Black Creek Diversified Property Fund 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-52596
Entity Registrant Name	ARES REAL ESTATE INCOME TRUST INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-0309068
Entity Address, Address Line One	One Tabor Center, 1200 Seventeenth Street, Suite 2900
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,858,446
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,988,280
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,276,706
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		68,800,867
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,613,024

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Net investment in real estate properties	$ 3,585,078	$ 3,605,578
Investments in unconsolidated joint venture partnerships	125,166	120,372
Debt-related investments, net	254,201	260,439
Investment in available-for-sale securities, at fair value	14,979	14,896
Cash and cash equivalents	36,894	13,336
Restricted cash	3,859	3,850
DST Program Loans	95,909	81,897
Other assets	72,217	74,356
Total assets	4,188,303	4,174,724
Liabilities
Accounts payable and accrued expenses	54,627	58,097
Debt, net	1,589,120	1,616,475
Intangible lease liabilities, net	40,233	42,444
Financing obligations, net	1,232,129	1,130,810
Other liabilities	92,660	114,901
Total liabilities	3,008,769	2,962,727
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest	17,791	18,130
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,751,993	1,744,022
Distributions in excess of earnings	(993,320)	(973,395)
Accumulated other comprehensive income	7,897	13,148
Total stockholders' equity	768,645	785,836
Noncontrolling interests	393,098	408,031
Total equity	1,161,743	1,193,867
Total liabilities and equity	4,188,303	4,174,724
Class T
Stockholders' equity:
Common stock	282	269
Class S
Stockholders' equity:
Common stock	499	492
Class D
Stockholders' equity:
Common stock	74	79
Class I
Stockholders' equity:
Common stock	694	691
Class E
Stockholders' equity:
Common stock	$ 526	$ 530

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
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)	28,173	26,884
Common stock, shares outstanding (in shares)	28,173	26,884
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)	49,899	49,237
Common stock, shares outstanding (in shares)	49,899	49,237
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)	7,439	7,871
Common stock, shares outstanding (in shares)	7,439	7,871
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)	69,387	69,142
Common stock, shares outstanding (in shares)	69,387	69,142
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)	52,550	52,974
Common stock, shares outstanding (in shares)	52,550	52,974

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental revenues	$ 77,960	$ 62,505
Debt-related income	5,761	3,468
Total revenues	83,721	65,973
Operating expenses:
Rental expenses	28,300	21,314
Real estate-related depreciation and amortization	33,197	27,451
General and administrative expenses	3,044	2,037
Advisory fees	9,538	7,144
Performance participation allocation	0	12,192
Acquisition costs and reimbursements	1,169	1,629
Impairment loss on debt-related investment held for sale	2,520	0
Total operating expenses	77,768	71,767
Other expenses (income):
Equity in loss from unconsolidated joint venture partnerships	2,446	1,010
Interest expense	37,545	24,410
Gain on sale of real estate property	(36,884)	(53,881)
Loss on extinguishment of debt and financing commitments, net	700	0
Loss (gain) on derivative instruments	103	(1,550)
Provision for current expected credit losses	5,630	0
Other income	(1,016)	(577)
Total other expenses (income)	8,524	(30,588)
Net (loss) income	(2,571)	24,794
Net loss (income) attributable to redeemable noncontrolling interests	18	(246)
Net loss (income) attributable to noncontrolling interests	549	(3,537)
Net (loss) income attributable to common stockholders	$ (2,004)	$ 21,011
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	206,774	178,528
Weighted-average shares outstanding-diluted (in shares)	263,026	210,676
Net (loss) income attributable to common stockholders per common share - basic	$ (0.01)	$ 0.12
Net (loss) income attributable to common stockholders per common share - diluted	$ (0.01)	$ 0.12

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2,571)	$ 24,794
Change from cash flow hedging activities	(7,056)	11,994
Change from activities related to available-for-sale securities	77
Comprehensive (loss) income	(9,550)	36,788
Comprehensive loss (income) attributable to redeemable noncontrolling interests	73	(365)
Comprehensive loss (income) attributable to noncontrolling interests	2,222	(5,260)
Comprehensive (loss) income attributable to common stockholders	$ (7,255)	$ 31,163

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances at Dec. 31, 2021	$ 1,696	$ 1,457,296	$ (865,844)	$ (13,418)	$ 196,696	$ 776,426
Beginning Balances (in shares) at Dec. 31, 2021	169,665
Ending Balances (in shares) at Mar. 31, 2022	182,042
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			21,011		3,537	24,548
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				10,152	1,723	11,875
Issuance of common stock	$ 142	116,368				116,510
Issuance of common stock (in shares)	14,165
Share-based compensation		50				50
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,580)				(1,580)
Trailing distribution fees		(5,037)	1,030		(3,824)	(7,831)
Redemptions of common stock	$ (18)	(14,537)				$ (14,555)
Redemptions of common stock (in shares)	(1,788)					(1,788)
Issuances of OP Units for DST Interests					39,441	$ 39,441
Other noncontrolling interests net contributions					17	17
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(16,743)		(2,858)	(19,601)
Redemption value allocation adjustment to redeemable noncontrolling interest		(482)				(482)
Redemptions of noncontrolling interests		(264)			(2,041)	(2,305)
Ending Balances at Mar. 31, 2022	$ 1,820	1,551,814	(860,546)	(3,266)	232,691	922,513
Beginning Balances at Dec. 31, 2022	$ 2,061	1,744,022	(973,395)	13,148	408,031	1,193,867
Beginning Balances (in shares) at Dec. 31, 2022	206,108
Ending Balances (in shares) at Mar. 31, 2023	207,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(2,004)		(549)	(2,553)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				(5,251)	(1,673)	(6,924)
Issuance of common stock	$ 54	47,637				$ 47,691
Issuance of common stock (in shares)	5,366					5,400
Share-based compensation		75				$ 75
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,437)				(1,437)
Trailing distribution fees		(793)	1,461		1,132	1,800
Redemptions of common stock	$ (40)	(35,415)				$ (35,455)
Redemptions of common stock (in shares)	(4,026)					(4,026)
Other noncontrolling interests net distributions					(4)	$ (4)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(19,382)		(5,079)	(24,461)
Redemption value allocation adjustment to redeemable noncontrolling interest		74				74
Redemptions of noncontrolling interests		(2,170)			(8,760)	(10,930)
Ending Balances at Mar. 31, 2023	$ 2,075	$ 1,751,993	$ (993,320)	$ 7,897	$ 393,098	$ 1,161,743

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Net loss (income) attributable to redeemable noncontrolling interests	$ 18	$ (246)
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	(55)	119
Distribution fees attributable to redeemable noncontrolling interest	$ 192	$ 160

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income (loss)	$ (2,571)	$ 24,794
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	33,197	27,451
Straight-line rent and amortization of above- and below-market leases	(1,896)	(1,753)
Gain on sale of real estate property	(36,884)	(53,881)
Performance participation allocation	0	12,192
Impairment loss on debt-related investment held for sale	2,520	0
Equity in income of unconsolidated joint venture partnership	2,446	1,010
Loss on extinguishment of debt and financing commitments, net	700	0
Provision for current expected credit losses	5,630	0
Amortization of deferred financing costs	1,960	1,780
Financing obligation liability appreciation	2,862	4,007
Other	1,659	(646)
Changes in operating assets and liabilities
Changes in operating assets and liabilities	(1,649)	9,449
Cash settlement of accrued performance participation allocation	(23,747)	0
Net cash (used in) provided by operating activities	(15,773)	24,403
Investing activities:
Real estate acquisitions	(14,697)	(368,234)
Capital expenditures	(12,837)	(6,488)
Proceeds from disposition of real estate property	53,735	169,421
Investments in debt-related investments	(615)	(840)
Investments in unconsolidated joint venture partnerships	(7,673)	(35,058)
Other	1,257	33
Net cash provided by (used) in investing activities	19,170	(241,166)
Financing activities:
Repayments of mortgage notes	(70,932)	(413)
Net proceeds from (repayments of) line of credit	42,000	(94,000)
Redemptions of common stock	(35,455)	(14,555)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(14,505)	(11,251)
Proceeds from issuance of common stock	39,700	109,767
Proceeds from financing obligations, net	83,834	253,093
Offering costs for issuance of common stock and private placements	(4,157)	(3,462)
Redemption of noncontrolling interests	(10,930)	(2,305)
Redemption of redeemable noncontrolling interests	0	(7,724)
Deferred financing costs paid	(45)	(92)
Interest rate cap premium	(9,340)	0
Net cash provided by financing activities	20,170	229,058
Net increase in cash, cash equivalents and restricted cash	23,567	12,295
Cash, cash equivalents and restricted cash, at beginning of period	17,186	14,352
Cash, cash equivalents and restricted cash, at end of period	$ 40,753	$ 26,647

