Black Creek Diversified Property Fund 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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	Q3
Amendment Flag	false
Class T-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,432,991
Class S-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,315,242
Class D-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,178,904
Class I-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,089,769
Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,564,064
Class S-PR Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		322,624
Class I-PR Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		511,526

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Net investment in real estate properties	$ 4,147,091	$ 3,889,314
Investments in real estate debt and securities (includes $162,257 and $122,375 at fair value as of September 30, 2024 and December 31, 2023, respectively)	446,276	370,176
Investments in unconsolidated joint venture partnerships (includes $36,619 and $0 at fair value as of September 30, 2024 and December 31, 2023, respectively)	231,929	153,305
Cash and cash equivalents	21,020	15,052
Restricted cash	7,176	4,614
DST Program Loans (includes $54,161 and $7,753 at fair value as of September 30, 2024 and December 31, 2023, respectively)	125,239	117,019
Other assets	82,651	89,926
Total assets	5,061,382	4,639,406
Liabilities
Accounts payable and accrued expenses	87,969	66,386
Debt, net	2,162,009	1,961,120
Intangible lease liabilities, net	35,494	37,079
Financing obligations, net (includes $644,217 and $102,045 at fair value as of September 30, 2024 and December 31, 2023, respectively)	1,403,404	1,351,090
Distribution fees payable to affiliates	67,087	66,656
Other liabilities	38,199	33,913
Total liabilities	3,794,162	3,516,244
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	9,289	11,746
Stockholders' equity:
Preferred stock, $0.01 par value per share-200,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value per share (Note 8)	1,834	1,972
Additional paid-in capital	1,925,364	1,895,789
Distributions in excess of earnings	(1,193,859)	(1,108,823)
Accumulated other comprehensive income	820	6,359
Total stockholders' equity	734,159	795,297
Noncontrolling interests	523,772	316,119
Total equity	1,257,931	1,111,416
Total liabilities and equity	$ 5,061,382	$ 4,639,406

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Investments in real estate debt and securities at fair value	$ 162,257	$ 122,375
Investments in unconsolidated joint venture partnerships	39,619	0
DST Program Loans	54,161	7,753
Financing obligations at fair value	$ 644,217	$ 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
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental revenues	$ 94,698	$ 82,369	$ 273,416	$ 237,533
Debt-related income	12,588	8,837	36,136	21,787
Total revenues	107,286	91,206	309,552	259,320
Operating expenses:
Rental expenses	36,772	30,651	103,467	87,790
Real estate-related depreciation and amortization	39,287	32,146	110,991	99,201
General and administrative expenses	2,813	2,974	9,356	8,991
Advisory fees	10,151	9,661	30,089	28,822
Acquisition costs and reimbursements	2,072	2,032	5,560	5,050
Valuation allowance on debt-related investment				3,780
Total operating expenses	91,095	77,464	259,463	233,634
Other income (expenses):
Income (loss) from unconsolidated joint venture partnerships	2,940	(1,078)	11,049	(3,727)
Interest expense	(47,419)	(33,967)	(137,538)	(109,394)
Gain on sale of real estate property	1,048		1,048	36,884
Unrealized gain (loss) on DST Program Loans	195		(164)
Unrealized gain on financing obligations	4,227		8,968
Gain (loss) on extinguishment of debt and financing obligations, net	20,700		21,800	(700)
(Loss) gain on derivative instruments		(76)		13
Provision for current expected credit losses	872	1,048	1,474	(2,950)
Other income and expenses	2,065	1,298	4,675	3,330
Total other income (expenses)	(15,372)	(32,775)	(88,688)	(76,544)
Net income (loss) before income tax expense	819	(19,033)	(38,599)	(50,858)
Income tax expense	(4,726)		(8,664)
Net loss	(3,907)	(19,033)	(47,263)	(50,858)
Net loss attributable to redeemable noncontrolling interests	16	146	235	390
Net loss attributable to noncontrolling interests	1,618	4,477	15,413	11,304
Net loss attributable to common stockholders	$ (2,273)	$ (14,410)	$ (31,615)	$ (39,164)
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	185,449	201,968	190,642	204,968
Weighted-average shares outstanding-diluted (in shares)	317,591	266,487	296,283	264,821
Net loss attributable to common stockholders per common share-basic (in dollars per share)	$ (0.01)	$ (0.07)	$ (0.17)	$ (0.19)
Net loss attributable to common stockholders per common share-diluted (in dollars per share)	$ (0.01)	$ (0.07)	$ (0.17)	$ (0.19)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (3,907)	$ (19,033)	$ (47,263)	$ (50,858)
Change from cash flow hedging activities	(10,800)	94	(7,435)	3,146
Change from activities related to available-for-sale debt securities	35	69	(41)	122
Comprehensive loss	(14,672)	(18,870)	(54,739)	(47,590)
Comprehensive loss attributable to redeemable noncontrolling interests	61	144	263	365
Comprehensive loss attributable to noncontrolling interests	6,053	4,439	18,917	10,908
Comprehensive loss attributable to common stockholders	$ (8,558)	$ (14,287)	$ (35,559)	$ (36,317)

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)			(39,164)		(11,304)	(50,468)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				2,847	396	3,243
Issuance of common stock	$ 119	103,731				103,850
Issuance of common stock (in shares)	11,854
Share-based compensation		196				196
Share-based compensation (in shares)	35
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(3,421)				(3,421)
Trailing distribution fees		(881)	4,354		(3,167)	306
Redemptions of common stock	$ (170)	(145,764)				$ (145,934)
Redemptions of common stock (in shares)	(16,986)					(16,986)
Issuances of OP Units for DST Interests					84,725	$ 84,725
Other noncontrolling interests net distributions					(7)	(7)
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(58,911)		(16,644)	(75,555)
Redemption value allocation adjustment to redeemable noncontrolling interests		298				298
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)		(3,354)			(23,923)	(27,277)
Reallocation of stockholders' equity and noncontrolling interests		28,056		(829)	(27,227)
Ending Balances at Sep. 30, 2023	$ 2,010	1,877,371	(1,067,116)	18,101	253,457	1,083,823
Balance at end of period (in shares) at Sep. 30, 2023	201,011
Beginning Balances at Jun. 30, 2023	$ 2,049	1,910,433	(1,033,940)	17,965	274,337	1,170,844
Balance at beginning of period (in shares) at Jun. 30, 2023	204,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes attributable to redeemable noncontrolling interests)			(14,410)		(4,477)	(18,887)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				123	38	161
Issuance of common stock	$ 24	20,015				20,039
Issuance of common stock (in shares)	2,366
Share-based compensation		46				46
Share-based compensation (in shares)	35
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(784)				(784)
Trailing distribution fees		415	1,430		803	2,648
Redemptions of common stock	$ (63)	(52,552)				(52,615)
Redemptions of common stock (in shares)	(6,260)
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(20,196)		(6,247)	(26,443)
Redemption value allocation adjustment to redeemable noncontrolling interests		55				55
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)					(11,241)	(11,241)
Reallocation of stockholders' equity and noncontrolling interests		(257)		13	244
Ending Balances at Sep. 30, 2023	$ 2,010	1,877,371	(1,067,116)	18,101	253,457	1,083,823
Balance at end of period (in shares) at Sep. 30, 2023	201,011
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)			(31,615)		(15,413)	(47,028)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				(3,944)	(3,504)	(7,448)
Issuance of common stock	$ 59	46,328				$ 46,387
Issuance of common stock (in shares)	5,923					5,900
Share-based compensation		206				$ 206
Share-based compensation (in shares)	38
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(3,619)				(3,619)
Trailing distribution fees		1,536	3,775		(5,742)	(431)
Redemptions of common stock	$ (197)	(153,031)				$ (153,228)
Redemptions of common stock (in shares)	(19,811)					(19,811)
Issuances of OP Units for DST Interests					427,595	$ 427,595
Other noncontrolling interests net contributions					309	309
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(57,196)		(31,236)	(88,432)
Redemption value allocation adjustment to redeemable noncontrolling interests		274				274
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)					(28,070)	(28,070)
Reallocation of stockholders' equity and noncontrolling interests		137,881		(1,595)	(136,286)
Ending Balances at Sep. 30, 2024	$ 1,834	1,925,364	(1,193,859)	820	523,772	1,257,931
Balance at end of period (in shares) at Sep. 30, 2024	183,378
Beginning Balances at Jun. 30, 2024	$ 1,888	1,885,239	(1,174,249)	8,055	369,687	1,090,620
Balance at beginning of period (in shares) at Jun. 30, 2024	188,786
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes attributable to redeemable noncontrolling interests)			(2,273)		(1,618)	(3,891)
Change from securities and cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				(6,285)	(4,435)	(10,720)
Issuance of common stock	$ 18	13,818				13,836
Issuance of common stock (in shares)	1,825
Share-based compensation		56				56
Share-based compensation (in shares)	38
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,306)				(1,306)
Trailing distribution fees		657	1,204		(5,226)	(3,365)
Redemptions of common stock	$ (72)	(54,700)				(54,772)
Redemptions of common stock (in shares)	(7,271)
Issuances of OP Units for DST Interests					266,766	266,766
Distributions declared (excludes attributable to redeemable noncontrolling interests)			(18,541)		(13,083)	(31,624)
Redemption value allocation adjustment to redeemable noncontrolling interests		(4)				(4)
Redemptions of noncontrolling interests (excludes attributable to redeemable noncontrolling interests)					(7,665)	(7,665)
Reallocation of stockholders' equity and noncontrolling interests		81,604		(950)	(80,654)
Ending Balances at Sep. 30, 2024	$ 1,834	$ 1,925,364	$ (1,193,859)	$ 820	$ 523,772	$ 1,257,931
Balance at end of period (in shares) at Sep. 30, 2024	183,378

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Net loss attributable to redeemable noncontrolling interests	$ (16)	$ (146)	$ (235)	$ (390)
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	(45)	2	(28)	25
Distribution fees attributable to redeemable noncontrolling interest	131	$ 204	420	588
Redemptions attributable to redeemable noncontrolling interests	$ 500		$ 1,500	$ 0

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (47,263)	$ (50,858)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Real estate-related depreciation and amortization	110,991	99,201
Straight-line rent and amortization of above- and below-market leases	(8,401)	(5,464)
Gain on sale of real estate property	(1,048)	(36,884)
Unrealized loss on DST Program Loans	164
Valuation allowance on debt-related investment		3,780
(Income) loss from unconsolidated joint venture partnerships	(11,049)	3,727
(Gain) loss on extinguishment of debt and financing obligations, net	(21,800)	700
Provision for current expected credit losses	(1,474)	2,950
Amortization of deferred financing costs	6,640	5,100
(Decrease) increase in financing obligation liability appreciation	(69)	1,761
Unrealized gain on financing obligations	(8,968)
Unrealized loss on derivative instruments not designated as cash flow hedges		3,822
Paid-in-kind interest on investments in real estate debt and securities	(19,380)	(3,592)
Distributions of earnings from unconsolidated joint venture partnerships	3,031	2,559
Amortization of interest rate cap premiums	10,752	3,157
Other	(624)	(1,210)
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	19,432	12,729
Cash settlement of accrued performance participation allocation		(23,747)
Net cash provided by operating activities	30,934	17,731
Investing activities:
Real estate acquisitions	(327,620)	(262,044)
Capital expenditures	(43,520)	(34,576)
Proceeds from disposition of real estate property	4,015	53,735
Investments in debt-related investments	(60,502)	(27,911)
Principal collections on debt-related investments	6,191	64,948
Investments in unconsolidated joint venture partnerships	(68,789)	(27,830)
Investments in available-for-sale debt securities	(2,993)	(90,331)
Principal collections on available-for-sale debt securities	3,002
Other	248	2,199
Net cash used in investing activities	(489,968)	(321,810)
Financing activities:
Proceeds from mortgage notes	60,843	83,500
Repayments of mortgage notes	(1,664)	(71,612)
Proceeds from line of credit	666,258	893,000
Repayments of line of credit	(528,000)	(730,000)
Redemptions of common stock	(153,228)	(145,934)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(56,277)	(44,686)
Proceeds from issuance of common stock	22,080	79,590
Proceeds from financing obligations, net	505,871	299,749
Offering costs for issuance of common stock and private placements	(12,035)	(11,466)
Cash payout of DST Interests	(3,898)
Redemption of noncontrolling interests	(28,070)	(27,277)
Redemption of redeemable noncontrolling interests	(2,954)
Debt issuance costs paid	(1,735)	(1,378)
Interest rate cap premiums		(17,941)
Other	309
Net cash provided by financing activities	467,500	305,545
Effect of exchange rate changes on cash, cash equivalents and restricted cash	64
Net increase (decrease) in cash, cash equivalents and restricted cash	8,530	1,466
Cash, cash equivalents and restricted cash, at beginning of period	19,666	17,186
Cash, cash equivalents and restricted cash, at end of period	$ 28,196	$ 18,652

