Black Creek Diversified Property Fund 10-Q 12 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-52596
Entity Registrant Name	ARES REAL ESTATE INCOME TRUST INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-0309068
Entity Address, Address Line One	One Tabor Center, 1200 Seventeenth Street, Suite 2900
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,074,584
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,378,830
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,391,619
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,197,588
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,730,107

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Net investment in real estate properties	$ 4,079,598	$ 3,889,314
Investments in real estate debt and securities (includes $130,447 and $122,375 at fair value as of June 30, 2024 and December 31, 2023, respectively)	398,220	370,176
Investments in unconsolidated joint venture partnerships (includes $36,966 and $0 at fair value as of June 30, 2024 and December 31, 2023, respectively)	195,441	153,305
Cash and cash equivalents	37,922	15,052
Restricted cash	6,652	4,614
DST Program Loans (includes $26,871 and $7,753 at fair value as of June 30, 2024 and December 31, 2023, respectively)	121,233	117,019
Other assets	93,913	89,926
Total assets	4,932,979	4,639,406
Liabilities
Accounts payable and accrued expenses	80,014	66,386
Debt, net	2,135,212	1,961,120
Intangible lease liabilities, net	36,903	37,079
Financing obligations, net (includes $407,710 and $102,045 at fair value as of June 30, 2024 and December 31, 2023, respectively)	1,477,989	1,351,090
Distribution fees payable to affiliates	63,722	66,656
Other liabilities	38,542	33,913
Total liabilities	3,832,382	3,516,244
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	9,977	11,746
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,885,239	1,895,789
Distributions in excess of earnings	(1,174,249)	(1,108,823)
Accumulated other comprehensive income	8,055	6,359
Total stockholders' equity	720,933	795,297
Noncontrolling interests	369,687	316,119
Total equity	1,090,620	1,111,416
Total liabilities and equity	4,932,979	4,639,406
Class T
Stockholders' equity:
Common stock	282	284
Class S
Stockholders' equity:
Common stock	465	482
Class D
Stockholders' equity:
Common stock	65	69
Class I
Stockholders' equity:
Common stock	621	655
Class E
Stockholders' equity:
Common stock	$ 455	$ 482

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments in real estate debt and securities at fair value	$ 130,447	$ 122,375
Investments in unconsolidated joint venture partnerships	36,966	0
DST Program Loans	26,871	7,753
Financing obligations at fair value	$ 407,710	$ 102,045
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)	28,193	28,432
Common stock, shares outstanding (in shares)	28,193	28,432
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)	46,519	48,145
Common stock, shares outstanding (in shares)	46,519	48,145
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)	6,491	6,930
Common stock, shares outstanding (in shares)	6,491	6,930
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)	62,111	65,511
Common stock, shares outstanding (in shares)	62,111	65,511
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)	45,472	48,210
Common stock, shares outstanding (in shares)	45,472	48,210

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental revenues	$ 90,587	$ 77,204	$ 178,718	$ 155,164
Debt-related income	12,237	7,189	23,548	12,950
Total revenues	102,824	84,393	202,266	168,114
Operating expenses:
Rental expenses	34,195	28,839	66,695	57,139
Real estate-related depreciation and amortization	36,234	33,858	71,704	67,055
General and administrative expenses	3,206	2,973	6,543	6,017
Advisory fees	9,966	9,623	19,938	19,161
Acquisition costs and reimbursements	1,445	1,849	3,488	3,018
Valuation allowance on debt-related investment	0	1,260	0	3,780
Total operating expenses	85,046	78,402	168,368	156,170
Other income (expenses):
Income (loss) from unconsolidated joint venture partnerships	5,827	(203)	8,109	(2,649)
Interest expense	(45,885)	(37,882)	(90,119)	(75,427)
Gain on sale of real estate property	0	0	0	36,884
Unrealized loss on DST Program Loans	(359)		(359)
Unrealized gain on financing obligations	1,920		4,741
Gain (Loss) On Extinguishment Of Debt And Financing Obligations, Net	1,100	0	1,100	(700)
Gain on derivative instruments		192		89
Provision for current expected credit losses	469	1,632	602	(3,998)
Other income and expenses	1,321	1,016	2,610	2,032
Total other income (expenses)	(35,607)	(35,245)	(73,316)	(43,769)
Net loss before income tax expense	(17,829)	(29,254)	(39,418)	(31,825)
Income tax expense	(3,938)		(3,938)
Net loss	(21,767)	(29,254)	(43,356)	(31,825)
Net loss attributable to redeemable noncontrolling interests	108	226	219	244
Net loss attributable to noncontrolling interests	7,318	6,278	13,795	6,827
Net loss attributable to common stockholders	$ (14,341)	$ (22,750)	$ (29,342)	$ (24,754)
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	190,855	206,214	193,267	206,493
Weighted-average shares outstanding-diluted (in shares)	289,522	264,963	285,447	263,975
Net loss attributable to common stockholders per common share-basic (in dollars per share)	$ (0.08)	$ (0.11)	$ (0.15)	$ (0.12)
Net loss attributable to common stockholders per common share-diluted (in dollars per share)	$ (0.08)	$ (0.11)	$ (0.15)	$ (0.12)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (21,767)	$ (29,254)	$ (43,356)	$ (31,825)
Change from cash flow hedging activities	(1,404)	10,108	3,365	3,052
Change from activities related to available-for-sale debt securities	(62)	(24)	(76)	53
Comprehensive loss	(23,233)	(19,170)	(40,067)	(28,720)
Comprehensive loss attributable to redeemable noncontrolling interests	115	148	202	221
Comprehensive loss attributable to noncontrolling interests	7,811	4,247	12,864	6,469
Comprehensive loss attributable to common stockholders	$ (15,307)	$ (14,775)	$ (27,001)	$ (22,030)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances at Dec. 31, 2022	$ 2,061	$ 1,898,510	$ (973,395)	$ 16,083	$ 250,608	$ 1,193,867
Balance at beginning of period (in shares) at Dec. 31, 2022	206,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes attributable to redeemable noncontrolling interests)			(24,754)		(6,827)	(31,581)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				2,724	358	3,082
Issuance of common stock	$ 95	83,716				83,811
Issuance of common stock (in shares)	9,488
Share-based compensation		150				150
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(2,637)				(2,637)
Trailing distribution fees		(1,296)	2,924		(3,970)	(2,342)
Redemptions of common stock	$ (107)	(93,212)				$ (93,319)
Redemptions of common stock (in shares)	(10,726)					(10,726)
Issuances of OP Units for DST Interests					84,725	$ 84,725
Other noncontrolling interests net distributions					(7)	(7)
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(38,715)		(10,397)	(49,112)
Redemption value allocation adjustment to redeemable noncontrolling interests		243				243
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)		(3,354)			(12,682)	(16,036)
Reallocation of stockholders' equity and noncontrolling interests		28,313		(842)	(27,471)
Ending Balances at Jun. 30, 2023	$ 2,049	1,910,433	(1,033,940)	17,965	274,337	1,170,844
Balance at end of period (in shares) at Jun. 30, 2023	204,870
Beginning Balances at Mar. 31, 2023	$ 2,075	1,904,054	(993,320)	10,628	238,306	1,161,743
Balance at beginning of period (in shares) at Mar. 31, 2023	207,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes attributable to redeemable noncontrolling interests)			(22,750)		(6,278)	(29,028)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				7,975	2,031	10,006
Issuance of common stock	$ 41	36,079				36,120
Issuance of common stock (in shares)	4,122
Share-based compensation		75				75
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,200)				(1,200)
Trailing distribution fees		(503)	1,463		(5,102)	(4,142)
Redemptions of common stock	$ (67)	(57,797)				(57,864)
Redemptions of common stock (in shares)	(6,700)
Issuances of OP Units for DST Interests					84,725	84,725
Other noncontrolling interests net distributions					(3)	(3)
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(19,333)		(5,318)	(24,651)
Redemption value allocation adjustment to redeemable noncontrolling interests		169				169
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)		(1,184)			(3,922)	(5,106)
Reallocation of stockholders' equity and noncontrolling interests		30,740		(638)	(30,102)
Ending Balances at Jun. 30, 2023	$ 2,049	1,910,433	(1,033,940)	17,965	274,337	1,170,844
Balance at end of period (in shares) at Jun. 30, 2023	204,870
Beginning Balances at Dec. 31, 2023	$ 1,972	1,895,789	(1,108,823)	6,359	316,119	1,111,416
Balance at beginning of period (in shares) at Dec. 31, 2023	197,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes attributable to redeemable noncontrolling interests)			(29,342)		(13,795)	(43,137)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				2,341	931	3,272
Issuance of common stock	$ 41	32,510				$ 32,551
Issuance of common stock (in shares)	4,098					4,100
Share-based compensation		150				$ 150
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(2,313)				(2,313)
Trailing distribution fees		879	2,571		(516)	2,934
Redemptions of common stock	$ (125)	(98,331)				$ (98,456)
Redemptions of common stock (in shares)	(12,540)					(12,540)
Issuances of OP Units for DST Interests					160,829	$ 160,829
Other noncontrolling interests net contributions					309	309
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(38,655)		(18,153)	(56,808)
Redemption value allocation adjustment to redeemable noncontrolling interests		278				278
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)					(20,405)	(20,405)
Reallocation of stockholders' equity and noncontrolling interests		56,277		(645)	(55,632)
Ending Balances at Jun. 30, 2024	$ 1,888	1,885,239	(1,174,249)	8,055	369,687	1,090,620
Balance at end of period (in shares) at Jun. 30, 2024	188,786
Beginning Balances at Mar. 31, 2024	$ 1,946	1,897,776	(1,142,075)	9,430	343,382	1,110,459
Balance at beginning of period (in shares) at Mar. 31, 2024	194,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes attributable to redeemable noncontrolling interests)			(14,341)		(7,318)	(21,659)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				(966)	(493)	(1,459)
Issuance of common stock	$ 20	16,077				16,097
Issuance of common stock (in shares)	2,069
Share-based compensation		75				75
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,046)				(1,046)
Trailing distribution fees		601	1,254		(1,360)	495
Redemptions of common stock	$ (78)	(60,029)				(60,107)
Redemptions of common stock (in shares)	(7,768)
Issuances of OP Units for DST Interests					88,795	88,795
Other noncontrolling interests net contributions					30	30
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(19,087)		(9,720)	(28,807)
Redemption value allocation adjustment to redeemable noncontrolling interests		78				78
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)					(12,331)	(12,331)
Reallocation of stockholders' equity and noncontrolling interests		31,707		(409)	(31,298)
Ending Balances at Jun. 30, 2024	$ 1,888	$ 1,885,239	$ (1,174,249)	$ 8,055	$ 369,687	$ 1,090,620
Balance at end of period (in shares) at Jun. 30, 2024	188,786

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Net loss attributable to redeemable noncontrolling interests	$ (108)	$ (226)	$ (219)	$ (244)
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	(7)	78	17	23
Distribution fees attributable to redeemable noncontrolling interest	145	$ 192	289	384
Redemptions attributable to redeemable noncontrolling interests	$ 1,000		$ 1,000	$ 0

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss	$ (43,356)	$ (31,825)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Real estate-related depreciation and amortization	71,704	67,055
Straight-line rent and amortization of above- and below-market leases	(5,292)	(3,481)
Gain on sale of real estate property	0	(36,884)
Unrealized loss on DST Program Loans	359
Valuation allowance on debt-related investment	0	3,780
(Income) loss from unconsolidated joint venture partnerships	(8,109)	2,649
(Gain) loss on extinguishment of debt and financing obligations, net	(1,100)	700
Provision for current expected credit losses	(602)	3,998
Amortization of deferred financing costs	4,569	3,578
(Decrease) increase in financing obligation liability appreciation	(69)	4,784
Unrealized gain on financing obligations	(4,741)
Unrealized loss on derivative instruments not designated as cash flow hedges		2,325
Paid-in-kind interest on investments in real estate debt and securities	(12,202)	(600)
Distributions of earnings from unconsolidated joint venture partnerships	2,175	1,559
Amortization of interest rate cap premiums	7,054	1,480
Other	(537)	(600)
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	12,859	4,167
Cash settlement of accrued performance participation allocation		(23,747)
Net cash provided by (used in) operating activities	22,712	(1,062)
Investing activities:
Real estate acquisitions	(229,493)	(48,122)
Capital expenditures	(29,491)	(23,187)
Proceeds from disposition of real estate property		53,735
Investments in debt-related investments	(20,321)	(14,850)
Principal collections on debt-related investments	6,191	0
Investments in unconsolidated joint venture partnerships	(36,357)	(7,910)
Investments in available-for-sale debt securities	(2,993)	(71,079)
Principal collections on available-for-sale debt securities	2,496
Other	(117)	2,089
Net cash used in investing activities	(310,085)	(109,324)
Financing activities:
Repayments of mortgage notes	(1,095)	(71,141)
Proceeds from line of credit	444,258	520,000
Repayments of line of credit	(271,000)	(403,000)
Redemptions of common stock	(98,456)	(93,319)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(35,795)	(28,968)
Proceeds from issuance of common stock	16,167	67,832
Proceeds from financing obligations, net	292,232	159,095
Offering costs for issuance of common stock and private placements	(8,643)	(8,091)
Cash payout of DST Interests	(3,217)
Redemption of noncontrolling interests	(20,405)	(16,036)
Redemption of redeemable noncontrolling interests	(1,954)
Debt issuance costs paid	(144)	(956)
Interest rate cap premiums		(15,046)
Other	309
Net cash provided by financing activities	312,257	110,370
Effect of exchange rate changes on cash, cash equivalents and restricted cash	24
Net increase (decrease) in cash, cash equivalents and restricted cash	24,908	(16)
Cash, cash equivalents and restricted cash, at beginning of period	19,666	17,186
Cash, cash equivalents and restricted cash, at end of period	$ 44,574	$ 17,170

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company,” “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. We are externally managed by Ares Commercial Real Estate Management LLC (the “Advisor”). The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 13, 2024 (“2023 Form 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and in the Middle East, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. As used herein, the term “commercial” refers to our industrial, retail and office properties or customers, as applicable. Reclassifications Certain items in our condensed consolidated statements of cash flows for the six months ended June 30, 2023 have been reclassified to conform to the 2024 presentation. 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 subsidiaries. During the three and six months ended June 30, 2024, we recorded $3.9 million of income tax expense on our condensed consolidated statements of operations related to the activities of our taxable REIT subsidiary associated with our DST Program (as defined below). Foreign Currency The U.S. dollar is the functional and reporting currency of the Company. All foreign currency asset and liability amounts are monetary assets and liabilities and therefore are remeasured into U.S. dollars based on the spot rate at the end of each period. We have executed borrowings in the same foreign currency as our foreign investments to protect against the foreign currency exchange rate risk inherent in transactions denominated in foreign currencies. As our foreign currency asset and liability amounts are associated with a foreign currency denominated investment in unconsolidated joint venture partnership, we have included all foreign currency unrealized gains and losses within income from investments in unconsolidated joint venture partnerships on the condensed consolidated statements of operations. Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 2024
INVESTMENTS IN REAL ESTATE PROPERTIES
INVESTMENTS IN REAL ESTATE PROPERTIES	2. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) June 30, 2024 December 31, 2023 Land ​ $ 781,158 ​ $ 754,149 Buildings and improvements ​ 3,694,823 ​ 3,505,921 Intangible lease assets ​ 334,793 ​ 330,291 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,824,411 ​ 4,603,998 Accumulated depreciation and amortization ​ (744,813) ​ (714,684) Net investment in real estate properties ​ $ 4,079,598 ​ $ 3,889,314 ​ Acquisitions During the six months ended June 30, 2024, we acquired 100% of the following properties through asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Property Type Acquisition Date Total Purchase Price (1) 2024 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Metro North IC ​ Industrial ​ 5/8/2024 ​ $ 54,485 CERU Boca Raton ​ Residential ​ 5/15/2024 ​ ​ 139,718 Sugar Land CC ​ Industrial ​ 6/28/2024 ​ ​ 35,903 Total 2024 acquisitions ​ $ 230,106 (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 2024 acquisitions. ​ During the six months ended June 30, 2024, we allocated the purchase price of our acquisitions to land, building and improvements and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended (in thousands) June 30, 2024 Land ​ $ 27,009 Building and improvements ​ 194,829 Intangible lease assets ​ 9,776 Above-market lease assets ​ 519 Below-market lease liabilities ​ (2,027) Total purchase price (1) ​ $ 230,106 (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 2024 acquisitions. ​ The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the six months ended June 30, 2024, as of the respective date of each acquisition, was 4.8 years. Dispositions During the six months ended June 30, 2024, we did not sell any properties. During the six months ended June 30, 2023, we sold one partial retail property for net proceeds of approximately $53.7 million and recorded a net gain on sale of $36.9 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of June 30, 2024 and December 31, 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 310,719 ​ $ (239,789) ​ $ 70,930 ​ $ 306,365 ​ $ (234,172) ​ $ 72,193 Above-market lease assets (1) ​ 24,074 ​ (20,629) ​ 3,445 ​ 23,926 ​ (20,525) ​ 3,401 Below-market lease liabilities ​ (74,444) ​ 37,541 ​ (36,903) ​ (73,556) ​ 36,477 ​ (37,079) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 1,982 ​ $ 674 ​ $ 3,564 ​ $ 1,742 Above-market lease amortization ​ (241) ​ (213) ​ (475) ​ (399) Below-market lease amortization ​ 1,176 ​ 1,124 ​ 2,203 ​ 2,138 Real estate-related depreciation and amortization: ​ ​ ​ ​ Depreciation expense ​ $ 30,773 ​ $ 27,081 ​ $ 60,618 ​ $ 53,498 Intangible lease asset amortization ​ 5,461 ​ 6,777 ​ 11,086 ​ 13,557 ​

