Black Creek Diversified Property Fund 10-K 13 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 04, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-52596
Entity Registrant Name	Ares Real Estate Income Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-0309068
Entity Address, Address Line One	One Tabor Center, 1200 Seventeenth Street, Suite 2900
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado
Auditor Firm ID	185
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T
Document Information [Line Items]
Title of 12(g) Security	Class T Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		28,436,641
Class S
Document Information [Line Items]
Title of 12(g) Security	Class S Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		47,646,608
Class D
Document Information [Line Items]
Title of 12(g) Security	Class D Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		6,875,125
Class I
Document Information [Line Items]
Title of 12(g) Security	Class I Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		64,381,818
Class E
Document Information [Line Items]
Title of 12(g) Security	Class E Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		47,173,348

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Net investment in real estate properties	$ 3,889,314	$ 3,605,578
Investments in unconsolidated joint venture partnerships	153,305	120,372
Investments in real estate debt and securities (includes $122,375 and $14,896 at fair value as of December 31, 2023 and December 31, 2022, respectively)	370,176	275,335
Cash and cash equivalents	15,052	13,336
Restricted cash	4,614	3,850
DST Program Loans (includes $7,753 and $0 at fair value as of December 31, 2023 and December 31, 2022, respectively)	117,019	81,897
Other assets	89,926	74,356
Total assets	4,639,406	4,174,724
Liabilities
Accounts payable and accrued expenses	66,386	58,097
Debt, net	1,961,120	1,616,475
Intangible lease liabilities, net	37,079	42,444
Financing obligations, net (includes $102,045 and $0 at fair value as of December 31, 2023 and December 31, 2022, respectively)	1,351,090	1,130,810
Distribution fees payable to affiliates	66,656	60,919
Other liabilities	33,913	53,982
Total liabilities	3,516,244	2,962,727
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	11,746	18,130
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,895,789	1,898,510
Distributions in excess of earnings	(1,108,823)	(973,395)
Accumulated other comprehensive income	6,359	16,083
Total stockholders' equity	795,297	943,259
Noncontrolling interests	316,119	250,608
Total equity	1,111,416	1,193,867
Total liabilities and equity	4,639,406	4,174,724
Class T
Stockholders' equity:
Common stock	284	269
Class S
Stockholders' equity:
Common stock	482	492
Class D
Stockholders' equity:
Common stock	69	79
Class I
Stockholders' equity:
Common stock	655	691
Class E
Stockholders' equity:
Common stock	$ 482	$ 530

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments in real estate debt and securities	$ 122,375	$ 14,896
DST Program Loans	7,753	0
Financing obligations	$ 102,045	$ 0
Preferred stock, par value (in dollars 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 (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	28,432	26,884
Common stock, shares outstanding (in shares)	28,432	26,884
Class S
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	48,145	49,237
Common stock, shares outstanding (in shares)	48,145	49,237
Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	6,930	7,871
Common stock, shares outstanding (in shares)	6,930	7,871
Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	65,511	69,142
Common stock, shares outstanding (in shares)	65,511	69,142
Class E
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	48,210	52,974
Common stock, shares outstanding (in shares)	48,210	52,974

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental revenues	$ 321,995	$ 289,234	$ 209,176
Debt-related income	31,175	9,989	9,174
Total revenues	353,170	299,223	218,350
Operating expenses:
Rental expenses	118,794	103,953	69,773
Real estate-related depreciation and amortization	149,985	134,617	74,415
General and administrative expenses	11,824	10,570	8,797
Advisory fees	38,645	33,747	21,433
Performance participation allocation		23,747	15,327
Acquisition costs and reimbursements	7,034	5,427	2,636
Impairment of real estate property	0	0	758
Valuation allowance on debt-related investment	(1,799)	1,799
Total operating expenses	324,483	313,860	193,139
Other expenses (income):
Equity in loss (income) from unconsolidated joint venture partnerships	3,578	(2,970)	(114)
Interest expense	148,517	140,406	70,494
Gain on sale of real estate property	(36,884)	(94,827)	(77,857)
Unrealized gain on financing obligations	(932)
Loss on extinguishment of debt and financing commitments, net	700
Gain on derivative instruments	(126)	(4,723)	(71)
Provision for current expected credit losses	1,997
Other income and expenses	(4,950)	(2,860)	(1,781)
Total other expenses (income)	111,900	35,026	(9,329)
Net (loss) income	(83,213)	(49,663)	34,540
Net loss (income) attributable to redeemable noncontrolling interests	597	370	(221)
Net loss (income) attributable to noncontrolling interests	20,189	9,314	(3,565)
Net (loss) income attributable to common stockholders	$ (62,427)	$ (39,979)	$ 30,754
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	203,291	194,039	154,767
Weighted-average shares outstanding-diluted (in shares)	267,556	233,304	174,330
Net (loss) income attributable to common stockholders per common share - basic	$ (0.31)	$ (0.21)	$ 0.20
Net (loss) income attributable to common stockholders per common share - diluted	$ (0.31)	$ (0.21)	$ 0.20

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net (loss) income	$ (83,213)	$ (49,663)	$ 34,540
Change from cash flow hedging activities	(11,589)	31,398	15,897
Change from activities related to available-for-sale debt securities	132	26
Comprehensive (loss) income	(94,670)	(18,239)	50,437
Comprehensive loss (income) attributable to redeemable noncontrolling interests	666	86	(324)
Comprehensive loss (income) attributable to noncontrolling interests	23,830	4,740	(5,346)
Comprehensive (loss) income attributable to common stockholders	$ (70,174)	$ (13,413)	$ 44,767

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances at Dec. 31, 2020	$ 1,430	$ 1,321,405	$ (841,496)	$ (24,744)	$ 41,296	$ 497,891
Balance at beginning of period (in shares) at Dec. 31, 2020	143,041
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excludes portion attributable to redeemable noncontrolling interests)			30,754		3,565	34,319
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				14,013	1,781	15,794
Issuance of common stock	$ 354	274,382				274,736
Issuance of units (in shares)	35,379
Share-based compensation		195				195
Share-based compensation (in shares)	29
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(5,885)				(5,885)
Trailing distribution fees		(12,208)	2,886		(9,253)	(18,575)
Redemptions of common stock	$ (88)	(67,146)				$ (67,234)
Redemptions of common stock (in shares)	(8,784)					(8,784)
Issuances of OP Units for DST Interests					115,653	$ 115,653
Contributions of noncontrolling interests					1,080	1,080
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interests)			(57,988)		(6,916)	(64,904)
Redemption value allocation adjustment to redeemable noncontrolling interests		(682)				(682)
Redemptions of noncontrolling interests		(506)			(5,456)	(5,962)
Reallocation of stockholders' equity and noncontrolling interests		33,062		1,168	(34,230)
Ending Balances at Dec. 31, 2021	$ 1,696	1,542,617	(865,844)	(9,563)	107,520	776,426
Balance at end of period (in shares) at Dec. 31, 2021	169,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excludes portion attributable to redeemable noncontrolling interests)			(39,979)		(9,314)	(49,293)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				26,566	4,574	31,140
Issuance of common stock	$ 450	388,484				388,934
Issuance of units (in shares)	44,882
Share-based compensation		292				292
Share-based compensation (in shares)	27
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,918)				(8,918)
Trailing distribution fees		(15,240)	5,166		(16,776)	(26,850)
Redemptions of common stock	$ (85)	(73,293)				$ (73,378)
Redemptions of common stock (in shares)	(8,466)					(8,466)
Issuances of OP Units for DST Interests					252,578	$ 252,578
Other noncontrolling interests net distributions					(65)	(65)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interests)			(72,738)		(13,971)	(86,709)
Redemption value allocation adjustment to redeemable noncontrolling interests		(2,354)				(2,354)
Redemptions of noncontrolling interests		(2,245)			(5,691)	(7,936)
Reallocation of stockholders' equity and noncontrolling interests		69,167		(920)	(68,247)
Ending Balances at Dec. 31, 2022	$ 2,061	1,898,510	(973,395)	16,083	250,608	1,193,867
Balance at end of period (in shares) at Dec. 31, 2022	206,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) (excludes portion attributable to redeemable noncontrolling interests)			(62,427)		(20,189)	(82,616)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				(7,747)	(3,641)	(11,388)
Issuance of common stock	$ 139	120,604				$ 120,743
Issuance of units (in shares)	13,900					13,900
Share-based compensation		271				$ 271
Share-based compensation (in shares)	35
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(4,314)				(4,314)
Trailing distribution fees		(232)	5,741		(11,246)	(5,737)
Redemptions of common stock	$ (228)	(193,631)				$ (193,859)
Redemptions of common stock (in shares)	(22,815)					(22,815)
Issuances of OP Units for DST Interests					228,301	$ 228,301
Other noncontrolling interests net distributions					(14)	(14)
Distributions declared on common stock and noncontrolling interests (excludes attributable to redeemable noncontrolling interests)			(78,742)		(24,207)	(102,949)
Redemption value allocation adjustment to redeemable noncontrolling interests		14				14
Redemptions of noncontrolling interests		(3,354)			(27,549)	(30,903)
Reallocation of stockholders' equity and noncontrolling interests		77,921		(1,977)	(75,944)
Ending Balances at Dec. 31, 2023	$ 1,972	$ 1,895,789	$ (1,108,823)	$ 6,359	$ 316,119	$ 1,111,416
Balance at end of period (in shares) at Dec. 31, 2023	197,228

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
CONSOLIDATED STATEMENTS OF EQUITY
Net loss attributable to redeemable noncontrolling interests	$ (597)
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	(69)
Distribution fees attributable to redeemable noncontrolling interest	764
Redemptions of noncontrolling interests attributable to redeemable noncontrolling interest	$ 4,940

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net (loss) income	$ (83,213)	$ (49,663)	$ 34,540
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate-related depreciation and amortization	149,985	134,617	74,415
Straight-line rent and amortization of above- and below-market leases	(6,959)	(7,513)	(8,939)
Gain on sale of real estate property	(36,884)	(94,827)	(77,857)
Performance participation allocation		23,747	15,327
Valuation allowance on debt-related investment	(1,799)	1,799
Equity in loss (income) of unconsolidated joint venture partnerships	3,578	(2,970)	(114)
Impairment of real estate property	0	0	758
Loss on extinguishment of debt and financing commitments, net	700
Provision for current expected credit losses	1,997
Amortization of deferred financing costs	7,380	7,364	6,803
(Decrease) increase in financing obligation liability appreciation	(459)	31,737	5,822
Unrealized gain on financing obligations	(932)
Unrealized loss (gain) on derivative instruments not designated as cash flow hedges	4,169	(4,051)	(71)
Paid-in-kind interest on investments in real estate debt and securities	(7,946)	(1,850)
Distributions of earnings from unconsolidated joint venture partnerships	3,369	2,828
Amortization of interest rate cap premiums	5,746
Other	(1,295)	(353)	1,872
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	2,268	21,663	(3,166)
Cash settlement of accrued performance participation allocation	(23,747)
Net cash provided by operating activities	15,958	62,528	49,390
Investing activities:
Real estate acquisitions	(401,840)	(1,193,994)	(779,678)
Capital expenditures	(48,329)	(33,936)	(36,899)
Proceeds from disposition of real estate property	53,735	274,816	223,791
Investments in debt-related investments	(52,021)	(158,364)	(58,291)
Principal collections on debt-related investments	66,680	4,084	2,405
Investments in unconsolidated joint venture partnerships	(39,881)	(62,805)	(57,310)
Investments in available-for-sale debt securities	(102,160)	(14,888)
Other	2,263	173	(726)
Net cash used in investing activities	(521,553)	(1,184,914)	(706,708)
Financing activities:
Proceeds from mortgage notes	287,339		195,600
Repayments of mortgage notes	(72,164)	(1,638)	(60,653)
Net proceeds from (repayments of) line of credit	132,000	(21,000)	150,000
Proceeds from term loan		275,000
Redemptions of common stock	(193,859)	(73,378)	(67,234)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(61,227)	(49,601)	(37,825)
Proceeds from issuance of common stock	88,125	359,737	251,527
Proceeds from financing obligations, net	412,874	669,577	253,959
Offering costs for issuance of common stock and private placements	(15,355)	(15,953)	(11,549)
Redemption of noncontrolling interests	(30,903)	(7,936)	(5,962)
Redemption of redeemable noncontrolling interests	(2,985)	(7,724)
Debt issuance costs paid	(6,449)	(1,864)	(17,927)
Interest rate cap premiums	(29,321)
Net cash provided by financing activities	508,075	1,125,220	649,936
Net increase (decrease) in cash, cash equivalents and restricted cash	2,480	2,834	(7,382)
Cash, cash equivalents and restricted cash, at beginning of period	17,186	14,352	21,734
Cash, cash equivalents and restricted cash, at end of period	$ 19,666	$ 17,186	$ 14,352

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2023
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company”, “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. We are externally managed by our advisor. Ares Real Estate Income Trust Inc. is a Maryland corporation formed on April 11, 2005. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including our former advisor, Black Creek Diversified Property Advisors LLC (the “Former Advisor”). As a result of the closing of this transaction, Ares Commercial Real Estate Management LLC became our new advisor (the “New Advisor”). Ares did not acquire our former sponsor, Black Creek Diversified Property Advisors Group LLC (the “Former Sponsor”), and we now consider Ares real estate to be our Sponsor. See “Note 13” for additional information regarding this transaction. References to the “Advisor” throughout this report mean Black Creek Diversified Property Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. References to the “Sponsor” throughout this report mean Black Creek Diversified Property Advisors Group LLC for periods prior to July 1, 2021 and Ares real estate for periods thereafter. We are primarily focused on investing in and operating a diverse portfolio of real property and investing in other real estate-related assets. We currently focus our investment activities primarily across the major U.S. property sectors (industrial, residential (which includes and/or may include multi-family and other types of rental housing such as manufactured, student, and single family rental housing), office (which includes and/or may include medical office and life science laboratories) and retail) and investments in real estate debt and securities. To a lesser extent, we intend to strategically invest in geographies outside of the U.S., which may include Canada, Mexico, the United Kingdom, Europe and other foreign jurisdictions, and in other sectors such as triple net lease and self-storage, properties in sectors adjacent to our primary investment sectors and/or infrastructure, to create a diversified blend of current income and long-term value appreciation. As of December 31, 2023, our consolidated real property portfolio consisted of 99 properties. We operate six reportable segments: retail properties, office properties, residential properties, industrial properties, other properties and real estate debt and securities. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. See “Note 17” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, AREIT Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares of our common stock on a continuous basis through our ongoing primary offerings and our distribution reinvestment plan. See “Note 10” for detail regarding our current public offerings.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated balance sheets as of December 31, 2022, our consolidated statements of operations for the years ended December 31, 2022 and 2021 and our consolidated statements of cash flows for the years ended December 31, 2022 and 2021 have been reclassified to conform to the 2023 presentation. Revision of Immaterial Overstatement of Noncontrolling Interests During the year ended December 31, 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 the “Operating Partnership each period dating back to 2008. Based on an analysis of Topic 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 consolidated balance sheets and our 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 ​ Reallocation As Revised As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,269,146 ​ $ 52,259 ​ $ N/A ​ $ 1,321,405 Accumulated other comprehensive income (loss) ​ $ (27,431) ​ $ 2,687 ​ $ N/A ​ $ (24,744) Noncontrolling interests ​ $ 96,242 ​ $ (54,946) ​ $ N/A ​ $ 41,296 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,457,296 ​ $ 52,259 ​ $ 33,062 ​ $ 1,542,617 Accumulated other comprehensive income (loss) ​ $ (13,418) ​ $ 2,687 ​ $ 1,168 ​ $ (9,563) Noncontrolling interests ​ $ 196,696 ​ $ (54,946) ​ $ (34,230) ​ $ 107,520 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,744,022 ​ $ 85,321 ​ $ 69,167 ​ $ 1,898,510 Accumulated other comprehensive income (loss) ​ $ 13,148 ​ $ 3,855 ​ $ (920) ​ $ 16,083 Noncontrolling interests ​ $ 408,031 ​ $ (89,176) ​ $ (68,247) ​ $ 250,608 ​ Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2023 and 2022 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2023, 2022 and 2021, we recorded $0.3 million, $0.2 million and $0.9 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the years ended December 31, 2023 and 2022. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the year ended December 31, 2021. Investments in Unconsolidated Joint Venture Partnerships Investments in unconsolidated joint venture partnerships are initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2023, 2022 and 2021. Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts and a credit loss reserve, if applicable. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. Current Expected Credit Losses We record a reserve for current expected credit losses (“CECL Reserve”) on both the outstanding balances and unfunded commitments on loans held for investment. The development of the CECL Reserve requires the consideration of a broad range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates. Increases and decreases to expected credit losses impact earnings and are recorded within the provision for current expected credit losses in our consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment is a valuation account that is deducted from the amortized cost basis of our loans held for investment in our consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in our 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. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. Additionally, we acquire or originate preferred equity investments that are recognized as debt securities as they have mandatory redemption features and meet the definition of securities under FASB ASC Topic 320, Investments—Debt Securities. On the acquisition date, we designate investments in real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2023 or 2022, and we did not have any available-for-sale debt securities during the year ended December 31, 2021. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2023 or 2022. DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). 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 (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the issuance of the OP Units as an issuance of equity. Rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. Increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. Beginning with our most recent DST Program offering, which commenced on October 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred and are not deferred. 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. We include our investments in DST Program Loans separately on our 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 consolidated statements of operations. Beginning with our most recent DST Program offering, which commenced on October 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2023, 2022 and 2021. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2023, all of our interest rate swap and interest rate cap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $8.3 million and $4.8 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $4.3 million, $3.8 million and $3.3 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $2.5 million and $3.4 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $3.1 million, $3.6 million and $3.5 million, respectively, of amortization of financing costs associated with financing obligations. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. 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. Therefore, we adjust the net equity balances in the Operating Partnership to reflect the changes in ownership of the Operating Partnership between us and the other limited partners. These adjustments are based on the 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 consolidated balance sheets and our consolidated statements of equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Advisor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the second amended and restated advisory agreement (2023), effective as of June 3, 2023 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Revenues associated with operating expense recoveries are re

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2023
INVESTMENTS IN REAL ESTATE PROPERTIES
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2023 December 31, 2022 Land ​ $ 754,149 ​ $ 694,998 Buildings and improvements ​ 3,505,921 ​ 3,152,553 Intangible lease assets ​ 330,291 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,603,998 ​ 4,178,329 Accumulated depreciation and amortization ​ (714,684) ​ (572,751) Net investment in real estate properties ​ $ 3,889,314 ​ $ 3,605,578 ​ Acquisitions During the years ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ($ 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 SLC Logistics Center ​ Industrial ​ 9/26/2023 ​ ​ 77,085 Cindel Drive Business Park ​ Industrial ​ 12/19/2023 ​ ​ 25,409 Arabelle Lincoln Station ​ Residential ​ 8/16/2023 ​ ​ 80,086 BLVD Dallas ​ Residential ​ 9/15/2023 ​ ​ 58,050 Regency at Johns Creek Walk ​ Residential ​ 11/6/2023 ​ ​ 59,815 Aventura Storage ​ Self-Storage ​ 12/18/2023 ​ ​ 31,043 Norwood Storage ​ Self-Storage ​ 12/20/2023 ​ ​ 23,903 Total 2023 acquisitions ​ $ 406,323 2022 Acquisitions: ​ ​ ​ ​ General Washington IC ​ Industrial ​ 1/7/2022 ​ $ 11,051 Western Foods Center ​ Industrial ​ 1/14/2022 ​ ​ 39,298 Orlando I & II LC ​ Industrial ​ 2/17/2022 ​ ​ 94,759 Orlando III & IV LC ​ Industrial ​ 2/17/2022 ​ ​ 42,347 Orlando V LC ​ Industrial ​ 2/17/2022 ​ ​ 34,828 Orlando VI LC ​ Industrial ​ 2/17/2022 ​ ​ 28,694 Orlando VII LC ​ Industrial ​ 2/17/2022 ​ ​ 23,532 1403 Gillingham Lane ​ Industrial ​ 6/10/2022 ​ ​ 20,550 Industrial Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 4,018 Glen Afton IC ​ Industrial ​ 6/17/2022 ​ ​ 22,036 East 56th Ave IC ​ Industrial ​ 6/17/2022 ​ ​ 19,041 Brockton IC ​ Industrial ​ 6/17/2022 ​ ​ 6,522 Pine Vista IC ​ Industrial ​ 6/17/2022 ​ ​ 18,790 Tri-County Parkway IC ​ Industrial ​ 6/17/2022 ​ ​ 12,784 Miami NW 114th IC ​ Industrial ​ 6/17/2022 ​ ​ 12,022 North Harney IC ​ Industrial ​ 6/17/2022 ​ ​ 8,026 Wes Warren Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 7,515 Enterprise Way IC ​ Industrial ​ 6/17/2022 ​ ​ 6,519 New Albany IC ​ Industrial ​ 6/17/2022 ​ ​ 17,544 Maplewood Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 5,514 1801 N. 5th Street ​ Industrial ​ 6/24/2022 ​ ​ 23,305 Skye 750 ​ Residential ​ 1/5/2022 ​ ​ 92,845 Arabelle City Center ​ Residential ​ 4/12/2022 ​ ​ 156,781 Dallas Cityline ​ Residential ​ 4/13/2022 ​ ​ 111,093 Dallas Wycliff ​ Residential ​ 4/13/2022 ​ ​ 94,083 Dallas Maple District ​ Residential ​ 4/13/2022 ​ ​ 93,089 San Vance ​ Residential ​ 4/13/2022 ​ ​ 77,586 San Stone Oak ​ Residential ​ 4/13/2022 ​ ​ 72,605 350 Carter Road ​ Office ​ 4/27/2022 ​ ​ 31,256 107 Morgan Lane ​ Office ​ 10/28/2022 ​ ​ 12,269 Total 2022 acquisitions ​ $ 1,200,302 (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 and 2022 acquisitions. ​ During the years ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) 2023 2022 Land ​ $ 67,173 ​ $ 154,356 Building and improvements ​ 322,409 ​ 1,008,273 Intangible lease assets ​ 15,973 ​ 43,117 Above-market lease assets ​ 993 ​ 730 Below-market lease liabilities ​ (225) ​ (6,174) Total purchase price (1) ​ $ 406,323 ​ $ 1,200,302 (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 and 2022 acquisitions. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2023 Dispositions During the year ended December 31, 2023, we sold one partial retail property for net proceeds of approximately $53.7 million. We recorded a net gain on sale of approximately $36.9 million. During the year ended December 31, 2022, we sold six retail properties, one office property, and a land During the year ended December 31, 2021, we sold three retail properties, one industrial property and two office properties for net proceeds of approximately $223.8 million. We recorded a net gain on sale of approximately $77.9 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2023 and 2022 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 306,365 ​ $ (234,172) ​ $ 72,193 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 23,926 ​ (20,525) ​ 3,401 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,556) ​ 36,477 ​ (37,079) ​ (76,033) ​ 33,589 ​ (42,444) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities as of December 31, 2023 for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 ​ $ 18,760 ​ $ 923 ​ $ (4,062) Year 2 ​ 14,598 ​ 776 ​ (3,885) Year 3 ​ 11,952 ​ 613 ​ (3,645) Year 4 ​ ​ 8,530 ​ ​ 468 ​ ​ (2,876) Year 5 ​ ​ 5,937 ​ ​ 298 ​ ​ (2,607) Thereafter ​ ​ 12,416 ​ ​ 323 ​ ​ (20,004) Total ​ $ 72,193 ​ $ 3,401 ​ $ (37,079) ​ Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 3,384 ​ $ 3,414 ​ $ 5,849 Above-market lease amortization ​ (818) ​ (724) ​ (469) Below-market lease amortization ​ 4,393 ​ 4,823 ​ 3,559 Real estate-related depreciation and amortization: ​ ​ ​ ​ Depreciation expense ​ $ 126,102 ​ $ 97,418 ​ $ 59,766 Intangible lease asset amortization ​ 23,883 ​ 37,199 ​ 14,649 ​ Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2023 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2023 Year 1 ​ $ 151,300 ​ Year 2 ​ 138,939 ​ Year 3 ​ 122,613 ​ Year 4 ​ 98,573 ​ Year 5 ​ 78,328 ​ Thereafter ​ 212,025 ​ Total ​ $ 801,778 ​ ​ The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases and exclude reimbursements of operating expenses along with rental increases that are not fixed. Leases for our residential and self-storage customers are generally 12 months or less and are therefore excluded from the table above. Real Estate Property Impairment There were no impairment charges recorded during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, we recorded non-cash impairment charges of $0.8 million related to a retail property located in the Greater Boston market, which was disposed of in March 2021. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “Note 2” for further discussion of the fair value hierarchy.