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 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 balance sheets as of December 31, 2023 have been reclassified to conform to the 2024 presentation. Additionally, certain items in our condensed consolidated statements of cash flows for the nine months ended September 30, 2023 have been reclassified to conform to the 2024 presentation. Debt-Related Investments Debt-related investments that we originated or acquired prior to the third quarter of 2024 are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts and a credit loss reserve, if applicable. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. Beginning in the third quarter of 2024, we have elected the fair value option for our new debt-related investments and as such, these investments are carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our condensed consolidated statements of operations. Upfront fees and origination costs related to our debt-related investments for which the fair value option is elected are recognized in earnings as incurred and not deferred. Such items are recorded as components of debt-related income on our condensed consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. 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 nine months ended September 30, 2024, we recorded $4.7 million and $8.7 million, respectively, 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 (“ In November 2024, FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which intends to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion) included in expense captions on the statements of operations. ASU No. 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently assessing this guidance and determining the impact on our condensed consolidated financial statements.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	9 Months Ended
INVESTMENTS IN REAL ESTATE PROPERTIES	Sep. 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) September 30, 2024 (1) December 31, 2023 Land $ 795,935 $ 754,149 Buildings and improvements 3,782,779 3,505,921 Intangible lease assets 338,423 330,291 Right of use asset 13,637 13,637 Investment in real estate properties 4,930,774 4,603,998 Accumulated depreciation and amortization (783,683) (714,684) Net investment in real estate properties $ 4,147,091 $ 3,889,314 (1) Includes one parcel of land with an accounting basis of $10.1 million that has met the criteria of held for sale as of September 30, 2024. Acquisitions During the nine months ended September 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 Metro Storage Sharon Hill Other 7/31/2024 16,761 Metro Storage Newtown Square Other 7/31/2024 24,724 Metro Storage Trevose Other 7/31/2024 21,151 Metro Storage Sarasota Other 7/31/2024 15,532 Metro Storage Fort Myers Other 7/31/2024 12,766 Metro Storage Pinellas Park Other 7/31/2024 6,765 Total 2024 acquisitions $ 327,805 (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 nine months ended September 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 Nine Months Ended (in thousands) September 30, 2024 Land $ 44,065 Building and improvements 271,465 Intangible lease assets 13,784 Above-market lease assets 518 Below-market lease liabilities (2,027) Total purchase price (1) $ 327,805 (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 nine months ended September 30, 2024, as of the respective date of each acquisition, was 4.0 years. Dispositions During the nine months ended September 30, 2024, we sold one partial retail property for net proceeds of approximately $4.0 million and recorded a net gain on sale of $1.0 million. During the nine months ended September 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 September 30, 2024 and December 31, 2023 included the following: As of September 30, 2024 As of December 31, 2023 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 314,349 $ (246,020) $ 68,329 $ 306,365 $ (234,172) $ 72,193 Above-market lease assets (1) 24,074 (20,896) 3,178 23,926 (20,525) 3,401 Below-market lease liabilities (73,831) 38,337 (35,494) (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 September 30, For the Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 1,967 $ 996 $ 5,531 $ 2,738 Above-market lease amortization (267) (194) (742) (593) Below-market lease amortization 1,409 1,181 3,612 3,319 Real estate-related depreciation and amortization: Depreciation expense $ 32,655 $ 27,413 $ 93,273 $ 80,911 Intangible lease asset amortization 6,632 4,733 17,718 18,290

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	9 Months Ended
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	Sep. 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 September 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 September 30, December 31, September 30, December 31, September 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 % $ 23,069 $ 23,932 Net Lease joint venture partnerships 3 3 50.0 % 50.0 % 101,988 104,232 Data Center joint venture partnerships 2 2 10.0 - 10.2 % 10.0 % 38,483 24,977 Real Estate Debt joint venture partnerships (1) 1 1 19.9 % 19.9 % 28,770 164 Total investments in unconsolidated joint venture partnerships, carried at cost 192,310 153,305 Investments in unconsolidated joint venture partnerships, carried at fair value: Industrial joint venture partnerships (1) 1 — 27.4 % N/A 39,619 — Total investments in unconsolidated joint venture partnerships, carried at fair value 39,619 — Total $ 231,929 $ 153,305 (1) Includes joint venture partnerships that invest in assets and properties in Europe. As of September 30, 2024, we had unfunded commitments of $175.2 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 nine months ended September 30, 2024 and 2023: For the Three Months Ended September 30, For the Nine Months Ended September 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 $ 2,261 $ (1,078) $ 6,307 $ (3,727) Total income (loss) from unconsolidated joint venture partnerships, carried at cost 2,261 (1,078) 6,307 (3,727) Income (loss) from unconsolidated joint venture partnerships, carried at fair value: Gain on investment 294 — 4,664 — Foreign currency gain on investment 2,359 — 1,896 — Total income from unconsolidated joint venture partnerships, carried at fair value 2,653 — 6,560 — Other foreign currency gain (loss): Foreign currency loss on debt held in foreign currencies (2,014) — (1,882) — Foreign currency gain on remeasurement of cash and cash equivalents 40 — 64 — Total other foreign currency gain (loss) (1,974) — (1,818) — Total $ 2,940 $ (1,078) $ 11,049 $ (3,727)

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	9 Months Ended
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	Sep. 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 September 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 September 30, 2024 Senior loans, carried at cost (2) $ 183,428 $ 184,550 8.7 % 1.4 Senior loans, carried at fair value 28,242 28,242 8.3 2.5 Mezzanine loans, carried at cost 100,591 100,577 10.9 0.1 Total debt-related investments $ 312,261 $ 313,369 9.5 % 1.1 As of December 31, 2023 Senior loans, carried at cost $ 141,737 $ 143,550 9.8 % 2.2 Mezzanine loans, carried at cost 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 our debt-related investments carried at cost consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. For our debt-related investments carried at fair value, the difference between the carrying amount and the outstanding principal amount is cumulative unrealized gains or losses. (2) As of September 30, 2024, we had one senior loan that was in default and on non-accrual status with a carrying value of $46.6 million. During the nine months ended September 30, 2024, we recognized $4.6 million in debt-related income, of which $1.8 million was received in cash and $2.8 million was capitalized to the principal balance. Weighted-average interest rate excludes this senior loan from its calculations as of September 30, 2024. Current Expected Credit Losses As of September 30, 2024, our reserve for current expected credit losses (“CECL Reserve”) for our debt-related investment portfolio was $0.5 million or 0.1% of our debt-related investment commitment balance of $357.2 million. As of September 30, 2024, the debt-related investment commitment balance was comprised of $313.4 million of funded commitments and $43.8 million of unfunded commitments with associated CECL Reserves of $0.4 million and $0.1 million, respectively. Our $46.6 million loan on non-accrual status is a loan in which repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty, therefore we have adopted the practical expedient to measure the allowance for credit loss based on the fair value of collateral resulting in now allowance for this loan as of September 30, 2024. 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 nine months ended September 30, 2024 and 2023: For the Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of the year $ 1,327 $ — Provision for current expected credit losses (957) 1,794 Write-offs — — Recoveries — — Ending balance (1) $ 370 $ 1,794 (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 nine months ended September 30, 2024 and 2023: For the Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of the year $ 670 $ — Provision for current expected credit losses (517) 1,156 Write-offs — — Recoveries — — Ending balance (1) $ 153 $ 1,156 (1) The CECL Reserve related to unfunded commitments is included in other liabilities on the condensed consolidated balance sheets. During the nine months ended September 30, 2024, we received $6.2 million of partial principal repayments on one mezzanine loan debt-related investment. During the nine months ended September 30, 2023, we received full repayment of $64.9 million outstanding principal on a senior loan debt-related investment. Available-for-Sale Debt Securities As of September 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 September 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 2.7 years and 3.1 years, respectively, and the remaining term of our preferred equity investment was 2.3 years and 3.1 years, respectively. We had no unfunded commitments related to our preferred equity investment as of September 30, 2024 or December 31, 2023. There were no credit losses associated with our available-for-sale debt securities as of September 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 September 30, 2024 CRE CLOs & CMBS $ 14,908 $ 14,835 $ 73 $ — $ 117 $ 14,952 Preferred equity 119,713 119,063 — 650 — 119,063 Total debt securities $ 134,621 $ 133,898 $ 73 $ 650 $ 117 $ 134,015 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	9 Months Ended
DEBT	Sep. 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 September 30, December 31, September 30, December 31, ($ in thousands) 2024 2023 Current Maturity Date 2024 2023 Line of credit (1) 5.89 % 5.35 % November 2025 $ 507,140 $ 367,000 Term loan (2) 3.36 3.31 November 2026 400,000 400,000 Term loan (3) 4.10 4.26 January 2027 400,000 400,000 Fixed-rate mortgage notes 4.52 4.46 January 2027 - May 2031 655,370 596,191 Floating-rate mortgage notes (4) 5.25 5.25 October 2024 - October 2026 207,600 207,600 Total principal amount / weighted-average (5) 4.62 % 4.43 % $ 2,170,110 $ 1,970,791 Less: unamortized debt issuance costs $ (14,688) $ (17,038) Add: unamortized mark-to-market adjustment on assumed debt 6,587 7,367 Total debt, net $ 2,162,009 $ 1,961,120 Gross book value of properties encumbered by debt $ 1,516,008 $ 1,391,173 (1) The effective interest rate for our borrowings in U.S. dollars, which was $471.0 million as of September 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 $36.1 million as of September 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 September 30, 2024, the unused and available portions under the line of credit were approximately $392.9 million and $386.9 million, respectively. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements relating to $75.0 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 $275.0 million in borrowings under this term loan and interest rate cap agreements relating to $125.0 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 September 30, 2024. (5) The weighted-average remaining term of our consolidated borrowings was 2.4 years as of September 30, 2024, excluding the impact of certain extension options. For the three months ended September 30, 2024 and 2023, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $30.9 million and $21.2 million, respectively, including $3.7 million and $1.7 million, respectively, related to the amortization of our interest rate cap premiums. For the nine months ended September 30, 2024 and 2023, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $85.0 million and $61.4 million, respectively, including $10.8 million and $3.2 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 September 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 $ — $ — $ 127,575 $ 127,575 2025 507,140 — 2,646 509,786 2026 — 400,000 85,396 485,396 2027 — 400,000 177,034 577,034 2028 — — 90,477 90,477 Thereafter — — 379,842 379,842 Total principal payments $ 507,140 $ 800,000 $ 862,970 $ 2,170,110 (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. In October 2024, we exercised our extension option on this mortgage note and extended the maturity date to October 2025. A $115.0 million mortgage note matures in January 2027 and may be extended pursuant to two one-year extension options, subject to certain conditions. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio and tangible net worth thresholds. We were in compliance with our debt covenants as of September 30, 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 $2.9 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. For derivatives that are not designated and do not qualify as hedges, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount (1) Other Assets Other Liabilities As of September 30, 2024 Interest rate swaps designated as cash flow hedges 10 $ 475,000 $ 3,731 $ — Interest rate caps designated as cash flow hedges 8 607,600 10,338 Total derivative instruments 18 $ 1,082,600 $ 14,069 $ — 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 September 30, 2024, notional amount excludes an aggregate $100.0 million of notional amount for two interest rate swap agreements entered into in September 2024 with effective dates in February 2025. These interest rate swap agreements will replace separate interest rate swap agreements with an aggregate $100.0 million of notional amount that expire in February 2025. 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 Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (6,500) $ 5,346 $ 6,330 $ 15,492 Amount reclassified from AOCI as a decrease into interest expense (4,300) (5,252) (13,765) (12,346) Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 47,419 33,967 137,538 109,394 Derivative instruments not designated as cash flow hedges: Unrealized loss on derivative instruments recognized in other income (expenses) (1) $ — $ (1,497) $ — $ (3,822) Realized gain on derivative instruments recognized in other income (expenses) (2) — 1,421 — 3,835 (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	9 Months Ended
DST PROGRAM	Sep. 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 September 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 September 30, 2024 DST Program Loans, carried at cost $ 71,078 $ N/A $ 71,078 5.7 % 8.5 DST Program Loans, carried at fair value 54,325 (164) 54,161 7.1 % 9.8 Total $ 125,403 $ (164) $ 125,239 6.3 % 9.0 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 September 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 September 30, 2024 Financing obligations, carried at cost $ 759,657 $ (470) $ — $ N/A $ 759,187 Financing obligations, carried at fair value 654,117 N/A N/A (9,900) 644,217 Total $ 1,413,774 $ (470) $ — $ (9,900) $ 1,403,404 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 nine months ended September 30, 2024 and 2023: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 DST Interests sold $ 246,860 $ 158,399 $ 568,184 $ 351,906 DST Interests financed by DST Program Loans 27,095 12,881 46,572 40,196 Income earned from DST Program Loans (1) 1,665 1,386 4,880 3,652 Unrealized gain (loss) on DST Program Loans 195 — (164) — Unrealized gain on financing obligations 4,227 — 8,968 — Gain on extinguishment of financing obligations (2) 20,700 — 21,800 — (Decrease) increase in financing obligation liability appreciation (3) — (3,023) (69) 1,761 Rent obligation incurred under master lease agreements (3) 14,702 14,851 46,843 42,785 (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 nine months ended September 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	9 Months Ended
FAIR VALUE	Sep. 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 September 30, 2024 and December 31, 2023: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of September 30, 2024 Assets: Derivative instruments $ — $ 14,069 $ — $ 14,069 Investments in unconsolidated joint venture partnerships — — 39,619 39,619 Debt-related investments — — 28,242 28,242 Available-for-sale debt securities — 14,952 119,063 134,015 DST Program Loans — — 54,161 54,161 Total assets measured at fair value $ — $ 29,021 $ 241,085 $ 270,106 Liabilities: Financing obligations $ — $ — $ 644,217 $ 644,217 Total liabilities measured at fair value $ — $ — $ 644,217 $ 644,217 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. Debt-Related Investments. Our debt-related investments are unlikely to have readily available market quotations. In such cases, we will generally determine the initial value based on the acquisition price of such investments, if we acquire the investment, or the par value of such investment, if we originate the investment. 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. These inputs are generally considered Level 3. 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 Debt-Related Available-For-Sale DST Program (in thousands) Venture Partnerships Investments Debt Securities Loans Total Balance as of December 31, 2023 $ — $ — $ 107,392 $ 7,753 $ 115,145 Purchases and contributions 33,187 27,974 — 46,572 107,733 Paid-in-kind interest — 268 11,462 — 11,730 Distributions received (128) — — — (128) Gain (loss) on financial assets 4,664 — — (164) 4,500 Foreign currency loss on investment 1,896 — — — 1,896 Amortization of loan origination fees (1) — — 209 — 209 Balance as of September 30, 2024 $ 39,619 $ 28,242 $ 119,063 $ 54,161 $ 241,085 (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 551,140 Unrealized gain on financing obligations (8,968) Balance as of September 30, 2024 $ 644,217 The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of September 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 $ 39,619 Direct Capitalization Capitalization Rate Decrease Debt-related investments 28,242 Yield Method Market Yield Decrease Available-for-sale debt securities (1) 119,063 Yield Method Market Yield Decrease DST Program Loans 54,161 Yield Method Market Yield Decrease Liabilities: Financing obligations $ 644,217 Discounted Cash Flow Discount Rate Decrease (1) As of September 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 September 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 September 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 (2) 3 $ 285,127 $ 284,951 $ 250,318 $ 250,215 DST Program Loans (2) 3 71,078 70,550 109,266 107,297 Liabilities: Line of credit 3 $ 507,140 $ 507,140 $ 367,000 $ 367,000 Term loans 3 800,000 800,000 800,000 800,000 Mortgage notes 3 862,970 846,810 803,791 778,235 (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	9 Months Ended
EQUITY	Sep. 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-R shares, Class S-R shares, Class D-R shares and Class I-R 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. On August 22, 2024, we amended our registration statement on Form S-11 with respect to our fourth public offering to make it a distribution reinvestment plan only registration statement on Form S-3 pursuant to Rule 415(a)(1)(ii) under the Securities Act of 1933, as amended (the “Securities Act”) and we expect to continue making monthly distributions and the distribution reinvestment plan (“DRIP”) offering, which investors can continue to elect to participate in. On August 2, 2024, we initiated a private offering exempt from registration under the Securities Act (the “Private Offering”), which offers Class S-PR shares, Class D-PR shares and Class I-PR shares. Pursuant to our securities offerings, we have offered shares of our common stock at the “transaction price,” plus applicable 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 DRIP are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the nine months ended September 30, 2024, we raised gross proceeds of approximately $46.4 million from the sale of approximately 5.9 million shares of our common stock in our securities offerings, including proceeds from our DRIP of approximately $24.3 million. Common Stock The following table describes the number of shares of each class of our common stock authorized and issued and outstanding as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class T-R, $0.01 par value per share 100,000 27,773 500,000 28,432 Class S-R, $0.01 par value per share 100,000 44,959 500,000 48,145 Class D-R, $0.01 par value per share 100,000 6,337 500,000 6,930 Class I-R, $0.01 par value per share 600,000 59,718 500,000 65,511 Class E, $0.01 par value per share 100,000 44,331 500,000 48,210 Class S-PR, $0.01 par value per share 400,000 240 — — Class D-PR, $0.01 par value per share 400,000 — — — Class I-PR, $0.01 par value per share 700,000 20 — — The following table describes the changes in each class of common shares during the periods presented below: Class T-R Class S-R Class D-R Class I-R Class E Class S-PR Class D-PR Class I-PR Total (in thousands) Shares Shares Shares Shares Shares Shares Shares Shares Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 Balance as of June 30, 2023 (1) 28,741 49,750 7,227 68,105 51,047 — — — 204,870 Issuance of common stock: Primary shares 416 457 58 448 — — — — 1,379 Distribution reinvestment plan 150 250 38 361 188 — — — 987 Share-based compensation — — — 35 — — — — 35 Redemptions of common stock (430) (1,350) (294) (2,507) (1,679) — — — (6,260) Conversions (44) 27 (15) 40 (8) — — — — Balance as of September 30, 2023 (1) 28,833 49,134 7,014 66,482 49,548 — — — 201,011 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 Balance as of June 30, 2024 (1) 28,193 46,519 6,491 62,111 45,472 — — — 188,786 Issuance of common stock: Primary shares 114 83 20 296 — 240 — 20 773 Distribution reinvestment plan 169 282 40 379 182 — — — 1,052 Share-based compensation — — — 38 — — — — 38 Redemptions of common stock (445) (1,854) (214) (3,435) (1,323) — — — (7,271) Conversions (258) (71) — 329 — — — — — Balance as of September 30, 2024 (2) 27,773 44,959 6,337 59,718 44,331 240 — 20 183,378 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 Balance as of December 31, 2022 (1) 26,884 49,237 7,871 69,142 52,974 — — — 206,108 Issuance of common stock: Primary shares 2,923 2,426 134 3,552 — — — — 9,035 Distribution reinvestment plan 423 709 115 1,031 541 — — — 2,819 Share-based compensation — — — 35 — — — — 35 Redemptions of common stock (1,234) (3,289) (723) (7,781) (3,959) — — — (16,986) Conversions (163) 51 (383) 503 (8) — — — — Balance as of September 30, 2023 (1) 28,833 49,134 7,014 66,482 49,548 — — — 201,011 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 Balance as of December 31, 2023 (1) 28,432 48,145 6,930 65,511 48,210 — — — 197,228 Issuance of common stock: Primary shares 610 578 70 1,278 — 240 — 20 2,796 Distribution reinvestment plan 494 830 122 1,128 553 — — — 3,127 Share-based compensation — — — 38 — — — — 38 Redemptions of common stock (1,417) (4,366) (770) (8,826) (4,432) — — — (19,811) Conversions (346) (228) (15) 589 — — — — — Balance as of September 30, 2024 (2) 27,773 44,959 6,337 59,718 44,331 240 — 20 183,378 (1) There is no data presented for Class S-PR shares, Class D-PR shares and Class I-PR shares as of this date because there were no shares of such share classes outstanding. (2) There is no data presented for Class D-PR shares as of this date because there were no Class D-PR shares outstanding. 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 September 30 0.10000 9,449 13,214 7,888 1,204 31,755 Total $ 0.30000 $ 29,249 $ 31,656 $ 24,172 $ 3,775 $ 88,852 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-R share, per Class S-R share, per Class D-R share, per Class I-R share, per Class E share, per Class S-PR share, per Class D-PR share and per Class I-PR 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-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR 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-R shares, Class S-R shares and Class D-R shares, Class S-PR shares and Class D-PR 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-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 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 Nine Months Ended September 30, (in thousands, except for per share data) 2024 2023 Number of shares redeemed or repurchased 19,811 16,986 Aggregate dollar amount of shares redeemed or repurchased $ 153,228 $ 145,934 Average redemption or repurchase price per share $ 7.74 $ 8.59