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	6 Months Ended
	Jun. 30, 2024
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	3. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS We hold investments in unconsolidated joint venture partnerships that are accounted for under the equity method of accounting or the fair value option. We made our first investment in unconsolidated joint venture partnerships for which we have elected the fair value option during the first quarter of 2024. We account for these investments at fair value with the associated unrealized gains and losses recorded as a component of income from unconsolidated joint venture partnerships on our condensed consolidated statements of operations. The following table summarizes our investments in unconsolidated joint venture partnerships as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Joint Venture ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Partnerships as of ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ​ ​ June 30, ​ December 31, ​ June 30, ​ ​ December 31, ​ ​ June 30, ​ December 31, ($ in thousands) 2024 ​ 2023 2024 ​ ​ 2023 ​ ​ 2024 2023 Investments in unconsolidated joint venture partnerships, carried at cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential joint venture partnerships ​ 1 ​ 1 ​ 85.0 % ​ 85.0 % ​ $ 23,403 ​ $ 23,932 Net Lease joint venture partnerships ​ 3 ​ 3 ​ 50.0 % ​ 50.0 % ​ ​ 102,880 ​ ​ 104,232 Data Center joint venture partnerships ​ 2 ​ 2 ​ 10.0 % ​ 10.0 % ​ ​ 31,526 ​ ​ 24,977 Real Estate Debt joint venture partnerships (1) ​ 1 ​ 1 ​ 19.9 % ​ 19.9 % ​ ​ 666 ​ ​ 164 Total investments in unconsolidated joint venture partnerships, carried at cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 158,475 ​ ​ 153,305 Investments in unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial joint venture partnerships (1) ​ 1 ​ — ​ 27.4 % ​ N/A ​ ​ ​ 36,966 ​ ​ — Total investments in unconsolidated joint venture partnerships, carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,966 ​ ​ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 195,441 ​ $ 153,305 (1) Includes joint venture partnerships that invest in assets and properties in Europe. As of June 30, 2024, we had unfunded commitments of $206.3 million, in aggregate, related to our investments in unconsolidated joint venture partnerships. The following table summarizes income (loss) in unconsolidated joint venture partnerships for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Income (loss) from unconsolidated joint venture partnerships, carried at cost: ​ ​ ​ ​ ​ ​ ​ ​ Equity in income (loss) from unconsolidated joint venture partnerships ​ $ 2,844 ​ $ (203) ​ $ 4,046 ​ $ (2,649) Total income (loss) from unconsolidated joint venture partnerships, carried at cost ​ 2,844 ​ (203) ​ 4,046 ​ (2,649) Income (loss) from unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ Gain on investment ​ ​ 2,983 ​ ​ — ​ ​ 4,370 ​ ​ — Foreign currency gain (loss) on investment ​ ​ 19 ​ ​ — ​ ​ (463) ​ ​ — Total income from unconsolidated joint venture partnerships, carried at fair value ​ ​ 3,002 ​ ​ — ​ ​ 3,907 ​ ​ — Other foreign currency gain (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency (loss) gain on debt held in foreign currencies ​ ​ (49) ​ ​ — ​ ​ 132 ​ ​ — Foreign currency gain on remeasurement of cash and cash equivalents ​ ​ 30 ​ ​ — ​ ​ 24 ​ ​ — Total other foreign currency gain (loss) ​ ​ (19) ​ ​ — ​ ​ 156 ​ ​ — Total ​ $ 5,827 ​ $ (203) ​ $ 8,109 ​ $ (2,649) ​