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	12 Months Ended
	Dec. 31, 2023
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. 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 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 invests 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 December 31, 2023, we had unfunded commitments of $ 209.4 million, in aggregate, related to our investments in unconsolidated joint venture partnerships. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Investment ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ($ in thousands) Type December 31, 2023 ​ ​ December 31, 2022 ​ ​ December 31, 2023 December 31, 2022 Vue 1400 JV ​ Residential ​ 85.0 % ​ 85.0 % ​ $ 23,932 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 16,030 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 67,010 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 21,192 ​ ​ 12,232 Prime Data Center JV I ​ Data Center ​ 10.0 % ​ N/A ​ ​ ​ 11,662 ​ ​ N/A Prime Data Center JV II ​ Data Center ​ 10.0 % ​ N/A ​ ​ ​ 13,315 ​ ​ N/A MERED II JV ​ Debt ​ 19.9 % ​ N/A ​ ​ ​ 164 ​ ​ N/A Total investments in unconsolidated joint venture partnerships ​ ​ ​ ​ ​ $ 153,305 ​ $ 120,372 ​

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	12 Months Ended
	Dec. 31, 2023
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	5. INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES Debt-Related Investments The following table summarizes our debt-related investments as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans ​ $ 141,737 ​ $ 143,550 ​ ​ 9.8 % ​ 2.2 Mezzanine loans ​ ​ 106,064 ​ ​ 106,768 ​ ​ 11.4 ​ ​ 0.9 Total debt-related investments ​ $ 247,801 ​ $ 250,318 ​ ​ 10.5 % ​ 1.6 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 December 31, 2022, we had one senior loan in default and on non-accrual status, and as such, the weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations for this period. During the year ended December 31, 2022, a senior loan debt-related investment on non-accrual status with an amortized cost basis of $43.8 million was marketed for sale resulting in recognition of a valuation allowance of $1.8 million as the fair value of the investment was less than the amortized cost. However, during the year ended December 31, 2023, the investment was reclassified as held for investment as we agreed to a modification of the loan agreement extending the maturity date resulting in a reversal of the full valuation allowance of $1.8 million. During the year ended December 31, 2023, we received full repayment of $64.9 million outstanding principal on one senior loan debt-related investment and $1.8 million of partial principal repayments on one mezzanine loan debt-related investment. During the year ended December 31, 2022, we received $4.1 million of partial principal repayments on one senior loan debt-related investment. Current Expected Credit Losses As of December 31, 2023, our CECL Reserve for our debt-related investment portfolio is $2.0 million or 0.6% of our debt-related investment commitment balance of $331.2 million. During the year ended December 31, 2023, we recognized an increase in provision for current expected credit losses of $2.0 million. The debt-related investment commitment balance is comprised of $250.3 million of funded commitments and $80.9 million of unfunded commitments with associated CECL Reserves of $1.3 million and $0.7 million, respectively. The CECL Reserve for unfunded commitments is based on the unfunded portion of the loan commitment over the full contractual period over which we are exposed to credit risk through a current obligation to extend credit and is recorded as an other liability on the consolidated balance sheets. There have been no write-offs or recoveries related to any of our existing debt-related investments. CECL Reserves were immaterial in prior periods. We have elected the fair value of collateral expedient for the one senior loan debt-related investment that was modified during the year ended December 31, 2023, as the balance is fully secured against the underlying collateral comprising unsold condo units, repayment is based on the sale of underlying collateral, and the borrower is experiencing financial difficulties. There is no CECL Reserve associated with this investment as of December 31, 2023, as the estimate fair value of collateral exceeds the amortized cost balance. Available-for-Sale Debt Securities As of December 31, 2023 we had one preferred equity investment and one commercial real estate collateralized loan obligation (“CRE CLO” or multiple “CRE CLOs”) designated as available-for-sale debt securities. As of December 31, 2022, we had We have no unfunded commitments related to our preferred equity investment as of December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unamortized Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,910 ​ $ 14,825 ​ $ 85 ​ $ — ​ $ 158 ​ $ 14,983 Preferred equity ​ ​ 108,250 ​ ​ 107,392 ​ ​ — ​ ​ 858 ​ ​ — ​ ​ 107,392 Total debt securities ​ $ 123,160 ​ $ 122,217 ​ $ 85 ​ $ 858 ​ $ 158 ​ $ 122,375 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	12 Months Ended
	Dec. 31, 2023
DEBT.
DEBT	6. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. One of our mortgage notes is currently partial recourse to us, for which we provide $14.9 million in limited guarantees until we meet certain lender-specified thresholds at the collateralized property. Other than this limited guarantee, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 5.35 % 5.72 % November 2025 ​ $ 367,000 ​ $ 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 4.46 ​ 3.48 ​ January 2027 - May 2031 ​ 596,191 380,316 Floating-rate mortgage notes (4) 5.25 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.43 % 4.31 % ​ $ 1,970,791 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (17,038) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 7,367 8,408 Total debt, net ​ $ 1,961,120 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 1,391,173 ​ $ 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 December 31, 2023, the unused and available portions under the line of credit were approximately $533.0 million and $334.4 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 December 31, 2023 and 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 5.61% and 4.66% , respectively, as of December 31, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.2 years as of December 31, 2023, excluding the impact of certain extension options. For the years ended December 31, 2023, 2022 and 2021, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $85.9 million, $55.4 million and $29.9 million, respectively. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). As of December 31, 2023, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total 2024 ​ $ — ​ $ — ​ $ 129,239 ​ $ 129,239 2025 ​ 367,000 ​ — ​ 2,646 ​ 369,646 2026 ​ — ​ 400,000 ​ 85,396 ​ 485,396 2027 ​ — ​ 400,000 ​ 177,034 ​ 577,034 2028 ​ — ​ — ​ 90,477 ​ 90,477 Thereafter ​ — ​ — ​ 318,999 ​ 318,999 Total principal payments ​ $ 367,000 ​ $ 800,000 ​ $ 803,791 ​ $ 1,970,791 (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 December 31, 2023. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have ongoing exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. During the next 12 months, we estimate that approximately $10.3 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. For derivatives that are not designated and do not qualify as hedges, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). ​ The following table summarizes the location and fair value of our consolidated derivative instruments on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount (1) ​ Other Assets Other Liabilities As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 10,510 ​ $ — Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 507,600 ​ ​ 21,746 ​ ​ ​ Total derivative instruments 20 ​ $ 1,157,600 ​ $ 32,256 ​ $ — 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 an aggregate $100.0 million of notional amount for three interest rate cap agreements entered into in November 2023 with effective dates in February 2024. These interest rate cap agreements are replacing separate interest rate swap agreements with an aggregate $100.0 million of notional amount that are expiring at the end of January 2024. The following table presents the effect of our consolidated derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 6,259 ​ $ 29,852 ​ $ 5,616 Amount reclassified from AOCI as a (decrease) increase into interest expense ​ (17,848) ​ 1,546 ​ 10,281 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 148,517 ​ 140,406 ​ 70,494 Derivative instruments not designated as cash flow hedges: ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (4,169) ​ $ 4,051 ​ $ 71 Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 4,295 ​ ​ 672 ​ ​ — (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 settlements for our derivatives not designated as cash flow hedges.

DST PROGRAM

DST PROGRAM	12 Months Ended
	Dec. 31, 2023
DST PROGRAM.
DST PROGRAM	7. DST PROGRAM The following table summarizes our DST Program Loans as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Outstanding Principal ​ Unrealized Gain, Net (1) ​ Book Value ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 109,266 ​ $ N/A ​ $ 109,266 ​ ​ 5.1 % ​ 8.4 DST Program Loans, carried at fair value ​ ​ 7,753 ​ ​ — ​ ​ 7,753 ​ ​ 6.4 % ​ 10.0 Total ​ $ 117,019 ​ $ — ​ $ 117,019 ​ ​ 5.2 % ​ 8.5 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 81,897 ​ $ N/A ​ $ 81,897 ​ ​ 4.5 % ​ 9.2 Total ​ $ 81,897 ​ $ N/A ​ $ 81,897 ​ ​ 4.5 % ​ 9.2 (1) Represents cumulative unrealized gain or loss on DST Program Loans carried at fair value. The following table summarizes our financing obligations, net as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Interests ​ Unamortized ​ Total ​ Unrealized ​ Book ($ in thousands) ​ Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ Value As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,238,639 ​ $ (863) ​ $ 11,269 ​ $ N/A ​ $ 1,249,045 Financing obligations, carried at fair value ​ ​ 102,977 ​ ​ N/A ​ ​ N/A ​ ​ (932) ​ ​ 102,045 Total ​ $ 1,341,616 ​ $ (863) ​ $ 11,269 ​ $ (932) ​ $ 1,351,090 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,109,716 ​ $ (2,836) ​ $ 23,930 ​ $ N/A ​ $ 1,130,810 Total ​ $ 1,109,716 ​ $ (2,836) ​ $ 23,930 ​ $ N/A ​ $ 1,130,810 (1) DST Interests sold are presented net of upfront fees. (2) Represents cumulative financing obligation liability appreciation on financing obligations carried at cost. (3) Represents cumulative unrealized gain or loss on financing obligations carried at fair value. The following table presents our DST Program activity for the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 479,155 ​ $ 758,995 ​ $ 292,702 DST Interests financed by DST Program Loans ​ ​ 51,360 ​ ​ 51,496 ​ ​ 25,978 Income earned from DST Program Loans (1) ​ ​ 5,155 ​ ​ 3,420 ​ ​ 2,178 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (459) ​ ​ 31,737 ​ ​ 5,822 Rent obligation incurred under master lease agreements (2) ​ ​ 57,916 ​ ​ 47,021 ​ ​ 28,422 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations. 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 years ended December 31, 2023, 2022, and 2021, 27.3 million OP Units, 28.8 million OP Units and 15.0 million OP units, respectively, were issued in exchange for DST Interests for a net investment of $228.3 million, $252.6 million and $115.7 million, respectively, in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure. Refer to “Note 13” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program. ​

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2023
FAIR VALUE.
FAIR VALUE	8. FAIR VALUE We estimate the fair value of our financial assets and liabilities 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 assets and liabilities. Fair Value Measurements on a Recurring Basis The following table presents our financial assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 32,256 ​ $ — ​ $ 32,256 Available-for-sale debt securities ​ ​ — ​ ​ 14,983 ​ ​ 107,392 ​ ​ 122,375 DST Program Loans ​ ​ — ​ ​ — ​ ​ 7,753 ​ ​ 7,753 Total assets measured at fair value ​ $ — ​ $ 47,239 ​ $ 115,145 ​ $ 162,384 Liabilities: ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 102,045 ​ $ 102,045 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 102,045 ​ $ 102,045 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 assets and liabilities: Derivative Instruments. Available-for-Sale Debt Securities. DST Program Loans. Financing Obligations. The following table presents our financial assets measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-For-Sale ​ DST Program ​ ​ ​ ($ in thousands) ​ Debt Securities ​ Loans ​ ​ Total Balance as of December 31, 2022 ​ $ — ​ $ — ​ ​ $ — Purchases and contributions ​ ​ 102,160 ​ ​ 7,753 ​ ​ ​ 109,913 Paid-in-kind interest ​ ​ 6,090 ​ ​ — ​ ​ ​ 6,090 Loan origination fees received ​ ​ (1,022) ​ ​ — ​ ​ ​ (1,022) Amortization of loan origination fees (1) ​ ​ 164 ​ ​ — ​ ​ ​ 164 Balance as of December 31, 2023 ​ $ 107,392 ​ $ 7,753 ​ ​ $ 115,145 (1) Included in debt-related income on the consolidated statements of operations. ​ The following table presents our financial liabilities measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ Financing ($ in thousands) ​ Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 102,977 Unrealized gain on financing obligations ​ ​ (932) Balance as of December 31, 2023 ​ $ 102,045 ​ The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Unobservable Impact to Valuation from ($ in thousands) ​ ​ Fair Value Technique Inputs an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities (1) ​ $ 107,392 ​ Yield Method ​ Market Yield ​ ​ Decrease DST Program Loans ​ ​ 7,753 ​ Yield Method ​ Market Yield ​ ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 102,045 ​ Discounted Cash Flow ​ Discount Rate ​ ​ Decrease ​ ​ ​ ​ ​ ​ ​ Exit Capitalization Rate ​ ​ Decrease (1) As of December 31, 2023, the market yield used in determining the fair value of our available-for sale debt security was 13.3% . ​ Financial Assets and Liabilities Not Measured at Fair Value As of December 31, 2023 and 2022, the fair values of cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses and distribution fees payable approximate their carrying values because of the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 250,318 ​ $ 250,215 ​ $ 263,122 ​ $ 260,841 DST Program Loans (2) ​ 3 ​ 109,266 ​ 107,297 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 367,000 ​ $ 367,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 803,791 ​ 778,235 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding. (2) Only includes instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets. 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. The estimate of fair value of DST Program Loans, line of credit, term loans and mortgage notes takes 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.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	9. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2023, 2022 and 2021. We had a net deferred tax asset of approximately $0.5 million and $0.4 million as of December 31, 2023 and 2022, respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2020. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire before January 1, 2026. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2023, 2022 and 2021. This information assumes that an investor owned shares of our common stock for the full 2023 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2023 2022 2021 Ordinary income — % — % 13.62 % Non-taxable return of capital 100.00 100.00 61.37 ​ Capital gain — — 25.01 ​ Total distributions 100.00 % 100.00 % 100.00 % ​ The taxability of distributions remained unchanged in 2023 as compared to 2022. The decline in taxable income for 2022 as compared to 2021 was almost entirely due to (i) the increase in the performance participation allocation and (ii) our Advisor’s election to receive the 2022 performance fee in cash instead of OP Units.

