13,842)
Change from activities related to available-for-sale securities	26	0	0
Comprehensive (loss) income	(18,239)	50,437	(29,901)
Comprehensive loss (income) attributable to redeemable noncontrolling interests	86	(324)	99
Comprehensive loss (income) attributable to noncontrolling interests	4,740	(5,346)	2,119
Comprehensive (loss) income attributable to common stockholders	$ (13,413)	$ 44,767	$ (27,683)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances at Dec. 31, 2019	$ 1,405	$ 1,257,147	$ (775,259)	$ (14,662)	$ 81,657	$ 550,288
Beginning Balances (in shares) at Dec. 31, 2019	140,480
Ending Balances (in shares) at Dec. 31, 2020	143,041
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(14,914)		(1,091)	(16,005)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				(12,769)	(1,028)	(13,797)
Issuance of common stock	$ 166	125,830				125,996
Issuance of common stock (in shares)	16,612
Share-based compensation		260				260
Share-based compensation (in shares)	20
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(4,580)				(4,580)
Trailing distribution fees		(3,043)	2,022			(1,021)
Redemptions of common stock	$ (141)	(105,447)				$ (105,588)
Redemptions of common stock (in shares)	(14,071)					(14,071)
Issuances of OP Units for DST Interests					28,266	$ 28,266
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(53,345)		(4,241)	(57,586)
Redemption value allocation adjustment to redeemable noncontrolling interest		(310)				(310)
Redemptions of noncontrolling interests		(711)			(7,321)	(8,032)
Ending Balances at Dec. 31, 2020	$ 1,430	1,269,146	(841,496)	(27,431)	96,242	497,891
Ending Balances (in shares) at Dec. 31, 2021	169,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			30,754		3,565	34,319
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				14,013	1,781	15,794
Issuance of common stock	$ 354	274,382				274,736
Issuance of common stock (in shares)	35,379
Share-based compensation		195				195
Share-based compensation (in shares)	29
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(5,885)				(5,885)
Trailing distribution fees		(12,208)	2,886		(9,253)	(18,575)
Redemptions of common stock	$ (88)	(67,146)				$ (67,234)
Redemptions of common stock (in shares)	(8,784)					(8,784)
Issuances of OP Units for DST Interests					115,653	$ 115,653
Contributions of noncontrolling interests					1,080	1,080
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(57,988)		(6,916)	(64,904)
Redemption value allocation adjustment to redeemable noncontrolling interest		(682)				(682)
Redemptions of noncontrolling interests		(506)			(5,456)	(5,962)
Ending Balances at Dec. 31, 2021	$ 1,696	1,457,296	(865,844)	(13,418)	196,696	776,426
Ending Balances (in shares) at Dec. 31, 2022	206,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(39,979)		(9,314)	(49,293)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				26,566	4,574	31,140
Issuance of common stock	$ 450	388,484				$ 388,934
Issuance of common stock (in shares)	44,882					44,900
Share-based compensation		292				$ 292
Share-based compensation (in shares)	27
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,918)				(8,918)
Trailing distribution fees		(15,240)	5,166		(16,776)	(26,850)
Redemptions of common stock	$ (85)	(73,293)				$ (73,378)
Redemptions of common stock (in shares)	(8,466)					(8,466)
Issuances of OP Units for DST Interests					252,578	$ 252,578
Other noncontrolling interests net distributions					(65)	(65)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(72,738)		(13,971)	(86,709)
Redemption value allocation adjustment to redeemable noncontrolling interest		(2,354)				(2,354)
Redemptions of noncontrolling interests		(2,245)			(5,691)	(7,936)
Ending Balances at Dec. 31, 2022	$ 2,061	$ 1,744,022	$ (973,395)	$ 13,148	$ 408,031	$ 1,193,867

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Net loss (income) attributable to redeemable noncontrolling interests	$ 370	$ (221)	$ 54
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	284	103	(45)
Distribution fees attributable to redeemable noncontrolling interest	$ 735	$ 418	$ 189

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income (loss)	$ (49,663)	$ 34,540	$ (16,059)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	134,617	74,415	62,923
Straight-line rent and amortization of above- and below-market leases	(7,513)	(8,939)	(8,703)
Gain on sale of real estate property	(94,827)	(77,857)	(13,335)
Performance participation allocation	23,747	15,327	4,608
Equity in income of unconsolidated joint venture partnership	(2,970)	(114)	0
Impairment of real estate property	0	758	0
Amortization of deferred financing costs	7,364	6,803	5,644
Financing obligation liability appreciation	31,737	5,822	3,936
Other	223	1,801	2,393
Changes in operating assets and liabilities	19,813	(3,166)	(279)
Net cash provided by operating activities	62,528	49,390	41,128
Investing activities:
Real estate acquisitions	(1,193,994)	(779,678)	(357,816)
Capital expenditures	(33,936)	(36,899)	(41,092)
Proceeds from disposition of real estate property	274,816	223,791	27,372
Investments in debt-related investments	(158,364)	(58,291)	(45,539)
Principal collections on debt-related investments	4,084	2,405	173
Investments in unconsolidated joint venture partnerships	(62,805)	(57,310)	0
Investment in available-for-sale securities	(14,888)	0	0
Other	173	(726)	(3,354)
Net cash used in investing activities	(1,184,914)	(706,708)	(420,256)
Financing activities:
Proceeds from mortgage notes	0	195,600	0
Repayments of mortgage notes	(1,638)	(60,653)	(3,036)
Net (repayments of) proceeds from line of credit	(21,000)	150,000	106,000
Proceeds from term loan	275,000	0	0
Redemptions of common stock	(73,378)	(67,234)	(105,588)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(49,601)	(37,825)	(34,345)
Proceeds from issuance of common stock	359,737	251,527	104,703
Proceeds from financing obligations, net	669,577	253,959	251,671
Offering costs for issuance of common stock and private placements	(15,953)	(11,549)	(9,635)
Redemption of noncontrolling interests	(7,936)	(5,962)	(8,032)
Redemption of redeemable noncontrolling interests	(7,724)	0	0
Deferred financing costs paid	(1,864)	(17,927)	(8,658)
Net cash provided by financing activities	1,125,220	649,936	293,080
Net increase (decrease) in cash, cash equivalents and restricted cash	2,834	(7,382)	(86,048)
Cash, cash equivalents and restricted cash, at beginning of period	14,352	21,734	107,782
Cash, cash equivalents and restricted cash, at end of period	$ 17,186	$ 14,352	$ 21,734

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company”, “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. Ares Real Estate Income Trust Inc. is a Maryland corporation formed on April 11, 2005. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including our 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 our new advisor (the “New Advisor”). Ares did not acquire our former sponsor, Black Creek Diversified Property Advisors Group LLC (the “Former Sponsor”), and we now consider the Ares real estate group (“AREG”) to be our Sponsor. See “Note 13” for additional information regarding this transaction. References to the “Advisor” throughout this report mean Black Creek Diversified Property Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. References to the “Sponsor” throughout this report mean Black Creek Diversified Property Advisors Group LLC for periods prior to July 1, 2021 and Ares real estate group for periods thereafter. We are primarily focused on investing in and operating a diverse portfolio of real property and investing in other real estate-related assets. We currently focus our investment activities primarily across the major U.S. property sectors (industrial, residential (which includes and/or may include multi-family and other types of rental housing such as manufactured, student, and single family rental housing), office (which includes and/or may include medical office and life science laboratories) and retail). To a lesser extent, we intend to strategically invest in geographies outside of the U.S., which may include Canada, the United Kingdom, Europe and other foreign jurisdictions, and in other sectors such as triple net lease, real estate debt (which may include mortgages and subordinated interests), real estate-related securities, properties in sectors adjacent to our primary investment sectors and/or infrastructure, to create a diversified blend of current income and long-term value appreciation. As of December 31, 2022, our consolidated real property portfolio consisted of 90 properties. We operate four reportable segments: retail, office, residential, and industrial. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. See “Note 17” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, AREIT Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares continuously through our ongoing primary offerings and our distribution reinvestment plan. See “Note 10” for detail regarding our public offerings.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated statements of operations, equity and cash flows for the years ended December 31, 2021 and 2020 have been reclassified to conform to the 2022 presentation. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2022 and 2021 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2022, 2021 and 2020, we recorded $0.2 million, $0.9 million and $2.6 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the year ended December 31, 2022 and 2020. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2021. ​ Investments in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2022 and 2021. We did not have any investments in unconsolidated joint venture partnerships during the year ended December 31, 2020. Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments, and a credit loss reserve, if applicable. A debt-related investment is considered impaired when, based on current facts and circumstances, it is probable that we will not be able to collect principal and income according to the contractual terms of the underlying agreement. We assess the credit quality of each investment and adequacy of loan loss reserves on a periodic basis. Significant judgment of management is required in this analysis. We consider the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the credit quality and financial condition of the borrower, current and expected changes in macroeconomic conditions, and any other factors directly impacting the underlying collateral. As of December 31, 2022, we recorded a $1.8 million credit loss reserve related to one senior loan debt-related investment. Credit loss reserves were immaterial as of December 31, 2021. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our debt-related investments as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 151,645 ​ $ 154,622 ​ ​ 8.5 % ​ 2.1 Mezzanine loans ​ ​ 108,794 ​ ​ 108,500 ​ ​ 10.4 ​ ​ 1.9 Total debt-related investments (2) ​ $ 260,439 ​ $ 263,122 ​ ​ 9.5 % ​ 2.0 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans ​ $ 105,752 ​ $ 106,463 ​ ​ 7.2 % ​ 1.7 Total debt-related investments ​ $ 105,752 ​ $ 106,463 ​ ​ 7.2 % ​ 1.7 (1) The difference between the carrying amount and the outstanding principal amount of the debt-related investments consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. (2) Carrying amount and outstanding principle includes $42.0 million and $43.8 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status as of December 31, 2022. We recorded an impairment loss of $1.8 million related to this senior loan during the year ended December 31, 2022 and included the impairment loss in credit loss expense on the consolidated statements of operations. This senior loan was approved for sale during the fourth quarter of 2022 and therefore the carrying amount has been reduced to its fair value of $42.0 as it is held for sale as of December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the year ended December 31, 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021 and 2020. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our available-for-sale debt securities as of December 31, 2022. We did not have any available-for-sale debt securities as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net ​ Fair Value Available-for-sale debt securities ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896 ​ Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2022, our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2022, our interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $4.8 million and $1.9 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.8 million, $3.3 million and $3.0 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $3.4 million and $3.7 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.6 million, $3.5 million and $2.6 million, respectively, of amortization of financing costs associated with financing obligations. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Redeemable Noncontrolling Interest The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Advisor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the amended and restated advisory agreement (2022), effective as of May 1, 2022 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the 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 generally have the ability to request transfer or redeem their 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 our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness and current economic trends on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2022 and 2021, our allowance for doubtful accounts was approximately $1.8 million and $0.6 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income For debt-related investments, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method. Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share. Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. ​ ​ The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2022, no customers represented more than 10.0% of our total annualized base rent. Recently Adopted Accounting Standards In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2022-06, “Reference Rate Reform (Topic 848)” to defer the sunset date of FASB Accounting Standards Codification under Topic 848, Reference Rate Reform from December 31, 2022 to December 31, 2024. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 4” for detail relating to our real estate properties held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2022 2021 Land ​ $ 694,998 ​ $ 583,728 Buildings and improvements ​ 3,152,553 ​ 2,180,358 Intangible lease assets ​ 317,141 ​ 284,128 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,178,329 ​ 3,061,851 Accumulated depreciation and amortization ​ (572,751) ​ (472,025) Net investment in real estate properties ​ $ 3,605,578 ​ $ 2,589,826 ​ Acquisitions During the years ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ 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 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 ​ ​ 72,605 350 Carter Road ​ Office ​ 4/27/2022 ​ ​ 31,256 107 Morgan Lane ​ Office ​ 10/28/2022 ​ ​ 12,269 Total 2022 acquisitions ​ $ 1,200,302 2021 Acquisitions: ​ ​ ​ ​ Radar Distribution Center ​ Industrial ​ 3/31/2021 ​ $ 49,168 Intermountain Space Center ​ Industrial ​ 6/30/2021 ​ ​ 61,057 Airway Industrial Park ​ Industrial ​ 7/9/2021 ​ ​ 24,356 Greenwood Business Center ​ Industrial ​ 8/2/2021 ​ ​ 16,888 25 Linden Industrial Center ​ Industrial ​ 8/31/2021 ​ ​ 17,146 Little Orchard Business Park ​ Industrial ​ 9/8/2021 ​ ​ 96,559 Tustin Business Center ​ Industrial ​ 9/22/2021 ​ ​ 33,285 Campus Drive IC ​ Industrial ​ 10/7/2021 ​ ​ 6,652 Long Island Logistics Center ​ Industrial ​ 12/9/2021 ​ ​ 20,001 Phoenix IC ​ Industrial ​ 12/13/2021 ​ ​ 17,604 Tempe IC ​ Industrial ​ 12/13/2021 ​ ​ 28,347 Las Vegas IC ​ Industrial ​ 12/13/2021 ​ ​ 8,809 Barrow Crossing ​ Retail ​ 6/22/2021 ​ ​ 50,205 oLiv Tucson (2) ​ Residential ​ 10/20/2021 ​ ​ 124,219 Arabelle Clearwater ​ Residential ​ 11/30/2021 ​ ​ 116,352 Arabelle Riverwalk (3) ​ Residential ​ 12/28/2021 ​ ​ 234,050 Total 2021 acquisitions ​ $ 904,698 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) We acquired a 97.5% interest in this property. As part of the transaction, we assumed a ground lease with 97 years remaining and four 25 year extension options, which resulted in a $13.6 million right of use asset and a $4.4 million lease liability associated with the ground lease upon completion of the transaction. (3) Includes debt assumed at fair value as of the acquisition date of $125.9 million, with a principal amount of $117.1 million. During the years ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ($ in thousands) 2022 2021 Land ​ $ 154,356 ​ $ 166,310 Building and improvements ​ 1,008,273 ​ 703,597 Intangible lease assets ​ 43,117 ​ 39,270 Above-market lease assets ​ 730 ​ 1,392 Right of use asset (1) ​ ​ — ​ ​ 13,637 Lease liability (1) ​ ​ — ​ ​ (4,440) Below-market lease liabilities ​ (6,174) ​ (15,068) Total purchase price (2) ​ $ 1,200,302 ​ $ 904,698 (1) Right of use asset and lease liability are related to the ground lease entered into as part of the oLiv Tucson transaction. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2022 Dispositions During the year ended December 31, 2022, we sold six retail properties, one office property, and a During the year ended December 31, 2021, we sold three retail properties, one industrial property and two office properties for net proceeds of approximately $223.8 million. We recorded a net gain on sale of approximately $77.9 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022 and 2021 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 As of December 31, 2021 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 ​ $ 261,401 ​ $ (186,820) ​ $ 74,581 Above-market lease assets (1) ​ 22,933 ​ (19,707) ​ 3,226 ​ 22,727 ​ (19,507) ​ 3,220 Below-market lease liabilities ​ (76,033) ​ 33,589 ​ (42,444) ​ (80,206) ​ 32,707 ​ (47,499) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 ​ $ 21,664 ​ $ 730 ​ $ (4,572) Year 2 ​ 13,721 ​ 702 ​ (4,120) Year 3 ​ 11,603 ​ 555 ​ (3,941) Year 4 ​ ​ 9,504 ​ ​ 394 ​ ​ (3,699) Year 5 ​ ​ 6,282 ​ ​ 283 ​ ​ (2,931) Thereafter ​ ​ 17,233 ​ ​ 562 ​ ​ (23,181) Total ​ $ 80,007 ​ $ 3,226 ​ $ (42,444) ​ Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2022 2021 2020 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 3,414 ​ $ 5,849 ​ $ 5,539 Above-market lease amortization ​ (724) ​ (469) ​ (357) Below-market lease amortization ​ 4,823 ​ 3,559 ​ 3,521 Real estate-related depreciation and amortization: ​ ​ ​ ​ Depreciation expense ​ $ 97,418 ​ $ 59,766 ​ $ 47,629 Intangible lease asset amortization ​ 37,199 ​ 14,649 ​ 15,294 ​ Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2022, excluding rental revenues from the potential renewal or replacement of existing leases and excluding rental revenues from properties classified as held for sale, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2022 Year 1 ​ $ 138,650 ​ Year 2 ​ 123,576 ​ Year 3 ​ 111,581 ​ Year 4 ​ 95,202 ​ Year 5 ​ 72,631 ​ Thereafter ​ 248,755 ​ Total ​ $ 790,395 ​ ​ Leases for our residential customers are generally 12 months or less and are therefore excluded from the table above. Real Estate Property Impairment There were no impairment charges recorded during the years ended December 31, 2022 and 2020. During the year ended December 31, 2021, we recorded non-cash impairment charges of $0.8 million related to a retail property located in the 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. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “Note 2” for further discussion of the fair value hierarchy.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2022
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	4. ASSETS HELD FOR SALE We classify a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. As of December 31, 2021, we had one retail property (Bandera Road) and one office property (1 st ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 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	12 Months Ended
	Dec. 31, 2022
Equity Method Investment And Joint Venture [Abstract]
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS We have acquired interests in joint venture partnerships for purposes of investing in properties across the U.S. We record our investments in U.S. AREIT-McDowell Vue Parent LLC (“Vue 1400 JV”), Pathfinder Core AREIT JV NNN Holdings, LLC (“Net Lease JV I”), Pathfinder Core AREIT Net Lease Aggregator LLC (“Net Lease JV II”) and Pathfinder Core AREIT Net Lease TRS Aggregator LLC (“Net Lease JV III”) under the equity method on our consolidated balance sheets as we have the ability to exercise significant influence in each partnership but do not have control of the entities. The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ As of December 31, 2021 ​ Investments in Unconsolidated ​ ​ Property ​ Ownership ​ Number of ​ Ownership ​ Number of ​ Joint Venture Partnerships as of ($ in thousands) Type Percentage ​ Properties ​ Percentage ​ Properties ​ December 31, 2022 December 31, 2021 Vue 1400 JV ​ Residential ​ 85% ​ 1 ​ 85% ​ 1 ​ $ 25,984 ​ $ 26,117 Net Lease JV I ​ Net Lease ​ 50% ​ 15 ​ 50% ​ 15 ​ ​ 16,393 ​ ​ 16,267 Net Lease JV II ​ Net Lease ​ 50% ​ 117 ​ 50% ​ 10 ​ ​ 65,763 ​ ​ 15,041 Net Lease JV III ​ Net Lease ​ 50% ​ 23 ​ N/A ​ — ​ ​ 12,232 ​ ​ — Total unconsolidated joint venture partnerships ​ 156 ​ ​ 26 ​ $ 120,372 ​ $ 57,425 ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	6. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. One of our mortgage notes is currently partial recourse to us, for which we provide $16.1 million in limited guaranties until we meet certain lender-specified thresholds at the collateralized property. Other than this limited guarantee, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2022 2021 Current Maturity Date 2022 2021 Line of credit (1) ​ 5.72 % 1.35 % November 2025 ​ $ 235,000 ​ $ 256,000 Term loan (2) 3.90 ​ 3.16 ​ November 2026 ​ ​ 400,000 ​ 325,000 Term loan (3) 4.56 ​ 3.19 ​ January 2027 ​ 400,000 200,000 Fixed-rate mortgage notes 3.48 ​ 3.49 ​ December 2025 - May 2031 ​ 380,316 381,954 Floating-rate mortgage notes (4) 4.52 ​ 2.26 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.31 % 2.78 % ​ $ 1,622,916 $ 1,370,554 Less: unamortized debt issuance costs ​ $ (14,849) $ (16,762) Add: unamortized mark-to-market adjustment on assumed debt ​ 8,408 9,442 Total debt, net ​ $ 1,616,475 $ 1,363,234 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 970,310 ​ $ 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 December 31, 2022, the unused and available portions under the line of credit were approximately $665.0 million and $623.7 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 December 31, 2022, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements which capped the effective interest rates of our two floating-rate mortgage notes at 4.50% and 4.55% , respectively, as of December 31, 2022. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.9 years as of December 31, 2022, excluding the impact of certain extension options. For the years ended December 31, 2022, 2021 and 2020, the amount of interest incurred related to our consolidated indebtedness was $55.4 million, $29.9 million and $30.0 million, respectively. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). ​ As of December 31, 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 2023 ​ ​ — ​ ​ — ​ ​ 1,437 ​ ​ 1,437 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 235,000 ​ — ​ 72,360 ​ 307,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 2027 ​ — ​ 400,000 ​ 175,787 ​ 575,787 Thereafter ​ — ​ — ​ 124,853 ​ 124,853 Total principal payments ​ $ 235,000 ​ $ 800,000 ​ $ 587,916 ​ $ 1,622,916 (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 December 31, 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 December 31, 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 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 $14.1 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). The following table summarizes the location and fair value of our consolidated derivative instruments on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 12 ​ $ 650,000 ​ $ 20,279 ​ $ — Interest rate caps 2 ​ 207,600 ​ 4,169 ​ — Total derivative instruments 14 ​ $ 857,600 ​ $ 24,448 ​ $ — 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 consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2022 2021 2020 Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 29,852 ​ $ 5,616 ​ $ (21,589) Amount reclassified from AOCI into interest expense ​ 1,546 ​ 10,281 ​ 7,747 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 140,406 ​ 70,494 ​ 58,747 Derivative instruments not designated as cash flow hedges: ​ ​ ​ Gain (loss) on derivative instruments presented in the consolidated statements of operations ​ $ 4,723 ​ $ 71 ​ $ (13) ​