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	6 Months Ended
	Jun. 30, 2024
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	4. INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES Debt-Related Investments The following table summarizes our debt-related investments as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans ​ $ 167,846 ​ $ 169,205 ​ ​ 10.1 % ​ 1.7 Mezzanine loans ​ ​ 99,927 ​ ​ 100,577 ​ ​ 11.4 ​ ​ 0.4 Total debt-related investments ​ $ 267,773 ​ $ 269,782 ​ ​ 10.6 % ​ 1.2 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 (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. Current Expected Credit Losses As of June 30, 2024, our reserve for current expected credit losses (“CECL Reserve”) for our debt-related investment portfolio was $1.4 million or 0.4% of our debt-related investment commitment balance of $326.8 million. As of June 30, 2024, the debt-related investment commitment balance was comprised of $269.8 million of funded commitments and $57.0 million of unfunded commitments with associated CECL Reserves of $1.1 million and $0.3 million, respectively. As of December 31, 2023, our CECL Reserve for our debt-related investment portfolio was $2.0 million or 0.6% of our debt-related investment commitment balance of $331.2 million. As of December 31, 2023, the debt-related investment commitment balance was 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 following table summarizes activity related to our CECL Reserve on funded commitments for the six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 1,327 ​ $ — Provision for current expected credit losses ​ ​ (206) ​ ​ 2,318 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 1,121 ​ $ 2,318 (1) The CECL Reserve related to funded commitments is included in investments in real estate debt and securities on the condensed consolidated balance sheets. The following table summarizes activity related to our CECL Reserve on unfunded commitments for the six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 670 ​ $ — Provision for current expected credit losses ​ ​ (396) ​ ​ 1,680 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 274 ​ $ 1,680 (1) The CECL Reserve related to unfunded commitments is included in other liabilities on the condensed consolidated balance sheets. During the six months ended June 30, 2024, we received $6.2 million of partial principal repayments on one mezzanine loan debt-related investment. There were no principal repayments on debt-related investments during the six months ended June 30, 2023. Available-for-Sale Debt Securities As of June 30, 2024 we had one preferred equity investment, one commercial real estate collateralized loan obligations (“CRE CLO” or multiple “CRE CLOs”) and one commercial mortgage-backed security (“CMBS”) designated as available-for-sale debt securities. As of December 31, 2023, we had one preferred equity investment and one CRE CLO designated as available-for-sale debt securities. As of June 30, 2024 and December 31, 2023, the weighted-average remaining term of our CRE CLOs and CMBS, which is based on the estimated fully extended maturity dates of the underlying loans of the debt security, was 3.0 years and 3.1 years, respectively, and the remaining term of our preferred equity investment was 2.6 years and 3.1 years, respectively. We had no unfunded commitments related to our preferred equity investment as of June 30, 2024 or December 31, 2023. There were no credit losses associated with our available-for-sale debt securities as of June 30, 2024 or December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unamortized Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs & CMBS ​ $ 15,415 ​ $ 15,336 ​ $ 79 ​ $ — ​ $ 82 ​ $ 15,418 Preferred equity ​ ​ 115,749 ​ ​ 115,029 ​ ​ — ​ ​ 720 ​ ​ — ​ ​ 115,029 Total debt securities ​ $ 131,164 ​ $ 130,365 ​ $ 79 ​ $ 720 ​ $ 82 ​ $ 130,447 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 (1) Includes unamortized loan origination fees received on debt securities. (2) Represents cumulative unrealized gain beginning from acquisition date.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2024
DEBT.
DEBT	5. DEBT A summary of our consolidated debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ June 30, ​ December 31, ​ ​ ​ June 30, ​ December 31, ($ in thousands) 2024 2023 Current Maturity Date 2024 2023 Line of credit (1) ​ 5.86 % 5.35 % November 2025 ​ $ 540,125 ​ $ 367,000 Term loan (2) 3.36 ​ 3.31 ​ November 2026 ​ ​ 400,000 ​ 400,000 Term loan (3) 4.31 ​ 4.26 ​ January 2027 ​ 400,000 400,000 Fixed-rate mortgage notes 4.46 ​ 4.46 ​ January 2027 - May 2031 ​ 595,096 596,191 Floating-rate mortgage notes (4) 5.25 ​ 5.25 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.66 % 4.43 % ​ $ 2,142,821 $ 1,970,791 Less: unamortized debt issuance costs ​ $ (14,457) $ (17,038) Add: unamortized mark-to-market adjustment on assumed debt ​ 6,848 7,367 Total debt, net ​ $ 2,135,212 $ 1,961,120 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 1,397,784 ​ $ 1,391,173 (1) The effective interest rate for our borrowings in U.S. dollars, which was $506.0 million as of June 30, 2024, 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. The effective interest rate for our borrowings in pound sterling, which was $34.1 million as of June 30, 2024 when converted to U.S. dollars, is calculated based on the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a 3.26 basis point adjustment, plus a margin ranging from 1.25% to 2.00% depending on our consolidated leverage ratio. As of June 30, 2024, the unused and available portions under the line of credit were approximately $359.9 million and $326.4 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 $200.0 million in borrowings under this term loan and interest rate cap agreements relating to $200.0 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 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 June 30, 2024. (5) The weighted-average remaining term of our consolidated borrowings was 2.6 years as of June 30, 2024, excluding the impact of certain extension options. For the three months ended June 30, 2024 and 2023, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $27.9 million and $20.6 million, respectively, including $3.7 million and $1.1 million, respectively, related to the amortization of our interest rate cap premiums. For the six months ended June 30, 2024 and 2023, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $54.1 million and $40.2 million, respectively, including $7.1 million and $1.5 million, respectively, related to the amortization of our interest rate cap premiums. See “Note 6” for the amount of interest incurred related to the DST Program (as defined below). ​ As of June 30, 2024, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2024 ​ $ — ​ $ — ​ $ 128,144 ​ $ 128,144 2025 ​ 540,125 ​ — ​ 2,646 ​ 542,771 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 ​ $ 540,125 ​ $ 800,000 ​ $ 802,696 ​ $ 2,142,821 (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 June 30, 2024. 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. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. During the next 12 months, we estimate that $11.0 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. For derivatives that are not designated and do not qualify as hedges, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount (1) ​ Other Assets Other Liabilities As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 9 ​ $ 550,000 ​ $ 9,832 ​ $ — Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 607,600 ​ ​ 18,734 ​ ​ ​ Total derivative instruments 17 ​ $ 1,157,600 ​ $ 28,566 ​ $ — 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 ​ $ — ​ (1) As of December 31, 2023, notional amount 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 replaced separate interest rate swap agreements with an aggregate $100.0 million of notional amount that expired at the end of January 2024. The following table presents the effect of our consolidated derivative instruments on our condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2024 2023 2024 2023 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 3,171 ​ $ 14,146 ​ $ 12,830 ​ $ 10,146 ​ Amount reclassified from AOCI as a decrease into interest expense ​ (4,575) ​ (4,038) ​ (9,465) ​ (7,094) ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 45,885 ​ 37,882 ​ 90,119 ​ 75,427 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Unrealized loss on derivative instruments recognized in other income (expenses) (1) ​ $ — ​ $ (1,101) ​ $ — ​ $ (2,325) ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ — ​ ​ 1,293 ​ ​ — ​ ​ 2,414 ​ (1) Unrealized loss 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	6 Months Ended
	Jun. 30, 2024
DST PROGRAM.
DST PROGRAM	6. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (“DST Interests”) in specific Delaware statutory trusts (each, a “DST,” or multiple “DSTs”) 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 DSTs by AREIT Operating Partnership LP (the “Operating Partnership”) In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests to potential investors. The following table summarizes our DST Program Loans as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Outstanding Principal ​ Unrealized Loss, Net (1) ​ Book Value ​ Interest Rate ​ Remaining Life (Years) As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 94,362 ​ $ N/A ​ $ 94,362 ​ ​ 5.3 % ​ 6.6 DST Program Loans, carried at fair value ​ ​ 27,230 ​ ​ (359) ​ ​ 26,871 ​ ​ 6.6 % ​ 9.8 Total ​ $ 121,592 ​ $ (359) ​ $ 121,233 ​ ​ 5.6 % ​ 7.3 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 (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 June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Interests ​ Unamortized ​ Total ​ Unrealized ​ Book (in thousands) ​ Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ Value As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,070,957 ​ $ (678) ​ $ — ​ $ N/A ​ $ 1,070,279 Financing obligations, carried at fair value ​ ​ 413,383 ​ ​ N/A ​ ​ N/A ​ ​ (5,673) ​ ​ 407,710 Total ​ $ 1,484,340 ​ $ (678) ​ $ — ​ $ (5,673) ​ $ 1,477,989 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 (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 three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) ​ ​ 2024 ​ ​ 2023 ​ ​ 2024 ​ ​ 2023 DST Interests sold ​ $ 174,027 ​ $ 91,712 ​ $ 321,324 ​ $ 193,507 DST Interests financed by DST Program Loans ​ ​ 7,316 ​ ​ 13,300 ​ ​ 19,477 ​ ​ 27,315 Income earned from DST Program Loans (1) ​ ​ 1,634 ​ ​ 1,249 ​ ​ 3,215 ​ ​ 2,266 Unrealized loss on DST Program Loans ​ ​ (359) ​ ​ — ​ ​ (359) ​ ​ — Unrealized gain on financing obligations ​ ​ 1,920 ​ ​ — ​ ​ 4,741 ​ ​ — Gain on extinguishment of financing obligations (2) ​ ​ 1,100 ​ ​ — ​ ​ 1,100 ​ ​ — Increase (decrease) in financing obligation liability appreciation (3) ​ ​ — ​ ​ 1,922 ​ ​ (69) ​ ​ 4,784 Rent obligation incurred under master lease agreements (3) ​ ​ 16,077 ​ ​ 14,351 ​ ​ 32,141 ​ ​ 27,934 (1) Included in other income and expenses on the condensed consolidated statements of operations. (2) Included in gain (loss) on extinguishment of debt and financing obligations, net on the condensed consolidated statements of operations and recorded upon extinguishment of our financing obligations in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure. (3) Included in interest expense on the condensed 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 partnership units (“OP Units”) in the Operating Partnership There was no cash paid in exchange for DST Interests during the six months ended June 30, 2023. Refer to “Note 11” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2024
FAIR VALUE.
FAIR VALUE	7. 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 as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 28,566 ​ $ — ​ $ 28,566 Investments in unconsolidated joint venture partnerships ​ ​ — ​ ​ — ​ ​ 36,966 ​ ​ 36,966 Available-for-sale debt securities ​ ​ — ​ ​ 15,418 ​ ​ 115,029 ​ ​ 130,447 DST Program Loans ​ ​ — ​ ​ — ​ ​ 26,871 ​ ​ 26,871 Total assets measured at fair value ​ $ — ​ $ 43,984 ​ $ 178,866 ​ $ 222,850 Liabilities: ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 407,710 ​ $ 407,710 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 407,710 ​ $ 407,710 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 ​ The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities: Derivative Instruments. Investments in Unconsolidated Joint Venture Partnerships. Available-for-Sale Debt Securities. In such cases, the initial value will generally be determined . Following the initial measurement, fair value is estimated by utilizing or reviewing certain of the following: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield, debt-service coverage and/or loan-to-value ratios, and (vii) borrower financial condition and performance. The inputs used in estimating the fair value of these preferred equity investments are generally considered Level 3. DST Program Loans. Financing Obligations. The following table presents our financial assets measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated Joint ​ Available-For-Sale ​ DST Program ​ ​ ​ (in thousands) ​ Venture Partnerships ​ Debt Securities ​ Loans ​ Total Balance as of December 31, 2023 ​ $ — ​ $ 107,392 ​ $ 7,753 ​ $ 115,145 Purchases and contributions ​ ​ 33,187 ​ ​ — ​ ​ 19,477 ​ ​ 52,664 Paid-in-kind interest ​ ​ — ​ ​ 7,498 ​ ​ — ​ ​ 7,498 Distributions received ​ ​ (128) ​ ​ — ​ ​ — ​ ​ (128) Gain (loss) on financial assets ​ ​ 4,370 ​ ​ — ​ ​ (359) ​ ​ 4,011 Foreign currency loss on investment ​ ​ (463) ​ ​ — ​ ​ — ​ ​ (463) Amortization of loan origination fees (1) ​ ​ — ​ ​ 139 ​ ​ — ​ ​ 139 Balance as of June 30, 2024 ​ $ 36,966 ​ $ 115,029 ​ $ 26,871 ​ $ 178,866 (1) Included in debt-related income on the condensed 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, 2023 ​ $ 102,045 DST Interests sold, net of upfront fees ​ ​ 310,406 Unrealized gain on financing obligations ​ ​ (4,741) Balance as of June 30, 2024 ​ $ 407,710 ​ The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Unobservable Impact to Valuation from (in thousands) ​ ​ Fair Value Technique Inputs an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in unconsolidated joint venture partnerships ​ $ 36,966 ​ Direct Capitalization ​ Capitalization Rate ​ ​ Decrease Available-for-sale debt securities (1) ​ ​ 115,029 ​ Yield Method ​ Market Yield ​ ​ Decrease DST Program Loans ​ ​ 26,871 ​ Yield Method ​ Market Yield ​ ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 407,710 ​ Discounted Cash Flow ​ Discount Rate ​ ​ Decrease (1) As of June 30, 2024, the market yield used in determining the fair value of our available-for sale debt security was 13.3% . 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 (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 June 30, 2024 and December 31, 2023, 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 June 30, 2024 ​ As of December 31, 2023 ​ Level in Fair ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value Hierarchy ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ 3 ​ $ 269,782 ​ $ 269,592 ​ $ 250,318 ​ $ 250,215 DST Program Loans (2) ​ 3 ​ 94,362 ​ 93,226 ​ 109,266 ​ 107,297 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 540,125 ​ $ 540,125 ​ $ 367,000 ​ $ 367,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 802,696 ​ 768,415 ​ 803,791 ​ 778,235 (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 condensed 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.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2024
EQUITY
EQUITY	8. EQUITY Securities Offerings We may conduct securities offerings that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. On May 3, 2022, the SEC declared our registration statement on Form S-11 with respect to our fourth public offering of up to $10.0 billion of shares of its common stock effective, and the fourth public offering commenced the same day. We ceased selling shares of our common stock under our third public offering of up to $3.0 billion of shares immediately upon the effectiveness of the registration statement for the fourth public offering. Under the fourth public offering, we offered up to $8.5 billion of shares of our common stock in the primary offering and are offering up to $1.5 billion of shares of our common stock pursuant to our distribution reinvestment plan, in any combination of Class T shares, Class S shares, Class D shares and Class I shares. On May 16, 2024, we announced our decision to close the fourth primary public offering effective July 2, 2024. We accepted subscriptions for primary shares in the public offering through the July 1, 2024 purchase date, and we expect to continue making monthly distributions and the distribution reinvestment plan offering, which investors can continue to elect to participate in. See Note 16 "Subsequent Events" for further information. Pursuant to our securities offerings, we have offered shares of our common stock at the “transaction price,” plus applicable upfront selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the six months ended June 30, 2024, we raised gross proceeds of approximately $32.6 million from the sale of approximately 4.1 million shares of our common stock in our securities offerings, including proceeds from our distribution reinvestment plan of approximately $16.4 million. Common Stock The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED JUNE 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2023 28,173 49,899 7,439 69,387 52,550 207,448 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,182 997 ​ 31 ​ 987 ​ — 3,197 Distribution reinvestment plan 139 232 ​ 37 ​ 339 ​ 178 925 Redemptions of common stock ​ (735) (1,378) ​ (189) ​ (2,717) ​ (1,681) ​ (6,700) Conversions (18) — ​ (91) ​ 109 ​ — — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 FOR THE THREE MONTHS ENDED JUNE 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2024 28,402 47,591 6,875 64,462 47,155 194,485 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 235 245 13 529 — 1,022 Distribution reinvestment plan 165 278 41 378 185 1,047 Redemptions of common stock ​ (597) ​ (1,501) ​ (438) ​ (3,364) ​ (1,868) ​ (7,768) Conversions (12) (94) — 106 — — Balance as of June 30, 2024 28,193 46,519 6,491 62,111 45,472 188,786 FOR THE SIX MONTHS ENDED JUNE 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 2,507 1,969 76 3,104 — 7,656 Distribution reinvestment plan 273 459 77 670 ​ 353 1,832 Redemptions of common stock (804) ​ (1,939) ​ (429) ​ (5,274) ​ (2,280) (10,726) Conversions ​ (119) ​ 24 ​ (368) ​ 463 ​ — ​ — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 FOR THE SIX MONTHS ENDED JUNE 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2023 28,432 48,145 6,930 65,511 48,210 197,228 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 496 495 50 982 — 2,023 Distribution reinvestment plan 325 548 82 749 371 2,075 Redemptions of common stock (972) (2,512) (556) (5,391) (3,109) (12,540) Conversions ​ (88) ​ (157) ​ (15) ​ 260 ​ — ​ — Balance as of June 30, 2024 28,193 46,519 6,491 62,111 45,472 188,786 ​ 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) 2024 ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.10000 ​ $ 10,013 ​ $ 8,577 ​ $ 8,238 ​ $ 1,317 ​ $ 28,145 June 30 ​ 0.10000 ​ 9,787 ​ 9,865 ​ 8,046 ​ 1,254 ​ 28,952 Total ​ $ 0.20000 ​ $ 19,800 ​ $ 18,442 ​ $ 16,284 ​ $ 2,571 ​ $ 57,097 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 (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. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the six months ended June 30, 2024 and 2023. 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 make exceptions to, modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ (in thousands, except for per share data) 2024 2023 ​ ​ Number of shares redeemed or repurchased ​ 12,540 ​ 10,726 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 98,456 ​ $ 93,319 ​ ​ Average redemption or repurchase price per share ​ $ 7.85 ​ $ 8.70 ​ ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2024
REDEEMABLE NONCONTROLLING INTERESTS
REDEEMABLE NONCONTROLLING INTERESTS	9. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Black Creek Diversified Property Advisors Group LLC (the “Former Sponsor”) as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to that certain advisory agreement by and among the Company, the Operating Partnership, and the Advisor (the “Advisory Agreement”). The Advisor and Former Sponsor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the condensed consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. As of June 30, 2024 and December 31, 2023, we had redeemable OP Units outstanding of 1.3 million and 1.4 million, respectively. The following table summarizes the redeemable noncontrolling interests activity for the six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 11,746 ​ $ 18,130 ​ Distributions to redeemable noncontrolling interests ​ ​ (289) ​ ​ (384) ​ Redemptions of redeemable noncontrolling interests ​ ​ (1,000) ​ ​ — ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (219) ​ ​ (244) ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 17 ​ ​ 23 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (1) ​ ​ (278) ​ ​ (243) ​ Ending balance ​ $ 9,977 ​ $ 17,282 ​ (1) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2024
NONCONTROLLING INTERESTS.
NONCONTROLLING INTERESTS	10. NONCONTROLLING INTERESTS OP Units The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders): ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) 2024 2023 Balance at beginning of period 78,737 ​ 55,079 Issuance of units 20,296 9,845 Redemption of units (2,611) ​ (1,831) Balance at end of period ​ 96,422 ​ 63,093 ​ 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 six months ended June 30, 2024 and 2023, the aggregate amount of OP Units redeemed was $20.4 million and $16.0 million, respectively. The estimated maximum redemption value of the aggregate outstanding OP Units issued to third-party investors as of June 30, 2024 and December 31, 2023 was $733.7 million and $641.1 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our securities offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ Payable as of ​ (in thousands) 2024 2023 2024 2023 June 30, 2024 December 31, 2023 ​ Selling commissions and dealer manager fees (1) ​ $ 81 ​ $ 448 ​ $ 182 ​ $ 960 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,289 ​ ​ 2,190 ​ ​ 4,575 ​ ​ 4,344 ​ ​ 743 ​ ​ 804 ​ Advisory fees—fixed component ​ ​ 9,966 ​ ​ 9,623 ​ ​ 19,938 ​ ​ 19,161 ​ ​ 3,339 ​ ​ 3,281 ​ Other fees and expense reimbursements—Advisor (3)(4) ​ 3,058 ​ 3,749 ​ 6,741 ​ 6,855 ​ 4,573 ​ 3,909 ​ Other expense reimbursements—Dealer Manager ​ 58 ​ 160 ​ 98 ​ 160 ​ 486 ​ 84 ​ Property accounting fee (5) ​ ​ 478 ​ ​ 481 ​ ​ 955 ​ ​ 970 ​ ​ 159 ​ ​ 170 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 3,364 ​ 2,072 ​ 5,715 ​ 4,743 ​ 394 ​ 308 ​ Other DST Program related costs—Advisor (4) ​ 2,999 ​ 1,627 ​ 5,251 ​ 3,558 ​ 177 ​ 171 ​ Total ​ $ 22,293 ​ $ 20,350 ​ $ 43,455 ​ $ 40,751 ​ $ 9,871 ​ $ 8,727 ​ (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 were approximately $63.7 million and $66.7 million as of June 30, 2024 and December 31, 2023, respectively. (3) 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 5, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers and employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. Amounts incurred related to these compensation expenses for the three months ended June 30, 2024 and 2023 were approximately $2.7 million and $3.5 million, respectively. Amounts incurred related to these compensation expenses for the six months ended June 30, 2024 and 2023 were approximately $6.1 million and $6.3 million, respectively. No reimbursement is made for compensation of our named executive officers unless the named executive officer is providing stockholder services, as outlined in the Advisory Agreement. Performance Participation Allocation 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 either June 30, 2024 or 2023, therefore no performance participation allocation expense was recognized in our condensed consolidated statements of operations for the six months ended June 30, 2024 and 2023. Renewal of Advisory Agreement Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor previously entered into that certain Second Amended and Restated Advisory Agreement (2023), effective June 3, 2023 (the “Amended Advisory Agreement”). The term of the Amended Advisory Agreement continued through April 30, 2024, subject to renewal for an unlimited number of one-year periods. Effective as of April 30, 2024, Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor renewed the Amended Advisory Agreement through April 30, 2025 by entering into the Amended and Restated Advisory Agreement (2024) (the “2024 Advisory Agreement”). The terms of the 2024 Advisory Agreement are substantially the same as the terms of the prior version of the agreement. In addition to the renewal, the 2024 Advisory Agreement amends the Amended Advisory Agreement by clarifying that the property accounting services provided by the Advisor do not include financial systems and software and consultants related thereto, and that the Advisor may be reimbursed for expenses related to such financial systems and software and consultants related thereto ​

