Black Creek Diversified Property Fund 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,865,771
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,176,013
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,065,763
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		67,113,185
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,914,011

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Net investment in real estate properties	$ 3,595,617	$ 3,605,578
Investments in unconsolidated joint venture partnerships	124,075	120,372
Investments in real estate debt and securities (includes $85,198 and $14,896 at fair value as of June 30, 2023 and December 31, 2022, respectively)	353,879	275,335
Cash and cash equivalents	12,905	13,336
Restricted cash	4,265	3,850
DST Program Loans	103,314	81,897
Other assets	90,436	74,356
Total assets	4,284,491	4,174,724
Liabilities
Accounts payable and accrued expenses	63,773	58,097
Debt, net	1,664,611	1,616,475
Intangible lease liabilities, net	39,109	42,444
Financing obligations, net	1,232,793	1,130,810
Other liabilities	96,079	114,901
Total liabilities	3,096,365	2,962,727
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest	17,282	18,130
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,727,632	1,744,022
Distributions in excess of earnings	(1,033,940)	(973,395)
Accumulated other comprehensive income	15,872	13,148
Total stockholders' equity	711,613	785,836
Noncontrolling interests	459,231	408,031
Total equity	1,170,844	1,193,867
Total liabilities and equity	4,284,491	4,174,724
Class T
Stockholders' equity:
Common stock	287	269
Class S
Stockholders' equity:
Common stock	498	492
Class D
Stockholders' equity:
Common stock	72	79
Class I
Stockholders' equity:
Common stock	681	691
Class E
Stockholders' equity:
Common stock	$ 511	$ 530

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt securities available for sale and held to maturity fair value	$ 85,198	$ 14,896
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)	28,741	26,884
Common stock, shares outstanding (in shares)	28,741	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)	49,750	49,237
Common stock, shares outstanding (in shares)	49,750	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)	7,227	7,871
Common stock, shares outstanding (in shares)	7,227	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)	68,105	69,142
Common stock, shares outstanding (in shares)	68,105	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)	51,047	52,974
Common stock, shares outstanding (in shares)	51,047	52,974

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental revenues	$ 77,204	$ 73,494	$ 155,164	$ 135,999
Debt-related income	7,189	846	12,950	4,314
Total revenues	84,393	74,340	168,114	140,313
Operating expenses:
Rental expenses	28,839	24,896	57,139	46,210
Real estate-related depreciation and amortization	33,858	36,903	67,055	64,354
General and administrative expenses	2,973	2,594	6,017	4,631
Advisory fees	9,623	8,227	19,161	15,370
Performance participation allocation	0	6,186	0	18,379
Acquisition costs and reimbursements	1,849	1,093	3,018	2,722
Impairment loss on debt-related investment held for sale	1,260	0	3,780	0
Total operating expenses	78,402	79,899	156,170	151,666
Other expenses (income):
Equity in loss (income) from unconsolidated joint venture partnerships	203	(1,718)	2,649	(708)
Interest expense	37,882	33,774	75,427	58,184
Gain on sale of real estate property	0	(29,643)	(36,884)	(83,524)
Loss on extinguishment of debt and financing commitments, net	0	0	700	0
Gain on derivative instruments	(192)	(982)	(89)	(2,532)
Provision for current expected credit losses	(1,632)	0	3,998	0
Other income	(1,016)	(423)	(2,032)	(1,000)
Total other expenses (income)	35,245	1,008	43,769	(29,580)
Net (loss) income	(29,254)	(6,567)	(31,825)	18,227
Net loss (income) attributable to redeemable noncontrolling interests	226	60	244	(186)
Net loss (income) attributable to noncontrolling interests	6,278	919	6,827	(2,618)
Net (loss) income attributable to common stockholders	$ (22,750)	$ (5,588)	$ (24,754)	$ 15,423
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	206,214	191,158	206,493	184,878
Weighted-average shares outstanding-diluted (in shares)	264,963	224,857	263,975	217,806
Net (loss) income attributable to common stockholders per common share - basic	$ (0.11)	$ (0.03)	$ (0.12)	$ 0.08
Net (loss) income attributable to common stockholders per common share - diluted	$ (0.11)	$ (0.03)	$ (0.12)	$ 0.08

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (29,254)	$ (6,567)	$ (31,825)	$ 18,227
Change from cash flow hedging activities	10,108	1,819	3,052	13,813
Change from activities related to available-for-sale securities	(24)		53
Comprehensive (loss) income	(19,170)	(4,748)	(28,720)	32,040
Comprehensive loss (income) attributable to redeemable noncontrolling interests	148	43	221	(322)
Comprehensive loss (income) attributable to noncontrolling interests	4,247	680	6,469	(4,580)
Comprehensive (loss) income attributable to common stockholders	$ (14,775)	$ (4,025)	$ (22,030)	$ 27,138

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
Balance at beginning of period (in shares) at Dec. 31, 2021	169,665
Balance at end of period (in shares) at Jun. 30, 2022	195,101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			15,423		2,618	18,041
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				11,715	1,962	13,677
Issuance of common stock	$ 289	244,237				244,526
Issuance of units (in shares)	28,844
Share-based compensation		100				100
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(5,401)				(5,401)
Trailing distribution fees		(10,372)	2,289		(3,823)	(11,906)
Redemptions of common stock	$ (34)	(28,466)				$ (28,500)
Redemptions of common stock (in shares)	(3,408)					(3,408)
Issuances of OP Units for DST Interests					39,441	$ 39,441
Other noncontrolling interests net distributions					(23)	(23)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(34,663)		(5,824)	(40,487)
Redemption value allocation adjustment to redeemable noncontrolling interest		(1,596)				(1,596)
Redemptions of noncontrolling interests		(503)			(2,862)	(3,365)
Ending Balances at Jun. 30, 2022	$ 1,951	1,655,295	(882,795)	(1,703)	228,185	1,000,933
Beginning Balances at Mar. 31, 2022	$ 1,820	1,551,814	(860,546)	(3,266)	232,692	922,514
Balance at beginning of period (in shares) at Mar. 31, 2022	182,042
Balance at end of period (in shares) at Jun. 30, 2022	195,101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(5,588)		(919)	(6,507)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				1,563	239	1,802
Issuance of common stock	$ 147	127,869				128,016
Issuance of units (in shares)	14,679
Share-based compensation		50				50
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(3,821)				(3,821)
Trailing distribution fees		(5,335)	1,259			(4,076)
Redemptions of common stock	$ (16)	(13,929)				(13,945)
Redemptions of common stock (in shares)	(1,620)
Other noncontrolling interests net distributions					(40)	(40)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(17,920)		(2,966)	(20,886)
Redemption value allocation adjustment to redeemable noncontrolling interest		(1,114)				(1,114)
Redemptions of noncontrolling interests		(239)			(821)	(1,060)
Ending Balances at Jun. 30, 2022	$ 1,951	1,655,295	(882,795)	(1,703)	228,185	1,000,933
Beginning Balances at Dec. 31, 2022	$ 2,061	1,744,022	(973,395)	13,148	408,031	1,193,867
Balance at beginning of period (in shares) at Dec. 31, 2022	206,108
Balance at end of period (in shares) at Jun. 30, 2023	204,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(24,754)		(6,827)	(31,581)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				2,724	358	3,082
Issuance of common stock	$ 95	83,716				$ 83,811
Issuance of units (in shares)	9,488					9,500
Share-based compensation		150				$ 150
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(2,637)				(2,637)
Trailing distribution fees		(1,296)	2,924		(3,970)	(2,342)
Redemptions of common stock	$ (107)	(93,212)				$ (93,319)
Redemptions of common stock (in shares)	(10,726)					(10,726)
Issuances of OP Units for DST Interests					84,725	$ 84,725
Other noncontrolling interests net distributions					(7)	(7)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(38,715)		(10,397)	(49,112)
Redemption value allocation adjustment to redeemable noncontrolling interest		243				243
Redemptions of noncontrolling interests		(3,354)			(12,682)	(16,036)
Ending Balances at Jun. 30, 2023	$ 2,049	1,727,632	(1,033,940)	15,872	459,231	1,170,844
Beginning Balances at Mar. 31, 2023	$ 2,075	1,751,993	(993,320)	7,897	393,098	1,161,743
Balance at beginning of period (in shares) at Mar. 31, 2023	207,448
Balance at end of period (in shares) at Jun. 30, 2023	204,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(22,750)		(6,278)	(29,028)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				7,975	2,031	10,006
Issuance of common stock	$ 41	36,079				36,120
Issuance of units (in shares)	4,122
Share-based compensation		75				75
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,200)				(1,200)
Trailing distribution fees		(503)	1,463		(5,102)	(4,142)
Redemptions of common stock	$ (67)	(57,797)				(57,864)
Redemptions of common stock (in shares)	(6,700)
Issuances of OP Units for DST Interests					84,725	84,725
Other noncontrolling interests net distributions					(3)	(3)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(19,333)		(5,318)	(24,651)
Redemption value allocation adjustment to redeemable noncontrolling interest		169				169
Redemptions of noncontrolling interests		(1,184)			(3,922)	(5,106)
Ending Balances at Jun. 30, 2023	$ 2,049	$ 1,727,632	$ (1,033,940)	$ 15,872	$ 459,231	$ 1,170,844

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Net loss (income) attributable to redeemable noncontrolling interests	$ (226)	$ (60)	$ (244)	$ 186
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	78	17	23	136
Distribution fees attributable to redeemable noncontrolling interest	$ 192	$ 191	$ 384	$ 351

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net (loss) income	$ (31,825)	$ 18,227
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Real estate-related depreciation and amortization	67,055	64,354
Straight-line rent and amortization of above- and below-market leases	(3,481)	(4,018)
Gain on sale of real estate property	(36,884)	(83,524)
Performance participation allocation	0	18,379
Impairment loss on debt-related investment held for sale	3,780	0
Equity in loss (income) of unconsolidated joint venture partnership	2,649	(708)
Loss on extinguishment of debt and financing commitments, net	700	0
Provision for current expected credit losses	3,998	0
Amortization of deferred financing costs	3,578	3,633
Financing obligation liability appreciation	4,784	12,531
Unrealized loss (gain) on derivative instruments not designated as cash flow hedges	2,325	(2,532)
Other	2,439	3,995
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	3,567	19,283
Cash settlement of accrued performance participation allocation	(23,747)	0
Net cash (used in) provided by operating activities	(1,062)	49,620
Investing activities:
Real estate acquisitions	(48,122)	(1,180,365)
Capital expenditures	(23,187)	(13,960)
Proceeds from disposition of real estate property	53,735	251,822
Investments in debt-related investments	(14,850)	(3,655)
Principal collections on debt-related investments	0	1,336
Investments in unconsolidated joint venture partnerships	(7,910)	(47,904)
Purchases of available-for-sale debt securities	(71,079)	0
Other	2,089	(48)
Net cash used in investing activities	(109,324)	(992,774)
Financing activities:
Repayments of mortgage notes	(71,141)	(1,157)
Net proceeds from (repayments of) line of credit	117,000	127,000
Proceeds from term loan	0	275,000
Redemptions of common stock	(93,319)	(28,500)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(28,968)	(23,274)
Proceeds from issuance of common stock	67,832	230,603
Proceeds from financing obligations, net	159,095	393,330
Offering costs for issuance of common stock and private placements	(8,091)	(8,667)
Redemption of noncontrolling interests	(16,036)	(3,365)
Redemption of redeemable noncontrolling interests	0	(7,724)
Deferred financing costs paid	(956)	(6)
Interest rate cap premiums	(15,046)	0
Net cash provided by financing activities	110,370	953,240
Net (decrease) increase in cash, cash equivalents and restricted cash	(16)	10,086
Cash, cash equivalents and restricted cash, at beginning of period	17,186	14,352
Cash, cash equivalents and restricted cash, at end of period	$ 17,170	$ 24,438