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	12 Months Ended
	Dec. 31, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY Public Offerings We may conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we may file new registration statements on Form S-11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have the following registration statements effective with the SEC: ● A public offering of up to $10.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $8.5 billion offered in our primary offering and up to $1.5 billion offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. ● A public offering of Class E shares under our distribution reinvestment plan of up to $110.0 million. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. During the year ended December 31, 2023, we raised gross proceeds of approximately $120.7 million from the sale of approximately 13.9 million shares of our common stock in our current ongoing public offerings, including proceeds from our distribution reinvestment plan of approximately $32.6 million. Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,885 12,539 2,778 10,149 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Conversions ​ (292) ​ — ​ — ​ 292 ​ — ​ — Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: Primary shares 10,443 14,348 1,688 15,000 — 41,479 Distribution reinvestment plan 426 823 153 1,256 745 3,403 Share-based compensation — — — 27 — 27 Redemptions of common stock (198) (1,691) (719) (1,759) (4,099) (8,466) Conversions ​ (212) ​ — ​ — ​ 212 ​ — ​ — Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 Issuance of common stock: Primary shares 3,103 2,672 192 ​ 4,098 ​ — 10,065 Distribution reinvestment plan 579 974 156 ​ 1,398 ​ 728 3,835 Share-based compensation — — — ​ 35 ​ — 35 Redemptions of common stock (1,753) (4,793) (907) ​ (9,881) ​ (5,481) (22,815) Conversions ​ (381) ​ 55 ​ (382) ​ 719 ​ (11) ​ — Balance as of December 31, 2023 28,432 48,145 6,930 65,511 48,210 197,228 ​ 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 December 31 ​ 0.10000 ​ 10,127 ​ 7,739 ​ 8,317 ​ 1,387 ​ 27,570 Total ​ $ 0.38750 ​ $ 40,270 ​ $ 24,971 ​ $ 32,731 ​ $ 5,741 ​ $ 103,713 2022 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 8,837 ​ $ 3,018 ​ $ 6,876 ​ $ 1,030 ​ $ 19,761 June 30 ​ 0.09375 ​ 9,299 ​ 3,157 ​ 7,362 ​ 1,259 ​ 21,077 September 30 ​ 0.09375 ​ 9,684 ​ 3,972 ​ 7,732 ​ 1,399 ​ 22,787 December 31 ​ 0.09375 ​ 9,859 ​ 4,559 ​ 7,923 ​ 1,478 ​ 23,819 Total ​ $ 0.37500 ​ $ 37,679 ​ $ 14,706 ​ $ 29,893 ​ $ 5,166 ​ $ 87,444 2021 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,562 ​ $ 1,424 ​ $ 5,526 ​ $ 586 ​ $ 15,098 June 30 ​ 0.09375 ​ 7,696 ​ 1,611 ​ 5,723 ​ 655 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 1,854 ​ 5,985 ​ 759 ​ 16,582 December 31 ​ 0.09375 ​ 8,265 ​ 2,445 ​ 6,361 ​ 886 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 7,334 ​ $ 23,595 ​ $ 2,886 ​ $ 65,322 (1) Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T share, per Class S share, per Class D share, per Class I share, and per Class E share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares, Class S shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T shares, Class S shares and Class D shares. (2) Consists of distribution fees paid to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager, with respect to Class T shares, Class S shares and Class D shares. 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 current public offerings. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2023, 2022 and 2021. 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 Year Ended December 31, ​ (in thousands, except for per share data) ​ 2023 2022 2021 Number of shares redeemed or repurchased ​ ​ 22,815 ​ 8,466 ​ 8,784 ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 193,859 ​ $ 73,378 ​ $ 67,234 ​ Average redemption or repurchase price per share ​ $ 8.50 ​ $ 8.67 ​ $ 7.65 ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
REDEEMABLE NONCONTROLLING INTERESTS
REDEEMABLE NONCONTROLLING INTERESTS	11. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the Advisory Agreement. The Advisor and Former Sponsor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. As of December 31, 2023 and 2022, we had redeemable OP Units outstanding of 1.4 million and 2.0 million, respectively. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) ​ 2023 ​ 2022 Balance at beginning of the year ​ $ 18,130 ​ $ 8,994 Settlement of prior year performance participation allocation (1) ​ ​ — ​ ​ 15,327 Distributions to redeemable noncontrolling interests ​ ​ (764) ​ ​ (735) Redemptions to redeemable noncontrolling interests ​ ​ (4,940) ​ ​ (7,724) Net loss attributable to redeemable noncontrolling interests ​ ​ (597) ​ ​ (370) Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (69) ​ ​ 284 Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ ​ (14) ​ ​ 2,354 Ending balance ​ $ 11,746 ​ $ 18,130 (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) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
NONCONTROLLING INTERESTS.
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS OP Units As of December 31, 2023 and 2022, the Operating Partnership had issued OP Units to third-party investors, representing 28.4% and 20.9%, respectively, of limited partnership interests (excludes interests held by redeemable noncontrolling interest holders). OP Units held by third-party investors are made up of Class E, Class T, Class S, and Class I OP Units. The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 2021 Balance at beginning of period ​ 55,079 ​ 27,180 ​ 12,982 Issuance of units ​ 27,274 28,821 14,974 Redemption of units ​ (3,616) ​ (922) ​ (776) Balance at end of period ​ ​ 78,737 ​ ​ 55,079 ​ ​ 27,180 ​ 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 years ended December 31, 2023, 2022 and 2021, the aggregate amount of OP Units redeemed was $30.9 million, $7.9 million, and $6.0 million, respectively. The estimated maximum redemption value (unaudited) as of December 31, 2023 and 2022 was $641.1 million and $488.3 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the Advisory Agreement, by and among us, the Operating Partnership and the Advisor. The current term of the Advisory Agreement ends April 30, 2024, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager, which is also a related party, provides dealer manager services in connection with our securities offerings pursuant to the terms of the fourth amended and restated dealer manager agreement, effective December 1, 2021 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our Former Advisor (the “Transaction”). On the same date, our Former Advisor assigned the advisory agreement to our New Advisor. Ares did not acquire the Former Sponsor, and we now consider Ares real estate to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was majority owned by the founders of the Former Sponsor and/or their affiliates. The Dealer Manager was also directly or indirectly majority owned, controlled and/or managed by the founders of the Former Sponsor and/or their affiliates. Presently, following the Transaction, the Advisor and the Dealer Manager are directly or indirectly majority owned, controlled and/or managed by Ares. The Advisor, the Sponsor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our securities offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the Partnership Agreement, and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. ​ Selling Commissions, Dealer Manager Fees and Distribution Fees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % ​ We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. Organization and Offering Expense Reimbursement. Advisory Fee and Operating Expense Reimbursement. ​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % ​ The performance participation allocation is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance participation allocation equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance participation allocation. We completed the 2023 calendar year with an annual total return loss and therefore have a loss carryforward that will apply to future performance participation allocations. The loss carryforward as of December 31, 2023 is approximately $0.41 per Fund Interest (unaudited). Realization of the loss carryforward is contingent on future performance. As such, the loss carryforward is not included in the consolidated balance sheet as of December 31, 2023. Even after the offset of the loss carryforward, future performance participation allocations will be subject to the Hurdle Amount. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance participation allocation that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2023, all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “Note 12” for detail regarding the Class E OP Units. 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 December 31, 2023, therefore no performance participation allocation expense was recognized in our consolidated statements of operations for the year ended December 31, 2023. As the performance hurdle was achieved as of December 31, 2022 and 2021, we recognized approximately $23.7 million and $15.3 million for the year ended December 31, 2022 and 2021, respectively, of performance participation allocation expense in our consolidated statements of operations. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” On July 1, 2021, these Special Units were transferred from BCDPAG to our New Advisor. Subsequently, these Special Units were transferred from our New Advisor to an affiliate of the New Advisor. These agreements were amended, and the Special Units were issued, so that, at the election of the holder, the performance participation allocation previously payable to the Advisor may be paid instead to the holder of the Special Units as a performance participation allocation with respect to the Special Units. If the holder does not elect on or before the first day of a calendar year to have the performance participation allocation paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to the holder of the Special Units. In such case, the performance participation allocation will be payable in cash or Class I OP Units, at the election of the holder. If the holder elects to receive such distributions in Class I OP Units, the number of Class I OP Units to be issued to the holder will be determined by dividing an amount equal to the value of the performance participation allocation by the net asset value per Class I OP Unit as of the date of the distribution. The holder of the Special Units may request the Operating Partnership to repurchase such OP Units from the holder at a later date. Any such repurchase requests will normally not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership or to our stockholders under our share redemption program. However, certain restrictions on redemption may apply if certain liquidity requirements are not met. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, the holder of the Special Units will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance participation allocation, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers, unless the named executive officer is providing stockholder services Acquisition Expense Reimbursements. Pursuant to the Advisory Agreement, subject to certain limitations, we agreed to reimburse the Advisor for all acquisition expenses incurred on our behalf in connection with the selection and acquisition of properties, real estate-related assets, and other investments, whether or not such investments are acquired. As these expense reimbursements were not directly attributable to a specified property, they were expensed as incurred on the consolidated statements of operations. Fees from Other Services. Property-Level Accounting Services. ​ DST Program DST Program Dealer Manager Fees. ADREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. ADREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or ADREX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year for Class T, Class S, and Class D OP Units. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by ADREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, ADREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the Delaware statutory trusts to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2023 2022 2021 2023 2022 Selling commissions and dealer manager fees (1) ​ $ 1,189 ​ $ 4,289 ​ $ 2,656 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 8,896 ​ ​ 6,800 ​ ​ 3,206 ​ ​ 804 ​ ​ 748 Advisory fees—fixed component ​ ​ 38,645 ​ ​ 33,747 ​ ​ 21,433 ​ ​ 3,281 ​ ​ 2,868 Performance participation allocation (3) ​ — ​ 23,747 ​ 15,327 ​ — ​ 23,747 Other expense reimbursements—Advisor (4)(5) ​ 13,788 ​ 11,346 ​ 11,070 ​ 3,909 ​ 4,192 Other expense reimbursements—Dealer Manager ​ 335 ​ 372 ​ 376 ​ 84 ​ 109 Property accounting fee (6) ​ ​ 1,884 ​ ​ 1,289 ​ ​ — ​ ​ 170 ​ ​ 478 DST Program selling commissions, dealer manager and distribution fees (1) ​ 9,693 ​ 22,467 ​ 9,871 ​ 308 ​ 241 Other DST Program related costs—Advisor (5) ​ 8,114 ​ 14,860 ​ 6,318 ​ 171 ​ 146 Total ​ $ 82,544 ​ $ 118,917 ​ $ 70,257 ​ $ 8,727 ​ $ 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 $66.7 million and $60.9 million as of December 31, 2023 and 2022, respectively. (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 years ended December 31, 2023, 2022 and 2021, were approximately $12.6 million, $10.7 million and $9.8 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. On December 31, 2023, an affiliate of our Sponsor acquired and internalized the activities of 3RE Partners, which provided construction supervision services related to our preferred equity investment. As of December 31, 2023, we had approximately $0.2 million of fees payable to 3RE Partners on our consolidated balance sheet for services provided during 2023 prior to the acquisition. 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. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our current public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2023 and 2022, we held a 71.1% and 78.3%, respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “Note 12” for detail regarding our noncontrolling interests. ​ Student Housing Investment Arrangement The changes in the Amended Advisory Agreement and Amended OP Agreement described above 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”). 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 Student Housing Product Specialist will be paid reasonable market rate fees for the services it provides. 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. 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. As of and for the year ended December 31, 2023, there have been no student housing investments made through this arrangement nor have any fees been incurred with the Student Housing Product Specialist.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2023
NET INCOME (LOSS) PER COMMON SHARE
NET INCOME (LOSS) PER COMMON SHARE	14. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2023 2022 2021 Net (loss) income attributable to common stockholders—basic ​ $ (62,427) ​ $ (39,979) ​ $ 30,754 Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (597) ​ ​ (370) ​ ​ 221 Net (loss) income attributable to noncontrolling interests ​ (20,189) ​ (9,314) ​ 3,565 Net (loss) income attributable to common stockholders—diluted ​ $ (83,213) ​ $ (49,663) ​ $ 34,540 Weighted-average shares outstanding—basic ​ 203,291 ​ 194,039 ​ 154,767 Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 64,265 ​ 39,265 ​ 19,563 Weighted-average shares outstanding—diluted ​ 267,556 ​ 233,304 ​ 174,330 Net (loss) income per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.31) ​ $ (0.21) ​ $ 0.20 Diluted ​ $ (0.31) ​ $ (0.21) ​ $ 0.20 ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	15. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness ​ $ 78,260 ​ $ 53,889 ​ $ 28,403 Interest paid related to DST Program ​ ​ 55,586 ​ ​ 42,008 ​ ​ 26,666 Distributions reinvested in common stock ​ 32,618 ​ 29,442 ​ 23,197 Increase in accrued future ongoing distribution fees ​ 5,737 ​ 26,855 ​ 18,576 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 51,360 ​ ​ 51,496 ​ ​ 25,978 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 ​ ​ 4,608 Mortgage notes assumed on real estate acquisitions at fair value ​ ​ — ​ ​ — ​ ​ 125,887 Issuances of OP Units for DST Interests ​ ​ 228,301 ​ ​ 252,578 ​ ​ 115,653 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,336 ​ $ 10,605 ​ $ 11,266 Restricted cash ​ 3,850 ​ 3,747 ​ 10,468 Cash, cash equivalents and restricted cash ​ $ 17,186 ​ $ 14,352 ​ $ 21,734 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 15,052 ​ $ 13,336 ​ $ 10,605 Restricted cash ​ 4,614 ​ 3,850 ​ 3,747 Cash, cash equivalents and restricted cash ​ $ 19,666 ​ $ 17,186 ​ $ 14,352 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Litigation We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire have been or will be subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of land. We have acquired or may acquire in the future certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2023. Unfunded Commitments As of December 31, 2023, we had unfunded commitments of $290.3 million to fund various investments in real estate debt and securities and investments in unconsolidated joint venture partnerships.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2023
SEGMENT FINANCIAL INFORMATION
SEGMENT FINANCIAL INFORMATION	17. SEGMENT FINANCIAL INFORMATION Our six reportable segments are office properties, retail properties, residential properties, industrial properties, other properties and investments in real estate debt and securities. 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 segment as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 373,467 ​ $ 377,546 Retail properties ​ 509,307 ​ 537,147 Residential properties ​ 1,658,945 ​ 1,495,532 Industrial properties ​ 1,353,331 ​ 1,248,255 Other properties (1) ​ ​ 55,130 ​ ​ — Investments in real estate debt and securities ​ ​ 370,176 ​ ​ 275,335 Corporate ​ 319,050 ​ 240,909 Total assets ​ $ 4,639,406 ​ $ 4,174,724 (1) Includes self-storage properties. ​ The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2023, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Net (loss) income attributable to common stockholders ​ $ (62,427) ​ $ (39,979) ​ $ 30,754 Real estate-related depreciation and amortization ​ 149,985 ​ 134,617 ​ 74,415 General and administrative expenses ​ 11,824 ​ 10,570 ​ 8,797 Advisory fees ​ 38,645 ​ 33,747 ​ 21,433 Performance participation allocation ​ — ​ 23,747 ​ 15,327 Acquisition costs and reimbursements ​ 7,034 ​ 5,427 ​ 2,636 Impairment of real estate property ​ — ​ — ​ 758 Valuation allowance on debt-related investment ​ (1,799) ​ 1,799 ​ — Equity in loss (income) from unconsolidated joint venture partnerships ​ ​ 3,578 ​ ​ (2,970) ​ ​ (114) Interest expense ​ 148,517 ​ 140,406 ​ 70,494 Gain on sale of real estate property ​ (36,884) ​ (94,827) ​ (77,857) Unrealized gain on financing obligations ​ ​ (932) ​ — ​ — Loss on extinguishment of debt and financing commitments, net ​ 700 ​ — ​ — Gain on derivative instruments ​ ​ (126) ​ ​ (4,723) ​ ​ (71) Provision for current expected credit losses ​ ​ 1,997 ​ ​ — ​ ​ — Other income and expenses ​ ​ (4,950) ​ ​ (2,860) ​ ​ (1,781) Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (597) ​ ​ (370) ​ ​ 221 Net (loss) income attributable to noncontrolling interests ​ (20,189) ​ (9,314) ​ 3,565 Net operating income ​ $ 234,376 ​ $ 195,270 ​ $ 148,577 ​ The following table sets forth consolidated financial results by segment for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt and ​ (in thousands) Office Retail Residential Industrial Investments Securities Consolidated 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 51,096 ​ $ 58,916 ​ $ 120,706 ​ $ 91,145 ​ $ 132 ​ $ — ​ $ 321,995 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,175 ​ ​ 31,175 Rental expenses ​ (25,165) ​ (15,575) ​ (57,923) ​ (20,083) ​ (48) ​ — ​ (118,794) Net operating income ​ $ 25,931 ​ $ 43,341 ​ $ 62,783 ​ $ 71,062 ​ $ 84 ​ $ 31,175 ​ $ 234,376 Real estate-related depreciation and amortization ​ $ 32,344 ​ $ 16,107 ​ $ 41,549 ​ $ 59,916 ​ $ 69 ​ $ — ​ $ 149,985 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 52,427 ​ $ 64,039 ​ $ 98,524 ​ $ 74,244 ​ $ — ​ $ — ​ $ 289,234 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,989 ​ ​ 9,989 Rental expenses ​ ​ (25,273) ​ (17,080) ​ (44,292) ​ (17,308) ​ — ​ — ​ ​ (103,953) Net operating income ​ $ 27,154 ​ $ 46,959 ​ $ 54,232 ​ $ 56,936 ​ $ — ​ $ 9,989 ​ $ 195,270 Real estate-related depreciation and amortization ​ $ 15,951 ​ $ 17,370 ​ $ 47,696 ​ $ 53,600 ​ $ — ​ $ — ​ $ 134,617 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 64,290 ​ $ 72,102 ​ $ 31,023 ​ $ 41,761 ​ $ — ​ $ — ​ $ 209,176 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,174 ​ ​ 9,174 Rental expenses ​ (28,280) ​ (18,693) ​ (13,387) ​ (9,413) ​ — ​ — ​ (69,773) Net operating income ​ $ 36,010 ​ $ 53,409 ​ $ 17,636 ​ $ 32,348 ​ $ — ​ $ 9,174 ​ $ 148,577 Real estate-related depreciation and amortization ​ $ 19,875 ​ $ 19,485 ​ $ 11,062 ​ $ 23,993 ​ $ — ​ $ — ​ $ 74,415 ​ 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 investments and excludes certain items that are not considered to be controllable in connection with the management of the investments, 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.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5, 6) Acquisition Date Office properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bala Pointe ​ Bala Cynwyd, PA ​ 1 ​ $ — ​ $ 10,115 ​ $ 27,516 ​ $ 37,631 ​ $ 14,536 ​ $ 10,115 ​ $ 42,052 ​ $ 52,167 ​ $ (42,052) ​ 8/28/2006 1300 Connecticut ​ Washington, DC ​ 1 ​ ​ — ​ ​ 25,177 ​ ​ 41,250 ​ ​ 66,427 ​ ​ 19,298 ​ ​ 25,177 ​ ​ 60,548 ​ ​ 85,725 ​ ​ (33,112) ​ 3/10/2009 CityView ​ Austin, TX ​ 4 ​ ​ — ​ ​ 4,606 ​ ​ 65,250 ​ ​ 69,856 ​ ​ 12,437 ​ ​ 4,606 ​ ​ 77,687 ​ ​ 82,293 ​ ​ (27,283) ​ 4/24/2015 Eden Prairie ​ Eden Prairie, MN ​ 1 ​ ​ — ​ ​ 3,538 ​ ​ 25,865 ​ ​ 29,403 ​ ​ 7,008 ​ ​ 3,538 ​ ​ 32,873 ​ ​ 36,411 ​ ​ (14,181) ​ 10/3/2008 Preston Sherry Plaza ​ Dallas, TX ​ 1 ​ ​ — ​ ​ 7,500 ​ ​ 22,303 ​ ​ 29,803 ​ ​ 21,213 ​ ​ 7,500 ​ ​ 43,516 ​ ​ 51,016 ​ ​ (21,155) ​ 12/16/2009 3 Second Street ​ Jersey City, NJ ​ 1 ​ ​ 127,000 ​ ​ 16,800 ​ ​ 193,742 ​ ​ 210,542 ​ ​ 53,224 ​ ​ 16,800 ​ ​ 246,966 ​ ​ 263,766 ​ ​ (126,718) ​ 6/25/2010 350 Carter Road ​ Princeton, NJ ​ 1 ​ ​ — ​ ​ 3,966 ​ ​ 28,670 ​ ​ 32,636 ​ ​ 2,003 ​ ​ 3,966 ​ ​ 30,673 ​ ​ 34,639 ​ ​ (1,887) ​ 4/27/2022 107 Morgan Lane ​ Plainsboro, NJ ​ 1 ​ ​ — ​ ​ 1,589 ​ ​ 10,680 ​ ​ 12,269 ​ ​ 132 ​ ​ 1,589 ​ ​ 10,812 ​ ​ 12,401 ​ ​ (563) ​ 10/28/2022 Total office properties ​ ​ ​ 11 ​ $ 127,000 ​ $ 73,291 ​ $ 415,276 ​ $ 488,567 ​ $ 129,851 ​ $ 73,291 ​ $ 545,127 ​ $ 618,418 ​ $ (266,951) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beaver Creek ​ Apex, NC ​ 1 ​ $ — ​ $ 12,426 ​ $ 31,375 ​ $ 43,801 ​ $ 1,007 ​ $ 9,955 ​ $ 34,853 ​ $ 44,808 ​ $ (15,905) ​ 5/11/2007 Sandwich ​ Sandwich, MA ​ 1 ​ ​ — ​ ​ 7,380 ​ ​ 25,778 ​ ​ 33,158 ​ ​ 1,291 ​ ​ 7,380 ​ ​ 27,069 ​ ​ 34,449 ​ ​ (12,831) ​ 8/1/2007 Wareham ​ Wareham, MA ​ 1 ​ ​ — ​ ​ 12,972 ​ ​ 27,030 ​ ​ 40,002 ​ ​ 4,869 ​ ​ 12,972 ​ ​ 31,899 ​ ​ 44,871 ​ ​ (16,071) ​ 8/1/2007 Hyannis ​ Hyannis, MA ​ 1 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ (817) ​ 8/1/2007 Meriden ​ Meriden, CT ​ 1 ​ ​ — ​ ​ 6,560 ​ ​ 22,014 ​ ​ 28,574 ​ ​ — ​ ​ 6,560 ​ ​ 22,014 ​ ​ 28,574 ​ ​ (10,786) ​ 8/1/2007 Whitman 475 Bedford Street ​ Whitman, MA ​ 1 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ (6,060) ​ 8/1/2007 New Bedford ​ New Bedford, MA ​ 1 ​ ​ 4,019 ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ — ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ (5,788) ​ 10/18/2007 270 Center ​ Washington, DC ​ 1 ​ ​ — ​ ​ 11,759 ​ ​ 24,061 ​ ​ 35,820 ​ ​ 4,895 ​ ​ 11,759 ​ ​ 28,956 ​ ​ 40,715 ​ ​ (13,401) ​ 4/6/2009 Springdale ​ Springfield, MA ​ 1 ​ ​ — ​ ​ 11,866 ​ ​ 723 ​ ​ 12,589 ​ ​ 8 ​ ​ 11,866 ​ ​ 731 ​ ​ 12,597 ​ ​ (727) ​ 2/18/2011 Saugus ​ Saugus, MA ​ 1 ​ ​ — ​ ​ 3,783 ​ ​ 9,713 ​ ​ 13,496 ​ ​ 1,710 ​ ​ 3,783 ​ ​ 11,423 ​ ​ 15,206 ​ ​ (5,861) ​ 3/17/2011 Salt Pond ​ Narragansett, RI ​ 2 ​ ​ — ​ ​ 8,759 ​ ​ 40,233 ​ ​ 48,992 ​ ​ 2,436 ​ ​ 8,759 ​ ​ 42,669 ​ ​ 51,428 ​ ​ (14,055) ​ 11/4/2014 South Cape ​ Mashpee, MA ​ 6 ​ ​ — ​ ​ 9,936 ​ ​ 27,552 ​ ​ 37,488 ​ ​ 5,396 ​ ​ 10,307 ​ ​ 32,577 ​ ​ 42,884 ​ ​ (10,065) ​ 3/18/2015 Shenandoah ​ Davie, FL ​ 3 ​ ​ — ​ ​ 10,501 ​ ​ 27,397 ​ ​ 37,898 ​ ​ 928 ​ ​ 10,501 ​ ​ 28,325 ​ ​ 38,826 ​ ​ (8,388) ​ 8/6/2015 Chester Springs ​ Chester, NJ ​ 4 ​ ​ — ​ ​ 7,376 ​ ​ 51,155 ​ ​ 58,531 ​ ​ 8,044 ​ ​ 7,376 ​ ​ 59,199 ​ ​ 66,575 ​ ​ (18,078) ​ 10/8/2015 Yale Village ​ Tulsa, OK ​ 4 ​ ​ — ​ ​ 3,492 ​ ​ 30,655 ​ ​ 34,147 ​ ​ 1,932 ​ ​ 3,492 ​ ​ 32,587 ​ ​ 36,079 ​ ​ (9,412) ​ 12/9/2015 Suniland Shopping Center ​ Pinecrest, FL ​ 4 ​ ​ — ​ ​ 34,804 ​ ​ 33,902 ​ ​ 68,706 ​ ​ 3,171 ​ ​ 34,804 ​ ​ 37,073 ​ ​ 71,877 ​ ​ (10,986) ​ 5/27/2016 Village at Lee Branch ​ Birmingham, AL ​ 2 ​ ​ — ​ ​ 10,476 ​ ​ 32,461 ​ ​ 42,937 ​ ​ 1,925 ​ ​ 10,476 ​ ​ 34,386 ​ ​ 44,862 ​ ​ (7,001) ​ 1/29/2020 Barrow Crossing ​ Bethlehem, GA ​ 5 ​ ​ — ​ ​ 5,539 ​ ​ 50,208 ​ ​ 55,747 ​ ​ 1,746 ​ ​ 5,539 ​ ​ 51,954 ​ ​ 57,493 ​ ​ (8,318) ​ 6/22/2021 Total retail properties ​ ​ ​ 40 ​ $ 4,019 ​ $ 175,434 ​ $ 458,008 ​ $ 633,442 ​ $ 39,358 ​ $ 173,334 ​ $ 499,466 ​ $ 672,800 ​ $ (174,550) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5, 6) Acquisition Date Residential properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Daley ​ Rockville, MD ​ 4 ​ $ 61,483 ​ $ 15,139 ​ $ 80,500 ​ $ 95,639 ​ $ 954 ​ $ 15,139 ​ $ 81,454 ​ $ 96,593 ​ $ (11,690) ​ 7/2/2019 Juno Winter Park ​ Winter Park, FL ​ 1 ​ ​ 46,306 ​ ​ 9,129 ​ ​ 75,420 ​ ​ 84,549 ​ ​ 885 ​ ​ 9,129 ​ ​ 76,305 ​ ​ 85,434 ​ ​ (10,036) ​ 7/9/2019 Perimeter ​ Sandy Springs, GA ​ 1 ​ ​ 67,682 ​ ​ 17,407 ​ ​ 99,763 ​ ​ 117,170 ​ ​ 598 ​ ​ 17,407 ​ ​ 100,361 ​ ​ 117,768 ​ ​ (13,246) ​ 12/19/2019 The Palms ​ Davie, FL ​ 15 ​ ​ 62,154 ​ ​ 18,737 ​ ​ 60,475 ​ ​ 79,212 ​ ​ 3,222 ​ ​ 18,737 ​ ​ 63,697 ​ ​ 82,434 ​ ​ (7,497) ​ 11/3/2020 oLiv Tucson ​ Tucson, AZ ​ 1 ​ ​ 80,600 ​ ​ — ​ ​ 125,003 ​ ​ 125,003 ​ ​ 335 ​ ​ — ​ ​ 125,338 ​ ​ 125,338 ​ ​ (8,516) ​ 10/20/2021 Arabelle Clearwater ​ Clearwater, FL ​ 10 ​ ​ — ​ ​ 11,633 ​ ​ 104,719 ​ ​ 116,352 ​ ​ 97 ​ ​ 11,633 ​ ​ 104,816 ​ ​ 116,449 ​ ​ (7,170) ​ 11/30/2021 Arabelle Riverwalk ​ Tampa Bay, FL ​ 1 ​ ​ 117,063 ​ ​ 20,005 ​ ​ 214,045 ​ ​ 234,050 ​ ​ 470 ​ ​ 20,005 ​ ​ 214,515 ​ ​ 234,520 ​ ​ (13,928) ​ 12/28/2021 Skye 750 ​ King of Prussia, PA ​ 1 ​ ​ — ​ ​ 12,535 ​ ​ 80,310 ​ ​ 92,845 ​ ​ 249 ​ ​ 12,535 ​ ​ 80,559 ​ ​ 93,094 ​ ​ (5,468) ​ 1/5/2022 Arabelle City Center ​ Pembroke, FL ​ 11 ​ ​ — ​ ​ 15,776 ​ ​ 141,006 ​ ​ 156,782 ​ ​ 2,067 ​ ​ 15,776 ​ ​ 143,073 ​ ​ 158,849 ​ ​ (8,536) ​ 4/12/2022 Dallas Cityline ​ Richardson, TX ​ 1 ​ ​ — ​ ​ 6,281 ​ ​ 104,812 ​ ​ 111,093 ​ ​ 457 ​ ​ 6,281 ​ ​ 105,269 ​ ​ 111,550 ​ ​ (6,471) ​ 4/13/2022 Dallas Wycliff ​ Dallas, TX ​ 3 ​ ​ — ​ ​ 14,021 ​ ​ 80,062 ​ ​ 94,083 ​ ​ 1,197 ​ ​ 14,021 ​ ​ 81,259 ​ ​ 95,280 ​ ​ (5,151) ​ 4/13/2022 Dallas Maple District ​ Dallas, TX ​ 2 ​ ​ — ​ ​ 14,725 ​ ​ 78,364 ​ ​ 93,089 ​ ​ 656 ​ ​ 14,725 ​ ​ 79,020 ​ ​ 93,745 ​ ​ (4,938) ​ 4/13/2022 San Vance ​ San Antonio, TX ​ 14 ​ ​ — ​ ​ 8,860 ​ ​ 68,726 ​ ​ 77,586 ​ ​ 339 ​ ​ 8,860 ​ ​ 69,065 ​ ​ 77,925 ​ ​ (4,656) ​ 4/13/2022 San Stone Oak ​ San Antonio, TX ​ 15 ​ ​ 27,697 ​ ​ 4,569 ​ ​ 68,036 ​ ​ 72,605 ​ ​ 537 ​ ​ 4,569 ​ ​ 68,573 ​ ​ 73,142 ​ ​ (4,455) ​ 4/13/2022 Arabelle Lincoln Station ​ Denver, CO ​ 1 ​ ​ — ​ ​ 5,798 ​ ​ 74,288 ​ ​ 80,086 ​ ​ 183 ​ ​ 5,798 ​ ​ 74,471 ​ ​ 80,269 ​ ​ (1,335) ​ 8/16/2023 BLVD Dallas ​ Dallas, TX ​ 7 ​ ​ — ​ ​ 7,752 ​ ​ 50,298 ​ ​ 58,050 ​ ​ 94 ​ ​ 7,752 ​ ​ 50,392 ​ ​ 58,144 ​ ​ (718) ​ 9/15/2023 Regency at Johns Creek Walk ​ Atlanta, GA ​ 5 ​ ​ — ​ ​ 9,150 ​ ​ 50,665 ​ ​ 59,815 ​ ​ 119 ​ ​ 9,150 ​ ​ 50,784 ​ ​ 59,934 ​ ​ (477) ​ 11/6/2023 Total residential properties ​ ​ ​ 93 ​ $ 462,985 ​ $ 191,517 ​ $ 1,556,492 ​ $ 1,748,009 ​ $ 12,459 ​ $ 191,517 ​ $ 1,568,951 ​ $ 1,760,468 ​ $ (114,288) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vasco Road ​ Livermore, CA ​ 1 ​ $ 17,435 ​ $ 4,880 ​ $ 12,019 ​ $ 16,899 ​ $ (30) ​ $ 4,880 ​ $ 11,989 ​ $ 16,869 ​ $ (3,556) ​ 7/21/2017 Northgate ​ North Las Vegas, NV ​ 1 ​ ​ 22,605 ​ ​ 3,940 ​ ​ 20,715 ​ ​ 24,655 ​ ​ 16 ​ ​ 3,943 ​ ​ 20,728 ​ ​ 24,671 ​ ​ (5,091) ​ 7/26/2017 Stafford Grove ​ Stafford, TX ​ 3 ​ ​ — ​ ​ 8,540 ​ ​ 28,879 ​ ​ 37,419 ​ ​ 2,679 ​ ​ 8,586 ​ ​ 31,512 ​ ​ 40,098 ​ ​ (7,676) ​ 4/9/2018 Kaiser Business Center ​ Folcroft, PA ​ 2 ​ ​ 17,800 ​ ​ 6,140 ​ ​ 12,730 ​ ​ 18,870 ​ ​ 1,953 ​ ​ 6,140 ​ ​ 14,683 ​ ​ 20,823 ​ ​ (3,735) ​ 12/10/2018 Tri-County DC ​ Schertz, TX ​ 1 ​ ​ 16,819 ​ ​ 2,346 ​ ​ 18,400 ​ ​ 20,746 ​ ​ 1,169 ​ ​ 2,346 ​ ​ 19,569 ​ ​ 21,915 ​ ​ (3,969) ​ 2/13/2019 Florence Logistics Center ​ Florence, KY ​ 1 ​ ​ 14,358 ​ ​ 1,791 ​ ​ 16,968 ​ ​ 18,759 ​ ​ 206 ​ ​ 1,791 ​ ​ 17,174 ​ ​ 18,965 ​ ​ (3,505) ​ 5/14/2019 World Connect Logistics Center ​ Indianapolis, IN ​ 1 ​ ​ 32,386 ​ ​ 4,983 ​ ​ 39,172 ​ ​ 44,155 ​ ​ 209 ​ ​ 4,983 ​ ​ 39,381 ​ ​ 44,364 ​ ​ (7,151) ​ 9/27/2019 Tri-County DC II A ​ Schertz, TX ​ 1 ​ ​ 9,004 ​ ​ 1,280 ​ ​ 8,562 ​ ​ 9,842 ​ ​ 516 ​ ​ 1,280 ​ ​ 9,078 ​ ​ 10,358 ​ ​ (1,960) ​ 10/1/2019 Aurora DC ​ Aurora, IL ​ 1 ​ ​ — ​ ​ 1,681 ​ ​ 6,887 ​ ​ 8,568 ​ ​ 912 ​ ​ 1,681 ​ ​ 7,799 ​ ​ 9,480 ​ ​ (1,974) ​ 12/13/2019 Railhead DC ​ Dallas/Fort Worth, TX ​ 1 ​ ​ 8,075 ​ ​ 2,102 ​ ​ 17,475 ​ ​ 19,577 ​ ​ 120 ​ ​ 2,102 ​ ​ 17,595 ​ ​ 19,697 ​ ​ (3,031) ​ 2/4/2020 Tri-County DC II B ​ Schertz, TX ​ 1 ​ ​ 2,393 ​ ​ 455 ​ ​ 2,429 ​ ​ 2,884 ​ ​ 61 ​ ​ 455 ​ ​ 2,490 ​ ​ 2,945 ​ ​ (519) ​ 2/14/2020 Sterling IC ​ Washington, DC ​ 1 ​ ​ 3,500 ​ ​ 1,976 ​ ​ 3,369 ​ ​ 5,345 ​ ​ 13 ​ ​ 1,976 ​ ​ 3,382 ​ ​ 5,358 ​ ​ (594) ​ 3/25/2020 Clayton Commerce Center ​ Atlanta, GA ​ 1 ​ ​ — ​ ​ 7,403 ​ ​ 51,886 ​ ​ 59,289 ​ ​ 5,540 ​ ​ 7,403 ​ ​ 57,426 ​ ​ 64,829 ​ ​ (10,572) ​ 6/26/2020 Bay Area Commerce Center ​ East Bay, CA ​ 1 ​ ​ — ​ ​ 10,135 ​ ​ 38,672 ​ ​ 48,807 ​ ​ 1,700 ​ ​ 10,135 ​ ​ 40,372 ​ ​ 50,507 ​ ​ (4,886) ​ 8/27/2020 Air Tech DC ​ Louisville, KY ​ 2 ​ ​ 3,212 ​ ​ 615 ​ ​ 18,471 ​ ​ 19,086 ​ ​ 213 ​ ​ 616 ​ ​ 18,683 ​ ​ 19,299 ​ ​ (2,816) ​ 10/16/2020 East Columbia IC ​ Portland, OR ​ 2 ​ ​ — ​ ​ 3,352 ​ ​ 11,726 ​ ​ 15,078 ​ ​ 645 ​ ​ 3,352 ​ ​ 12,371 ​ ​ 15,723 ​ ​ (2,911) ​ 12/2/2020 Plainfield LC ​ Indianapolis, IN ​ 1 ​ ​ — ​ ​ 2,514 ​ ​ 17,260 ​ ​ 19,774 ​ ​ 17 ​ ​ 2,514 ​ ​ 17,277 ​ ​ 19,791 ​ ​ (1,952) ​ 12/16/2020 395 LC ​ Reno, NV ​ 1 ​ ​ — ​ ​ 6,752 ​ ​ 61,784 ​ ​ 68,536 ​ ​ 300 ​ ​ 6,752 ​ ​ 62,084 ​ ​ 68,836 ​ ​ (8,076) ​ 12/21/2020 Radar Distribution Center ​ Northampton, PA ​ 1 ​ ​ 26,000 ​ ​ 7,167 ​ ​ 42,373 ​ ​ 49,540 ​ ​ 700 ​ ​ 7,167 ​ ​ 43,073 ​ ​ 50,240 ​ ​ (3,771) ​ 3/31/2021 Intermountain Space Center ​ Salt Lake City, UT ​ 1 ​ ​ — ​ ​ 14,786 ​ ​ 48,645 ​ ​ 63,431 ​ ​ 1,250 ​ ​ 14,786 ​ ​ 49,895 ​ ​ 64,681 ​ ​ (8,688) ​ 6/30/2021 Airway Industrial Park ​ San Diego, CA ​ 1 ​ ​ — ​ ​ 5,740 ​ ​ 18,616 ​ ​ 24,356 ​ ​ 2,096 ​ ​ 5,740 ​ ​ 20,712 ​ ​ 26,452 ​ ​ (1,663) ​ 7/9/2021 Greenwood Business Center ​ Greenwood, IN ​ 1 ​ ​ — ​ ​ 858 ​ ​ 16,251 ​ ​ 17,109 ​ ​ (30) ​ ​ 858 ​ ​ 16,221 ​ ​ 17,079 ​ ​ (1,967) ​ 8/2/2021 25 Linden Industrial Center ​ Jersey City, NJ ​ 1 ​ ​ — ​ ​ 7,764 ​ ​ 9,576 ​ ​ 17,340 ​ ​ 183 ​ ​ 7,764 ​ ​ 9,759 ​ ​ 17,523 ​ ​ (2,496) ​ 8/31/2021 Little Orchard Business Park ​ San Jose, CA ​ 4 ​ ​ — ​ ​ 51,265 ​ ​ 48,147 ​ ​ 99,412 ​ ​ 1,045 ​ ​ 51,265 ​ ​ 49,192 ​ ​ 100,457 ​ ​ (9,427) ​ 9/8/2021 Tustin Business Center ​ Tustin, CA ​ 2 ​ ​ — ​ ​ 22,734 ​ ​ 12,233 ​ ​ 34,967 ​ ​ 94 ​ ​ 22,734 ​ ​ 12,327 ​ ​ 35,061 ​ ​ (1,875) ​ 9/22/2021 Campus Drive IC ​ Burlington, NJ ​ 1 ​ ​ 4,100 ​ ​ 2,364 ​ ​ 4,288 ​ ​ 6,652 ​ ​ 44 ​ ​ 2,364 ​ ​ 4,332 ​ ​ 6,696 ​ ​ (658) ​ 10/7/2021 Long Island Logistics Center ​ Islandia, NY ​ 1 ​ ​ 13,200 ​ ​ 4,927 ​ ​ 16,198 ​ ​ 21,125 ​ ​ 274 ​ ​ 4,927 ​ ​ 16,472 ​ ​ 21,399 ​ ​ (2,075) ​ 12/9/2021 Phoenix IC ​ Phoenix, AZ ​ 1 ​ ​ — ​ ​ 4,709 ​ ​ 12,895 ​ ​ 17,604 ​ ​ 148 ​ ​ 4,709 ​ ​ 13,043 ​ ​ 17,752 ​ ​ (2,139) ​ 12/13/2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5, 6) Acquisition Date Industrial properties (cont.): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tempe IC ​ Tempe, AZ ​ 1 ​ ​ — ​ ​ 3,628 ​ ​ 24,857 ​ ​ 28,485 ​ ​ 220 ​ ​ 3,628 ​ ​ 25,077 ​ ​ 28,705 ​ ​ (3,478) ​ 12/13/2021 Las Vegas IC ​ Las Vegas, NV ​ 2 ​ ​ — ​ ​ 2,623 ​ ​ 6,186 ​ ​ 8,809 ​ ​ 171 ​ ​ 2,623 ​ ​ 6,357 ​ ​ 8,980 ​ ​ (763) ​ 12/13/2021 General Washington IC ​ Alexandria, VA ​ 1 ​ ​ 7,100 ​ ​ 2,452 ​ ​ 8,599 ​ ​ 11,051 ​ ​ 841 ​ ​ 2,452 ​ ​ 9,440 ​ ​ 11,892 ​ ​ (928) ​ 1/7/2022 Western Food Center ​ Denver, CO ​ 2 ​ ​ — ​ ​ 10,399 ​ ​ 28,989 ​ ​ 39,388 ​ ​ 182 ​ ​ 10,399 ​ ​ 29,171 ​ ​ 39,570 ​ ​ (3,742) ​ 1/14/2022 Orlando LC I & II ​ Orlando, FL ​ 2 ​ ​ — ​ ​ 8,975 ​ ​ 88,020 ​ ​ 96,995 ​ ​ 2,943 ​ ​ 8,975 ​ ​ 90,963 ​ ​ 99,938 ​ ​ (6,456) ​ 2/17/2022 Orlando LC III & IV ​ Orlando, FL ​ 2 ​ ​ — ​ ​ 3,198 ​ ​ 40,505 ​ ​ 43,703 ​ ​ 324 ​ ​ 3,198 ​ ​ 40,829 ​ ​ 44,027 ​ ​ (3,039) ​ 2/17/2022 Orlando LC V ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 1,939 ​ ​ 33,219 ​ ​ 35,158 ​ ​ 201 ​ ​ 1,939 ​ ​ 33,420 ​ ​ 35,359 ​ ​ (4,334) ​ 2/17/2022 Orlando LC VI ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 3,405 ​ ​ 26,043 ​ ​ 29,448 ​ ​ — ​ ​ 3,405 ​ ​ 26,043 ​ ​ 29,448 ​ ​ (2,189) ​ 2/17/2022 Orlando LC VII ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 3,156 ​ ​ 20,404 ​ ​ 23,560 ​ ​ 269 ​ ​ 3,156 ​ ​ 20,673 ​ ​ 23,829 ​ ​ (2,778) ​ 2/17/2022 Gillingham IC ​ Sugarland, TX ​ 1 ​ ​ — ​ ​ 2,283 ​ ​ 18,268 ​ ​ 20,551 ​ ​ 32 ​ ​ 2,283 ​ ​ 18,300 ​ ​ 20,583 ​ ​ (1,304) ​ 6/10/2022 Industrial Drive IC ​ Birmingham, AL ​ 1 ​ ​ — ​ ​ 1,220 ​ ​ 2,798 ​ ​ 4,018 ​ ​ 305 ​ ​ 1,220 ​ ​ 3,103 ​ ​ 4,323 ​ ​ (577) ​ 6/17/2022 Maplewood Drive IC ​ Minneapolis, MN ​ 1 ​ ​ — ​ ​ 1,026 ​ ​ 4,488 ​ ​ 5,514 ​ ​ 47 ​ ​ 1,026 ​ ​ 4,535 ​ ​ 5,561 ​ ​ (1,054) ​ 6/17/2022 Glen Afton IC ​ Charlotte, NC ​ 1 ​ ​ — ​ ​ 2,294 ​ ​ 19,742 ​ ​ 22,036 ​ ​ — ​ ​ 2,294 ​ ​ 19,742 ​ ​ 22,036 ​ ​ (2,236) ​ 6/17/2022 East 56th Ave IC ​ Denver, CO ​ 1 ​ ​ — ​ ​ 4,724 ​ ​ 14,317 ​ ​ 19,041 ​ ​ 41 ​ ​ 4,724 ​ ​ 14,358 ​ ​ 19,082 ​ ​ (2,150) ​ 6/17/2022 Brockton IC ​ Grand Rapids, MI ​ 1 ​ ​ — ​ ​ 1,250 ​ ​ 5,272 ​ ​ 6,522 ​ ​ 258 ​ ​ 1,250 ​ ​ 5,530 ​ ​ 6,780 ​ ​ (1,155) ​ 6/17/2022 Pine Vista IC ​ Houston, TX ​ 1 ​ ​ — ​ ​ 2,952 ​ ​ 15,838 ​ ​ 18,790 ​ ​ 39 ​ ​ 2,952 ​ ​ 15,877 ​ ​ 18,829 ​ ​ (2,183) ​ 6/17/2022 Tri-County Parkway IC ​ San Antonio, TX ​ 1 ​ ​ — ​ ​ 1,579 ​ ​ 11,205 ​ ​ 12,784 ​ ​ 227 ​ ​ 1,579 ​ ​ 11,432 ​ ​ 13,011 ​ ​ (1,667) ​ 6/17/2022 Miami NW 114th IC ​ Miami, FL ​ 1 ​ ​ — ​ ​ 5,533 ​ ​ 6,489 ​ ​ 12,022 ​ ​ — ​ ​ 5,533 ​ ​ 6,489 ​ ​ 12,022 ​ ​ (1,032) ​ 6/17/2022 North Harney IC ​ Tampa, FL ​ 1 ​ ​ — ​ ​ 3,586 ​ ​ 4,439 ​ ​ 8,025 ​ ​ — ​ ​ 3,586 ​ ​ 4,439 ​ ​ 8,025 ​ ​ (772) ​ 6/17/2022 Wes Warren Drive IC ​ New York, NY ​ 1 ​ ​ — ​ ​ 1,537 ​ ​ 5,978 ​ ​ 7,515 ​ ​ 684 ​ ​ 1,537 ​ ​ 6,662 ​ ​ 8,199 ​ ​ (1,004) ​ 6/17/2022 Enterprise Way IC ​ Oklahoma City, OK ​ 1 ​ ​ — ​ ​ 537 ​ ​ 5,982 ​ ​ 6,519 ​ ​ 23 ​ ​ 537 ​ ​ 6,005 ​ ​ 6,542 ​ ​ (818) ​ 6/17/2022 New Albany IC ​ Moorestown, NJ ​ 1 ​ ​ — ​ ​ 5,630 ​ ​ 11,914 ​ ​ 17,544 ​ ​ 53 ​ ​ 5,630 ​ ​ 11,967 ​ ​ 17,597 ​ ​ (1,821) ​ 6/17/2022 North 5th Street CC ​ Philadelphia, PA ​ 1 ​ ​ 11,800 ​ ​ 4,359 ​ ​ 18,945 ​ ​ 23,304 ​ ​ 53 ​ ​ 4,359 ​ ​ 18,998 ​ ​ 23,357 ​ ​ (2,786) ​ 6/24/2022 VM8 Logistics Center ​ Houston, TX ​ 1 ​ ​ — ​ ​ 2,166 ​ ​ 15,345 ​ ​ 17,511 ​ ​ 3,872 ​ ​ 2,166 ​ ​ 19,217 ​ ​ 21,383 ​ ​ — ​ 1/19/2023 Moreno Valley Distribution Center ​ Moreno Valley, CA ​ 1 ​ ​ — ​ ​ 3,955 ​ ​ 29,466 ​ ​ 33,421 ​ ​ 95 ​ ​ 3,955 ​ ​ 29,561 ​ ​ 33,516 ​ ​ (956) ​ 5/2/2023 SLC Logistics Center ​ Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 17,224 ​ ​ 59,861 ​ ​ 77,085 ​ ​ 104 ​ ​ 17,224 ​ ​ 59,965 ​ ​ 77,189 ​ ​ (817) ​ 9/26/2023 Cindel Drive Business Park ​ Delran, NJ ​ 2 ​ ​ — ​ ​ 6,282 ​ ​ 19,352 ​ ​ 25,634 ​ ​ 81 ​ ​ 6,282 ​ ​ 19,433 ​ ​ 25,715 ​ ​ (53) ​ 12/19/2023 Total industrial properties ​ ​ ​ 70 ​ $ 209,787 ​ $ 301,111 ​ $ 1,163,147 ​ $ 1,464,258 ​ $ 33,108 ​ $ 301,161 ​ $ 1,196,205 ​ $ 1,497,366 ​ $ (158,825) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aventura Storage ​ Aventura, FL ​ 1 ​ ​ — ​ ​ 12,538 ​ ​ 18,505 ​ ​ 31,043 ​ ​ — ​ ​ 12,538 ​ ​ 18,505 ​ ​ 31,043 ​ ​ (36) ​ 12/18/2023 Norwood Storage ​ Norwood, NJ ​ 1 ​ ​ — ​ ​ 2,308 ​ ​ 21,595 ​ ​ 23,903 ​ ​ — ​ ​ 2,308 ​ ​ 21,595 ​ ​ 23,903 ​ ​ (34) ​ 12/20/2023 Total other properties ​ ​ ​ 2 ​ $ — ​ $ 14,846 ​ $ 40,100 ​ $ 54,946 ​ $ — ​ $ 14,846 ​ $ 40,100 ​ $ 54,946 ​ $ (70) ​ ​ Grand total ​ ​ ​ 216 ​ $ 803,791 ​ $ 756,199 ​ $ 3,633,023 ​ $ 4,389,222 ​ $ 214,776 ​ $ 754,149 ​ $ 3,849,849 ​ $ 4,603,998 ​ $ (714,684) ​ ​ (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2023. See “Note 6 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2023, the aggregate cost for U.S. federal income tax purposes of investments in property was approximately $1.9 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. (6) See “Note 2 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for details of depreciable lives. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2023 2022 2021 Investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 4,178,329 ​ $ 3,061,851 ​ $ 2,455,678 Acquisitions of properties ​ 406,548 ​ 1,206,476 ​ 924,206 Improvements ​ 45,694 ​ 30,842 ​ 38,295 Property dispositions or held for sale assets ​ (26,573) ​ (120,840) ​ (355,570) Impairment of real estate ​ — ​ — ​ (758) Balance at the end of period ​ $ 4,603,998 ​ $ 4,178,329 ​ $ 3,061,851 Accumulated depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 572,751 ​ $ 472,025 ​ $ 501,105 Real estate depreciation and amortization expense ​ 149,985 ​ 134,617 ​ 74,415 Above-market lease assets amortization expenses ​ 818 ​ 724 ​ 469 Right of use asset amortization expense ​ ​ 7 ​ ​ 102 ​ ​ 53 Property dispositions or held for sale assets ​ (8,877) ​ (34,717) ​ (104,017) Balance at the end of period ​ $ 714,684 ​ $ 572,751 ​ $ 472,025 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in our consolidated balance sheets as of December 31, 2022, our consolidated statements of operations for the years ended December 31, 2022 and 2021 and our consolidated statements of cash flows for the years ended December 31, 2022 and 2021 have been reclassified to conform to the 2023 presentation.
Revision of Immaterial Overstatement of Noncontrolling Interests	Revision of Immaterial Overstatement of Noncontrolling Interests During the year ended December 31, 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 the “Operating Partnership each period dating back to 2008. Based on an analysis of Topic 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 consolidated balance sheets and our 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 ​ Reallocation As Revised As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,269,146 ​ $ 52,259 ​ $ N/A ​ $ 1,321,405 Accumulated other comprehensive income (loss) ​ $ (27,431) ​ $ 2,687 ​ $ N/A ​ $ (24,744) Noncontrolling interests ​ $ 96,242 ​ $ (54,946) ​ $ N/A ​ $ 41,296 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,457,296 ​ $ 52,259 ​ $ 33,062 ​ $ 1,542,617 Accumulated other comprehensive income (loss) ​ $ (13,418) ​ $ 2,687 ​ $ 1,168 ​ $ (9,563) Noncontrolling interests ​ $ 196,696 ​ $ (54,946) ​ $ (34,230) ​ $ 107,520 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,744,022 ​ $ 85,321 ​ $ 69,167 ​ $ 1,898,510 Accumulated other comprehensive income (loss) ​ $ 13,148 ​ $ 3,855 ​ $ (920) ​ $ 16,083 Noncontrolling interests ​ $ 408,031 ​ $ (89,176) ​ $ (68,247) ​ $ 250,608
Investment In Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2023 and 2022 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2023, 2022 and 2021, we recorded $0.3 million, $0.2 million and $0.9 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the years ended December 31, 2023 and 2022. Refer to “Note 3” for detail regarding the non-cash impairment charges recorded during the year ended December 31, 2021.
Investment in Unconsolidated Joint Venture Partnerships	Investments in Unconsolidated Joint Venture Partnerships Investments in unconsolidated joint venture partnerships are initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2023, 2022 and 2021.
Debt-Related Investments	Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts and a credit loss reserve, if applicable. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current.
Current Expected Credit Losses	Current Expected Credit Losses We record a reserve for current expected credit losses (“CECL Reserve”) on both the outstanding balances and unfunded commitments on loans held for investment. The development of the CECL Reserve requires the consideration of a broad range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates. Increases and decreases to expected credit losses impact earnings and are recorded within the provision for current expected credit losses in our consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment is a valuation account that is deducted from the amortized cost basis of our loans held for investment in our consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in our 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.
Available-for-Sale Debt Securities	Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. Additionally, we acquire or originate preferred equity investments that are recognized as debt securities as they have mandatory redemption features and meet the definition of securities under FASB ASC Topic 320, Investments—Debt Securities. On the acquisition date, we designate investments in real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2023 or 2022, and we did not have any available-for-sale debt securities during the year ended December 31, 2021. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2023 or 2022.
DST Program	DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). 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 (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the issuance of the OP Units as an issuance of equity. Rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. Increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. Beginning with our most recent DST Program offering, which commenced on October 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred and are not deferred. 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. We include our investments in DST Program Loans separately on our 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 consolidated statements of operations. Beginning with our most recent DST Program offering, which commenced on October 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2023, 2022 and 2021.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts.
Derivative Instruments	Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2023, all of our interest rate swap and interest rate cap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $8.3 million and $4.8 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $4.3 million, $3.8 million and $3.3 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $2.5 million and $3.4 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $3.1 million, $3.6 million and $3.5 million, respectively, of amortization of financing costs associated with financing obligations.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. 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. Therefore, we adjust the net equity balances in the Operating Partnership to reflect the changes in ownership of the Operating Partnership between us and the other limited partners. These adjustments are based on the 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 consolidated balance sheets and our consolidated statements of equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Advisor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the second amended and restated advisory agreement (2023), effective as of June 3, 2023 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness and current economic trends on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2023 and 2022, our allowance for doubtful accounts was approximately $0.7 million and $1.8 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income For debt-related investments, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method.
Income Taxes	Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income or from the operations of our taxable REIT subsidiary.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2023, no customers represented more than 10.0% of our total annualized base rent.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Effective November 27, 2023, FASB issued Accounting Standards Update (“ASU”) No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosure requirements to segment reporting. ASU No. 2023-07 will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to develop more useful financial analysis and includes the following changes: (i) single segment entities must follow segment guidance, (ii) must name the title and position of the chief operating decision maker and (iii) the ability to elect more than one performance measure. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. ASU No. 2023-07 is effective beginning in annual periods after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of effect of reallocations on prior period balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative Adjustment ​ Current Period ​ ​ ($ in thousands) ​ As Previously Reported ​ Prior to Period ​ Reallocation As Revised As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,269,146 ​ $ 52,259 ​ $ N/A ​ $ 1,321,405 Accumulated other comprehensive income (loss) ​ $ (27,431) ​ $ 2,687 ​ $ N/A ​ $ (24,744) Noncontrolling interests ​ $ 96,242 ​ $ (54,946) ​ $ N/A ​ $ 41,296 As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,457,296 ​ $ 52,259 ​ $ 33,062 ​ $ 1,542,617 Accumulated other comprehensive income (loss) ​ $ (13,418) ​ $ 2,687 ​ $ 1,168 ​ $ (9,563) Noncontrolling interests ​ $ 196,696 ​ $ (54,946) ​ $ (34,230) ​ $ 107,520 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ $ 1,744,022 ​ $ 85,321 ​ $ 69,167 ​ $ 1,898,510 Accumulated other comprehensive income (loss) ​ $ 13,148 ​ $ 3,855 ​ $ (920) ​ $ 16,083 Noncontrolling interests ​ $ 408,031 ​ $ (89,176) ​ $ (68,247) ​ $ 250,608
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENTS IN REAL ESTATE PROPERTIES
Schedule of Consolidated Investments in Real Estate Properties	The following table summarizes our consolidated investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2023 December 31, 2022 Land ​ $ 754,149 ​ $ 694,998 Buildings and improvements ​ 3,505,921 ​ 3,152,553 Intangible lease assets ​ 330,291 ​ 317,141 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,603,998 ​ 4,178,329 Accumulated depreciation and amortization ​ (714,684) ​ (572,751) Net investment in real estate properties ​ $ 3,889,314 ​ $ 3,605,578
Schedule of Asset Acquisitions	During the years ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ($ 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 SLC Logistics Center ​ Industrial ​ 9/26/2023 ​ ​ 77,085 Cindel Drive Business Park ​ Industrial ​ 12/19/2023 ​ ​ 25,409 Arabelle Lincoln Station ​ Residential ​ 8/16/2023 ​ ​ 80,086 BLVD Dallas ​ Residential ​ 9/15/2023 ​ ​ 58,050 Regency at Johns Creek Walk ​ Residential ​ 11/6/2023 ​ ​ 59,815 Aventura Storage ​ Self-Storage ​ 12/18/2023 ​ ​ 31,043 Norwood Storage ​ Self-Storage ​ 12/20/2023 ​ ​ 23,903 Total 2023 acquisitions ​ $ 406,323 2022 Acquisitions: ​ ​ ​ ​ General Washington IC ​ Industrial ​ 1/7/2022 ​ $ 11,051 Western Foods Center ​ Industrial ​ 1/14/2022 ​ ​ 39,298 Orlando I & II LC ​ Industrial ​ 2/17/2022 ​ ​ 94,759 Orlando III & IV LC ​ Industrial ​ 2/17/2022 ​ ​ 42,347 Orlando V LC ​ Industrial ​ 2/17/2022 ​ ​ 34,828 Orlando VI LC ​ Industrial ​ 2/17/2022 ​ ​ 28,694 Orlando VII LC ​ Industrial ​ 2/17/2022 ​ ​ 23,532 1403 Gillingham Lane ​ Industrial ​ 6/10/2022 ​ ​ 20,550 Industrial Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 4,018 Glen Afton IC ​ Industrial ​ 6/17/2022 ​ ​ 22,036 East 56th Ave IC ​ Industrial ​ 6/17/2022 ​ ​ 19,041 Brockton IC ​ Industrial ​ 6/17/2022 ​ ​ 6,522 Pine Vista IC ​ Industrial ​ 6/17/2022 ​ ​ 18,790 Tri-County Parkway IC ​ Industrial ​ 6/17/2022 ​ ​ 12,784 Miami NW 114th IC ​ Industrial ​ 6/17/2022 ​ ​ 12,022 North Harney IC ​ Industrial ​ 6/17/2022 ​ ​ 8,026 Wes Warren Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 7,515 Enterprise Way IC ​ Industrial ​ 6/17/2022 ​ ​ 6,519 New Albany IC ​ Industrial ​ 6/17/2022 ​ ​ 17,544 Maplewood Drive IC ​ Industrial ​ 6/17/2022 ​ ​ 5,514 1801 N. 5th Street ​ Industrial ​ 6/24/2022 ​ ​ 23,305 Skye 750 ​ Residential ​ 1/5/2022 ​ ​ 92,845 Arabelle City Center ​ Residential ​ 4/12/2022 ​ ​ 156,781 Dallas Cityline ​ Residential ​ 4/13/2022 ​ ​ 111,093 Dallas Wycliff ​ Residential ​ 4/13/2022 ​ ​ 94,083 Dallas Maple District ​ Residential ​ 4/13/2022 ​ ​ 93,089 San Vance ​ Residential ​ 4/13/2022 ​ ​ 77,586 San Stone Oak ​ Residential ​ 4/13/2022 ​ ​ 72,605 350 Carter Road ​ Office ​ 4/27/2022 ​ ​ 31,256 107 Morgan Lane ​ Office ​ 10/28/2022 ​ ​ 12,269 Total 2022 acquisitions ​ $ 1,200,302 (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 and 2022 acquisitions. ​
Allocation of Purchase Price Allocations	During the years ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) 2023 2022 Land ​ $ 67,173 ​ $ 154,356 Building and improvements ​ 322,409 ​ 1,008,273 Intangible lease assets ​ 15,973 ​ 43,117 Above-market lease assets ​ 993 ​ 730 Below-market lease liabilities ​ (225) ​ (6,174) Total purchase price (1) ​ $ 406,323 ​ $ 1,200,302 (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 and 2022 acquisitions.
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of December 31, 2023 and 2022 include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 As of December 31, 2022 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 306,365 ​ $ (234,172) ​ $ 72,193 ​ $ 294,208 ​ $ (214,201) ​ $ 80,007 Above-market lease assets (1) ​ 23,926 ​ (20,525) ​ 3,401 ​ 22,933 ​ (19,707) ​ 3,226 Below-market lease liabilities ​ (73,556) ​ 36,477 ​ (37,079) ​ (76,033) ​ 33,589 ​ (42,444) (1) Included in net investment in real estate properties on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities as of December 31, 2023 for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 ​ $ 18,760 ​ $ 923 ​ $ (4,062) Year 2 ​ 14,598 ​ 776 ​ (3,885) Year 3 ​ 11,952 ​ 613 ​ (3,645) Year 4 ​ ​ 8,530 ​ ​ 468 ​ ​ (2,876) Year 5 ​ ​ 5,937 ​ ​ 298 ​ ​ (2,607) Thereafter ​ ​ 12,416 ​ ​ 323 ​ ​ (20,004) Total ​ $ 72,193 ​ $ 3,401 ​ $ (37,079)
Summary of Rental Revenue and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 3,384 ​ $ 3,414 ​ $ 5,849 Above-market lease amortization ​ (818) ​ (724) ​ (469) Below-market lease amortization ​ 4,393 ​ 4,823 ​ 3,559 Real estate-related depreciation and amortization: ​ ​ ​ ​ Depreciation expense ​ $ 126,102 ​ $ 97,418 ​ $ 59,766 Intangible lease asset amortization ​ 23,883 ​ 37,199 ​ 14,649
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2023 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2023 Year 1 ​ $ 151,300 ​ Year 2 ​ 138,939 ​ Year 3 ​ 122,613 ​ Year 4 ​ 98,573 ​ Year 5 ​ 78,328 ​ Thereafter ​ 212,025 ​ Total ​ $ 801,778 ​