DST PROGRAM

DST PROGRAM	12 Months Ended
	Dec. 31, 2022
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	7. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (“DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program are accounted for as deferred financing costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests to potential investors. As of December 31, 2022 and 2021, there were approximately $81.9 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 consolidated balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income on our consolidated statements of operations. The following table presents our DST Program activity for the years ended December 31, 2022, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 DST Interests sold ​ $ 758,995 ​ $ 292,702 ​ $ 278,157 DST Interests financed by DST Program Loans ​ ​ 51,496 ​ ​ 25,978 ​ ​ 26,486 Income earned from DST Program Loans (1) ​ ​ 3,420 ​ ​ 2,178 ​ ​ 1,487 Financing obligation liability appreciation (2) ​ ​ 31,737 ​ ​ 5,822 ​ ​ 3,936 Rent obligation incurred under master lease agreements (2) ​ ​ 47,021 ​ ​ 28,422 ​ ​ 19,443 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations. Additionally, during the years ended December 31, 2022, 2021, and 2020, 28.8 million OP Units, 15.0 million OP Units and 3.8 million OP units, respectively, were issued in exchange for DST Interests for a net investment of $252.6 million, $115.7 million and $28.3 million, respectively, in accordance with our UPREIT structure. Refer to “Note 13” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE	8. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition. ​ Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 24,448 ​ $ — ​ $ 24,448 Available-for-sale securities ​ ​ — ​ ​ 14,896 ​ ​ — ​ ​ 14,896 Total assets measured at fair value ​ $ — ​ $ 39,344 ​ $ — ​ $ 39,344 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. Available-for-Sale Debt Securities. Nonrecurring Fair Value Measurements As of December 31, 2022 and 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 December 31, 2022 ​ As of December 31, 2021 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 263,122 ​ $ 260,841 ​ $ 106,463 ​ $ 106,463 DST Program Loans ​ 81,897 ​ 79,049 ​ 62,123 ​ 62,123 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 235,000 ​ $ 235,000 ​ $ 256,000 ​ $ 256,000 Term loans ​ 800,000 ​ 800,000 ​ 525,000 ​ 525,000 Mortgage notes ​ 587,916 ​ 541,558 ​ 589,554 ​ 600,467 (1) The carrying value reflects the principal amount outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2022 and 2021. We had a net deferred tax asset of approximately $0.4 million and $1.2 million as of December 31, 2022 and 2021, respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2019. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2022, 2021 and 2020. This information assumes that an investor owned shares of our common stock for the full 2022 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 2021 2020 Ordinary income — % 13.62 % 3.28 % Non-taxable return of capital 100.00 61.37 12.34 ​ Capital gain — 25.01 84.38 ​ Total distributions 100.00 % 100.00 % 100.00 % ​ The decline in taxable income compared to 2021 is almost entirely due to (i) the increase in the performance participation allocation and (ii) our Advisor’s election to receive the 2022 performance fee in cash instead of OP Units.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY Public Offerings As a net asset value (“NAV”)-based perpetual life REIT, we intend to conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we intend to file new registration statements on Form S-11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have the following registration statements effective with the SEC: ● A public offering of up to $10.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $8.5 billion offered in our primary offering and up to $1.5 billion offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. As of December 31, 2022, $9.82 billion remained unsold under this registration statement. ● A public offering of Class E shares under our distribution reinvestment plan. As of December 31, 2022, $82.5 million remained unsold under this registration statement. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. During the year ended December 31, 2022, we raised gross proceeds of approximately $388.9 million from the sale of approximately 44.9 million shares of our common stock in our ongoing public offerings, including proceeds from our distribution reinvestment plan of approximately $29.4 million. Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,231 4,507 728 4,306 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Conversions ​ (225) ​ — ​ — ​ 225 ​ — ​ — Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,885 12,539 2,778 10,149 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Conversions ​ (292) ​ — ​ — ​ 292 ​ — ​ — Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: Primary shares 10,443 14,348 1,688 15,000 — 41,479 Distribution reinvestment plan 426 823 153 1,256 745 3,403 Share-based compensation — — — 27 — 27 Redemptions of common stock (198) (1,691) (719) (1,759) (4,099) (8,466) Conversions ​ (212) ​ — ​ — ​ 212 ​ — ​ — Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 ​ 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 December 31 ​ 0.09375 ​ 9,859 ​ 4,559 ​ 7,923 ​ 1,478 ​ 23,819 Total ​ $ 0.37500 ​ $ 37,679 ​ $ 14,706 ​ $ 29,893 ​ $ 5,166 ​ $ 87,444 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 ​ 2,445 ​ 6,361 ​ 886 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 7,334 ​ $ 23,595 ​ $ 2,886 ​ $ 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 years ended December 31, 2022, 2021 and 2020. All eligible redemption requests were fulfilled for the periods presented. 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 Year Ended December 31, ​ (in thousands, except for per share data) ​ 2022 2021 2020 Number of shares redeemed or repurchased ​ ​ 8,466 ​ 8,784 ​ 14,071 ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 73,378 ​ $ 67,234 ​ $ 105,588 ​ Average redemption or repurchase price per share ​ $ 8.67 ​ $ 7.65 ​ $ 7.50 ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2022
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	11. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the 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 Advisory Agreement. 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 consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ 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 ​ ​ (735) ​ ​ (418) Redemptions to redeemable noncontrolling interests (2) ​ ​ (7,724) ​ ​ — Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (370) ​ ​ 221 Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 284 ​ ​ 103 Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ 2,354 ​ ​ 682 Ending balance ​ $ 18,130 ​ $ 8,994 (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 at the time, 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. (3) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS OP Units As of December 31, 2022 and 2021, the Operating Partnership had issued OP Units to third-party investors, representing 20.9% and 13.7%, respectively, of limited partnership interests (excludes interests held by redeemable noncontrolling interest holders). OP Units held by third-party investors are made up of Class E, Class T, Class S, and Class I OP Units. The following table summarizes the number of OP Units issued and outstanding to third-party investors: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period ​ 27,180 ​ 12,982 ​ 10,286 Issuance of units ​ 28,821 14,974 3,766 Redemption of units ​ (922) ​ (776) ​ (1,070) Balance at end of period ​ ​ 55,079 ​ ​ 27,180 ​ ​ 12,982 ​ Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. During the years ended December 31, 2022, 2021 and 2020, the aggregate amount of OP Units redeemed was $7.9 million, $6.0 million, and $8.0 million, respectively. The estimated maximum redemption value (unaudited) as of December 31, 2022 and 2021 was $488.3 million and $228.3 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the Advisory Agreement, by and among us, the Operating Partnership and the Advisor. The current term of the Advisory Agreement ends April 30, 2023, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager, which is also a related party, provides dealer manager services in connection with our public offerings pursuant to the terms of the fourth amended and restated dealer manager agreement, effective December 1, 2021 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our Former Advisor (the “Transaction”). On the same date, our Former Advisor assigned the advisory agreement to our New Advisor. Ares did not acquire the Former Sponsor, and we now consider the Ares real estate group to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates. The Dealer Manager was also directly or indirectly majority owned, controlled and/or managed by the estate of Mr. Blumberg, Mr. Mulvihill and/or Mr. Zucker and/or their affiliates. Presently, following the Transaction, the Advisor and the Dealer Manager are directly or indirectly majority owned, controlled and/or managed by Ares. The Advisor, the Sponsor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our public offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the Partnership Agreement, and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. Selling Commissions, Dealer Manager Fees and Distribution Fees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % ​ We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. Organization and Offering Expense Reimbursement. Advisory Fee and Operating Expense Reimbursement. ​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % ​ The performance participation allocation is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance participation allocation equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance participation allocation. The loss carryforward is zero as of December 31, 2022. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance participation allocation that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2022, all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “Note 12” for detail regarding the Class E OP Units. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” On July 1, 2021, these Special Units were transferred from BCDPAG to our New Advisor. Subsequently, these Special Units were transferred from our New Advisor to an affiliate of the New Advisor. These agreements were amended, and the Special Units were issued, so that, at the election of the holder, the performance participation allocation previously payable to the Advisor may be paid instead to the holder of the Special Units as a performance participation allocation with respect to the Special Units. If the holder does not elect on or before the first day of a calendar year to have the performance participation allocation paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to the holder of the Special Units. In such case, the performance participation allocation will be payable in cash or Class I OP Units, at the election of the holder. If the holder elects to receive such distributions in Class I OP Units, the number of Class I OP Units to be issued to the holder will be determined by dividing an amount equal to the value of the performance participation allocation by the net asset value per Class I OP Unit as of the date of the distribution. The holder of the Special Units may request the Operating Partnership to repurchase such OP Units from the holder at a later date. Any such repurchase requests will normally not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership or to our stockholders under our share redemption program. However, certain restrictions on redemption may apply if certain liquidity requirements are not met. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, the holder of the Special Units will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance participation allocation, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers, unless the named executive officer is providing stockholder services Acquisition Expense Reimbursements. Pursuant to the Advisory Agreement, subject to certain limitations, we agreed to reimburse the Advisor for all acquisition expenses incurred on our behalf in connection with the selection and acquisition of properties, real estate-related assets, and other investments, whether or not such investments are acquired. As these expense reimbursements were not directly attributable to a specified property, they were expensed as incurred on the consolidated statements of operations. Fees from Other Services. Property-Level Accounting Services. to the difference between: (i) the property management fee charged with respect to each real property, which 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”). DST Program DST Program Dealer Manager Fees. ADREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. ADREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or ADREX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year for Class T, Class S, and Class D OP Units. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by ADREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, ADREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the Delaware statutory trusts to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2022 2021 2020 2022 2021 Selling commissions and dealer manager fees (1) ​ $ 4,289 ​ $ 2,656 ​ $ 1,498 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 6,800 ​ ​ 3,206 ​ ​ 2,024 ​ ​ 748 ​ ​ 394 Advisory fees—fixed component ​ ​ 33,747 ​ ​ 21,433 ​ ​ 17,211 ​ ​ 2,868 ​ ​ 2,094 Performance participation allocation (3) ​ 23,747 ​ 15,327 ​ 4,608 ​ 23,747 ​ 15,327 Other expense reimbursements—Advisor (4)(5) ​ 11,346 ​ 11,070 ​ 10,002 ​ 4,192 ​ 1,443 Other expense reimbursements—Dealer Manager ​ 372 ​ 376 ​ 516 ​ 109 ​ — Property accounting fee (6) ​ ​ 1,289 ​ ​ — ​ ​ — ​ ​ 478 ​ ​ — DST Program selling commissions, dealer manager and distribution fees (1) ​ 22,467 ​ 9,871 ​ 4,097 ​ 241 ​ 219 Other DST Program related costs—Advisor (5) ​ 14,860 ​ 6,318 ​ 4,085 ​ 146 ​ 87 Total ​ $ 118,917 ​ $ 70,257 ​ $ 44,041 ​ $ 32,529 ​ $ 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 $60.9 million and $34.1 million as of December 31, 2022 and 2021, respectively, are included in other liabilities on the consolidated balance sheets. (3) 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 December 31, 2022 and 2021, we recognized approximately $23.7 million and $15.3 million for the years ended December 31, 2022 and 2021, respectively, of performance participation allocation expense in our consolidated statements of operations. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) 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 years ended December 31, 2022, 2021 and 2020, were approximately $10.7 million, $9.8. million and $8.0 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. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2022 and 2021, we held a 78.3% and 85.7%, respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “Note 12” for detail regarding our noncontrolling interests.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	14. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2022 2021 2020 Net (loss) income attributable to common stockholders—basic ​ $ (39,979) ​ $ 30,754 ​ $ (14,914) Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (370) ​ ​ 221 ​ ​ (54) Net (loss) income attributable to noncontrolling interests ​ (9,314) ​ 3,565 ​ (1,091) Net (loss) income attributable to common stockholders—diluted ​ $ (49,663) ​ $ 34,540 ​ $ (16,059) Weighted-average shares outstanding—basic ​ 194,039 ​ 154,767 ​ 142,268 Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 39,265 ​ 19,563 ​ 11,784 Weighted-average shares outstanding—diluted ​ 233,304 ​ 174,330 ​ 154,052 Net (loss) income per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.21) ​ $ 0.20 ​ $ (0.10) Diluted ​ $ (0.21) ​ $ 0.20 ​ $ (0.10) ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	15. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Interest paid related to consolidated indebtedness ​ $ 53,889 ​ $ 28,403 ​ $ 29,877 Interest paid related to DST Program ​ ​ 42,008 ​ ​ 26,666 ​ ​ 16,540 Distributions reinvested in common stock ​ 29,442 ​ 23,197 ​ 21,278 Change in accrued future ongoing distribution fees ​ 26,855 ​ 18,576 ​ 1,019 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 51,496 ​ ​ 25,978 ​ ​ 26,486 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 15,327 ​ ​ 4,608 ​ ​ 3,776 Mortgage notes assumed on real estate acquisitions at fair value ​ ​ — ​ ​ 125,887 ​ ​ 13,472 Issuances of OP Units for DST Interests ​ ​ 252,578 ​ ​ 115,653 ​ ​ 28,266 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2022 2021 2020 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 10,605 ​ $ 11,266 ​ $ 97,772 Restricted cash ​ 3,747 ​ 10,468 ​ 10,010 Cash, cash equivalents and restricted cash ​ $ 14,352 ​ $ 21,734 ​ $ 107,782 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,336 ​ $ 10,605 ​ $ 11,266 Restricted cash ​ 3,850 ​ 3,747 ​ 10,468 Cash, cash equivalents and restricted cash ​ $ 17,186 ​ $ 14,352 ​ $ 21,734 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	16. 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 have been or will be 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 land. We have or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2022.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	17. 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 investments in unconsolidated joint venture partnerships, investments in real estate-related securities, 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 December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2022 ​ 2021 (1) Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 377,546 ​ $ 335,811 Retail properties ​ 537,147 ​ 639,584 Residential properties ​ 1,495,532 ​ 837,491 Industrial properties ​ 1,248,255 ​ 826,353 Corporate ​ 516,244 ​ 351,732 Total assets ​ $ 4,174,724 ​ $ 2,990,971 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 4” for further detail. ​ The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2022 2021 2020 Net (loss) income attributable to common stockholders ​ $ (39,979) ​ $ 30,754 ​ $ (14,914) Debt-related income ​ (9,989) ​ (9,174) ​ (2,347) Real estate-related depreciation and amortization ​ 134,617 ​ 74,415 ​ 62,923 General and administrative expenses ​ 10,570 ​ 8,797 ​ 7,548 Advisory fees ​ 33,747 ​ 21,433 ​ 17,211 Performance participation allocation ​ 23,747 ​ 15,327 ​ 4,608 Acquisition costs and reimbursements ​ 5,427 ​ 2,636 ​ 1,108 Litigation expense ​ — ​ — ​ 2,500 Impairment of real estate property ​ — ​ 758 ​ — Credit loss expense ​ 1,799 ​ — ​ — Equity in income from unconsolidated joint venture partnerships ​ ​ (2,970) ​ ​ (114) ​ ​ — Interest expense ​ 140,406 ​ 70,494 ​ 58,747 Gain on sale of real estate property ​ (94,827) ​ (77,857) ​ (13,335) (Gain) loss on derivative instruments ​ ​ (4,723) ​ ​ (71) ​ ​ 13 Other income ​ ​ (2,860) ​ ​ (1,781) ​ ​ (1,050) Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (370) ​ ​ 221 ​ ​ (54) Net (loss) income attributable to noncontrolling interests ​ (9,314) ​ 3,565 ​ (1,091) Net operating income ​ $ 185,281 ​ $ 139,403 ​ $ 121,867 ​ The following table sets forth consolidated financial results by segment for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 52,427 ​ $ 64,039 ​ $ 98,524 ​ $ 74,244 ​ $ 289,234 Rental expenses ​ (25,273) ​ (17,080) ​ (44,292) ​ (17,308) ​ (103,953) Net operating income ​ $ 27,154 ​ $ 46,959 ​ $ 54,232 ​ $ 56,936 ​ $ 185,281 Real estate-related depreciation and amortization ​ $ 15,951 ​ $ 17,370 ​ $ 47,696 ​ $ 53,600 ​ $ 134,617 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 64,290 ​ $ 72,102 ​ $ 31,023 ​ $ 41,761 ​ $ 209,176 Rental expenses ​ ​ (28,280) ​ (18,693) ​ (13,387) ​ (9,413) ​ ​ (69,773) Net operating income ​ $ 36,010 ​ $ 53,409 ​ $ 17,636 ​ $ 32,348 ​ $ 139,403 Real estate-related depreciation and amortization ​ $ 19,875 ​ $ 19,485 ​ $ 11,062 ​ $ 23,993 ​ $ 74,415 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 69,110 ​ $ 71,244 ​ $ 20,424 ​ $ 23,467 ​ $ 184,245 Rental expenses ​ (30,355) ​ (17,568) ​ (9,448) ​ (5,007) ​ (62,378) Net operating income ​ $ 38,755 ​ $ 53,676 ​ $ 10,976 ​ $ 18,460 ​ $ 121,867 Real estate-related depreciation and amortization ​ $ 21,130 ​ $ 19,795 ​ $ 9,762 ​ $ 12,236 ​ $ 62,923 ​ 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Subsequent to December 31, 2022, we sold a portion of one retail property for a contractual sale price of $55.5 million. Our accounting basis (net of accumulated depreciation and amortization) for this real estate property as of the closing date was approximately $16.5 million. ​