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company,” “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. We are externally managed by our advisor. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 20, 2023 (“2022 Form 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the war in Ukraine and the ongoing effects of the novel coronavirus pandemic, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. Reclassifications Certain items in our condensed consolidated statements of operations, condensed consolidated statements of equity and condensed consolidated statements of cash flows for the three months ended March 31, 2022 have been reclassified to conform to the 2023 presentation.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	2. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) March 31, 2023 December 31, 2022 Land ​ $ 689,142 ​ $ 694,998 Buildings and improvements ​ 3,166,233 ​ 3,152,553 Intangible lease assets ​ 313,324 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,182,336 ​ 4,178,329 Accumulated depreciation and amortization ​ (597,258) ​ (572,751) Net investment in real estate properties ​ $ 3,585,078 ​ $ 3,605,578 ​ Acquisitions During the three months ended March 31, 2023, we acquired 100% of the following properties through asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2023 Acquisitions: ​ ​ ​ ​ ​ ​ ​ VM8 Logistics Center ​ Industrial ​ 1/19/2023 ​ $ 17,511 Total 2023 acquisitions ​ $ 17,511 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 acquisitions. During the three months ended March 31, 2023, we allocated the purchase price of our acquisitions to land and building and improvements as follows: ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ($ in thousands) March 31, 2023 Land ​ $ 2,166 Building and improvements ​ 15,345 Total purchase price (1) ​ $ 17,511 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 acquisitions. There were no intangible lease assets or liabilities acquired in connection with our acquisition during the three months ended March 31, 2023. Dispositions During the three months ended March 31, 2023, we sold one partial retail property for net proceeds of approximately $53.7 million. We recorded a net gain on sale of approximately $36.9 million. During the three months ended March 31, 2022, we sold two retail properties, one office property and one retail land parcel for net proceeds of approximately $169.4 million. We recorded a net gain on sale of approximately $53.9 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of March 31, 2023 and December 31, 2022 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 290,391 ​ $ (217,141) ​ $ 73,250 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 22,933 ​ (19,892) ​ 3,041 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,331) ​ 33,098 ​ (40,233) ​ (76,033) ​ 33,589 ​ (42,444) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ (in thousands) 2023 2022 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 1,068 ​ $ 726 ​ Above-market lease amortization ​ (186) ​ (169) ​ Below-market lease amortization ​ 1,014 ​ 1,196 ​ Real estate-related depreciation and amortization: ​ ​ ​ Depreciation expense ​ $ 26,417 ​ $ 20,198 ​ Intangible lease asset amortization ​ 6,780 ​ 7,253 ​ ​

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	3 Months Ended
	Mar. 31, 2023
Equity Method Investment And Joint Venture [Abstract]
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	3. 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 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 condensed consolidated balance sheets as we have the ability to exercise significant influence in each partnership but do not have control of the entities. Other partners in Net Lease JV I, Net Lease JV II and Net Lease JV III are affiliates of our Advisor. The following table summarizes our investments in unconsolidated joint venture partnerships as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ Investments in Unconsolidated ​ ​ Property ​ Ownership ​ Number of ​ Ownership ​ Number of ​ Joint Venture Partnerships as of ($ in thousands) Type Percentage ​ Properties ​ Percentage ​ Properties ​ As of March 31, 2023 As of December 31, 2022 Vue 1400 JV ​ Residential ​ 85% ​ 1 ​ 85% ​ 1 ​ $ 25,574 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50% ​ 15 ​ 50% ​ 15 ​ ​ 16,371 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50% ​ 120 ​ 50% ​ 117 ​ ​ 66,314 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50% ​ 23 ​ 50% ​ 23 ​ ​ 16,907 ​ ​ 12,232 Total investments in unconsolidated joint venture partnerships ​ 159 ​ ​ 156 ​ $ 125,166 ​ $ 120,372 ​

REAL ESTATE DEBT INVESTMENTS

REAL ESTATE DEBT INVESTMENTS	3 Months Ended
	Mar. 31, 2023
REAL ESTATE DEBT INVESTMENTS.
REAL ESTATE DEBT INVESTMENTS	​ ​ 4. REAL ESTATE DEBT INVESTMENTS Debt-Related Investments The following table summarizes our debt-related investments as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 147,795 ​ $ 155,555 ​ ​ 8.9 % ​ 1.8 Mezzanine loans ​ ​ 106,406 ​ ​ 108,500 ​ ​ 10.9 ​ ​ 1.6 Total debt-related investments (2) ​ $ 254,201 ​ $ 264,055 ​ ​ 9.9 % ​ 1.7 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 (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) As of March 31, 2023 and December 31, 2022, carrying amounts include $39.5 million and $42.0 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status. Outstanding principal includes $43.8 million related to this senior loan as of March 31, 2023 and December 31, 2022. We recorded an impairment loss of $2.5 million related to this senior loan during the three months ended March 31, 2023 and included the impairment loss in impairment loss on debt-related investment held for sale on the condensed consolidated statements of operations. This senior loan is held-for-sale and therefore the carrying amount has been reduced to its fair value as of both March 31, 2023 and December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations. ​ Current Expected Credit Losses Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, requires us to reflect current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broad range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”). ASU No. 2016-13 was effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. ASU No. 2016-13 was adopted by us as of January 1, 2020. Increases and decreases to expected credit losses impact earnings and are recorded within the provision for current expected credit losses in our condensed consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment required under ASU No. 2016-13 is a valuation account that is deducted from the amortized cost basis of our loans held for investment in our condensed consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in our condensed consolidated balance sheets. We estimate our CECL Reserve primarily using a probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan. Calculation of the CECL Reserve requires loan specific data, which includes capital senior to us when we are the subordinate lender, changes in net operating income, debt service coverage ratio, loan-to-value, occupancy, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of our floating rate loan portfolio and (iv) our current and future view of the macroeconomic environment. We may consider loan-specific qualitative factors on certain loans to estimate our CECL Reserve. In order to estimate the future expected loan losses relevant to our portfolio, we utilize historical market loan loss data licensed from a third-party data service. For periods beyond the reasonable and supportable forecast period, we revert back to historical loss data. Loan balances that are deemed to be uncollectible are written off as a realized loss and are deducted from our CECL Reserve. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. As of March 31, 2023, our CECL Reserve for our debt-related investment portfolio is $5.6 million or 1.6% of our debt- related investment commitment balance of $358.3 million recognized as an increase in provision for loan loss during the three months ended March 31, 2023. The debt-related investment commitment balance is comprised of $220.4 million of funded commitments and $137.9 million of unfunded commitments with associated CECL Reserves of $3.5 million and $2.1 million, respectively. The CECL Reserve for unfunded commitments is based on the unfunded portion of the loan commitment over the full contractual period over which we are exposed to credit risk through a current obligation to extend credit and is recorded as an other liability on the condensed consolidated balance sheets. The calculation of the CECL Reserve excludes one debt-related investment that is currently held for sale. There have been no write-offs or recoveries Available-for-Sale Debt Securities We acquire debt securities that are primarily collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. There were no credit losses associated with our available-for-sale debt securities as of and for the period ended March 31 2023. As of March 31, 2023 and December 31, 2022, we had one debt security investment designated as available-for-sale debt securities. The weighted-average remaining term of our available-for-sale debt security, which is based on the estimated fully extended maturity dates of the underlying loans of the debt security, was approximately 3.8 years as of March 31, 2023 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (1) ​ Fair Value As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities ​ $ 14,979 ​ $ 14,876 ​ $ 103 ​ $ 103 ​ $ 14,979 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896 (1) Represents cumulative unrealized gain beginning from acquisition date. ​ ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	5. DEBT A summary of our consolidated debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ March 31, ​ December 31, ​ ​ ​ March 31, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 6.17 % 5.72 % November 2025 ​ $ 277,000 ​ $ 235,000 Term loan (2) 3.31 ​ 3.90 ​ November 2026 ​ ​ 400,000 ​ 400,000 Term loan (3) 4.26 ​ 4.56 ​ January 2027 ​ 400,000 400,000 Fixed-rate mortgage notes 3.40 ​ 3.48 ​ January 2027 - May 2031 ​ 310,084 380,316 Floating-rate mortgage notes (4) 4.52 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.22 % 4.31 % ​ $ 1,594,684 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (13,711) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 8,147 8,408 Total debt, net ​ $ 1,589,120 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 907,741 ​ $ 970,310 (1) The effective interest rate is calculated based on the Term Secured Overnight Financing Rate plus an 11.448 basis point adjustment (“Adjusted Term SOFR”), plus a margin ranging from 1.25% to 2.00% depending on our consolidated leverage ratio. As of March 31, 2023, the unused and available portions under the line of credit were approximately $623.0 million and $565.6 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 Adjusted 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 $300.0 million in borrowings under this term loan and an interest rate cap agreement relating to $100.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on Adjusted 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 $350.0 million in borrowings under this term loan and an interest rate cap agreement relating to $50.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”) plus a margin. As of both March 31, 2023 and 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 March 31, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.7 years as of March 31, 2023, excluding the impact of certain extension options. For the three months ended March 31, 2023 and 2022, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $19.6 million and $9.7 million, respectively. See “Note 6” for the amount of interest incurred related to the DST Program (as defined below). ​ As of March 31, 2023, 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 ​ ​ — ​ ​ — ​ ​ 1,205 ​ ​ 1,205 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 277,000 ​ — ​ 2,360 ​ 279,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 2027 ​ — ​ 400,000 ​ 175,787 ​ 575,787 Thereafter ​ — ​ — ​ 124,853 ​ 124,853 Total principal payments ​ $ 277,000 ​ $ 800,000 ​ $ 517,684 ​ $ 1,594,684 (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 March 31, 2023, 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 June 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 March 31, 2023. 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. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have ongoing exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. During the next 12 months, we estimate that approximately $13.2 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. As of March 31, 2023, we have two interest rate cap derivative instruments that are not designated as cash flow hedges and therefore, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 14,339 ​ $ — Interest rate caps designated as cash flow hedges ​ 1 ​ ​ 150,000 ​ ​ 7,806 ​ ​ ​ Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 207,600 ​ ​ 2,889 ​ ​ — Total derivative instruments 15 ​ $ 1,007,600 ​ $ 25,034 ​ $ — As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 20,279 ​ $ — Interest rate caps not designated as cash flow hedges 2 ​ 207,600 ​ 4,169 ​ — Total derivative instruments 14 ​ $ 857,600 ​ $ 24,448 ​ $ — ​ ​ The following table presents the effect of our consolidated derivative instruments on our condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, ​ (in thousands) 2023 2022 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ (Loss) gain recognized in AOCI ​ $ (4,000) ​ $ 10,075 ​ Amount reclassified from AOCI (out of) into interest expense ​ (3,056) ​ 1,919 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 37,545 ​ 24,410 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (1,224) ​ $ 1,550 ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 1,121 ​ ​ — ​ (1) Unrealized (loss) gain on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim cash settlements for our derivatives not designated as cash flow hedges. ​