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	6 Months Ended
	Jun. 30, 2024
NET INCOME (LOSS) PER COMMON SHARE
NET INCOME (LOSS) PER COMMON SHARE	12. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ (in thousands, except per share data) 2024 2023 2024 2023 ​ Net loss attributable to common stockholders—basic ​ $ (14,341) ​ $ (22,750) ​ $ (29,342) ​ $ (24,754) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (108) ​ ​ (226) ​ ​ (219) ​ ​ (244) ​ Net loss attributable to noncontrolling interests ​ (7,318) ​ (6,278) ​ (13,795) ​ (6,827) ​ Net loss attributable to common stockholders—diluted ​ $ (21,767) ​ $ (29,254) ​ $ (43,356) ​ $ (31,825) ​ Weighted-average shares outstanding—basic ​ 190,855 ​ 206,214 ​ 193,267 ​ 206,493 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 98,667 ​ 58,749 ​ 92,180 ​ 57,482 ​ Weighted-average shares outstanding—diluted ​ 289,522 ​ 264,963 ​ 285,447 ​ 263,975 ​ Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.08) ​ $ (0.11) ​ $ (0.15) ​ $ (0.12) ​ Diluted ​ $ (0.08) ​ $ (0.11) ​ $ (0.15) ​ $ (0.12) ​ ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2024
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 16,382 ​ $ 15,979 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (2,934) ​ ​ 2,342 Increase in DST Program Loans receivable through DST Program capital raising ​ 19,477 ​ 27,315 Issuances of OP Units for DST Interests ​ 160,829 ​ 84,725 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ (in thousands) 2024 2023 ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 15,052 ​ $ 13,336 ​ Restricted cash ​ 4,614 ​ 3,850 ​ Cash, cash equivalents and restricted cash ​ $ 19,666 ​ $ 17,186 ​ End of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 37,922 ​ $ 12,905 ​ Restricted cash ​ 6,652 ​ 4,265 ​ Cash, cash equivalents and restricted cash ​ $ 44,574 ​ $ 17,170 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we and our subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2024, we and our subsidiaries were not involved in any material legal proceedings. Environmental Matters A majority of the properties we acquire have been or will be subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of land. We have acquired or may in the future acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of June 30, 2024. Unfunded Commitments As of June 30, 2024, we had unfunded commitments of $263.3 million to fund various investments in real estate debt and securities and investments in unconsolidated joint venture partnerships.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2024
SEGMENT FINANCIAL INFORMATION
SEGMENT FINANCIAL INFORMATION	15. SEGMENT FINANCIAL INFORMATION Our six reportable segments are residential properties, industrial properties, retail properties, office 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 June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) June 30, 2024 ​ December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Residential properties ​ $ 1,790,096 ​ $ 1,658,945 Industrial properties ​ 1,429,255 ​ 1,353,331 Retail properties ​ 506,498 ​ 509,307 Office properties ​ ​ 368,944 ​ ​ 373,467 Other properties (1) ​ ​ 54,226 ​ ​ 55,130 Investments in real estate debt and securities ​ ​ 398,220 ​ ​ 370,176 Corporate ​ 385,740 ​ 319,050 Total assets ​ $ 4,932,979 ​ $ 4,639,406 (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 three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2024 2023 2024 2023 Net loss attributable to common stockholders ​ $ (14,341) ​ $ (22,750) ​ $ (29,342) ​ $ (24,754) Real estate-related depreciation and amortization ​ 36,234 ​ 33,858 ​ 71,704 ​ 67,055 General and administrative expenses ​ 3,206 ​ 2,973 ​ 6,543 ​ 6,017 Advisory fees ​ 9,966 ​ 9,623 ​ 19,938 ​ 19,161 Acquisition costs and reimbursements ​ 1,445 ​ 1,849 ​ 3,488 ​ 3,018 Valuation allowance on debt-related investment ​ — ​ 1,260 ​ — ​ 3,780 (Income) loss from unconsolidated joint venture partnerships ​ ​ (5,827) ​ ​ 203 ​ ​ (8,109) ​ ​ 2,649 Interest expense ​ 45,885 ​ 37,882 ​ 90,119 ​ 75,427 Gain on sale of real estate property ​ — ​ — ​ — ​ (36,884) Unrealized loss on DST Program Loans ​ ​ 359 ​ — ​ 359 ​ — Unrealized gain on financing obligations ​ ​ (1,920) ​ ​ — ​ ​ (4,741) ​ ​ — (Gain) loss on extinguishment of debt and financing obligations, net ​ (1,100) ​ — ​ (1,100) ​ 700 Gain on derivative instruments ​ ​ — ​ ​ (192) ​ ​ — ​ ​ (89) Provision for current expected credit losses ​ ​ (469) ​ ​ (1,632) ​ ​ (602) ​ ​ 3,998 Other income and expenses ​ ​ (1,321) ​ ​ (1,016) ​ ​ (2,610) ​ ​ (2,032) Income tax expense ​ ​ 3,938 ​ ​ — ​ ​ 3,938 ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (108) ​ ​ (226) ​ ​ (219) ​ ​ (244) Net loss attributable to noncontrolling interests ​ (7,318) ​ (6,278) ​ (13,795) ​ (6,827) Net operating income ​ $ 68,629 ​ $ 55,554 ​ $ 135,571 ​ $ 110,975 ​ The following table sets forth consolidated financial results by segment for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt and ​ (in thousands) Residential Industrial Retail Office Properties Securities Consolidated For the Three Months Ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 34,417 ​ $ 28,012 ​ $ 15,073 ​ $ 12,167 ​ $ 918 ​ $ — ​ $ 90,587 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,237 ​ ​ 12,237 Rental expenses ​ (17,602) ​ (7,250) ​ (3,616) ​ (5,305) ​ (422) ​ — ​ (34,195) Net operating income ​ $ 16,815 ​ $ 20,762 ​ $ 11,457 ​ $ 6,862 ​ $ 496 ​ $ 12,237 ​ $ 68,629 Real estate-related depreciation and amortization ​ $ 12,424 ​ $ 15,225 ​ $ 3,920 ​ $ 4,141 ​ $ 524 ​ $ — ​ $ 36,234 For the Three Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 28,823 ​ $ 21,092 ​ $ 14,288 ​ $ 13,001 ​ $ — ​ $ — ​ $ 77,204 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,189 ​ ​ 7,189 Rental expenses ​ ​ (14,070) ​ (4,552) ​ (3,775) ​ (6,442) ​ — ​ — ​ ​ (28,839) Net operating income ​ $ 14,753 ​ $ 16,540 ​ $ 10,513 ​ $ 6,559 ​ $ — ​ $ 7,189 ​ $ 55,554 Real estate-related depreciation and amortization ​ $ 9,950 ​ $ 15,662 ​ $ 4,043 ​ $ 4,203 ​ $ — ​ $ — ​ $ 33,858 For the Six Months Ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 67,502 ​ $ 54,467 ​ $ 30,542 ​ $ 24,361 ​ $ 1,846 ​ $ — ​ $ 178,718 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 23,548 ​ ​ 23,548 Rental expenses ​ ​ (33,274) ​ ​ (13,420) ​ ​ (7,568) ​ ​ (11,660) ​ ​ (773) ​ ​ — ​ ​ (66,695) Net operating income ​ $ 34,228 ​ $ 41,047 ​ $ 22,974 ​ $ 12,701 ​ $ 1,073 ​ $ 23,548 ​ $ 135,571 Real estate-related depreciation and amortization ​ $ 24,605 ​ $ 30,067 ​ $ 7,878 ​ $ 8,108 ​ $ 1,046 ​ $ — ​ $ 71,704 For the Six Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 57,671 ​ $ 42,337 ​ $ 28,806 ​ $ 26,350 ​ $ — ​ $ — ​ $ 155,164 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,950 ​ ​ 12,950 Rental expenses ​ (27,260) ​ (9,448) ​ (7,359) ​ (13,072) ​ — ​ — ​ (57,139) Net operating income ​ $ 30,411 ​ $ 32,889 ​ $ 21,447 ​ $ 13,278 ​ $ — ​ $ 12,950 ​ $ 110,975 Real estate-related depreciation and amortization ​ $ 19,439 ​ $ 31,372 ​ $ 8,078 ​ $ 8,166 ​ $ — ​ $ — ​ $ 67,055 ​ 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Issuance of OP Units On July 1, 2024, 35.1 million OP Units were issued in exchange for DST Interests for a net investment of $266.8 million in accordance with our UPREIT structure. In addition, we paid $0.7 million in cash in exchange for DST Interests. The net carrying value of the related financing obligation liability and DST Program Loans was $288.2 million as of the date the OP Units were issued. Close of Primary Public Offering and Launch of Private Placement On July 2, 2024, we closed the offering of primary shares to new investors pursuant to our fourth public offering. We are continuing to offer shares in our fourth public offering to existing investors pursuant to our distribution reinvestment plan. On August 2, 2024, we initiated a private offering exempt from registration under the Securities Act of 1933, as amended (the “Private Offering”). Dealer Manager Agreement In connection with the Private Offering, on August 2, 2024, we and our Dealer Manager entered into a dealer manager agreement (the “Dealer Manager Agreement”) under which Class S-PR Common Shares, Class D-PR Common Shares and Class I-PR Common Shares in the Company (each as defined below) will be sold through the Dealer Manager. Under the Dealer Manager Agreement, the Company will pay certain fees to the Dealer Manager, including upfront selling commissions, dealer manager fees and distribution fees, the amount of which will vary by share class. The Dealer Manager and Company have also agreed to provide indemnification as set forth in the Dealer Manager Agreement. Any party may terminate the Dealer Manager Agreement upon 60 days’ written notice. Second Amended and Restated Advisory Agreement (2024) The Company, the Operating Partnership and the Advisor previously entered into that certain Amended and Restated Advisory Agreement (2024), effective as of April 30, 2024 and effective through April 30, 2025 (the “2024 Advisory Agreement”). On August 2, 2024, the Company, the Operating Partnership and the Advisor amended and restated the 2024 Advisory Agreement by entering into the Second Amended and Restated Advisory Agreement (2024) (the “Amended Advisory Agreement”). The Amended Advisory Agreement amends the 2024 Advisory Agreement to make immaterial changes regarding the Private Offering and related matters. Thirteenth Amended and Restated Limited Partnership Agreement On August 2, 2024, we 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 Thirteenth Amended and Restated Limited Partnership Agreement (the “Amended OP Agreement”). The Amended OP Agreement reflects revised classes of limited partnership units that correspond to the revisions to our share classes described below and other immaterial changes regarding the Private Offering and related matters. Amendments to Charter On July 31, 2024, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (“SDAT”) to reflect that the board of directors of the Company, by duly adopted resolutions, (i) redesignated 500,000,000 shares of Class I common stock, $0.01 par value per share (the “Class I Common Shares”) (including all of such shares issued and outstanding immediately prior to the time of acceptance of the Articles of Amendment for record by the SDAT on July 31, 2024 (the “Effective Time”)) as a series of Class I Common Shares named Class I-R common stock (the “Class I-R Common Shares”), (ii) redesignated 100,000,000 shares of Class D common stock, $0.01 par value per share (the “Class D Common Shares”) (including all of such shares issued and outstanding immediately prior to the Effective Time) as a series of Class D Common Shares named Class D-R common stock (the “Class D-R Common Shares”) and redesignated 400,000,000 Class D Common Shares as a series of Class D Common Shares named Class D-PR common stock (the “Class D-PR Common Shares”), (iii) redesignated 100,000,000 shares of Class T common stock, $0.01 par value per share (the “Class T Common Shares”) (including all of such shares issued and outstanding immediately prior to the Effective Time) as a series of Class T Common Shares named Class T-R common stock (the “Class T-R Common Shares”) and redesignated 400,000,000 Class T Common Shares as a series of Class I Common Shares named Class I-PR common stock (the “Class I-PR Common Shares”), (iv) redesignated 100,000,000 shares of Class S common stock, $0.01 par value per share (the “Class S Common Shares”) (including all of such shares issued and outstanding immediately prior to the Effective Time) as a series of Class S Common Shares named Class S-R common stock (the “Class S-R Common Shares”) and redesignated 400,000,000 Class S Common Shares as a series of Class S Common Shares named Class S-PR common stock (the “Class S-PR Common Shares”) and (v) redesignated 100,000,000 shares of Class E common stock, $0.01 par value per share (the “Class E Common Shares”) as Class I-R Common Shares and redesignated 300,000,000 Class E Common Shares as Class I-PR Common Shares. The common shares designated by the Articles of Amendment as Class D-R Common Shares include all Class D Common Shares which were issued and outstanding immediately prior to the Effective Time. The common shares designated by the Articles of Amendment as Class E Common Shares include all Class E Common Shares which were issued and outstanding immediately prior to the Effective Time. The common shares designated by the Articles of Amendment as Class I-R Common Shares include all Class I Common Shares which were issued and outstanding immediately prior to the Effective Time. The common shares designated by the Articles of Amendment as Class S-R Common Shares include all Class S Common Shares which were issued and outstanding immediately prior to the Effective Time. The common shares designated by the Articles of Amendment as Class T-R Common Shares include all Class T Common Shares which were issued and outstanding immediately prior to the Effective Time. The Articles of Amendment also revised the definitions within the Company’s charter commensurate with the changes to the authorized and designated shares of the Company. Immediately following the filing of the Articles of Amendment, the Company filed with SDAT Articles Supplementary (the “Articles Supplementary”) to its charter, pursuant to which the Company’s board of directors, by duly adopted resolutions, set forth the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, or terms or conditions of redemption for the Class D-PR Common Shares, Class S-PR Common Shares and Class I-PR Common Shares. Following the filing of the Articles of Amendment and Articles Supplementary, the Company filed with SDAT Second Articles of Restatement (the “Second Articles of Restatement”) pursuant to which the Company restated its charter, compiling all prior amendments and supplements. The Second Articles of Restatement did not amend, alter modify the charter. Share Redemption Program Amendment Our board of directors amended our share redemption program by adopting the Fourth Amended and Restated Share Redemption Program (the “Amended SRP”) primarily to reflect our revised share class names and designations, including the addition of Class S-PR, D-PR and I-PR Common Shares. The Amended SRP also clarifies that (i) shares redeemed on a repurchase date remain outstanding on the repurchase date and are no longer outstanding on the day following the redemption date and (ii) for purposes of measuring redemption capacity under the Amended SRP, (a) proceeds from new subscriptions are included in capital inflows on the first day of the next month because that is the first day on which such stockholders have rights in the Company and (b) redemption requests received in a month are included in capital outflows on the last day of such month because that is the last day stockholders have rights in the Company. Furthermore, the Amended SRP reflects that we may, in addition to other circumstances, waive the Early Repurchase Deduction (as defined in the Amended SRP) with respect to redemption requests submitted by discretionary model portfolio management programs (and similar arrangements) or with respect to redemption requests submitted by feeder vehicles (or similar vehicles) primarily created to hold shares of our common stock, which are offered to non-U.S. persons, where such vehicles seek to avoid imposing such a deduction because of administrative or systems limitations. Other immaterial changes were also made in the Amended SRP. Distribution Reinvestment Plan Amendment Our board of directors amended our distribution reinvestment plan by adopting the Sixth Amended and Restated Distribution Reinvestment Plan (the “Amended DRP”) to reflect that shares distributed by the Company in connection with the Amended DRP will be offered and sold by us in an offering registered under the Securities Act of 1933, as amended, or pursuant to an applicable exemption from such registration requirements. The Amended DRP also removes provisions pertaining to the Company’s distribution of shares that were purchased in a secondary market or a national stock exchange. Other immaterial changes were also made to the Amended DRP. Net Asset Value Calculation and Valuation Procedures and Multiple Class Plan Amendments We amended our Net Asset Value Calculation and Valuation Procedures and our board of directors amended our Multiple Class Plan in order to make immaterial updates primarily related to our revised share class names and designations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,341)	$ (22,750)	$ (29,342)	$ (24,754)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2024
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) June 30, 2024 December 31, 2023 Land ​ $ 781,158 ​ $ 754,149 Buildings and improvements ​ 3,694,823 ​ 3,505,921 Intangible lease assets ​ 334,793 ​ 330,291 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 4,824,411 ​ 4,603,998 Accumulated depreciation and amortization ​ (744,813) ​ (714,684) Net investment in real estate properties ​ $ 4,079,598 ​ $ 3,889,314
Schedule of Asset Acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Property Type Acquisition Date Total Purchase Price (1) 2024 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Metro North IC ​ Industrial ​ 5/8/2024 ​ $ 54,485 CERU Boca Raton ​ Residential ​ 5/15/2024 ​ ​ 139,718 Sugar Land CC ​ Industrial ​ 6/28/2024 ​ ​ 35,903 Total 2024 acquisitions ​ $ 230,106 (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 2024 acquisitions.
Allocation of Purchase Price Allocations	​ ​ ​ ​ ​ ​ ​ For the Six Months Ended (in thousands) June 30, 2024 Land ​ $ 27,009 Building and improvements ​ 194,829 Intangible lease assets ​ 9,776 Above-market lease assets ​ 519 Below-market lease liabilities ​ (2,027) Total purchase price (1) ​ $ 230,106 (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 2024 acquisitions.
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of June 30, 2024 and December 31, 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 310,719 ​ $ (239,789) ​ $ 70,930 ​ $ 306,365 ​ $ (234,172) ​ $ 72,193 Above-market lease assets (1) ​ 24,074 ​ (20,629) ​ 3,445 ​ 23,926 ​ (20,525) ​ 3,401 Below-market lease liabilities ​ (74,444) ​ 37,541 ​ (36,903) ​ (73,556) ​ 36,477 ​ (37,079) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets.
Schedule of Rental Revenue and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 1,982 ​ $ 674 ​ $ 3,564 ​ $ 1,742 Above-market lease amortization ​ (241) ​ (213) ​ (475) ​ (399) Below-market lease amortization ​ 1,176 ​ 1,124 ​ 2,203 ​ 2,138 Real estate-related depreciation and amortization: ​ ​ ​ ​ Depreciation expense ​ $ 30,773 ​ $ 27,081 ​ $ 60,618 ​ $ 53,498 Intangible lease asset amortization ​ 5,461 ​ 6,777 ​ 11,086 ​ 13,557 ​

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	6 Months Ended
	Jun. 30, 2024
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Schedule of Equity Method Investments	The following table summarizes our investments in unconsolidated joint venture partnerships as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Joint Venture ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Partnerships as of ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ​ ​ June 30, ​ December 31, ​ June 30, ​ ​ December 31, ​ ​ June 30, ​ December 31, ($ in thousands) 2024 ​ 2023 2024 ​ ​ 2023 ​ ​ 2024 2023 Investments in unconsolidated joint venture partnerships, carried at cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential joint venture partnerships ​ 1 ​ 1 ​ 85.0 % ​ 85.0 % ​ $ 23,403 ​ $ 23,932 Net Lease joint venture partnerships ​ 3 ​ 3 ​ 50.0 % ​ 50.0 % ​ ​ 102,880 ​ ​ 104,232 Data Center joint venture partnerships ​ 2 ​ 2 ​ 10.0 % ​ 10.0 % ​ ​ 31,526 ​ ​ 24,977 Real Estate Debt joint venture partnerships (1) ​ 1 ​ 1 ​ 19.9 % ​ 19.9 % ​ ​ 666 ​ ​ 164 Total investments in unconsolidated joint venture partnerships, carried at cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 158,475 ​ ​ 153,305 Investments in unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial joint venture partnerships (1) ​ 1 ​ — ​ 27.4 % ​ N/A ​ ​ ​ 36,966 ​ ​ — Total investments in unconsolidated joint venture partnerships, carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,966 ​ ​ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 195,441 ​ $ 153,305 (1) Includes joint venture partnerships that invest in assets and properties in Europe. The following table summarizes income (loss) in unconsolidated joint venture partnerships for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Income (loss) from unconsolidated joint venture partnerships, carried at cost: ​ ​ ​ ​ ​ ​ ​ ​ Equity in income (loss) from unconsolidated joint venture partnerships ​ $ 2,844 ​ $ (203) ​ $ 4,046 ​ $ (2,649) Total income (loss) from unconsolidated joint venture partnerships, carried at cost ​ 2,844 ​ (203) ​ 4,046 ​ (2,649) Income (loss) from unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ Gain on investment ​ ​ 2,983 ​ ​ — ​ ​ 4,370 ​ ​ — Foreign currency gain (loss) on investment ​ ​ 19 ​ ​ — ​ ​ (463) ​ ​ — Total income from unconsolidated joint venture partnerships, carried at fair value ​ ​ 3,002 ​ ​ — ​ ​ 3,907 ​ ​ — Other foreign currency gain (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency (loss) gain on debt held in foreign currencies ​ ​ (49) ​ ​ — ​ ​ 132 ​ ​ — Foreign currency gain on remeasurement of cash and cash equivalents ​ ​ 30 ​ ​ — ​ ​ 24 ​ ​ — Total other foreign currency gain (loss) ​ ​ (19) ​ ​ — ​ ​ 156 ​ ​ — Total ​ $ 5,827 ​ $ (203) ​ $ 8,109 ​ $ (2,649) ​