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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, 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 balance sheets as of December 31, 2022 and our condensed consolidated statements of operations and condensed consolidated statements of cash flows for the three and six months ended June 30, 2022 have been reclassified to conform to the 2023 presentation.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 Land ​ $ 693,097 ​ $ 694,998 Buildings and improvements ​ 3,203,625 ​ 3,152,553 Intangible lease assets ​ 316,588 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,226,947 ​ 4,178,329 Accumulated depreciation and amortization ​ (631,330) ​ (572,751) Net investment in real estate properties ​ $ 3,595,617 ​ $ 3,605,578 ​ Acquisitions During the six months ended June 30, 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 Moreno Valley Distribution Center ​ Industrial ​ 5/2/2023 ​ ​ 33,421 Total 2023 acquisitions ​ $ 50,932 (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 six months ended June 30, 2023, we allocated the purchase price of our acquisitions to land, building and improvements and intangible lease assets as follows: ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ($ in thousands) June 30, 2023 Land ​ $ 6,121 Building and improvements ​ 41,547 Intangible lease assets ​ 3,052 Above-market lease assets ​ 212 Total purchase price (1) ​ $ 50,932 (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. The weighted-average amortization period for the intangible lease assets acquired in connection with our acquisitions during the six months ended June 30, 2023, as of the respective date of each acquisition, was 4.8 years. Dispositions During the six months ended June 30, 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 six months ended June 30, 2022, we sold five retail properties, one office property and one retail land parcel for net proceeds of approximately $251.8 million. We recorded a net gain on sale of approximately $83.5 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of June 30, 2023 and December 31, 2022 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 293,443 ​ $ (223,894) ​ $ 69,549 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 23,145 ​ (20,106) ​ 3,039 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,331) ​ 34,222 ​ (39,109) ​ (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 June 30, ​ For the Six Months Ended June 30, ​ (in thousands) 2023 2022 2023 2022 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 674 ​ $ 1,240 ​ $ 1,742 ​ $ 1,966 ​ Above-market lease amortization ​ (213) ​ (185) ​ (399) ​ (354) ​ Below-market lease amortization ​ 1,124 ​ 1,210 ​ 2,138 ​ 2,406 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 27,081 ​ $ 25,349 ​ $ 53,498 ​ $ 45,547 ​ Intangible lease asset amortization ​ 6,777 ​ 11,554 ​ 13,557 ​ 18,807 ​ ​

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 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 June 30, 2023 As of December 31, 2022 Vue 1400 JV ​ Residential ​ 85% ​ 1 ​ 85% ​ 1 ​ $ 25,179 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50% ​ 15 ​ 50% ​ 15 ​ ​ 16,255 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50% ​ 117 ​ 50% ​ 117 ​ ​ 65,296 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50% ​ 28 ​ 50% ​ 23 ​ ​ 17,345 ​ ​ 12,232 Total investments in unconsolidated joint venture partnerships ​ 161 ​ ​ 156 ​ $ 124,075 ​ $ 120,372 ​

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	6 Months Ended
	Jun. 30, 2023
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	4. INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES Debt-Related Investments The following table summarizes our debt-related investments as of June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 161,922 ​ $ 169,915 ​ ​ 9.5 % ​ 1.7 Mezzanine loans ​ ​ 106,759 ​ ​ 108,500 ​ ​ 11.2 ​ ​ 1.4 Total debt-related investments (2) ​ $ 268,681 ​ $ 278,415 ​ ​ 10.3 % ​ 1.5 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 June 30, 2023 and December 31, 2022, carrying amounts include $37.8 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 June 30, 2023 and December 31, 2022. During the three months ended June 30, 2023, we recorded an impairment loss of $1.3 million, and during the six months ended June 30, 2023, we recorded an impairment loss of $3.8 million related to this senior loan. The impairment loss is included 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 June 30, 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 June 30, 2023, our CECL Reserve for our debt-related investment portfolio is $4.0 million or 1.1% of our debt- related investment commitment balance of $358.3 million, excluding debt-related investments held-for-sale. During the three months ended June 30, 2023, we recognized a decrease in provision for current expected credit losses of recoveries Available-for-Sale Debt Securities We acquire debt securities that are commercial real estate collateralized loan obligations (“CRE CLOs”) primarily for cash management and investment purposes. Additionally in the second quarter of 2023, we originated a preferred equity investment that is recognized as a debt security as it has a mandatory redemption feature and meets the definition of a security under Financial Accounting Standards Board (“ As of June 30, 2023 we had one preferred equity investment and one CRE CLO designated as available-for-sale debt securities. As of December 31, 2022, we had ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Discount ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ and Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,979 ​ $ 14,881 ​ $ 98 ​ $ 79 ​ $ 14,960 Preferred equity ​ ​ 71,236 ​ ​ 70,238 ​ ​ 998 ​ ​ — ​ ​ 70,238 Total debt securities ​ $ 86,215 ​ $ 85,119 ​ $ 1,096 ​ $ 79 ​ $ 85,198 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896 Total debt securities ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896 (1) Includes unamortized purchase discount and unamortized loan origination fees received on debt securities. (2) Represents cumulative unrealized gain beginning from acquisition date.