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ​ Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Office properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bala Pointe ​ Bala Cynwyd, PA ​ 1 ​ $ — ​ $ 10,115 ​ $ 27,516 ​ $ 37,631 ​ $ 14,536 ​ $ 10,115 ​ $ 42,052 ​ $ 52,167 ​ $ (25,419) ​ 8/28/2006 ​ 1 - 40 1300 Connecticut ​ Washington, DC ​ 1 ​ ​ — ​ ​ 25,177 ​ ​ 41,250 ​ ​ 66,427 ​ ​ 12,516 ​ ​ 25,177 ​ ​ 53,766 ​ ​ 78,943 ​ ​ (31,583) ​ 3/10/2009 ​ 2 - 40 CityView ​ Austin, TX ​ 4 ​ ​ — ​ ​ 4,606 ​ ​ 65,250 ​ ​ 69,856 ​ ​ 10,385 ​ ​ 4,606 ​ ​ 75,635 ​ ​ 80,241 ​ ​ (24,756) ​ 4/24/2015 ​ 1 - 40 Eden Prairie ​ Eden Prairie, MN ​ 1 ​ ​ — ​ ​ 3,538 ​ ​ 25,865 ​ ​ 29,403 ​ ​ 1,262 ​ ​ 3,538 ​ ​ 27,127 ​ ​ 30,665 ​ ​ (13,388) ​ 10/3/2008 ​ 5 - 40 Preston Sherry Plaza ​ Dallas, TX ​ 1 ​ ​ — ​ ​ 7,500 ​ ​ 22,303 ​ ​ 29,803 ​ ​ 14,905 ​ ​ 7,500 ​ ​ 37,208 ​ ​ 44,708 ​ ​ (19,518) ​ 12/16/2009 ​ 1 - 40 3 Second Street ​ Jersey City, NJ ​ 1 ​ ​ 127,000 ​ ​ 16,800 ​ ​ 193,742 ​ ​ 210,542 ​ ​ 48,411 ​ ​ 16,800 ​ ​ 242,153 ​ ​ 258,953 ​ ​ (119,117) ​ 6/25/2010 ​ 3 - 40 350 Carter Road ​ Princeton, NJ ​ 1 ​ ​ — ​ ​ 3,966 ​ ​ 28,670 ​ ​ 32,636 ​ ​ 1,500 ​ ​ 3,966 ​ ​ 30,170 ​ ​ 34,136 ​ ​ (743) ​ 4/27/2022 ​ 13 - 40 107 Morgan Lane ​ Plainsboro, NJ ​ 1 ​ ​ — ​ ​ 1,589 ​ ​ 10,680 ​ ​ 12,269 ​ ​ 119 ​ ​ 1,589 ​ ​ 10,799 ​ ​ 12,388 ​ ​ (80) ​ 10/28/2022 ​ 10 - 40 Total office properties ​ ​ ​ 11 ​ $ 127,000 ​ $ 73,291 ​ $ 415,276 ​ $ 488,567 ​ $ 103,634 ​ $ 73,291 ​ $ 518,910 ​ $ 592,201 ​ $ (234,604) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beaver Creek ​ Apex, NC ​ 1 ​ $ — ​ $ 12,426 ​ $ 31,375 ​ $ 43,801 ​ $ 739 ​ $ 9,955 ​ $ 34,585 ​ $ 44,540 ​ $ (14,953) ​ 5/11/2007 ​ 1 - 40 Sandwich ​ Sandwich, MA ​ 1 ​ ​ — ​ ​ 7,380 ​ ​ 25,778 ​ ​ 33,158 ​ ​ 874 ​ ​ 7,380 ​ ​ 26,652 ​ ​ 34,032 ​ ​ (12,239) ​ 8/1/2007 ​ 1 - 40 Wareham ​ Wareham, MA ​ 1 ​ ​ — ​ ​ 12,972 ​ ​ 27,030 ​ ​ 40,002 ​ ​ 3,841 ​ ​ 12,972 ​ ​ 30,871 ​ ​ 43,843 ​ ​ (15,204) ​ 8/1/2007 ​ 1 - 40 Hyannis ​ Hyannis, MA ​ 1 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ (767) ​ 8/1/2007 ​ 18 - 68 Meriden ​ Meriden, CT ​ 1 ​ ​ — ​ ​ 6,560 ​ ​ 22,014 ​ ​ 28,574 ​ ​ — ​ ​ 6,560 ​ ​ 22,014 ​ ​ 28,574 ​ ​ (10,310) ​ 8/1/2007 ​ 13 - 43 Whitman 475 Bedford Street ​ Whitman, MA ​ 1 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ (5,711) ​ 8/1/2007 ​ 16 - 56 New Bedford ​ New Bedford, MA ​ 1 ​ ​ 4,561 ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ — ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ (5,053) ​ 10/18/2007 ​ 22 - 40 270 Center ​ Washington, DC ​ 1 ​ ​ 70,000 ​ ​ 19,779 ​ ​ 42,515 ​ ​ 62,294 ​ ​ 5,062 ​ ​ 19,781 ​ ​ 47,575 ​ ​ 67,356 ​ ​ (21,332) ​ 4/6/2009 ​ 1 - 40 Springdale ​ Springfield, MA ​ 1 ​ ​ — ​ ​ 11,866 ​ ​ 723 ​ ​ 12,589 ​ ​ 9 ​ ​ 11,866 ​ ​ 732 ​ ​ 12,598 ​ ​ (726) ​ 2/18/2011 ​ 6 - 62 Saugus ​ Saugus, MA ​ 1 ​ ​ — ​ ​ 3,783 ​ ​ 9,713 ​ ​ 13,496 ​ ​ 470 ​ ​ 3,783 ​ ​ 10,183 ​ ​ 13,966 ​ ​ (5,572) ​ 3/17/2011 ​ 3 - 40 Salt Pond ​ Narragansett, RI ​ 2 ​ ​ — ​ ​ 8,759 ​ ​ 40,233 ​ ​ 48,992 ​ ​ 2,336 ​ ​ 8,759 ​ ​ 42,569 ​ ​ 51,328 ​ ​ (13,018) ​ 11/4/2014 ​ 1 - 40 South Cape ​ Mashpee, MA ​ 6 ​ ​ — ​ ​ 9,936 ​ ​ 27,552 ​ ​ 37,488 ​ ​ 5,211 ​ ​ 10,307 ​ ​ 32,392 ​ ​ 42,699 ​ ​ (9,139) ​ 3/18/2015 ​ 1 - 40 Shenandoah ​ Davie, FL ​ 3 ​ ​ — ​ ​ 10,501 ​ ​ 27,397 ​ ​ 37,898 ​ ​ 499 ​ ​ 10,501 ​ ​ 27,896 ​ ​ 38,397 ​ ​ (7,692) ​ 8/6/2015 ​ 1 - 40 Chester Springs ​ Chester, NJ ​ 4 ​ ​ — ​ ​ 7,376 ​ ​ 51,155 ​ ​ 58,531 ​ ​ 7,429 ​ ​ 7,376 ​ ​ 58,584 ​ ​ 65,960 ​ ​ (16,247) ​ 10/8/2015 ​ 1 - 40 Yale Village ​ Tulsa, OK ​ 4 ​ ​ — ​ ​ 3,492 ​ ​ 30,655 ​ ​ 34,147 ​ ​ 1,849 ​ ​ 3,492 ​ ​ 32,504 ​ ​ 35,996 ​ ​ (8,258) ​ 12/9/2015 ​ 3 - 40 Suniland Shopping Center ​ Pinecrest, FL ​ 4 ​ ​ — ​ ​ 34,804 ​ ​ 33,902 ​ ​ 68,706 ​ ​ 1,715 ​ ​ 34,804 ​ ​ 35,617 ​ ​ 70,421 ​ ​ (9,922) ​ 5/27/2016 ​ 1 - 40 Village at Lee Branch ​ Birmingham, AL ​ 2 ​ ​ — ​ ​ 10,476 ​ ​ 32,461 ​ ​ 42,937 ​ ​ 1,338 ​ ​ 10,476 ​ ​ 33,799 ​ ​ 44,275 ​ ​ (5,495) ​ 1/29/2020 ​ 1 - 40 Barrow Crossing ​ Bethlehem, GA ​ 5 ​ ​ — ​ ​ 5,539 ​ ​ 50,208 ​ ​ 55,747 ​ ​ 467 ​ ​ 5,539 ​ ​ 50,675 ​ ​ 56,214 ​ ​ (5,436) ​ 6/22/2021 ​ 1 - 40 Total retail properties ​ ​ ​ 40 ​ $ 74,561 ​ $ 183,454 ​ $ 476,462 ​ $ 659,916 ​ $ 31,839 ​ $ 181,356 ​ $ 510,399 ​ $ 691,755 ​ $ (167,074) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ​ Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Residential properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Daley ​ Rockville, MD ​ 4 ​ $ 62,000 ​ $ 15,139 ​ $ 80,500 ​ $ 95,639 ​ $ 838 ​ $ 15,139 ​ $ 81,338 ​ $ 96,477 ​ $ (9,632) ​ 7/2/2019 ​ 1 - 40 Juno Winter Park ​ Winter Park, FL ​ 1 ​ ​ — ​ ​ 9,129 ​ ​ 75,420 ​ ​ 84,549 ​ ​ 527 ​ ​ 9,129 ​ ​ 75,947 ​ ​ 85,076 ​ ​ (7,940) ​ 7/9/2019 ​ 1 - 40 Perimeter ​ Sandy Springs, GA ​ 1 ​ ​ — ​ ​ 17,407 ​ ​ 99,763 ​ ​ 117,170 ​ ​ 476 ​ ​ 17,407 ​ ​ 100,239 ​ ​ 117,646 ​ ​ (10,264) ​ 12/19/2019 ​ 1 - 40 The Palms ​ Davie, FL ​ 15 ​ ​ — ​ ​ 18,737 ​ ​ 60,475 ​ ​ 79,212 ​ ​ 2,862 ​ ​ 18,737 ​ ​ 63,337 ​ ​ 82,074 ​ ​ (5,314) ​ 11/3/2020 ​ 1 - 40 oLiv Tucson ​ Tucson, AZ ​ 1 ​ ​ 80,600 ​ ​ — ​ ​ 128,659 ​ ​ 128,659 ​ ​ 76 ​ ​ — ​ ​ 128,735 ​ ​ 128,735 ​ ​ (5,323) ​ 10/20/2021 ​ 1 - 40 Arabelle Clearwater ​ Clearwater, FL ​ 10 ​ ​ — ​ ​ 11,633 ​ ​ 104,719 ​ ​ 116,352 ​ ​ 54 ​ ​ 11,633 ​ ​ 104,773 ​ ​ 116,406 ​ ​ (4,175) ​ 11/30/2021 ​ 1 - 40 Arabelle Riverwalk ​ Tampa Bay, FL ​ 1 ​ ​ 117,063 ​ ​ 20,005 ​ ​ 214,045 ​ ​ 234,050 ​ ​ 160 ​ ​ 20,005 ​ ​ 214,205 ​ ​ 234,210 ​ ​ (8,319) ​ 12/28/2021 ​ 1 - 40 Skye 750 ​ King of Prussia, PA ​ 1 ​ ​ — ​ ​ 12,535 ​ ​ 80,310 ​ ​ 92,845 ​ ​ 75 ​ ​ 12,535 ​ ​ 80,385 ​ ​ 92,920 ​ ​ (3,234) ​ 1/5/2022 ​ 1 - 40 Arabelle City Center ​ Pembroke, FL ​ 11 ​ ​ — ​ ​ 15,776 ​ ​ 141,006 ​ ​ 156,782 ​ ​ 1,285 ​ ​ 15,776 ​ ​ 142,291 ​ ​ 158,067 ​ ​ (4,596) ​ 4/12/2022 ​ 1 - 40 Dallas Cityline ​ Richardson, TX ​ 1 ​ ​ — ​ ​ 6,281 ​ ​ 104,812 ​ ​ 111,093 ​ ​ 155 ​ ​ 6,281 ​ ​ 104,967 ​ ​ 111,248 ​ ​ (3,451) ​ 4/13/2022 ​ 1 - 40 Dallas Wycliff ​ Dallas, TX ​ 3 ​ ​ — ​ ​ 14,021 ​ ​ 80,062 ​ ​ 94,083 ​ ​ 305 ​ ​ 14,021 ​ ​ 80,367 ​ ​ 94,388 ​ ​ (2,801) ​ 4/13/2022 ​ 1 - 40 Dallas Maple District ​ Dallas, TX ​ 2 ​ ​ — ​ ​ 14,725 ​ ​ 78,364 ​ ​ 93,089 ​ ​ 237 ​ ​ 14,725 ​ ​ 78,601 ​ ​ 93,326 ​ ​ (2,721) ​ 4/13/2022 ​ 1 - 40 San Vance ​ San Antonio, TX ​ 14 ​ ​ — ​ ​ 8,860 ​ ​ 68,726 ​ ​ 77,586 ​ ​ 141 ​ ​ 8,860 ​ ​ 68,867 ​ ​ 77,727 ​ ​ (2,539) ​ 4/13/2022 ​ 1 - 40 San Stone Oak ​ San Antonio, TX ​ 15 ​ ​ — ​ ​ 4,569 ​ ​ 68,036 ​ ​ 72,605 ​ ​ 173 ​ ​ 4,569 ​ ​ 68,209 ​ ​ 72,778 ​ ​ (2,389) ​ 4/13/2022 ​ 1 - 40 Total residential properties ​ ​ ​ 80 ​ $ 259,663 ​ $ 168,817 ​ $ 1,384,897 ​ $ 1,553,714 ​ $ 7,364 ​ $ 168,817 ​ $ 1,392,261 ​ $ 1,561,078 ​ $ (72,698) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vasco Road ​ Livermore, CA ​ 1 ​ $ 17,435 ​ $ 4,880 ​ $ 12,019 ​ $ 16,899 ​ $ (60) ​ $ 4,880 ​ $ 11,959 ​ $ 16,839 ​ $ (3,168) ​ 7/21/2017 ​ 3 - 40 Northgate ​ North Las Vegas, NV ​ 1 ​ ​ 22,605 ​ ​ 3,940 ​ ​ 20,715 ​ ​ 24,655 ​ ​ 15 ​ ​ 3,943 ​ ​ 20,727 ​ ​ 24,670 ​ ​ (4,298) ​ 7/26/2017 ​ 10 - 40 Stafford Grove ​ Stafford, TX ​ 3 ​ ​ — ​ ​ 8,540 ​ ​ 28,879 ​ ​ 37,419 ​ ​ 2,120 ​ ​ 8,586 ​ ​ 30,953 ​ ​ 39,539 ​ ​ (6,389) ​ 4/9/2018 ​ 4 - 40 Kaiser Business Center ​ Folcroft, PA ​ 2 ​ ​ — ​ ​ 6,140 ​ ​ 12,730 ​ ​ 18,870 ​ ​ 1,467 ​ ​ 6,140 ​ ​ 14,197 ​ ​ 20,337 ​ ​ (3,248) ​ 12/10/2018 ​ 2 - 40 Tri-County DC ​ Schertz, TX ​ 1 ​ ​ 16,819 ​ ​ 2,346 ​ ​ 18,400 ​ ​ 20,746 ​ ​ 1,025 ​ ​ 2,346 ​ ​ 19,425 ​ ​ 21,771 ​ ​ (3,360) ​ 2/13/2019 ​ 1 - 40 Florence Logistics Center ​ Florence, KY ​ 1 ​ ​ 14,358 ​ ​ 1,791 ​ ​ 16,968 ​ ​ 18,759 ​ ​ 27 ​ ​ 1,791 ​ ​ 16,995 ​ ​ 18,786 ​ ​ (2,751) ​ 5/14/2019 ​ 1 - 40 World Connect Logistics Center ​ Indianapolis, IN ​ 1 ​ ​ 32,386 ​ ​ 4,983 ​ ​ 39,172 ​ ​ 44,155 ​ ​ 209 ​ ​ 4,983 ​ ​ 39,381 ​ ​ 44,364 ​ ​ (5,433) ​ 9/27/2019 ​ 1 - 40 Tri-County DC II A ​ Schertz, TX ​ 1 ​ ​ 9,004 ​ ​ 1,280 ​ ​ 8,562 ​ ​ 9,842 ​ ​ 421 ​ ​ 1,280 ​ ​ 8,983 ​ ​ 10,263 ​ ​ (1,655) ​ 10/1/2019 ​ 1 - 40 Aurora DC ​ Aurora, IL ​ 1 ​ ​ — ​ ​ 1,681 ​ ​ 6,887 ​ ​ 8,568 ​ ​ 911 ​ ​ 1,681 ​ ​ 7,798 ​ ​ 9,479 ​ ​ (1,660) ​ 12/13/2019 ​ 1 - 40 Railhead DC ​ Dallas/Fort Worth, TX ​ 1 ​ ​ 8,391 ​ ​ 2,102 ​ ​ 17,475 ​ ​ 19,577 ​ ​ 92 ​ ​ 2,102 ​ ​ 17,567 ​ ​ 19,669 ​ ​ (2,241) ​ 2/4/2020 ​ 6 - 40 Tri-County DC II B ​ Schertz, TX ​ 1 ​ ​ 2,393 ​ ​ 455 ​ ​ 2,429 ​ ​ 2,884 ​ ​ 53 ​ ​ 455 ​ ​ 2,482 ​ ​ 2,937 ​ ​ (381) ​ 2/14/2020 ​ 4 - 40 Sterling IC ​ Washington, DC ​ 1 ​ ​ — ​ ​ 1,976 ​ ​ 3,369 ​ ​ 5,345 ​ ​ 13 ​ ​ 1,976 ​ ​ 3,382 ​ ​ 5,358 ​ ​ (434) ​ 3/25/2020 ​ 6 - 40 Clayton Commerce Center ​ Atlanta, GA ​ 1 ​ ​ — ​ ​ 7,403 ​ ​ 51,886 ​ ​ 59,289 ​ ​ 5,415 ​ ​ 7,403 ​ ​ 57,301 ​ ​ 64,704 ​ ​ (7,489) ​ 6/26/2020 ​ 7 - 40 Bay Area Commerce Center ​ East Bay, CA ​ 1 ​ ​ — ​ ​ 10,135 ​ ​ 38,672 ​ ​ 48,807 ​ ​ 1,791 ​ ​ 10,135 ​ ​ 40,463 ​ ​ 50,598 ​ ​ (3,345) ​ 8/27/2020 ​ 9 - 40 Air Tech DC ​ Louisville, KY ​ 2 ​ ​ 3,301 ​ ​ 615 ​ ​ 18,471 ​ ​ 19,086 ​ ​ 213 ​ ​ 616 ​ ​ 18,683 ​ ​ 19,299 ​ ​ (1,986) ​ 10/16/2020 ​ 1 - 40 East Columbia IC ​ Portland, OR ​ 2 ​ ​ — ​ ​ 3,352 ​ ​ 11,726 ​ ​ 15,078 ​ ​ 204 ​ ​ 3,352 ​ ​ 11,930 ​ ​ 15,282 ​ ​ (1,841) ​ 12/2/2020 ​ 3 - 20 Plainfield LC ​ Indianapolis, IN ​ 1 ​ ​ — ​ ​ 2,514 ​ ​ 17,260 ​ ​ 19,774 ​ ​ 17 ​ ​ 2,514 ​ ​ 17,277 ​ ​ 19,791 ​ ​ (1,310) ​ 12/16/2020 ​ 7 - 40 395 LC ​ Reno, NV ​ 1 ​ ​ — ​ ​ 6,752 ​ ​ 61,784 ​ ​ 68,536 ​ ​ 300 ​ ​ 6,752 ​ ​ 62,084 ​ ​ 68,836 ​ ​ (5,390) ​ 12/21/2020 ​ 5 - 40 Radar Distribution Center ​ Northampton, PA ​ 1 ​ ​ — ​ ​ 7,167 ​ ​ 42,373 ​ ​ 49,540 ​ ​ 669 ​ ​ 7,167 ​ ​ 43,042 ​ ​ 50,209 ​ ​ (2,305) ​ 3/31/2021 ​ 7 - 40 Intermountain Space Center ​ Salt Lake City, UT ​ 1 ​ ​ — ​ ​ 14,786 ​ ​ 48,645 ​ ​ 63,431 ​ ​ 756 ​ ​ 14,786 ​ ​ 49,401 ​ ​ 64,187 ​ ​ (5,182) ​ 6/30/2021 ​ 3 - 20 Airway Industrial Park ​ San Diego, CA ​ 1 ​ ​ — ​ ​ 5,740 ​ ​ 18,616 ​ ​ 24,356 ​ ​ 2,086 ​ ​ 5,740 ​ ​ 20,702 ​ ​ 26,442 ​ ​ (832) ​ 7/9/2021 ​ 1 - 40 Greenwood Business Center ​ Greenwood, IN ​ 1 ​ ​ — ​ ​ 858 ​ ​ 16,251 ​ ​ 17,109 ​ ​ (30) ​ ​ 858 ​ ​ 16,221 ​ ​ 17,079 ​ ​ (1,152) ​ 8/2/2021 ​ 5 - 40 25 Linden Industrial Center ​ Jersey City, NJ ​ 1 ​ ​ — ​ ​ 7,764 ​ ​ 9,576 ​ ​ 17,340 ​ ​ 56 ​ ​ 7,764 ​ ​ 9,632 ​ ​ 17,396 ​ ​ (1,423) ​ 8/31/2021 ​ 2 - 20 Little Orchard Business Park ​ San Jose, CA ​ 4 ​ ​ — ​ ​ 51,265 ​ ​ 48,147 ​ ​ 99,412 ​ ​ 733 ​ ​ 51,265 ​ ​ 48,880 ​ ​ 100,145 ​ ​ (5,682) ​ 9/8/2021 ​ 1 - 20 Tustin Business Center ​ Tustin, CA ​ 2 ​ ​ — ​ ​ 22,734 ​ ​ 12,233 ​ ​ 34,967 ​ ​ 35 ​ ​ 22,734 ​ ​ 12,268 ​ ​ 35,002 ​ ​ (1,050) ​ 9/22/2021 ​ 8 - 20 Campus Drive IC ​ Burlington, NJ ​ 1 ​ ​ — ​ ​ 2,364 ​ ​ 4,288 ​ ​ 6,652 ​ ​ 16 ​ ​ 2,364 ​ ​ 4,304 ​ ​ 6,668 ​ ​ (362) ​ 10/7/2021 ​ 10 - 20 Long Island Logistics Center ​ Islandia, NY ​ 1 ​ ​ — ​ ​ 4,927 ​ ​ 16,198 ​ ​ 21,125 ​ ​ 97 ​ ​ 4,927 ​ ​ 16,295 ​ ​ 21,222 ​ ​ (1,061) ​ 12/9/2021 ​ 9 - 20 Phoenix IC ​ Phoenix, AZ ​ 1 ​ ​ — ​ ​ 4,709 ​ ​ 12,895 ​ ​ 17,604 ​ ​ 151 ​ ​ 4,709 ​ ​ 13,046 ​ ​ 17,755 ​ ​ (1,207) ​ 12/13/2021 ​ 1 - 20 Tempe IC ​ Tempe, AZ ​ 1 ​ ​ — ​ ​ 3,628 ​ ​ 24,857 ​ ​ 28,485 ​ ​ — ​ ​ 3,628 ​ ​ 24,857 ​ ​ 28,485 ​ ​ (1,782) ​ 12/13/2021 ​ 2 - 20 Las Vegas IC ​ Las Vegas, NV ​ 2 ​ ​ — ​ ​ 2,623 ​ ​ 6,186 ​ ​ 8,809 ​ ​ 9 ​ ​ 2,623 ​ ​ 6,195 ​ ​ 8,818 ​ ​ (382) ​ 12/13/2021 ​ 4 - 30 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ​ Depreciable Life ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5) Acquisition Date (Years) Industrial properties (cont.): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Washington IC ​ Alexandria, VA ​ 1 ​ ​ — ​ ​ 2,452 ​ ​ 8,599 ​ ​ 11,051 ​ ​ 807 ​ ​ 2,452 ​ ​ 9,406 ​ ​ 11,858 ​ ​ (326) ​ 1/7/2022 ​ 1 - 20 Western Food Center ​ Denver, CO ​ 2 ​ ​ — ​ ​ 10,399 ​ ​ 28,989 ​ ​ 39,388 ​ ​ 172 ​ ​ 10,399 ​ ​ 29,161 ​ ​ 39,560 ​ ​ (1,834) ​ 1/14/2022 ​ 5 - 20 Orlando LC I & II ​ Orlando, FL ​ 2 ​ ​ — ​ ​ 8,975 ​ ​ 88,020 ​ ​ 96,995 ​ ​ 2,132 ​ ​ 8,975 ​ ​ 90,152 ​ ​ 99,127 ​ ​ (2,781) ​ 2/17/2022 ​ 11 - 49 Orlando LC III & IV ​ Orlando, FL ​ 2 ​ ​ — ​ ​ 3,198 ​ ​ 40,505 ​ ​ 43,703 ​ ​ 324 ​ ​ 3,198 ​ ​ 40,829 ​ ​ 44,027 ​ ​ (1,397) ​ 2/17/2022 ​ 11 - 48 Orlando LC V ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 1,939 ​ ​ 33,219 ​ ​ 35,158 ​ ​ 3 ​ ​ 1,939 ​ ​ 33,222 ​ ​ 35,161 ​ ​ (2,333) ​ 2/17/2022 ​ 10 - 39 Orlando LC VI ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 3,405 ​ ​ 26,043 ​ ​ 29,448 ​ ​ — ​ ​ 3,405 ​ ​ 26,043 ​ ​ 29,448 ​ ​ (1,020) ​ 2/17/2022 ​ 10 - 41 Orlando LC VII ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 3,156 ​ ​ 20,404 ​ ​ 23,560 ​ ​ — ​ ​ 3,156 ​ ​ 20,404 ​ ​ 23,560 ​ ​ (1,293) ​ 2/17/2022 ​ 11 - 41 Gillingham IC ​ Sugarland, TX ​ 1 ​ ​ — ​ ​ 2,283 ​ ​ 18,268 ​ ​ 20,551 ​ ​ 32 ​ ​ 2,283 ​ ​ 18,300 ​ ​ 20,583 ​ ​ (467) ​ 6/10/2022 ​ 5 - 40 Industrial Drive IC ​ Birmingham, AL ​ 1 ​ ​ — ​ ​ 1,220 ​ ​ 2,798 ​ ​ 4,018 ​ ​ 305 ​ ​ 1,220 ​ ​ 3,103 ​ ​ 4,323 ​ ​ (256) ​ 6/17/2022 ​ 5 - 20 Maplewood Drive IC ​ Minneapolis, MN ​ 1 ​ ​ — ​ ​ 1,026 ​ ​ 4,488 ​ ​ 5,514 ​ ​ — ​ ​ 1,026 ​ ​ 4,488 ​ ​ 5,514 ​ ​ (477) ​ 6/17/2022 ​ 4 - 20 Glen Afton IC ​ Charlotte, NC ​ 1 ​ ​ — ​ ​ 2,294 ​ ​ 19,742 ​ ​ 22,036 ​ ​ — ​ ​ 2,294 ​ ​ 19,742 ​ ​ 22,036 ​ ​ (993) ​ 6/17/2022 ​ 11 - 30 East 56th Ave IC ​ Denver, CO ​ 1 ​ ​ — ​ ​ 4,724 ​ ​ 14,317 ​ ​ 19,041 ​ ​ — ​ ​ 4,724 ​ ​ 14,317 ​ ​ 19,041 ​ ​ (923) ​ 6/17/2022 ​ 7 - 20 Brockton IC ​ Grand Rapids, MI ​ 1 ​ ​ — ​ ​ 1,250 ​ ​ 5,272 ​ ​ 6,522 ​ ​ — ​ ​ 1,250 ​ ​ 5,272 ​ ​ 6,522 ​ ​ (514) ​ 6/17/2022 ​ 5 - 20 Pine Vista IC ​ Houston, TX ​ 1 ​ ​ — ​ ​ 2,952 ​ ​ 15,838 ​ ​ 18,790 ​ ​ — ​ ​ 2,952 ​ ​ 15,838 ​ ​ 18,790 ​ ​ (925) ​ 6/17/2022 ​ 11 - 20 Tri-County Parkway IC ​ San Antonio, TX ​ 1 ​ ​ — ​ ​ 1,579 ​ ​ 11,205 ​ ​ 12,784 ​ ​ 50 ​ ​ 1,579 ​ ​ 11,255 ​ ​ 12,834 ​ ​ (711) ​ 6/17/2022 ​ 8 - 20 Miami NW 114th IC ​ Miami, FL ​ 1 ​ ​ — ​ ​ 5,533 ​ ​ 6,489 ​ ​ 12,022 ​ ​ — ​ ​ 5,533 ​ ​ 6,489 ​ ​ 12,022 ​ ​ (457) ​ 6/17/2022 ​ 8 - 20 North Harney IC ​ Tampa, FL ​ 1 ​ ​ — ​ ​ 3,586 ​ ​ 4,439 ​ ​ 8,025 ​ ​ — ​ ​ 3,586 ​ ​ 4,439 ​ ​ 8,025 ​ ​ (340) ​ 6/17/2022 ​ 6 - 20 Wes Warren Drive IC ​ New York, NY ​ 1 ​ ​ — ​ ​ 1,537 ​ ​ 5,978 ​ ​ 7,515 ​ ​ — ​ ​ 1,537 ​ ​ 5,978 ​ ​ 7,515 ​ ​ (438) ​ 6/17/2022 ​ 7 - 20 Enterprise Way IC ​ Oklahoma City, OK ​ 1 ​ ​ — ​ ​ 537 ​ ​ 5,982 ​ ​ 6,519 ​ ​ — ​ ​ 537 ​ ​ 5,982 ​ ​ 6,519 ​ ​ (343) ​ 6/17/2022 ​ 9 - 20 New Albany IC ​ Moorestown, NJ ​ 1 ​ ​ — ​ ​ 5,630 ​ ​ 11,914 ​ ​ 17,544 ​ ​ — ​ ​ 5,630 ​ ​ 11,914 ​ ​ 17,544 ​ ​ (796) ​ 6/17/2022 ​ 7 - 20 North 5th Street CC ​ Philadelphia, PA ​ 1 ​ ​ — ​ ​ 4,359 ​ ​ 18,945 ​ ​ 23,304 ​ ​ 52 ​ ​ 4,359 ​ ​ 18,997 ​ ​ 23,356 ​ ​ (952) ​ 6/24/2022 ​ 2 - 20 Total industrial properties ​ ​ ​ 64 ​ $ 126,692 ​ $ 271,484 ​ $ 1,039,123 ​ $ 1,310,607 ​ $ 22,688 ​ $ 271,534 ​ $ 1,061,761 ​ $ 1,333,295 ​ $ (98,375) ​ ​ ​ ​ Grand total ​ ​ ​ 195 ​ $ 587,916 ​ $ 697,046 ​ $ 3,315,758 ​ $ 4,012,804 ​ $ 165,525 ​ $ 694,998 ​ $ 3,483,331 ​ $ 4,178,329 ​ $ (572,751) ​ ​ ​ ​ (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2022. See “Note 6 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2022, the aggregate cost for U.S. federal income tax purposes of investments in property was approximately $1.5 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 2021 2020 Investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 3,061,851 ​ $ 2,455,678 ​ $ 2,057,350 Acquisitions of properties ​ 1,206,476 ​ 924,206 ​ 380,525 Improvements ​ 30,842 ​ 38,295 ​ 40,595 Property dispositions or held for sale assets ​ (120,840) ​ (355,570) ​ (22,792) Impairment of real estate ​ — ​ (758) ​ — Balance at the end of period ​ $ 4,178,329 ​ $ 3,061,851 ​ $ 2,455,678 Accumulated depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 472,025 ​ $ 501,105 ​ $ 444,718 Real estate depreciation and amortization expense ​ 134,617 ​ 74,415 ​ 62,923 Above-market lease assets amortization expenses ​ 724 ​ 469 ​ 357 Right of use asset amortization expense ​ ​ 102 ​ ​ 53 ​ ​ — Property dispositions or held for sale assets ​ (34,717) ​ (104,017) ​ (6,893) Balance at the end of period ​ $ 572,751 ​ $ 472,025 ​ $ 501,105