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2024
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
Summary of Debt Related Investments	The following table summarizes our debt-related investments as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans ​ $ 167,846 ​ $ 169,205 ​ ​ 10.1 % ​ 1.7 Mezzanine loans ​ ​ 99,927 ​ ​ 100,577 ​ ​ 11.4 ​ ​ 0.4 Total debt-related investments ​ $ 267,773 ​ $ 269,782 ​ ​ 10.6 % ​ 1.2 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 (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.
Summary of Expected Credit Losses	The following table summarizes activity related to our CECL Reserve on funded commitments for the six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 1,327 ​ $ — Provision for current expected credit losses ​ ​ (206) ​ ​ 2,318 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 1,121 ​ $ 2,318 (1) The CECL Reserve related to funded commitments is included in investments in real estate debt and securities on the condensed consolidated balance sheets. The following table summarizes activity related to our CECL Reserve on unfunded commitments for the six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 670 ​ $ — Provision for current expected credit losses ​ ​ (396) ​ ​ 1,680 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 274 ​ $ 1,680 (1) The CECL Reserve related to unfunded commitments is included in other liabilities on the condensed consolidated balance sheets.
Summary of Available-for-Sale Debt Securities	The following table summarizes our investments in available-for-sale debt securities as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unamortized Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs & CMBS ​ $ 15,415 ​ $ 15,336 ​ $ 79 ​ $ — ​ $ 82 ​ $ 15,418 Preferred equity ​ ​ 115,749 ​ ​ 115,029 ​ ​ — ​ ​ 720 ​ ​ — ​ ​ 115,029 Total debt securities ​ $ 131,164 ​ $ 130,365 ​ $ 79 ​ $ 720 ​ $ 82 ​ $ 130,447 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 (1) Includes unamortized loan origination fees received on debt securities. (2) Represents cumulative unrealized gain beginning from acquisition date.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
DEBT.
Schedule of Debt	A summary of our consolidated debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ June 30, ​ December 31, ​ ​ ​ June 30, ​ December 31, ($ in thousands) 2024 2023 Current Maturity Date 2024 2023 Line of credit (1) ​ 5.86 % 5.35 % November 2025 ​ $ 540,125 ​ $ 367,000 Term loan (2) 3.36 ​ 3.31 ​ November 2026 ​ ​ 400,000 ​ 400,000 Term loan (3) 4.31 ​ 4.26 ​ January 2027 ​ 400,000 400,000 Fixed-rate mortgage notes 4.46 ​ 4.46 ​ January 2027 - May 2031 ​ 595,096 596,191 Floating-rate mortgage notes (4) 5.25 ​ 5.25 ​ October 2024 - October 2026 ​ 207,600 207,600 Total principal amount / weighted-average (5) 4.66 % 4.43 % ​ $ 2,142,821 $ 1,970,791 Less: unamortized debt issuance costs ​ $ (14,457) $ (17,038) Add: unamortized mark-to-market adjustment on assumed debt ​ 6,848 7,367 Total debt, net ​ $ 2,135,212 $ 1,961,120 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 1,397,784 ​ $ 1,391,173 (1) The effective interest rate for our borrowings in U.S. dollars, which was $506.0 million as of June 30, 2024, 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. The effective interest rate for our borrowings in pound sterling, which was $34.1 million as of June 30, 2024 when converted to U.S. dollars, is calculated based on the Sterling Overnight Index Average Reference Rate (“SONIA”) plus a 3.26 basis point adjustment, plus a margin ranging from 1.25% to 2.00% depending on our consolidated leverage ratio. As of June 30, 2024, the unused and available portions under the line of credit were approximately $359.9 million and $326.4 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 $200.0 million in borrowings under this term loan and interest rate cap agreements relating to $200.0 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 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 June 30, 2024. (5) The weighted-average remaining term of our consolidated borrowings was 2.6 years as of June 30, 2024, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of June 30, 2024, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2024 ​ $ — ​ $ — ​ $ 128,144 ​ $ 128,144 2025 ​ 540,125 ​ — ​ 2,646 ​ 542,771 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 ​ $ 540,125 ​ $ 800,000 ​ $ 802,696 ​ $ 2,142,821 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. (2) A $127.0 million mortgage note matures in October 2024 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. A $115.0 million mortgage note matures in January 2027 and may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Fair Value ($ in thousands) Contracts Notional Amount (1) ​ Other Assets Other Liabilities As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 9 ​ $ 550,000 ​ $ 9,832 ​ $ — Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 607,600 ​ ​ 18,734 ​ ​ ​ Total derivative instruments 17 ​ $ 1,157,600 ​ $ 28,566 ​ $ — 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 ​ $ — ​ (1) As of December 31, 2023, notional amount 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 replaced separate interest rate swap agreements with an aggregate $100.0 million of notional amount that expired 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 condensed consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands) 2024 2023 2024 2023 ​ Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 3,171 ​ $ 14,146 ​ $ 12,830 ​ $ 10,146 ​ Amount reclassified from AOCI as a decrease into interest expense ​ (4,575) ​ (4,038) ​ (9,465) ​ (7,094) ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 45,885 ​ 37,882 ​ 90,119 ​ 75,427 ​ Derivative instruments not designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Unrealized loss on derivative instruments recognized in other income (expenses) (1) ​ $ — ​ $ (1,101) ​ $ — ​ $ (2,325) ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ — ​ ​ 1,293 ​ ​ — ​ ​ 2,414 ​ (1) Unrealized loss 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)	6 Months Ended
	Jun. 30, 2024
DST PROGRAM.
Schedule of DST Program Loans	The following table summarizes our DST Program Loans as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Outstanding Principal ​ Unrealized Loss, Net (1) ​ Book Value ​ Interest Rate ​ Remaining Life (Years) As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 94,362 ​ $ N/A ​ $ 94,362 ​ ​ 5.3 % ​ 6.6 DST Program Loans, carried at fair value ​ ​ 27,230 ​ ​ (359) ​ ​ 26,871 ​ ​ 6.6 % ​ 9.8 Total ​ $ 121,592 ​ $ (359) ​ $ 121,233 ​ ​ 5.6 % ​ 7.3 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 (1) Represents cumulative unrealized gain or loss on DST Program Loans carried at fair value.
Schedule of Financing Obligations	The following table summarizes our financing obligations, net as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Interests ​ Unamortized ​ Total ​ Unrealized ​ Book (in thousands) ​ Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ Value As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,070,957 ​ $ (678) ​ $ — ​ $ N/A ​ $ 1,070,279 Financing obligations, carried at fair value ​ ​ 413,383 ​ ​ N/A ​ ​ N/A ​ ​ (5,673) ​ ​ 407,710 Total ​ $ 1,484,340 ​ $ (678) ​ $ — ​ $ (5,673) ​ $ 1,477,989 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 (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	The following table presents our DST Program activity for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) ​ ​ 2024 ​ ​ 2023 ​ ​ 2024 ​ ​ 2023 DST Interests sold ​ $ 174,027 ​ $ 91,712 ​ $ 321,324 ​ $ 193,507 DST Interests financed by DST Program Loans ​ ​ 7,316 ​ ​ 13,300 ​ ​ 19,477 ​ ​ 27,315 Income earned from DST Program Loans (1) ​ ​ 1,634 ​ ​ 1,249 ​ ​ 3,215 ​ ​ 2,266 Unrealized loss on DST Program Loans ​ ​ (359) ​ ​ — ​ ​ (359) ​ ​ — Unrealized gain on financing obligations ​ ​ 1,920 ​ ​ — ​ ​ 4,741 ​ ​ — Gain on extinguishment of financing obligations (2) ​ ​ 1,100 ​ ​ — ​ ​ 1,100 ​ ​ — Increase (decrease) in financing obligation liability appreciation (3) ​ ​ — ​ ​ 1,922 ​ ​ (69) ​ ​ 4,784 Rent obligation incurred under master lease agreements (3) ​ ​ 16,077 ​ ​ 14,351 ​ ​ 32,141 ​ ​ 27,934 (1) Included in other income and expenses on the condensed consolidated statements of operations. (2) Included in gain (loss) on extinguishment of debt and financing obligations, net on the condensed consolidated statements of operations and recorded upon extinguishment of our financing obligations in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure. (3) Included in interest expense on the condensed consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2024
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 as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 28,566 ​ $ — ​ $ 28,566 Investments in unconsolidated joint venture partnerships ​ ​ — ​ ​ — ​ ​ 36,966 ​ ​ 36,966 Available-for-sale debt securities ​ ​ — ​ ​ 15,418 ​ ​ 115,029 ​ ​ 130,447 DST Program Loans ​ ​ — ​ ​ — ​ ​ 26,871 ​ ​ 26,871 Total assets measured at fair value ​ $ — ​ $ 43,984 ​ $ 178,866 ​ $ 222,850 Liabilities: ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 407,710 ​ $ 407,710 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 407,710 ​ $ 407,710 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
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unconsolidated Joint ​ Available-For-Sale ​ DST Program ​ ​ ​ (in thousands) ​ Venture Partnerships ​ Debt Securities ​ Loans ​ Total Balance as of December 31, 2023 ​ $ — ​ $ 107,392 ​ $ 7,753 ​ $ 115,145 Purchases and contributions ​ ​ 33,187 ​ ​ — ​ ​ 19,477 ​ ​ 52,664 Paid-in-kind interest ​ ​ — ​ ​ 7,498 ​ ​ — ​ ​ 7,498 Distributions received ​ ​ (128) ​ ​ — ​ ​ — ​ ​ (128) Gain (loss) on financial assets ​ ​ 4,370 ​ ​ — ​ ​ (359) ​ ​ 4,011 Foreign currency loss on investment ​ ​ (463) ​ ​ — ​ ​ — ​ ​ (463) Amortization of loan origination fees (1) ​ ​ — ​ ​ 139 ​ ​ — ​ ​ 139 Balance as of June 30, 2024 ​ $ 36,966 ​ $ 115,029 ​ $ 26,871 ​ $ 178,866 (1) Included in debt-related income on the condensed 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, 2023 ​ $ 102,045 DST Interests sold, net of upfront fees ​ ​ 310,406 Unrealized gain on financing obligations ​ ​ (4,741) Balance as of June 30, 2024 ​ $ 407,710
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 June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Unobservable Impact to Valuation from (in thousands) ​ ​ Fair Value Technique Inputs an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in unconsolidated joint venture partnerships ​ $ 36,966 ​ Direct Capitalization ​ Capitalization Rate ​ ​ Decrease Available-for-sale debt securities (1) ​ ​ 115,029 ​ Yield Method ​ Market Yield ​ ​ Decrease DST Program Loans ​ ​ 26,871 ​ Yield Method ​ Market Yield ​ ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 407,710 ​ Discounted Cash Flow ​ Discount Rate ​ ​ Decrease (1) As of June 30, 2024, the market yield used in determining the fair value of our available-for sale debt security was 13.3% . 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 (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	The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ As of December 31, 2023 ​ Level in Fair ​ Carrying Fair ​ Carrying Fair (in thousands) ​ Value Hierarchy ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ 3 ​ $ 269,782 ​ $ 269,592 ​ $ 250,318 ​ $ 250,215 DST Program Loans (2) ​ 3 ​ 94,362 ​ 93,226 ​ 109,266 ​ 107,297 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 540,125 ​ $ 540,125 ​ $ 367,000 ​ $ 367,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 802,696 ​ 768,415 ​ 803,791 ​ 778,235 (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 condensed consolidated balance sheets.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
EQUITY
Summary of Changes for Each Class of Common Stock	The following table describes the changes in each class of common shares during the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class S Class D Class I Class E Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED JUNE 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2023 28,173 49,899 7,439 69,387 52,550 207,448 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 1,182 997 ​ 31 ​ 987 ​ — 3,197 Distribution reinvestment plan 139 232 ​ 37 ​ 339 ​ 178 925 Redemptions of common stock ​ (735) (1,378) ​ (189) ​ (2,717) ​ (1,681) ​ (6,700) Conversions (18) — ​ (91) ​ 109 ​ — — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 FOR THE THREE MONTHS ENDED JUNE 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2024 28,402 47,591 6,875 64,462 47,155 194,485 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares 235 245 13 529 — 1,022 Distribution reinvestment plan 165 278 41 378 185 1,047 Redemptions of common stock ​ (597) ​ (1,501) ​ (438) ​ (3,364) ​ (1,868) ​ (7,768) Conversions (12) (94) — 106 — — Balance as of June 30, 2024 28,193 46,519 6,491 62,111 45,472 188,786 FOR THE SIX MONTHS ENDED JUNE 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 26,884 49,237 7,871 69,142 52,974 206,108 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 2,507 1,969 76 3,104 — 7,656 Distribution reinvestment plan 273 459 77 670 ​ 353 1,832 Redemptions of common stock (804) ​ (1,939) ​ (429) ​ (5,274) ​ (2,280) (10,726) Conversions ​ (119) ​ 24 ​ (368) ​ 463 ​ — ​ — Balance as of June 30, 2023 28,741 49,750 7,227 68,105 51,047 204,870 FOR THE SIX MONTHS ENDED JUNE 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2023 28,432 48,145 6,930 65,511 48,210 197,228 Issuance of common stock: ​ ​ ​ ​ ​ Primary shares 496 495 50 982 — 2,023 Distribution reinvestment plan 325 548 82 749 371 2,075 Redemptions of common stock (972) (2,512) (556) (5,391) (3,109) (12,540) Conversions ​ (88) ​ (157) ​ (15) ​ 260 ​ — ​ — Balance as of June 30, 2024 28,193 46,519 6,491 62,111 45,472 188,786
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) 2024 ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.10000 ​ $ 10,013 ​ $ 8,577 ​ $ 8,238 ​ $ 1,317 ​ $ 28,145 June 30 ​ 0.10000 ​ 9,787 ​ 9,865 ​ 8,046 ​ 1,254 ​ 28,952 Total ​ $ 0.20000 ​ $ 19,800 ​ $ 18,442 ​ $ 16,284 ​ $ 2,571 ​ $ 57,097 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 (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.
Summary of Redemptions and Repurchases Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the six months ended June 30, 2024 and 2023. 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 make exceptions to, modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ (in thousands, except for per share data) 2024 2023 ​ ​ Number of shares redeemed or repurchased ​ 12,540 ​ 10,726 ​ ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 98,456 ​ $ 93,319 ​ ​ Average redemption or repurchase price per share ​ $ 7.85 ​ $ 8.70 ​ ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2024
REDEEMABLE NONCONTROLLING INTERESTS
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 11,746 ​ $ 18,130 ​ Distributions to redeemable noncontrolling interests ​ ​ (289) ​ ​ (384) ​ Redemptions of redeemable noncontrolling interests ​ ​ (1,000) ​ ​ — ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (219) ​ ​ (244) ​ Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 17 ​ ​ 23 ​ Redemption value allocation adjustment to redeemable noncontrolling interests (1) ​ ​ (278) ​ ​ (243) ​ Ending balance ​ $ 9,977 ​ $ 17,282 ​ (1) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value, at the end of the measurement period.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended June 30, (in thousands) 2024 2023 Balance at beginning of period 78,737 ​ 55,079 Issuance of units 20,296 9,845 Redemption of units (2,611) ​ (1,831) Balance at end of period ​ 96,422 ​ 63,093