DST PROGRAM

DST PROGRAM	3 Months Ended
	Mar. 31, 2023
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	6. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (“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 trusts by the Operating Partnership or its affiliates (“DST Properties”). 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 in the trusts holding DST Properties to potential investors. As of March 31, 2023 and December 31, 2022, there were approximately $95.9 million and $81.9 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. We include our investments in DST Program Loans separately on our condensed consolidated balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income on our condensed consolidated statements of operations. The following table presents our DST Program activity for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, (in thousands) ​ ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 101,795 ​ $ 280,802 DST Interests financed by DST Program Loans ​ ​ 14,015 ​ ​ 14,827 Income earned from DST Program Loans (1) ​ ​ 1,017 ​ ​ 669 Financing obligation liability appreciation (2) ​ ​ 2,862 ​ ​ 4,007 Rent obligation incurred under master lease agreements (2) ​ ​ 13,583 ​ ​ 9,253 (1) Included in other income and expenses on the condensed consolidated statements of operations. (2) Included in interest expense on the condensed consolidated statements of operations. Additionally, during the three months ended March 31, 2022, 4.8 million partnership units (“OP Units”) in our operating partnership, AREIT Operating Partnership LP (the “Operating Partnership”) were issued in exchange for DST Interests, for a net investment of $39.4 million in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure. There have been no OP Units issued in accordance with our UPREIT structure during the three months ended March 31, 2023.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	7. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition of our financial instruments. 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 March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 25,034 ​ $ — ​ $ 25,034 Available-for-sale debt securities ​ ​ — ​ ​ 14,979 ​ ​ — ​ ​ 14,979 Total assets measured at fair value ​ $ — ​ $ 40,013 ​ $ — ​ $ 40,013 As of December 31, 2022 ​ ​ ​ ​ Assets: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 24,448 ​ $ — ​ $ 24,448 Available-for-sale debt securities ​ ​ — ​ ​ 14,896 ​ ​ — ​ ​ 14,896 Total assets measured at fair value ​ $ — ​ $ 39,344 ​ $ — ​ $ 39,344 ​ 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 ​ As of December 31, 2022 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 264,055 ​ $ 259,305 ​ $ 263,122 ​ $ 260,841 DST Program Loans ​ 95,909 ​ 93,621 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 277,000 ​ $ 277,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 517,684 ​ 482,992 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding. ​

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
EQUITY	8. EQUITY Public Offerings We intend to conduct a continuous public offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. On May 3, 2022, the SEC declared our registration statement on Form S-11 with respect to our fourth public offering of up to $10.0 billion of shares of its common stock effective, and the fourth public offering commenced the same day. We ceased selling shares of our common stock under our third public offering of up to $3.0 billion of shares immediately upon the effectiveness of the registration statement for the fourth public offering. Under the fourth public offering, we are offering up to $8.5 billion of shares of our common stock in the primary offering and up to $1.5 billion of shares of our common stock pursuant to our distribution reinvestment plan, in any combination of Class T shares, Class D shares, Class S shares and Class I shares. We may reallocate amounts between the primary offering and distribution reinvestment plan. Pursuant to our public offerings, we offered and continue to offer shares of our common stock at the “transaction price,” plus applicable upfront selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the three months ended March 31, 2023, we raised gross proceeds of approximately $47.7 million from the sale of approximately 5.4 million shares of our common stock in our ongoing public offerings, including proceeds from our distribution reinvestment plan of approximately $8.0 million. ​ Common Stock The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED MARCH 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,555 4,661 ​ 1,104 ​ 5,019 ​ — 13,339 Distribution reinvestment plan 92 193 ​ 37 ​ 302 ​ 202 826 Redemptions of common stock ​ (3) (122) ​ (228) ​ (356) ​ (1,079) ​ (1,788) Conversions (62) — ​ — ​ 62 ​ — — Balance as of March 31, 2022 19,007 40,489 7,662 59,433 55,451 182,042 FOR THE THREE MONTHS ENDED MARCH 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,325 972 45 2,117 — 4,459 Distribution reinvestment plan 134 227 40 331 175 907 Redemptions of common stock ​ (69) ​ (561) ​ (240) ​ (2,557) ​ (599) ​ (4,026) Conversions (101) 24 (277) 354 — — Balance as of March 31, 2023 28,173 49,899 7,439 69,387 52,550 207,448 ​ 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) 2023 ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 9,912 ​ $ 5,271 ​ $ 8,009 ​ $ 1,461 ​ $ 24,653 Total ​ $ 0.09375 ​ $ 9,912 ​ $ 5,271 ​ $ 8,009 ​ $ 1,461 ​ $ 24,653 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 (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 three months ended March 31, 2023 and 2022. 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 Three Months Ended March 31, ​ ​ (in thousands, except for per share data) 2023 2022 ​ ​ Number of shares redeemed or repurchased ​ 4,026 ​ 1,788 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 35,455 ​ $ 14,555 ​ ​ Average redemption or repurchase price per share ​ $ 8.81 ​ $ 8.15 ​ ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2023
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	9. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the 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 condensed 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. As of both March 31, 2023 and December 31, 2022, we had 2.0 million redeemable OP Units outstanding. ​ The following table summarizes the redeemable noncontrolling interests activity for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ($ in thousands) ​ 2023 ​ 2022 Balance at beginning of the year ​ $ 18,130 ​ $ 8,994 ​ Settlement of prior year performance participation allocation (1) ​ ​ — ​ ​ 15,327 ​ Distributions to redeemable noncontrolling interests ​ ​ (192) ​ ​ (160) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ — ​ ​ (7,724) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (18) ​ ​ 246 ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (55) ​ ​ 119 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (74) ​ ​ 482 ​ Ending balance ​ $ 17,791 ​ $ 17,284 ​ (1) There were no OP Units issued related to the 2022 performance participation allocation, as the $23.7 million payable as of December 31, 2022 was, at the election of the Advisor, settled in cash in January 2023. 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. (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	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	10. NONCONTROLLING INTERESTS OP Units The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2023 2022 Balance at beginning of period ​ 55,079 ​ 27,180 Issuance of units ​ — 4,825 Redemption of units ​ (1,240) ​ (286) Balance at end of period ​ ​ 53,839 ​ ​ 31,719 ​ 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 per unit 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 three months ended March 31, 2023 and 2022, the aggregate amount of OP Units redeemed was $10.9 million and $2.3 million, respectively. The estimated maximum redemption value (unaudited) as of March 31, 2023 and December 31, 2022 was $468.4 million and $488.3 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ Payable as of ​ (in thousands) 2023 2022 March 31, 2023 December 31, 2022 ​ Selling commissions and dealer manager fees (1) ​ $ 512 ​ $ 1,042 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,154 ​ ​ 1,298 ​ ​ 741 ​ ​ 748 ​ Advisory fees—fixed component ​ ​ 9,538 ​ ​ 7,144 ​ ​ 2,905 ​ ​ 2,868 ​ Performance participation allocation (3) ​ — ​ 12,192 ​ — ​ 23,747 ​ Other expense reimbursements—Advisor (4)(5) ​ 3,106 ​ 2,140 ​ 3,439 ​ 4,192 ​ Other expense reimbursements—Dealer Manager ​ — ​ 27 ​ 70 ​ 109 ​ Property accounting fee (6) ​ ​ 489 ​ ​ — ​ ​ 489 ​ ​ 478 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 2,671 ​ 7,524 ​ 241 ​ 241 ​ Other DST Program related costs—Advisor (5) ​ 1,931 ​ 4,951 ​ 146 ​ 146 ​ Total ​ $ 20,401 ​ $ 36,318 ​ $ 8,031 ​ $ 32,529 ​ (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 $59.1 million and $60.9 million as of March 31, 2023 and December 31, 2022, respectively, are included in other liabilities on the condensed consolidated balance sheets. (3) The 2022 performance participation allocation in the amount of $23.7 million became payable on December 31, 2022, and the Advisor elected to settle the amounts owed in cash in January 2023. (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 three months ended March 31, 2023, and 2022 were approximately $2.8 million and $2.4 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. Performance Participation Allocation As used below, “Fund Interests” means our outstanding shares of common stock, along with OP Units, which may be or were held directly or indirectly by the Advisor, the Former Sponsor, members or affiliates of the Former Sponsor, and third parties. The performance participation allocation is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance participation allocation equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance component 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. 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. The performance hurdle was not achieved as of March 31, 2023, therefore no performance participation allocation expense was recognized in our condensed consolidated statements of operations for the three months ended March 31, 2023. As the performance hurdle was achieved as of March 31, 2022, we recognized approximately $12.2 million of performance participation allocation expense in our condensed consolidated statements of operations for the three months ended March 31, 2022. ​