DEBT

DEBT	6 Months Ended
	Jun. 30, 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 ​ ​ June 30, ​ December 31, ​ ​ ​ June 30, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 5.17 % 5.72 % November 2025 ​ $ 352,000 ​ $ 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 ​ 309,875 380,316 Floating-rate mortgage notes (4) 4.59 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.11 % 4.31 % ​ $ 1,669,475 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (12,751) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 7,887 8,408 Total debt, net ​ $ 1,664,611 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 895,040 ​ $ 970,310 (1) The effective interest rate is calculated based on the Term Secured Overnight Financing Rate (”Term SOFR”) 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 June 30, 2023, the unused and available portions under the line of credit were approximately $548.0 million and $547.9 million, respectively. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements relating to $150.0 million in borrowings under this line of credit. 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 either the London Interbank Offered Rate (“LIBOR”) or Adjusted Term SOFR plus a margin. As of both June 30, 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 4.61% and 4.55% , respectively, as of June 30, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.4 years as of June 30, 2023, excluding the impact of certain extension options. For the three months ended June 30, 2023 and 2022, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $20.6 million and $12.1 million, respectively. For the six months ended June 30, 2023 and 2022, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $40.2 million and $21.8 million, respectively. See “Note 6” for the amount of interest incurred related to the DST Program (as defined below). ​ As of June 30, 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 (2) Total Remainder of 2023 ​ ​ — ​ ​ — ​ ​ 996 ​ ​ 996 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 352,000 ​ — ​ 2,360 ​ 354,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 2027 ​ — ​ 400,000 ​ 175,787 ​ 575,787 Thereafter ​ — ​ — ​ 124,853 ​ 124,853 Total principal payments ​ $ 352,000 ​ $ 800,000 ​ $ 517,475 ​ $ 1,669,475 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. (2) A $127.0 million mortgage note matures in October 2024 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. A $115.0 million mortgage note matures in January 2027 and may be extended pursuant to two one-year 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 has been phased out and ceased publication after June 2023. As of June 30, 2023, one of our mortgage notes had an initial or extended maturity date beyond June 2023 with exposure to LIBOR. Effective July 1, 2023, we have converted the interest rate of this mortgage note to Term SOFR and our consolidated debt no longer has exposure to 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 June 30, 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 $18.0 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. As of June 30, 2023, we have two interest rate cap derivative instruments that are not designated as cash flow hedges and therefore, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 20,689 ​ $ — Interest rate caps designated as cash flow hedges ​ 3 ​ ​ 300,000 ​ ​ 16,208 ​ ​ ​ Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 207,600 ​ ​ 1,789 ​ ​ — Total derivative instruments 17 ​ $ 1,157,600 ​ $ 38,686 ​ $ — 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 For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2023 2022 2023 2022 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 14,146 ​ $ 787 ​ $ 10,146 ​ $ 10,862 ​ Amount reclassified from AOCI (out of) into interest expense ​ (4,038) ​ 1,032 ​ (7,094) ​ 2,951 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 37,882 ​ 33,774 ​ 75,427 ​ 58,184 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (1,101) ​ $ 982 ​ $ (2,325) ​ $ 2,532 ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 1,293 ​ ​ — ​ ​ 2,414 ​ ​ — ​ (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	6 Months Ended
	Jun. 30, 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 AREIT Operating Partnership LP (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 June 30, 2023 and December 31, 2022, our DST Program Loans had a combined carrying value of $103.3 million and $81.9 million, respectively, a weighted-average interest rate of 4.86% and 4.47%, respectively, and a weighted-average maturity of 9.1 years and 9.2 years, respectively. 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. Credit loss reserves associated with our DST Program Loans were immaterial as of and for the periods ended June 30, 2023 and 2022. The following table presents our DST Program activity for the three and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 91,712 ​ $ 161,861 ​ 193,507 ​ $ 442,663 DST Interests financed by DST Program Loans ​ ​ 13,300 ​ ​ 13,205 ​ 27,315 ​ ​ 28,032 Income earned from DST Program Loans (1) ​ ​ 1,249 ​ ​ 833 ​ 2,266 ​ ​ 1,501 Financing obligation liability appreciation (2) ​ ​ 1,922 ​ ​ 8,525 ​ 4,784 ​ ​ 12,531 Rent obligation incurred under master lease agreements (2) ​ ​ 14,351 ​ ​ 11,603 ​ 27,934 ​ ​ 20,857 (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. The Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. We record DST Interests as financing obligation liabilities for accounting purposes. If we exercise our option to reacquire a DST property by issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the issuance of the OP units as an issuance of equity. During the six months ended June 30, 2023 and 2022, 9.8 million partnership units (“OP Units”) in the “Operating Partnership and 4.8 million OP Units, respectively, were issued in exchange for DST Interests, for a net investment of $84.7 million and $39.4 million, respectively, in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 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 June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 38,686 ​ $ — ​ $ 38,686 Available-for-sale debt securities ​ ​ — ​ ​ 14,960 ​ ​ 70,238 ​ ​ 85,198 Total assets measured at fair value ​ $ — ​ $ 53,646 ​ $ 70,238 ​ $ 123,884 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. In such cases, we will generally determine the initial value based on the acquisition price of such investment if we acquire the investment or the par value of such investment if we originate the investment. Following the initial measurement, we will determine fair value by utilizing or reviewing certain inputs that are generally considered Level 3. As of June 30, 2023, we had one preferred equity investment without a readily available market quotation. The investment was originated in May 2023, and as such, the fair value of the security was determined to equal cost as of June 30, 2023. Nonrecurring Fair Value Measurements As of June 30, 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 June 30, 2023 ​ As of December 31, 2022 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 278,415 ​ $ 272,458 ​ $ 263,122 ​ $ 260,841 DST Program Loans ​ 103,314 ​ 99,310 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 352,000 ​ $ 352,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 517,475 ​ 477,969 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023, we raised gross proceeds of approximately $83.8 million from the sale of approximately 9.5 million shares of our common stock in our ongoing public offerings, including proceeds from our distribution reinvestment plan of approximately $16.0 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 JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2022 19,007 40,489 7,662 59,433 55,451 182,042 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,634 5,663 ​ 388 ​ 5,165 ​ — 13,850 Distribution reinvestment plan 100 200 ​ 38 ​ 305 ​ 186 829 Redemptions of common stock ​ (30) (189) ​ (141) ​ (201) ​ (1,059) ​ (1,620) Conversions (39) — ​ — ​ 39 ​ — — Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 FOR THE THREE MONTHS ENDED JUNE 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2023 28,173 49,899 7,439 69,387 52,550 207,448 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,182 997 31 987 — 3,197 Distribution reinvestment plan 139 232 37 339 178 925 Redemptions of common stock ​ (735) ​ (1,378) ​ (189) ​ (2,717) ​ (1,681) ​ (6,700) Conversions (18) — (91) 109 — — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 FOR THE SIX MONTHS ENDED JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 5,189 10,324 1,493 10,183 — 27,189 Distribution reinvestment plan 192 393 75 607 ​ 388 1,655 Redemptions of common stock (33) ​ (311) ​ (370) ​ (556) ​ (2,138) (3,408) Conversions ​ (101) ​ — ​ — ​ 101 ​ — ​ — Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 FOR THE SIX MONTHS ENDED JUNE 30, 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 2,507 1,969 76 3,104 — 7,656 Distribution reinvestment plan 273 459 77 670 353 1,832 Redemptions of common stock (804) (1,939) (429) (5,274) (2,280) (10,726) Conversions ​ (119) ​ 24 ​ (368) ​ 463 ​ — ​ — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 ​ 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 June 30 ​ 0.09375 ​ 9,896 ​ 5,510 ​ 7,974 ​ 1,463 ​ 24,843 Total ​ $ 0.18750 ​ $ 19,808 ​ $ 10,781 ​ $ 15,983 ​ $ 2,924 ​ $ 49,496 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 six months ended June 30, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. 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 Six Months Ended June 30, ​ ​ (in thousands, except for per share data) 2023 2022 ​ ​ Number of shares redeemed or repurchased ​ 10,726 ​ 3,408 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 93,319 ​ $ 28,500 ​ ​ Average redemption or repurchase price per share ​ $ 8.70 ​ $ 8.37 ​ ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 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 Black Creek Diversified Property Advisors Group LLC (the “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. 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 June 30, 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 six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ($ 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 ​ ​ (384) ​ ​ (351) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ — ​ ​ (7,724) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (244) ​ ​ 186 ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 23 ​ ​ 136 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (243) ​ ​ 1,596 ​ Ending balance ​ $ 17,282 ​ $ 18,164 ​ (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	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, (in thousands) 2023 2022 Balance at beginning of period ​ 55,079 ​ 27,180 Issuance of units ​ 9,845 4,825 Redemption of units ​ (1,831) ​ (407) Balance at end of period ​ ​ 63,093 ​ ​ 31,598 ​ 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 June 30, 2023 and 2022, the aggregate amount of OP Units redeemed was $5.1 million and $1.1 million, respectively. During the six months ended June 30, 2023 and 2022, the aggregate amount of OP Units redeemed was $16.0 million and $3.4 million, respectively. The estimated maximum redemption value (unaudited) as of June 30, 2023 and December 31, 2022 was $533.2 million and $488.3 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 June 30, ​ For the Six Months Ended June 30, ​ Payable as of ​ (in thousands) 2023 2022 2023 2022 June 30, 2023 December 31, 2022 ​ Selling commissions and dealer manager fees (1) ​ $ 448 ​ $ 1,238 ​ $ 960 ​ $ 2,280 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,190 ​ ​ 1,576 ​ ​ 4,344 ​ ​ 2,874 ​ ​ 759 ​ ​ 748 ​ Advisory fees—fixed component ​ ​ 9,623 ​ ​ 8,227 ​ ​ 19,161 ​ ​ 15,370 ​ ​ 2,890 ​ ​ 2,868 ​ Performance participation allocation (3) ​ — ​ 6,186 ​ — ​ 18,379 ​ — ​ 23,747 ​ Other expense reimbursements—Advisor (4)(5) ​ 3,749 ​ 3,206 ​ 6,855 ​ 5,346 ​ 4,158 ​ 4,192 ​ Other expense reimbursements—Dealer Manager ​ 160 ​ 143 ​ 160 ​ 170 ​ 82 ​ 109 ​ Property accounting fee (6) ​ ​ 481 ​ ​ 303 ​ ​ 970 ​ ​ 303 ​ ​ 481 ​ ​ 478 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 2,072 ​ 5,660 ​ 4,743 ​ 13,184 ​ 254 ​ 241 ​ Other DST Program related costs—Advisor (5) ​ 1,627 ​ 3,490 ​ 3,558 ​ 8,441 ​ 162 ​ 146 ​ Total ​ $ 20,350 ​ $ 30,029 ​ $ 40,751 ​ $ 66,347 ​ $ 8,786 ​ $ 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 $63.3 million and $60.9 million as of June 30, 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 June 30, 2023, and 2022 were approximately $3.5 million and $2.9 million, respectively. Amounts incurred related to these compensation expenses for the six months ended June 30, 2023, and 2022 were approximately $6.3 million and $5.4 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. 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 as of May 1, 2022 (the “2022 Advisory Agreement”). The term of the 2022 Advisory Agreement continued through April 30, 2023, subject to an unlimited number of successive one-year renewals. Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor renewed the 2022 Advisory Agreement on substantially the same terms through April 30, 2024, by entering into the Amended and Restated Advisory Agreement (2023) (the “2023 Advisory Agreement”), effective as of April 30, 2023. On June 3, 2023, Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor amended and restated the 2023 Advisory Agreement by entering into the Second Amended and Restated Advisory Agreement (2023) (the “Amended Advisory Agreement”). The Amended Advisory Agreement amends the 2023 Advisory Agreement to provide that if the Company engages affiliates of the Advisor (“Product Specialists”) to provide certain specialist services to the Company, the Operating Partnership or any of their subsidiaries pursuant to a separate agreement approved by the Company’s independent directors, the fees and expense reimbursements paid to the Product Specialist will not be subject to the provisions of the Advisory Agreement or affect the compensation and expense reimbursements paid to the Advisor and its affiliates for services provided pursuant to the Advisory Agreement. Other immaterial changes were also made in the Amended Advisory Agreement. Limited Partnership Agreement On June 3, 2023, Ares Real Estate Income Trust Inc. and AREIT Incentive Fee LP, an affiliate of our Advisor, replaced the then-current limited partnership agreement of the Operating Partnership by entering into a Twelfth Amended and Restated Limited Partnership Agreement (the “Amended OP Agreement”). The Amended OP Agreement authorizes Ares Real Estate Income Trust Inc., as general partner, to cause the Operating Partnership to issue profits interests in the Operating Partnership in multiple series via award letters with the rights and obligations of such profits interests set forth in such award letters or an exhibit thereto. Other immaterial changes were also made in the Amended OP Agreement. Student Housing Investment Arrangement The changes in the Amended Advisory Agreement and Amended OP Agreement were made in contemplation of a Project Specialist arrangement in student housing investments. Under this arrangement, affiliates of Timberline Real Estate Ventures (“Timberline”), a fully integrated, operationally focused privately held real estate operator and investment manager specializing in the development, acquisition and operation of student housing, multifamily, and mixed-use retail/residential communities, will enter into a joint venture with affiliates of the Advisor to create a Product Specialist (collectively, with its affiliated entities, the “Student Housing Product Specialist”). The Company will, through the Operating Partnership and their subsidiaries, enter into the agreements described in further detail below with the Student Housing Product Specialist in connection with student housing investments. More specifically, for each student housing investment by the Company made through the Student Housing Product Specialist, the Student Housing Product Specialist will be retained under a management services agreement, engaged as property manager under a property management agreement and receive a profits interest through the Operating Partnership in such investment. The Advisor or its affiliates will have an economic interest in these agreements except the profits interests, with respect to which the Advisor and its affiliates will have no economic interest. Each such student housing investment will be made through a subsidiary of the Company (each, an “AREIT TREV Vehicle”) that will be 100% owned, managed and controlled by the Company as the managing member of the operating company. The Company will have the sole authority to make and approve all decisions and take all actions with respect to and on behalf of each AREIT TREV Vehicle, subject to certain limited fundamental decisions which will require the consent of both the Company and the Student Housing Product Specialist. The Student Housing Product Specialist will be the non-economic administrative member of each AREIT TREV Vehicle, required to participate in and oversee the day-to-day business, affairs, management, operation and administration of the AREIT TREV Vehicle and be responsible for implementing the business plan and budget approved by the Company and otherwise implementing the Company’s decisions. If there is any material default or breach by the Student Housing Product Specialist of its obligations under the ARES TREV Vehicle’s operating agreement or the management services agreement (described below) that remains uncured (beyond any applicable notice and cure periods), the Company will have the right to remove the Student Housing Product Specialist as the administrative member and terminate the management services agreement, the property management agreement and the profits interest. Pursuant to a management services agreement, in consideration for the sourcing of student housing investments by the Student Housing Product Specialist, the Student Housing Product Specialist will be paid a reasonable market rate acquisition fee by the AREIT TREV Vehicle. In addition, in consideration of supervision of property management by the Student Housing Product Specialist, as well as management of the Company investment and certain accounting and tax reporting duties, the Student Housing Product Specialist will be paid a property management oversight fee by the AREIT TREV Vehicle based on reasonable market rates for such duties. To the extent that renovation work with respect to a Company investment is approved by the Company, the Student Housing Project Specialist will be paid a reasonable market rate construction management fee. If the Student Housing Product Specialist is removed as the administrative member of the applicable AREIT TREV Vehicle, or if there is an uncured breach under the management services agreement, the Company may terminate the management services agreement without penalty. Additionally, the management services agreement will terminate automatically on its terms (without penalty) upon the sale of the applicable property. At the closing of each of our student housing investments, the AREIT TREV Vehicle will enter into a property management agreement with the Student Housing Project Specialist pursuant to which it will perform property management services in exchange for a property management fee consistent with the local market where our applicable investment is located as well as its size, scope and rental rates and otherwise consistent with an agreed fee schedule; provided that such fees will be payable on a percentage of revenue basis, considering local market rates, total number of beds and overall gross potential rent, subject to reasonable market rate minimum per investment. If (a) the Student Housing Project Specialist is removed as the administrative member of the applicable AREIT TREV Vehicle or (b) there is a bad act (e.g., gross negligence, willful misconduct) or an uncured breach by the Student Housing Project Specialist under the property management agreement, the Company may terminate the agreement without penalty. The Company may also terminate the property management agreement for convenience upon 30 days prior written notice to the Student Housing Project Specialist or if certain operating performance metrics of the property are not met, and the property management agreement automatically terminates on its terms upon the sale of the applicable property; however, if any of the foregoing terminations occurs prior to the one year anniversary of the effective date, property management fees through the first year anniversary will be due to the Student Housing Project Specialist. With respect to each student housing investment made under this arrangement, an affiliate of the Student Housing Project Specialist will receive a profits interest through the Operating Partnership, with respect to which the Advisor and its affiliates will have no economic interest. As of and for the periods ended June 30, 2023, there have been no student housing investments made through this arrangement nor have any fees been incurred with the Student Housing Product Specialist. 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 June 30, 2023, therefore no performance participation allocation expense was recognized in our condensed consolidated statements of operations for the six months ended June 30, 2023. As the performance hurdle was achieved as of June 30, 2022, we recognized approximately $6.2 million for the three months ended June 30, 2022 and $18.4 million for the six months ended June 30, 2022, respectively, of performance participation allocation expense in our condensed consolidated statements of operations. ​