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Schedule of equity method investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Investment ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ($ in thousands) Type December 31, 2023 ​ ​ December 31, 2022 ​ ​ December 31, 2023 December 31, 2022 Vue 1400 JV ​ Residential ​ 85.0 % ​ 85.0 % ​ $ 23,932 ​ $ 25,984 Net Lease JV I ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 16,030 ​ ​ 16,393 Net Lease JV II ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 67,010 ​ ​ 65,763 Net Lease JV III ​ Net Lease ​ 50.0 % ​ 50.0 % ​ ​ 21,192 ​ ​ 12,232 Prime Data Center JV I ​ Data Center ​ 10.0 % ​ N/A ​ ​ ​ 11,662 ​ ​ N/A Prime Data Center JV II ​ Data Center ​ 10.0 % ​ N/A ​ ​ ​ 13,315 ​ ​ N/A MERED II JV ​ Debt ​ 19.9 % ​ N/A ​ ​ ​ 164 ​ ​ N/A Total investments in unconsolidated joint venture partnerships ​ ​ ​ ​ ​ $ 153,305 ​ $ 120,372 ​

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans ​ $ 141,737 ​ $ 143,550 ​ ​ 9.8 % ​ 2.2 Mezzanine loans ​ ​ 106,064 ​ ​ 106,768 ​ ​ 11.4 ​ ​ 0.9 Total debt-related investments ​ $ 247,801 ​ $ 250,318 ​ ​ 10.5 % ​ 1.6 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 December 31, 2022, we had one senior loan in default and on non-accrual status, and as such, the weighted-average interest rate and weighted-average remaining life excludes this senior loan from its calculations for this period.
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 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs ​ $ 14,910 ​ $ 14,825 ​ $ 85 ​ $ — ​ $ 158 ​ $ 14,983 Preferred equity ​ ​ 108,250 ​ ​ 107,392 ​ ​ — ​ ​ 858 ​ ​ — ​ ​ 107,392 Total debt securities ​ $ 123,160 ​ $ 122,217 ​ $ 85 ​ $ 858 ​ $ 158 ​ $ 122,375 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)	12 Months Ended
	Dec. 31, 2023
DEBT.
Schedule of Debt	A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2023 2022 Current Maturity Date 2023 2022 Line of credit (1) ​ 5.35 % 5.72 % November 2025 ​ $ 367,000 ​ $ 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 4.46 ​ 3.48 ​ January 2027 - May 2031 ​ 596,191 380,316 Floating-rate mortgage notes (4) 5.25 ​ 4.52 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.43 % 4.31 % ​ $ 1,970,791 $ 1,622,916 Less: unamortized debt issuance costs ​ $ (17,038) $ (14,849) Add: unamortized mark-to-market adjustment on assumed debt ​ 7,367 8,408 Total debt, net ​ $ 1,961,120 $ 1,616,475 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 1,391,173 ​ $ 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 December 31, 2023, the unused and available portions under the line of credit were approximately $533.0 million and $334.4 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 December 31, 2023 and 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 5.61% and 4.66% , respectively, as of December 31, 2023. (5) The weighted-average remaining term of our consolidated borrowings was approximately 3.2 years as of December 31, 2023, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of December 31, 2023, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total 2024 ​ $ — ​ $ — ​ $ 129,239 ​ $ 129,239 2025 ​ 367,000 ​ — ​ 2,646 ​ 369,646 2026 ​ — ​ 400,000 ​ 85,396 ​ 485,396 2027 ​ — ​ 400,000 ​ 177,034 ​ 577,034 2028 ​ — ​ — ​ 90,477 ​ 90,477 Thereafter ​ — ​ — ​ 318,999 ​ 318,999 Total principal payments ​ $ 367,000 ​ $ 800,000 ​ $ 803,791 ​ $ 1,970,791 (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 $115.0 million mortgage note matures in January 2027 and may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	​ The following table summarizes the location and fair value of our consolidated derivative instruments on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount (1) ​ Other Assets Other Liabilities As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 12 ​ $ 650,000 ​ $ 10,510 ​ $ — Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 507,600 ​ ​ 21,746 ​ ​ ​ Total derivative instruments 20 ​ $ 1,157,600 ​ $ 32,256 ​ $ — 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 an aggregate $100.0 million of notional amount for three interest rate cap agreements entered into in November 2023 with effective dates in February 2024. These interest rate cap agreements are replacing separate interest rate swap agreements with an aggregate $100.0 million of notional amount that are expiring at the end of January 2024.
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our consolidated derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 6,259 ​ $ 29,852 ​ $ 5,616 Amount reclassified from AOCI as a (decrease) increase into interest expense ​ (17,848) ​ 1,546 ​ 10,281 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 148,517 ​ 140,406 ​ 70,494 Derivative instruments not designated as cash flow hedges: ​ ​ ​ Unrealized (loss) gain on derivative instruments recognized in other income (expenses) (1) ​ $ (4,169) ​ $ 4,051 ​ $ 71 Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 4,295 ​ ​ 672 ​ ​ — (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 settlements for our derivatives not designated as cash flow hedges.

