Black Creek Diversified Property Fund 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,523,979
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,265,163
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,952,264
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		65,814,609
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,522,794

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Net investment in real estate properties	$ 3,786,199	$ 3,605,578
Investments in unconsolidated joint venture partnerships	141,916	120,372
Investments in real estate debt and securities (includes $107,200 and $14,896 at fair value as of September 30, 2023 and December 31, 2022, respectively)	325,400	275,335
Cash and cash equivalents	14,503	13,336
Restricted cash	4,149	3,850
DST Program Loans	116,195	81,897
Other assets	98,109	74,356
Total assets	4,486,471	4,174,724
Liabilities
Accounts payable and accrued expenses	78,586	58,097
Debt, net	1,793,069	1,616,475
Intangible lease liabilities, net	37,928	42,444
Financing obligations, net	1,383,834	1,130,810
Other liabilities	92,352	114,901
Total liabilities	3,385,769	2,962,727
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest	16,879	18,130
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,877,371	1,898,510
Distributions in excess of earnings	(1,067,116)	(973,395)
Accumulated other comprehensive income	18,101	16,083
Total stockholders' equity	830,366	943,259
Noncontrolling interests	253,457	250,608
Total equity	1,083,823	1,193,867
Total liabilities and equity	4,486,471	4,174,724
Class T
Stockholders' equity:
Common stock	288	269
Class S
Stockholders' equity:
Common stock	491	492
Class D
Stockholders' equity:
Common stock	70	79
Class I
Stockholders' equity:
Common stock	665	691
Class E
Stockholders' equity:
Common stock	$ 496	$ 530

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt securities available for sale and held to maturity fair value	$ 107,200	$ 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)	28,833	26,884
Common stock, shares outstanding (in shares)	28,833	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)	49,134	49,237
Common stock, shares outstanding (in shares)	49,134	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)	7,014	7,871
Common stock, shares outstanding (in shares)	7,014	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)	66,482	69,142
Common stock, shares outstanding (in shares)	66,482	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)	49,548	52,974
Common stock, shares outstanding (in shares)	49,548	52,974

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental revenues	$ 82,369	$ 76,988	$ 237,533	$ 212,987
Debt-related income	8,837	1,548	21,787	5,862
Total revenues	91,206	78,536	259,320	218,849
Operating expenses:
Rental expenses	30,651	28,095	87,790	74,305
Real estate-related depreciation and amortization	32,146	36,713	99,201	101,067
General and administrative expenses	2,974	3,155	8,991	7,786
Advisory fees	9,661	8,980	28,822	24,351
Performance participation allocation	0	3,710	0	22,088
Acquisition costs and reimbursements	2,032	1,176	5,050	3,898
Impairment loss on debt-related investment held for sale	0	0	3,780	0
Total operating expenses	77,464	81,829	233,634	233,495
Other expenses (income):
Equity in loss (income) from unconsolidated joint venture partnerships	1,078	(1,590)	3,727	(2,298)
Interest expense	33,967	42,255	109,394	100,439
Gain on sale of real estate property	0	(11,303)	(36,884)	(94,827)
Loss on extinguishment of debt and financing commitments, net	0	0	700	0
Loss (gain) on derivative instruments	76	(1,691)	(13)	(4,223)
Provision for current expected credit losses	(1,048)	0	2,950	0
Other income and expenses	(1,298)	(843)	(3,330)	(1,843)
Total other expenses (income)	32,775	26,828	76,544	(2,752)
Net loss	(19,033)	(30,121)	(50,858)	(11,894)
Net loss attributable to redeemable noncontrolling interests	146	253	390	67
Net loss attributable to noncontrolling interests	4,477	4,996	11,304	2,378
Net loss attributable to common stockholders	$ (14,410)	$ (24,872)	$ (39,164)	$ (9,449)
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	201,968	200,667	204,968	190,199
Weighted-average shares outstanding-diluted (in shares)	266,487	242,994	264,821	226,294
Net (loss) income attributable to common stockholders per common share - basic	$ (0.07)	$ (0.12)	$ (0.19)	$ (0.05)
Net (loss) income attributable to common stockholders per common share - diluted	$ (0.07)	$ (0.12)	$ (0.19)	$ (0.05)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (19,033)	$ (30,121)	$ (50,858)	$ (11,894)
Change from cash flow hedging activities	94	17,445	3,146	31,258
Change from activities related to available-for-sale debt securities	69		122
Comprehensive (loss) income	(18,870)	(12,676)	(47,590)	19,364
Comprehensive loss (income) attributable to redeemable noncontrolling interests	144	106	365	(216)
Comprehensive loss (income) attributable to noncontrolling interests	4,439	2,179	10,908	(2,401)
Comprehensive (loss) income attributable to common stockholders	$ (14,287)	$ (10,391)	$ (36,317)	$ 16,747

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	$ 1,542,617	$ (865,844)	$ (9,563)	$ 107,520	$ 776,426
Balance at beginning of period (in shares) at Dec. 31, 2021	169,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(9,449)		(2,378)	(11,827)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				26,196	4,779	30,975
Issuance of common stock	$ 387	332,032				332,419
Issuance of units (in shares)	38,620
Share-based compensation		192				192
Share-based compensation (in shares)	27
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(7,172)				(7,172)
Trailing distribution fees		(13,312)	3,688		(11,744)	(21,368)
Redemptions of common stock	$ (57)	(48,726)				$ (48,783)
Redemptions of common stock (in shares)	(5,695)					(5,695)
Issuances of OP Units for DST Interests					136,905	$ 136,905
Other noncontrolling interests net distributions					(54)	(54)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(53,478)		(9,604)	(63,082)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,900)				(1,900)
Redemptions of noncontrolling interests		(1,050)			(3,456)	(4,506)
Reallocation of stockholders' equity and noncontrolling interests		28,924		73	(28,997)
Ending Balances at Sep. 30, 2022	$ 2,026	1,831,605	(925,083)	16,706	192,971	1,118,225
Balance at end of period (in shares) at Sep. 30, 2022	202,617
Beginning Balances at Jun. 30, 2022	$ 1,951	1,740,243	(882,795)	2,350	139,184	1,000,933
Balance at beginning 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)			(24,872)		(4,996)	(29,868)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				14,481	2,817	17,298
Issuance of common stock	$ 98	87,795				87,893
Issuance of units (in shares)	9,776
Share-based compensation		92				92
Share-based compensation (in shares)	27
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,771)				(1,771)
Trailing distribution fees		(2,940)	1,399		(7,921)	(9,462)
Redemptions of common stock	$ (23)	(20,260)				(20,283)
Redemptions of common stock (in shares)	(2,287)
Issuances of OP Units for DST Interests					97,464	97,464
Other noncontrolling interests net distributions					(31)	(31)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(18,815)		(3,780)	(22,595)
Redemption value allocation adjustment to redeemable noncontrolling interests		(304)				(304)
Redemptions of noncontrolling interests		(547)			(594)	(1,141)
Reallocation of stockholders' equity and noncontrolling interests		29,297		(125)	(29,172)
Ending Balances at Sep. 30, 2022	$ 2,026	1,831,605	(925,083)	16,706	192,971	1,118,225
Balance at end of period (in shares) at Sep. 30, 2022	202,617
Beginning Balances at Dec. 31, 2022	$ 2,061	1,898,510	(973,395)	16,083	250,608	1,193,867
Balance at beginning of period (in shares) at Dec. 31, 2022	206,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excluding portion attributable to redeemable noncontrolling interest)			(39,164)		(11,304)	(50,468)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				2,847	396	3,243
Issuance of common stock	$ 119	103,731				$ 103,850
Issuance of units (in shares)	11,854					11,900
Share-based compensation		196				$ 196
Share-based compensation (in shares)	35
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(3,421)				(3,421)
Trailing distribution fees		(881)	4,354		(3,167)	306
Redemptions of common stock	$ (170)	(145,764)				$ (145,934)
Redemptions of common stock (in shares)	(16,986)					(16,986)
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)			(58,911)		(16,644)	(75,555)
Redemption value allocation adjustment to redeemable noncontrolling interests		298				298
Redemptions of noncontrolling interests		(3,354)			(23,923)	(27,277)
Reallocation of stockholders' equity and noncontrolling interests		28,056		(829)	(27,227)
Ending Balances at Sep. 30, 2023	$ 2,010	1,877,371	(1,067,116)	18,101	253,457	1,083,823
Balance at end of period (in shares) at Sep. 30, 2023	201,011
Beginning Balances at Jun. 30, 2023	$ 2,049	1,910,433	(1,033,940)	17,965	274,337	1,170,844
Balance at beginning 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)			(14,410)		(4,477)	(18,887)
Change from securities and cash flow hedging activities (excluding attributable to redeemable noncontrolling interest)				123	38	161
Issuance of common stock	$ 24	20,015				20,039
Issuance of units (in shares)	2,366
Share-based compensation		46				46
Share-based compensation (in shares)	35
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(784)				(784)
Trailing distribution fees		415	1,430		803	2,648
Redemptions of common stock	$ (63)	(52,552)				(52,615)
Redemptions of common stock (in shares)	(6,260)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interest)			(20,196)		(6,247)	(26,443)
Redemption value allocation adjustment to redeemable noncontrolling interests		55				55
Redemptions of noncontrolling interests					(11,241)	(11,241)
Reallocation of stockholders' equity and noncontrolling interests		(257)		13	244
Ending Balances at Sep. 30, 2023	$ 2,010	$ 1,877,371	$ (1,067,116)	$ 18,101	$ 253,457	$ 1,083,823
Balance at end of period (in shares) at Sep. 30, 2023	201,011

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Net loss attributable to redeemable noncontrolling interests	$ (146)	$ (253)	$ (390)	$ (67)
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	2	147	25	283
Distribution fees attributable to redeemable noncontrolling interest	$ 204	$ 192	$ 588	$ 543

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (50,858)	$ (11,894)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	99,201	101,067
Straight-line rent and amortization of above- and below-market leases	(5,464)	(5,941)
Gain on sale of real estate property	(36,884)	(94,827)
Performance participation allocation	0	22,088
Impairment loss on debt-related investment held for sale	3,780	0
Equity in loss (income) of unconsolidated joint venture partnerships	3,727	(2,298)
Loss on extinguishment of debt and financing commitments, net	700	0
Provision for current expected credit losses	2,950	0
Amortization of deferred financing costs	5,100	5,464
Increase in financing obligation liability appreciation	1,761	24,721
Unrealized loss (gain) on derivative instruments not designated as cash flow hedges	3,822	(4,223)
Other	4,506	6,400
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	9,137	19,150
Cash settlement of accrued performance participation allocation	(23,747)	0
Net cash provided by operating activities	17,731	59,707
Investing activities:
Real estate acquisitions	(262,044)	(1,181,616)
Capital expenditures	(34,576)	(25,309)
Proceeds from disposition of real estate property	53,735	274,816
Investments in debt-related investments	(27,911)	(49,699)
Principal collections on debt-related investments	64,948	4,084
Investments in unconsolidated joint venture partnerships	(27,830)	(47,906)
Investments in available-for-sale debt securities	(90,331)	0
Other	2,199	(13)
Net cash used in investing activities	(321,810)	(1,025,643)
Financing activities:
Proceeds from mortgage notes	83,500	0
Repayments of mortgage notes	(71,612)	(1,408)
Net proceeds from (repayments of) line of credit	163,000	(71,000)
Proceeds from term loan	0	275,000
Redemptions of common stock	(145,934)	(48,783)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(44,686)	(36,104)
Proceeds from issuance of common stock	79,590	311,106
Proceeds from financing obligations, net	299,749	576,541
Offering costs for issuance of common stock and private placements	(11,466)	(11,963)
Redemption of noncontrolling interests	(27,277)	(4,506)
Redemption of redeemable noncontrolling interests	0	(7,724)
Debt issuance costs paid	(1,378)	(1,542)
Interest rate cap premiums	(17,941)	0
Net cash provided by financing activities	305,545	979,617
Net increase in cash, cash equivalents and restricted cash	1,466	13,681
Cash, cash equivalents and restricted cash, at beginning of period	17,186	14,352
Cash, cash equivalents and restricted cash, at end of period	$ 18,652	$ 28,033