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	12. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ (in thousands, except per share data) 2023 2022 ​ Net (loss) income attributable to common stockholders—basic ​ $ (2,004) ​ $ 21,011 ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (18) ​ ​ 246 ​ Net (loss) income attributable to noncontrolling interests ​ (549) ​ 3,537 ​ Net (loss) income attributable to common stockholders—diluted ​ $ (2,571) ​ $ 24,794 ​ Weighted-average shares outstanding—basic ​ 206,774 ​ 178,528 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 56,252 ​ 32,148 ​ Weighted-average shares outstanding—diluted ​ 263,026 ​ 210,676 ​ Net (loss) income per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.01) ​ $ 0.12 ​ Diluted ​ $ (0.01) ​ $ 0.12 ​ ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, (in thousands) ​ 2023 ​ 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 7,990 ​ $ 6,743 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (1,800) ​ ​ 7,828 Increase in DST Program Loans receivable through DST Program capital raising ​ 14,015 ​ 14,827 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ — ​ 39,441 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, ​ (in thousands) 2023 2022 ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,336 ​ $ 10,605 ​ Restricted cash ​ 3,850 ​ 3,747 ​ Cash, cash equivalents and restricted cash ​ $ 17,186 ​ $ 14,352 ​ End of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 36,894 ​ $ 22,626 ​ Restricted cash ​ 3,859 ​ 4,021 ​ Cash, cash equivalents and restricted cash ​ $ 40,753 ​ $ 26,647 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. 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 acquired or may in the future 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 March 31, 2023.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	15. 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 March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) March 31, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 379,355 ​ $ 377,546 Retail properties ​ 517,000 ​ 537,147 Residential properties ​ 1,485,956 ​ 1,495,532 Industrial properties ​ 1,252,141 ​ 1,248,255 Corporate ​ 553,851 ​ 516,244 Total assets ​ $ 4,188,303 ​ $ 4,174,724 ​ The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, ​ (in thousands) 2023 2022 ​ Net (loss) income attributable to common stockholders ​ $ (2,004) ​ $ 21,011 ​ Debt-related income ​ (5,761) ​ (3,468) ​ Real estate-related depreciation and amortization ​ 33,197 ​ 27,451 ​ General and administrative expenses ​ 3,044 ​ 2,037 ​ Advisory fees ​ 9,538 ​ 7,144 ​ Performance participation allocation ​ — ​ 12,192 ​ Acquisition costs and reimbursements ​ 1,169 ​ 1,629 ​ Impairment loss on debt-related investment held for sale ​ 2,520 ​ — ​ Equity in loss from unconsolidated joint venture partnerships ​ ​ 2,446 ​ ​ 1,010 ​ Interest expense ​ 37,545 ​ 24,410 ​ Gain on sale of real estate property ​ (36,884) ​ (53,881) ​ Loss on extinguishment of debt and financing commitments, net ​ 700 ​ — ​ Loss (gain) on derivative instruments ​ ​ 103 ​ ​ (1,550) ​ Provision for current expected credit losses ​ ​ 5,630 ​ ​ — ​ Other income ​ ​ (1,016) ​ ​ (577) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (18) ​ ​ 246 ​ Net (loss) income attributable to noncontrolling interests ​ (549) ​ 3,537 ​ Net operating income ​ $ 49,660 ​ $ 41,191 ​ ​ The following table sets forth consolidated financial results by segment for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated For the Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,349 ​ $ 14,518 ​ $ 28,848 ​ $ 21,245 ​ $ 77,960 Rental expenses ​ (6,630) ​ (3,584) ​ (13,190) ​ (4,896) ​ (28,300) Net operating income ​ $ 6,719 ​ $ 10,934 ​ $ 15,658 ​ $ 16,349 ​ $ 49,660 Real estate-related depreciation and amortization ​ $ 3,963 ​ $ 4,035 ​ $ 9,489 ​ $ 15,710 ​ $ 33,197 For the Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,633 ​ $ 17,066 ​ $ 16,354 ​ $ 15,452 ​ $ 62,505 Rental expenses ​ ​ (6,192) ​ (4,629) ​ (6,944) ​ (3,549) ​ ​ (21,314) Net operating income ​ $ 7,441 ​ $ 12,437 ​ $ 9,410 ​ $ 11,903 ​ $ 41,191 Real estate-related depreciation and amortization ​ $ 3,997 ​ $ 4,654 ​ $ 8,353 ​ $ 10,447 ​ $ 27,451 ​ 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	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16 . SUBSEQUENT EVENTS Renewal of Advisory Agreement Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor previously entered into that certain Amended and Restated Advisory Agreement (2022), effective May 1, 2022 (the “2022 Advisory Agreement”). The term of the 2022 Advisory Agreement continued through April 30, 2023, subject to renewal for an unlimited number of one-year periods. Effective as of April 30, 2023, Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor renewed the 2022 Advisory Agreement through April 30, 2024 by entering into the Amended and Restated Advisory Agreement (2023) (the “2023 Advisory Agreement”). The terms of the 2023 Advisory Agreement are substantially the same as the terms of the prior version of the agreement.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	The following table summarizes our consolidated investments in real estate properties. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) March 31, 2023 December 31, 2022 Land ​ $ 689,142 ​ $ 694,998 Buildings and improvements ​ 3,166,233 ​ 3,152,553 Intangible lease assets ​ 313,324 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,182,336 ​ 4,178,329 Accumulated depreciation and amortization ​ (597,258) ​ (572,751) Net investment in real estate properties ​ $ 3,585,078 ​ $ 3,605,578 ​
Schedule of Asset Acquisitions	During the three months ended March 31, 2023, we acquired 100% of the following properties through asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Property Type Acquisition Date Total Purchase Price (1) 2023 Acquisitions: ​ ​ ​ ​ ​ ​ ​ VM8 Logistics Center ​ Industrial ​ 1/19/2023 ​ $ 17,511 Total 2023 acquisitions ​ $ 17,511 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 acquisitions.
Allocation of Purchase Price Allocations	During the three months ended March 31, 2023, we allocated the purchase price of our acquisitions to land and building and improvements as follows: ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ($ in thousands) March 31, 2023 Land ​ $ 2,166 Building and improvements ​ 15,345 Total purchase price (1) ​ $ 17,511 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 acquisitions. There were no intangible lease assets or liabilities acquired in connection with our acquisition during the three months ended March 31, 2023.
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of March 31, 2023 and December 31, 2022 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 290,391 ​ $ (217,141) ​ $ 73,250 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 22,933 ​ (19,892) ​ 3,041 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,331) ​ 33,098 ​ (40,233) ​ (76,033) ​ 33,589 ​ (42,444) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets.
Summary of Rental Revenue and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ (in thousands) 2023 2022 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 1,068 ​ $ 726 ​ Above-market lease amortization ​ (186) ​ (169) ​ Below-market lease amortization ​ 1,014 ​ 1,196 ​ Real estate-related depreciation and amortization: ​ ​ ​ Depreciation expense ​ $ 26,417 ​ $ 20,198 ​ Intangible lease asset amortization ​ 6,780 ​ 7,253 ​ ​

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investment And Joint Venture [Abstract]
Equity Method Investments	The following table summarizes our investments in unconsolidated joint venture partnerships as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ As of December 31, 2022 ​ Investments in Unconsolidated ​ ​ Property ​ Ownership ​ Number of ​ Ownership ​ Number of ​ Joint Venture Partnerships as of ($ in thousands) Type Percentage ​ Properties ​ Percentage ​ Properties ​ As of March 31, 2023 As of December 31, 2022 Vue 1400 JV ​ Residential ​ 85% ​ 1 ​ 85% ​ 1 ​ $ 25,574 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50% ​ 15 ​ 50% ​ 15 ​ ​ 16,371 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50% ​ 120 ​ 50% ​ 117 ​ ​ 66,314 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50% ​ 23 ​ 50% ​ 23 ​ ​ 16,907 ​ ​ 12,232 Total investments in unconsolidated joint venture partnerships ​ 159 ​ ​ 156 ​ $ 125,166 ​ $ 120,372