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2024
RELATED PARTY TRANSACTIONS
Schedule Fees and Expenses to the Advisor and Its Affiliates	The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our securities offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ Payable as of ​ (in thousands) 2024 2023 2024 2023 June 30, 2024 December 31, 2023 ​ Selling commissions and dealer manager fees (1) ​ $ 81 ​ $ 448 ​ $ 182 ​ $ 960 ​ $ — ​ $ — ​ Ongoing distribution fees (1)(2) ​ ​ 2,289 ​ ​ 2,190 ​ ​ 4,575 ​ ​ 4,344 ​ ​ 743 ​ ​ 804 ​ Advisory fees—fixed component ​ ​ 9,966 ​ ​ 9,623 ​ ​ 19,938 ​ ​ 19,161 ​ ​ 3,339 ​ ​ 3,281 ​ Other fees and expense reimbursements—Advisor (3)(4) ​ 3,058 ​ 3,749 ​ 6,741 ​ 6,855 ​ 4,573 ​ 3,909 ​ Other expense reimbursements—Dealer Manager ​ 58 ​ 160 ​ 98 ​ 160 ​ 486 ​ 84 ​ Property accounting fee (5) ​ ​ 478 ​ ​ 481 ​ ​ 955 ​ ​ 970 ​ ​ 159 ​ ​ 170 ​ DST Program selling commissions, dealer manager and distribution fees (1) ​ 3,364 ​ 2,072 ​ 5,715 ​ 4,743 ​ 394 ​ 308 ​ Other DST Program related costs—Advisor (4) ​ 2,999 ​ 1,627 ​ 5,251 ​ 3,558 ​ 177 ​ 171 ​ Total ​ $ 22,293 ​ $ 20,350 ​ $ 43,455 ​ $ 40,751 ​ $ 9,871 ​ $ 8,727 ​ (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 were approximately $63.7 million and $66.7 million as of June 30, 2024 and December 31, 2023, respectively. (3) 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 5, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
NET INCOME (LOSS) PER COMMON SHARE
Schedule of Numerator and Denominator Used to Calculate Basic and Diluted Net Income (Loss) Per Common Share	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ (in thousands, except per share data) 2024 2023 2024 2023 ​ Net loss attributable to common stockholders—basic ​ $ (14,341) ​ $ (22,750) ​ $ (29,342) ​ $ (24,754) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (108) ​ ​ (226) ​ ​ (219) ​ ​ (244) ​ Net loss attributable to noncontrolling interests ​ (7,318) ​ (6,278) ​ (13,795) ​ (6,827) ​ Net loss attributable to common stockholders—diluted ​ $ (21,767) ​ $ (29,254) ​ $ (43,356) ​ $ (31,825) ​ Weighted-average shares outstanding—basic ​ 190,855 ​ 206,214 ​ 193,267 ​ 206,493 ​ Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 98,667 ​ 58,749 ​ 92,180 ​ 57,482 ​ Weighted-average shares outstanding—diluted ​ 289,522 ​ 264,963 ​ 285,447 ​ 263,975 ​ Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ Basic ​ $ (0.08) ​ $ (0.11) ​ $ (0.15) ​ $ (0.12) ​ Diluted ​ $ (0.08) ​ $ (0.11) ​ $ (0.15) ​ $ (0.12) ​ ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of Supplemental Cash Flow Information and Disclosure Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) ​ 2024 ​ 2023 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 16,382 ​ $ 15,979 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (2,934) ​ ​ 2,342 Increase in DST Program Loans receivable through DST Program capital raising ​ 19,477 ​ 27,315 Issuances of OP Units for DST Interests ​ 160,829 ​ 84,725
Schedule of Cash, Cash Equivalents and Restricted Cash	Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ (in thousands) 2024 2023 ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 15,052 ​ $ 13,336 ​ Restricted cash ​ 4,614 ​ 3,850 ​ Cash, cash equivalents and restricted cash ​ $ 19,666 ​ $ 17,186 ​ End of period: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 37,922 ​ $ 12,905 ​ Restricted cash ​ 6,652 ​ 4,265 ​ Cash, cash equivalents and restricted cash ​ $ 44,574 ​ $ 17,170 ​ ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
SEGMENT FINANCIAL INFORMATION
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by segment as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) June 30, 2024 ​ December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Residential properties ​ $ 1,790,096 ​ $ 1,658,945 Industrial properties ​ 1,429,255 ​ 1,353,331 Retail properties ​ 506,498 ​ 509,307 Office properties ​ ​ 368,944 ​ ​ 373,467 Other properties (1) ​ ​ 54,226 ​ ​ 55,130 Investments in real estate debt and securities ​ ​ 398,220 ​ ​ 370,176 Corporate ​ 385,740 ​ 319,050 Total assets ​ $ 4,932,979 ​ $ 4,639,406 (1) Includes self-storage properties.
Summary of Reconciliation of Net Operating Income to Reported Net Income (Loss)	The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2024 2023 2024 2023 Net loss attributable to common stockholders ​ $ (14,341) ​ $ (22,750) ​ $ (29,342) ​ $ (24,754) Real estate-related depreciation and amortization ​ 36,234 ​ 33,858 ​ 71,704 ​ 67,055 General and administrative expenses ​ 3,206 ​ 2,973 ​ 6,543 ​ 6,017 Advisory fees ​ 9,966 ​ 9,623 ​ 19,938 ​ 19,161 Acquisition costs and reimbursements ​ 1,445 ​ 1,849 ​ 3,488 ​ 3,018 Valuation allowance on debt-related investment ​ — ​ 1,260 ​ — ​ 3,780 (Income) loss from unconsolidated joint venture partnerships ​ ​ (5,827) ​ ​ 203 ​ ​ (8,109) ​ ​ 2,649 Interest expense ​ 45,885 ​ 37,882 ​ 90,119 ​ 75,427 Gain on sale of real estate property ​ — ​ — ​ — ​ (36,884) Unrealized loss on DST Program Loans ​ ​ 359 ​ — ​ 359 ​ — Unrealized gain on financing obligations ​ ​ (1,920) ​ ​ — ​ ​ (4,741) ​ ​ — (Gain) loss on extinguishment of debt and financing obligations, net ​ (1,100) ​ — ​ (1,100) ​ 700 Gain on derivative instruments ​ ​ — ​ ​ (192) ​ ​ — ​ ​ (89) Provision for current expected credit losses ​ ​ (469) ​ ​ (1,632) ​ ​ (602) ​ ​ 3,998 Other income and expenses ​ ​ (1,321) ​ ​ (1,016) ​ ​ (2,610) ​ ​ (2,032) Income tax expense ​ ​ 3,938 ​ ​ — ​ ​ 3,938 ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (108) ​ ​ (226) ​ ​ (219) ​ ​ (244) Net loss attributable to noncontrolling interests ​ (7,318) ​ (6,278) ​ (13,795) ​ (6,827) Net operating income ​ $ 68,629 ​ $ 55,554 ​ $ 135,571 ​ $ 110,975
Summary of Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the three and six months ended June 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt and ​ (in thousands) Residential Industrial Retail Office Properties Securities Consolidated For the Three Months Ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 34,417 ​ $ 28,012 ​ $ 15,073 ​ $ 12,167 ​ $ 918 ​ $ — ​ $ 90,587 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,237 ​ ​ 12,237 Rental expenses ​ (17,602) ​ (7,250) ​ (3,616) ​ (5,305) ​ (422) ​ — ​ (34,195) Net operating income ​ $ 16,815 ​ $ 20,762 ​ $ 11,457 ​ $ 6,862 ​ $ 496 ​ $ 12,237 ​ $ 68,629 Real estate-related depreciation and amortization ​ $ 12,424 ​ $ 15,225 ​ $ 3,920 ​ $ 4,141 ​ $ 524 ​ $ — ​ $ 36,234 For the Three Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 28,823 ​ $ 21,092 ​ $ 14,288 ​ $ 13,001 ​ $ — ​ $ — ​ $ 77,204 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,189 ​ ​ 7,189 Rental expenses ​ ​ (14,070) ​ (4,552) ​ (3,775) ​ (6,442) ​ — ​ — ​ ​ (28,839) Net operating income ​ $ 14,753 ​ $ 16,540 ​ $ 10,513 ​ $ 6,559 ​ $ — ​ $ 7,189 ​ $ 55,554 Real estate-related depreciation and amortization ​ $ 9,950 ​ $ 15,662 ​ $ 4,043 ​ $ 4,203 ​ $ — ​ $ — ​ $ 33,858 For the Six Months Ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 67,502 ​ $ 54,467 ​ $ 30,542 ​ $ 24,361 ​ $ 1,846 ​ $ — ​ $ 178,718 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 23,548 ​ ​ 23,548 Rental expenses ​ ​ (33,274) ​ ​ (13,420) ​ ​ (7,568) ​ ​ (11,660) ​ ​ (773) ​ ​ — ​ ​ (66,695) Net operating income ​ $ 34,228 ​ $ 41,047 ​ $ 22,974 ​ $ 12,701 ​ $ 1,073 ​ $ 23,548 ​ $ 135,571 Real estate-related depreciation and amortization ​ $ 24,605 ​ $ 30,067 ​ $ 7,878 ​ $ 8,108 ​ $ 1,046 ​ $ — ​ $ 71,704 For the Six Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 57,671 ​ $ 42,337 ​ $ 28,806 ​ $ 26,350 ​ $ — ​ $ — ​ $ 155,164 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,950 ​ ​ 12,950 Rental expenses ​ (27,260) ​ (9,448) ​ (7,359) ​ (13,072) ​ — ​ — ​ (57,139) Net operating income ​ $ 30,411 ​ $ 32,889 ​ $ 21,447 ​ $ 13,278 ​ $ — ​ $ 12,950 ​ $ 110,975 Real estate-related depreciation and amortization ​ $ 19,439 ​ $ 31,372 ​ $ 8,078 ​ $ 8,166 ​ $ — ​ $ — ​ $ 67,055

BASIS OF PRESENTATION (Income T

BASIS OF PRESENTATION (Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
BASIS OF PRESENTATION
Income tax expense	$ 3,938	$ 3,938

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
INVESTMENTS IN REAL ESTATE PROPERTIES
Land	$ 781,158	$ 754,149
Buildings and improvements	3,694,823	3,505,921
Intangible lease assets	334,793	330,291
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	$ 4,824,411	$ 4,603,998
Accumulated depreciation and amortization	(744,813)	(714,684)
Net investment in real estate properties	$ 4,079,598	$ 3,889,314

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Asset Acquisition [Line Items]
Total acquisitions	$ 230,106
Asset Acquisition, Percentage Acquired	100%
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 9 months 18 days
Metro North IC
Asset Acquisition [Line Items]
Total acquisitions	$ 54,485
CERU Boca Raton
Asset Acquisition [Line Items]
Total acquisitions	139,718
Sugar Land CC
Asset Acquisition [Line Items]
Total acquisitions	35,903
Asset Acquisition
Asset Acquisition [Line Items]
Debt Instrument, Fair Value Disclosure	$ 0

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation of Acquisitions) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Real Estate [Line Items]
Land	$ 27,009
Building and improvements	194,829
Intangible lease assets	9,776
Above-market lease assets	519
Below-market lease liabilities	(2,027)
Total purchase price	230,106
Asset Acquisition
Real Estate [Line Items]
Debt assumed at fair value	$ 0

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Dispositions) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property | $				$ 53,735
Gain on sale of real estate property | $	$ 0	$ 0	$ 0	$ 36,884
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties | property	0		0
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of real estate properties | property		1		1

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 334,793	$ 330,291
Gross, Liabilities	(74,444)	(73,556)
Accumulated Amortization, Liabilities	37,541	36,477
Net, Liabilities	(36,903)	(37,079)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	310,719	306,365
Accumulated Amortization, Assets	(239,789)	(234,172)
Net, Assets	70,930	72,193
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	24,074	23,926
Accumulated Amortization, Assets	(20,629)	(20,525)
Net, Assets	$ 3,445	$ 3,401

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 1,982	$ 674	$ 3,564	$ 1,742
Depreciation expense	30,773	27,081	60,618	53,498
Intangible lease asset amortization	5,461	6,777	11,086	13,557
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(241)	(213)	(475)	(399)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 1,176	$ 1,124	$ 2,203	$ 2,138

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated joint venture partnerships, carried at fair value	$ 36,966	$ 0
Total	195,441	153,305
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated joint venture partnerships, carried at cost	158,475	153,305
Total investments in unconsolidated joint venture partnerships, carried at fair value	36,966
Total	195,441	$ 153,305
Unfunded Capital commitment	$ 206,300
Residential joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | item	1	1
Ownership percentage	85%	85%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 23,403	$ 23,932
Net Lease joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | item	3	3
Ownership percentage	50%	50%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 102,880	$ 104,232
Data Center joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | item	2	2
Ownership percentage	10%	10%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 31,526	$ 24,977
Real Estate Debt joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | item	1	1
Ownership percentage	19.90%	19.90%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 666	$ 164
Industrial joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | item	1
Ownership percentage	27.40%
Total investments in unconsolidated joint venture partnerships, carried at fair value	$ 36,966

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Income (Loss) in Unconsolidated Joint Venture Partnerships) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other foreign currency gain (loss):
Total	$ 5,827	$ (203)	$ 8,109	$ (2,649)
Unconsolidated Joint Venture Partnerships
Income (loss) from unconsolidated joint venture partnerships, carried at cost:
Total income (loss) from unconsolidated joint venture partnerships, carried at cost	2,844	(203)	4,046	(2,649)
Income (loss) from unconsolidated joint venture partnerships, carried at fair value:
Gain on investment	2,983		4,370
Foreign currency gain (loss) on investment	19		(463)
Total income from unconsolidated joint venture partnerships, carried at fair value	3,002		3,907
Other foreign currency gain (loss):
Foreign currency (loss) gain on debt held in foreign currencies	(49)		132
Foreign currency gain on remeasurement of cash and cash equivalents	30		24
Total other foreign currency gain (loss)	(19)		156
Total	$ 5,827	$ (203)	$ 8,109	$ (2,649)

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Investments) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) contract	Dec. 31, 2023 USD ($)
Marketable Securities [Line Items]
Carrying Amount	$ 267,773	$ 247,801
Outstanding Principal	$ 269,782	$ 250,318
Weighted-Average Interest Rate	10.60%	10.50%
Weighted-Average Remaining Life (Years)	1 year 2 months 12 days	1 year 7 months 6 days
Senior loans
Marketable Securities [Line Items]
Carrying Amount	$ 167,846	$ 141,737
Outstanding Principal	$ 169,205	$ 143,550
Weighted-Average Interest Rate	10.10%	9.80%
Weighted-Average Remaining Life (Years)	1 year 8 months 12 days	2 years 2 months 12 days
Mezzanine loans
Marketable Securities [Line Items]
Carrying Amount	$ 99,927	$ 106,064
Outstanding Principal	$ 100,577	$ 106,768
Weighted-Average Interest Rate	11.40%	11.40%
Weighted-Average Remaining Life (Years)	4 months 24 days	10 months 24 days
Number of contracts | contract	1