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
REDEEMABLE NONCONTROLLING INTERESTS	Sep. 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 September 30, 2024 and December 31, 2023, we had redeemable OP Units outstanding of 1.2 million and 1.4 million, respectively. The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2024 and 2023: For the Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of the year $ 11,746 $ 18,130 Distributions to redeemable noncontrolling interests (420) (588) Redemptions of redeemable noncontrolling interests (1,500) — Net loss attributable to redeemable noncontrolling interests (235) (390) Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests (28) 25 Redemption value allocation adjustment to redeemable noncontrolling interests (1) (274) (298) Ending balance $ 9,289 $ 16,879 (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	9 Months Ended
NONCONTROLLING INTERESTS	Sep. 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 Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of period 78,737 55,079 Issuance of units 55,355 9,845 Redemption of units (3,629) (3,175) Balance at end of period 130,463 61,749 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 nine months ended September 30, 2024 and 2023, the aggregate amount of OP Units redeemed was $28.1 million and $27.3 million, respectively. The estimated maximum redemption value of the aggregate outstanding OP Units issued to third-party investors as of September 30, 2024 and December 31, 2023 was $974.1 million and $641.1 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 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 September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2024 2023 2024 2023 September 30, 2024 December 31, 2023 Selling commissions and dealer manager fees (1) $ 36 $ 161 $ 218 $ 1,121 $ — $ — Ongoing distribution fees (1)(2) 2,453 2,232 7,028 6,576 796 804 Advisory fees—fixed component 10,151 9,661 30,089 28,822 3,474 3,281 Other fees and expense reimbursements—Advisor (3)(4) 3,501 3,258 10,242 10,113 4,354 3,909 Other expense reimbursements—Dealer Manager 59 87 157 247 683 84 Property accounting fee (5) 565 478 1,520 1,448 212 170 DST Program selling commissions, dealer manager and distribution fees (1) 3,581 2,827 9,296 7,570 437 308 Other DST Program related costs—Advisor (4) 3,363 2,529 8,614 6,087 176 171 Total $ 23,709 $ 21,233 $ 67,164 $ 61,984 $ 10,132 $ 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 $67.1 million and $66.7 million as of September 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 September 30, 2024 and 2023 were approximately $3.2 million and $3.0 million, respectively. Amounts incurred related to these compensation expenses for the nine months ended September 30, 2024 and 2023 were both approximately $9.3 million. 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-R OP Units or cash, at the election of the Advisor. The performance hurdle was not achieved as of either September 30, 2024 or 2023, therefore no performance participation allocation expense was recognized in our condensed consolidated statements of operations for the nine months ended September 30, 2024 and 2023.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
NET INCOME (LOSS) PER COMMON SHARE	Sep. 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net loss attributable to common stockholders—basic $ (2,273) $ (14,410) $ (31,615) $ (39,164) Net loss attributable to redeemable noncontrolling interests (16) (146) (235) (390) Net loss attributable to noncontrolling interests (1,618) (4,477) (15,413) (11,304) Net loss attributable to common stockholders—diluted $ (3,907) $ (19,033) $ (47,263) $ (50,858) Weighted-average shares outstanding—basic 185,449 201,968 190,642 204,968 Incremental weighted-average shares effect of conversion of noncontrolling interests 132,142 64,519 105,641 59,853 Weighted-average shares outstanding—diluted 317,591 266,487 296,283 264,821 Net loss per share attributable to common stockholders: Basic $ (0.01) $ (0.07) $ (0.17) $ (0.19) Diluted $ (0.01) $ (0.07) $ (0.17) $ (0.19)

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Sep. 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 Nine Months Ended September 30, (in thousands) 2024 2023 Supplemental disclosure of non-cash investing and financing activities: Distributions reinvested in common stock $ 24,307 $ 24,260 Increase (decrease) in accrued future ongoing distribution fees 431 (306) Increase in DST Program Loans receivable through DST Program capital raising 46,572 40,196 Issuances of OP Units for DST Interests 427,595 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 Nine Months Ended September 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 $ 21,020 $ 14,503 Restricted cash 7,176 4,149 Cash, cash equivalents and restricted cash $ 28,196 $ 18,652