REAL ESTATE DEBT INVESTMENTS (T

REAL ESTATE DEBT INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
REAL ESTATE DEBT INVESTMENTS.
Summary of Debt Related Investments	The following table summarizes our debt-related investments as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 147,795 ​ $ 155,555 ​ ​ 8.9 % ​ 1.8 Mezzanine loans ​ ​ 106,406 ​ ​ 108,500 ​ ​ 10.9 ​ ​ 1.6 Total debt-related investments (2) ​ $ 254,201 ​ $ 264,055 ​ ​ 9.9 % ​ 1.7 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 (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) As of March 31, 2023 and December 31, 2022, carrying amounts include $39.5 million and $42.0 million, respectively, related to one senior loan debt-related investment that was in default and on non-accrual status. Outstanding principal includes $43.8 million related to this senior loan as of March 31, 2023 and December 31, 2022. We recorded an impairment loss of $2.5 million related to this senior loan during the three months ended March 31, 2023 and included the impairment loss in impairment loss on debt-related investment held for sale on the condensed consolidated statements of operations. This senior loan is held-for-sale and therefore the carrying amount has been reduced to its fair value as of both March 31, 2023 and December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations. ​
Summary of Available-for-Sale Debt Securities	As of March 31, 2023 and December 31, 2022, we had one debt security investment designated as available-for-sale debt securities. The weighted-average remaining term of our available-for-sale debt security, which is based on the estimated fully extended maturity dates of the underlying loans of the debt security, was approximately 3.8 years as of March 31, 2023 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (1) ​ Fair Value As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities ​ $ 14,979 ​ $ 14,876 ​ $ 103 ​ $ 103 ​ $ 14,979 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896 (1) Represents cumulative unrealized gain beginning from acquisition date. ​

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our consolidated debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ March 31, ​ December 31, ​ ​ ​ March 31, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 6.17 % 5.72 % November 2025 ​ $ 277,000 ​ $ 235,000 Term loan (2) 3.31 ​ 3.90 ​ November 2026 ​ ​ 400,000 ​ 400,000 Term loan (3) 4.26 ​ 4.56 ​ January 2027 ​ 400,000 400,000 Fixed-rate mortgage notes 3.40 ​ 3.48 ​ January 2027 - May 2031 ​ 310,084 380,316 Floating-rate mortgage notes (4) 4.52 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.22 % 4.31 % ​ $ 1,594,684 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (13,711) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 8,147 8,408 Total debt, net ​ $ 1,589,120 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 907,741 ​ $ 970,310 (1) The effective interest rate is calculated based on the Term Secured Overnight Financing Rate plus an 11.448 basis point adjustment (“Adjusted Term SOFR”), plus a margin ranging from 1.25% to 2.00% depending on our consolidated leverage ratio. As of March 31, 2023, the unused and available portions under the line of credit were approximately $623.0 million and $565.6 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 Adjusted 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 $300.0 million in borrowings under this term loan and an interest rate cap agreement relating to $100.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on Adjusted 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 $350.0 million in borrowings under this term loan and an interest rate cap agreement relating to $50.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”) plus a margin. As of both March 31, 2023 and 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 March 31, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.7 years as of March 31, 2023, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of March 31, 2023, 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 ​ ​ — ​ ​ — ​ ​ 1,205 ​ ​ 1,205 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 277,000 ​ — ​ 2,360 ​ 279,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 2027 ​ — ​ 400,000 ​ 175,787 ​ 575,787 Thereafter ​ — ​ — ​ 124,853 ​ 124,853 Total principal payments ​ $ 277,000 ​ $ 800,000 ​ $ 517,684 ​ $ 1,594,684 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 14,339 ​ $ — Interest rate caps designated as cash flow hedges ​ 1 ​ ​ 150,000 ​ ​ 7,806 ​ ​ ​ Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 207,600 ​ ​ 2,889 ​ ​ — Total derivative instruments 15 ​ $ 1,007,600 ​ $ 25,034 ​ $ — As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 20,279 ​ $ — Interest rate caps not designated as cash flow hedges 2 ​ 207,600 ​ 4,169 ​ — Total derivative instruments 14 ​ $ 857,600 ​ $ 24,448 ​ $ — ​ ​
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our consolidated derivative instruments on our condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, ​ (in thousands) 2023 2022 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ (Loss) gain recognized in AOCI ​ $ (4,000) ​ $ 10,075 ​ Amount reclassified from AOCI (out of) into interest expense ​ (3,056) ​ 1,919 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 37,545 ​ 24,410 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (1,224) ​ $ 1,550 ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 1,121 ​ ​ — ​ (1) Unrealized (loss) gain on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim cash settlements for our derivatives not designated as cash flow hedges.

DST PROGRAM (Tables)

DST PROGRAM (Tables)	3 Months Ended
	Mar. 31, 2023
Delaware Statutory Trust Program [Abstract]
Schedule of DST Program activity	The following table presents our DST Program activity for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, (in thousands) ​ ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 101,795 ​ $ 280,802 DST Interests financed by DST Program Loans ​ ​ 14,015 ​ ​ 14,827 Income earned from DST Program Loans (1) ​ ​ 1,017 ​ ​ 669 Financing obligation liability appreciation (2) ​ ​ 2,862 ​ ​ 4,007 Rent obligation incurred under master lease agreements (2) ​ ​ 13,583 ​ ​ 9,253 (1) Included in other income and expenses on the condensed consolidated statements of operations. (2) Included in interest expense on the condensed consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 25,034 ​ $ — ​ $ 25,034 Available-for-sale debt securities ​ ​ — ​ ​ 14,979 ​ ​ — ​ ​ 14,979 Total assets measured at fair value ​ $ — ​ $ 40,013 ​ $ — ​ $ 40,013 As of December 31, 2022 ​ ​ ​ ​ Assets: ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 24,448 ​ $ — ​ $ 24,448 Available-for-sale debt securities ​ ​ — ​ ​ 14,896 ​ ​ — ​ ​ 14,896 Total assets measured at fair value ​ $ — ​ $ 39,344 ​ $ — ​ $ 39,344 ​
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 March 31, 2023 ​ As of December 31, 2022 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 264,055 ​ $ 259,305 ​ $ 263,122 ​ $ 260,841 DST Program Loans ​ 95,909 ​ 93,621 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 277,000 ​ $ 277,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 517,684 ​ 482,992 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding.