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in our consolidated statements of operations, equity and cash flows for the years ended December 31, 2021 and 2020 have been reclassified to conform to the 2022 presentation.
Investment In Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2022 and 2021 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2022, 2021 and 2020, we recorded $0.2 million, $0.9 million and $2.6 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the year ended December 31, 2022 and 2020. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2021.
Investment in Unconsolidated Joint Venture Partnerships	​ Investments in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2022 and 2021. We did not have any investments in unconsolidated joint venture partnerships during the year ended December 31, 2020.
Debt-Related Investments	Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments, and a credit loss reserve, if applicable. A debt-related investment is considered impaired when, based on current facts and circumstances, it is probable that we will not be able to collect principal and income according to the contractual terms of the underlying agreement. We assess the credit quality of each investment and adequacy of loan loss reserves on a periodic basis. Significant judgment of management is required in this analysis. We consider the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the credit quality and financial condition of the borrower, current and expected changes in macroeconomic conditions, and any other factors directly impacting the underlying collateral. As of December 31, 2022, we recorded a $1.8 million credit loss reserve related to one senior loan debt-related investment. Credit loss reserves were immaterial as of December 31, 2021. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our debt-related investments as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 151,645 ​ $ 154,622 ​ ​ 8.5 % ​ 2.1 Mezzanine loans ​ ​ 108,794 ​ ​ 108,500 ​ ​ 10.4 ​ ​ 1.9 Total debt-related investments (2) ​ $ 260,439 ​ $ 263,122 ​ ​ 9.5 % ​ 2.0 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans ​ $ 105,752 ​ $ 106,463 ​ ​ 7.2 % ​ 1.7 Total debt-related investments ​ $ 105,752 ​ $ 106,463 ​ ​ 7.2 % ​ 1.7 (1) The difference between the carrying amount and the outstanding principal amount of the debt-related investments consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. (2) Carrying amount and outstanding principle includes $42.0 million and $43.8 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status as of December 31, 2022. We recorded an impairment loss of $1.8 million related to this senior loan during the year ended December 31, 2022 and included the impairment loss in credit loss expense on the consolidated statements of operations. This senior loan was approved for sale during the fourth quarter of 2022 and therefore the carrying amount has been reduced to its fair value of $42.0 as it is held for sale as of December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations.
Available-for-Sale Debt Securities	Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the year ended December 31, 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021 and 2020. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The following table summarizes our available-for-sale debt securities as of December 31, 2022. We did not have any available-for-sale debt securities as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net ​ Fair Value Available-for-sale debt securities ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts.
Derivative Instruments	Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2022, our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2022, our interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $4.8 million and $1.9 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.8 million, $3.3 million and $3.0 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $3.4 million and $3.7 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $3.6 million, $3.5 million and $2.6 million, respectively, of amortization of financing costs associated with financing obligations.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Advisor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the amended and restated advisory agreement (2022), effective as of May 1, 2022 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the 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 generally have the ability to request transfer or redeem their 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 our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness and current economic trends on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2022 and 2021, our allowance for doubtful accounts was approximately $1.8 million and $0.6 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income For debt-related investments, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method.
Income Taxes	Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. ​ ​ The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2022, no customers represented more than 10.0% of our total annualized base rent.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2022-06, “Reference Rate Reform (Topic 848)” to defer the sunset date of FASB Accounting Standards Codification under Topic 848, Reference Rate Reform from December 31, 2022 to December 31, 2024. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​
Summary of Debt Related Investments	The following table summarizes our debt-related investments as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 151,645 ​ $ 154,622 ​ ​ 8.5 % ​ 2.1 Mezzanine loans ​ ​ 108,794 ​ ​ 108,500 ​ ​ 10.4 ​ ​ 1.9 Total debt-related investments (2) ​ $ 260,439 ​ $ 263,122 ​ ​ 9.5 % ​ 2.0 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans ​ $ 105,752 ​ $ 106,463 ​ ​ 7.2 % ​ 1.7 Total debt-related investments ​ $ 105,752 ​ $ 106,463 ​ ​ 7.2 % ​ 1.7 (1) The difference between the carrying amount and the outstanding principal amount of the debt-related investments consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. (2) Carrying amount and outstanding principle includes $42.0 million and $43.8 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status as of December 31, 2022. We recorded an impairment loss of $1.8 million related to this senior loan during the year ended December 31, 2022 and included the impairment loss in credit loss expense on the consolidated statements of operations. This senior loan was approved for sale during the fourth quarter of 2022 and therefore the carrying amount has been reduced to its fair value of $42.0 as it is held for sale as of December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations.
Summary of Available-for-Sale Debt Securities	The following table summarizes our available-for-sale debt securities as of December 31, 2022. We did not have any available-for-sale debt securities as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net ​ Fair Value Available-for-sale debt securities ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 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 4” for detail relating to our real estate properties held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2022 2021 Land ​ $ 694,998 ​ $ 583,728 Buildings and improvements ​ 3,152,553 ​ 2,180,358 Intangible lease assets ​ 317,141 ​ 284,128 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,178,329 ​ 3,061,851 Accumulated depreciation and amortization ​ (572,751) ​ (472,025) Net investment in real estate properties ​ $ 3,605,578 ​ $ 2,589,826
Schedule of Asset Acquisitions	During the years ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ 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 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 ​ ​ 72,605 350 Carter Road ​ Office ​ 4/27/2022 ​ ​ 31,256 107 Morgan Lane ​ Office ​ 10/28/2022 ​ ​ 12,269 Total 2022 acquisitions ​ $ 1,200,302 2021 Acquisitions: ​ ​ ​ ​ Radar Distribution Center ​ Industrial ​ 3/31/2021 ​ $ 49,168 Intermountain Space Center ​ Industrial ​ 6/30/2021 ​ ​ 61,057 Airway Industrial Park ​ Industrial ​ 7/9/2021 ​ ​ 24,356 Greenwood Business Center ​ Industrial ​ 8/2/2021 ​ ​ 16,888 25 Linden Industrial Center ​ Industrial ​ 8/31/2021 ​ ​ 17,146 Little Orchard Business Park ​ Industrial ​ 9/8/2021 ​ ​ 96,559 Tustin Business Center ​ Industrial ​ 9/22/2021 ​ ​ 33,285 Campus Drive IC ​ Industrial ​ 10/7/2021 ​ ​ 6,652 Long Island Logistics Center ​ Industrial ​ 12/9/2021 ​ ​ 20,001 Phoenix IC ​ Industrial ​ 12/13/2021 ​ ​ 17,604 Tempe IC ​ Industrial ​ 12/13/2021 ​ ​ 28,347 Las Vegas IC ​ Industrial ​ 12/13/2021 ​ ​ 8,809 Barrow Crossing ​ Retail ​ 6/22/2021 ​ ​ 50,205 oLiv Tucson (2) ​ Residential ​ 10/20/2021 ​ ​ 124,219 Arabelle Clearwater ​ Residential ​ 11/30/2021 ​ ​ 116,352 Arabelle Riverwalk (3) ​ Residential ​ 12/28/2021 ​ ​ 234,050 Total 2021 acquisitions ​ $ 904,698 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) We acquired a 97.5% interest in this property. As part of the transaction, we assumed a ground lease with 97 years remaining and four 25 year extension options, which resulted in a $13.6 million right of use asset and a $4.4 million lease liability associated with the ground lease upon completion of the transaction. (3) Includes debt assumed at fair value as of the acquisition date of $125.9 million, with a principal amount of $117.1 million.
Allocation of Purchase Price Allocations	During the years ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ($ in thousands) 2022 2021 Land ​ $ 154,356 ​ $ 166,310 Building and improvements ​ 1,008,273 ​ 703,597 Intangible lease assets ​ 43,117 ​ 39,270 Above-market lease assets ​ 730 ​ 1,392 Right of use asset (1) ​ ​ — ​ ​ 13,637 Lease liability (1) ​ ​ — ​ ​ (4,440) Below-market lease liabilities ​ (6,174) ​ (15,068) Total purchase price (2) ​ $ 1,200,302 ​ $ 904,698 (1) Right of use asset and lease liability are related to the ground lease entered into as part of the oLiv Tucson transaction. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value.
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022 and 2021 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 As of December 31, 2021 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 ​ $ 261,401 ​ $ (186,820) ​ $ 74,581 Above-market lease assets (1) ​ 22,933 ​ (19,707) ​ 3,226 ​ 22,727 ​ (19,507) ​ 3,220 Below-market lease liabilities ​ (76,033) ​ 33,589 ​ (42,444) ​ (80,206) ​ 32,707 ​ (47,499) (1) Included in net investment in real estate properties on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, excluding properties classified as held for sale, as of December 31, 2022, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 ​ $ 21,664 ​ $ 730 ​ $ (4,572) Year 2 ​ 13,721 ​ 702 ​ (4,120) Year 3 ​ 11,603 ​ 555 ​ (3,941) Year 4 ​ ​ 9,504 ​ ​ 394 ​ ​ (3,699) Year 5 ​ ​ 6,282 ​ ​ 283 ​ ​ (2,931) Thereafter ​ ​ 17,233 ​ ​ 562 ​ ​ (23,181) Total ​ $ 80,007 ​ $ 3,226 ​ $ (42,444) ​
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 Year Ended December 31, (in thousands) ​ 2022 2021 2020 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 3,414 ​ $ 5,849 ​ $ 5,539 Above-market lease amortization ​ (724) ​ (469) ​ (357) Below-market lease amortization ​ 4,823 ​ 3,559 ​ 3,521 Real estate-related depreciation and amortization: ​ ​ ​ ​ Depreciation expense ​ $ 97,418 ​ $ 59,766 ​ $ 47,629 Intangible lease asset amortization ​ 37,199 ​ 14,649 ​ 15,294
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2022, excluding rental revenues from the potential renewal or replacement of existing leases and excluding rental revenues from properties classified as held for sale, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2022 Year 1 ​ $ 138,650 ​ Year 2 ​ 123,576 ​ Year 3 ​ 111,581 ​ Year 4 ​ 95,202 ​ Year 5 ​ 72,631 ​ Thereafter ​ 248,755 ​ Total ​ $ 790,395 ​ ​

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2022
ASSETS HELD FOR SALE
Schedule of Assets Held for Sale	The following table summarizes the amounts held for sale as of December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 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)	12 Months Ended
	Dec. 31, 2022
Equity Method Investment And Joint Venture [Abstract]
Equity Method Investments	The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ As of December 31, 2021 ​ Investments in Unconsolidated ​ ​ Property ​ Ownership ​ Number of ​ Ownership ​ Number of ​ Joint Venture Partnerships as of ($ in thousands) Type Percentage ​ Properties ​ Percentage ​ Properties ​ December 31, 2022 December 31, 2021 Vue 1400 JV ​ Residential ​ 85% ​ 1 ​ 85% ​ 1 ​ $ 25,984 ​ $ 26,117 Net Lease JV I ​ Net Lease ​ 50% ​ 15 ​ 50% ​ 15 ​ ​ 16,393 ​ ​ 16,267 Net Lease JV II ​ Net Lease ​ 50% ​ 117 ​ 50% ​ 10 ​ ​ 65,763 ​ ​ 15,041 Net Lease JV III ​ Net Lease ​ 50% ​ 23 ​ N/A ​ — ​ ​ 12,232 ​ ​ — Total unconsolidated joint venture partnerships ​ 156 ​ ​ 26 ​ $ 120,372 ​ $ 57,425