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 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 September 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 September 30, 2024. Unfunded Commitments As of September 30, 2024, we had unfunded commitments of $219.0 million to fund various investments in real estate debt and securities and investments in unconsolidated joint venture partnerships.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	9 Months Ended
SEGMENT FINANCIAL INFORMATION	Sep. 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 September 30, 2024 and December 31, 2023: As of (in thousands) September 30, 2024 December 31, 2023 Assets: Residential properties $ 1,779,586 $ 1,658,945 Industrial properties 1,418,198 1,353,331 Retail properties 500,517 509,307 Office properties 367,081 373,467 Other properties (1) 152,091 55,130 Investments in real estate debt and securities 446,276 370,176 Corporate 397,633 319,050 Total assets $ 5,061,382 $ 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 nine months ended September 30, 2024 and 2023: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Net loss attributable to common stockholders $ (2,273) $ (14,410) $ (31,615) $ (39,164) Real estate-related depreciation and amortization 39,287 32,146 110,991 99,201 General and administrative expenses 2,813 2,974 9,356 8,991 Advisory fees 10,151 9,661 30,089 28,822 Acquisition costs and reimbursements 2,072 2,032 5,560 5,050 Valuation allowance on debt-related investment — — — 3,780 (Income) loss from unconsolidated joint venture partnerships (2,940) 1,078 (11,049) 3,727 Interest expense 47,419 33,967 137,538 109,394 Gain on sale of real estate property (1,048) — (1,048) (36,884) Unrealized (gain) loss on DST Program Loans (195) — 164 — Unrealized gain on financing obligations (4,227) — (8,968) — (Gain) loss on extinguishment of debt and financing obligations, net (20,700) — (21,800) 700 Loss (gain) on derivative instruments — 76 — (13) Provision for current expected credit losses (872) (1,048) (1,474) 2,950 Other income and expenses (2,065) (1,298) (4,675) (3,330) Income tax expense 4,726 — 8,664 — Net loss attributable to redeemable noncontrolling interests (16) (146) (235) (390) Net loss attributable to noncontrolling interests (1,618) (4,477) (15,413) (11,304) Net operating income $ 70,514 $ 60,555 $ 206,085 $ 171,530 The following table sets forth consolidated financial results by segment for the three and nine months ended September 30, 2024 and 2023: Other Debt and (in thousands) Residential Industrial Retail Office Properties Securities Consolidated For the Three Months Ended September 30, 2024 Rental revenues $ 35,088 $ 28,822 $ 15,365 $ 13,102 $ 2,321 $ — $ 94,698 Debt-related income — — — — — 12,588 12,588 Rental expenses (18,100) (7,269) (4,234) (6,304) (865) — (36,772) Net operating income $ 16,988 $ 21,553 $ 11,131 $ 6,798 $ 1,456 $ 12,588 $ 70,514 Real estate-related depreciation and amortization $ 12,888 $ 16,482 $ 3,850 $ 4,484 $ 1,583 $ — $ 39,287 For the Three Months Ended September 30, 2023 Rental revenues $ 30,437 $ 23,859 $ 15,131 $ 12,942 $ — $ — $ 82,369 Debt-related income — — — — — 8,837 8,837 Rental expenses (14,546) (5,462) (4,089) (6,554) — — (30,651) Net operating income $ 15,891 $ 18,397 $ 11,042 $ 6,388 $ — $ 8,837 $ 60,555 Real estate-related depreciation and amortization $ 10,256 $ 13,820 $ 4,016 $ 4,054 $ — $ — $ 32,146 For the Nine Months Ended September 30, 2024 Rental revenues $ 102,590 $ 83,289 $ 45,907 $ 37,463 $ 4,167 $ — $ 273,416 Debt-related income — — — — — 36,136 36,136 Rental expenses (51,374) (20,689) (11,802) (17,964) (1,638) — (103,467) Net operating income $ 51,216 $ 62,600 $ 34,105 $ 19,499 $ 2,529 $ 36,136 $ 206,085 Real estate-related depreciation and amortization $ 37,493 $ 46,549 $ 11,728 $ 12,592 $ 2,629 $ — $ 110,991 For the Nine Months Ended September 30, 2023 Rental revenues $ 88,108 $ 66,196 $ 43,937 $ 39,292 $ — $ — $ 237,533 Debt-related income — — — — — 21,787 21,787 Rental expenses (41,806) (14,910) (11,448) (19,626) — — (87,790) Net operating income $ 46,302 $ 51,286 $ 32,489 $ 19,666 $ — $ 21,787 $ 171,530 Real estate-related depreciation and amortization $ 29,695 $ 45,192 $ 12,094 $ 12,220 $ — $ — $ 99,201 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	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Secured Loan Agreement On October 1, 2024, we entered into a secured loan agreement for an aggregate principal amount of $ 475.0 million. The secured loan agreement bears a floating interest rate based on the sum of (i) the Secured Overnight Financing Rate for a one-month period (“Term SOFR ”) and (ii) a spread at a blended rate of 2.224940 %, requires interest-only monthly payments for the term of the loan and has a contractual maturity of October 9, 2026 which may be extended for three successive terms of one year each upon satisfaction of certain terms and conditions in each case as detailed in the loan agreement. In connection with the closing, we also entered into an interest rate cap agreement with a Term SOFR strike rate equal to 4.418 %. Dispositions Subsequent to September 30, 2024, we sold one parcel of land and one industrial property for an aggregate contractual sale price of $ 26.3 million. Our accounting basis (net of accumulated depreciation and amortization) for these properties as of the closing dates was approximately $ 13.7 million. Issuance of OP Units On November 1, 2024, 28.2 million OP Units were issued in exchange for DST Interests for a net investment of $211.5 million in accordance with our UPREIT structure. The net carrying value of the related financing obligation liability and DST Program Loans was $ 230.8 million as of the date the OP Units were issued.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,273)	$ (14,410)	$ (31,615)	$ (39,164)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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)	9 Months Ended
INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	Sep. 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) September 30, 2024 (1) December 31, 2023 Land $ 795,935 $ 754,149 Buildings and improvements 3,782,779 3,505,921 Intangible lease assets 338,423 330,291 Right of use asset 13,637 13,637 Investment in real estate properties 4,930,774 4,603,998 Accumulated depreciation and amortization (783,683) (714,684) Net investment in real estate properties $ 4,147,091 $ 3,889,314 (1) Includes one parcel of land with an accounting basis of $10.1 million that has met the criteria of held for sale as of September 30, 2024.
Schedule of Asset Acquisitions	During the nine months ended September 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 Metro Storage Sharon Hill Other 7/31/2024 16,761 Metro Storage Newtown Square Other 7/31/2024 24,724 Metro Storage Trevose Other 7/31/2024 21,151 Metro Storage Sarasota Other 7/31/2024 15,532 Metro Storage Fort Myers Other 7/31/2024 12,766 Metro Storage Pinellas Park Other 7/31/2024 6,765 Total 2024 acquisitions $ 327,805 (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	During the nine months ended September 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 Nine Months Ended (in thousands) September 30, 2024 Land $ 44,065 Building and improvements 271,465 Intangible lease assets 13,784 Above-market lease assets 518 Below-market lease liabilities (2,027) Total purchase price (1) $ 327,805 (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 September 30, 2024 and December 31, 2023 included the following: As of September 30, 2024 As of December 31, 2023 Accumulated Accumulated (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) $ 314,349 $ (246,020) $ 68,329 $ 306,365 $ (234,172) $ 72,193 Above-market lease assets (1) 24,074 (20,896) 3,178 23,926 (20,525) 3,401 Below-market lease liabilities (73,831) 38,337 (35,494) (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 September 30, For the Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Increase (decrease) to rental revenue: Straight-line rent adjustments $ 1,967 $ 996 $ 5,531 $ 2,738 Above-market lease amortization (267) (194) (742) (593) Below-market lease amortization 1,409 1,181 3,612 3,319 Real estate-related depreciation and amortization: Depreciation expense $ 32,655 $ 27,413 $ 93,273 $ 80,911 Intangible lease asset amortization 6,632 4,733 17,718 18,290

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, December 31, September 30, December 31, September 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 % $ 23,069 $ 23,932 Net Lease joint venture partnerships 3 3 50.0 % 50.0 % 101,988 104,232 Data Center joint venture partnerships 2 2 10.0 - 10.2 % 10.0 % 38,483 24,977 Real Estate Debt joint venture partnerships (1) 1 1 19.9 % 19.9 % 28,770 164 Total investments in unconsolidated joint venture partnerships, carried at cost 192,310 153,305 Investments in unconsolidated joint venture partnerships, carried at fair value: Industrial joint venture partnerships (1) 1 — 27.4 % N/A 39,619 — Total investments in unconsolidated joint venture partnerships, carried at fair value 39,619 — Total $ 231,929 $ 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 nine months ended September 30, 2024 and 2023: For the Three Months Ended September 30, For the Nine Months Ended September 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 $ 2,261 $ (1,078) $ 6,307 $ (3,727) Total income (loss) from unconsolidated joint venture partnerships, carried at cost 2,261 (1,078) 6,307 (3,727) Income (loss) from unconsolidated joint venture partnerships, carried at fair value: Gain on investment 294 — 4,664 — Foreign currency gain on investment 2,359 — 1,896 — Total income from unconsolidated joint venture partnerships, carried at fair value 2,653 — 6,560 — Other foreign currency gain (loss): Foreign currency loss on debt held in foreign currencies (2,014) — (1,882) — Foreign currency gain on remeasurement of cash and cash equivalents 40 — 64 — Total other foreign currency gain (loss) (1,974) — (1,818) — Total $ 2,940 $ (1,078) $ 11,049 $ (3,727)