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 and the escalating conflict in the Middle East, 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, our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and our condensed consolidated statements of cash flows for the nine months ended September 30, 2022 have been reclassified to conform to the 2023 presentation. Revision of Immaterial Overstatement of Noncontrolling Interests During the three months and nine months period ended September 30, 2023, we identified misstatements associated with allocations between stockholders’ equity and noncontrolling interests. Specifically, noncontrolling interests were not adjusted through additional paid-in capital and accumulated other comprehensive income within stockholders’ equity to reflect the changing ownership percentage of third-party holders of partnership units (“OP Units”) in AREIT Operating Partnership LP (the “Operating Partnership”) each period dating back to 2008. Based on an analysis of ASC 250 “Accounting Changes and Error Corrections” and Staff Accounting Bulletin 99 “Materiality,” we determined that these allocation misstatements were immaterial to the previously issued consolidated financial statements. Also, these immaterial misstatements have no impact on our net income, net assets, cash flows, or the value of our common stock or OP Units. Each period the ownership of the Operating Partnership varies between us, as the general partner and a limited partner, and the other limited partners of the Operating Partnership. This occurs for a variety of reasons, including the issuance of common stock or OP Units at net asset value (“NAV”), the redemption of common stock or OP Units at NAV, and the exchange or transfer of OP Units. Transactions that change our ownership interest in the Operating Partnership are accounted for as equity transactions if we retain our controlling financial interest in the Operating Partnership and no gain or loss is recognized in net income. Subsequently, the net equity balance in the Operating Partnership should be adjusted to reflect the changes in ownership of the Operating Partnership between us and the other limited partners. These adjustments are based on their respective ownership at the end of each period and are reflected as a reallocation between additional paid-in capital and accumulated other comprehensive income within stockholders’ equity and noncontrolling interests within our equity section on our condensed consolidated balance sheets and our unaudited condensed consolidated statements of equity. The following table summarizes the effects of these reallocations on prior period balances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Adjustment ​ Current Period ​ ​ ($ in thousands) ​ As Previously Reported ​ Prior to Period ​ Quarterly Reallocation As Revised As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,457,296 ​ $ 85,321 ​ $ N/A ​ $ 1,542,617 Accumulated other comprehensive income (loss) ​ $ (13,418) ​ $ 3,855 ​ $ N/A ​ $ (9,563) Noncontrolling interests ​ $ 196,696 ​ $ (89,176) ​ $ N/A ​ $ 107,520 As of June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,655,295 ​ $ 92,133 ​ $ (7,185) ​ $ 1,740,243 Accumulated other comprehensive income (loss) ​ $ (1,703) ​ $ 4,041 ​ $ 12 ​ $ 2,350 Noncontrolling interests ​ $ 228,185 ​ $ (96,174) ​ $ 7,173 ​ $ 139,184 As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,717,360 ​ $ 84,948 ​ $ 29,297 ​ $ 1,831,605 Accumulated other comprehensive income (loss) ​ $ 12,778 ​ $ 4,053 ​ $ (125) ​ $ 16,706 Noncontrolling interests ​ $ 311,144 ​ $ (89,001) ​ $ (29,172) ​ $ 192,971 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,744,022 ​ $ 114,245 ​ $ 40,243 ​ $ 1,898,510 Accumulated other comprehensive income (loss) ​ $ 13,148 ​ $ 3,928 ​ $ (993) ​ $ 16,083 Noncontrolling interests ​ $ 408,031 ​ $ (118,173) ​ $ (39,250) ​ $ 250,608 As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,727,632 ​ $ 152,061 ​ $ 30,740 ​ $ 1,910,433 Accumulated other comprehensive income (loss) ​ $ 15,872 ​ $ 2,731 ​ $ (638) ​ $ 17,965 Noncontrolling interests ​ $ 459,231 ​ $ (154,792) ​ $ (30,102) ​ $ 274,337 ​

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 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) September 30, 2023 December 31, 2022 Land ​ $ 723,871 ​ $ 694,998 Buildings and improvements ​ 3,386,706 ​ 3,152,553 Intangible lease assets ​ 325,660 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,449,874 ​ 4,178,329 Accumulated depreciation and amortization ​ (663,675) ​ (572,751) Net investment in real estate properties ​ $ 3,786,199 ​ $ 3,605,578 ​ Acquisitions During the nine months ended September 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 Arabelle Lincoln Station ​ Residential ​ 8/16/2023 ​ ​ 80,086 BLVD Dallas ​ Residential ​ 9/15/2023 ​ ​ 58,050 SLC Logistics Center ​ Industrial ​ 9/26/2023 ​ ​ 77,085 Total 2023 acquisitions ​ $ 266,153 (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 nine months ended September 30, 2023, we allocated the purchase price of our acquisitions to land, building and improvements and intangible lease assets as follows: ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ($ in thousands) September 30, 2023 Land ​ $ 36,895 Building and improvements ​ 216,922 Intangible lease assets ​ 11,482 Above-market lease assets ​ 854 Total purchase price (1) ​ $ 266,153 (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 nine months ended September 30, 2023, as of the respective date of each acquisition, was 4.1 years. Dispositions During the nine months ended September 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 nine months ended September 30, 2022, we sold six retail properties, one office property and one retail land parcel for net proceeds of approximately $274.8 million. We recorded a net gain on sale of approximately $94.8 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2023 and December 31, 2022 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 301,873 ​ $ (228,604) ​ $ 73,269 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 23,787 ​ (20,300) ​ 3,487 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,331) ​ 35,403 ​ (37,928) ​ (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 September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 996 ​ $ 898 ​ $ 2,738 ​ $ 2,864 ​ Above-market lease amortization ​ (194) ​ (185) ​ (593) ​ (538) ​ Below-market lease amortization ​ 1,181 ​ 1,209 ​ 3,319 ​ 3,615 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 27,413 ​ $ 26,118 ​ $ 80,911 ​ $ 71,665 ​ Intangible lease asset amortization ​ 4,733 ​ 10,595 ​ 18,290 ​ 29,402 ​ ​

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	9 Months Ended
	Sep. 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 various assets and properties. 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”), Pathfinder Core AREIT Net Lease TRS Aggregator LLC (“Net Lease JV III”), Ares PDC Common Holdings LLC (“Prime Date Center JV I”), Ares PDC Pref Investor LLC (“Prime Data Center JV II”) and MC European Real Estate Debt Parent II LP (“MERED II JV”) 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. Each partnership invests in assets and properties across the U.S., with the exception of MERED II JV which plans to invest in assets in Europe. Other partners in Net Lease JV I, Net Lease JV II, Net Lease JV III, Prime Data Center JV I, Prime Data Center JV II and MERED II JV are affiliates of our Advisor. As of September 30, 2023, we had unfunded commitments of $90.2 million, in aggregate, related to our investments in unconsolidated joint venture partnerships. The following table summarizes our investments in unconsolidated joint venture partnerships as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Investment ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ($ in thousands) Type September 30, 2023 ​ ​ December 31, 2022 ​ ​ September 30, 2023 December 31, 2022 Vue 1400 JV ​ Residential ​ 85.0 % ​ 85.0 % ​ $ 24,628 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 16,081 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 58,916 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 22,846 ​ ​ 12,232 Prime Data Center JV I ​ Data Center ​ 13.0 % ​ N/A ​ ​ ​ 11,667 ​ ​ N/A Prime Data Center JV II ​ Data Center ​ 13.0 % ​ N/A ​ ​ ​ 7,778 ​ ​ N/A MERED II JV (1) ​ Debt ​ 19.9 % ​ N/A ​ ​ ​ — ​ ​ N/A Total investments in unconsolidated joint venture partnerships ​ ​ ​ ​ ​ $ 141,916 ​ $ 120,372 (1) As of September 30, 2023, we had no t made any contributions to MERED II JV and had an unfunded capital commitment of $74.6 million, with provisions to increase our total capital commitment with approval from the limited and general partners.

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	9 Months Ended
	Sep. 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 September 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 September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 110,918 ​ $ 118,414 ​ ​ 9.0 % ​ 1.7 Mezzanine loans ​ ​ 107,282 ​ ​ 108,500 ​ ​ 11.4 ​ ​ 1.1 Total debt-related investments (2) ​ $ 218,200 ​ $ 226,914 ​ ​ 10.4 % ​ 1.4 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 September 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 September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2023, we recorded an impairment loss of $3.8 million related to this senior loan. There was no impairment loss recorded during the three months ended September 30, 2023. 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 September 30, 2023 and December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations. During the nine months ended September 30, 2023, we received full repayment of $64.9 million outstanding principal on a senior loan debt-related investment. ​ 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 September 30, 2023, our CECL Reserve for our debt-related investment portfolio is $2.9 million or 1.0% of our debt- related investment commitment balance of $289.1 million, excluding debt-related investments held-for-sale. During the three months ended September 30, 2023, we recognized a decrease in provision for current expected credit losses of $1.0 million, and during the nine months ended September 30, 2023, we recognized an increase in provision for current expected credit losses of $3.0 million. The debt-related investment commitment balance is comprised of $183.1 million of funded commitments and $106.0 million of unfunded commitments with associated CECL Reserves of $1.8 million and $1.1 million, respectively. The CECL Reserve for unfunded commitments is based on the unfunded portion of the loan commitment over the full contractual period over which we are exposed to credit risk through a current obligation to extend credit and is recorded as an other liability on the condensed consolidated balance sheets. The calculation of the CECL Reserve excludes one debt-related investment that is currently held for sale. There have been no write-offs or recoveries Available-for-Sale Debt Securities We acquire debt securities that are 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 September 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 We have $11.9 million in unfunded commitments related to our preferred equity investment as of September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unamortized Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,979 ​ $ 14,886 ​ $ 93 ​ $ — ​ $ 148 ​ $ 15,034 Preferred equity ​ ​ 93,095 ​ ​ 92,166 ​ ​ — ​ ​ 929 ​ ​ — ​ ​ 92,166 Total debt securities ​ $ 108,074 ​ $ 107,052 ​ $ 93 ​ $ 929 ​ $ 148 ​ $ 107,200 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 loan origination fees received on debt securities. (2) Represents cumulative unrealized gain beginning from acquisition date.