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	6 Months Ended
	Jun. 30, 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 June 30, ​ For the Six Months Ended June 30, ​ (in thousands, except per share data) 2023 2022 2023 2022 ​ Net (loss) income attributable to common stockholders—basic ​ $ (22,750) ​ $ (5,588) ​ $ (24,754) ​ $ 15,423 ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (226) ​ ​ (60) ​ ​ (244) ​ ​ 186 ​ Net (loss) income attributable to noncontrolling interests ​ (6,278) ​ (919) ​ (6,827) ​ 2,618 ​ Net (loss) income attributable to common stockholders—diluted ​ $ (29,254) ​ $ (6,567) ​ $ (31,825) ​ $ 18,227 ​ Weighted-average shares outstanding—basic ​ 206,214 ​ 191,158 ​ 206,493 ​ 184,878 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 58,749 ​ 33,699 ​ 57,482 ​ 32,928 ​ Weighted-average shares outstanding—diluted ​ 264,963 ​ 224,857 ​ 263,975 ​ 217,806 ​ Net (loss) income per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.11) ​ $ (0.03) ​ $ (0.12) ​ $ 0.08 ​ Diluted ​ $ (0.11) ​ $ (0.03) ​ $ (0.12) ​ $ 0.08 ​ ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, (in thousands) ​ 2023 ​ 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 15,979 ​ $ 13,922 Increase in accrued future ongoing distribution fees ​ ​ 2,342 ​ ​ 11,908 Increase in DST Program Loans receivable through DST Program capital raising ​ 27,315 ​ 28,032 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ 84,725 ​ 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 Six Months Ended June 30, ​ (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 ​ $ 12,905 ​ $ 19,529 ​ Restricted cash ​ 4,265 ​ 4,909 ​ Cash, cash equivalents and restricted cash ​ $ 17,170 ​ $ 24,438 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 June 30, 2023.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT FINANCIAL INFORMATION	15. SEGMENT FINANCIAL INFORMATION Our five reportable segments are office properties, retail properties, residential properties, industrial properties, and investments in real estate debt and securities. We have determined that investments in real estate debt and securities is a reportable segment, and we expect that the segment will continue to be of significance. As such, we have broken out investments in real estate debt and securities as a reportable segment in the tables below for all current and prior periods presented. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and/or investments 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, investments in real estate debt and securities, restricted cash, tenant receivables, straight-line rent receivables and other assets directly assignable to a property or investment are allocated to the segment groupings. Corporate items that are not directly assignable to a property, such as investments in unconsolidated joint venture partnerships 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 June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) June 30, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 379,863 ​ $ 377,546 Retail properties ​ 514,625 ​ 537,147 Residential properties ​ 1,479,797 ​ 1,495,532 Industrial properties ​ 1,273,746 ​ 1,248,255 Investments in real estate debt and securities ​ ​ 353,879 ​ ​ 275,335 Corporate ​ 282,581 ​ 240,909 Total assets ​ $ 4,284,491 ​ $ 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 and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2023 2022 2023 2022 ​ Net (loss) income attributable to common stockholders ​ $ (22,750) ​ $ (5,588) ​ $ (24,754) ​ $ 15,423 ​ Real estate-related depreciation and amortization ​ 33,858 ​ 36,903 ​ 67,055 ​ 64,354 ​ General and administrative expenses ​ 2,973 ​ 2,594 ​ 6,017 ​ 4,631 ​ Advisory fees ​ 9,623 ​ 8,227 ​ 19,161 ​ 15,370 ​ Performance participation allocation ​ — ​ 6,186 ​ — ​ 18,379 ​ Acquisition costs and reimbursements ​ 1,849 ​ 1,093 ​ 3,018 ​ 2,722 ​ Impairment loss on debt-related investment held for sale ​ 1,260 ​ — ​ 3,780 ​ — ​ Equity in loss (income) from unconsolidated joint venture partnerships ​ ​ 203 ​ ​ (1,718) ​ ​ 2,649 ​ ​ (708) ​ Interest expense ​ 37,882 ​ 33,774 ​ 75,427 ​ 58,184 ​ Gain on sale of real estate property ​ — ​ (29,643) ​ (36,884) ​ (83,524) ​ Loss on extinguishment of debt and financing commitments, net ​ — ​ — ​ 700 ​ — ​ Gain on derivative instruments ​ ​ (192) ​ ​ (982) ​ ​ (89) ​ ​ (2,532) ​ Provision for current expected credit losses ​ ​ (1,632) ​ ​ — ​ ​ 3,998 ​ ​ — ​ Other income ​ ​ (1,016) ​ ​ (423) ​ ​ (2,032) ​ ​ (1,000) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (226) ​ ​ (60) ​ ​ (244) ​ ​ 186 ​ Net (loss) income attributable to noncontrolling interests ​ (6,278) ​ (919) ​ (6,827) ​ 2,618 ​ Net operating income ​ $ 55,554 ​ $ 49,444 ​ $ 110,975 ​ $ 94,103 ​ ​ The following table sets forth consolidated financial results by segment for the three and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and ​ (in thousands) Office Retail Residential Industrial Securities Consolidated For the Three Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,001 ​ $ 14,288 ​ $ 28,823 ​ $ 21,092 ​ $ — ​ $ 77,204 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,189 ​ ​ 7,189 Rental expenses ​ (6,442) ​ (3,775) ​ (14,070) ​ (4,552) ​ — ​ (28,839) Net operating income ​ $ 6,559 ​ $ 10,513 ​ $ 14,753 ​ $ 16,540 ​ $ 7,189 ​ $ 55,554 Real estate-related depreciation and amortization ​ $ 4,203 ​ $ 4,043 ​ $ 9,950 ​ $ 15,662 ​ $ — ​ $ 33,858 For the Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,148 ​ $ 16,509 ​ $ 25,824 ​ $ 18,013 ​ $ — ​ $ 73,494 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 846 ​ ​ 846 Rental expenses ​ ​ (5,772) ​ (3,776) ​ (11,059) ​ (4,289) ​ — ​ ​ (24,896) Net operating income ​ $ 7,376 ​ $ 12,733 ​ $ 14,765 ​ $ 13,724 ​ $ 846 ​ $ 49,444 Real estate-related depreciation and amortization ​ $ 4,243 ​ $ 4,474 ​ $ 16,038 ​ $ 12,148 ​ $ — ​ $ 36,903 For the Six Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 26,350 ​ $ 28,806 ​ $ 57,671 ​ $ 42,337 ​ $ — ​ $ 155,164 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,950 ​ ​ 12,950 Rental expenses ​ ​ (13,072) ​ ​ (7,359) ​ ​ (27,260) ​ ​ (9,448) ​ ​ — ​ ​ (57,139) Net operating income ​ $ 13,278 ​ $ 21,447 ​ $ 30,411 ​ $ 32,889 ​ $ 12,950 ​ $ 110,975 Real estate-related depreciation and amortization ​ $ 8,166 ​ $ 8,078 ​ $ 19,439 ​ $ 31,372 ​ $ — ​ $ 67,055 For the Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 26,780 ​ $ 33,576 ​ $ 42,178 ​ $ 33,465 ​ $ — ​ $ 135,999 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,314 ​ ​ 4,314 Rental expenses ​ (11,963) ​ (8,405) ​ (18,004) ​ (7,838) ​ — ​ (46,210) Net operating income ​ $ 14,817 ​ $ 25,171 ​ $ 24,174 ​ $ 25,627 ​ $ 4,314 ​ $ 94,103 Real estate-related depreciation and amortization ​ $ 8,240 ​ $ 9,128 ​ $ 24,392 ​ $ 22,594 ​ $ — ​ $ 64,354 ​ 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.

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 Land ​ $ 693,097 ​ $ 694,998 Buildings and improvements ​ 3,203,625 ​ 3,152,553 Intangible lease assets ​ 316,588 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,226,947 ​ 4,178,329 Accumulated depreciation and amortization ​ (631,330) ​ (572,751) Net investment in real estate properties ​ $ 3,595,617 ​ $ 3,605,578
Schedule of Asset Acquisitions	During the six months ended June 30, 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 Moreno Valley Distribution Center ​ Industrial ​ 5/2/2023 ​ ​ 33,421 Total 2023 acquisitions ​ $ 50,932 (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 six months ended June 30, 2023, we allocated the purchase price of our acquisitions to land, building and improvements and intangible lease assets as follows: ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ($ in thousands) June 30, 2023 Land ​ $ 6,121 Building and improvements ​ 41,547 Intangible lease assets ​ 3,052 Above-market lease assets ​ 212 Total purchase price (1) ​ $ 50,932 (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.
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of June 30, 2023 and December 31, 2022 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 293,443 ​ $ (223,894) ​ $ 69,549 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 23,145 ​ (20,106) ​ 3,039 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,331) ​ 34,222 ​ (39,109) ​ (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 June 30, ​ For the Six Months Ended June 30, ​ (in thousands) 2023 2022 2023 2022 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 674 ​ $ 1,240 ​ $ 1,742 ​ $ 1,966 ​ Above-market lease amortization ​ (213) ​ (185) ​ (399) ​ (354) ​ Below-market lease amortization ​ 1,124 ​ 1,210 ​ 2,138 ​ 2,406 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 27,081 ​ $ 25,349 ​ $ 53,498 ​ $ 45,547 ​ Intangible lease asset amortization ​ 6,777 ​ 11,554 ​ 13,557 ​ 18,807 ​