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Current Expected Credit Losses) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) contract	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	$ 1,400		$ 1,400		$ 2,000
Percentage of CECL Reserve to debt related investment commitment	0.40%		0.40%		0.60%
Held to Maturity debt related Investments	$ 326,800		$ 326,800		$ 331,200
Funded Commitment Balance	269,800		269,800		250,300
Unfunded Commitment Balance	57,000		57,000		80,900
Funded Commitments Related to Allowance	1,100		1,100		1,300
Unfunded Commitments Related to Allowance	300		300		700
Collection of principal repayments			6,191	$ 0
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the year			2,000
Provision for current expected credit losses	(469)	$ (1,632)	(602)	3,998
Ending balance	1,400		1,400
Mezzanine loans
Marketable Securities [Line Items]
Collection of principal repayments			$ 6,200
Number of contracts | contract			1
Funded Loan Commitments
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	1,121	2,318	$ 1,121	2,318	1,327
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the year			1,327
Provision for current expected credit losses			(206)	2,318
Ending balance	1,121	2,318	1,121	2,318
Unfunded Loan Commitments
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	274	1,680	274	1,680	$ 670
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the year			670
Provision for current expected credit losses			(396)	1,680
Ending balance	$ 274	$ 1,680	$ 274	$ 1,680

INVESTMENTS IN REAL ESTATE DE_5

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summary of Available for Sale Debt Securities) (Details) $ in Thousands	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 131,164	$ 123,160
Amortized Cost	130,365	122,217
Unamortized Discount	79	85
Unamortized Fees	720	858
Unrealized Gain, Net	82	158
Available-for-sale debt securities	130,447	122,375
Credit loss	0	0
Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Face Amount	115,749	108,250
Amortized Cost	115,029	107,392
Unamortized Fees	720	858
Available-for-sale debt securities	$ 115,029	$ 107,392
Number of available for sale debt securities | security	1	1
Available-For-Sale, Debt Related Investment Unfunded Commitment	$ 0	$ 0
CRE CLOs & CMBS
Debt Securities, Available-for-Sale [Line Items]
Face Amount	15,415	14,910
Amortized Cost	15,336	14,825
Unamortized Discount	79	85
Unrealized Gain, Net	82	158
Available-for-sale debt securities	$ 15,418	$ 14,983
CRE CLO
Debt Securities, Available-for-Sale [Line Items]
Number of available for sale debt securities | security	1	1
CMBS
Debt Securities, Available-for-Sale [Line Items]
Number of available for sale debt securities | security	1
Weighted Average | Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	2 years 7 months 6 days	3 years 1 month 6 days
Weighted Average | CRE CLO
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years	3 years 1 month 6 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.66%		4.66%		4.43%
Total borrowings	$ 2,142,821		$ 2,142,821		$ 1,970,791
Less: unamortized debt issuance costs	(14,457)		(14,457)		(17,038)
Add: unamortized mark-to-market adjustment on assumed debt	6,848		6,848		7,367
Total debt, net	2,135,212		2,135,212		1,961,120
Gross book value of properties encumbered by debt	1,397,784		1,397,784		$ 1,391,173
Interest expense	27,900	$ 20,600	54,100	$ 40,200
Amortization of interest rate cap premiums	$ 3,700	$ 1,100	$ 7,054	$ 1,480
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)			2 years 7 months 6 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.86%		5.86%		5.35%
Total borrowings	$ 540,125		$ 540,125		$ 367,000
Current borrowing capacity	359,900		359,900
Available portions under the line of credit	326,400		$ 326,400
Line of Credit | SOFR
Debt Instrument [Line Items]
Borrowings spread rate adjustment			11.448%
Line of Credit | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.25%
Line of Credit | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			2%
Line of Credit | SONIA
Debt Instrument [Line Items]
Borrowings spread rate adjustment			3.26%
Line of Credit | SONIA | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.25%
Line of Credit | SONIA | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			2%
Line of Credit | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	150,000		$ 150,000
Line of Credit | U.S.dollars
Debt Instrument [Line Items]
Total borrowings	506,000		506,000
Line of Credit | Pound sterling
Debt Instrument [Line Items]
Total borrowings	34,100		34,100
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 800,000		$ 800,000
Term Loan (Maturity Date November 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.36%		3.36%		3.31%
Total borrowings	$ 400,000		$ 400,000		$ 400,000
Maximum borrowing capacity	400,000		$ 400,000
Term Loan (Maturity Date November 2026) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.20%
Term Loan (Maturity Date November 2026) | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.90%
Term Loan (Maturity Date November 2026) | Interest rate swaps
Debt Instrument [Line Items]
Total borrowings	200,000		$ 200,000
Term Loan (Maturity Date November 2026) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 200,000		$ 200,000
Term Loan (Maturity Date January 2027)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.31%		4.31%		4.26%
Total borrowings	$ 400,000		$ 400,000		$ 400,000
Maximum borrowing capacity	400,000		$ 400,000
Term Loan (Maturity Date January 2027) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.20%
Term Loan (Maturity Date January 2027) | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.90%
Term Loan (Maturity Date January 2027) | Interest rate swaps
Debt Instrument [Line Items]
Total borrowings	350,000		$ 350,000
Term Loan (Maturity Date January 2027) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 50,000		$ 50,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.46%		4.46%		4.46%
Total borrowings	$ 595,096		$ 595,096		$ 596,191
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.25%		5.25%		5.25%
Total borrowings	$ 207,600		$ 207,600		$ 207,600
Floating-Rate Mortgage Notes | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			1.55%
Floating-Rate Mortgage Notes | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate			2.50%
Floating-Rate Mortgage Notes | Interest rate caps | SOFR | Minimum
Debt Instrument [Line Items]
Floating rate	5.61%		5.61%
Floating-Rate Mortgage Notes | Interest rate caps | SOFR | Maximum
Debt Instrument [Line Items]
Floating rate	4.66%		4.66%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 128,144
2025	542,771
2026	485,396
2027	577,034
2028	90,477
Thereafter	318,999
Total principal payments	2,142,821	$ 1,970,791
Line of Credit
Debt Instrument [Line Items]
Remainder of 2024	0
2025	540,125
2026	0
2027	0
2028	0
Thereafter	0
Total principal payments	$ 540,125	$ 367,000
Term of extension	6 months
Number of extension options | item	2
Term Loan
Debt Instrument [Line Items]
Remainder of 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]
Remainder of 2024	128,144
2025	2,646
2026	85,396
2027	177,034
2028	90,477
Thereafter	318,999
Total principal payments	802,696
Mortgage Notes | Mortgage Note Maturing in October 2024
Debt Instrument [Line Items]
Total principal payments	$ 127,000
Debt Instrument, Extension Option Period	1 year
Mortgage Notes | Mortgage Note Maturing in January 2027
Debt Instrument [Line Items]
Total principal payments	$ 115,000
Debt Instrument, Extension Option Period	1 year
Debt Instrument Number Of Extension Of Term Options | item	2

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Jun. 30, 2024 USD ($) contract	Dec. 31, 2023 USD ($) item contract
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | contract	17	20
Total notional amount	$ 1,157,600	$ 1,157,600
Derivative assets	$ 28,566	$ 32,256
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities	$ 0	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated change to interest expense related to active effective hedges of floating rate debt	$ 11,000
Interest rate swaps | Designated hedges | Cash flow hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | contract	9	12
Total notional amount	$ 550,000	$ 650,000
Derivative assets	$ 9,832	$ 10,510
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities	$ 0	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
Interest rate caps | Designated hedges | Cash flow hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | contract	8	8
Total notional amount	$ 607,600	$ 507,600
Derivative assets	$ 18,734	$ 21,746
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Derivative liabilities		$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities.	Other Liabilities.
Interest Rate Cap Expiring in February 2024
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | item		3
Total notional amount		$ 100,000
Interest Rate Cap Expiring in January 2024
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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	$ 45,885	$ 37,882	$ 90,119	$ 75,427
Unrealized loss on derivative instruments recognized in other income (expenses)				(2,325)
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	$ 45,885	37,882	$ 90,119	75,427
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on derivative instruments recognized in other income (expenses)		(1,101)		(2,325)
Realized gain on derivative instruments recognized in other income (expenses)		$ 1,293		$ 2,414
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash Flow Hedging | Designated hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in AOCI	$ 3,171	$ 14,146	$ 12,830	$ 10,146
Amount reclassified from AOCI as a decrease into interest expense	$ (4,575)	$ (4,038)	$ (9,465)	$ (7,094)

DST PROGRAM (Loans Outstanding)

DST PROGRAM (Loans Outstanding) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Book Value	$ 121,233	$ 121,233	$ 117,019
Beneficial Interests Unrealized Gain (Loss)	(359)	(359)
DST Program
Delaware Statutory Trust Programs [Line Items]
Beneficial Interests Unrealized Gain (Loss)	(359)	(359)
DST Program | Carried at cost
Delaware Statutory Trust Programs [Line Items]
Outstanding Principal	94,362	94,362	109,266
Book Value	$ 94,362	$ 94,362	$ 109,266
DST Program | Carried at cost | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.30%	5.30%	5.10%
DST Program Loans - Remaining Life (in years)		6 years 7 months 6 days	8 years 4 months 24 days
DST Program | Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Outstanding Principal	$ 27,230	$ 27,230	$ 7,753
Unrealized Loss, Net	(359)	(359)
Book Value	$ 26,871	$ 26,871	$ 7,753
DST Program | Carried at fair value | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6.60%	6.60%	6.40%
DST Program Loans - Remaining Life (in years)		9 years 9 months 18 days	10 years
DST Program | Total
Delaware Statutory Trust Programs [Line Items]
Outstanding Principal	$ 121,592	$ 121,592	$ 117,019
Unrealized Loss, Net	(359)	(359)
Book Value	$ 121,233	$ 121,233	$ 117,019
DST Program | Total | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.60%	5.60%	5.20%
DST Program Loans - Remaining Life (in years)		7 years 3 months 18 days	8 years 6 months

DST PROGRAM - (Financing Obliga

DST PROGRAM - (Financing Obligations) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Book Value	$ 407,710	$ 102,045
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	1,070,957	1,238,639
Financing obligations - Unamortized Program Costs	(678)	(863)
Financing obligations - Total Appreciation		11,269
Financing obligations - Book Value	1,070,279	1,249,045
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	413,383	102,977
Financing obligations - Unrealized Gain, Net	(5,673)	(932)
Financing obligations - Book Value	407,710	102,045
Total
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	1,484,340	1,341,616
Financing obligations - Unamortized Program Costs	(678)	(863)
Financing obligations - Total Appreciation		11,269
Financing obligations - Unrealized Gain, Net	(5,673)	(932)
Financing obligations - Book Value	$ 1,477,989	$ 1,351,090

DST PROGRAM (Activity) (Details

DST PROGRAM (Activity) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Delaware Statutory Trust Programs [Line Items]
Unrealized loss on DST Program Loans	$ (359)		$ (359)
Unrealized gain on financing obligations	1,920		4,741
Increase (decrease) in financing obligation liability appreciation			(69)	$ 4,784
Issuances of OP Units for DST Interests	88,795	$ 84,725	160,829	84,725
Rent obligation incurred under master lease agreements	34,195	28,839	66,695	57,139
Cash payout of DST interests			3,217
DST Program
Delaware Statutory Trust Programs [Line Items]
DST Interests sold	174,027	91,712	321,324	193,507
DST Interests financed by DST Program Loans	7,316	13,300	19,477	27,315
Unrealized loss on DST Program Loans	(359)		(359)
Unrealized gain on financing obligations	1,920		4,741
Gain on extinguishment of financing obligations	1,100		1,100
Issuances of OP Units for DST Interests			160,800	84,700
Cash payout of DST interests			3,200	0
DST Program | Other Income and expenses
Delaware Statutory Trust Programs [Line Items]
Income earned from DST Program Loans	1,634	1,249	3,215	2,266
DST Program | Interest expense
Delaware Statutory Trust Programs [Line Items]
Increase (decrease) in financing obligation liability appreciation		1,922	(69)	4,784
Rent obligation incurred under master lease agreements	$ 16,077	$ 14,351	$ 32,141	$ 27,934
DST Program | OP Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)			20.3	9.8

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Liabilities at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Derivative instruments	$ 28,566	$ 32,256
Investments in unconsolidated joint venture partnerships	36,966	0
Available-for-sale debt securities	130,447	122,375
DST Program Loans	26,871	7,753
Liabilities:
Financing obligations	407,710	102,045
Recurring
Assets:
Derivative instruments	28,566	32,256
Investments in unconsolidated joint venture partnerships	36,966
Available-for-sale debt securities	130,447	122,375
DST Program Loans	26,871	7,753
Total assets measured at fair value	222,850	162,384
Liabilities:
Financing obligations	407,710	102,045
Total liabilities measured at fair value	407,710	102,045
Recurring | Level 1
Assets:
Derivative instruments	0	0
Investments in unconsolidated joint venture partnerships	0
Available-for-sale debt securities	0	0
DST Program Loans	0	0
Total assets measured at fair value	0	0
Liabilities:
Financing obligations	0	0
Total liabilities measured at fair value	0	0
Recurring | Level 2
Assets:
Derivative instruments	28,566	32,256
Investments in unconsolidated joint venture partnerships	0
Available-for-sale debt securities	15,418	14,983
DST Program Loans	0	0
Total assets measured at fair value	43,984	47,239
Liabilities:
Financing obligations	0	0
Total liabilities measured at fair value	0	0
Recurring | Level 3
Assets:
Derivative instruments	0	0
Investments in unconsolidated joint venture partnerships	36,966
Available-for-sale debt securities	115,029	107,392
DST Program Loans	26,871	7,753
Total assets measured at fair value	178,866	115,145
Liabilities:
Financing obligations	407,710	102,045
Total liabilities measured at fair value	$ 407,710	$ 102,045

FAIR VALUE (Financial Assets Me

FAIR VALUE (Financial Assets Measured at Fair Value on a Recurring Basis) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Balance as of December 31, 2023	$ 115,145
Purchases and contributions	52,664
Paid-in-kind interest	7,498
Distributions received	(128)
Gain (loss) on financial assets	4,011
Foreign currency loss on investment	(463)
Amortization of loan origination fees	139
Balance as of June 30, 2024	178,866
Investments In Unconsolidated Joint Venture Partnerships
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Purchases and contributions	33,187
Distributions received	(128)
Gain (loss) on financial assets	4,370
Foreign currency loss on investment	(463)
Balance as of June 30, 2024	36,966
Available-For-Sale Debt Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Balance as of December 31, 2023	107,392
Paid-in-kind interest	7,498
Amortization of loan origination fees	139
Balance as of June 30, 2024	115,029
DST Program Loans
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Balance as of December 31, 2023	7,753
Purchases and contributions	19,477
Gain (loss) on financial assets	(359)
Balance as of June 30, 2024	$ 26,871

FAIR VALUE (Financial Liabiliti

FAIR VALUE (Financial Liabilities Measured at Fair Value on a Recurring Basis) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
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, 2023	$ 102,045
DST Interests sold, net of upfront fees	310,406
Unrealized gain on financing obligations	(4,741)
Balance as of June 30, 2024	$ 407,710

FAIR VALUE (Quantitative Inputs

FAIR VALUE (Quantitative Inputs and Assumptions) (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Investments in unconsolidated joint venture partnerships	$ 36,966	$ 0
Available-for-sale debt securities	130,447	122,375
DST Program Loans	26,871	7,753
Financing obligations	407,710	102,045
Level 3 | Valuation Yield Method | Measurement Input, Market Yield
Fair Value Measurement Inputs and Valuation Techniques
Available-for-sale debt securities	$ 115,029	$ 107,392
Available-for sale debt security (percentage)	0.133	0.133
DST Program Loans	$ 26,871	$ 7,753
Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Financing obligations	407,710	$ 102,045
Level 3 | Valuation Technique, Direct Capitalization | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Investments in unconsolidated joint venture partnerships	$ 36,966

FAIR VALUE (Carrying Values and

FAIR VALUE (Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
DST Program Loans	$ 26,871	$ 7,753
Level 3 | Nonrecurring | Carrying Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	269,782	250,318
DST Program Loans	94,362	109,266
Line of credit	540,125	367,000
Term loans	800,000	800,000
Mortgage notes	802,696	803,791
Level 3 | Nonrecurring | Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	269,592	250,215
DST Program Loans	93,226	107,297
Line of credit	540,125	367,000
Term loans	800,000	800,000
Mortgage notes	$ 768,415	$ 778,235