DEBT

DEBT	9 Months Ended
	Sep. 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 ​ ​ September 30, ​ December 31, ​ ​ ​ September 30, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 5.43 % 5.72 % November 2025 ​ $ 398,000 ​ $ 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 3.80 ​ 3.48 ​ January 2027 - May 2031 ​ 392,904 380,316 Floating-rate mortgage notes (4) 4.63 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.25 % 4.31 % ​ $ 1,798,504 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (13,063) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 7,628 8,408 Total debt, net ​ $ 1,793,069 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 1,019,217 ​ $ 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 September 30, 2023, the unused and available portions under the line of credit were approximately $502.0 million and $428.5 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 Adjusted Term SOFR plus a margin. As of both September 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 4.66% , respectively, as of September 30, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.2 years as of September 30, 2023, excluding the impact of certain extension options. For the three months ended September 30, 2023 and 2022, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $21.2 million and $15.8 million, respectively. For the nine months ended September 30, 2023 and 2022, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $61.4 million and $37.6 million, respectively. See “Note 6” for the amount of interest incurred related to the DST Program (as defined below). ​ As of September 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 ​ $ — ​ $ — ​ $ 526 ​ $ 526 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 398,000 ​ — ​ 2,646 ​ 400,646 2026 ​ — ​ 400,000 ​ 85,396 ​ 485,396 2027 ​ — ​ 400,000 ​ 177,034 ​ 577,034 Thereafter ​ — ​ — ​ 205,637 ​ 205,637 Total principal payments ​ $ 398,000 ​ $ 800,000 ​ $ 600,504 ​ $ 1,798,504 (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. ​ Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio and tangible net worth thresholds. We were in compliance with our debt covenants as of September 30, 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 $17.2 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. As of September 30, 2023, we have two interest rate cap derivative instruments that are not designated as cash flow hedges and therefore, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount (1) ​ Other Assets Other Liabilities As of September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 19,860 ​ $ — Interest rate caps designated as cash flow hedges ​ 4 ​ ​ 300,000 ​ ​ 18,349 ​ ​ ​ Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 207,600 ​ ​ 292 ​ ​ — Total derivative instruments 18 ​ $ 1,157,600 ​ $ 38,501 ​ $ — 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 ​ $ — ​ (1) Excludes $127.0 million of notional amount for one interest rate cap agreement entered into in September 2023 with an effective date in October 2023. This interest rate cap agreement is replacing a separate interest rate cap agreement with a $127.0 million notional amount that is expiring in October 2023. ​ The following table presents the effect of our consolidated derivative instruments on our condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 5,346 ​ $ 17,114 ​ $ 15,492 ​ $ 27,976 ​ Amount reclassified from AOCI (out of) into interest expense ​ (5,252) ​ 331 ​ (12,346) ​ 3,282 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 33,967 ​ 42,255 ​ 109,394 ​ 100,439 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (1,497) ​ $ 1,691 ​ $ (3,822) ​ $ 4,223 ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 1,421 ​ ​ — ​ ​ 3,835 ​ ​ — ​ (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	9 Months Ended
	Sep. 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 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 September 30, 2023 and December 31, 2022, our DST Program Loans had a combined carrying value of $116.2 million and $81.9 million, respectively, a weighted-average interest rate of 5.00% and 4.47%, respectively, and a weighted-average maturity of 8.3 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 and expenses 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 September 30, 2023 and 2022. The following table presents our DST Program activity for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 158,399 ​ $ 212,118 ​ $ 351,906 ​ $ 654,781 DST Interests financed by DST Program Loans ​ ​ 12,881 ​ ​ 17,286 ​ ​ 40,196 ​ ​ 45,318 Income earned from DST Program Loans (1) ​ ​ 1,386 ​ ​ 942 ​ ​ 3,652 ​ ​ 2,443 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (3,023) ​ ​ 12,189 ​ ​ 1,761 ​ ​ 24,721 Rent obligation incurred under master lease agreements (2) ​ ​ 14,851 ​ ​ 12,708 ​ ​ 42,785 ​ ​ 33,565 (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 relieve the related financing obligation liability and DST Program Loans and record the issuance of the OP Units as an issuance of equity. During the nine months ended September 30, 2023 and 2022, 9.8 million OP Units and 15.8 million OP Units, respectively, were issued in exchange for DST Interests, for a net investment of $84.7 million and $136.9 million, respectively, in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 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 September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 38,501 ​ $ — ​ $ 38,501 Available-for-sale debt securities ​ ​ — ​ ​ 15,034 ​ ​ 92,166 ​ ​ 107,200 Total assets measured at fair value ​ $ — ​ $ 53,535 ​ $ 92,166 ​ $ 145,701 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, the initial value will generally be determined . Following the initial measurement, fair value is estimated by utilizing or reviewing certain of the following: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield, debt-service coverage and/or loan-to-value ratios, and (vii) borrower financial condition and performance. The inputs used in estimating the fair value of these preferred equity investments are generally considered Level 3. As of September 30, 2023, we had one preferred equity investment without a readily available market quotation. The following table presents our financial instruments measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-For-Sale ​ ​ ($ in thousands) ​ Debt Securities ​ Total Balance as of December 31, 2022 ​ $ — ​ $ — Purchases and contributions ​ ​ 90,331 ​ ​ 90,331 Capitalized interest ​ ​ 2,764 ​ ​ 2,764 Loan origination fees received ​ ​ (1,022) ​ ​ (1,022) Amortization of loan origination fees (1) ​ ​ 93 ​ ​ 93 Balance as of September 30, 2023 ​ $ 92,166 ​ $ 92,166 (1) Included in debt-related income on the condensed consolidated statements of operations. The following tables presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Unobservable Weighted-Average Impact to Valuation from ($ in thousands) ​ ​ Fair Value Technique Inputs Rate an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities ​ $ 92,166 ​ Yield Method ​ Market Yield ​ 13.3 % ​ Decrease ​ Financial Assets and Liabilities Not Measured at Fair Value As of September 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 September 30, 2023 ​ As of December 31, 2022 ​ Level in Fair ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value Hierarchy ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ 3 ​ $ 226,914 ​ $ 221,012 ​ $ 263,122 ​ $ 260,841 DST Program Loans ​ 3 ​ 116,195 ​ 111,467 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 398,000 ​ $ 398,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 600,504 ​ 554,708 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding. The initial value of debt-related investments will generally be determined using the acquisition price of such investment if acquired, or the par value of such investment if originated. Following the initial measurement, fair value is estimated by utilizing or reviewing certain of the following: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield, debt-service coverage and/or loan-to-value ratios, and (vii) borrower financial condition and performance. Fair value of DST Program Loans, line of credit, term loans and mortgage notes is estimated based on a discounted cash flow methodology, taking into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par.

EQUITY

EQUITY	9 Months Ended
	Sep. 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 NAV per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the nine months ended September 30, 2023, we raised gross proceeds of approximately $103.9 million from the sale of approximately 11.9 million shares of our common stock in our ongoing public offerings, including proceeds from our distribution reinvestment plan of approximately $24.3 million. Common Stock The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,994 2,303 ​ 135 ​ 3,483 ​ — 8,915 Distribution reinvestment plan 109 211 ​ 39 ​ 321 ​ 181 861 Share-based compensation — — ​ — ​ 27 ​ — 27 Redemptions of common stock ​ (49) (531) ​ (188) ​ (417) ​ (1,102) ​ (2,287) Conversions (14) — ​ — ​ 14 ​ — — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 416 457 58 448 — 1,379 Distribution reinvestment plan 150 250 38 361 188 987 Share-based compensation — — — 35 — 35 Redemptions of common stock ​ (430) ​ (1,350) ​ (294) ​ (2,507) ​ (1,679) ​ (6,260) Conversions (44) 27 (15) 40 (8) — Balance as of September 30, 2023 28,833 49,134 7,014 66,482 49,548 201,011 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 8,183 12,627 1,628 13,666 — 36,104 Distribution reinvestment plan 301 604 114 928 ​ 569 2,516 Share-based compensation — — — 27 — 27 Redemptions of common stock (82) ​ (842) ​ (558) ​ (973) ​ (3,240) (5,695) Conversions ​ (115) ​ — ​ — ​ 115 ​ — ​ — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617 FOR THE NINE MONTHS ENDED SEPTEMBER 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 2,923 2,426 134 3,552 — 9,035 Distribution reinvestment plan 423 709 115 1,031 541 2,819 Share-based compensation — — — 35 — 35 Redemptions of common stock (1,234) (3,289) (723) (7,781) (3,959) (16,986) Conversions ​ (163) ​ 51 ​ (383) ​ 503 ​ (8) ​ — Balance as of September 30, 2023 28,833 49,134 7,014 66,482 49,548 201,011 ​ 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 September 30 ​ 0.10000 ​ 10,335 ​ 6,451 ​ 8,431 ​ 1,430 ​ 26,647 Total ​ $ 0.28750 ​ $ 30,143 ​ $ 17,232 ​ $ 24,414 ​ $ 4,354 ​ $ 76,143 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 nine months ended September 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 Nine Months Ended September 30, ​ ​ (in thousands, except for per share data) 2023 2022 ​ ​ Number of shares redeemed or repurchased ​ 16,986 ​ 5,695 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 145,934 ​ $ 48,783 ​ ​ Average redemption or repurchase price per share ​ $ 8.59 ​ $ 8.57 ​ ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 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 September 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 nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 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 ​ ​ (588) ​ ​ (543) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ — ​ ​ (7,724) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (390) ​ ​ (67) ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 25 ​ ​ 283 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (298) ​ ​ 1,900 ​ Ending balance ​ $ 16,879 ​ $ 18,170 ​ (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	9 Months Ended
	Sep. 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 Nine Months Ended September 30, (in thousands) 2023 2022 Balance at beginning of period ​ 55,079 ​ 27,180 Issuance of units ​ 9,845 15,814 Redemption of units ​ (3,175) ​ (536) Balance at end of period ​ ​ 61,749 ​ ​ 42,458 ​ 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 September 30, 2023 and 2022, the aggregate amount of OP Units redeemed was $11.2 million and $1.1 million, respectively. During the nine months ended September 30, 2023 and 2022, the aggregate amount of OP Units redeemed was $27.3 million and $4.5 million, respectively. The estimated maximum redemption value (unaudited) as of September 30, 2023 and December 31, 2022 was $509.7 million and $488.3 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 September 30, ​ For the Nine Months Ended September 30, ​ Payable as of ​ (in thousands) 2023 2022 2023 2022 September 30, 2023 December 31, 2022 ​ Selling commissions and dealer manager fees (1) ​ $ 161 ​ $ 1,144 ​ $ 1,121 ​ $ 3,424 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,232 ​ ​ 1,869 ​ ​ 6,576 ​ ​ 4,743 ​ ​ 708 ​ ​ 748 ​ Advisory fees—fixed component ​ ​ 9,661 ​ ​ 8,980 ​ ​ 28,822 ​ ​ 24,351 ​ ​ 3,255 ​ ​ 2,868 ​ Performance participation allocation (3) ​ — ​ 3,710 ​ — ​ 22,088 ​ — ​ 23,747 ​ Other expense reimbursements—Advisor (4)(5) ​ 3,258 ​ 2,962 ​ 10,113 ​ 8,308 ​ 3,973 ​ 4,192 ​ Other expense reimbursements—Dealer Manager ​ 87 ​ 99 ​ 247 ​ 269 ​ 85 ​ 109 ​ Property accounting fee (6) ​ ​ 478 ​ ​ 508 ​ ​ 1,448 ​ ​ 811 ​ ​ 166 ​ ​ 478 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 2,827 ​ 5,994 ​ 7,570 ​ 19,178 ​ 294 ​ 241 ​ Other DST Program related costs—Advisor (5) ​ 2,529 ​ 4,234 ​ 6,087 ​ 12,675 ​ 162 ​ 146 ​ Total ​ $ 21,233 ​ $ 29,500 ​ $ 61,984 ​ $ 95,847 ​ $ 8,643 ​ $ 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 $60.6 million and $60.9 million as of September 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 September 30, 2023, and 2022 were approximately $3.0 million and $2.6 million, respectively. Amounts incurred related to these compensation expenses for the nine months ended September 30, 2023, and 2022 were approximately $9.3 million and $7.9 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 September 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 September 30, 2023, therefore no performance participation allocation expense was recognized in our condensed consolidated statements of operations for the nine months ended September 30, 2023. As the performance hurdle was achieved as of September 30, 2022, we recognized approximately $3.7 million for the three months ended September 30, 2022 and $22.1 million for the nine months ended September 30, 2022 of performance participation allocation expense in our condensed consolidated statements of operations. ​