DST PROGRAM (Tables)

DST PROGRAM (Tables)	12 Months Ended
	Dec. 31, 2023
DST PROGRAM.
Schedule of DST Program Loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Outstanding Principal ​ Unrealized Gain, Net (1) ​ Book Value ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 109,266 ​ $ N/A ​ $ 109,266 ​ ​ 5.1 % ​ 8.4 DST Program Loans, carried at fair value ​ ​ 7,753 ​ ​ — ​ ​ 7,753 ​ ​ 6.4 % ​ 10.0 Total ​ $ 117,019 ​ $ — ​ $ 117,019 ​ ​ 5.2 % ​ 8.5 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 81,897 ​ $ N/A ​ $ 81,897 ​ ​ 4.5 % ​ 9.2 Total ​ $ 81,897 ​ $ N/A ​ $ 81,897 ​ ​ 4.5 % ​ 9.2 (1) Represents cumulative unrealized gain or loss on DST Program Loans carried at fair value.
Schedule of Financing Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Interests ​ Unamortized ​ Total ​ Unrealized ​ Book ($ in thousands) ​ Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ Value As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,238,639 ​ $ (863) ​ $ 11,269 ​ $ N/A ​ $ 1,249,045 Financing obligations, carried at fair value ​ ​ 102,977 ​ ​ N/A ​ ​ N/A ​ ​ (932) ​ ​ 102,045 Total ​ $ 1,341,616 ​ $ (863) ​ $ 11,269 ​ $ (932) ​ $ 1,351,090 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,109,716 ​ $ (2,836) ​ $ 23,930 ​ $ N/A ​ $ 1,130,810 Total ​ $ 1,109,716 ​ $ (2,836) ​ $ 23,930 ​ $ N/A ​ $ 1,130,810 (1) DST Interests sold are presented net of upfront fees. (2) Represents cumulative financing obligation liability appreciation on financing obligations carried at cost. (3) Represents cumulative unrealized gain or loss on financing obligations carried at fair value.
Schedule of DST Program activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 479,155 ​ $ 758,995 ​ $ 292,702 DST Interests financed by DST Program Loans ​ ​ 51,360 ​ ​ 51,496 ​ ​ 25,978 Income earned from DST Program Loans (1) ​ ​ 5,155 ​ ​ 3,420 ​ ​ 2,178 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (459) ​ ​ 31,737 ​ ​ 5,822 Rent obligation incurred under master lease agreements (2) ​ ​ 57,916 ​ ​ 47,021 ​ ​ 28,422 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE.
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The following table presents our financial assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 32,256 ​ $ — ​ $ 32,256 Available-for-sale debt securities ​ ​ — ​ ​ 14,983 ​ ​ 107,392 ​ ​ 122,375 DST Program Loans ​ ​ — ​ ​ — ​ ​ 7,753 ​ ​ 7,753 Total assets measured at fair value ​ $ — ​ $ 47,239 ​ $ 115,145 ​ $ 162,384 Liabilities: ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 102,045 ​ $ 102,045 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 102,045 ​ $ 102,045 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 assets measured at fair value on a recurring basis	The following table presents our financial assets measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-For-Sale ​ DST Program ​ ​ ​ ($ in thousands) ​ Debt Securities ​ Loans ​ ​ Total Balance as of December 31, 2022 ​ $ — ​ $ — ​ ​ $ — Purchases and contributions ​ ​ 102,160 ​ ​ 7,753 ​ ​ ​ 109,913 Paid-in-kind interest ​ ​ 6,090 ​ ​ — ​ ​ ​ 6,090 Loan origination fees received ​ ​ (1,022) ​ ​ — ​ ​ ​ (1,022) Amortization of loan origination fees (1) ​ ​ 164 ​ ​ — ​ ​ ​ 164 Balance as of December 31, 2023 ​ $ 107,392 ​ $ 7,753 ​ ​ $ 115,145 (1) Included in debt-related income on the consolidated statements of operations.
Schedule of financial liabilities measured at fair value on a recurring basis	The following table presents our financial liabilities measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ Financing ($ in thousands) ​ Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 102,977 Unrealized gain on financing obligations ​ ​ (932) Balance as of December 31, 2023 ​ $ 102,045
Schedule of quantitative inputs and assumptions	The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Unobservable Impact to Valuation from ($ in thousands) ​ ​ Fair Value Technique Inputs an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale debt securities (1) ​ $ 107,392 ​ Yield Method ​ Market Yield ​ ​ Decrease DST Program Loans ​ ​ 7,753 ​ Yield Method ​ Market Yield ​ ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 102,045 ​ Discounted Cash Flow ​ Discount Rate ​ ​ Decrease ​ ​ ​ ​ ​ ​ ​ Exit Capitalization Rate ​ ​ Decrease (1) As of December 31, 2023, the market yield used in determining the fair value of our available-for sale debt security was 13.3% .
Schedule of carrying values and fair values of these financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 250,318 ​ $ 250,215 ​ $ 263,122 ​ $ 260,841 DST Program Loans (2) ​ 3 ​ 109,266 ​ 107,297 ​ 81,897 ​ 79,049 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 367,000 ​ $ 367,000 ​ $ 235,000 ​ $ 235,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 803,791 ​ 778,235 ​ 587,916 ​ 541,558 (1) The carrying value reflects the principal amount outstanding. (2) Only includes instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Preliminary Taxability of Distributions on Common Shares	The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2023, 2022 and 2021. This information assumes that an investor owned shares of our common stock for the full 2023 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2023 2022 2021 Ordinary income — % — % 13.62 % Non-taxable return of capital 100.00 100.00 61.37 ​ Capital gain — — 25.01 ​ Total distributions 100.00 % 100.00 % 100.00 %

STOCKHOLDERS EQUITY (Tables)

STOCKHOLDERS EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Summary of Changes for Each Class of Common Stock	The following table describes the changes in each class of common shares during each of the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares Balance as of December 31, 2020 9,831 23,516 4,098 44,723 60,873 143,041 Issuance of common stock: Primary shares 6,885 12,539 2,778 10,149 — 32,351 Distribution reinvestment plan 267 618 121 1,112 910 3,028 Share-based compensation — — — 29 — 29 Redemptions of common stock (266) (916) (248) (1,899) (5,455) (8,784) Conversions ​ (292) ​ — ​ — ​ 292 ​ — ​ — Balance as of December 31, 2021 16,425 35,757 6,749 54,406 56,328 169,665 Issuance of common stock: Primary shares 10,443 14,348 1,688 15,000 — 41,479 Distribution reinvestment plan 426 823 153 1,256 745 3,403 Share-based compensation — — — 27 — 27 Redemptions of common stock (198) (1,691) (719) (1,759) (4,099) (8,466) Conversions ​ (212) ​ — ​ — ​ 212 ​ — ​ — Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 Issuance of common stock: Primary shares 3,103 2,672 192 ​ 4,098 ​ — 10,065 Distribution reinvestment plan 579 974 156 ​ 1,398 ​ 728 3,835 Share-based compensation — — — ​ 35 ​ — 35 Redemptions of common stock (1,753) (4,793) (907) ​ (9,881) ​ (5,481) (22,815) Conversions ​ (381) ​ 55 ​ (382) ​ 719 ​ (11) ​ — Balance as of December 31, 2023 28,432 48,145 6,930 65,511 48,210 197,228
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 December 31 ​ 0.10000 ​ 10,127 ​ 7,739 ​ 8,317 ​ 1,387 ​ 27,570 Total ​ $ 0.38750 ​ $ 40,270 ​ $ 24,971 ​ $ 32,731 ​ $ 5,741 ​ $ 103,713 2022 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 8,837 ​ $ 3,018 ​ $ 6,876 ​ $ 1,030 ​ $ 19,761 June 30 ​ 0.09375 ​ 9,299 ​ 3,157 ​ 7,362 ​ 1,259 ​ 21,077 September 30 ​ 0.09375 ​ 9,684 ​ 3,972 ​ 7,732 ​ 1,399 ​ 22,787 December 31 ​ 0.09375 ​ 9,859 ​ 4,559 ​ 7,923 ​ 1,478 ​ 23,819 Total ​ $ 0.37500 ​ $ 37,679 ​ $ 14,706 ​ $ 29,893 ​ $ 5,166 ​ $ 87,444 2021 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 7,562 ​ $ 1,424 ​ $ 5,526 ​ $ 586 ​ $ 15,098 June 30 ​ 0.09375 ​ 7,696 ​ 1,611 ​ 5,723 ​ 655 ​ 15,685 September 30 ​ 0.09375 ​ 7,984 ​ 1,854 ​ 5,985 ​ 759 ​ 16,582 December 31 ​ 0.09375 ​ 8,265 ​ 2,445 ​ 6,361 ​ 886 ​ 17,957 Total ​ $ 0.37500 ​ $ 31,507 ​ $ 7,334 ​ $ 23,595 ​ $ 2,886 ​ $ 65,322 (1) Amount reflects the total gross quarterly distribution rate authorized by our board of directors per Class T share, per Class S share, per Class D share, per Class I share, and per Class E share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares, Class S shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T shares, Class S shares and Class D shares. (2) Consists of distribution fees paid to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager, with respect to Class T shares, Class S shares and Class D shares. 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 current public offerings.
Redemptions and Repurchases Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2023, 2022 and 2021. 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 Year Ended December 31, ​ (in thousands, except for per share data) ​ 2023 2022 2021 Number of shares redeemed or repurchased ​ ​ 22,815 ​ 8,466 ​ 8,784 ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 193,859 ​ $ 73,378 ​ $ 67,234 ​ Average redemption or repurchase price per share ​ $ 8.50 ​ $ 8.67 ​ $ 7.65 ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
REDEEMABLE NONCONTROLLING INTERESTS
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) ​ 2023 ​ 2022 Balance at beginning of the year ​ $ 18,130 ​ $ 8,994 Settlement of prior year performance participation allocation (1) ​ ​ — ​ ​ 15,327 Distributions to redeemable noncontrolling interests ​ ​ (764) ​ ​ (735) Redemptions to redeemable noncontrolling interests ​ ​ (4,940) ​ ​ (7,724) Net loss attributable to redeemable noncontrolling interests ​ ​ (597) ​ ​ (370) Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (69) ​ ​ 284 Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ ​ (14) ​ ​ 2,354 Ending balance ​ $ 11,746 ​ $ 18,130 (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) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
NONCONTROLLING INTERESTS.
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 Year Ended December 31, (in thousands) 2023 2022 2021 Balance at beginning of period ​ 55,079 ​ 27,180 ​ 12,982 Issuance of units ​ 27,274 28,821 14,974 Redemption of units ​ (3,616) ​ (922) ​ (776) Balance at end of period ​ ​ 78,737 ​ ​ 55,079 ​ ​ 27,180

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of Related Party Manager Fees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00 % up to 3.50 % — % — % Dealer manager fees (as % of transaction price) 0.50 % — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — %
Schedule Of Fixed Components of the Advisory Fee	​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 %
Schedule Fees and Expenses to the Advisor and Its Affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2023 2022 2021 2023 2022 Selling commissions and dealer manager fees (1) ​ $ 1,189 ​ $ 4,289 ​ $ 2,656 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 8,896 ​ ​ 6,800 ​ ​ 3,206 ​ ​ 804 ​ ​ 748 Advisory fees—fixed component ​ ​ 38,645 ​ ​ 33,747 ​ ​ 21,433 ​ ​ 3,281 ​ ​ 2,868 Performance participation allocation (3) ​ — ​ 23,747 ​ 15,327 ​ — ​ 23,747 Other expense reimbursements—Advisor (4)(5) ​ 13,788 ​ 11,346 ​ 11,070 ​ 3,909 ​ 4,192 Other expense reimbursements—Dealer Manager ​ 335 ​ 372 ​ 376 ​ 84 ​ 109 Property accounting fee (6) ​ ​ 1,884 ​ ​ 1,289 ​ ​ — ​ ​ 170 ​ ​ 478 DST Program selling commissions, dealer manager and distribution fees (1) ​ 9,693 ​ 22,467 ​ 9,871 ​ 308 ​ 241 Other DST Program related costs—Advisor (5) ​ 8,114 ​ 14,860 ​ 6,318 ​ 171 ​ 146 Total ​ $ 82,544 ​ $ 118,917 ​ $ 70,257 ​ $ 8,727 ​ $ 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 $66.7 million and $60.9 million as of December 31, 2023 and 2022, respectively. (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)	12 Months Ended
	Dec. 31, 2023
NET INCOME (LOSS) PER COMMON SHARE
Details of Numerator and Denominator Used to Calculate Basic and Diluted Net Income (Loss) Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2023 2022 2021 Net (loss) income attributable to common stockholders—basic ​ $ (62,427) ​ $ (39,979) ​ $ 30,754 Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (597) ​ ​ (370) ​ ​ 221 Net (loss) income attributable to noncontrolling interests ​ (20,189) ​ (9,314) ​ 3,565 Net (loss) income attributable to common stockholders—diluted ​ $ (83,213) ​ $ (49,663) ​ $ 34,540 Weighted-average shares outstanding—basic ​ 203,291 ​ 194,039 ​ 154,767 Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 64,265 ​ 39,265 ​ 19,563 Weighted-average shares outstanding—diluted ​ 267,556 ​ 233,304 ​ 174,330 Net (loss) income per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.31) ​ $ (0.21) ​ $ 0.20 Diluted ​ $ (0.31) ​ $ (0.21) ​ $ 0.20 ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental Cash Flow Information and Disclosure Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness ​ $ 78,260 ​ $ 53,889 ​ $ 28,403 Interest paid related to DST Program ​ ​ 55,586 ​ ​ 42,008 ​ ​ 26,666 Distributions reinvested in common stock ​ 32,618 ​ 29,442 ​ 23,197 Increase in accrued future ongoing distribution fees ​ 5,737 ​ 26,855 ​ 18,576 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 51,360 ​ ​ 51,496 ​ ​ 25,978 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ ​ — ​ ​ 15,327 ​ ​ 4,608 Mortgage notes assumed on real estate acquisitions at fair value ​ ​ — ​ ​ — ​ ​ 125,887 Issuances of OP Units for DST Interests ​ ​ 228,301 ​ ​ 252,578 ​ ​ 115,653
Summary of Cash, Cash Equivalents and Restricted Cash	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 13,336 ​ $ 10,605 ​ $ 11,266 Restricted cash ​ 3,850 ​ 3,747 ​ 10,468 Cash, cash equivalents and restricted cash ​ $ 17,186 ​ $ 14,352 ​ $ 21,734 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 15,052 ​ $ 13,336 ​ $ 10,605 Restricted cash ​ 4,614 ​ 3,850 ​ 3,747 Cash, cash equivalents and restricted cash ​ $ 19,666 ​ $ 17,186 ​ $ 14,352 ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT FINANCIAL INFORMATION
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by segment as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2023 ​ December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Office properties ​ $ 373,467 ​ $ 377,546 Retail properties ​ 509,307 ​ 537,147 Residential properties ​ 1,658,945 ​ 1,495,532 Industrial properties ​ 1,353,331 ​ 1,248,255 Other properties (1) ​ ​ 55,130 ​ ​ — Investments in real estate debt and securities ​ ​ 370,176 ​ ​ 275,335 Corporate ​ 319,050 ​ 240,909 Total assets ​ $ 4,639,406 ​ $ 4,174,724 (1) Includes self-storage properties.
Reconciliation of Net Operating Income to Reported Net Income (Loss)	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2023, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 2022 2021 Net (loss) income attributable to common stockholders ​ $ (62,427) ​ $ (39,979) ​ $ 30,754 Real estate-related depreciation and amortization ​ 149,985 ​ 134,617 ​ 74,415 General and administrative expenses ​ 11,824 ​ 10,570 ​ 8,797 Advisory fees ​ 38,645 ​ 33,747 ​ 21,433 Performance participation allocation ​ — ​ 23,747 ​ 15,327 Acquisition costs and reimbursements ​ 7,034 ​ 5,427 ​ 2,636 Impairment of real estate property ​ — ​ — ​ 758 Valuation allowance on debt-related investment ​ (1,799) ​ 1,799 ​ — Equity in loss (income) from unconsolidated joint venture partnerships ​ ​ 3,578 ​ ​ (2,970) ​ ​ (114) Interest expense ​ 148,517 ​ 140,406 ​ 70,494 Gain on sale of real estate property ​ (36,884) ​ (94,827) ​ (77,857) Unrealized gain on financing obligations ​ ​ (932) ​ — ​ — Loss on extinguishment of debt and financing commitments, net ​ 700 ​ — ​ — Gain on derivative instruments ​ ​ (126) ​ ​ (4,723) ​ ​ (71) Provision for current expected credit losses ​ ​ 1,997 ​ ​ — ​ ​ — Other income and expenses ​ ​ (4,950) ​ ​ (2,860) ​ ​ (1,781) Net (loss) income attributable to redeemable noncontrolling interests ​ ​ (597) ​ ​ (370) ​ ​ 221 Net (loss) income attributable to noncontrolling interests ​ (20,189) ​ (9,314) ​ 3,565 Net operating income ​ $ 234,376 ​ $ 195,270 ​ $ 148,577
Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt and ​ (in thousands) Office Retail Residential Industrial Investments Securities Consolidated 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 51,096 ​ $ 58,916 ​ $ 120,706 ​ $ 91,145 ​ $ 132 ​ $ — ​ $ 321,995 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,175 ​ ​ 31,175 Rental expenses ​ (25,165) ​ (15,575) ​ (57,923) ​ (20,083) ​ (48) ​ — ​ (118,794) Net operating income ​ $ 25,931 ​ $ 43,341 ​ $ 62,783 ​ $ 71,062 ​ $ 84 ​ $ 31,175 ​ $ 234,376 Real estate-related depreciation and amortization ​ $ 32,344 ​ $ 16,107 ​ $ 41,549 ​ $ 59,916 ​ $ 69 ​ $ — ​ $ 149,985 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 52,427 ​ $ 64,039 ​ $ 98,524 ​ $ 74,244 ​ $ — ​ $ — ​ $ 289,234 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,989 ​ ​ 9,989 Rental expenses ​ ​ (25,273) ​ (17,080) ​ (44,292) ​ (17,308) ​ — ​ — ​ ​ (103,953) Net operating income ​ $ 27,154 ​ $ 46,959 ​ $ 54,232 ​ $ 56,936 ​ $ — ​ $ 9,989 ​ $ 195,270 Real estate-related depreciation and amortization ​ $ 15,951 ​ $ 17,370 ​ $ 47,696 ​ $ 53,600 ​ $ — ​ $ — ​ $ 134,617 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 64,290 ​ $ 72,102 ​ $ 31,023 ​ $ 41,761 ​ $ — ​ $ — ​ $ 209,176 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,174 ​ ​ 9,174 Rental expenses ​ (28,280) ​ (18,693) ​ (13,387) ​ (9,413) ​ — ​ — ​ (69,773) Net operating income ​ $ 36,010 ​ $ 53,409 ​ $ 17,636 ​ $ 32,348 ​ $ — ​ $ 9,174 ​ $ 148,577 Real estate-related depreciation and amortization ​ $ 19,875 ​ $ 19,485 ​ $ 11,062 ​ $ 23,993 ​ $ — ​ $ — ​ $ 74,415

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - 12 months ended Dec. 31, 2023	segment property	building
DESCRIPTION OF BUSINESS
Number of real estate properties in our consolidated property portfolio	99	216
Number of reportable segments	6

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Write-offs of unamortized intangible leases	$ 300	$ 200	$ 900
Impairment charges	0	0	758
Impairment losses recorded related to investment	0	0	0
Straight-line rent and tenant receivables, allowance for doubtful accounts	700	1,800
Long Term Financing
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accumulated amortization of deferred financing costs	8,300	4,800
Amortization of financing costs	4,300	3,800	3,300
Financing Obligations
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accumulated amortization of deferred financing costs	2,500	3,400
Amortization of financing costs	$ 3,100	$ 3,600	$ 3,500

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of reallocations on prior period balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Additional paid-in capital	$ 1,895,789	$ 1,898,510	$ 1,542,617	$ 1,321,405
Accumulated other comprehensive income (loss)	6,359	16,083	(9,563)	(24,744)
Noncontrolling interests	$ 316,119	250,608	107,520	41,296
Previously Reported
Additional paid-in capital		1,744,022	1,457,296	1,269,146
Accumulated other comprehensive income (loss)		13,148	(13,418)	(27,431)
Noncontrolling interests		408,031	196,696	96,242
Cumulative Adjustment Prior to Period
Additional paid-in capital		85,321	52,259	52,259
Accumulated other comprehensive income (loss)		3,855	2,687	2,687
Noncontrolling interests		(89,176)	(54,946)	$ (54,946)
Current Period Quarterly Reallocation
Additional paid-in capital		69,167	33,062
Accumulated other comprehensive income (loss)		(920)	1,168
Noncontrolling interests		$ (68,247)	$ (34,230)

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details) - Building and improvements	Dec. 31, 2023
Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	5 years
Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Available for Sale of Debt Securities) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Credit loss	$ 0	$ 0
Available-for-sale debt securities	122,375,000	14,896,000	$ 0
Financial Asset, Past Due
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments (Details) - DerivativeInstrument	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments
Number of interest rate cap derivative instrument	20	14
Interest rate caps | Designated Hedges | Cash flow hedges
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments
Number of interest rate cap derivative instrument	8
Interest rate caps | Not designated as hedges
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments
Number of interest rate cap derivative instrument		2

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2023 building
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio	99			216
Proceeds from disposition of real estate property | $	$ 53,735	$ 274,816	$ 223,791
Gain on sale of real estate property | $	36,884	94,827	77,857
Impairment of real estate property | $	$ 0	$ 0	$ 758
Intangible lease assets
Real Estate Properties [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	3 years 10 months 24 days	5 years 4 months 24 days
Office properties
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio | building				11
Retail properties
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio | building				40
Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio | building				70
Disposed of by Sale | Office properties
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio | property		1	2
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio | property	1	6	3
Disposed of by Sale | Retail properties | Retail Property, Greater Boston Market
Real Estate Properties [Line Items]
Impairment of real estate property | $			$ 800
Disposed of by Sale | Retail land parcel
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio | property		1
Disposed of by Sale | Industrial properties
Real Estate Properties [Line Items]
Number of real estate properties in our consolidated property portfolio | property			1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVESTMENTS IN REAL ESTATE PROPERTIES
Land	$ 754,149	$ 694,998
Buildings and improvements	3,505,921	3,152,553
Intangible lease assets	330,291	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	$ 4,603,998	$ 4,178,329
Accumulated depreciation and amortization	(714,684)	(572,751)	$ (472,025)	$ (501,105)
Net investment in real estate properties	$ 3,889,314	$ 3,605,578

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Asset Acquisition, Percentage Acquired	100%
Asset Acquisition
Asset Acquisition [Line Items]
Total acquisitions	$ 406,323	$ 1,200,302
Debt Instrument, Fair Value Disclosure	0	0
General Washington IC
Asset Acquisition [Line Items]
Total acquisitions		11,051
Western Foods Center
Asset Acquisition [Line Items]
Total acquisitions		39,298
Orlando I & II LC
Asset Acquisition [Line Items]
Total acquisitions		94,759
Orlando III & IV LC
Asset Acquisition [Line Items]
Total acquisitions		42,347
Orlando V LC
Asset Acquisition [Line Items]
Total acquisitions		34,828
Orlando VI LC
Asset Acquisition [Line Items]
Total acquisitions		28,694
Orlando VII LC
Asset Acquisition [Line Items]
Total acquisitions		23,532
1403 Gillingham Lane
Asset Acquisition [Line Items]
Total acquisitions		20,550
Industrial Drive IC
Asset Acquisition [Line Items]
Total acquisitions		4,018
Glen Afton IC
Asset Acquisition [Line Items]
Total acquisitions		22,036
East 56th Ave IC
Asset Acquisition [Line Items]
Total acquisitions		19,041
Brockton IC
Asset Acquisition [Line Items]
Total acquisitions		6,522
Pine Vista IC
Asset Acquisition [Line Items]
Total acquisitions		18,790
Tri-County Parkway IC
Asset Acquisition [Line Items]
Total acquisitions		12,784
Miami NW 114th IC
Asset Acquisition [Line Items]
Total acquisitions		12,022
North Harney IC
Asset Acquisition [Line Items]
Total acquisitions		8,026
Wes Warren Drive IC
Asset Acquisition [Line Items]
Total acquisitions		7,515
Enterprise Way IC
Asset Acquisition [Line Items]
Total acquisitions		6,519
New Albany IC
Asset Acquisition [Line Items]
Total acquisitions		17,544
Maplewood Drive IC
Asset Acquisition [Line Items]
Total acquisitions		5,514
1801 N. 5th Street
Asset Acquisition [Line Items]
Total acquisitions		23,305
Skye 750
Asset Acquisition [Line Items]
Total acquisitions		92,845
Arabelle City Center
Asset Acquisition [Line Items]
Total acquisitions		156,781
Dallas Cityline
Asset Acquisition [Line Items]
Total acquisitions		111,093
Dallas Wycliff
Asset Acquisition [Line Items]
Total acquisitions		94,083
Dallas Maple District
Asset Acquisition [Line Items]
Total acquisitions		93,089
San Vance
Asset Acquisition [Line Items]
Total acquisitions		77,586
San Stone Oak
Asset Acquisition [Line Items]
Total acquisitions		72,605
350 Carter Road
Asset Acquisition [Line Items]
Total acquisitions		31,256
107 Morgan Lane
Asset Acquisition [Line Items]
Total acquisitions		$ 12,269
VM8 Logistics Center
Asset Acquisition [Line Items]
Total acquisitions	17,511
Moreno Valley Distribution Center
Asset Acquisition [Line Items]
Total acquisitions	33,421
SLC Logistics Center
Asset Acquisition [Line Items]
Total acquisitions	77,085
Cindel Drive Business Park
Asset Acquisition [Line Items]
Total acquisitions	25,409
Arabelle Lincoln Station
Asset Acquisition [Line Items]
Total acquisitions	80,086
BLVD Dallas
Asset Acquisition [Line Items]
Total acquisitions	58,050
Regency at Johns Creek Walk
Asset Acquisition [Line Items]
Total acquisitions	59,815
Aventura Storage
Asset Acquisition [Line Items]
Total acquisitions	31,043
Norwood Storage
Asset Acquisition [Line Items]
Total acquisitions	$ 23,903