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investment And Joint Venture [Abstract]
Equity Method Investments	The following table summarizes our investments in unconsolidated joint venture partnerships as of June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 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 June 30, 2023 As of December 31, 2022 Vue 1400 JV ​ Residential ​ 85% ​ 1 ​ 85% ​ 1 ​ $ 25,179 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50% ​ 15 ​ 50% ​ 15 ​ ​ 16,255 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50% ​ 117 ​ 50% ​ 117 ​ ​ 65,296 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50% ​ 28 ​ 50% ​ 23 ​ ​ 17,345 ​ ​ 12,232 Total investments in unconsolidated joint venture partnerships ​ 161 ​ ​ 156 ​ $ 124,075 ​ $ 120,372

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2023
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
Summary of Debt Related Investments	The following table summarizes our debt-related investments as of June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 161,922 ​ $ 169,915 ​ ​ 9.5 % ​ 1.7 Mezzanine loans ​ ​ 106,759 ​ ​ 108,500 ​ ​ 11.2 ​ ​ 1.4 Total debt-related investments (2) ​ $ 268,681 ​ $ 278,415 ​ ​ 10.3 % ​ 1.5 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 June 30, 2023 and December 31, 2022, carrying amounts include $37.8 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 June 30, 2023 and December 31, 2022. During the three months ended June 30, 2023, we recorded an impairment loss of $1.3 million, and during the six months ended June 30, 2023, we recorded an impairment loss of $3.8 million related to this senior loan. The impairment loss is included in impairment loss on debt-related investment held for sale on the condensed consolidated statements of operations. This senior loan is held-for-sale and therefore the carrying amount has been reduced to its fair value as of both June 30, 2023 and December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations.
Summary of Available-for-Sale Debt Securities	The following table summarizes our investments in available-for-sale debt securities as of June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Discount ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ and Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,979 ​ $ 14,881 ​ $ 98 ​ $ 79 ​ $ 14,960 Preferred equity ​ ​ 71,236 ​ ​ 70,238 ​ ​ 998 ​ ​ — ​ ​ 70,238 Total debt securities ​ $ 86,215 ​ $ 85,119 ​ $ 1,096 ​ $ 79 ​ $ 85,198 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896 Total debt securities ​ $ 14,979 ​ $ 14,870 ​ $ 109 ​ $ 26 ​ $ 14,896 (1) Includes unamortized purchase discount and unamortized loan origination fees received on debt securities. (2) Represents cumulative unrealized gain beginning from acquisition date.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 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 ​ ​ June 30, ​ December 31, ​ ​ ​ June 30, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 5.17 % 5.72 % November 2025 ​ $ 352,000 ​ $ 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 ​ 309,875 380,316 Floating-rate mortgage notes (4) 4.59 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.11 % 4.31 % ​ $ 1,669,475 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (12,751) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 7,887 8,408 Total debt, net ​ $ 1,664,611 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 895,040 ​ $ 970,310 (1) The effective interest rate is calculated based on the Term Secured Overnight Financing Rate (”Term SOFR”) 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 June 30, 2023, the unused and available portions under the line of credit were approximately $548.0 million and $547.9 million, respectively. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements relating to $150.0 million in borrowings under this line of credit. 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 either the London Interbank Offered Rate (“LIBOR”) or Adjusted Term SOFR plus a margin. As of both June 30, 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 4.61% and 4.55% , respectively, as of June 30, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.4 years as of June 30, 2023, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of June 30, 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 (2) Total Remainder of 2023 ​ ​ — ​ ​ — ​ ​ 996 ​ ​ 996 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 352,000 ​ — ​ 2,360 ​ 354,360 2026 ​ — ​ 400,000 ​ 84,214 ​ 484,214 2027 ​ — ​ 400,000 ​ 175,787 ​ 575,787 Thereafter ​ — ​ — ​ 124,853 ​ 124,853 Total principal payments ​ $ 352,000 ​ $ 800,000 ​ $ 517,475 ​ $ 1,669,475 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. (2) A $127.0 million mortgage note matures in October 2024 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. A $115.0 million mortgage note matures in January 2027 and may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount ​ Other Assets Other Liabilities As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 20,689 ​ $ — Interest rate caps designated as cash flow hedges ​ 3 ​ ​ 300,000 ​ ​ 16,208 ​ ​ ​ Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 207,600 ​ ​ 1,789 ​ ​ — Total derivative instruments 17 ​ $ 1,157,600 ​ $ 38,686 ​ $ — 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 For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2023 2022 2023 2022 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 14,146 ​ $ 787 ​ $ 10,146 ​ $ 10,862 ​ Amount reclassified from AOCI (out of) into interest expense ​ (4,038) ​ 1,032 ​ (7,094) ​ 2,951 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 37,882 ​ 33,774 ​ 75,427 ​ 58,184 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (1,101) ​ $ 982 ​ $ (2,325) ​ $ 2,532 ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 1,293 ​ ​ — ​ ​ 2,414 ​ ​ — ​ (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)	6 Months Ended
	Jun. 30, 2023
Delaware Statutory Trust Program [Abstract]
Schedule of DST Program activity	The following table presents our DST Program activity for the three and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 91,712 ​ $ 161,861 ​ 193,507 ​ $ 442,663 DST Interests financed by DST Program Loans ​ ​ 13,300 ​ ​ 13,205 ​ 27,315 ​ ​ 28,032 Income earned from DST Program Loans (1) ​ ​ 1,249 ​ ​ 833 ​ 2,266 ​ ​ 1,501 Financing obligation liability appreciation (2) ​ ​ 1,922 ​ ​ 8,525 ​ 4,784 ​ ​ 12,531 Rent obligation incurred under master lease agreements (2) ​ ​ 14,351 ​ ​ 11,603 ​ 27,934 ​ ​ 20,857 (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)	6 Months Ended
	Jun. 30, 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 June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 38,686 ​ $ — ​ $ 38,686 Available-for-sale debt securities ​ ​ — ​ ​ 14,960 ​ ​ 70,238 ​ ​ 85,198 Total assets measured at fair value ​ $ — ​ $ 53,646 ​ $ 70,238 ​ $ 123,884 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ As of December 31, 2022 ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 278,415 ​ $ 272,458 ​ $ 263,122 ​ $ 260,841 DST Program Loans ​ 103,314 ​ 99,310 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ Line of credit ​ $ 352,000 ​ $ 352,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 517,475 ​ 477,969 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2022 19,007 40,489 7,662 59,433 55,451 182,042 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,634 5,663 ​ 388 ​ 5,165 ​ — 13,850 Distribution reinvestment plan 100 200 ​ 38 ​ 305 ​ 186 829 Redemptions of common stock ​ (30) (189) ​ (141) ​ (201) ​ (1,059) ​ (1,620) Conversions (39) — ​ — ​ 39 ​ — — Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 FOR THE THREE MONTHS ENDED JUNE 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2023 28,173 49,899 7,439 69,387 52,550 207,448 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,182 997 31 987 — 3,197 Distribution reinvestment plan 139 232 37 339 178 925 Redemptions of common stock ​ (735) ​ (1,378) ​ (189) ​ (2,717) ​ (1,681) ​ (6,700) Conversions (18) — (91) 109 — — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 FOR THE SIX MONTHS ENDED JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 5,189 10,324 1,493 10,183 — 27,189 Distribution reinvestment plan 192 393 75 607 ​ 388 1,655 Redemptions of common stock (33) ​ (311) ​ (370) ​ (556) ​ (2,138) (3,408) Conversions ​ (101) ​ — ​ — ​ 101 ​ — ​ — Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 FOR THE SIX MONTHS ENDED JUNE 30, 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 2,507 1,969 76 3,104 — 7,656 Distribution reinvestment plan 273 459 77 670 353 1,832 Redemptions of common stock (804) (1,939) (429) (5,274) (2,280) (10,726) Conversions ​ (119) ​ 24 ​ (368) ​ 463 ​ — ​ — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870
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 June 30 ​ 0.09375 ​ 9,896 ​ 5,510 ​ 7,974 ​ 1,463 ​ 24,843 Total ​ $ 0.18750 ​ $ 19,808 ​ $ 10,781 ​ $ 15,983 ​ $ 2,924 ​ $ 49,496 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 six months ended June 30, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. 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 Six Months Ended June 30, ​ ​ (in thousands, except for per share data) 2023 2022 ​ ​ Number of shares redeemed or repurchased ​ 10,726 ​ 3,408 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 93,319 ​ $ 28,500 ​ ​ Average redemption or repurchase price per share ​ $ 8.70 ​ $ 8.37 ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2023
Redeemable Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ($ 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 ​ ​ (384) ​ ​ (351) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ — ​ ​ (7,724) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (244) ​ ​ 186 ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 23 ​ ​ 136 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (243) ​ ​ 1,596 ​ Ending balance ​ $ 17,282 ​ $ 18,164 ​ (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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, (in thousands) 2023 2022 Balance at beginning of period ​ 55,079 ​ 27,180 Issuance of units ​ 9,845 4,825 Redemption of units ​ (1,831) ​ (407) Balance at end of period ​ ​ 63,093 ​ ​ 31,598