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 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 September 30, ​ For the Nine Months Ended September 30, ​ (in thousands, except per share data) 2023 2022 2023 2022 ​ Net loss attributable to common stockholders—basic ​ $ (14,410) ​ $ (24,872) ​ $ (39,164) ​ $ (9,449) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (146) ​ ​ (253) ​ ​ (390) ​ ​ (67) ​ Net loss attributable to noncontrolling interests ​ (4,477) ​ (4,996) ​ (11,304) ​ (2,378) ​ Net loss attributable to common stockholders—diluted ​ $ (19,033) ​ $ (30,121) ​ $ (50,858) ​ $ (11,894) ​ Weighted-average shares outstanding—basic ​ 201,968 ​ 200,667 ​ 204,968 ​ 190,199 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 64,519 ​ 42,327 ​ 59,853 ​ 36,095 ​ Weighted-average shares outstanding—diluted ​ 266,487 ​ 242,994 ​ 264,821 ​ 226,294 ​ Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.07) ​ $ (0.12) ​ $ (0.19) ​ $ (0.05) ​ Diluted ​ $ (0.07) ​ $ (0.12) ​ $ (0.19) ​ $ (0.05) ​ ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 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 Nine Months Ended September 30, (in thousands) ​ 2023 ​ 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 24,260 ​ $ 21,555 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (306) ​ ​ 21,371 Increase in DST Program Loans receivable through DST Program capital raising ​ 40,196 ​ 45,318 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ 84,725 ​ 136,905 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ (in thousands) 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 ​ $ 14,503 ​ $ 24,245 ​ Restricted cash ​ 4,149 ​ 3,788 ​ Cash, cash equivalents and restricted cash ​ $ 18,652 ​ $ 28,033 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 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 September 30, 2023. Unfunded Commitments As of September 30, 2023, we had unfunded commitments of $208.1 million to fund various investments in real estate debt and securities and investments in unconsolidated joint venture partnerships.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 386,448 ​ $ 377,546 Retail properties ​ 511,636 ​ 537,147 Residential properties ​ 1,608,727 ​ 1,495,532 Industrial properties ​ 1,339,472 ​ 1,248,255 Investments in real estate debt and securities ​ ​ 325,400 ​ ​ 275,335 Corporate ​ 314,788 ​ 240,909 Total assets ​ $ 4,486,471 ​ $ 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 nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Net loss attributable to common stockholders ​ $ (14,410) ​ $ (24,872) ​ $ (39,164) ​ $ (9,449) ​ Real estate-related depreciation and amortization ​ 32,146 ​ 36,713 ​ 99,201 ​ 101,067 ​ General and administrative expenses ​ 2,974 ​ 3,155 ​ 8,991 ​ 7,786 ​ Advisory fees ​ 9,661 ​ 8,980 ​ 28,822 ​ 24,351 ​ Performance participation allocation ​ — ​ 3,710 ​ — ​ 22,088 ​ Acquisition costs and reimbursements ​ 2,032 ​ 1,176 ​ 5,050 ​ 3,898 ​ Impairment loss on debt-related investment held for sale ​ — ​ — ​ 3,780 ​ — ​ Equity in loss (income) from unconsolidated joint venture partnerships ​ ​ 1,078 ​ ​ (1,590) ​ ​ 3,727 ​ ​ (2,298) ​ Interest expense ​ 33,967 ​ 42,255 ​ 109,394 ​ 100,439 ​ Gain on sale of real estate property ​ — ​ (11,303) ​ (36,884) ​ (94,827) ​ Loss on extinguishment of debt and financing commitments, net ​ — ​ — ​ 700 ​ — ​ Loss (gain) on derivative instruments ​ ​ 76 ​ ​ (1,691) ​ ​ (13) ​ ​ (4,223) ​ Provision for current expected credit losses ​ ​ (1,048) ​ ​ — ​ ​ 2,950 ​ ​ — ​ Other income and expenses ​ ​ (1,298) ​ ​ (843) ​ ​ (3,330) ​ ​ (1,843) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (146) ​ ​ (253) ​ ​ (390) ​ ​ (67) ​ Net loss attributable to noncontrolling interests ​ (4,477) ​ (4,996) ​ (11,304) ​ (2,378) ​ Net operating income ​ $ 60,555 ​ $ 50,441 ​ $ 171,530 ​ $ 144,544 ​ ​ The following table sets forth consolidated financial results by segment for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and ​ (in thousands) Office Retail Residential Industrial Securities Consolidated For the Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 12,942 ​ $ 15,131 ​ $ 30,437 ​ $ 23,859 ​ $ — ​ $ 82,369 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,837 ​ ​ 8,837 Rental expenses ​ (6,554) ​ (4,089) ​ (14,546) ​ (5,462) ​ — ​ (30,651) Net operating income ​ $ 6,388 ​ $ 11,042 ​ $ 15,891 ​ $ 18,397 ​ $ 8,837 ​ $ 60,555 Real estate-related depreciation and amortization ​ $ 4,054 ​ $ 4,016 ​ $ 10,256 ​ $ 13,820 ​ $ — ​ $ 32,146 For the Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,065 ​ $ 15,303 ​ $ 28,047 ​ $ 20,573 ​ $ — ​ $ 76,988 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,548 ​ ​ 1,548 Rental expenses ​ ​ (6,296) ​ (4,421) ​ (12,261) ​ (5,117) ​ — ​ ​ (28,095) Net operating income ​ $ 6,769 ​ $ 10,882 ​ $ 15,786 ​ $ 15,456 ​ $ 1,548 ​ $ 50,441 Real estate-related depreciation and amortization ​ $ 3,746 ​ $ 4,140 ​ $ 13,490 ​ $ 15,337 ​ $ — ​ $ 36,713 For the Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 39,292 ​ $ 43,937 ​ $ 88,108 ​ $ 66,196 ​ $ — ​ $ 237,533 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,787 ​ ​ 21,787 Rental expenses ​ ​ (19,626) ​ ​ (11,448) ​ ​ (41,806) ​ ​ (14,910) ​ ​ — ​ ​ (87,790) Net operating income ​ $ 19,666 ​ $ 32,489 ​ $ 46,302 ​ $ 51,286 ​ $ 21,787 ​ $ 171,530 Real estate-related depreciation and amortization ​ $ 12,220 ​ $ 12,094 ​ $ 29,695 ​ $ 45,192 ​ $ — ​ $ 99,201 For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 39,845 ​ $ 48,879 ​ $ 70,225 ​ $ 54,038 ​ $ — ​ $ 212,987 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,862 ​ ​ 5,862 Rental expenses ​ (18,259) ​ (12,826) ​ (30,265) ​ (12,955) ​ — ​ (74,305) Net operating income ​ $ 21,586 ​ $ 36,053 ​ $ 39,960 ​ $ 41,083 ​ $ 5,862 ​ $ 144,544 Real estate-related depreciation and amortization ​ $ 11,986 ​ $ 13,268 ​ $ 37,882 ​ $ 37,931 ​ $ — ​ $ 101,067 ​ 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 expenses, 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.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of reallocations on prior period balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Adjustment ​ Current Period ​ ​ ($ in thousands) ​ As Previously Reported ​ Prior to Period ​ Quarterly Reallocation As Revised As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,457,296 ​ $ 85,321 ​ $ N/A ​ $ 1,542,617 Accumulated other comprehensive income (loss) ​ $ (13,418) ​ $ 3,855 ​ $ N/A ​ $ (9,563) Noncontrolling interests ​ $ 196,696 ​ $ (89,176) ​ $ N/A ​ $ 107,520 As of June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,655,295 ​ $ 92,133 ​ $ (7,185) ​ $ 1,740,243 Accumulated other comprehensive income (loss) ​ $ (1,703) ​ $ 4,041 ​ $ 12 ​ $ 2,350 Noncontrolling interests ​ $ 228,185 ​ $ (96,174) ​ $ 7,173 ​ $ 139,184 As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,717,360 ​ $ 84,948 ​ $ 29,297 ​ $ 1,831,605 Accumulated other comprehensive income (loss) ​ $ 12,778 ​ $ 4,053 ​ $ (125) ​ $ 16,706 Noncontrolling interests ​ $ 311,144 ​ $ (89,001) ​ $ (29,172) ​ $ 192,971 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,744,022 ​ $ 114,245 ​ $ 40,243 ​ $ 1,898,510 Accumulated other comprehensive income (loss) ​ $ 13,148 ​ $ 3,928 ​ $ (993) ​ $ 16,083 Noncontrolling interests ​ $ 408,031 ​ $ (118,173) ​ $ (39,250) ​ $ 250,608 As of June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,727,632 ​ $ 152,061 ​ $ 30,740 ​ $ 1,910,433 Accumulated other comprehensive income (loss) ​ $ 15,872 ​ $ 2,731 ​ $ (638) ​ $ 17,965 Noncontrolling interests ​ $ 459,231 ​ $ (154,792) ​ $ (30,102) ​ $ 274,337 ​

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2023 December 31, 2022 Land ​ $ 723,871 ​ $ 694,998 Buildings and improvements ​ 3,386,706 ​ 3,152,553 Intangible lease assets ​ 325,660 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,449,874 ​ 4,178,329 Accumulated depreciation and amortization ​ (663,675) ​ (572,751) Net investment in real estate properties ​ $ 3,786,199 ​ $ 3,605,578
Schedule of 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 Arabelle Lincoln Station ​ Residential ​ 8/16/2023 ​ ​ 80,086 BLVD Dallas ​ Residential ​ 9/15/2023 ​ ​ 58,050 SLC Logistics Center ​ Industrial ​ 9/26/2023 ​ ​ 77,085 Total 2023 acquisitions ​ $ 266,153 (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	​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ($ in thousands) September 30, 2023 Land ​ $ 36,895 Building and improvements ​ 216,922 Intangible lease assets ​ 11,482 Above-market lease assets ​ 854 Total purchase price (1) ​ $ 266,153 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 301,873 ​ $ (228,604) ​ $ 73,269 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 23,787 ​ (20,300) ​ 3,487 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,331) ​ 35,403 ​ (37,928) ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 996 ​ $ 898 ​ $ 2,738 ​ $ 2,864 ​ Above-market lease amortization ​ (194) ​ (185) ​ (593) ​ (538) ​ Below-market lease amortization ​ 1,181 ​ 1,209 ​ 3,319 ​ 3,615 ​ Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 27,413 ​ $ 26,118 ​ $ 80,911 ​ $ 71,665 ​ Intangible lease asset amortization ​ 4,733 ​ 10,595 ​ 18,290 ​ 29,402 ​ ​

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investment And Joint Venture [Abstract]
Equity Method Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Investment ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ($ in thousands) Type September 30, 2023 ​ ​ December 31, 2022 ​ ​ September 30, 2023 December 31, 2022 Vue 1400 JV ​ Residential ​ 85.0 % ​ 85.0 % ​ $ 24,628 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 16,081 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 58,916 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 22,846 ​ ​ 12,232 Prime Data Center JV I ​ Data Center ​ 13.0 % ​ N/A ​ ​ ​ 11,667 ​ ​ N/A Prime Data Center JV II ​ Data Center ​ 13.0 % ​ N/A ​ ​ ​ 7,778 ​ ​ N/A MERED II JV (1) ​ Debt ​ 19.9 % ​ N/A ​ ​ ​ — ​ ​ N/A Total investments in unconsolidated joint venture partnerships ​ ​ ​ ​ ​ $ 141,916 ​ $ 120,372 (1) As of September 30, 2023, we had no t made any contributions to MERED II JV and had an unfunded capital commitment of $74.6 million, with provisions to increase our total capital commitment with approval from the limited and general partners.