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Changes for Each Class of Common Stock	The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED MARCH 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,555 4,661 ​ 1,104 ​ 5,019 ​ — 13,339 Distribution reinvestment plan 92 193 ​ 37 ​ 302 ​ 202 826 Redemptions of common stock ​ (3) (122) ​ (228) ​ (356) ​ (1,079) ​ (1,788) Conversions (62) — ​ — ​ 62 ​ — — Balance as of March 31, 2022 19,007 40,489 7,662 59,433 55,451 182,042 FOR THE THREE MONTHS ENDED MARCH 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,325 972 45 2,117 — 4,459 Distribution reinvestment plan 134 227 40 331 175 907 Redemptions of common stock ​ (69) ​ (561) ​ (240) ​ (2,557) ​ (599) ​ (4,026) Conversions (101) 24 (277) 354 — — Balance as of March 31, 2023 28,173 49,899 7,439 69,387 52,550 207,448 ​
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) 2023 ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 9,912 ​ $ 5,271 ​ $ 8,009 ​ $ 1,461 ​ $ 24,653 Total ​ $ 0.09375 ​ $ 9,912 ​ $ 5,271 ​ $ 8,009 ​ $ 1,461 ​ $ 24,653 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 (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 three months ended March 31, 2023 and 2022. 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 Three Months Ended March 31, ​ ​ (in thousands, except for per share data) 2023 2022 ​ ​ Number of shares redeemed or repurchased ​ 4,026 ​ 1,788 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 35,455 ​ $ 14,555 ​ ​ Average redemption or repurchase price per share ​ $ 8.81 ​ $ 8.15 ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2023
Redeemable Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ($ in thousands) ​ 2023 ​ 2022 Balance at beginning of the year ​ $ 18,130 ​ $ 8,994 ​ Settlement of prior year performance participation allocation (1) ​ ​ — ​ ​ 15,327 ​ Distributions to redeemable noncontrolling interests ​ ​ (192) ​ ​ (160) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ — ​ ​ (7,724) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (18) ​ ​ 246 ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (55) ​ ​ 119 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (74) ​ ​ 482 ​ Ending balance ​ $ 17,791 ​ $ 17,284 ​ (1) There were no OP Units issued related to the 2022 performance participation allocation, as the $23.7 million payable as of December 31, 2022 was, at the election of the Advisor, settled in cash in January 2023. 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. (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)	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest Balances	The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2023 2022 Balance at beginning of period ​ 55,079 ​ 27,180 Issuance of units ​ — 4,825 Redemption of units ​ (1,240) ​ (286) Balance at end of period ​ ​ 53,839 ​ ​ 31,719 ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule Fees and Expenses to the Advisor and Its Affiliates	The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ Payable as of ​ (in thousands) 2023 2022 March 31, 2023 December 31, 2022 ​ Selling commissions and dealer manager fees (1) ​ $ 512 ​ $ 1,042 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,154 ​ ​ 1,298 ​ ​ 741 ​ ​ 748 ​ Advisory fees—fixed component ​ ​ 9,538 ​ ​ 7,144 ​ ​ 2,905 ​ ​ 2,868 ​ Performance participation allocation (3) ​ — ​ 12,192 ​ — ​ 23,747 ​ Other expense reimbursements—Advisor (4)(5) ​ 3,106 ​ 2,140 ​ 3,439 ​ 4,192 ​ Other expense reimbursements—Dealer Manager ​ — ​ 27 ​ 70 ​ 109 ​ Property accounting fee (6) ​ ​ 489 ​ ​ — ​ ​ 489 ​ ​ 478 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 2,671 ​ 7,524 ​ 241 ​ 241 ​ Other DST Program related costs—Advisor (5) ​ 1,931 ​ 4,951 ​ 146 ​ 146 ​ Total ​ $ 20,401 ​ $ 36,318 ​ $ 8,031 ​ $ 32,529 ​ (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 $59.1 million and $60.9 million as of March 31, 2023 and December 31, 2022, respectively, are included in other liabilities on the condensed consolidated balance sheets. (3) The 2022 performance participation allocation in the amount of $23.7 million became payable on December 31, 2022, and the Advisor elected to settle the amounts owed in cash in January 2023. (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)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income (Loss) Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ (in thousands, except per share data) 2023 2022 ​ Net (loss) income attributable to common stockholders—basic ​ $ (2,004) ​ $ 21,011 ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (18) ​ ​ 246 ​ Net (loss) income attributable to noncontrolling interests ​ (549) ​ 3,537 ​ Net (loss) income attributable to common stockholders—diluted ​ $ (2,571) ​ $ 24,794 ​ Weighted-average shares outstanding—basic ​ 206,774 ​ 178,528 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 56,252 ​ 32,148 ​ Weighted-average shares outstanding—diluted ​ 263,026 ​ 210,676 ​ Net (loss) income per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.01) ​ $ 0.12 ​ Diluted ​ $ (0.01) ​ $ 0.12 ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
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 Three Months Ended ​ ​ March 31, (in thousands) ​ 2023 ​ 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 7,990 ​ $ 6,743 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (1,800) ​ ​ 7,828 Increase in DST Program Loans receivable through DST Program capital raising ​ 14,015 ​ 14,827 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ — ​ 39,441
Summary of Cash, Cash Equivalents and Restricted Cash	Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, ​ (in thousands) 2023 2022 ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,336 ​ $ 10,605 ​ Restricted cash ​ 3,850 ​ 3,747 ​ Cash, cash equivalents and restricted cash ​ $ 17,186 ​ $ 14,352 ​ End of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 36,894 ​ $ 22,626 ​ Restricted cash ​ 3,859 ​ 4,021 ​ Cash, cash equivalents and restricted cash ​ $ 40,753 ​ $ 26,647 ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by business segment as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) March 31, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 379,355 ​ $ 377,546 Retail properties ​ 517,000 ​ 537,147 Residential properties ​ 1,485,956 ​ 1,495,532 Industrial properties ​ 1,252,141 ​ 1,248,255 Corporate ​ 553,851 ​ 516,244 Total assets ​ $ 4,188,303 ​ $ 4,174,724 ​
Reconciliation of Net Operating Income to Reported Net Income (Loss)	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ ​ March 31, ​ (in thousands) 2023 2022 ​ Net (loss) income attributable to common stockholders ​ $ (2,004) ​ $ 21,011 ​ Debt-related income ​ (5,761) ​ (3,468) ​ Real estate-related depreciation and amortization ​ 33,197 ​ 27,451 ​ General and administrative expenses ​ 3,044 ​ 2,037 ​ Advisory fees ​ 9,538 ​ 7,144 ​ Performance participation allocation ​ — ​ 12,192 ​ Acquisition costs and reimbursements ​ 1,169 ​ 1,629 ​ Impairment loss on debt-related investment held for sale ​ 2,520 ​ — ​ Equity in loss from unconsolidated joint venture partnerships ​ ​ 2,446 ​ ​ 1,010 ​ Interest expense ​ 37,545 ​ 24,410 ​ Gain on sale of real estate property ​ (36,884) ​ (53,881) ​ Loss on extinguishment of debt and financing commitments, net ​ 700 ​ — ​ Loss (gain) on derivative instruments ​ ​ 103 ​ ​ (1,550) ​ Provision for current expected credit losses ​ ​ 5,630 ​ ​ — ​ Other income ​ ​ (1,016) ​ ​ (577) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (18) ​ ​ 246 ​ Net (loss) income attributable to noncontrolling interests ​ (549) ​ 3,537 ​ Net operating income ​ $ 49,660 ​ $ 41,191 ​ ​
Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Office Retail Residential Industrial Consolidated For the Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,349 ​ $ 14,518 ​ $ 28,848 ​ $ 21,245 ​ $ 77,960 Rental expenses ​ (6,630) ​ (3,584) ​ (13,190) ​ (4,896) ​ (28,300) Net operating income ​ $ 6,719 ​ $ 10,934 ​ $ 15,658 ​ $ 16,349 ​ $ 49,660 Real estate-related depreciation and amortization ​ $ 3,963 ​ $ 4,035 ​ $ 9,489 ​ $ 15,710 ​ $ 33,197 For the Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,633 ​ $ 17,066 ​ $ 16,354 ​ $ 15,452 ​ $ 62,505 Rental expenses ​ ​ (6,192) ​ (4,629) ​ (6,944) ​ (3,549) ​ ​ (21,314) Net operating income ​ $ 7,441 ​ $ 12,437 ​ $ 9,410 ​ $ 11,903 ​ $ 41,191 Real estate-related depreciation and amortization ​ $ 3,997 ​ $ 4,654 ​ $ 8,353 ​ $ 10,447 ​ $ 27,451 ​

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($) property Office
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property | $	$ 53,735	$ 169,421
Gain on sale of real estate property | $	$ 36,884	$ 53,881
Disposed of by Sale | Office properties
Real Estate Properties [Line Items]
Number of real estate properties | Office		1
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property	1	2
Disposed of by Sale | Retail land parcel
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	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 689,142	$ 694,998
Buildings and improvements	3,166,233	3,152,553
Intangible lease assets	313,324	317,141
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	$ 4,182,336	$ 4,178,329
Accumulated depreciation and amortization	(597,258)	(572,751)
Net investment in real estate properties	$ 3,585,078	$ 3,605,578

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Asset Acquisition
Asset Acquisition [Line Items]
Total acquisitions	$ 17,511
Debt assumed at fair value	0
VM8 Logistics Center [Member]
Asset Acquisition [Line Items]
Total acquisitions	$ 17,511

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Real Estate [Line Items]
Land	$ 2,166
Building and improvements	15,345
Total purchase price	17,511
Lease liability	0
Asset Acquisition
Real Estate [Line Items]
Debt assumed at fair value	0
Intangible lease assets	$ 0

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 313,324	$ 317,141
Gross, Liabilities	(73,331)	(76,033)
Accumulated Amortization, Liabilities	33,098	33,589
Net, Liabilities	(40,233)	(42,444)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	290,391	294,208
Accumulated Amortization, Assets	(217,141)	(214,201)
Net, Assets	73,250	80,007
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	22,933	22,933
Accumulated Amortization, Assets	(19,892)	(19,707)
Net, Assets	$ 3,041	$ 3,226

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ (1,068)	$ (726)
Depreciation expense	26,417	20,198
Intangible lease asset amortization	6,780	7,253
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(186)	(169)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 1,014	$ 1,196

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint venture partnerships	$ 125,166	$ 120,372
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	159	156
Investments in unconsolidated joint venture partnerships	$ 125,166	$ 120,372
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	$ 25,574	$ 25,984
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	$ 16,371	$ 16,393
Net Lease JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Number of real estate properties | property	120	117
Investments in unconsolidated joint venture partnerships	$ 66,314	$ 65,763
Net Lease JV III
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Number of real estate properties | property	23	23
Investments in unconsolidated joint venture partnerships	$ 16,907	$ 12,232