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2022 2021 Current Maturity Date 2022 2021 Line of credit (1) ​ 5.72 % 1.35 % November 2025 ​ $ 235,000 ​ $ 256,000 Term loan (2) 3.90 ​ 3.16 ​ November 2026 ​ ​ 400,000 ​ 325,000 Term loan (3) 4.56 ​ 3.19 ​ January 2027 ​ 400,000 200,000 Fixed-rate mortgage notes 3.48 ​ 3.49 ​ December 2025 - May 2031 ​ 380,316 381,954 Floating-rate mortgage notes (4) 4.52 ​ 2.26 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.31 % 2.78 % ​ $ 1,622,916 $ 1,370,554 Less: unamortized debt issuance costs ​ $ (14,849) $ (16,762) Add: unamortized mark-to-market adjustment on assumed debt ​ 8,408 9,442 Total debt, net ​ $ 1,616,475 $ 1,363,234 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 970,310 ​ $ 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 December 31, 2022, the unused and available portions under the line of credit were approximately $665.0 million and $623.7 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 December 31, 2022, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements which capped the effective interest rates of our two floating-rate mortgage notes at 4.50% and 4.55% , respectively, as of December 31, 2022. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.9 years as of December 31, 2022, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of December 31, 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 2023 ​ ​ — ​ ​ — ​ ​ 1,437 ​ ​ 1,437 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 235,000 ​ — ​ 72,360 ​ 307,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 2027 ​ — ​ 400,000 ​ 175,787 ​ 575,787 Thereafter ​ — ​ — ​ 124,853 ​ 124,853 Total principal payments ​ $ 235,000 ​ $ 800,000 ​ $ 587,916 ​ $ 1,622,916 (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 consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps 12 ​ $ 650,000 ​ $ 20,279 ​ $ — Interest rate caps 2 ​ 207,600 ​ 4,169 ​ — Total derivative instruments 14 ​ $ 857,600 ​ $ 24,448 ​ $ — 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 consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2022 2021 2020 Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 29,852 ​ $ 5,616 ​ $ (21,589) Amount reclassified from AOCI into interest expense ​ 1,546 ​ 10,281 ​ 7,747 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 140,406 ​ 70,494 ​ 58,747 Derivative instruments not designated as cash flow hedges: ​ ​ ​ Gain (loss) on derivative instruments presented in the consolidated statements of operations ​ $ 4,723 ​ $ 71 ​ $ (13)

DST PROGRAM (Tables)

DST PROGRAM (Tables)	12 Months Ended
	Dec. 31, 2022
Delaware Statutory Trust Program [Abstract]
Schedule of DST Program activity	The following table presents our DST Program activity for the years ended December 31, 2022, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 DST Interests sold ​ $ 758,995 ​ $ 292,702 ​ $ 278,157 DST Interests financed by DST Program Loans ​ ​ 51,496 ​ ​ 25,978 ​ ​ 26,486 Income earned from DST Program Loans (1) ​ ​ 3,420 ​ ​ 2,178 ​ ​ 1,487 Financing obligation liability appreciation (2) ​ ​ 31,737 ​ ​ 5,822 ​ ​ 3,936 Rent obligation incurred under master lease agreements (2) ​ ​ 47,021 ​ ​ 28,422 ​ ​ 19,443 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 24,448 ​ $ — ​ $ 24,448 Available-for-sale securities ​ ​ — ​ ​ 14,896 ​ ​ — ​ ​ 14,896 Total assets measured at fair value ​ $ — ​ $ 39,344 ​ $ — ​ $ 39,344 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	The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ As of December 31, 2021 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 263,122 ​ $ 260,841 ​ $ 106,463 ​ $ 106,463 DST Program Loans ​ 81,897 ​ 79,049 ​ 62,123 ​ 62,123 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 235,000 ​ $ 235,000 ​ $ 256,000 ​ $ 256,000 Term loans ​ 800,000 ​ 800,000 ​ 525,000 ​ 525,000 Mortgage notes ​ 587,916 ​ 541,558 ​ 589,554 ​ 600,467 (1) The carrying value reflects the principal amount outstanding.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2022, 2021 and 2020. This information assumes that an investor owned shares of our common stock for the full 2022 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 2021 2020 Ordinary income — % 13.62 % 3.28 % Non-taxable return of capital 100.00 61.37 12.34 ​ Capital gain — 25.01 84.38 ​ Total distributions 100.00 % 100.00 % 100.00 % ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 each of the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 Issuance of common stock: Primary shares 4,231 4,507 728 4,306 — 13,772 Distribution reinvestment plan 187 476 91 1,065 1,021 2,840 Share-based compensation — — — 20 — 20 Redemptions of common stock (214) (2,060) (220) (4,625) (6,952) (14,071) Conversions ​ (225) ​ — ​ — ​ 225 ​ — ​ — Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,885 12,539 2,778 10,149 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Conversions ​ (292) ​ — ​ — ​ 292 ​ — ​ — Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: Primary shares 10,443 14,348 1,688 15,000 — 41,479 Distribution reinvestment plan 426 823 153 1,256 745 3,403 Share-based compensation — — — 27 — 27 Redemptions of common stock (198) (1,691) (719) (1,759) (4,099) (8,466) Conversions ​ (212) ​ — ​ — ​ 212 ​ — ​ — Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108
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 December 31 ​ 0.09375 ​ 9,859 ​ 4,559 ​ 7,923 ​ 1,478 ​ 23,819 Total ​ $ 0.37500 ​ $ 37,679 ​ $ 14,706 ​ $ 29,893 ​ $ 5,166 ​ $ 87,444 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 ​ 2,445 ​ 6,361 ​ 886 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 7,334 ​ $ 23,595 ​ $ 2,886 ​ $ 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 years ended December 31, 2022, 2021 and 2020. All eligible redemption requests were fulfilled for the periods presented. 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 Year Ended December 31, ​ (in thousands, except for per share data) ​ 2022 2021 2020 Number of shares redeemed or repurchased ​ ​ 8,466 ​ 8,784 ​ 14,071 ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 73,378 ​ $ 67,234 ​ $ 105,588 ​ Average redemption or repurchase price per share ​ $ 8.67 ​ $ 7.65 ​ $ 7.50 ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2022
Redeemable Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ 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 ​ ​ (735) ​ ​ (418) Redemptions to redeemable noncontrolling interests (2) ​ ​ (7,724) ​ ​ — Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (370) ​ ​ 221 Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 284 ​ ​ 103 Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ 2,354 ​ ​ 682 Ending balance ​ $ 18,130 ​ $ 8,994 (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 at the time, 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. (3) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest Balances	The following table summarizes the number of OP Units issued and outstanding to third-party investors: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of period ​ 27,180 ​ 12,982 ​ 10,286 Issuance of units ​ 28,821 14,974 3,766 Redemption of units ​ (922) ​ (776) ​ (1,070) Balance at end of period ​ ​ 55,079 ​ ​ 27,180 ​ ​ 12,982 ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Manager Fees	The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % ​
Schedule Of Fixed Components of the Advisory Fee	The following table details the fixed component of the advisory fee: ​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % ​
Schedule Fees and Expenses to the Advisor and Its Affiliates	The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2022 2021 2020 2022 2021 Selling commissions and dealer manager fees (1) ​ $ 4,289 ​ $ 2,656 ​ $ 1,498 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 6,800 ​ ​ 3,206 ​ ​ 2,024 ​ ​ 748 ​ ​ 394 Advisory fees—fixed component ​ ​ 33,747 ​ ​ 21,433 ​ ​ 17,211 ​ ​ 2,868 ​ ​ 2,094 Performance participation allocation (3) ​ 23,747 ​ 15,327 ​ 4,608 ​ 23,747 ​ 15,327 Other expense reimbursements—Advisor (4)(5) ​ 11,346 ​ 11,070 ​ 10,002 ​ 4,192 ​ 1,443 Other expense reimbursements—Dealer Manager ​ 372 ​ 376 ​ 516 ​ 109 ​ — Property accounting fee (6) ​ ​ 1,289 ​ ​ — ​ ​ — ​ ​ 478 ​ ​ — DST Program selling commissions, dealer manager and distribution fees (1) ​ 22,467 ​ 9,871 ​ 4,097 ​ 241 ​ 219 Other DST Program related costs—Advisor (5) ​ 14,860 ​ 6,318 ​ 4,085 ​ 146 ​ 87 Total ​ $ 118,917 ​ $ 70,257 ​ $ 44,041 ​ $ 32,529 ​ $ 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 $60.9 million and $34.1 million as of December 31, 2022 and 2021, respectively, are included in other liabilities on the consolidated balance sheets. (3) 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 December 31, 2022 and 2021, we recognized approximately $23.7 million and $15.3 million for the years ended December 31, 2022 and 2021, respectively, of performance participation allocation expense in our consolidated statements of operations. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) 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)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands, except per share data) ​ 2022 2021 2020 Net (loss) income attributable to common stockholders—basic ​ $ (39,979) ​ $ 30,754 ​ $ (14,914) Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (370) ​ ​ 221 ​ ​ (54) Net (loss) income attributable to noncontrolling interests ​ (9,314) ​ 3,565 ​ (1,091) Net (loss) income attributable to common stockholders—diluted ​ $ (49,663) ​ $ 34,540 ​ $ (16,059) Weighted-average shares outstanding—basic ​ 194,039 ​ 154,767 ​ 142,268 Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 39,265 ​ 19,563 ​ 11,784 Weighted-average shares outstanding—diluted ​ 233,304 ​ 174,330 ​ 154,052 Net (loss) income per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.21) ​ $ 0.20 ​ $ (0.10) Diluted ​ $ (0.21) ​ $ 0.20 ​ $ (0.10)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2022 2021 2020 Interest paid related to consolidated indebtedness ​ $ 53,889 ​ $ 28,403 ​ $ 29,877 Interest paid related to DST Program ​ ​ 42,008 ​ ​ 26,666 ​ ​ 16,540 Distributions reinvested in common stock ​ 29,442 ​ 23,197 ​ 21,278 Change in accrued future ongoing distribution fees ​ 26,855 ​ 18,576 ​ 1,019 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 51,496 ​ ​ 25,978 ​ ​ 26,486 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ 15,327 ​ ​ 4,608 ​ ​ 3,776 Mortgage notes assumed on real estate acquisitions at fair value ​ ​ — ​ ​ 125,887 ​ ​ 13,472 Issuances of OP Units for DST Interests ​ ​ 252,578 ​ ​ 115,653 ​ ​ 28,266 ​
Summary of Cash, Cash Equivalents and Restricted Cash	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2022 2021 2020 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 10,605 ​ $ 11,266 ​ $ 97,772 Restricted cash ​ 3,747 ​ 10,468 ​ 10,010 Cash, cash equivalents and restricted cash ​ $ 14,352 ​ $ 21,734 ​ $ 107,782 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,336 ​ $ 10,605 ​ $ 11,266 Restricted cash ​ 3,850 ​ 3,747 ​ 10,468 Cash, cash equivalents and restricted cash ​ $ 17,186 ​ $ 14,352 ​ $ 21,734

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by business segment as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2022 ​ 2021 (1) Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 377,546 ​ $ 335,811 Retail properties ​ 537,147 ​ 639,584 Residential properties ​ 1,495,532 ​ 837,491 Industrial properties ​ 1,248,255 ​ 826,353 Corporate ​ 516,244 ​ 351,732 Total assets ​ $ 4,174,724 ​ $ 2,990,971 (1) As of December 31, 2021, amounts held for sale are included in the corporate grouping. Refer to “Note 4” for further detail. ​
Reconciliation of Net Operating Income to Reported Net Income (Loss)	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2022, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2022 2021 2020 Net (loss) income attributable to common stockholders ​ $ (39,979) ​ $ 30,754 ​ $ (14,914) Debt-related income ​ (9,989) ​ (9,174) ​ (2,347) Real estate-related depreciation and amortization ​ 134,617 ​ 74,415 ​ 62,923 General and administrative expenses ​ 10,570 ​ 8,797 ​ 7,548 Advisory fees ​ 33,747 ​ 21,433 ​ 17,211 Performance participation allocation ​ 23,747 ​ 15,327 ​ 4,608 Acquisition costs and reimbursements ​ 5,427 ​ 2,636 ​ 1,108 Litigation expense ​ — ​ — ​ 2,500 Impairment of real estate property ​ — ​ 758 ​ — Credit loss expense ​ 1,799 ​ — ​ — Equity in income from unconsolidated joint venture partnerships ​ ​ (2,970) ​ ​ (114) ​ ​ — Interest expense ​ 140,406 ​ 70,494 ​ 58,747 Gain on sale of real estate property ​ (94,827) ​ (77,857) ​ (13,335) (Gain) loss on derivative instruments ​ ​ (4,723) ​ ​ (71) ​ ​ 13 Other income ​ ​ (2,860) ​ ​ (1,781) ​ ​ (1,050) Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (370) ​ ​ 221 ​ ​ (54) Net (loss) income attributable to noncontrolling interests ​ (9,314) ​ 3,565 ​ (1,091) Net operating income ​ $ 185,281 ​ $ 139,403 ​ $ 121,867 ​
Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the years ended December 31, 2022, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 52,427 ​ $ 64,039 ​ $ 98,524 ​ $ 74,244 ​ $ 289,234 Rental expenses ​ (25,273) ​ (17,080) ​ (44,292) ​ (17,308) ​ (103,953) Net operating income ​ $ 27,154 ​ $ 46,959 ​ $ 54,232 ​ $ 56,936 ​ $ 185,281 Real estate-related depreciation and amortization ​ $ 15,951 ​ $ 17,370 ​ $ 47,696 ​ $ 53,600 ​ $ 134,617 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 64,290 ​ $ 72,102 ​ $ 31,023 ​ $ 41,761 ​ $ 209,176 Rental expenses ​ ​ (28,280) ​ (18,693) ​ (13,387) ​ (9,413) ​ ​ (69,773) Net operating income ​ $ 36,010 ​ $ 53,409 ​ $ 17,636 ​ $ 32,348 ​ $ 139,403 Real estate-related depreciation and amortization ​ $ 19,875 ​ $ 19,485 ​ $ 11,062 ​ $ 23,993 ​ $ 74,415 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 69,110 ​ $ 71,244 ​ $ 20,424 ​ $ 23,467 ​ $ 184,245 Rental expenses ​ (30,355) ​ (17,568) ​ (9,448) ​ (5,007) ​ (62,378) Net operating income ​ $ 38,755 ​ $ 53,676 ​ $ 10,976 ​ $ 18,460 ​ $ 121,867 Real estate-related depreciation and amortization ​ $ 21,130 ​ $ 19,795 ​ $ 9,762 ​ $ 12,236 ​ $ 62,923 ​

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - 12 months ended Dec. 31, 2022	property segment	building
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties	90	195
Number of reportable segments	4

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Write-offs of unamortized intangible leases	$ 200	$ 900	$ 2,600
Impairment charges	0	758	0
Impairment losses recorded related to investment	0	0
Straight-line rent and tenant receivables, allowance for doubtful accounts	1,800	600
Long Term Financing
Significant Accounting Policies [Line Items]
Accumulated amortization of deferred financing costs	4,800	1,900
Amortization of financing costs	3,800	3,300	3,000
Financing Obligations
Significant Accounting Policies [Line Items]
Accumulated amortization of deferred financing costs	3,400	3,700
Amortization of financing costs	$ 3,600	$ 3,500	$ 2,600

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2022
Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	5 years
Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Debt Related Investments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Carrying Amount	$ 260,439	$ 105,752
Outstanding Principal	$ 263,122	$ 106,463
Weighted-Average Interest Rate	9.50%	7.20%
Weighted-Average Remaining Life (Years)	2 years	1 year 8 months 12 days
Senior loans
Significant Accounting Policies [Line Items]
Carrying Amount	$ 151,645	$ 105,752
Outstanding Principal	$ 154,622	$ 106,463
Weighted-Average Interest Rate	8.50%	7.20%
Weighted-Average Remaining Life (Years)	2 years 1 month 6 days	1 year 8 months 12 days
Senior Loans In Default And On Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Debt securities, Allowance for credit loss	$ 1,800
Number of debt-related investments related to allowance for credit loss | loan	1
Carrying Amount	$ 42,000
Outstanding Principal	$ 43,800
Number of contracts | loan	1
Debt securities, Impairment loss	$ 1,800
Debt-related investment fair value	42,000
Mezzanine loans
Significant Accounting Policies [Line Items]
Carrying Amount	108,794
Outstanding Principal	$ 108,500
Weighted-Average Interest Rate	10.40%
Weighted-Average Remaining Life (Years)	1 year 10 months 24 days

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Available for Sale of Debt Securities) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Face Amount	$ 14,979,000
Amortized Cost	14,870,000
Unamortized Discount	109,000
Unrealized Gain, Net	26,000
Fair Value	14,896,000	$ 0	$ 0
Credit loss	$ 0

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2022 building
Real Estate Properties [Line Items]
Number of real estate properties	90			195
Proceeds from disposition of real estate property | $	$ 274,816	$ 223,791	$ 27,372
Gain on sale of real estate property | $	94,827	77,857	13,335
Impairment of real estate property | $	$ 0	$ 758	$ 0
Intangible lease assets
Real Estate Properties [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	5 years 4 months 24 days	7 years 8 months 12 days
Office properties
Real Estate Properties [Line Items]
Number of real estate properties | building				11
Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | building				40
Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties | building				64
Disposed of by Sale | Office properties
Real Estate Properties [Line Items]
Number of real estate properties | property	1	2
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property	6	3
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
Disposed of by Sale | Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties | property		1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 694,998	$ 583,728
Buildings and improvements	3,152,553	2,180,358
Intangible lease assets	317,141	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	$ 4,178,329	$ 3,061,851
Accumulated depreciation and amortization	(572,751)	(472,025)	$ (501,105)	$ (444,718)
Net investment in real estate properties	$ 3,605,578	$ 2,589,826

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) item
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Right of use asset	$ 0	$ 13,637
Lease liability	0	$ 4,440
oLiv Tucson
Asset Acquisition [Line Items]
Percentage of voting interest		97.50%
Lessee, Finance Lease, Remaining Lease Term		97 years
Lessee, Finance Lease, Renewal Term		25 years
Lessee, Finance Lease, Number Of Term Extensions | item		4
Right of use asset		$ 13,600
Lease liability		4,400
Asset Acquisition
Asset Acquisition [Line Items]
Total acquisitions	1,200,302	904,698
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
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
350 Carter Road
Asset Acquisition [Line Items]
Total acquisitions	31,256
107 Morgan Lane
Asset Acquisition [Line Items]
Total acquisitions	$ 12,269
Radar Distribution Center
Asset Acquisition [Line Items]
Total acquisitions		49,168
Intermountain Space Center
Asset Acquisition [Line Items]
Total acquisitions		61,057
Airway Industrial Park
Asset Acquisition [Line Items]
Total acquisitions		24,356
Greenwood Business Center
Asset Acquisition [Line Items]
Total acquisitions		16,888
25 Linden Industrial Center
Asset Acquisition [Line Items]
Total acquisitions		17,146
Little Orchard Business Park
Asset Acquisition [Line Items]
Total acquisitions		96,559
Tustin Business Center
Asset Acquisition [Line Items]
Total acquisitions		33,285
Campus Drive IC
Asset Acquisition [Line Items]
Total acquisitions		6,652
Long Island Logistics Center
Asset Acquisition [Line Items]
Total acquisitions		20,001
Phoenix IC
Asset Acquisition [Line Items]
Total acquisitions		17,604
Tempe IC
Asset Acquisition [Line Items]
Total acquisitions		28,347
Las Vegas IC
Asset Acquisition [Line Items]
Total acquisitions		8,809
Barrow Crossing
Asset Acquisition [Line Items]
Total acquisitions		50,205
oLiv Tucson
Asset Acquisition [Line Items]
Total acquisitions		124,219
Arabelle Clearwater
Asset Acquisition [Line Items]
Total acquisitions		116,352
Arabelle Riverwalk
Asset Acquisition [Line Items]
Total acquisitions		234,050
Debt assumed at fair value		125,900
Debt instrument, principal amount		$ 117,100

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 154,356	$ 166,310
Building and improvements	1,008,273	703,597
Intangible lease assets	43,117	39,270
Above-market lease assets	730	1,392
Right of use asset	0	13,637
Lease liability	0	(4,440)
Below-market lease liabilities	(6,174)	(15,068)
Total purchase price	$ 1,200,302	$ 904,698

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 317,141	$ 284,128
Gross, Liabilities	(76,033)	(80,206)
Accumulated Amortization, Liabilities	33,589	32,707
Net, Liabilities	(42,444)	(47,499)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	294,208	261,401
Accumulated Amortization, Assets	(214,201)	(186,820)
Net, Assets	80,007	74,581
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	22,933	22,727
Accumulated Amortization, Assets	(19,707)	(19,507)
Net, Assets	$ 3,226	$ 3,220

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Year 1	$ (4,572)
Year 2	(4,120)
Year 3	(3,941)
Year 4	(3,699)
Year 5	(2,931)
Thereafter	(23,181)
Net, Liabilities	(42,444)	$ (47,499)
Intangible lease assets
Real Estate Properties [Line Items]
Year 1	21,664
Year 2	13,721
Year 3	11,603
Year 4	9,504
Year 5	6,282
Thereafter	17,233
Net, Assets	80,007	74,581
Above-market lease assets
Real Estate Properties [Line Items]
Year 1	730
Year 2	702
Year 3	555
Year 4	394
Year 5	283
Thereafter	562
Net, Assets	$ 3,226	$ 3,220

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 3,414	$ 5,849	$ 5,539
Depreciation expense	97,418	59,766	47,629
Intangible lease asset amortization	37,199	14,649	15,294
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(724)	(469)	(357)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 4,823	$ 3,559	$ 3,521