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2023
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
Summary of Debt Related Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans (2) ​ $ 110,918 ​ $ 118,414 ​ ​ 9.0 % ​ 1.7 Mezzanine loans ​ ​ 107,282 ​ ​ 108,500 ​ ​ 11.4 ​ ​ 1.1 Total debt-related investments (2) ​ $ 218,200 ​ $ 226,914 ​ ​ 10.4 % ​ 1.4 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 September 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 September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2023, we recorded an impairment loss of $3.8 million related to this senior loan. There was no impairment loss recorded during the three months ended September 30, 2023. The impairment loss is included in impairment loss on debt-related investment held for sale on the condensed consolidated statements of operations. This senior loan is held-for-sale and therefore the carrying amount has been reduced to its fair value as of both September 30, 2023 and December 31, 2022. Weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations.
Summary of Available-for-Sale Debt Securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unamortized Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,979 ​ $ 14,886 ​ $ 93 ​ $ — ​ $ 148 ​ $ 15,034 Preferred equity ​ ​ 93,095 ​ ​ 92,166 ​ ​ — ​ ​ 929 ​ ​ — ​ ​ 92,166 Total debt securities ​ $ 108,074 ​ $ 107,052 ​ $ 93 ​ $ 929 ​ $ 148 ​ $ 107,200 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 loan origination fees received on debt securities. (2) Represents cumulative unrealized gain beginning from acquisition date.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 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 ​ ​ September 30, ​ December 31, ​ ​ ​ September 30, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 5.43 % 5.72 % November 2025 ​ $ 398,000 ​ $ 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 3.80 ​ 3.48 ​ January 2027 - May 2031 ​ 392,904 380,316 Floating-rate mortgage notes (4) 4.63 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.25 % 4.31 % ​ $ 1,798,504 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (13,063) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 7,628 8,408 Total debt, net ​ $ 1,793,069 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 1,019,217 ​ $ 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 September 30, 2023, the unused and available portions under the line of credit were approximately $502.0 million and $428.5 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 Adjusted Term SOFR plus a margin. As of both September 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 4.66% , respectively, as of September 30, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.2 years as of September 30, 2023, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of September 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 ​ $ — ​ $ — ​ $ 526 ​ $ 526 2024 ​ — ​ — ​ 129,265 ​ 129,265 2025 ​ 398,000 ​ — ​ 2,646 ​ 400,646 2026 ​ — ​ 400,000 ​ 85,396 ​ 485,396 2027 ​ — ​ 400,000 ​ 177,034 ​ 577,034 Thereafter ​ — ​ — ​ 205,637 ​ 205,637 Total principal payments ​ $ 398,000 ​ $ 800,000 ​ $ 600,504 ​ $ 1,798,504 (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 (1) ​ Other Assets Other Liabilities As of September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 19,860 ​ $ — Interest rate caps designated as cash flow hedges ​ 4 ​ ​ 300,000 ​ ​ 18,349 ​ ​ ​ Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 207,600 ​ ​ 292 ​ ​ — Total derivative instruments 18 ​ $ 1,157,600 ​ $ 38,501 ​ $ — 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 ​ $ — ​ (1) Excludes $127.0 million of notional amount for one interest rate cap agreement entered into in September 2023 with an effective date in October 2023. This interest rate cap agreement is replacing a separate interest rate cap agreement with a $127.0 million notional amount that is expiring in October 2023.
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our consolidated derivative instruments on our condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 5,346 ​ $ 17,114 ​ $ 15,492 ​ $ 27,976 ​ Amount reclassified from AOCI (out of) into interest expense ​ (5,252) ​ 331 ​ (12,346) ​ 3,282 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 33,967 ​ 42,255 ​ 109,394 ​ 100,439 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (1,497) ​ $ 1,691 ​ $ (3,822) ​ $ 4,223 ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 1,421 ​ ​ — ​ ​ 3,835 ​ ​ — ​ (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)	9 Months Ended
	Sep. 30, 2023
Delaware Statutory Trust Program [Abstract]
Schedule of DST Program activity	The following table presents our DST Program activity for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 158,399 ​ $ 212,118 ​ $ 351,906 ​ $ 654,781 DST Interests financed by DST Program Loans ​ ​ 12,881 ​ ​ 17,286 ​ ​ 40,196 ​ ​ 45,318 Income earned from DST Program Loans (1) ​ ​ 1,386 ​ ​ 942 ​ ​ 3,652 ​ ​ 2,443 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (3,023) ​ ​ 12,189 ​ ​ 1,761 ​ ​ 24,721 Rent obligation incurred under master lease agreements (2) ​ ​ 14,851 ​ ​ 12,708 ​ ​ 42,785 ​ ​ 33,565 (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)	9 Months Ended
	Sep. 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 September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 38,501 ​ $ — ​ $ 38,501 Available-for-sale debt securities ​ ​ — ​ ​ 15,034 ​ ​ 92,166 ​ ​ 107,200 Total assets measured at fair value ​ $ — ​ $ 53,535 ​ $ 92,166 ​ $ 145,701 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 Recurring Basis	The following table presents our financial instruments measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-For-Sale ​ ​ ($ in thousands) ​ Debt Securities ​ Total Balance as of December 31, 2022 ​ $ — ​ $ — Purchases and contributions ​ ​ 90,331 ​ ​ 90,331 Capitalized interest ​ ​ 2,764 ​ ​ 2,764 Loan origination fees received ​ ​ (1,022) ​ ​ (1,022) Amortization of loan origination fees (1) ​ ​ 93 ​ ​ 93 Balance as of September 30, 2023 ​ $ 92,166 ​ $ 92,166 (1) Included in debt-related income on the condensed consolidated statements of operations.
Schedule of Quantitative Inputs and Assumptions	The following tables presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Unobservable Weighted-Average Impact to Valuation from ($ in thousands) ​ ​ Fair Value Technique Inputs Rate an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities ​ $ 92,166 ​ Yield Method ​ Market Yield ​ 13.3 % ​ Decrease
Schedule of Financial Instruments Measured at Fair Value on a Nonrecurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ As of December 31, 2022 ​ Level in Fair ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value Hierarchy ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ 3 ​ $ 226,914 ​ $ 221,012 ​ $ 263,122 ​ $ 260,841 DST Program Loans ​ 3 ​ 116,195 ​ 111,467 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 398,000 ​ $ 398,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 600,504 ​ 554,708 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 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 SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 21,672 46,163 7,947 64,741 54,578 195,101 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 2,994 2,303 ​ 135 ​ 3,483 ​ — 8,915 Distribution reinvestment plan 109 211 ​ 39 ​ 321 ​ 181 861 Share-based compensation — — ​ — ​ 27 ​ — 27 Redemptions of common stock ​ (49) (531) ​ (188) ​ (417) ​ (1,102) ​ (2,287) Conversions (14) — ​ — ​ 14 ​ — — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 416 457 58 448 — 1,379 Distribution reinvestment plan 150 250 38 361 188 987 Share-based compensation — — — 35 — 35 Redemptions of common stock ​ (430) ​ (1,350) ​ (294) ​ (2,507) ​ (1,679) ​ (6,260) Conversions (44) 27 (15) 40 (8) — Balance as of September 30, 2023 28,833 49,134 7,014 66,482 49,548 201,011 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 8,183 12,627 1,628 13,666 — 36,104 Distribution reinvestment plan 301 604 114 928 ​ 569 2,516 Share-based compensation — — — 27 — 27 Redemptions of common stock (82) ​ (842) ​ (558) ​ (973) ​ (3,240) (5,695) Conversions ​ (115) ​ — ​ — ​ 115 ​ — ​ — Balance as of September 30, 2022 24,712 48,146 7,933 68,169 53,657 202,617 FOR THE NINE MONTHS ENDED SEPTEMBER 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 2,923 2,426 134 3,552 — 9,035 Distribution reinvestment plan 423 709 115 1,031 541 2,819 Share-based compensation — — — 35 — 35 Redemptions of common stock (1,234) (3,289) (723) (7,781) (3,959) (16,986) Conversions ​ (163) ​ 51 ​ (383) ​ 503 ​ (8) ​ — Balance as of September 30, 2023 28,833 49,134 7,014 66,482 49,548 201,011
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 September 30 ​ 0.10000 ​ 10,335 ​ 6,451 ​ 8,431 ​ 1,430 ​ 26,647 Total ​ $ 0.28750 ​ $ 30,143 ​ $ 17,232 ​ $ 24,414 ​ $ 4,354 ​ $ 76,143 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 nine months ended September 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 Nine Months Ended September 30, ​ ​ (in thousands, except for per share data) 2023 2022 ​ ​ Number of shares redeemed or repurchased ​ 16,986 ​ 5,695 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 145,934 ​ $ 48,783 ​ ​ Average redemption or repurchase price per share ​ $ 8.59 ​ $ 8.57 ​ ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2023
Redeemable Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 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 ​ ​ (588) ​ ​ (543) ​ Redemptions to redeemable noncontrolling interests (2) ​ ​ — ​ ​ (7,724) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (390) ​ ​ (67) ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 25 ​ ​ 283 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (298) ​ ​ 1,900 ​ Ending balance ​ $ 16,879 ​ $ 18,170 ​ (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)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, (in thousands) 2023 2022 Balance at beginning of period ​ 55,079 ​ 27,180 Issuance of units ​ 9,845 15,814 Redemption of units ​ (3,175) ​ (536) Balance at end of period ​ ​ 61,749 ​ ​ 42,458