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, ​ For the Six Months Ended June 30, ​ Payable as of ​ (in thousands) 2023 2022 2023 2022 June 30, 2023 December 31, 2022 ​ Selling commissions and dealer manager fees (1) ​ $ 448 ​ $ 1,238 ​ $ 960 ​ $ 2,280 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,190 ​ ​ 1,576 ​ ​ 4,344 ​ ​ 2,874 ​ ​ 759 ​ ​ 748 ​ Advisory fees—fixed component ​ ​ 9,623 ​ ​ 8,227 ​ ​ 19,161 ​ ​ 15,370 ​ ​ 2,890 ​ ​ 2,868 ​ Performance participation allocation (3) ​ — ​ 6,186 ​ — ​ 18,379 ​ — ​ 23,747 ​ Other expense reimbursements—Advisor (4)(5) ​ 3,749 ​ 3,206 ​ 6,855 ​ 5,346 ​ 4,158 ​ 4,192 ​ Other expense reimbursements—Dealer Manager ​ 160 ​ 143 ​ 160 ​ 170 ​ 82 ​ 109 ​ Property accounting fee (6) ​ ​ 481 ​ ​ 303 ​ ​ 970 ​ ​ 303 ​ ​ 481 ​ ​ 478 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 2,072 ​ 5,660 ​ 4,743 ​ 13,184 ​ 254 ​ 241 ​ Other DST Program related costs—Advisor (5) ​ 1,627 ​ 3,490 ​ 3,558 ​ 8,441 ​ 162 ​ 146 ​ Total ​ $ 20,350 ​ $ 30,029 ​ $ 40,751 ​ $ 66,347 ​ $ 8,786 ​ $ 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 $63.3 million and $60.9 million as of June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, ​ For the Six Months Ended June 30, ​ (in thousands, except per share data) 2023 2022 2023 2022 ​ Net (loss) income attributable to common stockholders—basic ​ $ (22,750) ​ $ (5,588) ​ $ (24,754) ​ $ 15,423 ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (226) ​ ​ (60) ​ ​ (244) ​ ​ 186 ​ Net (loss) income attributable to noncontrolling interests ​ (6,278) ​ (919) ​ (6,827) ​ 2,618 ​ Net (loss) income attributable to common stockholders—diluted ​ $ (29,254) ​ $ (6,567) ​ $ (31,825) ​ $ 18,227 ​ Weighted-average shares outstanding—basic ​ 206,214 ​ 191,158 ​ 206,493 ​ 184,878 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 58,749 ​ 33,699 ​ 57,482 ​ 32,928 ​ Weighted-average shares outstanding—diluted ​ 264,963 ​ 224,857 ​ 263,975 ​ 217,806 ​ Net (loss) income per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.11) ​ $ (0.03) ​ $ (0.12) ​ $ 0.08 ​ Diluted ​ $ (0.11) ​ $ (0.03) ​ $ (0.12) ​ $ 0.08 ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, (in thousands) ​ 2023 ​ 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 15,979 ​ $ 13,922 Increase in accrued future ongoing distribution fees ​ ​ 2,342 ​ ​ 11,908 Increase in DST Program Loans receivable through DST Program capital raising ​ 27,315 ​ 28,032 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ 84,725 ​ 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 Six Months Ended June 30, ​ (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 ​ $ 12,905 ​ $ 19,529 ​ Restricted cash ​ 4,265 ​ 4,909 ​ Cash, cash equivalents and restricted cash ​ $ 17,170 ​ $ 24,438 ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by business segment as of June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) June 30, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 379,863 ​ $ 377,546 Retail properties ​ 514,625 ​ 537,147 Residential properties ​ 1,479,797 ​ 1,495,532 Industrial properties ​ 1,273,746 ​ 1,248,255 Investments in real estate debt and securities ​ ​ 353,879 ​ ​ 275,335 Corporate ​ 282,581 ​ 240,909 Total assets ​ $ 4,284,491 ​ $ 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 and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2023 2022 2023 2022 ​ Net (loss) income attributable to common stockholders ​ $ (22,750) ​ $ (5,588) ​ $ (24,754) ​ $ 15,423 ​ Real estate-related depreciation and amortization ​ 33,858 ​ 36,903 ​ 67,055 ​ 64,354 ​ General and administrative expenses ​ 2,973 ​ 2,594 ​ 6,017 ​ 4,631 ​ Advisory fees ​ 9,623 ​ 8,227 ​ 19,161 ​ 15,370 ​ Performance participation allocation ​ — ​ 6,186 ​ — ​ 18,379 ​ Acquisition costs and reimbursements ​ 1,849 ​ 1,093 ​ 3,018 ​ 2,722 ​ Impairment loss on debt-related investment held for sale ​ 1,260 ​ — ​ 3,780 ​ — ​ Equity in loss (income) from unconsolidated joint venture partnerships ​ ​ 203 ​ ​ (1,718) ​ ​ 2,649 ​ ​ (708) ​ Interest expense ​ 37,882 ​ 33,774 ​ 75,427 ​ 58,184 ​ Gain on sale of real estate property ​ — ​ (29,643) ​ (36,884) ​ (83,524) ​ Loss on extinguishment of debt and financing commitments, net ​ — ​ — ​ 700 ​ — ​ Gain on derivative instruments ​ ​ (192) ​ ​ (982) ​ ​ (89) ​ ​ (2,532) ​ Provision for current expected credit losses ​ ​ (1,632) ​ ​ — ​ ​ 3,998 ​ ​ — ​ Other income ​ ​ (1,016) ​ ​ (423) ​ ​ (2,032) ​ ​ (1,000) ​ Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (226) ​ ​ (60) ​ ​ (244) ​ ​ 186 ​ Net (loss) income attributable to noncontrolling interests ​ (6,278) ​ (919) ​ (6,827) ​ 2,618 ​ Net operating income ​ $ 55,554 ​ $ 49,444 ​ $ 110,975 ​ $ 94,103 ​
Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the three and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and ​ (in thousands) Office Retail Residential Industrial Securities Consolidated For the Three Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,001 ​ $ 14,288 ​ $ 28,823 ​ $ 21,092 ​ $ — ​ $ 77,204 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,189 ​ ​ 7,189 Rental expenses ​ (6,442) ​ (3,775) ​ (14,070) ​ (4,552) ​ — ​ (28,839) Net operating income ​ $ 6,559 ​ $ 10,513 ​ $ 14,753 ​ $ 16,540 ​ $ 7,189 ​ $ 55,554 Real estate-related depreciation and amortization ​ $ 4,203 ​ $ 4,043 ​ $ 9,950 ​ $ 15,662 ​ $ — ​ $ 33,858 For the Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,148 ​ $ 16,509 ​ $ 25,824 ​ $ 18,013 ​ $ — ​ $ 73,494 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 846 ​ ​ 846 Rental expenses ​ ​ (5,772) ​ (3,776) ​ (11,059) ​ (4,289) ​ — ​ ​ (24,896) Net operating income ​ $ 7,376 ​ $ 12,733 ​ $ 14,765 ​ $ 13,724 ​ $ 846 ​ $ 49,444 Real estate-related depreciation and amortization ​ $ 4,243 ​ $ 4,474 ​ $ 16,038 ​ $ 12,148 ​ $ — ​ $ 36,903 For the Six Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 26,350 ​ $ 28,806 ​ $ 57,671 ​ $ 42,337 ​ $ — ​ $ 155,164 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,950 ​ ​ 12,950 Rental expenses ​ ​ (13,072) ​ ​ (7,359) ​ ​ (27,260) ​ ​ (9,448) ​ ​ — ​ ​ (57,139) Net operating income ​ $ 13,278 ​ $ 21,447 ​ $ 30,411 ​ $ 32,889 ​ $ 12,950 ​ $ 110,975 Real estate-related depreciation and amortization ​ $ 8,166 ​ $ 8,078 ​ $ 19,439 ​ $ 31,372 ​ $ — ​ $ 67,055 For the Six Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 26,780 ​ $ 33,576 ​ $ 42,178 ​ $ 33,465 ​ $ — ​ $ 135,999 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,314 ​ ​ 4,314 Rental expenses ​ (11,963) ​ (8,405) ​ (18,004) ​ (7,838) ​ — ​ (46,210) Net operating income ​ $ 14,817 ​ $ 25,171 ​ $ 24,174 ​ $ 25,627 ​ $ 4,314 ​ $ 94,103 Real estate-related depreciation and amortization ​ $ 8,240 ​ $ 9,128 ​ $ 24,392 ​ $ 22,594 ​ $ — ​ $ 64,354

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($) property Office	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($) property Office
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property | $			$ 53,735	$ 251,822
Gain on sale of real estate property | $	$ 0	$ 29,643	$ 36,884	$ 83,524
Intangible lease assets | Asset Acquisition
Real Estate Properties [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets			4 years 9 months 18 days
Disposed of by Sale | Office properties
Real Estate Properties [Line Items]
Number of real estate properties | Office		1		1
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property	1	5	1	5
Disposed of by Sale | Retail land parcel
Real Estate Properties [Line Items]
Number of real estate properties | property		1		1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 693,097	$ 694,998
Buildings and improvements	3,203,625	3,152,553
Intangible lease assets	316,588	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	$ 4,226,947	$ 4,178,329
Accumulated depreciation and amortization	(631,330)	(572,751)
Net investment in real estate properties	$ 3,595,617	$ 3,605,578

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Asset Acquisition
Asset Acquisition [Line Items]
Total acquisitions	$ 50,932
Debt assumed at fair value	0
VM8 Logistics Center
Asset Acquisition [Line Items]
Total acquisitions	17,511
Moreno Valley Distribution Center
Asset Acquisition [Line Items]
Total acquisitions	$ 33,421

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Real Estate [Line Items]
Land	$ 6,121
Building and improvements	41,547
Intangible lease assets	3,052
Above-market lease assets	212
Total purchase price	50,932
Asset Acquisition
Real Estate [Line Items]
Debt assumed at fair value	$ 0

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 316,588	$ 317,141
Gross, Liabilities	(73,331)	(76,033)
Accumulated Amortization, Liabilities	34,222	33,589
Net, Liabilities	(39,109)	(42,444)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	293,443	294,208
Accumulated Amortization, Assets	(223,894)	(214,201)
Net, Assets	69,549	80,007
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	23,145	22,933
Accumulated Amortization, Assets	(20,106)	(19,707)
Net, Assets	$ 3,039	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 674	$ 1,240	$ 1,742	$ 1,966
Depreciation expense	27,081	25,349	53,498	45,547
Intangible lease asset amortization	6,777	11,554	13,557	18,807
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(213)	(185)	(399)	(354)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 1,124	$ 1,210	$ 2,138	$ 2,406

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Jun. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint venture partnerships	$ 124,075	$ 120,372
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	161	156
Investments in unconsolidated joint venture partnerships	$ 124,075	$ 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	$ 25,179	$ 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	$ 16,255	$ 16,393
Net Lease JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Number of real estate properties | property	117	117
Investments in unconsolidated joint venture partnerships	$ 65,296	$ 65,763
Net Lease JV III
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Number of real estate properties | property	28	23
Investments in unconsolidated joint venture partnerships	$ 17,345	$ 12,232

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summarizes Debt Related Investments) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Marketable Securities [Line Items]
Carrying Amount	$ 268,681		$ 268,681		$ 260,439
Outstanding Principal	$ 278,415		$ 278,415		$ 263,122
Weighted-Average Interest Rate	10.30%		10.30%		9.50%
Weighted-Average Remaining Life (Years)			1 year 6 months		2 years
Impairment loss on debt-related investment held for sale	$ 1,260	$ 0	$ 3,780	$ 0
Senior loans
Marketable Securities [Line Items]
Carrying Amount	161,922		161,922		$ 151,645
Outstanding Principal	$ 169,915		$ 169,915		$ 154,622
Weighted-Average Interest Rate	9.50%		9.50%		8.50%
Weighted-Average Remaining Life (Years)			1 year 8 months 12 days		2 years 1 month 6 days
Senior Loans In Default And On Non-Accrual Status [Member]
Marketable Securities [Line Items]
Carrying Amount	$ 37,800		$ 37,800		$ 42,000
Outstanding Principal	43,800		$ 43,800		$ 43,800
Number of contracts | loan			1		1
Impairment loss on debt-related investment held for sale	1,300		$ 3,800
Mezzanine loans
Marketable Securities [Line Items]
Carrying Amount	106,759		106,759		$ 108,794
Outstanding Principal	$ 108,500		$ 108,500		$ 108,500
Weighted-Average Interest Rate	11.20%		11.20%		10.40%
Weighted-Average Remaining Life (Years)			1 year 4 months 24 days		1 year 10 months 24 days

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Current Expected Credit Losses) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
Debt investments, Allowance for credit loss	$ 4	$ 4
Increase (decrease) in provision for current expected credit losses	$ (1.6)	$ 4
Percentage of CECL Reserve to debt related investment commitment	1.10%	1.10%
Number of debt related investments, held for sale	1	1
Held to Maturity debt related Investments	$ 358.3	$ 358.3
Funded Commitment Balance	234.6	234.6
Unfunded Commitment Balance	123.7	123.7
Funded Commitments Related to Allowance	2.3	2.3
Unfunded Commitments Related to Allowance	$ 1.7	1.7
Write Off of Debt related investments		0
Recoveries of Debt related investments		$ 0

