Black Creek Diversified Property Fund 10-K 6 Mar 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado
Auditor Firm ID	185
Entity Central Index Key	0001327978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T
Document Information [Line Items]
Title of 12(g) Security	Class T Shares of Common Stock, $0.01 par value
Class S
Document Information [Line Items]
Title of 12(g) Security	Class S Shares of Common Stock, $0.01 par value
Class D
Document Information [Line Items]
Title of 12(g) Security	Class D Shares of Common Stock, $0.01 par value
Class I
Document Information [Line Items]
Title of 12(g) Security	Class I Shares of Common Stock, $0.01 par value
Class E
Document Information [Line Items]
Title of 12(g) Security	Class E Shares of Common Stock, $0.01 par value
Entity Common Stock, Shares Outstanding		42,493,173
Class T-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,592,252
Class S-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,244,434
Class D-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,987,712
Class I-R Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,108,702
Class S-PR Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		954,533
Class D-PR Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,319
Class I-PR Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,185,799

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Net investment in real estate properties	$ 4,731,403	$ 3,889,314
Investments in real estate debt and securities (includes $165,401 and $122,375 at fair value as of December 31, 2024 and December 31, 2023, respectively)	353,258	370,176
Debt-related investments, held for sale	193,902
Investments in unconsolidated joint venture partnerships (includes $38,386 and $0 at fair value as of December 31, 2024 and December 31, 2023, respectively)	212,296	153,305
Cash and cash equivalents	19,554	15,052
Restricted cash	7,865	4,614
DST Program Loans (includes $71,068 and $7,753 at fair value as of December 31, 2024 and December 31, 2023, respectively)	120,853	117,019
Other assets	92,118	89,926
Total assets	5,731,249	4,639,406
Liabilities
Accounts payable and accrued expenses	74,814	66,386
Debt, net	2,700,468	1,961,120
Intangible lease liabilities, net	46,098	37,079
Financing obligations, net (includes $878,386 and $102,045 at fair value as of December 31, 2024 and December 31, 2023, respectively)	1,385,620	1,351,090
Distribution fees payable to affiliates	69,922	66,656
Other liabilities	38,975	33,913
Total liabilities	4,315,897	3,516,244
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	9,381	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 10)	1,803	1,972
Additional paid-in capital	1,956,646	1,895,789
Distributions in excess of earnings	(1,216,344)	(1,108,823)
Accumulated other comprehensive income	3,719	6,359
Total stockholders' equity	745,824	795,297
Noncontrolling interests	660,147	316,119
Total equity	1,405,971	1,111,416
Total liabilities and equity	$ 5,731,249	$ 4,639,406

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Investments in real estate debt and securities at fair value	$ 165,401	$ 122,375
Investments in unconsolidated joint venture partnerships	38,386	0
DST Program Loans	71,068	7,753
Financing obligations at fair value	$ 878,386	$ 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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental revenues	$ 370,851	$ 321,995	$ 289,234
Debt-related income	46,642	31,175	9,989
Total revenues	417,493	353,170	299,223
Operating expenses:
Rental expenses	136,232	118,794	103,953
Real estate-related depreciation and amortization	152,777	149,985	134,617
General and administrative expenses	12,808	11,824	10,570
Advisory fees	40,786	38,645	33,747
Performance participation allocation			23,747
Acquisition costs and reimbursements	7,034	7,034	5,427
Valuation allowance on debt-related investment		(1,799)	1,799
Total operating expenses	349,637	324,483	313,860
Other income (expenses):
Income (loss) from unconsolidated joint venture partnerships	14,531	(3,578)	2,970
Interest expense	(188,318)	(148,517)	(140,406)
Gain on sale of real estate property	12,913	36,884	94,827
Unrealized loss on DST Program Loans	(17)
Unrealized (loss) gain on financing obligations	(2,034)	932
Gain (loss) on extinguishment of debt and financing obligations, net	41,050	(700)
Gain on derivative instruments	402	126	4,723
Provision for current expected credit losses	1,533	(1,997)
Other income and expenses	6,583	4,950	2,860
Total other income (expenses)	(113,357)	(111,900)	(35,026)
Net loss before income tax expense	(45,501)	(83,213)	(49,663)
Income tax expense	(11,842)	0	0
Net loss	(57,343)	(83,213)	(49,663)
Net loss attributable to redeemable noncontrolling interests	273	597	370
Net loss attributable to noncontrolling interests	19,935	20,189	9,314
Net loss attributable to common stockholders	$ (37,135)	$ (62,427)	$ (39,979)
Weighted average number of common shares outstanding
Weighted-average shares outstanding-basic (in shares)	188,336	203,291	194,039
Weighted-average shares outstanding-diluted (in shares)	305,179	267,556	233,304
Net loss attributable to common stockholders per common share-basic (in dollars per share)	$ (0.2)	$ (0.31)	$ (0.21)
Net loss attributable to common stockholders per common share-diluted (in dollars per share)	$ (0.2)	$ (0.31)	$ (0.21)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (57,343)	$ (83,213)	$ (49,663)