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	9 Months Ended
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	Sep. 30, 2024
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
Summary of Debt Related Investments	The following table summarizes our debt-related investments as of September 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 September 30, 2024 Senior loans, carried at cost (2) $ 183,428 $ 184,550 8.7 % 1.4 Senior loans, carried at fair value 28,242 28,242 8.3 2.5 Mezzanine loans, carried at cost 100,591 100,577 10.9 0.1 Total debt-related investments $ 312,261 $ 313,369 9.5 % 1.1 As of December 31, 2023 Senior loans, carried at cost $ 141,737 $ 143,550 9.8 % 2.2 Mezzanine loans, carried at cost 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 our debt-related investments carried at cost consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. For our debt-related investments carried at fair value, the difference between the carrying amount and the outstanding principal amount is cumulative unrealized gains or losses. (2) As of September 30, 2024, we had one senior loan that was in default and on non-accrual status with a carrying value of $46.6 million. During the nine months ended September 30, 2024, we recognized $4.6 million in debt-related income, of which $1.8 million was received in cash and $2.8 million was capitalized to the principal balance. Weighted-average interest rate excludes this senior loan from its calculations as of September 30, 2024.
Summary of Expected Credit Losses	The following table summarizes activity related to our CECL Reserve on funded commitments for the nine months ended September 30, 2024 and 2023: For the Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of the year $ 1,327 $ — Provision for current expected credit losses (957) 1,794 Write-offs — — Recoveries — — Ending balance (1) $ 370 $ 1,794 (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 nine months ended September 30, 2024 and 2023: For the Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of the year $ 670 $ — Provision for current expected credit losses (517) 1,156 Write-offs — — Recoveries — — Ending balance (1) $ 153 $ 1,156 (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 September 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 September 30, 2024 CRE CLOs & CMBS $ 14,908 $ 14,835 $ 73 $ — $ 117 $ 14,952 Preferred equity 119,713 119,063 — 650 — 119,063 Total debt securities $ 134,621 $ 133,898 $ 73 $ 650 $ 117 $ 134,015 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)	9 Months Ended
DEBT (Tables)	Sep. 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 September 30, December 31, September 30, December 31, ($ in thousands) 2024 2023 Current Maturity Date 2024 2023 Line of credit (1) 5.89 % 5.35 % November 2025 $ 507,140 $ 367,000 Term loan (2) 3.36 3.31 November 2026 400,000 400,000 Term loan (3) 4.10 4.26 January 2027 400,000 400,000 Fixed-rate mortgage notes 4.52 4.46 January 2027 - May 2031 655,370 596,191 Floating-rate mortgage notes (4) 5.25 5.25 October 2024 - October 2026 207,600 207,600 Total principal amount / weighted-average (5) 4.62 % 4.43 % $ 2,170,110 $ 1,970,791 Less: unamortized debt issuance costs $ (14,688) $ (17,038) Add: unamortized mark-to-market adjustment on assumed debt 6,587 7,367 Total debt, net $ 2,162,009 $ 1,961,120 Gross book value of properties encumbered by debt $ 1,516,008 $ 1,391,173 (1) The effective interest rate for our borrowings in U.S. dollars, which was $471.0 million as of September 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 $36.1 million as of September 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 September 30, 2024, the unused and available portions under the line of credit were approximately $392.9 million and $386.9 million, respectively. The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements relating to $75.0 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 $275.0 million in borrowings under this term loan and interest rate cap agreements relating to $125.0 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 September 30, 2024. (5) The weighted-average remaining term of our consolidated borrowings was 2.4 years as of September 30, 2024, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of September 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 $ — $ — $ 127,575 $ 127,575 2025 507,140 — 2,646 509,786 2026 — 400,000 85,396 485,396 2027 — 400,000 177,034 577,034 2028 — — 90,477 90,477 Thereafter — — 379,842 379,842 Total principal payments $ 507,140 $ 800,000 $ 862,970 $ 2,170,110 (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. In October 2024, we exercised our extension option on this mortgage note and extended the maturity date to October 2025. A $115.0 million mortgage note matures in January 2027 and may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of our consolidated derivative instruments on our condensed consolidated balance sheets: Number of Fair Value ($ in thousands) Contracts Notional Amount (1) Other Assets Other Liabilities As of September 30, 2024 Interest rate swaps designated as cash flow hedges 10 $ 475,000 $ 3,731 $ — Interest rate caps designated as cash flow hedges 8 607,600 10,338 Total derivative instruments 18 $ 1,082,600 $ 14,069 $ — 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 September 30, 2024, notional amount excludes an aggregate $100.0 million of notional amount for two interest rate swap agreements entered into in September 2024 with effective dates in February 2025. These interest rate swap agreements will replace separate interest rate swap agreements with an aggregate $100.0 million of notional amount that expire in February 2025. 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 Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (6,500) $ 5,346 $ 6,330 $ 15,492 Amount reclassified from AOCI as a decrease into interest expense (4,300) (5,252) (13,765) (12,346) Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded 47,419 33,967 137,538 109,394 Derivative instruments not designated as cash flow hedges: Unrealized loss on derivative instruments recognized in other income (expenses) (1) $ — $ (1,497) $ — $ (3,822) Realized gain on derivative instruments recognized in other income (expenses) (2) — 1,421 — 3,835 (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)	9 Months Ended
DST PROGRAM (Tables)	Sep. 30, 2024
DST PROGRAM.
Schedule of DST Program Loans	The following table summarizes our DST Program Loans as of September 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 September 30, 2024 DST Program Loans, carried at cost $ 71,078 $ N/A $ 71,078 5.7 % 8.5 DST Program Loans, carried at fair value 54,325 (164) 54,161 7.1 % 9.8 Total $ 125,403 $ (164) $ 125,239 6.3 % 9.0 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 September 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 September 30, 2024 Financing obligations, carried at cost $ 759,657 $ (470) $ — $ N/A $ 759,187 Financing obligations, carried at fair value 654,117 N/A N/A (9,900) 644,217 Total $ 1,413,774 $ (470) $ — $ (9,900) $ 1,403,404 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 nine months ended September 30, 2024 and 2023: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 DST Interests sold $ 246,860 $ 158,399 $ 568,184 $ 351,906 DST Interests financed by DST Program Loans 27,095 12,881 46,572 40,196 Income earned from DST Program Loans (1) 1,665 1,386 4,880 3,652 Unrealized gain (loss) on DST Program Loans 195 — (164) — Unrealized gain on financing obligations 4,227 — 8,968 — Gain on extinguishment of financing obligations (2) 20,700 — 21,800 — (Decrease) increase in financing obligation liability appreciation (3) — (3,023) (69) 1,761 Rent obligation incurred under master lease agreements (3) 14,702 14,851 46,843 42,785 (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)	9 Months Ended
FAIR VALUE (Tables)	Sep. 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 September 30, 2024 and December 31, 2023: Total (in thousands) Level 1 Level 2 Level 3 Fair Value As of September 30, 2024 Assets: Derivative instruments $ — $ 14,069 $ — $ 14,069 Investments in unconsolidated joint venture partnerships — — 39,619 39,619 Debt-related investments — — 28,242 28,242 Available-for-sale debt securities — 14,952 119,063 134,015 DST Program Loans — — 54,161 54,161 Total assets measured at fair value $ — $ 29,021 $ 241,085 $ 270,106 Liabilities: Financing obligations $ — $ — $ 644,217 $ 644,217 Total liabilities measured at fair value $ — $ — $ 644,217 $ 644,217 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 Debt-Related Available-For-Sale DST Program (in thousands) Venture Partnerships Investments Debt Securities Loans Total Balance as of December 31, 2023 $ — $ — $ 107,392 $ 7,753 $ 115,145 Purchases and contributions 33,187 27,974 — 46,572 107,733 Paid-in-kind interest — 268 11,462 — 11,730 Distributions received (128) — — — (128) Gain (loss) on financial assets 4,664 — — (164) 4,500 Foreign currency loss on investment 1,896 — — — 1,896 Amortization of loan origination fees (1) — — 209 — 209 Balance as of September 30, 2024 $ 39,619 $ 28,242 $ 119,063 $ 54,161 $ 241,085 (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 551,140 Unrealized gain on financing obligations (8,968) Balance as of September 30, 2024 $ 644,217
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 September 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 $ 39,619 Direct Capitalization Capitalization Rate Decrease Debt-related investments 28,242 Yield Method Market Yield Decrease Available-for-sale debt securities (1) 119,063 Yield Method Market Yield Decrease DST Program Loans 54,161 Yield Method Market Yield Decrease Liabilities: Financing obligations $ 644,217 Discounted Cash Flow Discount Rate Decrease (1) As of September 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 September 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 (2) 3 $ 285,127 $ 284,951 $ 250,318 $ 250,215 DST Program Loans (2) 3 71,078 70,550 109,266 107,297 Liabilities: Line of credit 3 $ 507,140 $ 507,140 $ 367,000 $ 367,000 Term loans 3 800,000 800,000 800,000 800,000 Mortgage notes 3 862,970 846,810 803,791 778,235 (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)	9 Months Ended
EQUITY (Tables)	Sep. 30, 2024
EQUITY
Summary of shares of each class of our common stock authorized and issued and outstanding	The following table describes the number of shares of each class of our common stock authorized and issued and outstanding as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class T-R, $0.01 par value per share 100,000 27,773 500,000 28,432 Class S-R, $0.01 par value per share 100,000 44,959 500,000 48,145 Class D-R, $0.01 par value per share 100,000 6,337 500,000 6,930 Class I-R, $0.01 par value per share 600,000 59,718 500,000 65,511 Class E, $0.01 par value per share 100,000 44,331 500,000 48,210 Class S-PR, $0.01 par value per share 400,000 240 — — Class D-PR, $0.01 par value per share 400,000 — — — Class I-PR, $0.01 par value per share 700,000 20 — —
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-R Class S-R Class D-R Class I-R Class E Class S-PR Class D-PR Class I-PR Total (in thousands) Shares Shares Shares Shares Shares Shares Shares Shares Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 Balance as of June 30, 2023 (1) 28,741 49,750 7,227 68,105 51,047 — — — 204,870 Issuance of common stock: Primary shares 416 457 58 448 — — — — 1,379 Distribution reinvestment plan 150 250 38 361 188 — — — 987 Share-based compensation — — — 35 — — — — 35 Redemptions of common stock (430) (1,350) (294) (2,507) (1,679) — — — (6,260) Conversions (44) 27 (15) 40 (8) — — — — Balance as of September 30, 2023 (1) 28,833 49,134 7,014 66,482 49,548 — — — 201,011 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 Balance as of June 30, 2024 (1) 28,193 46,519 6,491 62,111 45,472 — — — 188,786 Issuance of common stock: Primary shares 114 83 20 296 — 240 — 20 773 Distribution reinvestment plan 169 282 40 379 182 — — — 1,052 Share-based compensation — — — 38 — — — — 38 Redemptions of common stock (445) (1,854) (214) (3,435) (1,323) — — — (7,271) Conversions (258) (71) — 329 — — — — — Balance as of September 30, 2024 (2) 27,773 44,959 6,337 59,718 44,331 240 — 20 183,378 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 Balance as of December 31, 2022 (1) 26,884 49,237 7,871 69,142 52,974 — — — 206,108 Issuance of common stock: Primary shares 2,923 2,426 134 3,552 — — — — 9,035 Distribution reinvestment plan 423 709 115 1,031 541 — — — 2,819 Share-based compensation — — — 35 — — — — 35 Redemptions of common stock (1,234) (3,289) (723) (7,781) (3,959) — — — (16,986) Conversions (163) 51 (383) 503 (8) — — — — Balance as of September 30, 2023 (1) 28,833 49,134 7,014 66,482 49,548 — — — 201,011 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 Balance as of December 31, 2023 (1) 28,432 48,145 6,930 65,511 48,210 — — — 197,228 Issuance of common stock: Primary shares 610 578 70 1,278 — 240 — 20 2,796 Distribution reinvestment plan 494 830 122 1,128 553 — — — 3,127 Share-based compensation — — — 38 — — — — 38 Redemptions of common stock (1,417) (4,366) (770) (8,826) (4,432) — — — (19,811) Conversions (346) (228) (15) 589 — — — — — Balance as of September 30, 2024 (2) 27,773 44,959 6,337 59,718 44,331 240 — 20 183,378 (1) There is no data presented for Class S-PR shares, Class D-PR shares and Class I-PR shares as of this date because there were no shares of such share classes outstanding. (2) There is no data presented for Class D-PR shares as of this date because there were no Class D-PR shares outstanding.
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 September 30 0.10000 9,449 13,214 7,888 1,204 31,755 Total $ 0.30000 $ 29,249 $ 31,656 $ 24,172 $ 3,775 $ 88,852 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-R share, per Class S-R share, per Class D-R share, per Class I-R share, per Class E share, per Class S-PR share, per Class D-PR share and per Class I-PR 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-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares of common stock are reduced by the respective distribution fees that are payable with respect to Class T-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR 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-R shares, Class S-R shares and Class D-R shares, Class S-PR shares and Class D-PR 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-R shares, Class S-R shares, Class D-R shares, Class S-PR shares and Class D-PR shares.
Summary of Redemptions and Repurchases Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 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 Nine Months Ended September 30, (in thousands, except for per share data) 2024 2023 Number of shares redeemed or repurchased 19,811 16,986 Aggregate dollar amount of shares redeemed or repurchased $ 153,228 $ 145,934 Average redemption or repurchase price per share $ 7.74 $ 8.59

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
REDEEMABLE NONCONTROLLING INTERESTS (Tables)	Sep. 30, 2024
REDEEMABLE NONCONTROLLING INTERESTS
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2024 and 2023: For the Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of the year $ 11,746 $ 18,130 Distributions to redeemable noncontrolling interests (420) (588) Redemptions of redeemable noncontrolling interests (1,500) — Net loss attributable to redeemable noncontrolling interests (235) (390) Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests (28) 25 Redemption value allocation adjustment to redeemable noncontrolling interests (1) (274) (298) Ending balance $ 9,289 $ 16,879 (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)	9 Months Ended
NONCONTROLLING INTERESTS (Tables)	Sep. 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 Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of period 78,737 55,079 Issuance of units 55,355 9,845 Redemption of units (3,629) (3,175) Balance at end of period 130,463 61,749

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 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 September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2024 2023 2024 2023 September 30, 2024 December 31, 2023 Selling commissions and dealer manager fees (1) $ 36 $ 161 $ 218 $ 1,121 $ — $ — Ongoing distribution fees (1)(2) 2,453 2,232 7,028 6,576 796 804 Advisory fees—fixed component 10,151 9,661 30,089 28,822 3,474 3,281 Other fees and expense reimbursements—Advisor (3)(4) 3,501 3,258 10,242 10,113 4,354 3,909 Other expense reimbursements—Dealer Manager 59 87 157 247 683 84 Property accounting fee (5) 565 478 1,520 1,448 212 170 DST Program selling commissions, dealer manager and distribution fees (1) 3,581 2,827 9,296 7,570 437 308 Other DST Program related costs—Advisor (4) 3,363 2,529 8,614 6,087 176 171 Total $ 23,709 $ 21,233 $ 67,164 $ 61,984 $ 10,132 $ 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 $67.1 million and $66.7 million as of September 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)	9 Months Ended
NET INCOME (LOSS) PER COMMON SHARE (Tables)	Sep. 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 September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net loss attributable to common stockholders—basic $ (2,273) $ (14,410) $ (31,615) $ (39,164) Net loss attributable to redeemable noncontrolling interests (16) (146) (235) (390) Net loss attributable to noncontrolling interests (1,618) (4,477) (15,413) (11,304) Net loss attributable to common stockholders—diluted $ (3,907) $ (19,033) $ (47,263) $ (50,858) Weighted-average shares outstanding—basic 185,449 201,968 190,642 204,968 Incremental weighted-average shares effect of conversion of noncontrolling interests 132,142 64,519 105,641 59,853 Weighted-average shares outstanding—diluted 317,591 266,487 296,283 264,821 Net loss per share attributable to common stockholders: Basic $ (0.01) $ (0.07) $ (0.17) $ (0.19) Diluted $ (0.01) $ (0.07) $ (0.17) $ (0.19)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Sep. 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 Nine Months Ended September 30, (in thousands) 2024 2023 Supplemental disclosure of non-cash investing and financing activities: Distributions reinvested in common stock $ 24,307 $ 24,260 Increase (decrease) in accrued future ongoing distribution fees 431 (306) Increase in DST Program Loans receivable through DST Program capital raising 46,572 40,196 Issuances of OP Units for DST Interests 427,595 84,725
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: For the Nine Months Ended September 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 $ 21,020 $ 14,503 Restricted cash 7,176 4,149 Cash, cash equivalents and restricted cash $ 28,196 $ 18,652