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 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 September 30, ​ For the Nine Months Ended September 30, ​ Payable as of ​ (in thousands) 2023 2022 2023 2022 September 30, 2023 December 31, 2022 ​ Selling commissions and dealer manager fees (1) ​ $ 161 ​ $ 1,144 ​ $ 1,121 ​ $ 3,424 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,232 ​ ​ 1,869 ​ ​ 6,576 ​ ​ 4,743 ​ ​ 708 ​ ​ 748 ​ Advisory fees—fixed component ​ ​ 9,661 ​ ​ 8,980 ​ ​ 28,822 ​ ​ 24,351 ​ ​ 3,255 ​ ​ 2,868 ​ Performance participation allocation (3) ​ — ​ 3,710 ​ — ​ 22,088 ​ — ​ 23,747 ​ Other expense reimbursements—Advisor (4)(5) ​ 3,258 ​ 2,962 ​ 10,113 ​ 8,308 ​ 3,973 ​ 4,192 ​ Other expense reimbursements—Dealer Manager ​ 87 ​ 99 ​ 247 ​ 269 ​ 85 ​ 109 ​ Property accounting fee (6) ​ ​ 478 ​ ​ 508 ​ ​ 1,448 ​ ​ 811 ​ ​ 166 ​ ​ 478 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 2,827 ​ 5,994 ​ 7,570 ​ 19,178 ​ 294 ​ 241 ​ Other DST Program related costs—Advisor (5) ​ 2,529 ​ 4,234 ​ 6,087 ​ 12,675 ​ 162 ​ 146 ​ Total ​ $ 21,233 ​ $ 29,500 ​ $ 61,984 ​ $ 95,847 ​ $ 8,643 ​ $ 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 $60.6 million and $60.9 million as of September 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)	9 Months Ended
	Sep. 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 September 30, ​ For the Nine Months Ended September 30, ​ (in thousands, except per share data) 2023 2022 2023 2022 ​ Net loss attributable to common stockholders—basic ​ $ (14,410) ​ $ (24,872) ​ $ (39,164) ​ $ (9,449) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (146) ​ ​ (253) ​ ​ (390) ​ ​ (67) ​ Net loss attributable to noncontrolling interests ​ (4,477) ​ (4,996) ​ (11,304) ​ (2,378) ​ Net loss attributable to common stockholders—diluted ​ $ (19,033) ​ $ (30,121) ​ $ (50,858) ​ $ (11,894) ​ Weighted-average shares outstanding—basic ​ 201,968 ​ 200,667 ​ 204,968 ​ 190,199 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 64,519 ​ 42,327 ​ 59,853 ​ 36,095 ​ Weighted-average shares outstanding—diluted ​ 266,487 ​ 242,994 ​ 264,821 ​ 226,294 ​ Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.07) ​ $ (0.12) ​ $ (0.19) ​ $ (0.05) ​ Diluted ​ $ (0.07) ​ $ (0.12) ​ $ (0.19) ​ $ (0.05) ​ ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, (in thousands) ​ 2023 ​ 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 24,260 ​ $ 21,555 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (306) ​ ​ 21,371 Increase in DST Program Loans receivable through DST Program capital raising ​ 40,196 ​ 45,318 Redeemable noncontrolling interest issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ 84,725 ​ 136,905
Summary of Cash, Cash Equivalents and Restricted Cash	Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ (in thousands) 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 ​ $ 14,503 ​ $ 24,245 ​ Restricted cash ​ 4,149 ​ 3,788 ​ Cash, cash equivalents and restricted cash ​ $ 18,652 ​ $ 28,033 ​ ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 386,448 ​ $ 377,546 Retail properties ​ 511,636 ​ 537,147 Residential properties ​ 1,608,727 ​ 1,495,532 Industrial properties ​ 1,339,472 ​ 1,248,255 Investments in real estate debt and securities ​ ​ 325,400 ​ ​ 275,335 Corporate ​ 314,788 ​ 240,909 Total assets ​ $ 4,486,471 ​ $ 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 nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Net loss attributable to common stockholders ​ $ (14,410) ​ $ (24,872) ​ $ (39,164) ​ $ (9,449) ​ Real estate-related depreciation and amortization ​ 32,146 ​ 36,713 ​ 99,201 ​ 101,067 ​ General and administrative expenses ​ 2,974 ​ 3,155 ​ 8,991 ​ 7,786 ​ Advisory fees ​ 9,661 ​ 8,980 ​ 28,822 ​ 24,351 ​ Performance participation allocation ​ — ​ 3,710 ​ — ​ 22,088 ​ Acquisition costs and reimbursements ​ 2,032 ​ 1,176 ​ 5,050 ​ 3,898 ​ Impairment loss on debt-related investment held for sale ​ — ​ — ​ 3,780 ​ — ​ Equity in loss (income) from unconsolidated joint venture partnerships ​ ​ 1,078 ​ ​ (1,590) ​ ​ 3,727 ​ ​ (2,298) ​ Interest expense ​ 33,967 ​ 42,255 ​ 109,394 ​ 100,439 ​ Gain on sale of real estate property ​ — ​ (11,303) ​ (36,884) ​ (94,827) ​ Loss on extinguishment of debt and financing commitments, net ​ — ​ — ​ 700 ​ — ​ Loss (gain) on derivative instruments ​ ​ 76 ​ ​ (1,691) ​ ​ (13) ​ ​ (4,223) ​ Provision for current expected credit losses ​ ​ (1,048) ​ ​ — ​ ​ 2,950 ​ ​ — ​ Other income and expenses ​ ​ (1,298) ​ ​ (843) ​ ​ (3,330) ​ ​ (1,843) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (146) ​ ​ (253) ​ ​ (390) ​ ​ (67) ​ Net loss attributable to noncontrolling interests ​ (4,477) ​ (4,996) ​ (11,304) ​ (2,378) ​ Net operating income ​ $ 60,555 ​ $ 50,441 ​ $ 171,530 ​ $ 144,544 ​
Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and ​ (in thousands) Office Retail Residential Industrial Securities Consolidated For the Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 12,942 ​ $ 15,131 ​ $ 30,437 ​ $ 23,859 ​ $ — ​ $ 82,369 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,837 ​ ​ 8,837 Rental expenses ​ (6,554) ​ (4,089) ​ (14,546) ​ (5,462) ​ — ​ (30,651) Net operating income ​ $ 6,388 ​ $ 11,042 ​ $ 15,891 ​ $ 18,397 ​ $ 8,837 ​ $ 60,555 Real estate-related depreciation and amortization ​ $ 4,054 ​ $ 4,016 ​ $ 10,256 ​ $ 13,820 ​ $ — ​ $ 32,146 For the Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 13,065 ​ $ 15,303 ​ $ 28,047 ​ $ 20,573 ​ $ — ​ $ 76,988 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,548 ​ ​ 1,548 Rental expenses ​ ​ (6,296) ​ (4,421) ​ (12,261) ​ (5,117) ​ — ​ ​ (28,095) Net operating income ​ $ 6,769 ​ $ 10,882 ​ $ 15,786 ​ $ 15,456 ​ $ 1,548 ​ $ 50,441 Real estate-related depreciation and amortization ​ $ 3,746 ​ $ 4,140 ​ $ 13,490 ​ $ 15,337 ​ $ — ​ $ 36,713 For the Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 39,292 ​ $ 43,937 ​ $ 88,108 ​ $ 66,196 ​ $ — ​ $ 237,533 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,787 ​ ​ 21,787 Rental expenses ​ ​ (19,626) ​ ​ (11,448) ​ ​ (41,806) ​ ​ (14,910) ​ ​ — ​ ​ (87,790) Net operating income ​ $ 19,666 ​ $ 32,489 ​ $ 46,302 ​ $ 51,286 ​ $ 21,787 ​ $ 171,530 Real estate-related depreciation and amortization ​ $ 12,220 ​ $ 12,094 ​ $ 29,695 ​ $ 45,192 ​ $ — ​ $ 99,201 For the Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 39,845 ​ $ 48,879 ​ $ 70,225 ​ $ 54,038 ​ $ — ​ $ 212,987 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,862 ​ ​ 5,862 Rental expenses ​ (18,259) ​ (12,826) ​ (30,265) ​ (12,955) ​ — ​ (74,305) Net operating income ​ $ 21,586 ​ $ 36,053 ​ $ 39,960 ​ $ 41,083 ​ $ 5,862 ​ $ 144,544 Real estate-related depreciation and amortization ​ $ 11,986 ​ $ 13,268 ​ $ 37,882 ​ $ 37,931 ​ $ — ​ $ 101,067

BASIS OF PRESENTATION - Schedul

BASIS OF PRESENTATION - Schedule of reallocations on prior period balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Additional paid-in capital	$ 1,877,371	$ 1,910,433	$ 1,898,510	$ 1,831,605	$ 1,740,243	$ 1,542,617
Accumulated other comprehensive income (loss)	18,101	17,965	16,083	16,706	2,350	(9,563)
Noncontrolling interests	$ 253,457	274,337	250,608	192,971	139,184	107,520
Previously Reported
Additional paid-in capital		1,727,632	1,744,022	1,717,360	1,655,295	1,457,296
Accumulated other comprehensive income (loss)		15,872	13,148	12,778	(1,703)	(13,418)
Noncontrolling interests		459,231	408,031	311,144	228,185	196,696
Cumulative Adjustment Prior to Period
Additional paid-in capital		152,061	114,245	84,948	92,133	85,321
Accumulated other comprehensive income (loss)		2,731	3,928	4,053	4,041	3,855
Noncontrolling interests		(154,792)	(118,173)	(89,001)	(96,174)	$ (89,176)
Current Period Quarterly Reallocation
Additional paid-in capital		30,740	40,243	29,297	(7,185)
Accumulated other comprehensive income (loss)		(638)	(993)	(125)	12
Noncontrolling interests		$ (30,102)	$ (39,250)	$ (29,172)	$ 7,173

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) Office property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) Office property
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property | $			$ 53,735	$ 274,816
Gain on sale of real estate property | $	$ 0	$ 11,303	$ 36,884	$ 94,827
Intangible lease assets | Asset Acquisition
Real Estate Properties [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets			4 years 1 month 6 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	6	1	6
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	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 723,871	$ 694,998
Buildings and improvements	3,386,706	3,152,553
Intangible lease assets	325,660	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	$ 4,449,874	$ 4,178,329
Accumulated depreciation and amortization	(663,675)	(572,751)
Net investment in real estate properties	$ 3,786,199	$ 3,605,578

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Asset Acquisition
Asset Acquisition [Line Items]
Total acquisitions	$ 266,153
Debt assumed at fair value	0
VM8 Logistics Center | Industrial Property
Asset Acquisition [Line Items]
Total acquisitions	17,511
Moreno Valley Distribution Center | Industrial Property
Asset Acquisition [Line Items]
Total acquisitions	33,421
Arabelle Lincoln Station | Residential Property
Asset Acquisition [Line Items]
Total acquisitions	80,086
BL VD Dallas | Residential Property
Asset Acquisition [Line Items]
Total acquisitions	58,050
SLC Logistics Center | Industrial Property
Asset Acquisition [Line Items]
Total acquisitions	$ 77,085

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Real Estate [Line Items]
Land	$ 36,895
Building and improvements	216,922
Intangible lease assets	11,482
Above-market lease assets	854
Total purchase price	266,153
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	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 325,660	$ 317,141
Gross, Liabilities	(73,331)	(76,033)
Accumulated Amortization, Liabilities	35,403	33,589
Net, Liabilities	(37,928)	(42,444)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	301,873	294,208
Accumulated Amortization, Assets	(228,604)	(214,201)
Net, Assets	73,269	80,007
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	23,787	22,933
Accumulated Amortization, Assets	(20,300)	(19,707)
Net, Assets	$ 3,487	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 996	$ 898	$ 2,738	$ 2,864
Depreciation expense	27,413	26,118	80,911	71,665
Intangible lease asset amortization	4,733	10,595	18,290	29,402
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(194)	(185)	(593)	(538)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 1,181	$ 1,209	$ 3,319	$ 3,615