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Land	$ 67,173	$ 154,356
Building and improvements	322,409	1,008,273
Intangible lease assets	15,973	43,117
Above-market lease assets	993	730
Below-market lease liabilities	(225)	(6,174)
Total purchase price	406,323	1,200,302
Asset Acquisition
Real Estate [Line Items]
Debt assumed at fair value	$ 0	$ 0

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 330,291	$ 317,141
Gross, Liabilities	(73,556)	(76,033)
Accumulated Amortization, Liabilities	36,477	33,589
Net, Liabilities	(37,079)	(42,444)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	306,365	294,208
Accumulated Amortization, Assets	(234,172)	(214,201)
Net, Assets	72,193	80,007
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	23,926	22,933
Accumulated Amortization, Assets	(20,525)	(19,707)
Net, Assets	$ 3,401	$ 3,226

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Year 1	$ (4,062)
Year 2	(3,885)
Year 3	(3,645)
Year 4	(2,876)
Year 5	(2,607)
Thereafter	(20,004)
Net, Liabilities	(37,079)	$ (42,444)
Intangible lease assets
Real Estate Properties [Line Items]
Year 1	18,760
Year 2	14,598
Year 3	11,952
Year 4	8,530
Year 5	5,937
Thereafter	12,416
Net, Assets	72,193	80,007
Above-market lease assets
Real Estate Properties [Line Items]
Year 1	923
Year 2	776
Year 3	613
Year 4	468
Year 5	298
Thereafter	323
Net, Assets	$ 3,401	$ 3,226

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 3,384	$ 3,414	$ 5,849
Depreciation expense	126,102	97,418	59,766
Intangible lease asset amortization	23,883	37,199	14,649
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(818)	(724)	(469)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 4,393	$ 4,823	$ 3,559

INVESTMENTS IN REAL ESTATE P_10

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
INVESTMENTS IN REAL ESTATE PROPERTIES
Year 1	$ 151,300
Year 2	138,939
Year 3	122,613
Year 4	98,573
Year 5	78,328
Thereafter	212,025
Total	$ 801,778

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Dec. 31, 2023 property	Dec. 31, 2023 USD ($)	Dec. 31, 2023	Dec. 31, 2023 building	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties in our consolidated property portfolio	99			216
Investments in unconsolidated joint venture partnerships		$ 153,305			$ 120,372
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint venture partnerships		153,305			$ 120,372
Unfunded Capital commitment		209,400
Vue 1400 JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage			85%		85%
Investments in unconsolidated joint venture partnerships		23,932			$ 25,984
Net Lease JV I
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%		50%
Investments in unconsolidated joint venture partnerships		16,030			$ 16,393
Net Lease JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%		50%
Investments in unconsolidated joint venture partnerships		67,010			$ 65,763
Net Lease JV III
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50%		50%
Investments in unconsolidated joint venture partnerships		21,192			$ 12,232
Prime Date Center JV I
Schedule of Equity Method Investments [Line Items]
Ownership percentage			10%
Investments in unconsolidated joint venture partnerships		11,662
Prime Data Center JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage			10%
Investments in unconsolidated joint venture partnerships		13,315
MERED II JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage			19.90%
Investments in unconsolidated joint venture partnerships		$ 164

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Investments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Marketable Securities [Line Items]
Carrying Amount	$ 247,801	$ 260,439
Outstanding Principal	$ 250,318	$ 263,122
Weighted-Average Interest Rate	10.50%	9.50%
Weighted-Average Remaining Life (Years)	1 year 7 months 6 days	2 years
Principal collections on debt-related investments	$ 66,680	$ 4,084	$ 2,405
Senior loans
Marketable Securities [Line Items]
Carrying Amount	141,737	151,645
Outstanding Principal	$ 143,550	$ 154,622
Weighted-Average Interest Rate	9.80%	8.50%
Weighted-Average Remaining Life (Years)	2 years 2 months 12 days	2 years 1 month 6 days
Number of contracts | loan	1	1
Principal collections on debt-related investments	$ 64,900	$ 4,100
Senior loans in default and on non-accrual status
Marketable Securities [Line Items]
Outstanding Principal		43,800
Valuation Allowance		$ 1,800
Reversal of valuation Allowance	1,800
Number of contracts | loan		1
Mezzanine loans
Marketable Securities [Line Items]
Carrying Amount	106,064	$ 108,794
Outstanding Principal	$ 106,768	$ 108,500
Weighted-Average Interest Rate	11.40%	10.40%
Weighted-Average Remaining Life (Years)	10 months 24 days	1 year 10 months 24 days
Number of contracts | loan	1
Principal collections on debt-related investments	$ 1,800

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Current Expected Credit Losses) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	$ 2,000,000
Increase (decrease) in provision for current expected credit losses	$ 2,000,000
Percentage of CECL Reserve to debt related investment commitment	0.60%
Held to Maturity debt related Investments	$ 331,200,000
Funded Commitment Balance	250,300,000
Unfunded Commitment Balance	80,900,000
Funded Commitments Related to Allowance	1,300,000
Unfunded Commitments Related to Allowance	700,000
Financing Receivable, Allowance for Credit Loss, Writeoff	300,000	$ 200,000	$ 900,000
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Recovery	0
Senior loans in default and on non-accrual status
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	$ 0
Number of modified debt investment | loan	1

INVESTMENTS IN REAL ESTATE DE_5

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summary of Available for Sale Debt Securities) (Details)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 123,160,000	$ 14,979,000
Amortized Cost	122,217,000	14,870,000
Unamortized Discount	85,000	109,000
Unamortized Fees	858,000
Unrealized Gain, Net	158,000	26,000
Available-for-sale debt securities	122,375,000	14,896,000	$ 0
Credit loss	0	0
Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Face Amount	108,250,000
Amortized Cost	107,392,000
Unamortized Fees	858,000
Available-for-sale debt securities	$ 107,392,000
Number of available for sale debt securities | item	1
Available-For-Sale, Debt Related Investment Unfunded Commitment	$ 0
ECLO
Debt Securities, Available-for-Sale [Line Items]
Face Amount	14,910,000	14,979,000
Amortized Cost	14,825,000	14,870,000
Unamortized Discount	85,000	109,000
Unrealized Gain, Net	158,000	26,000
Available-for-sale debt securities	$ 14,983,000	$ 14,896,000
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 1 month 6 days
Weighted Average | ECLO
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years 1 month 6 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of partial recourse mortgage notes | loan	1
Weighted-Average Effective Interest Rate as of	4.43%	4.31%
Total borrowings	$ 1,970,791	$ 1,622,916
Less: unamortized debt issuance costs	(17,038)	(14,849)
Add: unamortized mark-to-market adjustment on assumed debt	7,367	8,408
Total debt, net	1,961,120	1,616,475
Gross book value of properties encumbered by debt	1,391,173	970,310
Interest expense	85,900	$ 55,400	$ 29,900
Financial Guarantee
Debt Instrument [Line Items]
Guarantor obligations maximum exposure	$ 14,900
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	5.35%	5.72%
Total borrowings	$ 367,000	$ 235,000
Current borrowing capacity	533,000
Available portions under the line of credit	$ 334,400
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
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 800,000
Term Loan (Maturity Date November 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.31%	3.90%
Total borrowings	$ 400,000	$ 400,000
Maximum borrowing capacity	$ 400,000
Term Loan (Maturity Date November 2026) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.20%	1.20%
Term Loan (Maturity Date November 2026) | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.90%	1.90%
Term Loan (Maturity Date November 2026) | Interest rate swaps
Debt Instrument [Line Items]
Total borrowings	$ 300,000
Term Loan (Maturity Date November 2026) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 100,000
Term Loan (Maturity Date January 2027)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.26%	4.56%
Total borrowings	$ 400,000	$ 400,000
Maximum borrowing capacity	$ 400,000
Term Loan (Maturity Date January 2027) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.20%	1.20%
Term Loan (Maturity Date January 2027) | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.90%	1.90%
Term Loan (Maturity Date January 2027) | Interest rate swaps
Debt Instrument [Line Items]
Total borrowings	$ 350,000
Term Loan (Maturity Date January 2027) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 50,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.46%	3.48%
Total borrowings	$ 596,191	$ 380,316
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.25%	4.52%
Total borrowings	$ 207,600	$ 207,600
Floating-Rate Mortgage Notes | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.55%	1.55%
Floating-Rate Mortgage Notes | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	2.50%	2.50%
Floating-Rate Mortgage Notes | Interest rate caps | SOFR | Minimum
Debt Instrument [Line Items]
Floating rate	5.61%
Floating-Rate Mortgage Notes | Interest rate caps | SOFR | Maximum
Debt Instrument [Line Items]
Floating rate	4.66%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2024	$ 129,239
2025	369,646
2026	485,396
2027	577,034
2028	90,477
Thereafter	318,999
Total principal payments	1,970,791	$ 1,622,916
Line of Credit
Debt Instrument [Line Items]
2024	0
2025	367,000
2026	0
2027	0
2028	0
Thereafter	0
Total principal payments	$ 367,000	$ 235,000
Term of extension	6 months
Number of extension options | item	2
Term Loan
Debt Instrument [Line Items]
2024	$ 0
2025	0
2026	400,000
2027	400,000
2028	0
Thereafter	0
Total principal payments	800,000
Mortgage Notes
Debt Instrument [Line Items]
2024	129,239
2025	2,646
2026	85,396
2027	177,034
2028	90,477
Thereafter	318,999
Total principal payments	803,791
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	Feb. 29, 2024 USD ($) DerivativeInstrument	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) DerivativeInstrument	Dec. 31, 2022 USD ($) DerivativeInstrument
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument			20	14
Total notional amount			$ 1,157,600	$ 857,600
Derivative assets			$ 32,256	$ 24,448
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 swaps
Derivatives, Fair Value [Line Items]
Estimated change to interest expense related to active effective hedges of floating rate debt			$ 10,300
Interest rate swaps | Designated hedges | Cash flow hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument			12	12
Total notional amount			$ 650,000	$ 650,000
Derivative assets			$ 10,510	$ 20,279
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 | Designated hedges | Cash flow hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument			8
Total notional amount			$ 507,600
Derivative assets			$ 21,746
Derivative Asset, Statement of Financial Position [Extensible Enumeration]			Other Assets.	Other Assets.
Interest rate caps | Not designated as hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument				2
Total notional amount				$ 207,600
Derivative assets				4,169
Derivative liabilities				$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]			Other Liabilities.	Other Liabilities.
Interest Rate Cap Effective in February 2024 | Subsequent Event
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument	3
Total notional amount	$ 100,000
Interest Rate Cap Expiring in January 2024 | Subsequent Event
Derivatives, Fair Value [Line Items]
Total notional amount		$ 100,000

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 148,517	$ 140,406	$ 70,494
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)	(4,169)	4,051	71
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	148,517	140,406	70,494
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (loss) gain on derivative instruments recognized in other income (expenses)	(4,169)	4,051	71
Realized gain on derivative instruments recognized in other income (expenses)	$ 4,295	$ 672
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash Flow Hedging | Designated hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	$ 6,259	$ 29,852	5,616
Amount reclassified from AOCI as a (decrease) increase into interest expense	$ (17,848)	$ 1,546	$ 10,281

DST PROGRAM - Loans Outstanding

DST PROGRAM - Loans Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
Total	$ 117,019	$ 81,897
DST Program | Carried at cost
Delaware Statutory Trust Programs [Line Items]
Total	$ 109,266	$ 81,897
DST Program | Carried at cost | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.10%	4.50%
DST Program Loans - Remaining Life (in years)	8 years 4 months 24 days	9 years 2 months 12 days
DST Program | Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Total	$ 7,753
DST Program | Carried at fair value | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6.40%
DST Program Loans - Remaining Life (in years)	10 years
DST Program | Total
Delaware Statutory Trust Programs [Line Items]
Total	$ 117,019	$ 81,897
DST Program | Total | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.20%	4.50%
DST Program Loans - Remaining Life (in years)	8 years 6 months	9 years 2 months 12 days

DST PROGRAM - Financing Obligat

DST PROGRAM - Financing Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Book Value	$ 102,045	$ 0
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	1,238,639	1,109,716
Financing obligations - Unamortized Program Costs	(863)	(2,836)
Financing obligations - Total Appreciation	11,269	23,930
Financing obligations - Book Value	1,249,045	1,130,810
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	102,977
Financing obligations - Unrealized Gain, Net	(932)
Financing obligations - Book Value	102,045
Total
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	1,341,616	1,109,716
Financing obligations - Unamortized Program Costs	(863)	(2,836)
Financing obligations - Total Appreciation	11,269	23,930
Financing obligations - Unrealized Gain, Net	(932)
Financing obligations - Book Value	$ 1,351,090	$ 1,130,810

DST PROGRAM Activity (Details)

DST PROGRAM Activity (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Delaware Statutory Trust Programs [Line Items]
(Decrease) increase in financing obligation liability appreciation	$ (459)	$ 31,737	$ 5,822
Issuances of OP Units for DST Interests	228,301	252,578	115,653
Rent obligation incurred under master lease agreements	118,794	103,953	69,773
DST Program
Delaware Statutory Trust Programs [Line Items]
DST Interests sold	479,155	758,995	292,702
DST Interests financed by DST Program Loans	51,360	51,496	25,978
Issuances of OP Units for DST Interests	228,300	252,600	115,700
DST Program | Other Income and expenses
Delaware Statutory Trust Programs [Line Items]
Income earned from DST Program Loans	5,155	3,420	2,178
DST Program | Interest expense
Delaware Statutory Trust Programs [Line Items]
(Decrease) increase in financing obligation liability appreciation	(459)	31,737	5,822
Rent obligation incurred under master lease agreements	$ 57,916	$ 47,021	$ 28,422
DST Program | OP Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)	27.3	28.8	15

FAIR VALUE - Financial assets a

FAIR VALUE - Financial assets and liabilities at fair value on a recurring basis (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Derivative instruments	$ 32,256,000	$ 24,448,000
Available-for-sale debt securities	122,375,000	14,896,000	$ 0
DST Program Loans	7,753,000	0
Liabilities:
Financing obligations	102,045,000	0
Recurring
Assets:
Derivative instruments	32,256,000	24,448,000
Available-for-sale debt securities	122,375,000	14,896,000
DST Program Loans	7,753,000
Total assets measured at fair value	162,384,000	39,344,000
Liabilities:
Financing obligations	102,045,000
Total liabilities measured at fair value	102,045,000
Recurring | Level 1
Assets:
Derivative instruments	0	0
Available-for-sale debt securities	0	0
DST Program Loans	0
Total assets measured at fair value	0	0
Liabilities:
Financing obligations	0
Total liabilities measured at fair value	0
Recurring | Level 2
Assets:
Derivative instruments	32,256,000	24,448,000
Available-for-sale debt securities	14,983,000	14,896,000
DST Program Loans	0
Total assets measured at fair value	47,239,000	39,344,000
Liabilities:
Financing obligations	0
Total liabilities measured at fair value	0
Recurring | Level 3
Assets:
Derivative instruments	0	0
Available-for-sale debt securities	107,392,000	0
DST Program Loans	7,753,000
Total assets measured at fair value	115,145,000	$ 0
Liabilities:
Financing obligations	102,045,000
Total liabilities measured at fair value	$ 102,045,000

FAIR VALUE - Financial assets m

FAIR VALUE - Financial assets measured at fair value on a recurring basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Balance as of December 31, 2022	$ 0
Purchases and contributions	109,913
Paid-in-kind interest	6,090
Loan origination fees received	(1,022)
Amortization of loan origination fees	164
Balance as of December 31, 2023	115,145
Available for Sale Debt Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Balance as of December 31, 2022	0
Purchases and contributions	102,160
Paid-in-kind interest	6,090
Loan origination fees received	(1,022)
Amortization of loan origination fees	164
Balance as of December 31, 2023	107,392
DST Program loans
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Balance as of December 31, 2022	0
Purchases and contributions	7,753
Balance as of December 31, 2023	$ 7,753

FAIR VALUE - Financial liabilit

FAIR VALUE - Financial liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gains (Losses) on Financing Obligations
Financing Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Balance as of December 31, 2022	$ 102,045	$ 0
Proceeds received	102,977
Unrealized gain on financing obligations	(932)
Balance as of December 31, 2023	$ 102,045	$ 0

FAIR VALUE - Quantitative input

FAIR VALUE - Quantitative inputs and assumptions (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Available-for-sale debt securities	$ 122,375,000	$ 14,896,000	$ 0
DST Program Loans	7,753,000	0
Financing obligations	102,045,000	$ 0
Level 3 | Measurement Input, Exit Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques
Financing obligations	102,045,000
Level 3 | Valuation Yield Method | Measurement Input, Market Yield
Fair Value Measurement Inputs and Valuation Techniques
Available-for-sale debt securities	$ 107,392,000
Available-for sale debt security (percentage)	0.133
DST Program Loans	$ 7,753,000
Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Financing obligations	$ 102,045,000

FAIR VALUE - Carrying values an

FAIR VALUE - Carrying values and fair values of these financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
DST Program Loans	$ 7,753	$ 0
Level 3 | Nonrecurring | Carrying Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	250,318	263,122
DST Program Loans	109,266	81,897
Line of credit	367,000	235,000
Term loans	800,000	800,000
Mortgage notes	803,791	587,916
Level 3 | Nonrecurring | Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	250,215	260,841
DST Program Loans	107,297	79,049
Line of credit	367,000	235,000
Term loans	800,000	800,000
Mortgage notes	$ 778,235	$ 541,558

FAIR VALUE - (Narrative) (Detai

FAIR VALUE - (Narrative) (Details)	Dec. 31, 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

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Impact on uncertain tax positions from results of operations	$ 0	$ 0	$ 0
Deferred Tax Assets, Net	$ 500	$ 400

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Ordinary income	0%	0%	13.62%
Non-taxable return of capital	100%	100%	61.37%
Capital gain	0%	0%	25.01%
Total distributions	100%	100%	100%

STOCKHOLDERS EQUITY (Narrative)

STOCKHOLDERS EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering	$ 10,000,000
Issuance of common stock	$ 120,743	$ 388,934	$ 274,736
Issuance of units (in shares)	13.9
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	32,600
DRIP Offering | Class E
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering	$ 110,000

STOCKHOLDERS EQUITY (Informatio

STOCKHOLDERS EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)	(22,815)	(8,466)	(8,784)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	206,108	169,665	143,041
Primary shares (in shares)	10,065	41,479	32,351
Distribution reinvestment plan (in shares)	3,835	3,403	3,028
Share-based compensation (in shares)	35	27	29
Redemptions of common stock (in shares)	(22,815)	(8,466)	(8,784)
Conversions (in shares)	0	0	0
Balance at end of period (in shares)	197,228	206,108	169,665
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)	28,432	26,884
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	26,884	16,425	9,831
Primary shares (in shares)	3,103	10,443	6,885
Distribution reinvestment plan (in shares)	579	426	267
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(1,753)	(198)	(266)
Conversions (in shares)	(381)	(212)	(292)
Balance at end of period (in shares)	28,432	26,884	16,425
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)	48,145	49,237
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	49,237	35,757	23,516
Primary shares (in shares)	2,672	14,348	12,539
Distribution reinvestment plan (in shares)	974	823	618
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(4,793)	(1,691)	(916)
Conversions (in shares)	55	0	0
Balance at end of period (in shares)	48,145	49,237	35,757
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)	6,930	7,871
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	7,871	6,749	4,098
Primary shares (in shares)	192	1,688	2,778
Distribution reinvestment plan (in shares)	156	153	121
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(907)	(719)	(248)
Conversions (in shares)	(382)	0	0
Balance at end of period (in shares)	6,930	7,871	6,749
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)	65,511	69,142
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	69,142	54,406	44,723
Primary shares (in shares)	4,098	15,000	10,149
Distribution reinvestment plan (in shares)	1,398	1,256	1,112
Share-based compensation (in shares)	35	27	29
Redemptions of common stock (in shares)	(9,881)	(1,759)	(1,899)
Conversions (in shares)	719	212	292
Balance at end of period (in shares)	65,511	69,142	54,406
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)	48,210	52,974
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	52,974	56,328	60,873
Primary shares (in shares)	0	0	0
Distribution reinvestment plan (in shares)	728	745	910
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(5,481)	(4,099)	(5,455)
Conversions (in shares)	(11)	0	0
Balance at end of period (in shares)	48,210	52,974	56,328

STOCKHOLDERS EQUITY (Total Dist

STOCKHOLDERS EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Declared per Common Share (usd per share)	$ 0.10000	$ 0.10000	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.38750	$ 0.37500	$ 0.37500
Common Stock Distributions Paid in Cash	$ 10,127	$ 10,335	$ 9,896	$ 9,912	$ 9,859	$ 9,684	$ 9,299	$ 8,837	$ 8,265	$ 7,984	$ 7,696	$ 7,562	$ 40,270	$ 37,679	$ 31,507
Other Cash Distributions	7,739	6,451	5,510	5,271	4,559	3,972	3,157	3,018	2,445	1,854	1,611	1,424	24,971	14,706	7,334
Reinvested in Shares	8,317	8,431	7,974	8,009	7,923	7,732	7,362	6,876	6,361	5,985	5,723	5,526	32,731	29,893	23,595
Distribution Fees	1,387	1,430	1,463	1,461	1,478	1,399	1,259	1,030	886	759	655	586	5,741	5,166	2,886
Total Distributions	$ 27,570	$ 26,647	$ 24,843	$ 24,653	$ 23,819	$ 22,787	$ 21,077	$ 19,761	$ 17,957	$ 16,582	$ 15,685	$ 15,098	$ 103,713	$ 87,444	$ 65,322

STOCKHOLDERS EQUITY (Redemption

STOCKHOLDERS EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Number of shares redeemed or repurchased (in shares)	22,815	8,466	8,784
Aggregate dollar amount of shares redeemed or repurchased	$ 193,859	$ 73,378	$ 67,234
Average redemption or repurchase price per share (usd per share)	$ 8.50	$ 8.67	$ 7.65

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interest
Beginning balance	$ 8,994	$ 18,130	$ 8,994
Settlement of prior year performance participation allocation			15,327
Distributions to redeemable noncontrolling interests		(764)	(735)	$ (418)
Redemptions to redeemable noncontrolling interests		(4,940)	(7,724)
Net loss attributable to redeemable noncontrolling interests		(597)	(370)	221
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests		(69)	284	103
Redemption value allocation adjustment to redeemable noncontrolling interests		(14)	2,354
Ending balance		11,746	18,130	8,994
Other liabilities		$ 33,913	$ 53,982
OP Units
Redeemable Noncontrolling Interest
Redeemable OP units outstanding		1,400,000	2,000,000
Related Party
Redeemable Noncontrolling Interest
Other liabilities		$ 8,727	$ 32,529
Related Party | Advisory Fee, Performance Component | Advisor | OP Units
Redeemable Noncontrolling Interest
Issuance of OP Units (in shares)	945,000
Related Party | Performance Participation Allocation | Black Creek Diversified Property Advisors, LLC | OP Units
Redeemable Noncontrolling Interest
Issuance of OP Units (in shares)	465,000
Related Party | Performance Participation Allocation | Advisor
Redeemable Noncontrolling Interest
Issuance of OP Units (in shares)		0
Other liabilities			23,747
Related Party | Performance Participation Allocation | Advisor | OP Units
Redeemable Noncontrolling Interest
Issuance of OP Units (in shares)	1,900,000
Performance participation allocation, Settled in cash			$ 23,700
Other liabilities				$ 15,300
Related Party | Performance Participation Allocation | Chairman | OP Units
Redeemable Noncontrolling Interest
Issuance of OP Units (in shares)	465,000

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest
Aggregate amount of OP Units redeemed	$ 193,859	$ 73,378	$ 67,234
OP Units
Noncontrolling Interest
Number of common stock issued per operating partnership unit	1
Aggregate amount of OP Units redeemed	$ 30,900	7,900	$ 6,000
OP Units | Maximum
Noncontrolling Interest
Estimated maximum redemption value (unaudited)	$ 641,100	$ 488,300
OP Units | Operating Partnership | Third Party Investors
Noncontrolling Interest
Ownership percentage owned by third-party investors	28.40%	20.90%

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest
Issuance of units (in shares)	13,900
Redemptions of common stock (in shares)	(22,815)	(8,466)	(8,784)
OP Units
Noncontrolling Interest
Balance at beginning of period (in shares)	55,079	27,180	12,982
Issuance of units (in shares)	27,274	28,821	14,974
Redemptions of common stock (in shares)	(3,616)	(922)	(776)
Balance at end of period (in shares)	78,737	55,079	27,180

RELATED PARTY TRANSACTIONS - (A

RELATED PARTY TRANSACTIONS - (Advisory Fee and Operating Expense Reimbursement) (Details) - Related Party [Member]		12 Months Ended
	Jan. 01, 2019 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction
Related party transaction expense		$ 82,544,000	$ 118,917,000	$ 70,257,000
Affiliated Entity | AIREIT Operating Partnership LP
Related Party Transaction
Consideration received	$ 1,000,000
Number of shares issued (in shares) | shares	100
Performance Participation Allocation | Advisor
Related Party Transaction
Related party transaction expense		$ 0	23,747,000	15,327,000
Advisory Fees | Advisor
Related Party Transaction
Advisory Agreement Renewal Term Period		1 year
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)		1.10%
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in "Note 5") to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests		1.10%
Threshold for performance component of advisory fee		12.50%
Threshold of annual total return as % of NAV		5%
Performance component earned for excess return over the hurdle amount		100%
Maximum performance component limited to % of total annual return		12.50%
Loss carryforward per Fund Interest | $ / shares		$ 0.41
Related party transaction expense		$ 38,645,000	$ 33,747,000	$ 21,433,000
Advisory Fees | Affiliated Entity
Related Party Transaction
Class E Dealer Manager Fee Portion Waived Under NAV Per Share Threshold | $ / shares		$ 10
Student Housing Product Specialist | Advisor
Related Party Transaction
Number Of Investments		0
Related party transaction expense		$ 0