Change from cash flow hedging activities	(1,850)	(11,589)	31,398
Change from activities related to available-for-sale debt securities	(46)	132	26
Comprehensive loss	(59,239)	(94,670)	(18,239)
Comprehensive loss attributable to redeemable noncontrolling interests	280	666	86
Comprehensive loss attributable to noncontrolling interests	20,934	23,830	4,740
Comprehensive loss attributable to common stockholders	$ (38,025)	$ (70,174)	$ (13,413)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balances at Dec. 31, 2021	$ 1,696	$ 1,542,617	$ (865,844)	$ (9,563)	$ 107,520	$ 776,426
Balance at beginning of period (in shares) at Dec. 31, 2021	169,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes portion attributable to redeemable noncontrolling interests)			(39,979)		(9,314)	(49,293)
Change from securities and cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interests)				26,566	4,574	31,140
Issuance of common stock	$ 450	388,484				388,934
Issuance of common stock (in shares)	44,882
Share-based compensation		292				292
Share-based compensation (in shares)	27
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,918)				(8,918)
Trailing distribution fees		(15,240)	5,166		(16,776)	(26,850)
Redemptions of common stock	$ (85)	(73,293)				$ (73,378)
Redemptions of common stock (in shares)	(8,466)					(8,466)
Issuances of OP Units for DST Interests					252,578	$ 252,578
Other noncontrolling interests net distributions					(65)	(65)
Distributions declared (excludes portion attributable to redeemable noncontrolling interests)			(72,738)		(13,971)	(86,709)
Redemption value allocation adjustment to redeemable noncontrolling interests		(2,354)				(2,354)
Redemptions of noncontrolling interests (excludes portion attributable to redeemable noncontrolling interests)		(2,245)			(5,691)	(7,936)
Reallocation of stockholders' equity and noncontrolling interests		69,167		(920)	(68,247)
Ending Balances at Dec. 31, 2022	$ 2,061	1,898,510	(973,395)	16,083	250,608	1,193,867
Balance at end of period (in shares) at Dec. 31, 2022	206,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes portion attributable to redeemable noncontrolling interests)			(62,427)		(20,189)	(82,616)
Change from securities and cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interests)				(7,747)	(3,641)	(11,388)
Issuance of common stock	$ 139	120,604				120,743
Issuance of common stock (in shares)	13,900
Share-based compensation		271				271
Share-based compensation (in shares)	35
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(4,314)				(4,314)
Trailing distribution fees		(232)	5,741		(11,246)	(5,737)
Redemptions of common stock	$ (228)	(193,631)				$ (193,859)
Redemptions of common stock (in shares)	(22,815)					(22,815)
Issuances of OP Units for DST Interests					228,301	$ 228,301
Other noncontrolling interests net distributions					(14)	(14)
Distributions declared (excludes portion attributable to redeemable noncontrolling interests)			(78,742)		(24,207)	(102,949)
Redemption value allocation adjustment to redeemable noncontrolling interests		14				14
Redemptions of noncontrolling interests (excludes portion attributable to redeemable noncontrolling interests)		(3,354)			(27,549)	(30,903)
Reallocation of stockholders' equity and noncontrolling interests		77,921		(1,977)	(75,944)
Ending Balances at Dec. 31, 2023	$ 1,972	1,895,789	(1,108,823)	6,359	316,119	1,111,416
Balance at end of period (in shares) at Dec. 31, 2023	197,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (excludes portion attributable to redeemable noncontrolling interests)			(37,135)		(19,935)	(57,070)
Change from securities and cash flow hedging activities (excludes portion attributable to redeemable noncontrolling interests)				(890)	(999)	(1,889)
Issuance of common stock	$ 80	61,767				$ 61,847
Issuance of common stock (in shares)	7,982					8,000
Share-based compensation		281				$ 281
Share-based compensation (in shares)	38
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(4,436)				(4,436)
Trailing distribution fees		1,768	4,959		(9,993)	(3,266)
Redemptions of common stock	$ (249)	(191,381)				$ (191,630)
Redemptions of common stock (in shares)	(24,937)					(24,937)
Issuances of OP Units for DST Interests					639,102	$ 639,102
Consolidation of joint venture partnership					4,033	4,033
Other noncontrolling interests net distributions					385	385
Distributions declared (excludes portion attributable to redeemable noncontrolling interests)			(75,345)		(46,130)	(121,475)
Redemption value allocation adjustment to redeemable noncontrolling interests		41				41
Redemptions of noncontrolling interests (excludes portion attributable to redeemable noncontrolling interests)					(31,368)	(31,368)
Reallocation of stockholders' equity and noncontrolling interests		192,817		(1,750)	(191,067)
Ending Balances at Dec. 31, 2024	$ 1,803	$ 1,956,646	$ (1,216,344)	$ 3,719	$ 660,147	$ 1,405,971
Balance at end of period (in shares) at Dec. 31, 2024	180,311

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Net loss attributable to redeemable noncontrolling interests	$ 273	$ 597	$ 370
Unrealized gain (loss) from derivative instruments allocated to redeemable noncontrolling interest	7	69	(284)