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	9 Months Ended
SEGMENT FINANCIAL INFORMATION (Tables)	Sep. 30, 2024
SEGMENT FINANCIAL INFORMATION
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by segment as of September 30, 2024 and December 31, 2023: As of (in thousands) September 30, 2024 December 31, 2023 Assets: Residential properties $ 1,779,586 $ 1,658,945 Industrial properties 1,418,198 1,353,331 Retail properties 500,517 509,307 Office properties 367,081 373,467 Other properties (1) 152,091 55,130 Investments in real estate debt and securities 446,276 370,176 Corporate 397,633 319,050 Total assets $ 5,061,382 $ 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 nine months ended September 30, 2024 and 2023: For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Net loss attributable to common stockholders $ (2,273) $ (14,410) $ (31,615) $ (39,164) Real estate-related depreciation and amortization 39,287 32,146 110,991 99,201 General and administrative expenses 2,813 2,974 9,356 8,991 Advisory fees 10,151 9,661 30,089 28,822 Acquisition costs and reimbursements 2,072 2,032 5,560 5,050 Valuation allowance on debt-related investment — — — 3,780 (Income) loss from unconsolidated joint venture partnerships (2,940) 1,078 (11,049) 3,727 Interest expense 47,419 33,967 137,538 109,394 Gain on sale of real estate property (1,048) — (1,048) (36,884) Unrealized (gain) loss on DST Program Loans (195) — 164 — Unrealized gain on financing obligations (4,227) — (8,968) — (Gain) loss on extinguishment of debt and financing obligations, net (20,700) — (21,800) 700 Loss (gain) on derivative instruments — 76 — (13) Provision for current expected credit losses (872) (1,048) (1,474) 2,950 Other income and expenses (2,065) (1,298) (4,675) (3,330) Income tax expense 4,726 — 8,664 — Net loss attributable to redeemable noncontrolling interests (16) (146) (235) (390) Net loss attributable to noncontrolling interests (1,618) (4,477) (15,413) (11,304) Net operating income $ 70,514 $ 60,555 $ 206,085 $ 171,530
Summary of Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the three and nine months ended September 30, 2024 and 2023: Other Debt and (in thousands) Residential Industrial Retail Office Properties Securities Consolidated For the Three Months Ended September 30, 2024 Rental revenues $ 35,088 $ 28,822 $ 15,365 $ 13,102 $ 2,321 $ — $ 94,698 Debt-related income — — — — — 12,588 12,588 Rental expenses (18,100) (7,269) (4,234) (6,304) (865) — (36,772) Net operating income $ 16,988 $ 21,553 $ 11,131 $ 6,798 $ 1,456 $ 12,588 $ 70,514 Real estate-related depreciation and amortization $ 12,888 $ 16,482 $ 3,850 $ 4,484 $ 1,583 $ — $ 39,287 For the Three Months Ended September 30, 2023 Rental revenues $ 30,437 $ 23,859 $ 15,131 $ 12,942 $ — $ — $ 82,369 Debt-related income — — — — — 8,837 8,837 Rental expenses (14,546) (5,462) (4,089) (6,554) — — (30,651) Net operating income $ 15,891 $ 18,397 $ 11,042 $ 6,388 $ — $ 8,837 $ 60,555 Real estate-related depreciation and amortization $ 10,256 $ 13,820 $ 4,016 $ 4,054 $ — $ — $ 32,146 For the Nine Months Ended September 30, 2024 Rental revenues $ 102,590 $ 83,289 $ 45,907 $ 37,463 $ 4,167 $ — $ 273,416 Debt-related income — — — — — 36,136 36,136 Rental expenses (51,374) (20,689) (11,802) (17,964) (1,638) — (103,467) Net operating income $ 51,216 $ 62,600 $ 34,105 $ 19,499 $ 2,529 $ 36,136 $ 206,085 Real estate-related depreciation and amortization $ 37,493 $ 46,549 $ 11,728 $ 12,592 $ 2,629 $ — $ 110,991 For the Nine Months Ended September 30, 2023 Rental revenues $ 88,108 $ 66,196 $ 43,937 $ 39,292 $ — $ — $ 237,533 Debt-related income — — — — — 21,787 21,787 Rental expenses (41,806) (14,910) (11,448) (19,626) — — (87,790) Net operating income $ 46,302 $ 51,286 $ 32,489 $ 19,666 $ — $ 21,787 $ 171,530 Real estate-related depreciation and amortization $ 29,695 $ 45,192 $ 12,094 $ 12,220 $ — $ — $ 99,201

BASIS OF PRESENTATION (Income T

BASIS OF PRESENTATION (Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
BASIS OF PRESENTATION
Income tax expense	$ 4,726	$ 8,664

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) $ in Thousands	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Land	$ 795,935	$ 754,149
Buildings and improvements	3,782,779	3,505,921
Intangible lease assets	338,423	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	$ 4,930,774	$ 4,603,998
Accumulated depreciation and amortization	(783,683)	(714,684)
Net investment in real estate properties	4,147,091	$ 3,889,314
Assets Held for Sale \| Retail land parcel
Real Estate Properties [Line Items]
Net investment in real estate properties	$ 10,100
Number of real estate properties \| property	1

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Asset Acquisition [Line Items]
Total acquisitions	$ 327,805
Asset Acquisition, Percentage Acquired	100%
Weighted-average amortization period of acquired finite-lived intangible assets	4 years
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
Metro Storage Sharon Hill
Asset Acquisition [Line Items]
Total acquisitions	16,761
Metro Storage Newtown Square
Asset Acquisition [Line Items]
Total acquisitions	24,724
Metro Storage Trevose
Asset Acquisition [Line Items]
Total acquisitions	21,151
Metro Storage Sarasota
Asset Acquisition [Line Items]
Total acquisitions	15,532
Metro Storage Fort Myers
Asset Acquisition [Line Items]
Total acquisitions	12,766
Metro Storage Pinellas Park
Asset Acquisition [Line Items]
Total acquisitions	6,765
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	Sep. 30, 2024 USD ($)
Real Estate [Line Items]
Land	$ 44,065
Building and improvements	271,465
Intangible lease assets	13,784
Above-market lease assets	518
Below-market lease liabilities	(2,027)
Total purchase price	327,805
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	9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Real Estate Properties [Line Items]
Proceeds from disposition of real estate property		$ 4,015	$ 53,735
Gain on sale of real estate property	$ 1,048	$ 1,048	$ 36,884
Disposed of by Sale \| Retail properties
Real Estate Properties [Line Items]
Number of real estate properties \| property	1	1	1

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 338,423	$ 330,291
Gross, Liabilities	(73,831)	(73,556)
Accumulated Amortization, Liabilities	38,337	36,477
Net, Liabilities	(35,494)	(37,079)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	314,349	306,365
Accumulated Amortization, Assets	(246,020)	(234,172)
Net, Assets	68,329	72,193
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	24,074	23,926
Accumulated Amortization, Assets	(20,896)	(20,525)
Net, Assets	$ 3,178	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 1,967	$ 996	$ 5,531	$ 2,738
Depreciation expense	32,655	27,413	93,273	80,911
Intangible lease asset amortization	6,632	4,733	17,718	18,290
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(267)	(194)	(742)	(593)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 1,409	$ 1,181	$ 3,612	$ 3,319

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	$ 39,619	$ 0
Total	231,929	153,305
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated joint venture partnerships, carried at cost	192,310	153,305
Total investments in unconsolidated joint venture partnerships, carried at fair value	39,619
Total	231,929	$ 153,305
Unfunded Capital commitment	$ 175,200
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	$ 23,069	$ 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	$ 101,988	$ 104,232
Data Center joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships \| item	2	2
Ownership percentage		10%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 38,483	$ 24,977
Data Center joint venture partnerships \| Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10.20%
Data Center joint venture partnerships \| Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10%
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	$ 28,770	$ 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	$ 39,619

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Income (Loss) in Unconsolidated Joint Venture Partnerships) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other foreign currency gain (loss):
Total	$ 2,940	$ (1,078)	$ 11,049	$ (3,727)
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	2,261	(1,078)	6,307	(3,727)
Income (loss) from unconsolidated joint venture partnerships, carried at fair value:
Gain on investment	294		4,664
Foreign currency gain on investment	2,359		1,896
Total income from unconsolidated joint venture partnerships, carried at fair value	2,653		6,560
Other foreign currency gain (loss):
Foreign currency loss on debt held in foreign currencies	(2,014)		(1,882)
Foreign currency gain on remeasurement of cash and cash equivalents	40		64
Total other foreign currency gain (loss)	(1,974)		(1,818)
Total	$ 2,940	$ (1,078)	$ 11,049	$ (3,727)

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Investments) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) contract	Dec. 31, 2023 USD ($)
Marketable Securities [Line Items]
Carrying Amount	$ 312,261	$ 247,801
Outstanding Principal	$ 313,369	$ 250,318
Weighted-Average Interest Rate	9.50%	10.50%
Weighted-Average Remaining Life (Years)	1 year 1 month 6 days	1 year 7 months 6 days
Senior loans, carried at cost
Marketable Securities [Line Items]
Carrying Amount	$ 183,428	$ 141,737
Outstanding Principal	$ 184,550	$ 143,550
Weighted-Average Interest Rate	8.70%	9.80%
Weighted-Average Remaining Life (Years)	1 year 4 months 24 days	2 years 2 months 12 days
Debt-related income	$ 4,600
Total income from debt securities received in cash	1,800
Total income from debt securities added to principal balance	2,800
Senior loans in default and on non-accrual status
Marketable Securities [Line Items]
Carrying Amount	$ 46,600
Number of contracts \| contract	1
Senior loans, carried at fair value
Marketable Securities [Line Items]
Carrying Amount	$ 28,242
Outstanding Principal	$ 28,242
Weighted-Average Interest Rate	8.30%
Weighted-Average Remaining Life (Years)	2 years 6 months
Mezzanine loans, carried at cost
Marketable Securities [Line Items]
Carrying Amount	$ 100,591	$ 106,064
Outstanding Principal	$ 100,577	$ 106,768
Weighted-Average Interest Rate	10.90%	11.40%
Weighted-Average Remaining Life (Years)	1 month 6 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		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) contract	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	$ 500		$ 500		$ 2,000
Percentage of CECL Reserve to debt related investment commitment	0.10%		0.10%		0.60%
Held to Maturity debt related Investments	$ 357,200		$ 357,200		$ 331,200
Funded Commitment Balance	313,400		313,400		250,300
Unfunded Commitment Balance	43,800		43,800		80,900
Funded Commitments Related to Allowance	400		400		1,300
Unfunded Commitments Related to Allowance	100		100		700
Carrying value	312,261		312,261		247,801
Collection of principal repayments			6,191	$ 64,948
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	(872)	$ (1,048)	(1,474)	2,950
Ending balance	500		500
Senior loans
Marketable Securities [Line Items]
Carrying value	183,428		183,428		141,737
Collection of principal repayments				64,900
Senior loans in default and on non-accrual status
Marketable Securities [Line Items]
Carrying value	46,600		$ 46,600
Number of contracts \| contract			1
Mezzanine loans
Marketable Securities [Line Items]
Carrying value	100,591		$ 100,591		106,064
Collection of principal repayments			$ 6,200
Number of contracts \| contract			1
Funded Loan Commitments
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	370	1,794	$ 370	1,794	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			(957)	1,794
Ending balance	370	1,794	370	1,794
Unfunded Loan Commitments
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	153	1,156	153	1,156	$ 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			(517)	1,156
Ending balance	$ 153	$ 1,156	$ 153	$ 1,156

INVESTMENTS IN REAL ESTATE DE_5

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summary of Available for Sale Debt Securities) (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 134,621	$ 123,160
Amortized Cost	133,898	122,217
Unamortized Discount	73	85
Unamortized Fees	650	858
Unrealized Gain, Net	117	158
Carrying Amount, fair value	134,015	122,375
Credit loss	0	0
Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Face Amount	119,713	108,250
Amortized Cost	119,063	107,392
Unamortized Fees	650	858
Carrying Amount, fair value	$ 119,063	$ 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	14,908	14,910
Amortized Cost	14,835	14,825
Unamortized Discount	73	85
Unrealized Gain, Net	117	158
Carrying Amount, fair value	$ 14,952	$ 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 3 months 18 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	2 years 8 months 12 days	3 years 1 month 6 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.62%		4.62%		4.43%
Total borrowings	$ 2,170,110		$ 2,170,110		$ 1,970,791
Less: unamortized debt issuance costs	(14,688)		(14,688)		(17,038)
Add: unamortized mark-to-market adjustment on assumed debt	6,587		6,587		7,367
Total debt, net	2,162,009		2,162,009		1,961,120
Gross book value of properties encumbered by debt	1,516,008		1,516,008		$ 1,391,173
Interest expense	30,900	$ 21,200	85,000	$ 61,400
Amortization of interest rate cap premiums	$ 3,700	$ 1,700	$ 10,752	$ 3,157
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)			2 years 4 months 24 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.89%		5.89%		5.35%
Total borrowings	$ 507,140		$ 507,140		$ 367,000
Current borrowing capacity	386,900		386,900
Line of credit	392,900		$ 392,900
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	75,000		$ 75,000
Line of Credit \| U.S. Dollars
Debt Instrument [Line Items]
Total borrowings	471,000		471,000
Line of Credit \| Pound Sterling
Debt Instrument [Line Items]
Total borrowings	36,100		36,100
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	4.10%		4.10%		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	275,000		$ 275,000
Term Loan (Maturity Date January 2027) \| Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 125,000		$ 125,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.52%		4.52%		4.46%
Total borrowings	$ 655,370		$ 655,370		$ 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	9 Months Ended
	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 127,575
2025	509,786
2026	485,396
2027	577,034
2028	90,477
Thereafter	379,842
Total principal payments	2,170,110	$ 1,970,791
Line of Credit
Debt Instrument [Line Items]
Remainder of 2024	0
2025	507,140
2026	0
2027	0
2028	0
Thereafter	0
Total principal payments	$ 507,140	$ 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	127,575
2025	2,646
2026	85,396
2027	177,034
2028	90,477
Thereafter	379,842
Total principal payments	862,970
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	Sep. 30, 2024 USD ($) contract item	Dec. 31, 2023 USD ($) contract item
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument \| contract	18	20
Total notional amount	$ 1,082,600	$ 1,157,600
Derivative assets	$ 14,069	$ 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	$ 2,900
Interest rate swaps \| Designated Hedges \| Cash flow hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument \| contract	10	12
Total notional amount	$ 475,000	$ 650,000
Derivative assets	$ 3,731	$ 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	$ 10,338	$ 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 Effective 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 Effective In February 2025
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument \| item	2
Notional amount expiring	$ 100,000
Interest Rate Cap Expiring in February 2025
Derivatives, Fair Value [Line Items]
Notional amount expiring	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 47,419	$ 33,967	$ 137,538	$ 109,394
Unrealized loss on derivative instruments recognized in other income (expenses)				(3,822)
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	$ 47,419	33,967	$ 137,538	109,394
Not designated as hedges
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on derivative instruments recognized in other income (expenses)		(1,497)		(3,822)
Realized gain on derivative instruments recognized in other income (expenses)		$ 1,421		$ 3,835
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash flow hedges \| Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in AOCI	$ (6,500)	$ 5,346	$ 6,330	$ 15,492
Amount reclassified from AOCI as a decrease into interest expense	$ (4,300)	$ (5,252)	$ (13,765)	$ (12,346)