RELATED PARTY TRANSACTIONS - (S

RELATED PARTY TRANSACTIONS - (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Advisor - Related Party - Selling commissions and dealer manager fees	12 Months Ended
	Dec. 31, 2023
Related Party Transaction
Distribution fees threshold to cease payment	8.75%
Class T
Related Party Transaction
Dealer manager fees (as % of transaction price)	0.50%
Distribution fees (as % of NAV per annum)	0.85%
Class T | Maximum
Related Party Transaction
Selling commissions (as % of transaction price)	3%
Class S
Related Party Transaction
Distribution fees (as % of NAV per annum)	0.85%
Class S | Maximum
Related Party Transaction
Selling commissions (as % of transaction price)	3.50%
Class D
Related Party Transaction
Distribution fees (as % of NAV per annum)	0.25%

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction
Other liabilities		$ 33,913	$ 53,982
Future Estimated Distribution Fees Payable		$ 66,656	60,919
DST Program Manager Fees
Related Party Transaction
Percent of interests intended to be sold to third parties		100%
Related Party [Member]
Related Party Transaction
Related party transaction expense		$ 82,544	118,917	$ 70,257
Other liabilities		8,727	32,529
Related Party [Member] | Advisor
Related Party Transaction
Amount reimbursed for services		12,600	10,700	9,800
Related Party [Member] | 3RE Partners
Related Party Transaction
Other liabilities		200
Related Party [Member] | Dealer Manager
Related Party Transaction
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares	5%
Related Party [Member] | Selling commissions and dealer manager fees | Advisor
Related Party Transaction
Related party transaction expense		1,189	4,289	2,656
Related Party [Member] | Ongoing distribution fees | Dealer Manager
Related Party Transaction
Related party transaction expense		8,896	6,800	3,206
Other liabilities		804	748
Related Party [Member] | Ongoing distribution fees | Dealer Manager | Other Liabilities
Related Party Transaction
Future Estimated Distribution Fees Payable		66,700	60,900
Related Party [Member] | Property accounting fee | Dealer Manager
Related Party Transaction
Related party transaction expense		1,884	1,289
Other liabilities		170	478
Related Party [Member] | Advisory Fees | Advisor
Related Party Transaction
Related party transaction expense		38,645	33,747	21,433
Other liabilities		3,281	2,868
Related Party [Member] | Performance Participation Allocation | Advisor
Related Party Transaction
Related party transaction expense		0	23,747	15,327
Other liabilities			23,747
Related Party [Member] | Other Expense Reimbursements | Advisor
Related Party Transaction
Related party transaction expense		13,788	11,346	11,070
Other liabilities		3,909	4,192
Related Party [Member] | Other Expense Reimbursements | Dealer Manager
Related Party Transaction
Related party transaction expense		335	372	376
Other liabilities		$ 84	109
Related Party [Member] | DST Program Manager Fees | Affiliated Entity
Related Party Transaction
Maximum percentage of purchase price paid by investor		50%
Percentage of origination fee		1%
Related Party [Member] | DST Program Manager Fees | DST Program dealer manager fees | DST Manager
Related Party Transaction
Redemption fee, payable to manager		1%
Related Party [Member] | DST Program Manager Fees | DST Program dealer manager fees | DST Advisor
Related Party Transaction
Management Compensation Fee Receivable, Percent Of Gross Rents		1%
Management fee, percent of equity proceeds		1%
Management loan fee, percent of financing arranged		1%
Related Party [Member] | DST Program dealer manager fees | Dealer Manager
Related Party Transaction
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Related Party [Member] | DST Program dealer manager fees | Dealer Manager | Ares Diversified Real Estate Exchange LLC
Related Party Transaction
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Percent of gross equity proceeds		5%
Ongoing dealer manager fees associated with private placement offering		0.85%
Related Party [Member] | DST Program dealer manager fees | Affiliated Entity | Dealer Manager | Ares Diversified Real Estate Exchange LLC
Related Party Transaction
Amount of interests placed with dealer		$ 2,750,000
Related Party [Member] | DST Program selling commissions, dealer manager and distribution fees | Dealer Manager
Related Party Transaction
Related party transaction expense		9,693	22,467	9,871
Other liabilities		308	241
Related Party [Member] | Other DST Program Related Costs [Member] | Advisor
Related Party Transaction
Related party transaction expense		8,114	14,860	$ 6,318
Other liabilities		$ 171	$ 146
Related Party [Member] | Organization And Offering Expenses | Advisor
Related Party Transaction
Threshold criteria of organization and offering expenses		15%

RELATED PARTY TRANSACTIONS - (T

RELATED PARTY TRANSACTIONS - (Transactions with Affiliates) (Details) - Related Party - Operating Partnership - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
General Partner [Member]
Related Party Transaction
General Partners' Contributed Capital	$ 2,000
OP Units held by general partner	200
Limited Partner [Member]
Related Party Transaction
Contributed of gross proceeds of common stock to the operating partnership	100%
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	71.10%	78.30%

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NET INCOME (LOSS) PER COMMON SHARE
Net (loss) income attributable to common stockholders-basic	$ (62,427)	$ (39,979)	$ 30,754
Net (loss) income attributable to redeemable noncontrolling interests	(597)	(370)	221
Net (loss) income attributable to noncontrolling interests	(20,189)	(9,314)	3,565
Net (loss) income attributable to common stockholders-diluted	$ (83,213)	$ (49,663)	$ 34,540
Weighted-average shares outstanding-basic	203,291	194,039	154,767
Incremental weighted-average shares effect of conversion of OP Units (in shares)	64,265	39,265	19,563
Weighted-average shares outstanding - diluted (in shares)	267,556	233,304	174,330
Basic	$ (0.31)	$ (0.21)	$ 0.20
Diluted	$ (0.31)	$ (0.21)	$ 0.20

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental disclosure of non-cash investing and financing activities:
Interest paid related to consolidated indebtedness	$ 78,260	$ 53,889	$ 28,403
Interest paid related to DST Program	55,586	42,008	26,666
Distributions reinvested in common stock	32,618	29,442	23,197
Increase in accrued future ongoing distribution fees	5,737	26,855	18,576
Increase in DST Program Loans receivable through DST Program capital raising	51,360	51,496	25,978
Redeemable noncontrolling interests issued as settlement of performance participation allocation	0	15,327	4,608
Mortgage notes assumed on real estate acquisitions at fair value	0	0	125,887
Issuances of OP Units for DST Interests	228,301	252,578	115,653
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	15,052	13,336	10,605	$ 11,266
Restricted cash	4,614	3,850	3,747	10,468
Cash, cash equivalents and restricted cash	$ 19,666	$ 17,186	$ 14,352	$ 21,734

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES.
Unfunded commitments	$ 290.3

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting, Asset Reconciling Item
Number of reportable segments | segment	6
Total assets	$ 4,639,406	$ 4,174,724
Operating Segments | Office properties
Segment Reporting, Asset Reconciling Item
Total assets	373,467	377,546
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item
Total assets	509,307	537,147
Operating Segments | Residential properties
Segment Reporting, Asset Reconciling Item
Total assets	1,658,945	1,495,532
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item
Total assets	1,353,331	1,248,255
Operating Segments | Other properties
Segment Reporting, Asset Reconciling Item
Total assets	55,130
Operating Segments | Investments in real estate debt and securities
Segment Reporting, Asset Reconciling Item
Total assets	370,176	275,335
Corporate
Segment Reporting, Asset Reconciling Item
Total assets	$ 319,050	$ 240,909

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of net operating income attributable to common shareholders
Net (loss) attributable to common stockholders	$ (62,427)	$ (39,979)	$ 30,754
Real estate-related depreciation and amortization	149,985	134,617	74,415
General and administrative expenses	11,824	10,570	8,797
Advisory fees	38,645	33,747	21,433
Performance participation allocation		23,747	15,327
Acquisition costs and reimbursements	7,034	5,427	2,636
Impairment of real estate property	0	0	758
Valuation allowance on debt-related investment	(1,799)	1,799
Equity in loss (income) from unconsolidated joint venture partnerships	3,578	(2,970)	(114)
Interest expense	148,517	140,406	70,494
Gain on sale of real estate property	(36,884)	(94,827)	(77,857)
Unrealized gain on financing obligations	(932)
Loss on extinguishment of debt and financing commitments, net	700
Gain on derivative instruments	(126)	(4,723)	(71)
Provision for current expected credit losses	1,997
Other income and expenses	(4,950)	(2,860)	(1,781)
Net (loss) income attributable to redeemable noncontrolling interests	(597)	(370)	221
Net (loss) income attributable to noncontrolling interests	(20,189)	(9,314)	3,565
Net operating income	$ 234,376	$ 195,270	$ 148,577

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Rental revenues	$ 321,995	$ 289,234	$ 209,176
Debt-related income	31,175	9,989	9,174
Rental expenses	(118,794)	(103,953)	(69,773)
Net operating income	234,376	195,270	148,577
Real estate-related depreciation and amortization	149,985	134,617	74,415
Operating Segments | Office
Segment Reporting Information
Rental revenues	51,096	52,427	64,290
Debt-related income	0	0	0
Rental expenses	(25,165)	(25,273)	(28,280)
Net operating income	25,931	27,154	36,010
Real estate-related depreciation and amortization	32,344	15,951	19,875
Operating Segments | Retail
Segment Reporting Information
Rental revenues	58,916	64,039	72,102
Debt-related income	0	0	0
Rental expenses	(15,575)	(17,080)	(18,693)
Net operating income	43,341	46,959	53,409
Real estate-related depreciation and amortization	16,107	17,370	19,485
Operating Segments | Residential
Segment Reporting Information
Rental revenues	120,706	98,524	31,023
Debt-related income	0	0	0
Rental expenses	(57,923)	(44,292)	(13,387)
Net operating income	62,783	54,232	17,636
Real estate-related depreciation and amortization	41,549	47,696	11,062
Operating Segments | Industrial
Segment Reporting Information
Rental revenues	91,145	74,244	41,761
Debt-related income	0	0	0
Rental expenses	(20,083)	(17,308)	(9,413)
Net operating income	71,062	56,936	32,348
Real estate-related depreciation and amortization	59,916	53,600	23,993
Operating Segments | Other Investments
Segment Reporting Information
Rental revenues	132
Rental expenses	(48)
Net operating income	84
Real estate-related depreciation and amortization	69
Operating Segments | Debt and Securities
Segment Reporting Information
Debt-related income	31,175	9,989	9,174
Net operating income	$ 31,175	$ 9,989	$ 9,174