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint venture partnerships	$ 141,916	$ 120,372
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint venture partnerships	141,916	$ 120,372
Unfunded Capital commitment	$ 90,200
Vue 1400 JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85%	85%
Investments in unconsolidated joint venture partnerships	$ 24,628	$ 25,984
Net Lease JV I
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Investments in unconsolidated joint venture partnerships	$ 16,081	$ 16,393
Net Lease JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Investments in unconsolidated joint venture partnerships	$ 58,916	$ 65,763
Net Lease JV III
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%	50%
Investments in unconsolidated joint venture partnerships	$ 22,846	$ 12,232
Prime Date Center JV I
Schedule of Equity Method Investments [Line Items]
Ownership percentage	13%
Investments in unconsolidated joint venture partnerships	$ 11,667
Prime Data Center JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage	13%
Investments in unconsolidated joint venture partnerships	$ 7,778
MERED II JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	19.90%
Investments in unconsolidated joint venture partnerships	$ 0
Unfunded Capital commitment	$ 74,600

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summarizes Debt Related Investments) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Marketable Securities [Line Items]
Carrying Amount	$ 218,200		$ 218,200		$ 260,439
Outstanding Principal	$ 226,914		$ 226,914		$ 263,122
Weighted-Average Interest Rate	10.40%		10.40%		9.50%
Weighted-Average Remaining Life (Years)			1 year 4 months 24 days		2 years
Impairment loss on debt-related investment held for sale	$ 0	$ 0	$ 3,780	$ 0
Principal collections on debt-related investments			64,948	$ 4,084
Senior loans
Marketable Securities [Line Items]
Carrying Amount	110,918		110,918		$ 151,645
Outstanding Principal	$ 118,414		$ 118,414		$ 154,622
Weighted-Average Interest Rate	9%		9%		8.50%
Weighted-Average Remaining Life (Years)			1 year 8 months 12 days		2 years 1 month 6 days
Principal collections on debt-related investments			$ 64,900
Senior loans in default and on non-accrual status
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	0		$ 3,800
Mezzanine loans
Marketable Securities [Line Items]
Carrying Amount	107,282		107,282		$ 108,794
Outstanding Principal	$ 108,500		$ 108,500		$ 108,500
Weighted-Average Interest Rate	11.40%		11.40%		10.40%
Weighted-Average Remaining Life (Years)			1 year 1 month 6 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	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
Debt investments, Allowance for credit loss	$ 2.9	$ 2.9
Increase (decrease) in provision for current expected credit losses	$ (1)	$ 3
Percentage of CECL Reserve to debt related investment commitment	1%	1%
Number of debt related investments, held for sale	1	1
Held to Maturity debt related Investments	$ 289.1	$ 289.1
Funded Commitment Balance	183.1	183.1
Unfunded Commitment Balance	106	106
Funded Commitments Related to Allowance	1.8	1.8
Unfunded Commitments Related to Allowance	$ 1.1	1.1
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	Sep. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 108,074	$ 14,979
Amortized Cost	107,052	14,870
Unamortized Discount	93	109
Unamortized Fees	929
Unrealized Gain, Net	148	26
Fair Value	107,200	14,896
Credit loss	0
Unfunded commitments	208,100
Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Face Amount	93,095
Amortized Cost	92,166
Unamortized Fees	929
Fair Value	$ 92,166
Number of available for sale debt securities | item	1
Unfunded commitments	$ 11,900
ECLO
Debt Securities, Available-for-Sale [Line Items]
Face Amount	14,979	14,979
Amortized Cost	14,886	14,870
Unamortized Discount	93	109
Unrealized Gain, Net	148	26
Fair Value	$ 15,034	$ 14,896
Number of available for sale debt securities | item	1	1
Weighted Average | Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years 3 months 18 days
Weighted Average | ECLO
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years 3 months 18 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.25%		4.25%		4.31%
Total borrowings	$ 1,798,504		$ 1,798,504		$ 1,622,916
Less: unamortized debt issuance costs	(13,063)		(13,063)		(14,849)
Add: unamortized mark-to-market adjustment on assumed debt	7,628		7,628		8,408
Total debt, net	1,793,069		1,793,069		1,616,475
Gross book value of properties encumbered by debt	1,019,217		1,019,217		$ 970,310
Interest expense	$ 21,200	$ 15,800	$ 61,400	$ 37,600
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)			3 years 2 months 12 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.43%		5.43%		5.72%
Total borrowings	$ 398,000		$ 398,000		$ 235,000
Current borrowing capacity	502,000		502,000
Available portions under the line of credit	428,500		$ 428,500
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	3.80%		3.80%		3.48%
Total borrowings	$ 392,904		$ 392,904		$ 380,316
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.63%		4.63%		4.52%
Total borrowings	$ 207,600		$ 207,600		$ 207,600
Floating-Rate Mortgage Notes | London Interbank Offered Rate L I B O R Extension | 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 | 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 | 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 | Maximum
Debt Instrument [Line Items]
Floating rate	4.66%		4.66%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Remainder of 2023	$ 526
2024	129,265
2025	400,646
2026	485,396
2027	577,034
Thereafter	205,637
Total principal payments	1,798,504	$ 1,622,916
Line of Credit
Debt Instrument [Line Items]
Remainder of 2023	0
2024	0
2025	398,000
2026	0
2027	0
Thereafter	0
Total principal payments	$ 398,000	$ 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	526
2024	129,265
2025	2,646
2026	85,396
2027	177,034
Thereafter	205,637
Total principal payments	600,504
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	Oct. 31, 2023 USD ($) contract	Sep. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract		18	14
Total notional amount		$ 1,157,600	$ 857,600
Derivative assets		$ 38,501	$ 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		$ 17,200
Interest rate swaps | Designated Hedges
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract		12	12
Total notional amount		$ 650,000	$ 650,000
Derivative assets		$ 19,860	$ 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		4
Total notional amount		$ 300,000
Derivative assets		$ 18,349
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		$ 292	$ 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.
Interest rate swap effective in October 2023 | Subsequent Event
Derivatives, Fair Value [Line Items]
Number of derivative contracts | contract	1
Total notional amount	$ 127,000
Interest rate swap expiring in October 2023 | Subsequent Event
Derivatives, Fair Value [Line Items]
Total notional amount	$ 127,000

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ 33,967	$ 42,255	$ 109,394	$ 100,439
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)			(3,822)	4,223
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	33,967	42,255	109,394	100,439
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)	(1,497)	$ 1,691	(3,822)	$ 4,223
Realized gain on derivative instruments recognized in other income (expenses)	$ 1,421		$ 3,835
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	$ 5,346	$ 17,114	$ 15,492	$ 27,976
Amount reclassified from AOCI (out of) into interest expense	$ (5,252)	$ 331	$ (12,346)	$ 3,282

DST Program (Details)

DST Program (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
DST Program Loans	$ 116,195		$ 116,195		$ 81,897
Issuances of OP Units for DST Interests		$ 97,464	84,725	$ 136,905
DST Program Loans
Delaware Statutory Trust Programs [Line Items]
DST Program Loans	$ 116,200		$ 116,200		$ 81,900
Debt, Weighted Average Interest Rate	5%		5%		4.47%
Debt Instrument, Weighted Average Maturity Term			8 years 3 months 18 days		9 years 2 months 12 days
DST Interests sold	$ 158,399	212,118	$ 351,906	654,781
DST Interests financed by DST Program Loans	12,881	17,286	40,196	45,318
Income earned from DST Program Loans (1)	1,386	942	3,652	2,443
Financing obligation liability (depreciation) appreciation (2)	(3,023)	12,189	1,761	24,721
Rent obligation incurred under master lease agreements (2)	$ 14,851	$ 12,708	42,785	33,565
Issuances of OP Units for DST Interests			$ 84,700	$ 136,900
DST Program Loans | OP Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)			9.8	15.8

FAIR VALUE (Measured on Recurri

FAIR VALUE (Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Derivative instruments	$ 38,501	$ 24,448
Available-for-sale debt securities	107,200	14,896
Level 3
Assets:
Available-for-sale debt securities	92,166
Recurring
Assets:
Derivative instruments	38,501	24,448
Available-for-sale debt securities	107,200	14,896
Total assets measured at fair value	145,701	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	38,501	24,448
Available-for-sale debt securities	15,034	14,896
Total assets measured at fair value	53,535	39,344
Recurring | Level 3
Assets:
Derivative instruments	0	0
Available-for-sale debt securities	92,166	0
Total assets measured at fair value	$ 92,166	$ 0

FAIR VALUE - Available-for-Sale

FAIR VALUE - Available-for-Sale Debt Securities (Details)	Sep. 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 - Financial Instrume

FAIR VALUE - Financial Instruments Measured at Fair value (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Purchases and contributions	$ 90,331
Capitalized interest	2,764
Loan origination fees received	(1,022)
Amortization of loan origination fees	93
Balance as of September 30, 2023	92,166
Available for Sale Debt Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Purchases and contributions	90,331
Capitalized interest	2,764
Loan origination fees received	(1,022)
Amortization of loan origination fees	93
Balance as of September 30, 2023	$ 92,166

FAIR VALUE - Quantitative Input

FAIR VALUE - Quantitative Inputs and Assumptions (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 107,200	$ 14,896
Debt securities, available-for-sale, valuation technique extensible enumeration	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Debt securities, available-for-sale, measurement input extensible enumeration	us-gaap:MeasurementInputRiskFreeInterestRateMember
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 92,166
Level 3 | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Rate	13.3

FAIR VALUE (Measured on Nonrecu

FAIR VALUE (Measured on Nonrecurring Basis) (Details) - Level 3 - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	$ 226,914	$ 263,122
DST Program Loans	116,195	81,897
Line of credit	398,000	235,000
Term loans	800,000	800,000
Mortgage notes	600,504	587,916
Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Debt-related investments	221,012	260,841
DST Program Loans	111,467	79,049
Line of credit	398,000	235,000
Term loans	800,000	800,000
Mortgage notes	$ 554,708	$ 541,558

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ 20,039	$ 87,893	$ 103,850	$ 332,419
Issuance of units (in shares)			11.9
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			$ 24,300

EQUITY (Information of Share Tr

EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(16,986)	(5,695)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	204,870	195,101	206,108	169,665
Primary shares (in shares)	1,379	8,915	9,035	36,104
Distribution reinvestment plan (in shares)	987	861	2,819	2,516
Share-based compensation (in shares)	35	27	35	27
Redemptions of common stock (in shares)	(6,260)	(2,287)	(16,986)	(5,695)
Conversions (in shares)	0	0	0	0
Balance at end of period (in shares)	201,011	202,617	201,011	202,617
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)	28,833		28,833
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	28,741	21,672	26,884	16,425
Primary shares (in shares)	416	2,994	2,923	8,183
Distribution reinvestment plan (in shares)	150	109	423	301
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(430)	(49)	(1,234)	(82)
Conversions (in shares)	(44)	(14)	(163)	(115)
Balance at end of period (in shares)	28,833	24,712	28,833	24,712
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)	49,134		49,134
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	49,750	46,163	49,237	35,757
Primary shares (in shares)	457	2,303	2,426	12,627
Distribution reinvestment plan (in shares)	250	211	709	604
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(1,350)	(531)	(3,289)	(842)
Conversions (in shares)	27	0	51	0
Balance at end of period (in shares)	49,134	48,146	49,134	48,146
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)	7,014		7,014
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	7,227	7,947	7,871	6,749
Primary shares (in shares)	58	135	134	1,628
Distribution reinvestment plan (in shares)	38	39	115	114
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(294)	(188)	(723)	(558)
Conversions (in shares)	(15)	0	(383)	0
Balance at end of period (in shares)	7,014	7,933	7,014	7,933
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)	66,482		66,482
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	68,105	64,741	69,142	54,406
Primary shares (in shares)	448	3,483	3,552	13,666
Distribution reinvestment plan (in shares)	361	321	1,031	928
Share-based compensation (in shares)	35	27	35	27
Redemptions of common stock (in shares)	(2,507)	(417)	(7,781)	(973)
Conversions (in shares)	40		503
Conversions (in shares)		14		115
Balance at end of period (in shares)	66,482	68,169	66,482	68,169
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)	49,548		49,548
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	51,047	54,578	52,974	56,328
Primary shares (in shares)	0	0	0	0
Distribution reinvestment plan (in shares)	188	181	541	569
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(1,679)	(1,102)	(3,959)	(3,240)
Conversions (in shares)	(8)	0	(8)	0
Balance at end of period (in shares)	49,548	53,657	49,548	53,657