REAL ESTATE DEBT INVESTMENTS (S

REAL ESTATE DEBT INVESTMENTS (Summarizes Debt Related Investments) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Marketable Securities [Line Items]
Carrying Amount	$ 254,201		$ 260,439
Outstanding Principal	$ 264,055		$ 263,122
Weighted-Average Interest Rate	9.90%		9.50%
Weighted-Average Remaining Life (Years)	1 year 8 months 12 days		2 years
Impairment loss on debt-related investment held for sale	$ 2,520	$ 0
Senior loans
Marketable Securities [Line Items]
Carrying Amount	147,795		$ 151,645
Outstanding Principal	$ 155,555		$ 154,622
Weighted-Average Interest Rate	8.90%		8.50%
Weighted-Average Remaining Life (Years)	1 year 9 months 18 days		2 years 1 month 6 days
Senior Loans In Default And On Non-Accrual Status [Member]
Marketable Securities [Line Items]
Carrying Amount	$ 39,500		$ 42,000
Outstanding Principal	$ 43,800		$ 43,800
Number of contracts | loan	1		1
Impairment loss on debt-related investment held for sale	$ 2,500
Mezzanine loans
Marketable Securities [Line Items]
Carrying Amount	106,406		$ 108,794
Outstanding Principal	$ 108,500		$ 108,500
Weighted-Average Interest Rate	10.90%		10.40%
Weighted-Average Remaining Life (Years)	1 year 7 months 6 days		1 year 10 months 24 days

REAL ESTATE DEBT INVESTMENTS (C

REAL ESTATE DEBT INVESTMENTS (Current Expected Credit Losses) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
REAL ESTATE DEBT INVESTMENTS.
Debt investments, Allowance for credit loss	$ 5.6
Percentage of CECL Reserve to debt related investment commitment	1.60%
Number of debt related investments, held for sale	1
Held to Maturity debt related Investments	$ 358.3
Funded Commitment Balance	220.4
Unfunded Commitment Balance	137.9
Funded Commitments Related to Allowance	3.5
Unfunded Commitments Related to Allowance	2.1
Write Off of Debt related investments	0
Recoveries of Debt related investments	$ 0

REAL ESTATE DEBT INVESTMENTS _2

REAL ESTATE DEBT INVESTMENTS (Summary of Available for Sale Debt Securities) (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 14,979	$ 14,979
Amortized Cost	14,876	14,870
Unamortized Discount	103	109
Unrealized Gain, Net	103	26
Fair Value	14,979	$ 14,896
Credit loss	$ 0
Number of available for sale debt securities	1	1
Weighted Average
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Term	3 years 9 months 18 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.22%		4.31%
Total borrowings	$ 1,594,684		$ 1,622,916
Less: unamortized debt issuance costs	(13,711)		(14,849)
Add: unamortized mark-to-market adjustment on assumed debt	8,147		8,408
Total debt, net	1,589,120		1,616,475
Gross book value of properties encumbered by debt	907,741		$ 970,310
Interest expense	$ 19,600	$ 9,700
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 8 months 12 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	6.17%		5.72%
Total borrowings	$ 277,000		$ 235,000
Current borrowing capacity	623,000
Available portions under the line of credit	$ 565,600
Line of Credit | SOFR
Debt Instrument [Line Items]
Borrowings spread rate adjustment	0.11448%		0.11448%
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	3.31%		3.90%
Total borrowings	$ 400,000		$ 400,000
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 November 2026) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 100,000
Term Loan (Maturity Date January 2027)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.26%		4.56%
Total borrowings	$ 400,000		$ 400,000
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
Term Loan (Maturity Date January 2027) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 50,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.40%		3.48%
Total borrowings	$ 310,084		$ 380,316
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.52%		4.52%
Total borrowings	$ 207,600		$ 207,600
Floating-Rate Mortgage Notes | LIBOR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.55%		1.55%
Floating-Rate Mortgage Notes | LIBOR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	2.50%		2.50%
Floating-Rate Mortgage Notes | Interest rate caps | LIBOR | Minimum
Debt Instrument [Line Items]
Floating rate	4.50%
Floating-Rate Mortgage Notes | Interest rate caps | LIBOR | Maximum
Debt Instrument [Line Items]
Floating rate	4.55%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 1,205
2024	129,265
2025	279,360
2026	484,214
2027	575,787
Thereafter	124,853
Total principal payments	1,594,684	$ 1,622,916
Line of Credit
Debt Instrument [Line Items]
2023	0
2024	0
2025	277,000
2026	0
2027	0
Thereafter	0
Total principal payments	$ 277,000	$ 235,000
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	1,205
2024	129,265
2025	2,360
2026	84,214
2027	175,787
Thereafter	124,853
Total principal payments	$ 517,684

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Mar. 31, 2023	Mar. 31, 2023 USD ($)	Mar. 31, 2023	Mar. 31, 2023 contract	Dec. 31, 2022 USD ($) contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract				15	14
Total notional amount		$ 1,007,600			$ 857,600
Derivative assets		25,034			$ 24,448
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.
Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated change to interest expense related to active effective hedges of floating rate debt		13,200
Interest rate swaps | Designated Hedges
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract				12	12
Total notional amount		650,000			$ 650,000
Derivative assets		14,339			$ 20,279
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.
Interest rate caps | Designated Hedges
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract				1
Total notional amount		150,000
Derivative assets		7,806
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.
Interest rate caps | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Number of derivative contracts			2	2	2
Total notional amount		207,600			$ 207,600
Derivative assets		2,889			$ 4,169
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.				Other Assets.
Derivative liabilities		$ 0			$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.				Other Liabilities.

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	$ 37,545	$ 24,410
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	37,545	24,410
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (loss) gain on derivative instruments recognized in other (income) expenses	(1,224)	$ 1,550
Realized gain on derivative instruments recognized in other (income) expenses	$ 1,121
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	$ (4,000)	$ 10,075
Amount reclassified from AOCI (out of) into interest expense	$ (3,056)	$ 1,919

DST Program (Details)

DST Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
DST Program Loans	$ 95,909		$ 81,897
Financing obligation liability appreciation	2,862	$ 4,007
Issuances of OP Units for DST Interests		39,441
DST Program
Delaware Statutory Trust Programs [Line Items]
DST Program Loans	95,900		$ 81,900
DST Interests sold	101,795	280,802
DST Interests financed by DST Program Loans	14,015	14,827
Income earned from DST Program Loans	1,017	669
Financing obligation liability appreciation	2,862	4,007
Rent obligation incurred under master lease agreements	13,583	$ 9,253
Issuances of OP Units for DST Interests	$ 39,400
DST Program | OP Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)	0	4,800,000

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Derivative instruments	$ 25,034	$ 24,448
Investment in available-for-sale securities, at fair value	14,979	14,896
Recurring
Assets:
Derivative instruments	25,034	24,448
Investment in available-for-sale securities, at fair value	14,979	14,896
Total assets measured at fair value	40,013	39,344
Recurring | Level 1
Assets:
Derivative instruments	0	0
Investment in available-for-sale securities, at fair value	0	0
Total assets measured at fair value	0	0
Recurring | Level 2
Assets:
Derivative instruments	25,034	24,448
Investment in available-for-sale securities, at fair value	14,979	14,896
Total assets measured at fair value	40,013	39,344
Recurring | Level 3
Assets:
Derivative instruments	0	0
Investment in available-for-sale securities, at fair value	0	0
Total assets measured at fair value	$ 0	$ 0

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 264,055	$ 263,122
DST Program Loans	95,909	81,897
Line of credit	277,000	235,000
Term loans	800,000	800,000
Mortgage notes	517,684	587,916
Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	259,305	260,841
DST Program Loans	93,621	79,049
Line of credit	277,000	235,000
Term loans	800,000	800,000
Mortgage notes	$ 482,992	$ 541,558

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	May 03, 2022	May 02, 2022
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering			$ 10,000,000	$ 3,000,000
Issuance of common stock	$ 47,691	$ 116,510
Issuance of common stock (in shares)	5.4
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	$ 8,000

EQUITY (Information of Share Tr

EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)	(4,026)	(1,788)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	206,108	169,665
Primary shares (in shares)	4,459	13,339
Distribution reinvestment plan (in shares)	907	826
Redemptions of common stock (in shares)	(4,026)	(1,788)
Conversions (in shares)	0	0
Ending Balances (in shares)	207,448	182,042
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	26,884
Ending Balances (in shares)	28,173
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	26,884	16,425
Primary shares (in shares)	1,325	2,555
Distribution reinvestment plan (in shares)	134	92
Redemptions of common stock (in shares)	(69)	(3)
Conversions (in shares)	(101)	(62)
Ending Balances (in shares)	28,173	19,007
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	49,237
Ending Balances (in shares)	49,899
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	49,237	35,757
Primary shares (in shares)	972	4,661
Distribution reinvestment plan (in shares)	227	193
Redemptions of common stock (in shares)	(561)	(122)
Conversions (in shares)	24	0
Ending Balances (in shares)	49,899	40,489
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	7,871
Ending Balances (in shares)	7,439
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	7,871	6,749
Primary shares (in shares)	45	1,104
Distribution reinvestment plan (in shares)	40	37
Redemptions of common stock (in shares)	(240)	(228)
Conversions (in shares)	(277)	0
Ending Balances (in shares)	7,439	7,662
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	69,142
Ending Balances (in shares)	69,387
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	69,142	54,406
Primary shares (in shares)	2,117	5,019
Distribution reinvestment plan (in shares)	331	302
Redemptions of common stock (in shares)	(2,557)	(356)
Conversions (in shares)	354
Conversions (in shares)		62
Ending Balances (in shares)	69,387	59,433
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	52,974
Ending Balances (in shares)	52,550
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balances (in shares)	52,974	56,328
Primary shares (in shares)	0	0
Distribution reinvestment plan (in shares)	175	202
Redemptions of common stock (in shares)	(599)	(1,079)
Conversions (in shares)	0	0
Ending Balances (in shares)	52,550	55,451