DST PROGRAM (Loans Outstanding)

DST PROGRAM (Loans Outstanding) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Book Value	$ 125,239	$ 117,019
DST Program \| Carried at cost
Delaware Statutory Trust Programs [Line Items]
Outstanding Principal	71,078	109,266
Book Value	$ 71,078	$ 109,266
DST Program \| Carried at cost \| Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.70%	5.10%
DST Program Loans - Remaining Life (in years)	8 years 6 months	8 years 4 months 24 days
DST Program \| Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Outstanding Principal	$ 54,325	$ 7,753
Unrealized Loss, Net	(164)
Book Value	$ 54,161	$ 7,753
DST Program \| Carried at fair value \| Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	7.10%	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	$ 125,403	$ 117,019
Unrealized Loss, Net	(164)
Book Value	$ 125,239	$ 117,019
DST Program \| Total \| Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6.30%	5.20%
DST Program Loans - Remaining Life (in years)	9 years	8 years 6 months

DST PROGRAM - (Financing Obliga

DST PROGRAM - (Financing Obligations) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Book Value	$ 644,217	$ 102,045
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	759,657	1,238,639
Financing obligations - Unamortized Program Costs	(470)	(863)
Financing obligations - Total Appreciation		11,269
Financing obligations - Book Value	759,187	1,249,045
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	654,117	102,977
Financing obligations - Unrealized Gain, Net	(9,900)	(932)
Financing obligations - Book Value	644,217	102,045
Total
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	1,413,774	1,341,616
Financing obligations - Unamortized Program Costs	(470)	(863)
Financing obligations - Total Appreciation		11,269
Financing obligations - Unrealized Gain, Net	(9,900)	(932)
Financing obligations - Book Value	$ 1,403,404	$ 1,351,090

DST PROGRAM (Activity) (Details

DST PROGRAM (Activity) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Delaware Statutory Trust Programs [Line Items]
Unrealized gain (loss) on DST Program Loans	$ 195		$ (164)
Unrealized gain on financing obligations	4,227		8,968
(Decrease) increase in financing obligation liability appreciation			(69)	$ 1,761
Issuances of OP Units for DST Interests	266,766		427,595	84,725
Rent obligation incurred under master lease agreements	36,772	$ 30,651	103,467	87,790
Cash payout of DST interests			3,898
DST Program
Delaware Statutory Trust Programs [Line Items]
DST Interests sold	246,860	158,399	568,184	351,906
DST Interests financed by DST Program Loans	27,095	12,881	46,572	40,196
Unrealized gain (loss) on DST Program Loans	195		(164)
Unrealized gain on financing obligations	4,227		8,968
Gain on extinguishment of financing obligations	20,700		21,800
Issuances of OP Units for DST Interests			427,600	84,700
Cash payout of DST interests			3,900	0
DST Program \| Other Income and expenses
Delaware Statutory Trust Programs [Line Items]
Income earned from DST Program Loans	1,665	1,386	4,880	3,652
DST Program \| Interest expense
Delaware Statutory Trust Programs [Line Items]
(Decrease) increase in financing obligation liability appreciation		(3,023)	(69)	1,761
Rent obligation incurred under master lease agreements	$ 14,702	$ 14,851	$ 46,843	$ 42,785
DST Program \| OP Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)			55.4	9.8

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Liabilities at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Derivative instruments	$ 14,069	$ 32,256
Investments in unconsolidated joint venture partnerships	39,619	0
Available-for-sale debt securities	134,015	122,375
DST Program Loans	54,161	7,753
Liabilities:
Financing obligations	644,217	102,045
Recurring
Assets:
Derivative instruments	14,069	32,256
Investments in unconsolidated joint venture partnerships	39,619
Debt-related investments	28,242
Available-for-sale debt securities	134,015	122,375
DST Program Loans	54,161	7,753
Total assets measured at fair value	270,106	162,384
Liabilities:
Financing obligations	644,217	102,045
Total liabilities measured at fair value	644,217	102,045
Recurring \| Level 1
Assets:
Derivative instruments	0	0
Investments in unconsolidated joint venture partnerships	0
Debt-related investments	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	14,069	32,256
Investments in unconsolidated joint venture partnerships	0
Debt-related investments	0
Available-for-sale debt securities	14,952	14,983
DST Program Loans	0	0
Total assets measured at fair value	29,021	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	39,619
Debt-related investments	28,242
Available-for-sale debt securities	119,063	107,392
DST Program Loans	54,161	7,753
Total assets measured at fair value	241,085	115,145
Liabilities:
Financing obligations	644,217	102,045
Total liabilities measured at fair value	$ 644,217	$ 102,045

FAIR VALUE (Financial Assets Me

FAIR VALUE (Financial Assets Measured at Fair Value on a Recurring Basis) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	$ 115,145
Purchases and contributions	107,733
Paid-in-kind interest	11,730
Distributions received	(128)
Gain (loss) on financial assets	4,500
Foreign currency loss on investment	1,896
Amortization of loan origination fees	209
Ending Balance	241,085
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	4,664
Foreign currency loss on investment	1,896
Ending Balance	39,619
Debt Related Investments [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Purchases and contributions	27,974
Paid-in-kind interest	268
Ending Balance	28,242
Available-For-Sale Debt Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	107,392
Paid-in-kind interest	11,462
Amortization of loan origination fees	209
Ending Balance	119,063
DST Program Loans
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	7,753
Purchases and contributions	46,572
Gain (loss) on financial assets	(164)
Ending Balance	$ 54,161

FAIR VALUE (Financial Liabiliti

FAIR VALUE (Financial Liabilities Measured at Fair Value on a Recurring Basis) (Details) $ in Thousands	9 Months Ended
	Sep. 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
Beginning Balance	$ 102,045
DST Interests sold, net of upfront fees	551,140
Unrealized gain on financing obligations	(8,968)
Ending Balance	$ 644,217

FAIR VALUE (Quantitative Inputs

FAIR VALUE (Quantitative Inputs and Assumptions) (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Investments in unconsolidated joint venture partnerships	$ 39,619	$ 0
Available-for-sale debt securities	134,015	122,375
DST Program Loans	54,161	7,753
Financing obligations	644,217	102,045
Level 3 \| Valuation Yield Method \| Measurement Input, Market Yield
Fair Value Measurement Inputs and Valuation Techniques
Available-for-sale debt securities	$ 119,063	$ 107,392
Available-for sale debt security (percentage)	0.133	0.133
DST Program Loans	$ 54,161	$ 7,753
Level 3 \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Financing obligations	644,217	$ 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	39,619
Debt-related investments	$ 28,242

FAIR VALUE (Carrying Values and

FAIR VALUE (Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
DST Program Loans	$ 54,161	$ 7,753
Level 3 \| Nonrecurring \| Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	285,127	250,318
DST Program Loans	71,078	109,266
Line of credit	507,140	367,000
Term loans	800,000	800,000
Mortgage notes	862,970	803,791
Level 3 \| Nonrecurring \| Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	284,951	250,215
DST Program Loans	70,550	107,297
Line of credit	507,140	367,000
Term loans	800,000	800,000
Mortgage notes	$ 846,810	$ 778,235

EQUITY (Details)

EQUITY (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 13,836	$ 20,039	$ 46,387	$ 103,850
Issuance of common stock (in shares)			5.9
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering					8,500,000
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering					$ 1,500,000
Issuance of common stock			$ 24,300

EQUITY (Number of shares of eac

EQUITY (Number of shares of each class of our common stock authorized and issued and outstanding) (Details) - $ / shares	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Class T-R Shares
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	100,000,000		500,000,000
Shares Issued (in shares)	27,773,000		28,432,000
Shares Outstanding (in shares)	27,773,000		28,432,000
Class S-R Shares
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	100,000,000		500,000,000
Shares Issued (in shares)	44,959,000		48,145,000
Shares Outstanding (in shares)	44,959,000		48,145,000
Class D-R Shares
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	100,000,000		500,000,000
Shares Issued (in shares)	6,337,000		6,930,000
Shares Outstanding (in shares)	6,337,000		6,930,000
Class I-R Shares
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	600,000,000		500,000,000
Shares Issued (in shares)	59,718,000		65,511,000
Shares Outstanding (in shares)	59,718,000		65,511,000
Class E
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	100,000,000		500,000,000
Shares Issued (in shares)	44,331,000		48,210,000
Shares Outstanding (in shares)	44,331,000		48,210,000
Class S-PR Shares
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	400,000,000
Shares Issued (in shares)	240,000
Shares Outstanding (in shares)	240,000	0	0	0	0	0
Class D-PR Shares
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	400,000,000
Shares Outstanding (in shares)	0	0	0	0	0	0
Class I-PR Shares
Shareholders Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares Authorized (in shares)	700,000,000
Shares Issued (in shares)	20,000
Shares Outstanding (in shares)	20,000	0	0	0	0	0

EQUITY (Information of Share Tr

EQUITY (Information of Share Transactions) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)			(19,811,000)	(16,986,000)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	188,786,000	204,870,000	197,228,000	206,108,000
Primary shares (in shares)	773,000	1,379,000	2,796,000	9,035,000
Distribution reinvestment plan (in shares)	1,052,000	987,000	3,127,000	2,819,000
Share-based compensation (in shares)	38,000	35,000	38,000	35,000
Redemptions of common stock (in shares)	(7,271,000)	(6,260,000)	(19,811,000)	(16,986,000)
Conversions (in shares)	0	0	0	0
Balance at end of period (in shares)	183,378,000	201,011,000	183,378,000	201,011,000
Class T-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			28,432,000
Balance at end of period (in shares)	27,773,000		27,773,000
Class T-R Shares \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	28,193,000	28,741,000	28,432,000	26,884,000
Primary shares (in shares)	114,000	416,000	610,000	2,923,000
Distribution reinvestment plan (in shares)	169,000	150,000	494,000	423,000
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(445,000)	(430,000)	(1,417,000)	(1,234,000)
Conversions (in shares)	(258,000)	(44,000)	(346,000)	(163,000)
Balance at end of period (in shares)	27,773,000	28,833,000	27,773,000	28,833,000
Class S-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			48,145,000
Balance at end of period (in shares)	44,959,000		44,959,000
Class S-R Shares \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	46,519,000	49,750,000	48,145,000	49,237,000
Primary shares (in shares)	83,000	457,000	578,000	2,426,000
Distribution reinvestment plan (in shares)	282,000	250,000	830,000	709,000
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(1,854,000)	(1,350,000)	(4,366,000)	(3,289,000)
Conversions (in shares)	(71,000)	27,000	(228,000)	51,000
Balance at end of period (in shares)	44,959,000	49,134,000	44,959,000	49,134,000
Class D-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			6,930,000
Balance at end of period (in shares)	6,337,000		6,337,000
Class D-R Shares \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	6,491,000	7,227,000	6,930,000	7,871,000
Primary shares (in shares)	20,000	58,000	70,000	134,000
Distribution reinvestment plan (in shares)	40,000	38,000	122,000	115,000
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(214,000)	(294,000)	(770,000)	(723,000)
Conversions (in shares)	0	(15,000)	(15,000)	(383,000)
Balance at end of period (in shares)	6,337,000	7,014,000	6,337,000	7,014,000
Class I-R Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			65,511,000
Balance at end of period (in shares)	59,718,000		59,718,000
Class I-R Shares \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	62,111,000	68,105,000	65,511,000	69,142,000
Primary shares (in shares)	296,000	448,000	1,278,000	3,552,000
Distribution reinvestment plan (in shares)	379,000	361,000	1,128,000	1,031,000
Share-based compensation (in shares)	38,000	35,000	38,000	35,000
Redemptions of common stock (in shares)	(3,435,000)	(2,507,000)	(8,826,000)	(7,781,000)
Conversions (in shares)	329,000	40,000	589,000	503,000
Balance at end of period (in shares)	59,718,000	66,482,000	59,718,000	66,482,000
Class E
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			48,210,000
Balance at end of period (in shares)	44,331,000		44,331,000
Class E \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	45,472,000	51,047,000	48,210,000	52,974,000
Primary shares (in shares)	0	0	0	0
Distribution reinvestment plan (in shares)	182,000	188,000	553,000	541,000
Share-based compensation (in shares)	0	0	0	0
Redemptions of common stock (in shares)	(1,323,000)	(1,679,000)	(4,432,000)	(3,959,000)
Conversions (in shares)	0	(8,000)	0	(8,000)
Balance at end of period (in shares)	44,331,000	49,548,000	44,331,000	49,548,000
Class S-PR Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	0	0	0	0
Balance at end of period (in shares)	240,000	0	240,000	0
Class S-PR Shares \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares (in shares)	240,000		240,000
Conversions (in shares)	0
Balance at end of period (in shares)	240,000		240,000
Class D-PR Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	0	0	0	0
Balance at end of period (in shares)	0	0	0	0
Class D-PR Shares \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversions (in shares)	0
Class I-PR Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	0	0	0	0
Balance at end of period (in shares)	20,000	0	20,000	0
Class I-PR Shares \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares (in shares)	20,000		20,000
Conversions (in shares)	0
Balance at end of period (in shares)	20,000		20,000