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	Dec. 31, 2023 property	Dec. 31, 2023 building	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	99	216
Debt			$ 803,791
Initial Cost to Company, Land			756,199
Initial Cost to Company, Building & Improvements			3,633,023
Initial Cost to Company, Total Costs			4,389,222
Costs Capitalized or Adjustments Subsequent to Acquisition			214,776
Gross Amount Carried, Land			754,149
Gross Amount Carried, Building and Improvements			3,849,849
Real Estate, Gross, Total Costs			4,603,998	$ 4,178,329	$ 3,061,851	$ 2,455,678
Accumulated Depreciation			(714,684)
Aggregate cost of investments in real property for federal income tax purposes			1,900,000
Office properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		11
Debt			127,000
Initial Cost to Company, Land			73,291
Initial Cost to Company, Building & Improvements			415,276
Initial Cost to Company, Total Costs			488,567
Costs Capitalized or Adjustments Subsequent to Acquisition			129,851
Gross Amount Carried, Land			73,291
Gross Amount Carried, Building and Improvements			545,127
Real Estate, Gross, Total Costs			618,418
Accumulated Depreciation			(266,951)
Office properties | Bala Pointe
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,115
Initial Cost to Company, Building & Improvements			27,516
Initial Cost to Company, Total Costs			37,631
Costs Capitalized or Adjustments Subsequent to Acquisition			14,536
Gross Amount Carried, Land			10,115
Gross Amount Carried, Building and Improvements			42,052
Real Estate, Gross, Total Costs			52,167
Accumulated Depreciation			(42,052)
Office properties | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			25,177
Initial Cost to Company, Building & Improvements			41,250
Initial Cost to Company, Total Costs			66,427
Costs Capitalized or Adjustments Subsequent to Acquisition			19,298
Gross Amount Carried, Land			25,177
Gross Amount Carried, Building and Improvements			60,548
Real Estate, Gross, Total Costs			85,725
Accumulated Depreciation			(33,112)
Office properties | CityView
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			4,606
Initial Cost to Company, Building & Improvements			65,250
Initial Cost to Company, Total Costs			69,856
Costs Capitalized or Adjustments Subsequent to Acquisition			12,437
Gross Amount Carried, Land			4,606
Gross Amount Carried, Building and Improvements			77,687
Real Estate, Gross, Total Costs			82,293
Accumulated Depreciation			(27,283)
Office properties | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,538
Initial Cost to Company, Building & Improvements			25,865
Initial Cost to Company, Total Costs			29,403
Costs Capitalized or Adjustments Subsequent to Acquisition			7,008
Gross Amount Carried, Land			3,538
Gross Amount Carried, Building and Improvements			32,873
Real Estate, Gross, Total Costs			36,411
Accumulated Depreciation			(14,181)
Office properties | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,500
Initial Cost to Company, Building & Improvements			22,303
Initial Cost to Company, Total Costs			29,803
Costs Capitalized or Adjustments Subsequent to Acquisition			21,213
Gross Amount Carried, Land			7,500
Gross Amount Carried, Building and Improvements			43,516
Real Estate, Gross, Total Costs			51,016
Accumulated Depreciation			(21,155)
Office properties | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			127,000
Initial Cost to Company, Land			16,800
Initial Cost to Company, Building & Improvements			193,742
Initial Cost to Company, Total Costs			210,542
Costs Capitalized or Adjustments Subsequent to Acquisition			53,224
Gross Amount Carried, Land			16,800
Gross Amount Carried, Building and Improvements			246,966
Real Estate, Gross, Total Costs			263,766
Accumulated Depreciation			(126,718)
Office properties | 350 Carter Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,966
Initial Cost to Company, Building & Improvements			28,670
Initial Cost to Company, Total Costs			32,636
Costs Capitalized or Adjustments Subsequent to Acquisition			2,003
Gross Amount Carried, Land			3,966
Gross Amount Carried, Building and Improvements			30,673
Real Estate, Gross, Total Costs			34,639
Accumulated Depreciation			(1,887)
Office properties | 107 Morgan Lane
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,589
Initial Cost to Company, Building & Improvements			10,680
Initial Cost to Company, Total Costs			12,269
Costs Capitalized or Adjustments Subsequent to Acquisition			132
Gross Amount Carried, Land			1,589
Gross Amount Carried, Building and Improvements			10,812
Real Estate, Gross, Total Costs			12,401
Accumulated Depreciation			(563)
Retail properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		40
Debt			4,019
Initial Cost to Company, Land			175,434
Initial Cost to Company, Building & Improvements			458,008
Initial Cost to Company, Total Costs			633,442
Costs Capitalized or Adjustments Subsequent to Acquisition			39,358
Gross Amount Carried, Land			173,334
Gross Amount Carried, Building and Improvements			499,466
Real Estate, Gross, Total Costs			672,800
Accumulated Depreciation			(174,550)
Retail properties | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,426
Initial Cost to Company, Building & Improvements			31,375
Initial Cost to Company, Total Costs			43,801
Costs Capitalized or Adjustments Subsequent to Acquisition			1,007
Gross Amount Carried, Land			9,955
Gross Amount Carried, Building and Improvements			34,853
Real Estate, Gross, Total Costs			44,808
Accumulated Depreciation			(15,905)
Retail properties | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,380
Initial Cost to Company, Building & Improvements			25,778
Initial Cost to Company, Total Costs			33,158
Costs Capitalized or Adjustments Subsequent to Acquisition			1,291
Gross Amount Carried, Land			7,380
Gross Amount Carried, Building and Improvements			27,069
Real Estate, Gross, Total Costs			34,449
Accumulated Depreciation			(12,831)
Retail properties | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,972
Initial Cost to Company, Building & Improvements			27,030
Initial Cost to Company, Total Costs			40,002
Costs Capitalized or Adjustments Subsequent to Acquisition			4,869
Gross Amount Carried, Land			12,972
Gross Amount Carried, Building and Improvements			31,899
Real Estate, Gross, Total Costs			44,871
Accumulated Depreciation			(16,071)
Retail properties | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,405
Initial Cost to Company, Building & Improvements			917
Initial Cost to Company, Total Costs			11,322
Gross Amount Carried, Land			10,405
Gross Amount Carried, Building and Improvements			917
Real Estate, Gross, Total Costs			11,322
Accumulated Depreciation			(817)
Retail properties | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,560
Initial Cost to Company, Building & Improvements			22,014
Initial Cost to Company, Total Costs			28,574
Gross Amount Carried, Land			6,560
Gross Amount Carried, Building and Improvements			22,014
Real Estate, Gross, Total Costs			28,574
Accumulated Depreciation			(10,786)
Retail properties | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,610
Initial Cost to Company, Building & Improvements			11,682
Initial Cost to Company, Total Costs			15,292
Gross Amount Carried, Land			3,610
Gross Amount Carried, Building and Improvements			11,682
Real Estate, Gross, Total Costs			15,292
Accumulated Depreciation			(6,060)
Retail properties | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			4,019
Initial Cost to Company, Land			3,790
Initial Cost to Company, Building & Improvements			11,152
Initial Cost to Company, Total Costs			14,942
Gross Amount Carried, Land			3,790
Gross Amount Carried, Building and Improvements			11,152
Real Estate, Gross, Total Costs			14,942
Accumulated Depreciation			(5,788)
Retail properties | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			11,759
Initial Cost to Company, Building & Improvements			24,061
Initial Cost to Company, Total Costs			35,820
Costs Capitalized or Adjustments Subsequent to Acquisition			4,895
Gross Amount Carried, Land			11,759
Gross Amount Carried, Building and Improvements			28,956
Real Estate, Gross, Total Costs			40,715
Accumulated Depreciation			(13,401)
Retail properties | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			11,866
Initial Cost to Company, Building & Improvements			723
Initial Cost to Company, Total Costs			12,589
Costs Capitalized or Adjustments Subsequent to Acquisition			8
Gross Amount Carried, Land			11,866
Gross Amount Carried, Building and Improvements			731
Real Estate, Gross, Total Costs			12,597
Accumulated Depreciation			(727)
Retail properties | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,783
Initial Cost to Company, Building & Improvements			9,713
Initial Cost to Company, Total Costs			13,496
Costs Capitalized or Adjustments Subsequent to Acquisition			1,710
Gross Amount Carried, Land			3,783
Gross Amount Carried, Building and Improvements			11,423
Real Estate, Gross, Total Costs			15,206
Accumulated Depreciation			(5,861)
Retail properties | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			8,759
Initial Cost to Company, Building & Improvements			40,233
Initial Cost to Company, Total Costs			48,992
Costs Capitalized or Adjustments Subsequent to Acquisition			2,436
Gross Amount Carried, Land			8,759
Gross Amount Carried, Building and Improvements			42,669
Real Estate, Gross, Total Costs			51,428
Accumulated Depreciation			(14,055)
Retail properties | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		6
Initial Cost to Company, Land			9,936
Initial Cost to Company, Building & Improvements			27,552
Initial Cost to Company, Total Costs			37,488
Costs Capitalized or Adjustments Subsequent to Acquisition			5,396
Gross Amount Carried, Land			10,307
Gross Amount Carried, Building and Improvements			32,577
Real Estate, Gross, Total Costs			42,884
Accumulated Depreciation			(10,065)
Retail properties | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			10,501
Initial Cost to Company, Building & Improvements			27,397
Initial Cost to Company, Total Costs			37,898
Costs Capitalized or Adjustments Subsequent to Acquisition			928
Gross Amount Carried, Land			10,501
Gross Amount Carried, Building and Improvements			28,325
Real Estate, Gross, Total Costs			38,826
Accumulated Depreciation			(8,388)
Retail properties | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			7,376
Initial Cost to Company, Building & Improvements			51,155
Initial Cost to Company, Total Costs			58,531
Costs Capitalized or Adjustments Subsequent to Acquisition			8,044
Gross Amount Carried, Land			7,376
Gross Amount Carried, Building and Improvements			59,199
Real Estate, Gross, Total Costs			66,575
Accumulated Depreciation			(18,078)
Retail properties | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			3,492
Initial Cost to Company, Building & Improvements			30,655
Initial Cost to Company, Total Costs			34,147
Costs Capitalized or Adjustments Subsequent to Acquisition			1,932
Gross Amount Carried, Land			3,492
Gross Amount Carried, Building and Improvements			32,587
Real Estate, Gross, Total Costs			36,079
Accumulated Depreciation			(9,412)
Retail properties | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			34,804
Initial Cost to Company, Building & Improvements			33,902
Initial Cost to Company, Total Costs			68,706
Costs Capitalized or Adjustments Subsequent to Acquisition			3,171
Gross Amount Carried, Land			34,804
Gross Amount Carried, Building and Improvements			37,073
Real Estate, Gross, Total Costs			71,877
Accumulated Depreciation			(10,986)
Retail properties | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			10,476
Initial Cost to Company, Building & Improvements			32,461
Initial Cost to Company, Total Costs			42,937
Costs Capitalized or Adjustments Subsequent to Acquisition			1,925
Gross Amount Carried, Land			10,476
Gross Amount Carried, Building and Improvements			34,386
Real Estate, Gross, Total Costs			44,862
Accumulated Depreciation			(7,001)
Retail properties | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		5
Initial Cost to Company, Land			5,539
Initial Cost to Company, Building & Improvements			50,208
Initial Cost to Company, Total Costs			55,747
Costs Capitalized or Adjustments Subsequent to Acquisition			1,746
Gross Amount Carried, Land			5,539
Gross Amount Carried, Building and Improvements			51,954
Real Estate, Gross, Total Costs			57,493
Accumulated Depreciation			(8,318)
Residential properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		93
Debt			462,985
Initial Cost to Company, Land			191,517
Initial Cost to Company, Building & Improvements			1,556,492
Initial Cost to Company, Total Costs			1,748,009
Costs Capitalized or Adjustments Subsequent to Acquisition			12,459
Gross Amount Carried, Land			191,517
Gross Amount Carried, Building and Improvements			1,568,951
Real Estate, Gross, Total Costs			1,760,468
Accumulated Depreciation			(114,288)
Residential properties | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Debt			61,483
Initial Cost to Company, Land			15,139
Initial Cost to Company, Building & Improvements			80,500
Initial Cost to Company, Total Costs			95,639
Costs Capitalized or Adjustments Subsequent to Acquisition			954
Gross Amount Carried, Land			15,139
Gross Amount Carried, Building and Improvements			81,454
Real Estate, Gross, Total Costs			96,593
Accumulated Depreciation			(11,690)
Residential properties | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			46,306
Initial Cost to Company, Land			9,129
Initial Cost to Company, Building & Improvements			75,420
Initial Cost to Company, Total Costs			84,549
Costs Capitalized or Adjustments Subsequent to Acquisition			885
Gross Amount Carried, Land			9,129
Gross Amount Carried, Building and Improvements			76,305
Real Estate, Gross, Total Costs			85,434
Accumulated Depreciation			(10,036)
Residential properties | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			67,682
Initial Cost to Company, Land			17,407
Initial Cost to Company, Building & Improvements			99,763
Initial Cost to Company, Total Costs			117,170
Costs Capitalized or Adjustments Subsequent to Acquisition			598
Gross Amount Carried, Land			17,407
Gross Amount Carried, Building and Improvements			100,361
Real Estate, Gross, Total Costs			117,768
Accumulated Depreciation			(13,246)
Residential properties | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		15
Debt			62,154
Initial Cost to Company, Land			18,737
Initial Cost to Company, Building & Improvements			60,475
Initial Cost to Company, Total Costs			79,212
Costs Capitalized or Adjustments Subsequent to Acquisition			3,222
Gross Amount Carried, Land			18,737
Gross Amount Carried, Building and Improvements			63,697
Real Estate, Gross, Total Costs			82,434
Accumulated Depreciation			(7,497)
Residential properties | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			80,600
Initial Cost to Company, Building & Improvements			125,003
Initial Cost to Company, Total Costs			125,003
Costs Capitalized or Adjustments Subsequent to Acquisition			335
Gross Amount Carried, Building and Improvements			125,338
Real Estate, Gross, Total Costs			125,338
Accumulated Depreciation			(8,516)
Residential properties | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		10
Initial Cost to Company, Land			11,633
Initial Cost to Company, Building & Improvements			104,719
Initial Cost to Company, Total Costs			116,352
Costs Capitalized or Adjustments Subsequent to Acquisition			97
Gross Amount Carried, Land			11,633
Gross Amount Carried, Building and Improvements			104,816
Real Estate, Gross, Total Costs			116,449
Accumulated Depreciation			(7,170)
Residential properties | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			117,063
Initial Cost to Company, Land			20,005
Initial Cost to Company, Building & Improvements			214,045
Initial Cost to Company, Total Costs			234,050
Costs Capitalized or Adjustments Subsequent to Acquisition			470
Gross Amount Carried, Land			20,005
Gross Amount Carried, Building and Improvements			214,515
Real Estate, Gross, Total Costs			234,520
Accumulated Depreciation			(13,928)
Residential properties | Skye 750
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,535
Initial Cost to Company, Building & Improvements			80,310
Initial Cost to Company, Total Costs			92,845
Costs Capitalized or Adjustments Subsequent to Acquisition			249
Gross Amount Carried, Land			12,535
Gross Amount Carried, Building and Improvements			80,559
Real Estate, Gross, Total Costs			93,094
Accumulated Depreciation			(5,468)
Residential properties | Arabelle City Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		11
Initial Cost to Company, Land			15,776
Initial Cost to Company, Building & Improvements			141,006
Initial Cost to Company, Total Costs			156,782
Costs Capitalized or Adjustments Subsequent to Acquisition			2,067
Gross Amount Carried, Land			15,776
Gross Amount Carried, Building and Improvements			143,073
Real Estate, Gross, Total Costs			158,849
Accumulated Depreciation			(8,536)
Residential properties | Dallas Cityline
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,281
Initial Cost to Company, Building & Improvements			104,812
Initial Cost to Company, Total Costs			111,093
Costs Capitalized or Adjustments Subsequent to Acquisition			457
Gross Amount Carried, Land			6,281
Gross Amount Carried, Building and Improvements			105,269
Real Estate, Gross, Total Costs			111,550
Accumulated Depreciation			(6,471)
Residential properties | Dallas Wycliff
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			14,021
Initial Cost to Company, Building & Improvements			80,062
Initial Cost to Company, Total Costs			94,083
Costs Capitalized or Adjustments Subsequent to Acquisition			1,197
Gross Amount Carried, Land			14,021
Gross Amount Carried, Building and Improvements			81,259
Real Estate, Gross, Total Costs			95,280
Accumulated Depreciation			(5,151)
Residential properties | Dallas Maple District
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			14,725
Initial Cost to Company, Building & Improvements			78,364
Initial Cost to Company, Total Costs			93,089
Costs Capitalized or Adjustments Subsequent to Acquisition			656
Gross Amount Carried, Land			14,725
Gross Amount Carried, Building and Improvements			79,020
Real Estate, Gross, Total Costs			93,745
Accumulated Depreciation			(4,938)
Residential properties | San Vance
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		14
Initial Cost to Company, Land			8,860
Initial Cost to Company, Building & Improvements			68,726
Initial Cost to Company, Total Costs			77,586
Costs Capitalized or Adjustments Subsequent to Acquisition			339
Gross Amount Carried, Land			8,860
Gross Amount Carried, Building and Improvements			69,065
Real Estate, Gross, Total Costs			77,925
Accumulated Depreciation			(4,656)
Residential properties | San Stone Oak
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		15
Debt			27,697
Initial Cost to Company, Land			4,569
Initial Cost to Company, Building & Improvements			68,036
Initial Cost to Company, Total Costs			72,605
Costs Capitalized or Adjustments Subsequent to Acquisition			537
Gross Amount Carried, Land			4,569
Gross Amount Carried, Building and Improvements			68,573
Real Estate, Gross, Total Costs			73,142
Accumulated Depreciation			(4,455)
Residential properties | Arabelle Lincoln Station
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,798
Initial Cost to Company, Building & Improvements			74,288
Initial Cost to Company, Total Costs			80,086
Costs Capitalized or Adjustments Subsequent to Acquisition			183
Gross Amount Carried, Land			5,798
Gross Amount Carried, Building and Improvements			74,471
Real Estate, Gross, Total Costs			80,269
Accumulated Depreciation			(1,335)
Residential properties | BLVD Dallas
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		7
Initial Cost to Company, Land			7,752
Initial Cost to Company, Building & Improvements			50,298
Initial Cost to Company, Total Costs			58,050
Costs Capitalized or Adjustments Subsequent to Acquisition			94
Gross Amount Carried, Land			7,752
Gross Amount Carried, Building and Improvements			50,392
Real Estate, Gross, Total Costs			58,144
Accumulated Depreciation			(718)
Residential properties | Regency at Johns Creek Walk
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		5
Initial Cost to Company, Land			9,150
Initial Cost to Company, Building & Improvements			50,665
Initial Cost to Company, Total Costs			59,815
Costs Capitalized or Adjustments Subsequent to Acquisition			119
Gross Amount Carried, Land			9,150
Gross Amount Carried, Building and Improvements			50,784
Real Estate, Gross, Total Costs			59,934
Accumulated Depreciation			(477)
Industrial properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		70
Debt			209,787
Initial Cost to Company, Land			301,111
Initial Cost to Company, Building & Improvements			1,163,147
Initial Cost to Company, Total Costs			1,464,258
Costs Capitalized or Adjustments Subsequent to Acquisition			33,108
Gross Amount Carried, Land			301,161
Gross Amount Carried, Building and Improvements			1,196,205
Real Estate, Gross, Total Costs			1,497,366
Accumulated Depreciation			(158,825)
Industrial properties | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			17,435
Initial Cost to Company, Land			4,880
Initial Cost to Company, Building & Improvements			12,019
Initial Cost to Company, Total Costs			16,899
Costs Capitalized or Adjustments Subsequent to Acquisition			(30)
Gross Amount Carried, Land			4,880
Gross Amount Carried, Building and Improvements			11,989
Real Estate, Gross, Total Costs			16,869
Accumulated Depreciation			(3,556)
Industrial properties | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			22,605
Initial Cost to Company, Land			3,940
Initial Cost to Company, Building & Improvements			20,715
Initial Cost to Company, Total Costs			24,655
Costs Capitalized or Adjustments Subsequent to Acquisition			16
Gross Amount Carried, Land			3,943
Gross Amount Carried, Building and Improvements			20,728
Real Estate, Gross, Total Costs			24,671
Accumulated Depreciation			(5,091)
Industrial properties | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			8,540
Initial Cost to Company, Building & Improvements			28,879
Initial Cost to Company, Total Costs			37,419
Costs Capitalized or Adjustments Subsequent to Acquisition			2,679
Gross Amount Carried, Land			8,586
Gross Amount Carried, Building and Improvements			31,512
Real Estate, Gross, Total Costs			40,098
Accumulated Depreciation			(7,676)
Industrial properties | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			17,800
Initial Cost to Company, Land			6,140
Initial Cost to Company, Building & Improvements			12,730
Initial Cost to Company, Total Costs			18,870
Costs Capitalized or Adjustments Subsequent to Acquisition			1,953
Gross Amount Carried, Land			6,140
Gross Amount Carried, Building and Improvements			14,683
Real Estate, Gross, Total Costs			20,823
Accumulated Depreciation			(3,735)
Industrial properties | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			16,819
Initial Cost to Company, Land			2,346
Initial Cost to Company, Building & Improvements			18,400
Initial Cost to Company, Total Costs			20,746
Costs Capitalized or Adjustments Subsequent to Acquisition			1,169
Gross Amount Carried, Land			2,346
Gross Amount Carried, Building and Improvements			19,569
Real Estate, Gross, Total Costs			21,915
Accumulated Depreciation			(3,969)
Industrial properties | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			14,358
Initial Cost to Company, Land			1,791
Initial Cost to Company, Building & Improvements			16,968
Initial Cost to Company, Total Costs			18,759
Costs Capitalized or Adjustments Subsequent to Acquisition			206
Gross Amount Carried, Land			1,791
Gross Amount Carried, Building and Improvements			17,174
Real Estate, Gross, Total Costs			18,965
Accumulated Depreciation			(3,505)
Industrial properties | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			32,386
Initial Cost to Company, Land			4,983
Initial Cost to Company, Building & Improvements			39,172
Initial Cost to Company, Total Costs			44,155
Costs Capitalized or Adjustments Subsequent to Acquisition			209
Gross Amount Carried, Land			4,983
Gross Amount Carried, Building and Improvements			39,381
Real Estate, Gross, Total Costs			44,364
Accumulated Depreciation			(7,151)
Industrial properties | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			9,004
Initial Cost to Company, Land			1,280
Initial Cost to Company, Building & Improvements			8,562
Initial Cost to Company, Total Costs			9,842
Costs Capitalized or Adjustments Subsequent to Acquisition			516
Gross Amount Carried, Land			1,280
Gross Amount Carried, Building and Improvements			9,078
Real Estate, Gross, Total Costs			10,358
Accumulated Depreciation			(1,960)
Industrial properties | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,681
Initial Cost to Company, Building & Improvements			6,887
Initial Cost to Company, Total Costs			8,568
Costs Capitalized or Adjustments Subsequent to Acquisition			912
Gross Amount Carried, Land			1,681
Gross Amount Carried, Building and Improvements			7,799
Real Estate, Gross, Total Costs			9,480
Accumulated Depreciation			(1,974)
Industrial properties | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			8,075
Initial Cost to Company, Land			2,102
Initial Cost to Company, Building & Improvements			17,475
Initial Cost to Company, Total Costs			19,577
Costs Capitalized or Adjustments Subsequent to Acquisition			120
Gross Amount Carried, Land			2,102
Gross Amount Carried, Building and Improvements			17,595
Real Estate, Gross, Total Costs			19,697
Accumulated Depreciation			(3,031)
Industrial properties | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			2,393
Initial Cost to Company, Land			455
Initial Cost to Company, Building & Improvements			2,429
Initial Cost to Company, Total Costs			2,884
Costs Capitalized or Adjustments Subsequent to Acquisition			61
Gross Amount Carried, Land			455
Gross Amount Carried, Building and Improvements			2,490
Real Estate, Gross, Total Costs			2,945
Accumulated Depreciation			(519)
Industrial properties | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			3,500
Initial Cost to Company, Land			1,976
Initial Cost to Company, Building & Improvements			3,369
Initial Cost to Company, Total Costs			5,345
Costs Capitalized or Adjustments Subsequent to Acquisition			13
Gross Amount Carried, Land			1,976
Gross Amount Carried, Building and Improvements			3,382
Real Estate, Gross, Total Costs			5,358
Accumulated Depreciation			(594)
Industrial properties | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,403
Initial Cost to Company, Building & Improvements			51,886
Initial Cost to Company, Total Costs			59,289
Costs Capitalized or Adjustments Subsequent to Acquisition			5,540
Gross Amount Carried, Land			7,403
Gross Amount Carried, Building and Improvements			57,426
Real Estate, Gross, Total Costs			64,829
Accumulated Depreciation			(10,572)
Industrial properties | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,135
Initial Cost to Company, Building & Improvements			38,672
Initial Cost to Company, Total Costs			48,807
Costs Capitalized or Adjustments Subsequent to Acquisition			1,700
Gross Amount Carried, Land			10,135
Gross Amount Carried, Building and Improvements			40,372
Real Estate, Gross, Total Costs			50,507
Accumulated Depreciation			(4,886)
Industrial properties | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			3,212
Initial Cost to Company, Land			615
Initial Cost to Company, Building & Improvements			18,471
Initial Cost to Company, Total Costs			19,086
Costs Capitalized or Adjustments Subsequent to Acquisition			213
Gross Amount Carried, Land			616
Gross Amount Carried, Building and Improvements			18,683
Real Estate, Gross, Total Costs			19,299
Accumulated Depreciation			(2,816)
Industrial properties | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			3,352
Initial Cost to Company, Building & Improvements			11,726
Initial Cost to Company, Total Costs			15,078
Costs Capitalized or Adjustments Subsequent to Acquisition			645
Gross Amount Carried, Land			3,352
Gross Amount Carried, Building and Improvements			12,371
Real Estate, Gross, Total Costs			15,723
Accumulated Depreciation			(2,911)
Industrial properties | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,514
Initial Cost to Company, Building & Improvements			17,260
Initial Cost to Company, Total Costs			19,774
Costs Capitalized or Adjustments Subsequent to Acquisition			17
Gross Amount Carried, Land			2,514
Gross Amount Carried, Building and Improvements			17,277
Real Estate, Gross, Total Costs			19,791
Accumulated Depreciation			(1,952)
Industrial properties | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,752
Initial Cost to Company, Building & Improvements			61,784
Initial Cost to Company, Total Costs			68,536
Costs Capitalized or Adjustments Subsequent to Acquisition			300
Gross Amount Carried, Land			6,752
Gross Amount Carried, Building and Improvements			62,084
Real Estate, Gross, Total Costs			68,836
Accumulated Depreciation			(8,076)
Industrial properties | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			26,000
Initial Cost to Company, Land			7,167
Initial Cost to Company, Building & Improvements			42,373
Initial Cost to Company, Total Costs			49,540
Costs Capitalized or Adjustments Subsequent to Acquisition			700
Gross Amount Carried, Land			7,167
Gross Amount Carried, Building and Improvements			43,073
Real Estate, Gross, Total Costs			50,240
Accumulated Depreciation			(3,771)
Industrial properties | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			14,786
Initial Cost to Company, Building & Improvements			48,645
Initial Cost to Company, Total Costs			63,431
Costs Capitalized or Adjustments Subsequent to Acquisition			1,250
Gross Amount Carried, Land			14,786
Gross Amount Carried, Building and Improvements			49,895
Real Estate, Gross, Total Costs			64,681
Accumulated Depreciation			(8,688)
Industrial properties | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,740
Initial Cost to Company, Building & Improvements			18,616
Initial Cost to Company, Total Costs			24,356
Costs Capitalized or Adjustments Subsequent to Acquisition			2,096
Gross Amount Carried, Land			5,740
Gross Amount Carried, Building and Improvements			20,712
Real Estate, Gross, Total Costs			26,452
Accumulated Depreciation			(1,663)
Industrial properties | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			858
Initial Cost to Company, Building & Improvements			16,251
Initial Cost to Company, Total Costs			17,109
Costs Capitalized or Adjustments Subsequent to Acquisition			(30)
Gross Amount Carried, Land			858
Gross Amount Carried, Building and Improvements			16,221
Real Estate, Gross, Total Costs			17,079
Accumulated Depreciation			(1,967)
Industrial properties | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,764
Initial Cost to Company, Building & Improvements			9,576
Initial Cost to Company, Total Costs			17,340
Costs Capitalized or Adjustments Subsequent to Acquisition			183
Gross Amount Carried, Land			7,764
Gross Amount Carried, Building and Improvements			9,759
Real Estate, Gross, Total Costs			17,523
Accumulated Depreciation			(2,496)
Industrial properties | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			51,265
Initial Cost to Company, Building & Improvements			48,147
Initial Cost to Company, Total Costs			99,412
Costs Capitalized or Adjustments Subsequent to Acquisition			1,045
Gross Amount Carried, Land			51,265
Gross Amount Carried, Building and Improvements			49,192
Real Estate, Gross, Total Costs			100,457
Accumulated Depreciation			(9,427)
Industrial properties | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			22,734
Initial Cost to Company, Building & Improvements			12,233
Initial Cost to Company, Total Costs			34,967
Costs Capitalized or Adjustments Subsequent to Acquisition			94
Gross Amount Carried, Land			22,734
Gross Amount Carried, Building and Improvements			12,327
Real Estate, Gross, Total Costs			35,061
Accumulated Depreciation			(1,875)
Industrial properties | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			4,100
Initial Cost to Company, Land			2,364
Initial Cost to Company, Building & Improvements			4,288
Initial Cost to Company, Total Costs			6,652
Costs Capitalized or Adjustments Subsequent to Acquisition			44
Gross Amount Carried, Land			2,364
Gross Amount Carried, Building and Improvements			4,332
Real Estate, Gross, Total Costs			6,696
Accumulated Depreciation			(658)
Industrial properties | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			13,200
Initial Cost to Company, Land			4,927
Initial Cost to Company, Building & Improvements			16,198
Initial Cost to Company, Total Costs			21,125
Costs Capitalized or Adjustments Subsequent to Acquisition			274
Gross Amount Carried, Land			4,927
Gross Amount Carried, Building and Improvements			16,472
Real Estate, Gross, Total Costs			21,399
Accumulated Depreciation			(2,075)
Industrial properties | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,709
Initial Cost to Company, Building & Improvements			12,895
Initial Cost to Company, Total Costs			17,604
Costs Capitalized or Adjustments Subsequent to Acquisition			148
Gross Amount Carried, Land			4,709
Gross Amount Carried, Building and Improvements			13,043
Real Estate, Gross, Total Costs			17,752
Accumulated Depreciation			(2,139)
Industrial properties | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,628
Initial Cost to Company, Building & Improvements			24,857
Initial Cost to Company, Total Costs			28,485
Costs Capitalized or Adjustments Subsequent to Acquisition			220
Gross Amount Carried, Land			3,628
Gross Amount Carried, Building and Improvements			25,077
Real Estate, Gross, Total Costs			28,705
Accumulated Depreciation			(3,478)
Industrial properties | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			2,623
Initial Cost to Company, Building & Improvements			6,186
Initial Cost to Company, Total Costs			8,809
Costs Capitalized or Adjustments Subsequent to Acquisition			171
Gross Amount Carried, Land			2,623
Gross Amount Carried, Building and Improvements			6,357
Real Estate, Gross, Total Costs			8,980
Accumulated Depreciation			(763)
Industrial properties | General Washington IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			7,100
Initial Cost to Company, Land			2,452
Initial Cost to Company, Building & Improvements			8,599
Initial Cost to Company, Total Costs			11,051
Costs Capitalized or Adjustments Subsequent to Acquisition			841
Gross Amount Carried, Land			2,452
Gross Amount Carried, Building and Improvements			9,440
Real Estate, Gross, Total Costs			11,892
Accumulated Depreciation			(928)
Industrial properties | Western Foods Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			10,399
Initial Cost to Company, Building & Improvements			28,989
Initial Cost to Company, Total Costs			39,388
Costs Capitalized or Adjustments Subsequent to Acquisition			182
Gross Amount Carried, Land			10,399
Gross Amount Carried, Building and Improvements			29,171
Real Estate, Gross, Total Costs			39,570
Accumulated Depreciation			(3,742)
Industrial properties | Orlando I & II
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			8,975
Initial Cost to Company, Building & Improvements			88,020
Initial Cost to Company, Total Costs			96,995
Costs Capitalized or Adjustments Subsequent to Acquisition			2,943
Gross Amount Carried, Land			8,975
Gross Amount Carried, Building and Improvements			90,963
Real Estate, Gross, Total Costs			99,938
Accumulated Depreciation			(6,456)
Industrial properties | Orlando III & IV
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			3,198
Initial Cost to Company, Building & Improvements			40,505
Initial Cost to Company, Total Costs			43,703
Costs Capitalized or Adjustments Subsequent to Acquisition			324
Gross Amount Carried, Land			3,198
Gross Amount Carried, Building and Improvements			40,829
Real Estate, Gross, Total Costs			44,027
Accumulated Depreciation			(3,039)
Industrial properties | Orlando V
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,939
Initial Cost to Company, Building & Improvements			33,219
Initial Cost to Company, Total Costs			35,158
Costs Capitalized or Adjustments Subsequent to Acquisition			201
Gross Amount Carried, Land			1,939
Gross Amount Carried, Building and Improvements			33,420
Real Estate, Gross, Total Costs			35,359
Accumulated Depreciation			(4,334)
Industrial properties | Orlando VI
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,405
Initial Cost to Company, Building & Improvements			26,043
Initial Cost to Company, Total Costs			29,448
Gross Amount Carried, Land			3,405
Gross Amount Carried, Building and Improvements			26,043
Real Estate, Gross, Total Costs			29,448
Accumulated Depreciation			(2,189)
Industrial properties | Orlando VII
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,156
Initial Cost to Company, Building & Improvements			20,404
Initial Cost to Company, Total Costs			23,560
Costs Capitalized or Adjustments Subsequent to Acquisition			269
Gross Amount Carried, Land			3,156
Gross Amount Carried, Building and Improvements			20,673
Real Estate, Gross, Total Costs			23,829
Accumulated Depreciation			(2,778)
Industrial properties | Gillingham IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,283
Initial Cost to Company, Building & Improvements			18,268
Initial Cost to Company, Total Costs			20,551
Costs Capitalized or Adjustments Subsequent to Acquisition			32
Gross Amount Carried, Land			2,283
Gross Amount Carried, Building and Improvements			18,300
Real Estate, Gross, Total Costs			20,583
Accumulated Depreciation			(1,304)
Industrial properties | Industrial Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,220
Initial Cost to Company, Building & Improvements			2,798
Initial Cost to Company, Total Costs			4,018
Costs Capitalized or Adjustments Subsequent to Acquisition			305
Gross Amount Carried, Land			1,220
Gross Amount Carried, Building and Improvements			3,103
Real Estate, Gross, Total Costs			4,323
Accumulated Depreciation			(577)
Industrial properties | Maplewood Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,026
Initial Cost to Company, Building & Improvements			4,488
Initial Cost to Company, Total Costs			5,514
Costs Capitalized or Adjustments Subsequent to Acquisition			47
Gross Amount Carried, Land			1,026
Gross Amount Carried, Building and Improvements			4,535
Real Estate, Gross, Total Costs			5,561
Accumulated Depreciation			(1,054)
Industrial properties | Glen Afton IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,294
Initial Cost to Company, Building & Improvements			19,742
Initial Cost to Company, Total Costs			22,036
Gross Amount Carried, Land			2,294
Gross Amount Carried, Building and Improvements			19,742
Real Estate, Gross, Total Costs			22,036
Accumulated Depreciation			(2,236)
Industrial properties | East 56th Ave IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,724
Initial Cost to Company, Building & Improvements			14,317
Initial Cost to Company, Total Costs			19,041
Costs Capitalized or Adjustments Subsequent to Acquisition			41
Gross Amount Carried, Land			4,724
Gross Amount Carried, Building and Improvements			14,358
Real Estate, Gross, Total Costs			19,082
Accumulated Depreciation			(2,150)
Industrial properties | Brockton IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,250
Initial Cost to Company, Building & Improvements			5,272
Initial Cost to Company, Total Costs			6,522
Costs Capitalized or Adjustments Subsequent to Acquisition			258
Gross Amount Carried, Land			1,250
Gross Amount Carried, Building and Improvements			5,530
Real Estate, Gross, Total Costs			6,780
Accumulated Depreciation			(1,155)
Industrial properties | Pine Vista IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,952
Initial Cost to Company, Building & Improvements			15,838
Initial Cost to Company, Total Costs			18,790
Costs Capitalized or Adjustments Subsequent to Acquisition			39
Gross Amount Carried, Land			2,952
Gross Amount Carried, Building and Improvements			15,877
Real Estate, Gross, Total Costs			18,829
Accumulated Depreciation			(2,183)
Industrial properties | Tri-County Parkway IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,579
Initial Cost to Company, Building & Improvements			11,205
Initial Cost to Company, Total Costs			12,784
Costs Capitalized or Adjustments Subsequent to Acquisition			227
Gross Amount Carried, Land			1,579
Gross Amount Carried, Building and Improvements			11,432
Real Estate, Gross, Total Costs			13,011
Accumulated Depreciation			(1,667)
Industrial properties | Miami NW 114th IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,533
Initial Cost to Company, Building & Improvements			6,489
Initial Cost to Company, Total Costs			12,022
Gross Amount Carried, Land			5,533
Gross Amount Carried, Building and Improvements			6,489
Real Estate, Gross, Total Costs			12,022
Accumulated Depreciation			(1,032)
Industrial properties | North Harney IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,586
Initial Cost to Company, Building & Improvements			4,439
Initial Cost to Company, Total Costs			8,025
Gross Amount Carried, Land			3,586
Gross Amount Carried, Building and Improvements			4,439
Real Estate, Gross, Total Costs			8,025
Accumulated Depreciation			(772)
Industrial properties | Wes Warren Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,537
Initial Cost to Company, Building & Improvements			5,978
Initial Cost to Company, Total Costs			7,515
Costs Capitalized or Adjustments Subsequent to Acquisition			684
Gross Amount Carried, Land			1,537
Gross Amount Carried, Building and Improvements			6,662
Real Estate, Gross, Total Costs			8,199
Accumulated Depreciation			(1,004)
Industrial properties | Enterprise Way IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			537
Initial Cost to Company, Building & Improvements			5,982
Initial Cost to Company, Total Costs			6,519
Costs Capitalized or Adjustments Subsequent to Acquisition			23
Gross Amount Carried, Land			537
Gross Amount Carried, Building and Improvements			6,005
Real Estate, Gross, Total Costs			6,542
Accumulated Depreciation			(818)
Industrial properties | New Albany IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,630
Initial Cost to Company, Building & Improvements			11,914
Initial Cost to Company, Total Costs			17,544
Costs Capitalized or Adjustments Subsequent to Acquisition			53
Gross Amount Carried, Land			5,630
Gross Amount Carried, Building and Improvements			11,967
Real Estate, Gross, Total Costs			17,597
Accumulated Depreciation			(1,821)
Industrial properties | North 5th Street CC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			11,800
Initial Cost to Company, Land			4,359
Initial Cost to Company, Building & Improvements			18,945
Initial Cost to Company, Total Costs			23,304
Costs Capitalized or Adjustments Subsequent to Acquisition			53
Gross Amount Carried, Land			4,359
Gross Amount Carried, Building and Improvements			18,998
Real Estate, Gross, Total Costs			23,357
Accumulated Depreciation			(2,786)
Industrial properties | VM8 Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,166
Initial Cost to Company, Building & Improvements			15,345
Initial Cost to Company, Total Costs			17,511
Costs Capitalized or Adjustments Subsequent to Acquisition			3,872
Gross Amount Carried, Land			2,166
Gross Amount Carried, Building and Improvements			19,217
Real Estate, Gross, Total Costs			21,383
Industrial properties | Moreno Valley Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,955
Initial Cost to Company, Building & Improvements			29,466
Initial Cost to Company, Total Costs			33,421
Costs Capitalized or Adjustments Subsequent to Acquisition			95
Gross Amount Carried, Land			3,955
Gross Amount Carried, Building and Improvements			29,561
Real Estate, Gross, Total Costs			33,516
Accumulated Depreciation			(956)
Industrial properties | SLC Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			17,224
Initial Cost to Company, Building & Improvements			59,861
Initial Cost to Company, Total Costs			77,085
Costs Capitalized or Adjustments Subsequent to Acquisition			104
Gross Amount Carried, Land			17,224
Gross Amount Carried, Building and Improvements			59,965
Real Estate, Gross, Total Costs			77,189
Accumulated Depreciation			(817)
Industrial properties | Cindel Drive Business Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			6,282
Initial Cost to Company, Building & Improvements			19,352
Initial Cost to Company, Total Costs			25,634
Costs Capitalized or Adjustments Subsequent to Acquisition			81
Gross Amount Carried, Land			6,282
Gross Amount Carried, Building and Improvements			19,433
Real Estate, Gross, Total Costs			25,715
Accumulated Depreciation			(53)
Other properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			14,846
Initial Cost to Company, Building & Improvements			40,100
Initial Cost to Company, Total Costs			54,946
Gross Amount Carried, Land			14,846
Gross Amount Carried, Building and Improvements			40,100
Real Estate, Gross, Total Costs			54,946
Accumulated Depreciation			(70)
Other properties | Aventura Storage
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,538
Initial Cost to Company, Building & Improvements			18,505
Initial Cost to Company, Total Costs			31,043
Gross Amount Carried, Land			12,538
Gross Amount Carried, Building and Improvements			18,505
Real Estate, Gross, Total Costs			31,043
Accumulated Depreciation			(36)
Other properties | Norwood Storage
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,308
Initial Cost to Company, Building & Improvements			21,595
Initial Cost to Company, Total Costs			23,903
Gross Amount Carried, Land			2,308
Gross Amount Carried, Building and Improvements			21,595
Real Estate, Gross, Total Costs			23,903
Accumulated Depreciation			$ (34)

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in real estate properties:
Balance at the beginning of period	$ 4,178,329	$ 3,061,851	$ 2,455,678
Acquisitions of properties	406,548	1,206,476	924,206
Improvements	45,694	30,842	38,295
Property dispositions or held for sale assets	(26,573)	(120,840)	(355,570)
Impairment of real estate	0	0	(758)
Balance at the end of period	4,603,998	4,178,329	3,061,851
Accumulated depreciation and amortization:
Balance at the beginning of period	572,751	472,025	501,105
Real estate depreciation and amortization expense	149,985	134,617	74,415
Above-market lease assets amortization expenses	818	724	469
Right of use asset amortization expense	7	102	53
Property dispositions or held for sale assets	(8,877)	(34,717)	(104,017)
Balance at the end of period	$ 714,684	$ 572,751	$ 472,025

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (62,427)	$ (39,979)	$ 30,754

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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