INVESTMENTS IN REAL ESTATE P_10

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
Year 1	$ 138,650
Year 2	123,576
Year 3	111,581
Year 4	95,202
Year 5	72,631
Thereafter	248,755
Total	$ 790,395

ASSETS HELD FOR SALE (Details)

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

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Dec. 31, 2022 property	Dec. 31, 2022 USD ($)	Dec. 31, 2022	Dec. 31, 2022 building	Dec. 31, 2021 USD ($) property
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	90			195
Investments in unconsolidated joint venture partnerships		$ 120,372			$ 57,425
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	156				26
Investments in unconsolidated joint venture partnerships		120,372			$ 57,425
Vue 1400 JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage			85%		85%
Number of real estate properties | property	1				1
Investments in unconsolidated joint venture partnerships		25,984			$ 26,117
Net Lease JV I
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%		50%
Number of real estate properties | property	15				15
Investments in unconsolidated joint venture partnerships		16,393			$ 16,267
Net Lease JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%		50%
Number of real estate properties | property	117				10
Investments in unconsolidated joint venture partnerships		65,763			$ 15,041
Net Lease JV III
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%
Number of real estate properties | property	23
Investments in unconsolidated joint venture partnerships		$ 12,232

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Number of partial recourse mortgage notes | loan	1
Weighted-Average Effective Interest Rate as of	4.31%	2.78%
Total borrowings	$ 1,622,916	$ 1,370,554
Less: unamortized debt issuance costs	(14,849)	(16,762)
Add: unamortized mark-to-market adjustment on assumed debt	8,408	9,442
Total debt, net	1,616,475	1,363,234
Gross book value of properties encumbered by debt	970,310	981,927
Interest expense	55,400	$ 29,900	$ 30,000
Financial Guarantee
Debt Instrument [Line Items]
Guarantor obligations maximum exposure	$ 16,100
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 10 months 24 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.72%	1.35%
Total borrowings	$ 235,000	$ 256,000
Current borrowing capacity	665,000
Available portions under the line of credit	$ 623,700
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	3.90%	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	4.56%	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	$ 380,316	$ 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%
Floating-Rate Mortgage Notes | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	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	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2023	$ 1,437
2024	129,265
2025	307,360
2026	484,214
2027	575,787
Thereafter	124,853
Total principal payments	1,622,916	$ 1,370,554
Line of Credit
Debt Instrument [Line Items]
2023	0
2024	0
2025	235,000
2026	0
2027	0
Thereafter	0
Total principal payments	$ 235,000	$ 256,000
Term of extension	6 months
Number of extension options | item	2
Term Loan
Debt Instrument [Line Items]
2023	$ 0
2024	0
2025	0
2026	400,000
2027	400,000
Thereafter	0
Total principal payments	800,000
Mortgage Notes
Debt Instrument [Line Items]
2023	1,437
2024	129,265
2025	72,360
2026	84,214
2027	175,787
Thereafter	124,853
Total principal payments	$ 587,916

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Dec. 31, 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	$ 24,448	$ 323
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities		$ 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	$ 20,279	$ 164
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities		$ 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	$ 14,100
Interest rate caps
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	2	2
Total notional amount	$ 207,600	$ 207,600
Derivative assets	$ 4,169	$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 140,406	$ 70,494	$ 58,747
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	140,406	70,494	58,747
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments presented in the consolidated statements of operations	$ 4,723	$ 71	$ (13)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	$ 29,852	$ 5,616	$ (21,589)
Amount reclassified from AOCI into interest expense	$ 1,546	$ 10,281	$ 7,747

DST PROGRAM (Details)

DST PROGRAM (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
DST Program Loans	$ 81,897	$ 62,123
Financing obligation liability appreciation	31,737	5,822	$ 3,936
Rent obligation incurred under master lease agreements	103,953	69,773	62,378
Issuances of OP Units for DST Interests	252,578	115,653	28,266
DST Program
Variable Interest Entity [Line Items]
DST Program Loans	81,900	62,100
DST Interests sold	758,995	292,702	278,157
DST Interests financed by DST Program Loans	51,496	25,978	26,486
Income earned from DST Program Loans	3,420	2,178	1,487
Financing obligation liability appreciation	31,737	5,822	3,936
Rent obligation incurred under master lease agreements	47,021	28,422	19,443
Issuances of OP Units for DST Interests	$ 252,600	$ 115,700	$ 28,300
DST Program | OP Units
Variable Interest Entity [Line Items]
Issuance of OP Units (in shares)	28.8	15	3.8

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Derivative instruments	$ 24,448,000	$ 323,000
Investment in available-for-sale securities, at fair value	14,896,000	0	$ 0
Liabilities:
Derivative instruments		11,236,000
Recurring
Assets:
Derivative instruments	24,448,000	323,000
Investment in available-for-sale securities, at fair value	14,896,000
Total assets measured at fair value	39,344,000	323,000
Liabilities:
Derivative instruments	0	11,236,000
Total liabilities measured at fair value	0	11,236,000
Recurring | Level 1
Assets:
Derivative instruments	0	0
Investment in available-for-sale securities, at fair value	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	24,448,000	323,000
Investment in available-for-sale securities, at fair value	14,896,000
Total assets measured at fair value	39,344,000	323,000
Liabilities:
Derivative instruments	0	11,236,000
Total liabilities measured at fair value	0	11,236,000
Recurring | Level 3
Assets:
Derivative instruments	0	0
Investment in available-for-sale securities, at fair value	0
Total assets measured at fair value	0	0
Liabilities:
Derivative instruments	0	0
Total liabilities measured at fair value	$ 0	$ 0

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 263,122	$ 106,463
DST Program Loans	81,897	62,123
Line of credit	235,000	256,000
Term loans	800,000	525,000
Mortgage notes	587,916	589,554
Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	260,841	106,463
DST Program Loans	79,049	62,123
Line of credit	235,000	256,000
Term loans	800,000	525,000
Mortgage notes	$ 541,558	$ 600,467

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Impact on uncertain tax positions from results of operations	$ 0	$ 0
Deferred Tax Assets, Net	$ 400	$ 1,200

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Ordinary income	0%	13.62%	3.28%
Non-taxable return of capital	100%	61.37%	12.34%
Capital gain	0%	25.01%	84.38%
Total distributions	100%	100%	100%

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering	$ 10,000,000
Issuance of common stock	$ 388,934	$ 274,736	$ 125,996
Issuance of common stock (in shares)	44.9
Common Class T, Common Class S, Common Class D and Common Class I
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement remaining unsold	$ 9,820,000
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering	8,500,000
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering	1,500,000
Issuance of common stock	29,400
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement remaining unsold	$ 82,500

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)	(8,466)	(8,784)	(14,071)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	169,665	143,041	140,480
Primary shares (in shares)	41,479	32,351	13,772
Distribution reinvestment plan (in shares)	3,403	3,028	2,840
Share-based compensation (in shares)	27	29	20
Redemptions of common stock (in shares)	(8,466)	(8,784)	(14,071)
Conversions (in shares)	0	0	0
Ending Balances (in shares)	206,108	169,665	143,041
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	16,425
Ending Balances (in shares)	26,884	16,425
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	16,425	9,831	5,852
Primary shares (in shares)	10,443	6,885	4,231
Distribution reinvestment plan (in shares)	426	267	187
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(198)	(266)	(214)
Conversions (in shares)	(212)	(292)	(225)
Ending Balances (in shares)	26,884	16,425	9,831
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	35,757
Ending Balances (in shares)	49,237	35,757
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	35,757	23,516	20,593
Primary shares (in shares)	14,348	12,539	4,507
Distribution reinvestment plan (in shares)	823	618	476
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(1,691)	(916)	(2,060)
Conversions (in shares)	0	0	0
Ending Balances (in shares)	49,237	35,757	23,516
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	6,749
Ending Balances (in shares)	7,871	6,749
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	6,749	4,098	3,499
Primary shares (in shares)	1,688	2,778	728
Distribution reinvestment plan (in shares)	153	121	91
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(719)	(248)	(220)
Conversions (in shares)	0	0	0
Ending Balances (in shares)	7,871	6,749	4,098
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	54,406
Ending Balances (in shares)	69,142	54,406
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	54,406	44,723	43,732
Primary shares (in shares)	15,000	10,149	4,306
Distribution reinvestment plan (in shares)	1,256	1,112	1,065
Share-based compensation (in shares)	27	29	20
Redemptions of common stock (in shares)	(1,759)	(1,899)	(4,625)
Conversions (in shares)	212	292	225
Ending Balances (in shares)	69,142	54,406	44,723
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	56,328
Ending Balances (in shares)	52,974	56,328
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	56,328	60,873	66,804
Primary shares (in shares)	0	0	0
Distribution reinvestment plan (in shares)	745	910	1,021
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(4,099)	(5,455)	(6,952)
Conversions (in shares)	0	0	0
Ending Balances (in shares)	52,974	56,328	60,873

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 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	$ 0.09375	$ 0.37500	$ 0.37500
Common Stock Distributions Paid in Cash	$ 9,859	$ 9,684	$ 9,299	$ 8,837	$ 8,265	$ 7,984	$ 7,696	$ 7,562	$ 37,679	$ 31,507
Other Cash Distributions	4,559	3,972	3,157	3,018	2,445	1,854	1,611	1,424	14,706	7,334
Reinvested in Shares	7,923	7,732	7,362	6,876	6,361	5,985	5,723	5,526	29,893	23,595
Distribution Fees	1,478	1,399	1,259	1,030	886	759	655	586	5,166	2,886
Total Distributions	$ 23,819	$ 22,787	$ 21,077	$ 19,761	$ 17,957	$ 16,582	$ 15,685	$ 15,098	$ 87,444	$ 65,322

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of shares redeemed or repurchased (in shares)	8,466	8,784	14,071
Aggregate dollar amount of shares redeemed or repurchased	$ 73,378	$ 67,234	$ 105,588
Average redemption or repurchase price per share (usd per share)	$ 8.67	$ 7.65	$ 7.50

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 8,994	$ 8,994	$ 3,798
Settlement of prior year performance participation allocation		15,327	4,608
Distributions to redeemable noncontrolling interests		(735)	(418)	$ (189)
Redemptions to redeemable noncontrolling interests		(7,724)
Net (loss) income attributable to redeemable noncontrolling interests		(370)	221	(54)
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests		284	103	(45)
Redemption value allocation adjustment to redeemable noncontrolling interests		2,354	682
Ending balance		18,130	8,994	3,798
Payable as of		32,529	19,564
Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	1,900,000
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]
Settlement of prior year performance participation allocation				$ 4,600
Payable as of		$ 23,747	$ 15,327
Advisor | Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	465,000
Chairman | Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	465,000

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Aggregate amount of OP Units redeemed	$ 73,378	$ 67,234	$ 105,588
OP Units
Noncontrolling Interest [Line Items]
Number of common stock issued per operating partnership unit	1
Aggregate amount of OP Units redeemed	$ 7,900	6,000	$ 8,000
OP Units | Maximum
Noncontrolling Interest [Line Items]
Estimated maximum redemption value (unaudited)	$ 488,300	$ 228,300
OP Units | Operating Partnership | Third Party Investors [Member]
Noncontrolling Interest [Line Items]
Ownership percentage owned by third-party investors	20.90%	13.70%

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Issuance of common stock (in shares)	44,900
Redemptions of common stock (in shares)	(8,466)	(8,784)	(14,071)
OP Units
Noncontrolling Interest [Line Items]
Beginning Balances (in shares)	27,180	12,982	10,286
Issuance of common stock (in shares)	28,821	14,974	3,766
Redemptions of common stock (in shares)	(922)	(776)	(1,070)
Ending Balances (in shares)	55,079	27,180	12,982

RELATED PARTY TRANSACTIONS - (S

RELATED PARTY TRANSACTIONS - (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Advisor - Selling commissions and dealer manager fees	12 Months Ended
	Dec. 31, 2022
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment	8.75%
Class T
Related Party Transaction [Line Items]
Dealer manager fees (as % of transaction price)	0.50%
Distribution fees (as % of NAV per annum)	0.85%
Class T | Maximum
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3%
Class S
Related Party Transaction [Line Items]
Dealer manager fees (as % of transaction price)	0%
Distribution fees (as % of NAV per annum)	0.85%
Class S | Maximum
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	3.50%
Class D
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0%
Dealer manager fees (as % of transaction price)	0%
Distribution fees (as % of NAV per annum)	0.25%
Class I
Related Party Transaction [Line Items]
Selling commissions (as % of transaction price)	0%
Dealer manager fees (as % of transaction price)	0%
Distribution fees (as % of NAV per annum)	0%

RELATED PARTY TRANSACTIONS - (A

RELATED PARTY TRANSACTIONS - (Advisory Fee and Operating Expense Reimbursement) (Details) - USD ($)		12 Months Ended
	Jan. 01, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party transaction expense		$ 118,917,000	$ 70,257,000	$ 44,041,000
Affiliated Entity | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Consideration received	$ 1,000
Number of shares issued (in shares)	100
Affiliated Entity | Advisory Fees
Related Party Transaction [Line Items]
Class E Dealer Manager Fee Portion Waived Under NAV Per Share Threshold		$ 10
Advisor
Related Party Transaction [Line Items]
Advisory Agreement Contract Renewal Term		1 year
Advisor | Performance Participation Allocation
Related Party Transaction [Line Items]
Related party transaction expense		$ 23,747,000	15,327,000	4,608,000
Advisor | Advisory Fees
Related Party Transaction [Line Items]
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)		1.10%
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in "Note 5") to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests		1.10%
Threshold for performance component of advisory fee		12.50%
Threshold of annual total return as % of NAV		5%
Performance component earned for excess return over the hurdle amount		100%
Maximum performance component limited to % of total annual return		12.50%
Loss carryforward		$ 0
Related party transaction expense		$ 33,747,000	$ 21,433,000	$ 17,211,000

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party transaction expense		$ 118,917	$ 70,257	$ 44,041
Payable as of		32,529	19,564
Advisor
Related Party Transaction [Line Items]
Amount reimbursed for services		10,700	9,800	8,000
Dealer Manager
Related Party Transaction [Line Items]
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares	5%
Selling commissions and dealer manager fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		4,289	2,656	1,498
Payable as of		0	0
Ongoing Distribution Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense		6,800	3,206	2,024
Payable as of		748	394
Ongoing Distribution Fees [Member] | Dealer Manager | Other Liabilities
Related Party Transaction [Line Items]
Future Estimated Distribution Fees Payable		60,900	34,100
Property accounting fee | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense		1,289	0	0
Payable as of		478	0
Advisory Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		33,747	21,433	17,211
Payable as of		2,868	2,094
Performance Participation Allocation | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		23,747	15,327	4,608
Payable as of		23,747	15,327
Other Expense Reimbursements [Member] | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		11,346	11,070	10,002
Payable as of		4,192	1,443
Other Expense Reimbursements [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense		372	376	516
Payable as of		$ 109	0
DST Program Manager Fees
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties		100%
DST Program Manager Fees | Affiliated Entity
Related Party Transaction [Line Items]
Maximum percentage of purchase price paid by investor		50%
Percentage of origination fee		1%
DST Program Manager Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		$ 14,860	6,318	4,085
Payable as of		$ 146	87
DST Program Manager Fees | DST Manager | DST Manager
Related Party Transaction [Line Items]
Redemption fee, payable to manager		1%
DST Program Manager Fees | DST Manager | DST Advisor
Related Party Transaction [Line Items]
Management Compensation Fee Receivable, Percent Of Gross Rents		1%
Management fee, percent of equity proceeds		1%
Management loan fee, percent of financing arranged		1%
DST Program dealer manager fees | Affiliated Entity | Dealer Manager | Ares Diversified Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Amount of interests placed with dealer		$ 1,000,000
DST Program dealer manager fees | Dealer Manager
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Related party transaction expense		$ 22,467	9,871	$ 4,097
Payable as of		$ 241	$ 219
DST Program dealer manager fees | Dealer Manager | Ares Diversified Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Percent of gross equity proceeds		5%
Ongoing dealer manager fees associated with private placement offering		0.85%
Organization And Offering Expenses [Member] | Advisor
Related Party Transaction [Line Items]
Threshold criteria of organization and offering expenses		15%

RELATED PARTY TRANSACTIONS - (T

RELATED PARTY TRANSACTIONS - (Transactions with Affiliates) (Details) - Operating Partnership - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
General Partner [Member]
Related Party Transaction [Line Items]
General Partners' Contributed Capital	$ 2
OP Units held by general partner	200
Limited Partner [Member]
Related Party Transaction [Line Items]
Contributed of gross proceeds of common stock to the operating partnership	100%
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	78.30%	85.70%

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders-basic	$ (39,979)	$ 30,754	$ (14,914)
Net (loss) income attributable to redeemable noncontrolling interests	(370)	221	(54)
Net (loss) income attributable to noncontrolling interests	(9,314)	3,565	(1,091)
Net (loss) income attributable to common stockholders-diluted	$ (49,663)	$ 34,540	$ (16,059)
Weighted-average shares outstanding-basic (in shares)	194,039	154,767	142,268
Incremental weighted-average shares effect of conversion of OP Units (in shares)	39,265	19,563	11,784
Weighted-average shares outstanding - diluted (in shares)	233,304	174,330	154,052
Basic	$ (0.21)	$ 0.20	$ (0.10)
Diluted	$ (0.21)	$ 0.20	$ (0.10)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncash Investing and Financing Items [Abstract]
Interest paid related to consolidated indebtedness	$ 53,889	$ 28,403	$ 29,877
Interest paid related to DST Program	42,008	26,666	16,540
Distributions reinvested in common stock	29,442	23,197	21,278
Change in accrued future ongoing distribution fees	26,855	18,576	1,019
Increase in DST Program Loans receivable through DST Program capital raising	51,496	25,978	26,486
Redeemable noncontrolling interest issued as settlement of performance participation allocation	15,327	4,608	3,776
Mortgage notes assumed on real estate acquisitions at fair value	0	125,887	13,472
Issuances of OP Units for DST Interests	252,578	115,653	28,266
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	13,336	10,605	11,266	$ 97,772
Restricted cash	3,850	3,747	10,468	10,010
Cash, cash equivalents and restricted cash	$ 17,186	$ 14,352	$ 21,734	$ 107,782

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	4
Total Assets	$ 4,174,724	$ 2,990,971
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	377,546	335,811
Operating Segments | Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	537,147	639,584
Operating Segments | Residential
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	1,495,532	837,491
Operating Segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	1,248,255	826,353
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 516,244	$ 351,732

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (39,979)	$ 30,754	$ (14,914)
Debt-related income	(9,989)	(9,174)	(2,347)
Real estate-related depreciation and amortization	134,617	74,415	62,923
General and administrative expenses	10,570	8,797	7,548
Advisory fees	33,747	21,433	17,211
Performance participation allocation	23,747	15,327	4,608
Acquisition costs and reimbursements	5,427	2,636	1,108
Litigation expense	0	0	2,500
Impairment of real estate property	0	758	0
Credit loss expense	1,799	0	0
Equity in income from unconsolidated joint venture partnerships	(2,970)	(114)	0
Interest expense	140,406	70,494	58,747
Gain on sale of real estate property	(94,827)	(77,857)	(13,335)
(Gain) loss on derivative instruments	(4,723)	(71)	13
Other income	(2,860)	(1,781)	(1,050)
Net (loss) income attributable to redeemable noncontrolling interests	(370)	221	(54)
Net (loss) income attributable to noncontrolling interests	(9,314)	3,565	(1,091)
Net operating income	$ 185,281	$ 139,403	$ 121,867

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Rental revenues	$ 289,234	$ 209,176	$ 184,245
Rental expenses	(103,953)	(69,773)	(62,378)
Net operating income	185,281	139,403	121,867
Real estate-related depreciation and amortization	134,617	74,415	62,923
Operating Segments | Office
Segment Reporting Information [Line Items]
Rental revenues	52,427	64,290	69,110
Rental expenses	(25,273)	(28,280)	(30,355)
Net operating income	27,154	36,010	38,755
Real estate-related depreciation and amortization	15,951	19,875	21,130
Operating Segments | Retail
Segment Reporting Information [Line Items]
Rental revenues	64,039	72,102	71,244
Rental expenses	(17,080)	(18,693)	(17,568)
Net operating income	46,959	53,409	53,676
Real estate-related depreciation and amortization	17,370	19,485	19,795
Operating Segments | Residential
Segment Reporting Information [Line Items]
Rental revenues	98,524	31,023	20,424
Rental expenses	(44,292)	(13,387)	(9,448)
Net operating income	54,232	17,636	10,976
Real estate-related depreciation and amortization	47,696	11,062	9,762
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Rental revenues	74,244	41,761	23,467
Rental expenses	(17,308)	(9,413)	(5,007)
Net operating income	56,936	32,348	18,460
Real estate-related depreciation and amortization	$ 53,600	$ 23,993	$ 12,236