INVESTMENTS IN REAL ESTATE DE_5

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summary of Available for Sale Debt Securities) (Details) $ in Thousands	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 86,215	$ 14,979
Amortized Cost	85,119	14,870
Unamortized Discount and Fees	1,096	109
Unrealized Gain, Net	79	26
Fair Value	85,198	14,896
Credit loss	0
Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Face Amount	71,236
Amortized Cost	70,238
Unamortized Discount and Fees	998
Fair Value	$ 70,238
Number of available for sale debt securities | item	1
ECLO
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 14,979	14,979
Amortized Cost	14,881	14,870
Unamortized Discount and Fees	98	109
Unrealized Gain, Net	79	26
Fair Value	$ 14,960	$ 14,896
Number of available for sale debt securities | item	1	1
Weighted Average | Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Term	3 years 7 months 6 days
Weighted Average | ECLO
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Term	3 years 7 months 6 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.11%		4.11%		4.31%
Total borrowings	$ 1,669,475		$ 1,669,475		$ 1,622,916
Less: unamortized debt issuance costs	(12,751)		(12,751)		(14,849)
Add: unamortized mark-to-market adjustment on assumed debt	7,887		7,887		8,408
Total debt, net	1,664,611		1,664,611		1,616,475
Gross book value of properties encumbered by debt	895,040		895,040		$ 970,310
Interest expense	$ 20,600	$ 12,100	$ 40,200	$ 21,800
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)			3 years 4 months 24 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.17%		5.17%		5.72%
Total borrowings	$ 352,000		$ 352,000		$ 235,000
Current borrowing capacity	548,000		548,000
Available portions under the line of credit	547,900		$ 547,900
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%
Line of Credit | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	150,000		$ 150,000
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 800,000		$ 800,000
Term Loan (Maturity Date November 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.31%		3.31%		3.90%
Total borrowings	$ 400,000		$ 400,000		$ 400,000
Maximum borrowing capacity	400,000		$ 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]
Total borrowings	300,000		$ 300,000
Term Loan (Maturity Date November 2026) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 100,000		$ 100,000
Term Loan (Maturity Date January 2027)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.26%		4.26%		4.56%
Total borrowings	$ 400,000		$ 400,000		$ 400,000
Maximum borrowing capacity	400,000		$ 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]
Total borrowings	350,000		$ 350,000
Term Loan (Maturity Date January 2027) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 50,000		$ 50,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.40%		3.40%		3.48%
Total borrowings	$ 309,875		$ 309,875		$ 380,316
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.59%		4.59%		4.52%
Total borrowings	$ 207,600		$ 207,600		$ 207,600
Floating-Rate Mortgage Notes | London Interbank Offered Rate L I B O R Extension [Member] | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.55%		1.55%
Floating-Rate Mortgage Notes | London Interbank Offered Rate L I B O R Extension [Member] | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			2.50%		2.50%
Floating-Rate Mortgage Notes | Interest rate caps | London Interbank Offered Rate L I B O R Extension [Member] | Minimum
Debt Instrument [Line Items]
Floating rate	4.61%		4.61%
Floating-Rate Mortgage Notes | Interest rate caps | London Interbank Offered Rate L I B O R Extension [Member] | Maximum
Debt Instrument [Line Items]
Floating rate	4.55%		4.55%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Remainder of 2023	$ 996
2024	129,265
2025	354,360
2026	484,214
2027	575,787
Thereafter	124,853
Total principal payments	$ 1,669,475	$ 1,622,916
Mortgage note exposure to london inter bank offered rate | item	1
Line of Credit
Debt Instrument [Line Items]
Remainder of 2023	$ 0
2024	0
2025	352,000
2026	0
2027	0
Thereafter	0
Total principal payments	$ 352,000	$ 235,000
Term of extension	6 months
Number of extension options | item	2
Term Loan
Debt Instrument [Line Items]
Remainder of 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]
Remainder of 2023	996
2024	129,265
2025	2,360
2026	84,214
2027	175,787
Thereafter	124,853
Total principal payments	517,475
Mortgage Notes | Mortgage Note Maturing in October 2024
Debt Instrument [Line Items]
Total principal payments	$ 127,000
Debt Instrument, Extension Option Period	1 year
Mortgage Notes | Mortgage Note Maturing in January 2027
Debt Instrument [Line Items]
Total principal payments	$ 115,000
Debt Instrument, Extension Option Period	1 year
Debt Instrument Number Of Extension Of Term Options | item	2

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Jun. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	17	14
Total notional amount	$ 1,157,600	$ 857,600
Derivative assets	$ 38,686	$ 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	$ 18,000
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	$ 20,689	$ 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	3
Total notional amount	$ 300,000
Derivative assets	$ 16,208
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
Interest rate caps | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	2	2
Total notional amount	$ 207,600	$ 207,600
Derivative assets	$ 1,789	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	$ 37,882	$ 33,774	$ 75,427	$ 58,184
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)			(2,325)	2,532
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	37,882	33,774	75,427	58,184
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)	(1,101)	$ 982	(2,325)	$ 2,532
Realized gain on derivative instruments recognized in other income (expenses)	$ 1,293		$ 2,414
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash Flow Hedging | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	$ 14,146	$ 787	$ 10,146	$ 10,862
Amount reclassified from AOCI (out of) into interest expense	$ (4,038)	$ 1,032	$ (7,094)	$ 2,951

DST Program (Details)

DST Program (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
Financing obligation liability appreciation (2)			$ 4,784	$ 12,531
Issuances of OP Units for DST Interests	$ 84,725		84,725	39,441
DST Program Loans	103,314		103,314		$ 81,897
DST Program
Delaware Statutory Trust Programs [Line Items]
DST Interests sold	91,712	$ 161,861	193,507	442,663
DST Interests financed by DST Program Loans	13,300	13,205	27,315	28,032
Income earned from DST Program Loans (1)	1,249	833	2,266	1,501
Financing obligation liability appreciation (2)	1,922	8,525	4,784	12,531
Rent obligation incurred under master lease agreements (2)	14,351	$ 11,603	27,934	20,857
Issuances of OP Units for DST Interests			84,700	$ 39,400
DST Program Loans	$ 103,300		$ 103,300		$ 81,900
Debt, Weighted Average Interest Rate	4.86%		4.86%		4.47%
Debt Instrument, Weighted Average Maturity Term			9 years 1 month 6 days		9 years 2 months 12 days
DST Program | OP Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)			9.8	4.8

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Derivative instruments	$ 38,686	$ 24,448
Available-for-sale debt securities	85,198	14,896
Recurring
Assets:
Derivative instruments	38,686	24,448
Available-for-sale debt securities	85,198	14,896
Total assets measured at fair value	123,884	39,344
Recurring | Level 1
Assets:
Derivative instruments	0	0
Available-for-sale debt securities	0	0
Total assets measured at fair value	0	0
Recurring | Level 2
Assets:
Derivative instruments	38,686	24,448
Available-for-sale debt securities	14,960	14,896
Total assets measured at fair value	53,646	39,344
Recurring | Level 3
Assets:
Derivative instruments	0	0
Available-for-sale debt securities	70,238	0
Total assets measured at fair value	$ 70,238	$ 0

FAIR VALUE - Available-for-Sale

FAIR VALUE - Available-for-Sale Debt Securities (Details)	Jun. 30, 2023 item
Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of available for sale debt securities	1

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 278,415	$ 263,122
DST Program Loans	103,314	81,897
Line of credit	352,000	235,000
Term loans	800,000	800,000
Mortgage notes	517,475	587,916
Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	272,458	260,841
DST Program Loans	99,310	79,049
Line of credit	352,000	235,000
Term loans	800,000	800,000
Mortgage notes	$ 477,969	$ 541,558

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	$ 36,120	$ 128,016	$ 83,811	$ 244,526
Issuance of units (in shares)			9.5
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			$ 16,000

EQUITY (Information of Share Tr

EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(10,726)	(3,408)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	207,448	182,042	206,108	169,665
Primary shares (in shares)	3,197	13,850	7,656	27,189
Distribution reinvestment plan (in shares)	925	829	1,832	1,655
Redemptions of common stock (in shares)	(6,700)	(1,620)	(10,726)	(3,408)
Conversions (in shares)	0	0	0	0
Balance at end of period (in shares)	204,870	195,101	204,870	195,101
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			26,884
Balance at end of period (in shares)	28,741		28,741
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	28,173	19,007	26,884	16,425
Primary shares (in shares)	1,182	2,634	2,507	5,189
Distribution reinvestment plan (in shares)	139	100	273	192
Redemptions of common stock (in shares)	(735)	(30)	(804)	(33)
Conversions (in shares)	(18)	(39)	(119)	(101)
Balance at end of period (in shares)	28,741	21,672	28,741	21,672
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			49,237
Balance at end of period (in shares)	49,750		49,750
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	49,899	40,489	49,237	35,757
Primary shares (in shares)	997	5,663	1,969	10,324
Distribution reinvestment plan (in shares)	232	200	459	393
Redemptions of common stock (in shares)	(1,378)	(189)	(1,939)	(311)
Conversions (in shares)	0	0	24	0
Balance at end of period (in shares)	49,750	46,163	49,750	46,163
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			7,871
Balance at end of period (in shares)	7,227		7,227
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	7,439	7,662	7,871	6,749
Primary shares (in shares)	31	388	76	1,493
Distribution reinvestment plan (in shares)	37	38	77	75
Redemptions of common stock (in shares)	(189)	(141)	(429)	(370)
Conversions (in shares)	(91)	0	(368)	0
Balance at end of period (in shares)	7,227	7,947	7,227	7,947
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			69,142
Balance at end of period (in shares)	68,105		68,105
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	69,387	59,433	69,142	54,406
Primary shares (in shares)	987	5,165	3,104	10,183
Distribution reinvestment plan (in shares)	339	305	670	607
Redemptions of common stock (in shares)	(2,717)	(201)	(5,274)	(556)
Conversions (in shares)	109		463
Conversions (in shares)		39		101
Balance at end of period (in shares)	68,105	64,741	68,105	64,741
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			52,974
Balance at end of period (in shares)	51,047		51,047
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	52,550	55,451	52,974	56,328
Primary shares (in shares)	0	0	0	0
Distribution reinvestment plan (in shares)	178	186	353	388
Redemptions of common stock (in shares)	(1,681)	(1,059)	(2,280)	(2,138)
Conversions (in shares)	0	0	0	0
Balance at end of period (in shares)	51,047	54,578	51,047	54,578