EQUITY (Details)

EQUITY (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 03, 2022	May 02, 2022
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering					$ 10,000,000	$ 3,000,000
Issuance of common stock	$ 16,097	$ 36,120	$ 32,551	$ 83,811
Issuance of common stock (in shares)			4.1
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering					8,500,000
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering					$ 1,500,000
Issuance of common stock			$ 16,400

EQUITY (Information of Share Tr

EQUITY (Information of Share Transactions) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(12,540)	(10,726)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	194,485	207,448	197,228	206,108
Primary shares (in shares)	1,022	3,197	2,023	7,656
Distribution reinvestment plan (in shares)	1,047	925	2,075	1,832
Redemptions of common stock (in shares)	(7,768)	(6,700)	(12,540)	(10,726)
Conversions (in shares)	0	0	0	0
Balance at end of period (in shares)	188,786	204,870	188,786	204,870
Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			28,432
Balance at end of period (in shares)	28,193		28,193
Class T | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	28,402	28,173	28,432	26,884
Primary shares (in shares)	235	1,182	496	2,507
Distribution reinvestment plan (in shares)	165	139	325	273
Redemptions of common stock (in shares)	(597)	(735)	(972)	(804)
Conversions (in shares)	(12)	(18)	(88)	(119)
Balance at end of period (in shares)	28,193	28,741	28,193	28,741
Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			48,145
Balance at end of period (in shares)	46,519		46,519
Class S | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	47,591	49,899	48,145	49,237
Primary shares (in shares)	245	997	495	1,969
Distribution reinvestment plan (in shares)	278	232	548	459
Redemptions of common stock (in shares)	(1,501)	(1,378)	(2,512)	(1,939)
Conversions (in shares)	(94)	0	(157)	24
Balance at end of period (in shares)	46,519	49,750	46,519	49,750
Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			6,930
Balance at end of period (in shares)	6,491		6,491
Class D | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	6,875	7,439	6,930	7,871
Primary shares (in shares)	13	31	50	76
Distribution reinvestment plan (in shares)	41	37	82	77
Redemptions of common stock (in shares)	(438)	(189)	(556)	(429)
Conversions (in shares)	0	(91)	(15)	(368)
Balance at end of period (in shares)	6,491	7,227	6,491	7,227
Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			65,511
Balance at end of period (in shares)	62,111		62,111
Class I | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	64,462	69,387	65,511	69,142
Primary shares (in shares)	529	987	982	3,104
Distribution reinvestment plan (in shares)	378	339	749	670
Redemptions of common stock (in shares)	(3,364)	(2,717)	(5,391)	(5,274)
Conversions (in shares)	106	109	260	463
Balance at end of period (in shares)	62,111	68,105	62,111	68,105
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			48,210
Balance at end of period (in shares)	45,472		45,472
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	47,155	52,550	48,210	52,974
Primary shares (in shares)	0	0	0	0
Distribution reinvestment plan (in shares)	185	178	371	353
Redemptions of common stock (in shares)	(1,868)	(1,681)	(3,109)	(2,280)
Conversions (in shares)	0	0	0	0
Balance at end of period (in shares)	45,472	51,047	45,472	51,047

EQUITY (Total Distributions Dec

EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
EQUITY
Declared per Common Share (usd per share)	$ 0.10000	$ 0.10000	$ 0.10000	$ 0.10000	$ 0.09375	$ 0.09375	$ 0.20000	$ 0.38750
Common Stock Distributions Paid in Cash	$ 9,787	$ 10,013	$ 10,127	$ 10,335	$ 9,896	$ 9,912	$ 19,800	$ 40,270
Other Cash Distributions	9,865	8,577	7,739	6,451	5,510	5,271	18,442	24,971
Reinvested in Shares	8,046	8,238	8,317	8,431	7,974	8,009	16,284	32,731
Distribution Fees	1,254	1,317	1,387	1,430	1,463	1,461	2,571	5,741
Gross Distributions	$ 28,952	$ 28,145	$ 27,570	$ 26,647	$ 24,843	$ 24,653	$ 57,097	$ 103,713

EQUITY (Redemptions and Repurch

EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EQUITY
Number of shares redeemed or repurchased (in shares)			12,540	10,726
Aggregate dollar amount of shares redeemed or repurchased	$ 60,107	$ 57,864	$ 98,456	$ 93,319
Average redemption or repurchase price per share (usd per share)			$ 7.85	$ 8.70

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of Redeemable Noncontrolling Interest Activity) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Redeemable Noncontrolling Interest
Beginning balance			$ 11,746	$ 18,130
Distributions to redeemable noncontrolling interests	$ (145)	$ (192)	(289)	(384)
Redemptions of redeemable noncontrolling interests	(1,000)		(1,000)	0
Net loss attributable to redeemable noncontrolling interests	(108)	(226)	(219)	(244)
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests	(7)	78	17	23
Redemption value allocation adjustment to redeemable noncontrolling interests			(278)	(243)
Ending balance	$ 9,977	$ 17,282	$ 9,977	$ 17,282
OP Units
Redeemable Noncontrolling Interest
Redeemable OP units outstanding	1.3		1.3		1.4

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Noncontrolling Interest
Issuance of units (in shares)	4,100
Redemptions of units (in shares)	(12,540)	(10,726)
OP Units
Noncontrolling Interest
Balance at beginning of period (in shares)	78,737	55,079
Issuance of units (in shares)	20,296	9,845
Redemptions of units (in shares)	(2,611)	(1,831)
Balance at end of period (in shares)	96,422	63,093

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Noncontrolling Interest
Aggregate amount of OP Units redeemed	$ 60,107	$ 57,864	$ 98,456	$ 93,319
OP Units
Noncontrolling Interest
Number of common stock issued per operating partnership unit			1
Aggregate amount of OP Units redeemed			$ 20,400	$ 16,000
OP Units | Maximum
Noncontrolling Interest
Estimated maximum redemption value	$ 733,700		$ 733,700		$ 641,100

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction
Other liabilities	$ 38,542		$ 38,542		$ 33,913
Future Estimated Distribution Fees Payable	63,722		63,722		66,656
Related Party
Related Party Transaction
Related party transaction expense	22,293	$ 20,350	43,455	$ 40,751
Other liabilities	9,871		9,871		8,727
Related Party | Advisor
Related Party Transaction
Amount reimbursed for services	2,700	3,500	6,100	6,300
Related Party | Selling commissions and dealer manager fees | Advisor
Related Party Transaction
Related party transaction expense	81	448	182	960
Related Party | Ongoing distribution fees | Dealer Manager
Related Party Transaction
Related party transaction expense	2,289	2,190	4,575	4,344
Other liabilities	743		743		804
Related Party | Ongoing distribution fees | Dealer Manager | Other Liabilities
Related Party Transaction
Future Estimated Distribution Fees Payable	63,700		63,700		66,700
Related Party | Advisory fees-fixed component | Advisor
Related Party Transaction
Related party transaction expense	9,966	9,623	19,938	19,161
Other liabilities	3,339		3,339		3,281
Related Party | Other fees and expense reimbursements-Advisor | Advisor
Related Party Transaction
Related party transaction expense	3,058	3,749	6,741	6,855
Other liabilities	4,573		4,573		3,909
Related Party | Other fees and expense reimbursements-Advisor | Dealer Manager
Related Party Transaction
Related party transaction expense	58	160	98	160
Other liabilities	486		486		84
Related Party | Property accounting fee | Dealer Manager
Related Party Transaction
Related party transaction expense	478	481	955	970
Other liabilities	159		159		170
Related Party | Performance Participation Allocation | Advisor
Related Party Transaction
Related party transaction expense			0	0
Related Party | DST Program selling commissions, dealer manager and distribution fees | Dealer Manager
Related Party Transaction
Related party transaction expense	3,364	2,072	5,715	4,743
Other liabilities	394		394		308
Related Party | Other DST Program Related Costs | Advisor
Related Party Transaction
Related party transaction expense	2,999	$ 1,627	5,251	$ 3,558
Other liabilities	$ 177		$ 177		$ 171

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
NET INCOME (LOSS) PER COMMON SHARE
Net loss attributable to common stockholders-basic	$ (14,341)	$ (22,750)	$ (29,342)	$ (24,754)
Net loss attributable to redeemable noncontrolling interests	(108)	(226)	(219)	(244)
Net loss attributable to noncontrolling interests	(7,318)	(6,278)	(13,795)	(6,827)
Net loss attributable to common stockholders-diluted	$ (21,767)	$ (29,254)	$ (43,356)	$ (31,825)
Weighted-average shares outstanding-basic (in shares)	190,855	206,214	193,267	206,493
Incremental weighted-average shares effect of conversion of noncontrolling interests (in shares)	98,667	58,749	92,180	57,482
Weighted-average shares outstanding - diluted (in shares)	289,522	264,963	285,447	263,975
Basic (in $ per share)	$ (0.08)	$ (0.11)	$ (0.15)	$ (0.12)
Diluted (in $ per share)	$ (0.08)	$ (0.11)	$ (0.15)	$ (0.12)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 16,382	$ 15,979
(Decrease) increase in accrued future ongoing distribution fees	(2,934)	2,342
Increase in DST Program Loans receivable through DST Program capital raising	19,477	27,315
Issuances of OP Units for DST Interests	160,829	84,725
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	37,922	12,905	$ 15,052	$ 13,336
Restricted cash	6,652	4,265	4,614	3,850
Cash, cash equivalents and restricted cash	$ 44,574	$ 17,170	$ 19,666	$ 17,186

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES.
Unfunded commitments	$ 263.3

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting, Asset Reconciling Item
Number of reportable segments | segment	6
Total assets	$ 4,932,979	$ 4,639,406
Operating Segments | Residential properties
Segment Reporting, Asset Reconciling Item
Total assets	1,790,096	1,658,945
Operating Segments | Industrial properties
Segment Reporting, Asset Reconciling Item
Total assets	1,429,255	1,353,331
Operating Segments | Retail properties
Segment Reporting, Asset Reconciling Item
Total assets	506,498	509,307
Operating Segments | Office properties
Segment Reporting, Asset Reconciling Item
Total assets	368,944	373,467
Operating Segments | Other properties
Segment Reporting, Asset Reconciling Item
Total assets	54,226	55,130
Operating Segments | Investments in real estate debt and securities
Segment Reporting, Asset Reconciling Item
Total assets	398,220	370,176
Corporate
Segment Reporting, Asset Reconciling Item
Total assets	$ 385,740	$ 319,050

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of reported net income (loss) attributable to common stockholders to net operating income
Net loss attributable to common stockholders	$ (14,341)	$ (22,750)	$ (29,342)	$ (24,754)
Real estate-related depreciation and amortization	36,234	33,858	71,704	67,055
General and administrative expenses	3,206	2,973	6,543	6,017
Advisory fees	9,966	9,623	19,938	19,161
Acquisition costs and reimbursements	1,445	1,849	3,488	3,018
Valuation allowance on debt-related investment	0	1,260	0	3,780
(Income) loss from unconsolidated joint venture partnerships	(5,827)	203	(8,109)	2,649
Interest expense	45,885	37,882	90,119	75,427
Gain on sale of real estate property	0	0	0	(36,884)
Unrealized loss on DST Program Loans	359		359
Unrealized gain on financing obligations	(1,920)		(4,741)
(Gain) loss on extinguishment of debt and financing obligations, net	(1,100)	0	(1,100)	700
Gain on derivative instruments		(192)		(89)
Provision for current expected credit losses	(469)	(1,632)	(602)	3,998
Other income and expenses	(1,321)	(1,016)	(2,610)	(2,032)
Income tax expense	3,938		3,938
Net loss attributable to redeemable noncontrolling interests	(108)	(226)	(219)	(244)
Net loss attributable to noncontrolling interests	(7,318)	(6,278)	(13,795)	(6,827)
Net operating income	$ 68,629	$ 55,554	$ 135,571	$ 110,975

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information
Rental revenues	$ 90,587	$ 77,204	$ 178,718	$ 155,164
Debt-related income	12,237	7,189	23,548	12,950
Rental expenses	(34,195)	(28,839)	(66,695)	(57,139)
Net operating income	68,629	55,554	135,571	110,975
Real estate-related depreciation and amortization	36,234	33,858	71,704	67,055
Residential
Segment Reporting Information
Rental revenues	34,417	28,823	67,502	57,671
Rental expenses	(17,602)	(14,070)	(33,274)	(27,260)
Net operating income	16,815	14,753	34,228	30,411
Real estate-related depreciation and amortization	12,424	9,950	24,605	19,439
Industrial
Segment Reporting Information
Rental revenues	28,012	21,092	54,467	42,337
Rental expenses	(7,250)	(4,552)	(13,420)	(9,448)
Net operating income	20,762	16,540	41,047	32,889
Real estate-related depreciation and amortization	15,225	15,662	30,067	31,372
Retail
Segment Reporting Information
Rental revenues	15,073	14,288	30,542	28,806
Rental expenses	(3,616)	(3,775)	(7,568)	(7,359)
Net operating income	11,457	10,513	22,974	21,447
Real estate-related depreciation and amortization	3,920	4,043	7,878	8,078
Office
Segment Reporting Information
Rental revenues	12,167	13,001	24,361	26,350
Rental expenses	(5,305)	(6,442)	(11,660)	(13,072)
Net operating income	6,862	6,559	12,701	13,278
Real estate-related depreciation and amortization	4,141	4,203	8,108	8,166
Other properties
Segment Reporting Information
Rental revenues	918		1,846
Rental expenses	(422)		(773)
Net operating income	496		1,073
Real estate-related depreciation and amortization	524		1,046
Debt and Securities
Segment Reporting Information
Debt-related income	12,237	7,189	23,548	12,950
Net operating income	$ 12,237	$ 7,189	$ 23,548	$ 12,950

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2024	Jul. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Issuances of OP Units for DST Interests			$ 88,795	$ 84,725	$ 160,829	$ 84,725
Cash payout of DST interests					3,217
Net carrying value			$ 1,477,989		1,477,989				$ 1,351,090
DST Program
Subsequent Event [Line Items]
Issuances of OP Units for DST Interests					160,800	84,700
Cash payout of DST interests					$ 3,200	$ 0
OP Units | DST Program
Subsequent Event [Line Items]
Issuance of OP Units (in shares)					20,300,000	9,800,000
Class I
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			500,000,000		500,000,000				500,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01				$ 0.01
Class D
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			500,000,000		500,000,000				500,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01				$ 0.01
Class T
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			500,000,000		500,000,000				500,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01				$ 0.01
Class S
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			500,000,000		500,000,000				500,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01				$ 0.01
Class E
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			500,000,000		500,000,000				500,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01				$ 0.01
Subsequent Event | DST Program
Subsequent Event [Line Items]
Issuances of OP Units for DST Interests		$ 266,800
Cash payout of DST interests		700
Net carrying value		$ 288,200
Subsequent Event | OP Units | DST Program
Subsequent Event [Line Items]
Issuance of OP Units (in shares)		35,100,000
Subsequent Event | Class I
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)								$ 0.01
Subsequent Event | Class D
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)								0.01
Subsequent Event | Class T
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)								0.01
Subsequent Event | Class S
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)								0.01
Subsequent Event | Class E
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)								$ 0.01
Subsequent Event | Class I-R Shares One
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							500,000,000
Subsequent Event | Class I-R Shares Two
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							100,000,000
Subsequent Event | Class D-R Shares
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							100,000,000
Subsequent Event | Class D-PR Shares
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							400,000,000
Subsequent Event | Class T-R Shares
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							100,000,000
Subsequent Event | Class I-P R Shares One
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							400,000,000
Subsequent Event | Class I-P R Shares Two
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							300,000,000
Subsequent Event | Class S-R Shares
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							100,000,000
Subsequent Event | Class S-PR Shares
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)							400,000,000
Subsequent Event | Dealer Manager
Subsequent Event [Line Items]
Dealer Manager Agreement Termination Written Notice Period	60 days