EQUITY (Total Distributions Dec

EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.37500
Common Stock Distributions Paid in Cash	$ 9,912	$ 9,859	$ 9,684	$ 9,299	$ 8,837	$ 37,679
Other Cash Distributions	5,271	4,559	3,972	3,157	3,018	14,706
Reinvested in Shares	8,009	7,923	7,732	7,362	6,876	29,893
Distribution Fees	1,461	1,478	1,399	1,259	1,030	5,166
Total Distributions	$ 24,653	$ 23,819	$ 22,787	$ 21,077	$ 19,761	$ 87,444

EQUITY (Redemptions and Repurch

EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Number of shares redeemed or repurchased (in shares)	4,026	1,788
Aggregate dollar amount of shares redeemed or repurchased	$ 35,455	$ 14,555
Average redemption or repurchase price per share (usd per share)	$ 8.81	$ 8.15

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 8,994	$ 18,130	$ 8,994	$ 8,994
Settlement of prior year performance participation allocation			15,327
Distributions to redeemable noncontrolling interests		(192)	(160)
Redemptions to redeemable noncontrolling interests			(7,724)
Net (loss) income attributable to redeemable noncontrolling interests		(18)	246
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests		(55)	119
Redemption value allocation adjustment to redeemable noncontrolling interests		(74)	482
Ending balance		17,791	$ 17,284	18,130
Payable as of		$ 8,031		$ 32,529
OP Units
Redeemable Noncontrolling Interest [Line Items]
Redeemable OP units outstanding		2,000,000		2,000,000
Black Creek Diversified Property Advisors, LLC | Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	465,000
Advisor | Advisory Fee, Performance Component | OP Units
Redeemable Noncontrolling Interest [Line Items]
Redemptions to redeemable noncontrolling interests	$ 7,700
Issuance of OP Units (in shares)	945,000
Advisor | Performance Participation Allocation
Redeemable Noncontrolling Interest [Line Items]
Payable as of				$ 23,747
Advisor | Performance Participation Allocation | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	1,900,000			0
Performance participation allocation, Settled in cash				$ 23,700
Payable as of					$ 15,300
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Aggregate amount redeemed	$ 35,455	$ 14,555
OP Units
Noncontrolling Interest [Line Items]
Number of common stock issued per operating partnership unit	1
Aggregate amount redeemed	$ 10,900	$ 2,300
OP Units | Maximum
Noncontrolling Interest [Line Items]
Estimated maximum redemption value (unaudited)	$ 468,400		$ 488,300

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Noncontrolling Interest [Line Items]
Issuance of common stock (in shares)	5,400
Redemptions of common stock (in shares)	(4,026)	(1,788)
OP Units
Noncontrolling Interest [Line Items]
Beginning Balances (in shares)	55,079	27,180
Issuance of common stock (in shares)		4,825
Redemptions of common stock (in shares)	(1,240)	(286)
Ending Balances (in shares)	53,839	31,719

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Related party transaction expense	$ 20,401	$ 36,318
Payable as of	8,031		$ 32,529
Advisor
Related Party Transaction [Line Items]
Amount reimbursed for services	2,800	2,400
Selling commissions and dealer manager fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	512	1,042
Ongoing Distribution Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	2,154	1,298
Payable as of	741		748
Ongoing Distribution Fees [Member] | Dealer Manager | Other Liabilities
Related Party Transaction [Line Items]
Future Estimated Distribution Fees Payable	59,100		60,900
Property accounting fee | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	489
Payable as of	489		478
Advisory Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	9,538	7,144
Payable as of	2,905		2,868
Performance Participation Allocation | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	0	12,192
Payable as of			23,747
Performance Participation Allocation | Advisor | OP Units
Related Party Transaction [Line Items]
Payable as of				$ 15,300
Other Expense Reimbursements [Member] | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	3,106	2,140
Payable as of	3,439		4,192
Other Expense Reimbursements [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense		27
Payable as of	70		109
DST Program Manager Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	1,931	4,951
Payable as of	146		146
DST Program dealer manager fees | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	2,671	$ 7,524
Payable as of	$ 241		$ 241

RELATED PARTY TRANSACTIONS - (A

RELATED PARTY TRANSACTIONS - (Advisory Fee and Operating Expense Reimbursement) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Related party transaction expense	$ 20,401	$ 36,318
Advisor | Performance Participation Allocation
Related Party Transaction [Line Items]
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%
Class E Dealer Manager Fee Portion Waived Under NAV Per Share Threshold	$ 10
Related party transaction expense	$ 0	12,192
Advisor | Advisory Fees
Related Party Transaction [Line Items]
Related party transaction expense	$ 9,538	$ 7,144

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders-basic	$ (2,004)	$ 21,011
Net (loss) income attributable to redeemable noncontrolling interests	(18)	246
Net (loss) income attributable to noncontrolling interests	(549)	3,537
Net (loss) income attributable to common stockholders-diluted	$ (2,571)	$ 24,794
Weighted-average shares outstanding-basic (in shares)	206,774	178,528
Incremental weighted-average shares effect of conversion of noncontrolling interests	56,252	32,148
Weighted-average shares outstanding - diluted (in shares)	263,026	210,676
Basic	$ (0.01)	$ 0.12
Diluted	$ (0.01)	$ 0.12

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 7,990	$ 6,743
(Decrease) increase in accrued future ongoing distribution fees	(1,800)	7,828
Increase in DST Program Loans receivable through DST Program capital raising	14,015	14,827
Redeemable noncontrolling interest issued as settlement of performance participation allocation	0	15,327
Issuances of OP Units for DST Interests	0	39,441
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	36,894	22,626	$ 13,336	$ 10,605
Restricted cash	3,859	4,021	3,850	3,747
Cash, cash equivalents and restricted cash	$ 40,753	$ 26,647	$ 17,186	$ 14,352

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	4
Total Assets	$ 4,188,303	$ 4,174,724
Operating Segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	379,355	377,546
Operating Segments | Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	517,000	537,147
Operating Segments | Residential
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	1,485,956	1,495,532
Operating Segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	1,252,141	1,248,255
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 553,851	$ 516,244

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (2,004)	$ 21,011
Debt-related income	(5,761)	(3,468)
Real estate-related depreciation and amortization	33,197	27,451
General and administrative expenses	3,044	2,037
Advisory fees	9,538	7,144
Performance participation allocation	0	12,192
Acquisition costs and reimbursements	1,169	1,629
Impairment loss on debt-related investment held for sale	2,520	0
Equity in loss from unconsolidated joint venture partnerships	2,446	1,010
Interest expense	37,545	24,410
Gain on sale of real estate property	(36,884)	(53,881)
Loss on extinguishment of debt and financing commitments, net	700	0
Loss (gain) on derivative instruments	103	(1,550)
Provision for current expected credit losses	5,630	0
Other income	(1,016)	(577)
Net (loss) income attributable to redeemable noncontrolling interests	(18)	246
Net (loss) income attributable to noncontrolling interests	(549)	3,537
Net operating income	$ 49,660	$ 41,191

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Rental revenues	$ 77,960	$ 62,505
Rental expenses	(28,300)	(21,314)
Net operating income	49,660	41,191
Real estate-related depreciation and amortization	33,197	27,451
Office
Segment Reporting Information [Line Items]
Rental revenues	13,349	13,633
Rental expenses	(6,630)	(6,192)
Net operating income	6,719	7,441
Real estate-related depreciation and amortization	3,963	3,997
Retail
Segment Reporting Information [Line Items]
Rental revenues	14,518	17,066
Rental expenses	(3,584)	(4,629)
Net operating income	10,934	12,437
Real estate-related depreciation and amortization	4,035	4,654
Residential
Segment Reporting Information [Line Items]
Rental revenues	28,848	16,354
Rental expenses	(13,190)	(6,944)
Net operating income	15,658	9,410
Real estate-related depreciation and amortization	9,489	8,353
Industrial
Segment Reporting Information [Line Items]
Rental revenues	21,245	15,452
Rental expenses	(4,896)	(3,549)
Net operating income	16,349	11,903
Real estate-related depreciation and amortization	$ 15,710	$ 10,447

SUBSEQUENT EVENTS (Renewal of A

SUBSEQUENT EVENTS (Renewal of Advisory Agreement) (Details)	Apr. 30, 2023
Subsequent Event | Advisor
Subsequent Event [Line Items]
Advisory Agreement Renewal Term Period	1 year