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						6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.18750	$ 0.37500
Common Stock Distributions Paid in Cash	$ 9,896	$ 9,912	$ 9,859	$ 9,684	$ 9,299	$ 8,837	$ 19,808	$ 37,679
Other Cash Distributions	5,510	5,271	4,559	3,972	3,157	3,018	10,781	14,706
Reinvested in Shares	7,974	8,009	7,923	7,732	7,362	6,876	15,983	29,893
Distribution Fees	1,463	1,461	1,478	1,399	1,259	1,030	2,924	5,166
Total Distributions	$ 24,843	$ 24,653	$ 23,819	$ 22,787	$ 21,077	$ 19,761	$ 49,496	$ 87,444

EQUITY (Redemptions and Repurch

EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Number of shares redeemed or repurchased (in shares)			10,726	3,408
Aggregate dollar amount of shares redeemed or repurchased	$ 57,864	$ 13,945	$ 93,319	$ 28,500
Average redemption or repurchase price per share (usd per share)			$ 8.70	$ 8.37

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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)	$ (191)	(384)	(351)
Redemptions to redeemable noncontrolling interests					(7,724)
Net loss (income) attributable to redeemable noncontrolling interests		(226)	(60)	(244)	186
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests		78	17	23	136
Redemption value allocation adjustment to redeemable noncontrolling interests				(243)	1,596
Ending balance		17,282	$ 18,164	17,282	$ 18,164	18,130
Other liabilities		$ 96,079		$ 96,079		$ 114,901
OP Units
Redeemable Noncontrolling Interest [Line Items]
Redeemable OP units outstanding		2,000,000		2,000,000		2,000,000
Related Party [Member]
Redeemable Noncontrolling Interest [Line Items]
Other liabilities		$ 8,786		$ 8,786		$ 32,529
Related Party [Member] | Advisory Fee, Performance Component | Advisor | OP Units
Redeemable Noncontrolling Interest [Line Items]
Redemptions to redeemable noncontrolling interests	$ 7,700
Issuance of OP Units (in shares)	945,000
Related Party [Member] | Performance Participation Allocation | Black Creek Diversified Property Advisors, LLC | OP Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	465,000
Related Party [Member] | Performance Participation Allocation | Advisor
Redeemable Noncontrolling Interest [Line Items]
Other liabilities						$ 23,747
Related Party [Member] | Performance Participation Allocation | Advisor | 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
Other liabilities							$ 15,300
Related Party [Member] | Performance Participation Allocation | Chairman | 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Aggregate amount redeemed	$ 57,864	$ 13,945	$ 93,319	$ 28,500
OP Units
Noncontrolling Interest [Line Items]
Number of common stock issued per operating partnership unit			1
Aggregate amount redeemed	5,100	$ 1,100	$ 16,000	$ 3,400
OP Units | Maximum
Noncontrolling Interest [Line Items]
Estimated maximum redemption value (unaudited)	$ 533,200		$ 533,200		$ 488,300

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Issuance of units (in shares)	9,500
Redemptions of common stock (in shares)	(10,726)	(3,408)
OP Units
Noncontrolling Interest [Line Items]
Balance at beginning of period (in shares)	55,079	27,180
Issuance of units (in shares)	9,845	4,825
Redemptions of common stock (in shares)	(1,831)	(407)
Balance at end of period (in shares)	63,093	31,598

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Other liabilities	$ 96,079		$ 96,079		$ 114,901
Related Party [Member]
Related Party Transaction [Line Items]
Related party transaction expense	20,350	$ 30,029	40,751	$ 66,347
Other liabilities	8,786		8,786		32,529
Related Party [Member] | Advisor
Related Party Transaction [Line Items]
Amount reimbursed for services	3,500	2,900	6,300	5,400
Related Party [Member] | Selling commissions and dealer manager fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	448	1,238	960	2,280
Related Party [Member] | Ongoing Distribution Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	2,190	1,576	4,344	2,874
Other liabilities	759		759		748
Related Party [Member] | Ongoing Distribution Fees [Member] | Dealer Manager | Other Liabilities
Related Party Transaction [Line Items]
Future Estimated Distribution Fees Payable	63,300		63,300		60,900
Related Party [Member] | Property accounting fee | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	481	303	970	303
Other liabilities	481		481		478
Related Party [Member] | Advisory Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	9,623	8,227	19,161	15,370
Other liabilities	2,890		2,890		2,868
Related Party [Member] | Performance Participation Allocation | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		6,186	0	18,379
Other liabilities					23,747
Related Party [Member] | Performance Participation Allocation | Advisor | OP Units
Related Party Transaction [Line Items]
Other liabilities						$ 15,300
Related Party [Member] | Other Expense Reimbursements [Member] | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	3,749	3,206	6,855	5,346
Other liabilities	4,158		4,158		4,192
Related Party [Member] | Other Expense Reimbursements [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	160	143	160	170
Other liabilities	82		82		109
Related Party [Member] | DST Program Manager Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	1,627	3,490	3,558	8,441
Other liabilities	162		162		146
Related Party [Member] | DST Program dealer manager fees | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	2,072	$ 5,660	4,743	$ 13,184
Other liabilities	$ 254		$ 254		$ 241

RELATED PARTY TRANSACTIONS - (A

RELATED PARTY TRANSACTIONS - (Advisory Fee and Operating Expense Reimbursement) (Details) - Related Party [Member]	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Related party transaction expense		$ 20,350,000	$ 30,029,000	$ 40,751,000	$ 66,347,000
Performance Participation Allocation | Advisor
Related Party Transaction [Line Items]
Threshold for performance component of advisory fee		12.50%		12.50%
Threshold of annual total return as % of NAV				5%
Performance component earned for excess return over the hurdle amount				100%
Maximum performance component limited to % of total annual return				12.50%
Class E Dealer Manager Fee Portion Waived Under NAV Per Share Threshold | $ / shares				$ 10
Related party transaction expense			6,186,000	$ 0	18,379,000
Advisory Fees | Advisor
Related Party Transaction [Line Items]
Advisory Agreement Renewal Term Period	1 year
Related party transaction expense		$ 9,623,000	$ 8,227,000	$ 19,161,000	$ 15,370,000
Student Housing Product Specialist | Advisor
Related Party Transaction [Line Items]
Number Of Investments		0		0
Property management agreement, termination, notice period				30 days
Property Management Agreement, Fee Due, Termination Period				1 year
Related party transaction expense				$ 0

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders-basic	$ (22,750)	$ (5,588)	$ (24,754)	$ 15,423
Net (loss) income attributable to redeemable noncontrolling interests	(226)	(60)	(244)	186
Net (loss) income attributable to noncontrolling interests	(6,278)	(919)	(6,827)	2,618
Net (loss) income attributable to common stockholders-diluted	$ (29,254)	$ (6,567)	$ (31,825)	$ 18,227
Weighted-average shares outstanding-basic (in shares)	206,214	191,158	206,493	184,878
Incremental weighted-average shares effect of conversion of noncontrolling interests	58,749	33,699	57,482	32,928
Weighted-average shares outstanding - diluted (in shares)	264,963	224,857	263,975	217,806
Basic	$ (0.11)	$ (0.03)	$ (0.12)	$ 0.08
Diluted	$ (0.11)	$ (0.03)	$ (0.12)	$ 0.08

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 15,979	$ 13,922
Increase in accrued future ongoing distribution fees	2,342	11,908
Increase in DST Program Loans receivable through DST Program capital raising	27,315	28,032
Redeemable noncontrolling interest issued as settlement of performance participation allocation	0	15,327
Issuances of OP Units for DST Interests	84,725	39,441
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	12,905	19,529	$ 13,336	$ 10,605
Restricted cash	4,265	4,909	3,850	3,747
Cash, cash equivalents and restricted cash	$ 17,170	$ 24,438	$ 17,186	$ 14,352

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	5
Total assets	$ 4,284,491	$ 4,174,724
Operating Segments | Office properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	379,863	377,546
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	514,625	537,147
Operating Segments | Residential properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,479,797	1,495,532
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,273,746	1,248,255
Operating Segments | Investments in real estate debt and securities
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	353,879	275,335
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 282,581	$ 240,909

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of net operating income attributable to common shareholders
Net (loss) income attributable to common stockholders	$ (22,750)	$ (5,588)	$ (24,754)	$ 15,423
Real estate-related depreciation and amortization	33,858	36,903	67,055	64,354
General and administrative expenses	2,973	2,594	6,017	4,631
Advisory fees	9,623	8,227	19,161	15,370
Performance participation allocation	0	6,186	0	18,379
Acquisition costs and reimbursements	1,849	1,093	3,018	2,722
Impairment loss on debt-related investment held for sale	1,260	0	3,780	0
Equity in loss (income) from unconsolidated joint venture partnerships	203	(1,718)	2,649	(708)
Interest expense	37,882	33,774	75,427	58,184
Gain on sale of real estate property	0	(29,643)	(36,884)	(83,524)
Loss on extinguishment of debt and financing commitments, net	0	0	700	0
Gain on derivative instruments	(192)	(982)	(89)	(2,532)
Provision for current expected credit losses	(1,632)	0	3,998	0
Other income	(1,016)	(423)	(2,032)	(1,000)
Net (loss) income attributable to redeemable noncontrolling interests	(226)	(60)	(244)	186
Net (loss) income attributable to noncontrolling interests	(6,278)	(919)	(6,827)	2,618
Net operating income	$ 55,554	$ 49,444	$ 110,975	$ 94,103

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Rental revenues	$ 77,204	$ 73,494	$ 155,164	$ 135,999
Debt-related income	7,189	846	12,950	4,314
Rental expenses	(28,839)	(24,896)	(57,139)	(46,210)
Net operating income	55,554	49,444	110,975	94,103
Real estate-related depreciation and amortization	33,858	36,903	67,055	64,354
Office
Segment Reporting Information [Line Items]
Rental revenues	13,001	13,148	26,350	26,780
Rental expenses	(6,442)	(5,772)	(13,072)	(11,963)
Net operating income	6,559	7,376	13,278	14,817
Real estate-related depreciation and amortization	4,203	4,243	8,166	8,240
Retail
Segment Reporting Information [Line Items]
Rental revenues	14,288	16,509	28,806	33,576
Rental expenses	(3,775)	(3,776)	(7,359)	(8,405)
Net operating income	10,513	12,733	21,447	25,171
Real estate-related depreciation and amortization	4,043	4,474	8,078	9,128
Residential
Segment Reporting Information [Line Items]
Rental revenues	28,823	25,824	57,671	42,178
Rental expenses	(14,070)	(11,059)	(27,260)	(18,004)
Net operating income	14,753	14,765	30,411	24,174
Real estate-related depreciation and amortization	9,950	16,038	19,439	24,392
Industrial
Segment Reporting Information [Line Items]
Rental revenues	21,092	18,013	42,337	33,465
Rental expenses	(4,552)	(4,289)	(9,448)	(7,838)
Net operating income	16,540	13,724	32,889	25,627
Real estate-related depreciation and amortization	15,662	12,148	31,372	22,594
Debt and Securities
Segment Reporting Information [Line Items]
Debt-related income	7,189	846	12,950	4,314
Net operating income	$ 7,189	$ 846	$ 12,950	$ 4,314

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,750)	$ (5,588)	$ (24,754)	$ 15,423

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false