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands		12 Months Ended
	Mar. 20, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 building
Subsequent Event [Line Items]
Number of real estate properties		90				195
Contractual sale price		$ 274,816	$ 223,791	$ 27,372
Accounting basis (net of accumulated depreciation and amortization)			$ 2,589,826		$ 3,605,578
Retail properties
Subsequent Event [Line Items]
Number of real estate properties | building						40
Retail properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties | property		6	3
Subsequent Event | Retail properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties | property	1
Contractual sale price	$ 55,500
Accounting basis (net of accumulated depreciation and amortization)	$ 16,500

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 property	Dec. 31, 2022 building	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	90	195
Debt			$ 587,916
Initial Cost to Company, Land			697,046
Initial Cost to Company, Building & Improvements			3,315,758
Initial Cost to Company, Total			4,012,804
Costs Capitalized or Adjustments Subsequent to Acquisition			165,525
Gross Amount Carried, Land			694,998
Gross Amount Carried, Building and Improvements			3,483,331
Real Estate, Gross, Total Cost			4,178,329	$ 3,061,851	$ 2,455,678	$ 2,057,350
Accumulated Depreciation			(572,751)
Aggregate cost of investments in real property for federal income tax purposes			1,500,000
Office properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		11
Debt			127,000
Initial Cost to Company, Land			73,291
Initial Cost to Company, Building & Improvements			415,276
Initial Cost to Company, Total			488,567
Costs Capitalized or Adjustments Subsequent to Acquisition			103,634
Gross Amount Carried, Land			73,291
Gross Amount Carried, Building and Improvements			518,910
Real Estate, Gross, Total Cost			592,201
Accumulated Depreciation			(234,604)
Office properties | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,115
Initial Cost to Company, Building & Improvements			27,516
Initial Cost to Company, Total			37,631
Costs Capitalized or Adjustments Subsequent to Acquisition			14,536
Gross Amount Carried, Land			10,115
Gross Amount Carried, Building and Improvements			42,052
Real Estate, Gross, Total Cost			52,167
Accumulated Depreciation			(25,419)
Office properties | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			25,177
Initial Cost to Company, Building & Improvements			41,250
Initial Cost to Company, Total			66,427
Costs Capitalized or Adjustments Subsequent to Acquisition			12,516
Gross Amount Carried, Land			25,177
Gross Amount Carried, Building and Improvements			53,766
Real Estate, Gross, Total Cost			78,943
Accumulated Depreciation			(31,583)
Office properties | CityView
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			4,606
Initial Cost to Company, Building & Improvements			65,250
Initial Cost to Company, Total			69,856
Costs Capitalized or Adjustments Subsequent to Acquisition			10,385
Gross Amount Carried, Land			4,606
Gross Amount Carried, Building and Improvements			75,635
Real Estate, Gross, Total Cost			80,241
Accumulated Depreciation			(24,756)
Office properties | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,538
Initial Cost to Company, Building & Improvements			25,865
Initial Cost to Company, Total			29,403
Costs Capitalized or Adjustments Subsequent to Acquisition			1,262
Gross Amount Carried, Land			3,538
Gross Amount Carried, Building and Improvements			27,127
Real Estate, Gross, Total Cost			30,665
Accumulated Depreciation			(13,388)
Office properties | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,500
Initial Cost to Company, Building & Improvements			22,303
Initial Cost to Company, Total			29,803
Costs Capitalized or Adjustments Subsequent to Acquisition			14,905
Gross Amount Carried, Land			7,500
Gross Amount Carried, Building and Improvements			37,208
Real Estate, Gross, Total Cost			44,708
Accumulated Depreciation			(19,518)
Office properties | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			127,000
Initial Cost to Company, Land			16,800
Initial Cost to Company, Building & Improvements			193,742
Initial Cost to Company, Total			210,542
Costs Capitalized or Adjustments Subsequent to Acquisition			48,411
Gross Amount Carried, Land			16,800
Gross Amount Carried, Building and Improvements			242,153
Real Estate, Gross, Total Cost			258,953
Accumulated Depreciation			(119,117)
Office properties | 350 Carter Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,966
Initial Cost to Company, Building & Improvements			28,670
Initial Cost to Company, Total			32,636
Costs Capitalized or Adjustments Subsequent to Acquisition			1,500
Gross Amount Carried, Land			3,966
Gross Amount Carried, Building and Improvements			30,170
Real Estate, Gross, Total Cost			34,136
Accumulated Depreciation			(743)
Office properties | 107 Morgan Lane
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,589
Initial Cost to Company, Building & Improvements			10,680
Initial Cost to Company, Total			12,269
Costs Capitalized or Adjustments Subsequent to Acquisition			119
Gross Amount Carried, Land			1,589
Gross Amount Carried, Building and Improvements			10,799
Real Estate, Gross, Total Cost			12,388
Accumulated Depreciation			(80)
Office properties | Minimum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office properties | Minimum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Office properties | Minimum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office properties | Minimum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Office properties | Minimum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Office properties | Minimum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Office properties | Minimum | 350 Carter Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	13 years
Office properties | Minimum | 107 Morgan Lane
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Office properties | Maximum | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | CityView
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | 350 Carter Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Office properties | Maximum | 107 Morgan Lane
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		40
Debt			74,561
Initial Cost to Company, Land			183,454
Initial Cost to Company, Building & Improvements			476,462
Initial Cost to Company, Total			659,916
Costs Capitalized or Adjustments Subsequent to Acquisition			31,839
Gross Amount Carried, Land			181,356
Gross Amount Carried, Building and Improvements			510,399
Real Estate, Gross, Total Cost			691,755
Accumulated Depreciation			(167,074)
Retail properties | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,426
Initial Cost to Company, Building & Improvements			31,375
Initial Cost to Company, Total			43,801
Costs Capitalized or Adjustments Subsequent to Acquisition			739
Gross Amount Carried, Land			9,955
Gross Amount Carried, Building and Improvements			34,585
Real Estate, Gross, Total Cost			44,540
Accumulated Depreciation			(14,953)
Retail properties | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,380
Initial Cost to Company, Building & Improvements			25,778
Initial Cost to Company, Total			33,158
Costs Capitalized or Adjustments Subsequent to Acquisition			874
Gross Amount Carried, Land			7,380
Gross Amount Carried, Building and Improvements			26,652
Real Estate, Gross, Total Cost			34,032
Accumulated Depreciation			(12,239)
Retail properties | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,972
Initial Cost to Company, Building & Improvements			27,030
Initial Cost to Company, Total			40,002
Costs Capitalized or Adjustments Subsequent to Acquisition			3,841
Gross Amount Carried, Land			12,972
Gross Amount Carried, Building and Improvements			30,871
Real Estate, Gross, Total Cost			43,843
Accumulated Depreciation			(15,204)
Retail properties | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,405
Initial Cost to Company, Building & Improvements			917
Initial Cost to Company, Total			11,322
Gross Amount Carried, Land			10,405
Gross Amount Carried, Building and Improvements			917
Real Estate, Gross, Total Cost			11,322
Accumulated Depreciation			(767)
Retail properties | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,560
Initial Cost to Company, Building & Improvements			22,014
Initial Cost to Company, Total			28,574
Gross Amount Carried, Land			6,560
Gross Amount Carried, Building and Improvements			22,014
Real Estate, Gross, Total Cost			28,574
Accumulated Depreciation			(10,310)
Retail properties | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,610
Initial Cost to Company, Building & Improvements			11,682
Initial Cost to Company, Total			15,292
Gross Amount Carried, Land			3,610
Gross Amount Carried, Building and Improvements			11,682
Real Estate, Gross, Total Cost			15,292
Accumulated Depreciation			(5,711)
Retail properties | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			4,561
Initial Cost to Company, Land			3,790
Initial Cost to Company, Building & Improvements			11,152
Initial Cost to Company, Total			14,942
Gross Amount Carried, Land			3,790
Gross Amount Carried, Building and Improvements			11,152
Real Estate, Gross, Total Cost			14,942
Accumulated Depreciation			(5,053)
Retail properties | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			70,000
Initial Cost to Company, Land			19,779
Initial Cost to Company, Building & Improvements			42,515
Initial Cost to Company, Total			62,294
Costs Capitalized or Adjustments Subsequent to Acquisition			5,062
Gross Amount Carried, Land			19,781
Gross Amount Carried, Building and Improvements			47,575
Real Estate, Gross, Total Cost			67,356
Accumulated Depreciation			(21,332)
Retail properties | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			11,866
Initial Cost to Company, Building & Improvements			723
Initial Cost to Company, Total			12,589
Costs Capitalized or Adjustments Subsequent to Acquisition			9
Gross Amount Carried, Land			11,866
Gross Amount Carried, Building and Improvements			732
Real Estate, Gross, Total Cost			12,598
Accumulated Depreciation			(726)
Retail properties | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,783
Initial Cost to Company, Building & Improvements			9,713
Initial Cost to Company, Total			13,496
Costs Capitalized or Adjustments Subsequent to Acquisition			470
Gross Amount Carried, Land			3,783
Gross Amount Carried, Building and Improvements			10,183
Real Estate, Gross, Total Cost			13,966
Accumulated Depreciation			(5,572)
Retail properties | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			8,759
Initial Cost to Company, Building & Improvements			40,233
Initial Cost to Company, Total			48,992
Costs Capitalized or Adjustments Subsequent to Acquisition			2,336
Gross Amount Carried, Land			8,759
Gross Amount Carried, Building and Improvements			42,569
Real Estate, Gross, Total Cost			51,328
Accumulated Depreciation			(13,018)
Retail properties | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		6
Initial Cost to Company, Land			9,936
Initial Cost to Company, Building & Improvements			27,552
Initial Cost to Company, Total			37,488
Costs Capitalized or Adjustments Subsequent to Acquisition			5,211
Gross Amount Carried, Land			10,307
Gross Amount Carried, Building and Improvements			32,392
Real Estate, Gross, Total Cost			42,699
Accumulated Depreciation			(9,139)
Retail properties | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			10,501
Initial Cost to Company, Building & Improvements			27,397
Initial Cost to Company, Total			37,898
Costs Capitalized or Adjustments Subsequent to Acquisition			499
Gross Amount Carried, Land			10,501
Gross Amount Carried, Building and Improvements			27,896
Real Estate, Gross, Total Cost			38,397
Accumulated Depreciation			(7,692)
Retail properties | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			7,376
Initial Cost to Company, Building & Improvements			51,155
Initial Cost to Company, Total			58,531
Costs Capitalized or Adjustments Subsequent to Acquisition			7,429
Gross Amount Carried, Land			7,376
Gross Amount Carried, Building and Improvements			58,584
Real Estate, Gross, Total Cost			65,960
Accumulated Depreciation			(16,247)
Retail properties | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			3,492
Initial Cost to Company, Building & Improvements			30,655
Initial Cost to Company, Total			34,147
Costs Capitalized or Adjustments Subsequent to Acquisition			1,849
Gross Amount Carried, Land			3,492
Gross Amount Carried, Building and Improvements			32,504
Real Estate, Gross, Total Cost			35,996
Accumulated Depreciation			(8,258)
Retail properties | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			34,804
Initial Cost to Company, Building & Improvements			33,902
Initial Cost to Company, Total			68,706
Costs Capitalized or Adjustments Subsequent to Acquisition			1,715
Gross Amount Carried, Land			34,804
Gross Amount Carried, Building and Improvements			35,617
Real Estate, Gross, Total Cost			70,421
Accumulated Depreciation			(9,922)
Retail properties | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			10,476
Initial Cost to Company, Building & Improvements			32,461
Initial Cost to Company, Total			42,937
Costs Capitalized or Adjustments Subsequent to Acquisition			1,338
Gross Amount Carried, Land			10,476
Gross Amount Carried, Building and Improvements			33,799
Real Estate, Gross, Total Cost			44,275
Accumulated Depreciation			(5,495)
Retail properties | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		5
Initial Cost to Company, Land			5,539
Initial Cost to Company, Building & Improvements			50,208
Initial Cost to Company, Total			55,747
Costs Capitalized or Adjustments Subsequent to Acquisition			467
Gross Amount Carried, Land			5,539
Gross Amount Carried, Building and Improvements			50,675
Real Estate, Gross, Total Cost			56,214
Accumulated Depreciation			(5,436)
Retail properties | Minimum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	18 years
Retail properties | Minimum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	13 years
Retail properties | Minimum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	16 years
Retail properties | Minimum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	22 years
Retail properties | Minimum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Retail properties | Minimum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail properties | Minimum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Retail properties | Minimum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Minimum | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Retail properties | Maximum | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	68 years
Retail properties | Maximum | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	43 years
Retail properties | Maximum | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	56 years
Retail properties | Maximum | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	62 years
Retail properties | Maximum | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Retail properties | Maximum | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		80
Debt			259,663
Initial Cost to Company, Land			168,817
Initial Cost to Company, Building & Improvements			1,384,897
Initial Cost to Company, Total			1,553,714
Costs Capitalized or Adjustments Subsequent to Acquisition			7,364
Gross Amount Carried, Land			168,817
Gross Amount Carried, Building and Improvements			1,392,261
Real Estate, Gross, Total Cost			1,561,078
Accumulated Depreciation			(72,698)
Residential properties | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Debt			62,000
Initial Cost to Company, Land			15,139
Initial Cost to Company, Building & Improvements			80,500
Initial Cost to Company, Total			95,639
Costs Capitalized or Adjustments Subsequent to Acquisition			838
Gross Amount Carried, Land			15,139
Gross Amount Carried, Building and Improvements			81,338
Real Estate, Gross, Total Cost			96,477
Accumulated Depreciation			(9,632)
Residential properties | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			9,129
Initial Cost to Company, Building & Improvements			75,420
Initial Cost to Company, Total			84,549
Costs Capitalized or Adjustments Subsequent to Acquisition			527
Gross Amount Carried, Land			9,129
Gross Amount Carried, Building and Improvements			75,947
Real Estate, Gross, Total Cost			85,076
Accumulated Depreciation			(7,940)
Residential properties | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			17,407
Initial Cost to Company, Building & Improvements			99,763
Initial Cost to Company, Total			117,170
Costs Capitalized or Adjustments Subsequent to Acquisition			476
Gross Amount Carried, Land			17,407
Gross Amount Carried, Building and Improvements			100,239
Real Estate, Gross, Total Cost			117,646
Accumulated Depreciation			(10,264)
Residential properties | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		15
Initial Cost to Company, Land			18,737
Initial Cost to Company, Building & Improvements			60,475
Initial Cost to Company, Total			79,212
Costs Capitalized or Adjustments Subsequent to Acquisition			2,862
Gross Amount Carried, Land			18,737
Gross Amount Carried, Building and Improvements			63,337
Real Estate, Gross, Total Cost			82,074
Accumulated Depreciation			(5,314)
Residential properties | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			80,600
Initial Cost to Company, Building & Improvements			128,659
Initial Cost to Company, Total			128,659
Costs Capitalized or Adjustments Subsequent to Acquisition			76
Gross Amount Carried, Building and Improvements			128,735
Real Estate, Gross, Total Cost			128,735
Accumulated Depreciation			(5,323)
Residential properties | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		10
Initial Cost to Company, Land			11,633
Initial Cost to Company, Building & Improvements			104,719
Initial Cost to Company, Total			116,352
Costs Capitalized or Adjustments Subsequent to Acquisition			54
Gross Amount Carried, Land			11,633
Gross Amount Carried, Building and Improvements			104,773
Real Estate, Gross, Total Cost			116,406
Accumulated Depreciation			(4,175)
Residential properties | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			117,063
Initial Cost to Company, Land			20,005
Initial Cost to Company, Building & Improvements			214,045
Initial Cost to Company, Total			234,050
Costs Capitalized or Adjustments Subsequent to Acquisition			160
Gross Amount Carried, Land			20,005
Gross Amount Carried, Building and Improvements			214,205
Real Estate, Gross, Total Cost			234,210
Accumulated Depreciation			(8,319)
Residential properties | Skye 750
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,535
Initial Cost to Company, Building & Improvements			80,310
Initial Cost to Company, Total			92,845
Costs Capitalized or Adjustments Subsequent to Acquisition			75
Gross Amount Carried, Land			12,535
Gross Amount Carried, Building and Improvements			80,385
Real Estate, Gross, Total Cost			92,920
Accumulated Depreciation			(3,234)
Residential properties | Arabelle City Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		11
Initial Cost to Company, Land			15,776
Initial Cost to Company, Building & Improvements			141,006
Initial Cost to Company, Total			156,782
Costs Capitalized or Adjustments Subsequent to Acquisition			1,285
Gross Amount Carried, Land			15,776
Gross Amount Carried, Building and Improvements			142,291
Real Estate, Gross, Total Cost			158,067
Accumulated Depreciation			(4,596)
Residential properties | Dallas Cityline
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,281
Initial Cost to Company, Building & Improvements			104,812
Initial Cost to Company, Total			111,093
Costs Capitalized or Adjustments Subsequent to Acquisition			155
Gross Amount Carried, Land			6,281
Gross Amount Carried, Building and Improvements			104,967
Real Estate, Gross, Total Cost			111,248
Accumulated Depreciation			(3,451)
Residential properties | Dallas Wycliff
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			14,021
Initial Cost to Company, Building & Improvements			80,062
Initial Cost to Company, Total			94,083
Costs Capitalized or Adjustments Subsequent to Acquisition			305
Gross Amount Carried, Land			14,021
Gross Amount Carried, Building and Improvements			80,367
Real Estate, Gross, Total Cost			94,388
Accumulated Depreciation			(2,801)
Residential properties | Dallas Maple District
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			14,725
Initial Cost to Company, Building & Improvements			78,364
Initial Cost to Company, Total			93,089
Costs Capitalized or Adjustments Subsequent to Acquisition			237
Gross Amount Carried, Land			14,725
Gross Amount Carried, Building and Improvements			78,601
Real Estate, Gross, Total Cost			93,326
Accumulated Depreciation			(2,721)
Residential properties | San Vance
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		14
Initial Cost to Company, Land			8,860
Initial Cost to Company, Building & Improvements			68,726
Initial Cost to Company, Total			77,586
Costs Capitalized or Adjustments Subsequent to Acquisition			141
Gross Amount Carried, Land			8,860
Gross Amount Carried, Building and Improvements			68,867
Real Estate, Gross, Total Cost			77,727
Accumulated Depreciation			(2,539)
Residential properties | San Stone Oak
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		15
Initial Cost to Company, Land			4,569
Initial Cost to Company, Building & Improvements			68,036
Initial Cost to Company, Total			72,605
Costs Capitalized or Adjustments Subsequent to Acquisition			173
Gross Amount Carried, Land			4,569
Gross Amount Carried, Building and Improvements			68,209
Real Estate, Gross, Total Cost			72,778
Accumulated Depreciation			(2,389)
Residential properties | Minimum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Skye 750
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Arabelle City Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Dallas Cityline
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Dallas Wycliff
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | Dallas Maple District
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | San Vance
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Minimum | San Stone Oak
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Residential properties | Maximum | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Skye 750
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Arabelle City Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Dallas Cityline
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Dallas Wycliff
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | Dallas Maple District
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | San Vance
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Residential properties | Maximum | San Stone Oak
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		64
Debt			126,692
Initial Cost to Company, Land			271,484
Initial Cost to Company, Building & Improvements			1,039,123
Initial Cost to Company, Total			1,310,607
Costs Capitalized or Adjustments Subsequent to Acquisition			22,688
Gross Amount Carried, Land			271,534
Gross Amount Carried, Building and Improvements			1,061,761
Real Estate, Gross, Total Cost			1,333,295
Accumulated Depreciation			(98,375)
Industrial properties | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			17,435
Initial Cost to Company, Land			4,880
Initial Cost to Company, Building & Improvements			12,019
Initial Cost to Company, Total			16,899
Costs Capitalized or Adjustments Subsequent to Acquisition			(60)
Gross Amount Carried, Land			4,880
Gross Amount Carried, Building and Improvements			11,959
Real Estate, Gross, Total Cost			16,839
Accumulated Depreciation			(3,168)
Industrial properties | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			22,605
Initial Cost to Company, Land			3,940
Initial Cost to Company, Building & Improvements			20,715
Initial Cost to Company, Total			24,655
Costs Capitalized or Adjustments Subsequent to Acquisition			15
Gross Amount Carried, Land			3,943
Gross Amount Carried, Building and Improvements			20,727
Real Estate, Gross, Total Cost			24,670
Accumulated Depreciation			(4,298)
Industrial properties | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			8,540
Initial Cost to Company, Building & Improvements			28,879
Initial Cost to Company, Total			37,419
Costs Capitalized or Adjustments Subsequent to Acquisition			2,120
Gross Amount Carried, Land			8,586
Gross Amount Carried, Building and Improvements			30,953
Real Estate, Gross, Total Cost			39,539
Accumulated Depreciation			(6,389)
Industrial properties | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			6,140
Initial Cost to Company, Building & Improvements			12,730
Initial Cost to Company, Total			18,870
Costs Capitalized or Adjustments Subsequent to Acquisition			1,467
Gross Amount Carried, Land			6,140
Gross Amount Carried, Building and Improvements			14,197
Real Estate, Gross, Total Cost			20,337
Accumulated Depreciation			(3,248)