EQUITY (Total Distributions Dec

EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.10000	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.28750	$ 0.37500
Common Stock Distributions Paid in Cash	$ 10,335	$ 9,896	$ 9,912	$ 9,859	$ 9,684	$ 9,299	$ 8,837	$ 30,143	$ 37,679
Other Cash Distributions	6,451	5,510	5,271	4,559	3,972	3,157	3,018	17,232	14,706
Reinvested in Shares	8,431	7,974	8,009	7,923	7,732	7,362	6,876	24,414	29,893
Distribution Fees	1,430	1,463	1,461	1,478	1,399	1,259	1,030	4,354	5,166
Total Distributions	$ 26,647	$ 24,843	$ 24,653	$ 23,819	$ 22,787	$ 21,077	$ 19,761	$ 76,143	$ 87,444

EQUITY (Redemptions and Repurch

EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Number of shares redeemed or repurchased (in shares)			16,986	5,695
Aggregate dollar amount of shares redeemed or repurchased	$ 52,615	$ 20,283	$ 145,934	$ 48,783
Average redemption or repurchase price per share (usd per share)			$ 8.59	$ 8.57

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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		$ (204)	$ (192)	(588)	(543)
Redemptions to redeemable noncontrolling interests					(7,724)
Net loss attributable to redeemable noncontrolling interests		(146)	(253)	(390)	(67)
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests		2	147	25	283
Redemption value allocation adjustment to redeemable noncontrolling interests				(298)	1,900
Ending balance		16,879	$ 18,170	16,879	$ 18,170	18,130
Other liabilities		$ 92,352		$ 92,352		$ 114,901
OP Units
Redeemable Noncontrolling Interest [Line Items]
Redeemable OP units outstanding		2,000,000		2,000,000		2,000,000
Related Party
Redeemable Noncontrolling Interest [Line Items]
Other liabilities		$ 8,643		$ 8,643		$ 32,529
Related Party | 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 | 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 | Performance Participation Allocation | Advisor
Redeemable Noncontrolling Interest [Line Items]
Other liabilities						$ 23,747
Related Party | 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 | 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Aggregate amount redeemed	$ 52,615	$ 20,283	$ 145,934	$ 48,783
OP Units
Noncontrolling Interest [Line Items]
Number of common stock issued per operating partnership unit			1
Aggregate amount redeemed	11,200	$ 1,100	$ 27,300	$ 4,500
OP Units | Maximum
Noncontrolling Interest [Line Items]
Estimated maximum redemption value (unaudited)	$ 509,700		$ 509,700		$ 488,300

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Noncontrolling Interest [Line Items]
Issuance of units (in shares)	11,900
Redemptions of common stock (in shares)	(16,986)	(5,695)
OP Units
Noncontrolling Interest [Line Items]
Balance at beginning of period (in shares)	55,079	27,180
Issuance of units (in shares)	9,845	15,814
Redemptions of common stock (in shares)	(3,175)	(536)
Balance at end of period (in shares)	61,749	42,458

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Other liabilities	$ 92,352		$ 92,352		$ 114,901
Related Party [Member]
Related Party Transaction [Line Items]
Related party transaction expense	21,233	$ 29,500	61,984	$ 95,847
Other liabilities	8,643		8,643		32,529
Related Party [Member] | Advisor
Related Party Transaction [Line Items]
Amount reimbursed for services	3,000	2,600	9,300	7,900
Related Party [Member] | Selling commissions and dealer manager fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	161	1,144	1,121	3,424
Related Party [Member] | Ongoing Distribution Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	2,232	1,869	6,576	4,743
Other liabilities	708		708		748
Related Party [Member] | Ongoing Distribution Fees [Member] | Dealer Manager | Other Liabilities
Related Party Transaction [Line Items]
Future Estimated Distribution Fees Payable	60,600		60,600		60,900
Related Party [Member] | Property accounting fee | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	478	508	1,448	811
Other liabilities	166		166		478
Related Party [Member] | Advisory Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	9,661	8,980	28,822	24,351
Other liabilities	3,255		3,255		2,868
Related Party [Member] | Performance Participation Allocation | Advisor
Related Party Transaction [Line Items]
Related party transaction expense		3,710	0	22,088
Other liabilities					23,747
Related Party [Member] | Other Expense Reimbursements [Member] | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	3,258	2,962	10,113	8,308
Other liabilities	3,973		3,973		4,192
Related Party [Member] | Other Expense Reimbursements [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	87	99	247	269
Other liabilities	85		85		109
Related Party [Member] | DST Program Manager Fees | Advisor
Related Party Transaction [Line Items]
Related party transaction expense	2,529	4,234	6,087	12,675
Other liabilities	162		162		146
Related Party [Member] | DST Program dealer manager fees | Dealer Manager
Related Party Transaction [Line Items]
Related party transaction expense	2,827	$ 5,994	7,570	$ 19,178
Other liabilities	$ 294		$ 294		$ 241

RELATED PARTY TRANSACTIONS - (A

RELATED PARTY TRANSACTIONS - (Advisory Fee and Operating Expense Reimbursement) (Details) - Related Party [Member]	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Related party transaction expense		$ 21,233,000	$ 29,500,000	$ 61,984,000	$ 95,847,000
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			3,710,000	$ 0	22,088,000
Advisory Fees | Advisor
Related Party Transaction [Line Items]
Advisory Agreement Renewal Term Period	1 year
Related party transaction expense		$ 9,661,000	$ 8,980,000	$ 28,822,000	$ 24,351,000
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders-basic	$ (14,410)	$ (24,872)	$ (39,164)	$ (9,449)
Net loss attributable to redeemable noncontrolling interests	(146)	(253)	(390)	(67)
Net loss attributable to noncontrolling interests	(4,477)	(4,996)	(11,304)	(2,378)
Net loss attributable to common stockholders-diluted	$ (19,033)	$ (30,121)	$ (50,858)	$ (11,894)
Weighted-average shares outstanding-basic	201,968	200,667	204,968	190,199
Incremental weighted-average shares effect of conversion of noncontrolling interests	64,519	42,327	59,853	36,095
Weighted-average shares outstanding - diluted (in shares)	266,487	242,994	264,821	226,294
Basic	$ (0.07)	$ (0.12)	$ (0.19)	$ (0.05)
Diluted	$ (0.07)	$ (0.12)	$ (0.19)	$ (0.05)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 24,260	$ 21,555
(Decrease) increase in accrued future ongoing distribution fees	(306)	21,371
Increase in DST Program Loans receivable through DST Program capital raising	40,196	45,318
Redeemable noncontrolling interest issued as settlement of performance participation allocation	0	15,327
Issuances of OP Units for DST Interests	84,725	136,905
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	14,503	24,245	$ 13,336	$ 10,605
Restricted cash	4,149	3,788	3,850	3,747
Cash, cash equivalents and restricted cash	$ 18,652	$ 28,033	$ 17,186	$ 14,352

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 208.1

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	5
Total assets	$ 4,486,471	$ 4,174,724
Operating Segments | Office properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	386,448	377,546
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	511,636	537,147
Operating Segments | Residential properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,608,727	1,495,532
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,339,472	1,248,255
Operating Segments | Investments in real estate debt and securities
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	325,400	275,335
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 314,788	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of net operating income attributable to common shareholders
Net loss attributable to common stockholders	$ (14,410)	$ (24,872)	$ (39,164)	$ (9,449)
Real estate-related depreciation and amortization	32,146	36,713	99,201	101,067
General and administrative expenses	2,974	3,155	8,991	7,786
Advisory fees	9,661	8,980	28,822	24,351
Performance participation allocation	0	3,710	0	22,088
Acquisition costs and reimbursements	2,032	1,176	5,050	3,898
Impairment loss on debt-related investment held for sale	0	0	3,780	0
Equity in loss (income) from unconsolidated joint venture partnerships	1,078	(1,590)	3,727	(2,298)
Interest expense	33,967	42,255	109,394	100,439
Gain on sale of real estate property	0	(11,303)	(36,884)	(94,827)
Loss on extinguishment of debt and financing commitments, net	0	0	700	0
Loss (gain) on derivative instruments	76	(1,691)	(13)	(4,223)
Provision for current expected credit losses	(1,048)	0	2,950	0
Other income and expenses	(1,298)	(843)	(3,330)	(1,843)
Net loss attributable to redeemable noncontrolling interests	(146)	(253)	(390)	(67)
Net loss attributable to noncontrolling interests	(4,477)	(4,996)	(11,304)	(2,378)
Net operating income	$ 60,555	$ 50,441	$ 171,530	$ 144,544

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Rental revenues	$ 82,369	$ 76,988	$ 237,533	$ 212,987
Debt-related income	8,837	1,548	21,787	5,862
Rental expenses	(30,651)	(28,095)	(87,790)	(74,305)
Net operating income	60,555	50,441	171,530	144,544
Real estate-related depreciation and amortization	32,146	36,713	99,201	101,067
Office
Segment Reporting Information [Line Items]
Rental revenues	12,942	13,065	39,292	39,845
Rental expenses	(6,554)	(6,296)	(19,626)	(18,259)
Net operating income	6,388	6,769	19,666	21,586
Real estate-related depreciation and amortization	4,054	3,746	12,220	11,986
Retail
Segment Reporting Information [Line Items]
Rental revenues	15,131	15,303	43,937	48,879
Rental expenses	(4,089)	(4,421)	(11,448)	(12,826)
Net operating income	11,042	10,882	32,489	36,053
Real estate-related depreciation and amortization	4,016	4,140	12,094	13,268
Residential
Segment Reporting Information [Line Items]
Rental revenues	30,437	28,047	88,108	70,225
Rental expenses	(14,546)	(12,261)	(41,806)	(30,265)
Net operating income	15,891	15,786	46,302	39,960
Real estate-related depreciation and amortization	10,256	13,490	29,695	37,882
Industrial
Segment Reporting Information [Line Items]
Rental revenues	23,859	20,573	66,196	54,038
Rental expenses	(5,462)	(5,117)	(14,910)	(12,955)
Net operating income	18,397	15,456	51,286	41,083
Real estate-related depreciation and amortization	13,820	15,337	45,192	37,931
Debt and Securities
Segment Reporting Information [Line Items]
Debt-related income	8,837	1,548	21,787	5,862
Net operating income	$ 8,837	$ 1,548	$ 21,787	$ 5,862

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,410)	$ (24,872)	$ (39,164)	$ (9,449)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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