Distribution fees attributable to redeemable noncontrolling interest	544	764	$ 735
Redemptions attributable to redeemable noncontrolling interests	$ 1,500	$ 4,940

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ (57,343)	$ (83,213)	$ (49,663)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Real estate-related depreciation and amortization	152,777	149,985	134,617
Straight-line rent and amortization of above- and below-market leases	(10,712)	(6,959)	(7,513)
Gain on sale of real estate property	(12,913)	(36,884)	(94,827)
Unrealized loss on DST Program Loans	17
Performance participation allocation			23,747
Valuation allowance on debt-related investment		(1,799)	1,799
(Income) loss from unconsolidated joint venture partnerships	(14,531)	3,578	(2,970)
(Gain) loss on extinguishment of debt and financing obligations, net	(41,050)	700
Provision for current expected credit losses	(1,533)	1,997
Amortization of deferred financing costs	10,035	7,380	7,364
(Decrease) increase in financing obligation liability appreciation	(69)	(459)	31,737
Unrealized (loss) gain on financing obligations	2,034	(932)
Unrealized (gain) loss on derivative instruments not designated as cash flow hedges	(264)	4,169	(4,051)
Paid-in-kind interest on investments in real estate debt and securities	(26,361)	(7,946)	(1,850)
Distributions of earnings from unconsolidated joint venture partnerships	4,463	3,369	2,828
Amortization of interest rate cap premiums	14,143	5,746	0
Other	(451)	(1,295)	(353)
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	6,167	2,268	21,663
Debt-related investments, held for sale	(193,902)
Cash settlement of accrued performance participation allocation		(23,747)
Net cash (used in) provided by operating activities	(169,493)	15,958	62,528
Investing activities:
Real estate acquisitions	(871,709)	(401,840)	(1,193,994)
Capital expenditures	(55,573)	(48,329)	(33,936)
Proceeds from disposition of real estate property	31,170	53,735	274,816
Investments in debt-related investments	(62,344)	(52,021)	(158,364)
Principal collections on debt-related investments	106,768	66,680	4,084
Investments in unconsolidated joint venture partnerships	(72,127)	(39,881)	(62,805)
Consolidation of equity method investment	2,649
Investments in available-for-sale debt securities	(2,992)	(102,160)	(14,888)
Principal collections on available-for-sale debt securities	4,586
Other	445	2,263	173
Net cash used in investing activities	(919,127)	(521,553)	(1,184,914)
Financing activities:
Proceeds from mortgage notes	535,843	287,339
Repayments of mortgage notes	(22,238)	(72,164)	(1,638)
Proceeds from line of credit	1,384,555	1,220,000	1,250,000
Repayments of line of credit	(1,203,000)	(1,088,000)	(1,271,000)
Proceeds from term loan			275,000
Redemptions of common stock	(191,630)	(193,859)	(73,378)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(78,322)	(61,227)	(49,601)
Proceeds from issuance of common stock	29,732	88,125	359,737
Proceeds from financing obligations, net	712,273	412,874	669,577
Offering costs for issuance of common stock and private placements	(17,253)	(15,355)	(15,953)
Cash payout of DST Interests	(3,898)
Redemption of noncontrolling interests	(31,368)	(30,903)	(7,936)
Redemption of redeemable noncontrolling interests	(3,454)	(2,985)	(7,724)
Debt issuance costs paid	(11,904)	(6,449)	(1,864)
Interest rate cap premiums	(3,379)	(29,321)
Other	395
Net cash provided by financing activities	1,096,352	508,075	1,125,220
Effect of exchange rate changes on cash, cash equivalents and restricted cash	21
Net increase in cash, cash equivalents and restricted cash	7,753	2,480	2,834
Cash, cash equivalents and restricted cash, at beginning of period	19,666	17,186	14,352
Cash, cash equivalents and restricted cash, at end of period	$ 27,419	$ 19,666	$ 17,186

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2024
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company,” “we,” “our” or “us” refers to Ares Real Estate Income Trust Inc. and its consolidated subsidiaries. We are externally managed by Ares Commercial Real Estate Management LLC (the “Advisor”) and consider Ares real estate to be our sponsor (the “Sponsor”). Ares Real Estate Income Trust Inc. is a Maryland corporation formed on April 11, 2005. We are primarily focused on investing in and operating a diverse portfolio of real property and investing in other real estate-related assets. We currently focus our investment activities primarily across the major U.S. property sectors (residential (which includes and/or may include multi-family and other types of rental housing such as manufactured, student, and single family rental housing), industrial, retail and office (which includes and/or may include medical office and life science laboratories)) and investments in real estate debt and securities. To a lesser extent, we intend to strategically invest in geographies outside of the U.S., which may include Canada, Mexico, the United Kingdom, Europe and other foreign jurisdictions, and in other sectors such as credit lease and self-storage, properties in sectors adjacent to our primary investment sectors and/or infrastructure, to create a diversified blend of current income and long-term value appreciation. As of December 31, 2024, our consolidated real property portfolio consisted of 124 properties. We operate six reportable segments: residential properties, industrial properties, retail properties, office properties, other properties and real estate debt and securities. As used herein, the term “commercial” refers to our office, retail and industrial properties or customers, as applicable. See “Note 17” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, AREIT Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a securities offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares of our common stock on a continuous basis through our ongoing primary offerings and our distribution reinvestment plan. See “Note 10” for detail regarding our securities offerings.