Industrial properties | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			16,819
Initial Cost to Company, Land			2,346
Initial Cost to Company, Building & Improvements			18,400
Initial Cost to Company, Total			20,746
Costs Capitalized or Adjustments Subsequent to Acquisition			1,025
Gross Amount Carried, Land			2,346
Gross Amount Carried, Building and Improvements			19,425
Real Estate, Gross, Total Cost			21,771
Accumulated Depreciation			(3,360)
Industrial properties | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			14,358
Initial Cost to Company, Land			1,791
Initial Cost to Company, Building & Improvements			16,968
Initial Cost to Company, Total			18,759
Costs Capitalized or Adjustments Subsequent to Acquisition			27
Gross Amount Carried, Land			1,791
Gross Amount Carried, Building and Improvements			16,995
Real Estate, Gross, Total Cost			18,786
Accumulated Depreciation			(2,751)
Industrial properties | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			32,386
Initial Cost to Company, Land			4,983
Initial Cost to Company, Building & Improvements			39,172
Initial Cost to Company, Total			44,155
Costs Capitalized or Adjustments Subsequent to Acquisition			209
Gross Amount Carried, Land			4,983
Gross Amount Carried, Building and Improvements			39,381
Real Estate, Gross, Total Cost			44,364
Accumulated Depreciation			(5,433)
Industrial properties | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			9,004
Initial Cost to Company, Land			1,280
Initial Cost to Company, Building & Improvements			8,562
Initial Cost to Company, Total			9,842
Costs Capitalized or Adjustments Subsequent to Acquisition			421
Gross Amount Carried, Land			1,280
Gross Amount Carried, Building and Improvements			8,983
Real Estate, Gross, Total Cost			10,263
Accumulated Depreciation			(1,655)
Industrial properties | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,681
Initial Cost to Company, Building & Improvements			6,887
Initial Cost to Company, Total			8,568
Costs Capitalized or Adjustments Subsequent to Acquisition			911
Gross Amount Carried, Land			1,681
Gross Amount Carried, Building and Improvements			7,798
Real Estate, Gross, Total Cost			9,479
Accumulated Depreciation			(1,660)
Industrial properties | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			8,391
Initial Cost to Company, Land			2,102
Initial Cost to Company, Building & Improvements			17,475
Initial Cost to Company, Total			19,577
Costs Capitalized or Adjustments Subsequent to Acquisition			92
Gross Amount Carried, Land			2,102
Gross Amount Carried, Building and Improvements			17,567
Real Estate, Gross, Total Cost			19,669
Accumulated Depreciation			(2,241)
Industrial properties | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			2,393
Initial Cost to Company, Land			455
Initial Cost to Company, Building & Improvements			2,429
Initial Cost to Company, Total			2,884
Costs Capitalized or Adjustments Subsequent to Acquisition			53
Gross Amount Carried, Land			455
Gross Amount Carried, Building and Improvements			2,482
Real Estate, Gross, Total Cost			2,937
Accumulated Depreciation			(381)
Industrial properties | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,976
Initial Cost to Company, Building & Improvements			3,369
Initial Cost to Company, Total			5,345
Costs Capitalized or Adjustments Subsequent to Acquisition			13
Gross Amount Carried, Land			1,976
Gross Amount Carried, Building and Improvements			3,382
Real Estate, Gross, Total Cost			5,358
Accumulated Depreciation			(434)
Industrial properties | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,403
Initial Cost to Company, Building & Improvements			51,886
Initial Cost to Company, Total			59,289
Costs Capitalized or Adjustments Subsequent to Acquisition			5,415
Gross Amount Carried, Land			7,403
Gross Amount Carried, Building and Improvements			57,301
Real Estate, Gross, Total Cost			64,704
Accumulated Depreciation			(7,489)
Industrial properties | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,135
Initial Cost to Company, Building & Improvements			38,672
Initial Cost to Company, Total			48,807
Costs Capitalized or Adjustments Subsequent to Acquisition			1,791
Gross Amount Carried, Land			10,135
Gross Amount Carried, Building and Improvements			40,463
Real Estate, Gross, Total Cost			50,598
Accumulated Depreciation			(3,345)
Industrial properties | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			3,301
Initial Cost to Company, Land			615
Initial Cost to Company, Building & Improvements			18,471
Initial Cost to Company, Total			19,086
Costs Capitalized or Adjustments Subsequent to Acquisition			213
Gross Amount Carried, Land			616
Gross Amount Carried, Building and Improvements			18,683
Real Estate, Gross, Total Cost			19,299
Accumulated Depreciation			(1,986)
Industrial properties | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			3,352
Initial Cost to Company, Building & Improvements			11,726
Initial Cost to Company, Total			15,078
Costs Capitalized or Adjustments Subsequent to Acquisition			204
Gross Amount Carried, Land			3,352
Gross Amount Carried, Building and Improvements			11,930
Real Estate, Gross, Total Cost			15,282
Accumulated Depreciation			(1,841)
Industrial properties | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,514
Initial Cost to Company, Building & Improvements			17,260
Initial Cost to Company, Total			19,774
Costs Capitalized or Adjustments Subsequent to Acquisition			17
Gross Amount Carried, Land			2,514
Gross Amount Carried, Building and Improvements			17,277
Real Estate, Gross, Total Cost			19,791
Accumulated Depreciation			(1,310)
Industrial properties | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,752
Initial Cost to Company, Building & Improvements			61,784
Initial Cost to Company, Total			68,536
Costs Capitalized or Adjustments Subsequent to Acquisition			300
Gross Amount Carried, Land			6,752
Gross Amount Carried, Building and Improvements			62,084
Real Estate, Gross, Total Cost			68,836
Accumulated Depreciation			(5,390)
Industrial properties | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,167
Initial Cost to Company, Building & Improvements			42,373
Initial Cost to Company, Total			49,540
Costs Capitalized or Adjustments Subsequent to Acquisition			669
Gross Amount Carried, Land			7,167
Gross Amount Carried, Building and Improvements			43,042
Real Estate, Gross, Total Cost			50,209
Accumulated Depreciation			(2,305)
Industrial properties | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			14,786
Initial Cost to Company, Building & Improvements			48,645
Initial Cost to Company, Total			63,431
Costs Capitalized or Adjustments Subsequent to Acquisition			756
Gross Amount Carried, Land			14,786
Gross Amount Carried, Building and Improvements			49,401
Real Estate, Gross, Total Cost			64,187
Accumulated Depreciation			(5,182)
Industrial properties | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,740
Initial Cost to Company, Building & Improvements			18,616
Initial Cost to Company, Total			24,356
Costs Capitalized or Adjustments Subsequent to Acquisition			2,086
Gross Amount Carried, Land			5,740
Gross Amount Carried, Building and Improvements			20,702
Real Estate, Gross, Total Cost			26,442
Accumulated Depreciation			(832)
Industrial properties | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			858
Initial Cost to Company, Building & Improvements			16,251
Initial Cost to Company, Total			17,109
Costs Capitalized or Adjustments Subsequent to Acquisition			(30)
Gross Amount Carried, Land			858
Gross Amount Carried, Building and Improvements			16,221
Real Estate, Gross, Total Cost			17,079
Accumulated Depreciation			(1,152)
Industrial properties | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,764
Initial Cost to Company, Building & Improvements			9,576
Initial Cost to Company, Total			17,340
Costs Capitalized or Adjustments Subsequent to Acquisition			56
Gross Amount Carried, Land			7,764
Gross Amount Carried, Building and Improvements			9,632
Real Estate, Gross, Total Cost			17,396
Accumulated Depreciation			(1,423)
Industrial properties | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			51,265
Initial Cost to Company, Building & Improvements			48,147
Initial Cost to Company, Total			99,412
Costs Capitalized or Adjustments Subsequent to Acquisition			733
Gross Amount Carried, Land			51,265
Gross Amount Carried, Building and Improvements			48,880
Real Estate, Gross, Total Cost			100,145
Accumulated Depreciation			(5,682)
Industrial properties | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			22,734
Initial Cost to Company, Building & Improvements			12,233
Initial Cost to Company, Total			34,967
Costs Capitalized or Adjustments Subsequent to Acquisition			35
Gross Amount Carried, Land			22,734
Gross Amount Carried, Building and Improvements			12,268
Real Estate, Gross, Total Cost			35,002
Accumulated Depreciation			(1,050)
Industrial properties | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,364
Initial Cost to Company, Building & Improvements			4,288
Initial Cost to Company, Total			6,652
Costs Capitalized or Adjustments Subsequent to Acquisition			16
Gross Amount Carried, Land			2,364
Gross Amount Carried, Building and Improvements			4,304
Real Estate, Gross, Total Cost			6,668
Accumulated Depreciation			(362)
Industrial properties | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,927
Initial Cost to Company, Building & Improvements			16,198
Initial Cost to Company, Total			21,125
Costs Capitalized or Adjustments Subsequent to Acquisition			97
Gross Amount Carried, Land			4,927
Gross Amount Carried, Building and Improvements			16,295
Real Estate, Gross, Total Cost			21,222
Accumulated Depreciation			(1,061)
Industrial properties | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,709
Initial Cost to Company, Building & Improvements			12,895
Initial Cost to Company, Total			17,604
Costs Capitalized or Adjustments Subsequent to Acquisition			151
Gross Amount Carried, Land			4,709
Gross Amount Carried, Building and Improvements			13,046
Real Estate, Gross, Total Cost			17,755
Accumulated Depreciation			(1,207)
Industrial properties | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,628
Initial Cost to Company, Building & Improvements			24,857
Initial Cost to Company, Total			28,485
Gross Amount Carried, Land			3,628
Gross Amount Carried, Building and Improvements			24,857
Real Estate, Gross, Total Cost			28,485
Accumulated Depreciation			(1,782)
Industrial properties | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			2,623
Initial Cost to Company, Building & Improvements			6,186
Initial Cost to Company, Total			8,809
Costs Capitalized or Adjustments Subsequent to Acquisition			9
Gross Amount Carried, Land			2,623
Gross Amount Carried, Building and Improvements			6,195
Real Estate, Gross, Total Cost			8,818
Accumulated Depreciation			(382)
Industrial properties | General Washington IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,452
Initial Cost to Company, Building & Improvements			8,599
Initial Cost to Company, Total			11,051
Costs Capitalized or Adjustments Subsequent to Acquisition			807
Gross Amount Carried, Land			2,452
Gross Amount Carried, Building and Improvements			9,406
Real Estate, Gross, Total Cost			11,858
Accumulated Depreciation			(326)
Industrial properties | Western Foods Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			10,399
Initial Cost to Company, Building & Improvements			28,989
Initial Cost to Company, Total			39,388
Costs Capitalized or Adjustments Subsequent to Acquisition			172
Gross Amount Carried, Land			10,399
Gross Amount Carried, Building and Improvements			29,161
Real Estate, Gross, Total Cost			39,560
Accumulated Depreciation			(1,834)
Industrial properties | Orlando I & II
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			8,975
Initial Cost to Company, Building & Improvements			88,020
Initial Cost to Company, Total			96,995
Costs Capitalized or Adjustments Subsequent to Acquisition			2,132
Gross Amount Carried, Land			8,975
Gross Amount Carried, Building and Improvements			90,152
Real Estate, Gross, Total Cost			99,127
Accumulated Depreciation			(2,781)
Industrial properties | Orlando III & IV
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			3,198
Initial Cost to Company, Building & Improvements			40,505
Initial Cost to Company, Total			43,703
Costs Capitalized or Adjustments Subsequent to Acquisition			324
Gross Amount Carried, Land			3,198
Gross Amount Carried, Building and Improvements			40,829
Real Estate, Gross, Total Cost			44,027
Accumulated Depreciation			(1,397)
Industrial properties | Orlando V
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,939
Initial Cost to Company, Building & Improvements			33,219
Initial Cost to Company, Total			35,158
Costs Capitalized or Adjustments Subsequent to Acquisition			3
Gross Amount Carried, Land			1,939
Gross Amount Carried, Building and Improvements			33,222
Real Estate, Gross, Total Cost			35,161
Accumulated Depreciation			(2,333)
Industrial properties | Orlando VI
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,405
Initial Cost to Company, Building & Improvements			26,043
Initial Cost to Company, Total			29,448
Gross Amount Carried, Land			3,405
Gross Amount Carried, Building and Improvements			26,043
Real Estate, Gross, Total Cost			29,448
Accumulated Depreciation			(1,020)
Industrial properties | Orlando VII
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,156
Initial Cost to Company, Building & Improvements			20,404
Initial Cost to Company, Total			23,560
Gross Amount Carried, Land			3,156
Gross Amount Carried, Building and Improvements			20,404
Real Estate, Gross, Total Cost			23,560
Accumulated Depreciation			(1,293)
Industrial properties | Gillingham IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,283
Initial Cost to Company, Building & Improvements			18,268
Initial Cost to Company, Total			20,551
Costs Capitalized or Adjustments Subsequent to Acquisition			32
Gross Amount Carried, Land			2,283
Gross Amount Carried, Building and Improvements			18,300
Real Estate, Gross, Total Cost			20,583
Accumulated Depreciation			(467)
Industrial properties | Industrial Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,220
Initial Cost to Company, Building & Improvements			2,798
Initial Cost to Company, Total			4,018
Costs Capitalized or Adjustments Subsequent to Acquisition			305
Gross Amount Carried, Land			1,220
Gross Amount Carried, Building and Improvements			3,103
Real Estate, Gross, Total Cost			4,323
Accumulated Depreciation			(256)
Industrial properties | Maplewood Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,026
Initial Cost to Company, Building & Improvements			4,488
Initial Cost to Company, Total			5,514
Gross Amount Carried, Land			1,026
Gross Amount Carried, Building and Improvements			4,488
Real Estate, Gross, Total Cost			5,514
Accumulated Depreciation			(477)
Industrial properties | Glen Afton IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,294
Initial Cost to Company, Building & Improvements			19,742
Initial Cost to Company, Total			22,036
Gross Amount Carried, Land			2,294
Gross Amount Carried, Building and Improvements			19,742
Real Estate, Gross, Total Cost			22,036
Accumulated Depreciation			(993)
Industrial properties | East 56th Ave IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,724
Initial Cost to Company, Building & Improvements			14,317
Initial Cost to Company, Total			19,041
Gross Amount Carried, Land			4,724
Gross Amount Carried, Building and Improvements			14,317
Real Estate, Gross, Total Cost			19,041
Accumulated Depreciation			(923)
Industrial properties | Brockton IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,250
Initial Cost to Company, Building & Improvements			5,272
Initial Cost to Company, Total			6,522
Gross Amount Carried, Land			1,250
Gross Amount Carried, Building and Improvements			5,272
Real Estate, Gross, Total Cost			6,522
Accumulated Depreciation			(514)
Industrial properties | Pine Vista IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,952
Initial Cost to Company, Building & Improvements			15,838
Initial Cost to Company, Total			18,790
Gross Amount Carried, Land			2,952
Gross Amount Carried, Building and Improvements			15,838
Real Estate, Gross, Total Cost			18,790
Accumulated Depreciation			(925)
Industrial properties | Tri-County Parkway IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,579
Initial Cost to Company, Building & Improvements			11,205
Initial Cost to Company, Total			12,784
Costs Capitalized or Adjustments Subsequent to Acquisition			50
Gross Amount Carried, Land			1,579
Gross Amount Carried, Building and Improvements			11,255
Real Estate, Gross, Total Cost			12,834
Accumulated Depreciation			(711)
Industrial properties | Miami NW 114th IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,533
Initial Cost to Company, Building & Improvements			6,489
Initial Cost to Company, Total			12,022
Gross Amount Carried, Land			5,533
Gross Amount Carried, Building and Improvements			6,489
Real Estate, Gross, Total Cost			12,022
Accumulated Depreciation			(457)
Industrial properties | North Harney IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,586
Initial Cost to Company, Building & Improvements			4,439
Initial Cost to Company, Total			8,025
Gross Amount Carried, Land			3,586
Gross Amount Carried, Building and Improvements			4,439
Real Estate, Gross, Total Cost			8,025
Accumulated Depreciation			(340)
Industrial properties | Wes Warren Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,537
Initial Cost to Company, Building & Improvements			5,978
Initial Cost to Company, Total			7,515
Gross Amount Carried, Land			1,537
Gross Amount Carried, Building and Improvements			5,978
Real Estate, Gross, Total Cost			7,515
Accumulated Depreciation			(438)
Industrial properties | Enterprise Way IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			537
Initial Cost to Company, Building & Improvements			5,982
Initial Cost to Company, Total			6,519
Gross Amount Carried, Land			537
Gross Amount Carried, Building and Improvements			5,982
Real Estate, Gross, Total Cost			6,519
Accumulated Depreciation			(343)
Industrial properties | New Albany IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,630
Initial Cost to Company, Building & Improvements			11,914
Initial Cost to Company, Total			17,544
Gross Amount Carried, Land			5,630
Gross Amount Carried, Building and Improvements			11,914
Real Estate, Gross, Total Cost			17,544
Accumulated Depreciation			(796)
Industrial properties | North 5th Street CC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,359
Initial Cost to Company, Building & Improvements			18,945
Initial Cost to Company, Total			23,304
Costs Capitalized or Adjustments Subsequent to Acquisition			52
Gross Amount Carried, Land			4,359
Gross Amount Carried, Building and Improvements			18,997
Real Estate, Gross, Total Cost			23,356
Accumulated Depreciation			$ (952)
Industrial properties | Minimum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial properties | Minimum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial properties | Minimum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial properties | Minimum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial properties | Minimum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Industrial properties | Minimum | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial properties | Minimum | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Industrial properties | Minimum | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	9 years
Industrial properties | Minimum | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial properties | Minimum | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	3 years
Industrial properties | Minimum | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial properties | Minimum | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	8 years
Industrial properties | Minimum | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial properties | Minimum | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	9 years
Industrial properties | Minimum | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial properties | Minimum | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial properties | Minimum | General Washington IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	1 year
Industrial properties | Minimum | Western Foods Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | Orlando I & II
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	11 years
Industrial properties | Minimum | Orlando III & IV
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	11 years
Industrial properties | Minimum | Orlando V
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial properties | Minimum | Orlando VI
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	10 years
Industrial properties | Minimum | Orlando VII
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	11 years
Industrial properties | Minimum | Gillingham IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | Industrial Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | Maplewood Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	4 years
Industrial properties | Minimum | Glen Afton IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	11 years
Industrial properties | Minimum | East 56th Ave IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | Brockton IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	5 years
Industrial properties | Minimum | Pine Vista IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	11 years
Industrial properties | Minimum | Tri-County Parkway IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	8 years
Industrial properties | Minimum | Miami NW 114th IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	8 years
Industrial properties | Minimum | North Harney IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	6 years
Industrial properties | Minimum | Wes Warren Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | Enterprise Way IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	9 years
Industrial properties | Minimum | New Albany IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	7 years
Industrial properties | Minimum | North 5th Street CC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	2 years
Industrial properties | Maximum | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	30 years
Industrial properties | Maximum | General Washington IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Western Foods Center
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Orlando I & II
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	49 years
Industrial properties | Maximum | Orlando III & IV
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	48 years
Industrial properties | Maximum | Orlando V
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	39 years
Industrial properties | Maximum | Orlando VI
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	41 years
Industrial properties | Maximum | Orlando VII
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	41 years
Industrial properties | Maximum | Gillingham IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	40 years
Industrial properties | Maximum | Industrial Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Maplewood Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Glen Afton IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	30 years
Industrial properties | Maximum | East 56th Ave IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Brockton IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Pine Vista IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Tri-County Parkway IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Miami NW 114th IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | North Harney IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Wes Warren Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | Enterprise Way IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | New Albany IC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years
Industrial properties | Maximum | North 5th Street CC
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (years)	20 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in real estate properties:
Balance at the beginning of period	$ 3,061,851	$ 2,455,678	$ 2,057,350
Acquisitions of properties	1,206,476	924,206	380,525
Improvements	30,842	38,295	40,595
Property dispositions or held for sale assets	(120,840)	(355,570)	(22,792)
Impairment of real estate	0	(758)	0
Balance at the end of period	4,178,329	3,061,851	2,455,678
Accumulated depreciation and amortization:
Balance at the beginning of period	472,025	501,105	444,718
Real estate depreciation and amortization expense	134,617	74,415	62,923
Above-market lease assets amortization expenses	724	469	357
Right of use asset amortization expense	102	53	0
Property dispositions or held for sale assets	(34,717)	(104,017)	(6,893)
Balance at the end of period	$ 572,751	$ 472,025	$ 501,105