EQUITY (Total Distributions Dec

EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
EQUITY
Declared per Common Share (usd per share)	$ 0.10000	$ 0.10000	$ 0.10000	$ 0.10000	$ 0.10000	$ 0.09375	$ 0.09375	$ 0.30000	$ 0.38750
Common Stock Distributions Paid in Cash	$ 9,449	$ 9,787	$ 10,013	$ 10,127	$ 10,335	$ 9,896	$ 9,912	$ 29,249	$ 40,270
Other Cash Distributions	13,214	9,865	8,577	7,739	6,451	5,510	5,271	31,656	24,971
Reinvested in Shares	7,888	8,046	8,238	8,317	8,431	7,974	8,009	24,172	32,731
Distribution Fees	1,204	1,254	1,317	1,387	1,430	1,463	1,461	3,775	5,741
Gross Distributions	$ 31,755	$ 28,952	$ 28,145	$ 27,570	$ 26,647	$ 24,843	$ 24,653	$ 88,852	$ 103,713

EQUITY (Redemptions and Repurch

EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
EQUITY
Number of shares redeemed or repurchased (in shares)			19,811	16,986
Aggregate dollar amount of shares redeemed or repurchased	$ 54,772	$ 52,615	$ 153,228	$ 145,934
Average redemption or repurchase price per share (usd per share)			$ 7.74	$ 8.59

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of Redeemable Noncontrolling Interest Activity) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Redeemable Noncontrolling Interest
Beginning balance			$ 11,746	$ 18,130
Distributions to redeemable noncontrolling interests	$ (131)	$ (204)	(420)	(588)
Redemptions of redeemable noncontrolling interests	(500)		(1,500)	0
Net loss attributable to redeemable noncontrolling interests	(16)	(146)	(235)	(390)
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests	(45)	2	(28)	25
Redemption value allocation adjustment to redeemable noncontrolling interests			(274)	(298)
Ending balance	$ 9,289	$ 16,879	$ 9,289	$ 16,879
OP Units
Redeemable Noncontrolling Interest
Redeemable OP units outstanding	1.2		1.2		1.4

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest
Issuance of units (in shares)	5,900
Redemption of units (in shares)	(19,811)	(16,986)
OP Units
Noncontrolling Interest
Balance at beginning of period (in shares)	78,737	55,079
Issuance of units (in shares)	55,355	9,845
Redemption of units (in shares)	(3,629)	(3,175)
Balance at end of period (in shares)	130,463	61,749

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Noncontrolling Interest
Aggregate amount of OP Units redeemed	$ 54,772	$ 52,615	$ 153,228	$ 145,934
OP Units
Noncontrolling Interest
Number of common stock issued per operating partnership unit			1
Aggregate amount of OP Units redeemed			$ 28,100	$ 27,300
OP Units \| Maximum
Noncontrolling Interest
Estimated maximum redemption value	$ 974,100		$ 974,100		$ 641,100

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction
Other liabilities	$ 38,199		$ 38,199		$ 33,913
Future Estimated Distribution Fees Payable	$ 67,087		$ 67,087		$ 66,656
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
Related Party
Related Party Transaction
Related party transaction expense	$ 23,709	$ 21,233	$ 67,164	$ 61,984
Other liabilities	10,132		10,132		$ 8,727
Related Party \| Advisor
Related Party Transaction
Amount reimbursed for services	3,200	3,000	9,300	9,300
Related Party \| Selling commissions and dealer manager fees \| Advisor
Related Party Transaction
Related party transaction expense	36	161	218	1,121
Related Party \| Ongoing distribution fees \| Dealer Manager
Related Party Transaction
Related party transaction expense	2,453	2,232	7,028	6,576
Other liabilities	796		796		804
Related Party \| Ongoing distribution fees \| Dealer Manager \| Other Liabilities
Related Party Transaction
Future Estimated Distribution Fees Payable	67,100		67,100		66,700
Related Party \| Advisory fees-fixed component \| Advisor
Related Party Transaction
Related party transaction expense	10,151	9,661	30,089	28,822
Other liabilities	3,474		3,474		3,281
Related Party \| Other fees and expense reimbursements-Advisor \| Advisor
Related Party Transaction
Related party transaction expense	3,501	3,258	10,242	10,113
Other liabilities	4,354		4,354		3,909
Related Party \| Other fees and expense reimbursements-Advisor \| Dealer Manager
Related Party Transaction
Related party transaction expense	59	87	157	247
Other liabilities	683		683		84
Related Party \| Property accounting fee \| Dealer Manager
Related Party Transaction
Related party transaction expense	565	478	1,520	1,448
Other liabilities	212		212		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	3,581	2,827	9,296	7,570
Other liabilities	437		437		308
Related Party \| Other DST Program Related Costs \| Advisor
Related Party Transaction
Related party transaction expense	3,363	$ 2,529	8,614	$ 6,087
Other liabilities	$ 176		$ 176		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
NET INCOME (LOSS) PER COMMON SHARE
Net loss attributable to common stockholders-basic	$ (2,273)	$ (14,410)	$ (31,615)	$ (39,164)
Net loss attributable to redeemable noncontrolling interests	(16)	(146)	(235)	(390)
Net loss attributable to noncontrolling interests	(1,618)	(4,477)	(15,413)	(11,304)
Net loss attributable to common stockholders-diluted	$ (3,907)	$ (19,033)	$ (47,263)	$ (50,858)
Weighted-average shares outstanding-basic (in shares)	185,449	201,968	190,642	204,968
Incremental weighted-average shares effect of conversion of noncontrolling interests (in shares)	132,142	64,519	105,641	59,853
Weighted-average shares outstanding-diluted (in shares)	317,591	266,487	296,283	264,821
Basic (in $ per share)	$ (0.01)	$ (0.07)	$ (0.17)	$ (0.19)
Diluted (in $ per share)	$ (0.01)	$ (0.07)	$ (0.17)	$ (0.19)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 24,307	$ 24,260
Increase (decrease) in accrued future ongoing distribution fees	431	(306)
Increase in DST Program Loans receivable through DST Program capital raising	46,572	40,196
Issuances of OP Units for DST Interests	427,595	84,725
Supplemental Cash Flow Information
Cash and cash equivalents	21,020	14,503	$ 15,052	$ 13,336
Restricted cash	7,176	4,149	4,614	3,850
Cash, cash equivalents and restricted cash	$ 28,196	$ 18,652	$ 19,666	$ 17,186

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded commitments	$ 219

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting, Asset Reconciling Item
Number of reportable segments \| segment	6
Total assets	$ 5,061,382	$ 4,639,406
Operating segments \| Residential properties
Segment Reporting, Asset Reconciling Item
Total assets	1,779,586	1,658,945
Operating segments \| Industrial properties
Segment Reporting, Asset Reconciling Item
Total assets	1,418,198	1,353,331
Operating segments \| Retail properties
Segment Reporting, Asset Reconciling Item
Total assets	500,517	509,307
Operating segments \| Office properties
Segment Reporting, Asset Reconciling Item
Total assets	367,081	373,467
Operating segments \| Other properties
Segment Reporting, Asset Reconciling Item
Total assets	152,091	55,130
Operating segments \| Investments in real estate debt and securities
Segment Reporting, Asset Reconciling Item
Total assets	446,276	370,176
Corporate
Segment Reporting, Asset Reconciling Item
Total assets	$ 397,633	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of reported net income (loss) attributable to common stockholders to net operating income
Net loss attributable to common stockholders	$ (2,273)	$ (14,410)	$ (31,615)	$ (39,164)
Real estate-related depreciation and amortization	39,287	32,146	110,991	99,201
General and administrative expenses	2,813	2,974	9,356	8,991
Advisory fees	10,151	9,661	30,089	28,822
Acquisition costs and reimbursements	2,072	2,032	5,560	5,050
Valuation allowance on debt-related investment				3,780
(Income) loss from unconsolidated joint venture partnerships	(2,940)	1,078	(11,049)	3,727
Interest expense	47,419	33,967	137,538	109,394
Gain on sale of real estate property	(1,048)		(1,048)	(36,884)
Unrealized (gain) loss on DST Program Loans	(195)		164
Unrealized gain on financing obligations	(4,227)		(8,968)
(Gain) loss on extinguishment of debt and financing obligations, net	(20,700)		(21,800)	700
Loss (gain) on derivative instruments		76		(13)
Provision for current expected credit losses	(872)	(1,048)	(1,474)	2,950
Other income and expenses	(2,065)	(1,298)	(4,675)	(3,330)
Income tax expense	4,726		8,664
Net loss attributable to redeemable noncontrolling interests	(16)	(146)	(235)	(390)
Net loss attributable to noncontrolling interests	(1,618)	(4,477)	(15,413)	(11,304)
Net operating income	$ 70,514	$ 60,555	$ 206,085	$ 171,530

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information
Rental revenues	$ 94,698	$ 82,369	$ 273,416	$ 237,533
Debt-related income	12,588	8,837	36,136	21,787
Rental expenses	(36,772)	(30,651)	(103,467)	(87,790)
Net operating income	70,514	60,555	206,085	171,530
Real estate-related depreciation and amortization	39,287	32,146	110,991	99,201
Residential
Segment Reporting Information
Rental revenues	35,088	30,437	102,590	88,108
Rental expenses	(18,100)	(14,546)	(51,374)	(41,806)
Net operating income	16,988	15,891	51,216	46,302
Real estate-related depreciation and amortization	12,888	10,256	37,493	29,695
Industrial
Segment Reporting Information
Rental revenues	28,822	23,859	83,289	66,196
Rental expenses	(7,269)	(5,462)	(20,689)	(14,910)
Net operating income	21,553	18,397	62,600	51,286
Real estate-related depreciation and amortization	16,482	13,820	46,549	45,192
Retail
Segment Reporting Information
Rental revenues	15,365	15,131	45,907	43,937
Rental expenses	(4,234)	(4,089)	(11,802)	(11,448)
Net operating income	11,131	11,042	34,105	32,489
Real estate-related depreciation and amortization	3,850	4,016	11,728	12,094
Office
Segment Reporting Information
Rental revenues	13,102	12,942	37,463	39,292
Rental expenses	(6,304)	(6,554)	(17,964)	(19,626)
Net operating income	6,798	6,388	19,499	19,666
Real estate-related depreciation and amortization	4,484	4,054	12,592	12,220
Other properties
Segment Reporting Information
Rental revenues	2,321		4,167
Rental expenses	(865)		(1,638)
Net operating income	1,456		2,529
Real estate-related depreciation and amortization	1,583		2,629
Debt and Securities
Segment Reporting Information
Debt-related income	12,588	8,837	36,136	21,787
Net operating income	$ 12,588	$ 8,837	$ 36,136	$ 21,787

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands, shares in Millions			3 Months Ended	9 Months Ended
	Nov. 01, 2024 USD ($) shares	Oct. 01, 2024 USD ($) item property	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Contractual sale price				$ 4,015	$ 53,735
Real Estate Investment Property, Net			$ 4,147,091	4,147,091		$ 3,889,314
Issuances of OP Units for DST Interests			266,766	427,595	84,725
Financing Obligations, Net			1,403,404	1,403,404		1,351,090
Beneficial Interests Receivable, Net			$ 125,239	125,239		$ 117,019
Secured Loan Maturity Date October 2026
Subsequent Event [Line Items]
Debt Instrument, Extension Option Period	1 year
DST Program
Subsequent Event [Line Items]
Issuances of OP Units for DST Interests				$ 427,600	$ 84,700
OP Units \| DST Program
Subsequent Event [Line Items]
Issuance of OP Units (in shares) \| shares				55.4	9.8
Subsequent Event \| Disposed of by Sale
Subsequent Event [Line Items]
Contractual sale price		$ 26,300
Real Estate Investment Property, Net		$ 13,700
Subsequent Event \| Disposed of by Sale \| Retail land parcel
Subsequent Event [Line Items]
Number of real estate properties \| property		1
Subsequent Event \| Disposed of by Sale \| Industrial Property
Subsequent Event [Line Items]
Number of real estate properties \| property		1
Subsequent Event \| Secured Loan Maturity Date October 2026
Subsequent Event [Line Items]
Debt instrument, principal amount		$ 475,000
Effective interest rate on debt		2.22494%
Debt Instrument Number Of Extension Of Term Options \| item		3
Derivative, Cap Interest Rate		4.418%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Subsequent Event \| DST Program
Subsequent Event [Line Items]
Issuances of OP Units for DST Interests	$ 211,500
Financing Obligations, Net	230,800
Beneficial Interests Receivable, Net	$ 230,800
Subsequent Event \| OP Units \| DST Program
Subsequent Event [Line Items]
Issuance of OP Units (in shares) \| shares	28.2