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated balance sheets as of December 31, 2023, our consolidated statements of operations for the years ended December 31, 2023 and 2022 and our consolidated statements of cash flows for the years ended December 31, 2023 and 2022 have been reclassified to conform to the 2024 presentation. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2024 and 2023 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2024, 2023 and 2022, we recorded $1.4 million, $0.3 million and $0.2 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the years ended December 31, 2024, 2023 and 2022. 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. Our investments in unconsolidated joint venture partnerships are initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net income (loss), distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in income (loss) from unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. For certain of our investments in unconsolidated joint venture partnerships, we have elected the fair value option and account for these investments at fair value with the associated unrealized gains and losses recorded as a component of income (loss) from unconsolidated joint venture partnerships on our consolidated statements of operations. When circumstances indicate there may have been a reduction in the value of an equity investment for which we account for under the equity method of accounting, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2024, 2023 and 2022. 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 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. Such items are recorded as components of debt-related income on our consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. We classify debt-related investments as held for sale if there is a reasonable expectation to sell them in the short-term following the reporting date. Debt-related investments classified as held for sale are carried at the lower of carrying value or fair value, with changes in value recorded through earnings. If a debt-related investment is determined to be held for sale at the time of origination, upfront fees and origination costs are deferred and any portion retained will be recognized into interest income at the time of sale. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. Current Expected Credit Losses We record a reserve for current expected credit losses (“CECL Reserve”) on both the outstanding balances and unfunded commitments on loans held for investment. The development of the CECL Reserve requires the consideration of a broad range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates. Increases and decreases to expected credit losses impact earnings and are recorded within the provision for current expected credit losses in our consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment is a valuation account that is deducted from the amortized cost basis of our loans held for investment in our consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in our consolidated balance sheets. The CECL Reserve for unfunded commitments is based on the unfunded portion of the loan commitment over the full contractual period over which we are exposed to credit risk through a current obligation to extend credit and is recorded as an other liability on the consolidated balance sheets. We estimate our CECL Reserve primarily using a probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan. Calculation of the CECL Reserve requires loan specific data, which includes capital senior to us when we are the subordinate lender, changes in net operating income, debt service coverage ratio, loan-to-value, occupancy, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of our floating rate loan portfolio and (iv) our current and future view of the macroeconomic environment. We may consider loan-specific qualitative factors on certain loans to estimate our CECL Reserve. In order to estimate the future expected loan losses relevant to our portfolio, we utilize historical market loan loss data licensed from a third-party data service. For periods beyond the reasonable and supportable forecast period, we revert back to historical loss data. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. Additionally, we acquire or originate preferred equity investments that are recognized as debt securities as they have mandatory redemption features and meet the definition of securities under FASB ASC Topic 320, Investments—Debt Securities. On the acquisition date, we designate investments in real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2024, 2023 or 2022. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2024 or 2023. DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trusts by the Operating Partnership or its affiliates (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units, cash or a combination of OP Units and cash. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by settling in cash or issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the settlement of cash or the issuance of the OP Units as an issuance of equity. Rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. For DST Program offerings for which our option to reacquire a DST Property has not been elected, increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. For DST Program offerings commencing on or after October 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded as in unrealized gain (loss) on financial obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred. In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests in the trusts holding DST Properties to potential investors. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. For DST Program offerings commencing on or after October 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2024, 2023 and 2022. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations for DST Program offerings for which we have not elected the fair value option. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $14.5 million and $8.3 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $6.0 million, $4.3 million and $3.8 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $0.4 million and $2.5 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $4.0 million, $3.1 million and $3.6 million, respectively, of amortization of financing costs and expensed financing costs associated with financing obligations. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T-R, Class S-R, Class D-R, Class S-PR and Class D-PR shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Transactions that change our ownership interest in the Operating Partnership are accounted for as equity transactions if we retain our controlling financial interest in the Operating Partnership. Therefore, we adjust the net equity balances in the Operating Partnership to reflect the changes in ownership of the Operating Partnership between us and the other limited partners. These adjustments are based on the respective ownership at the end of each period and are reflected as a reallocation between additional paid-in capital and accumulated other comprehensive income within stockholders’ equity and noncontrolling interests within our equity section on our consolidated balance sheets and our consolidated statements of equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage. Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Black Creek Diversified Property Advisors LLC (the “Former Advisor”) as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the second amended and restated advisory agreement (2024), effective as of August 2, 2024 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the lease term. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness and current economic trends on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues.

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN REAL ESTATE PROPERTIES
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2024 (1) 2023 Land ​ $ 860,990 ​ $ 754,149 Buildings and improvements ​ 4,323,688 ​ 3,505,921 Intangible lease assets ​ 365,132 ​ 330,291 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 5,563,447 ​ 4,603,998 Accumulated depreciation and amortization ​ (832,044) ​ (714,684) Net investment in real estate properties ​ $ 4,731,403 ​ $ 3,889,314 (1) Includes three properties with an aggregate accounting basis of $16.0 million that has met the criteria of held for sale as of December 31, 2024. Acquisitions During the years ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ (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 ​ Self-Storage ​ 7/31/2024 ​ ​ 16,761 Metro Storage Newtown Square ​ Self-Storage ​ 7/31/2024 ​ ​ 24,724 Metro Storage Trevose ​ Self-Storage ​ 7/31/2024 ​ ​ 21,151 Metro Storage Sarasota ​ Self-Storage ​ 7/31/2024 ​ ​ 15,532 Metro Storage Fort Myers ​ Self-Storage ​ 7/31/2024 ​ ​ 12,766 Metro Storage Pinellas Park ​ Self-Storage ​ 7/31/2024 ​ ​ 6,765 Pima Street Logistics Center ​ Industrial ​ 10/1/2024 ​ ​ 18,044 Mercury NoDa ​ Residential ​ 11/13/2024 ​ ​ 72,614 The Artizia at Loso ​ Residential ​ 11/19/2024 ​ ​ 95,731 Everlight ​ Residential ​ 12/4/2024 ​ ​ 123,370 Southpark Logistics Center I ​ Industrial ​ 12/20/2024 ​ ​ 28,139 Southpark Logistics Center II ​ Industrial ​ 12/20/2024 ​ ​ 28,744 Southpark Logistics Center III ​ Industrial ​ 12/20/2024 ​ ​ 16,034 Grove City Logistics Center ​ Industrial ​ 12/20/2024 ​ ​ 20,405 Whitestown Distribution Center I ​ Industrial ​ 12/20/2024 ​ ​ 12,384 Whitestown Distribution Center II ​ Industrial ​ 12/20/2024 ​ ​ 22,808 Whitestown Distribution Center III ​ Industrial ​ 12/20/2024 ​ ​ 8,023 Greensfield Distribution Center ​ Industrial ​ 12/20/2024 ​ ​ 7,773 Fairfield Commerce Center ​ Industrial ​ 12/20/2024 ​ ​ 15,074 Ohio Logistics Center ​ Industrial ​ 12/20/2024 ​ ​ 7,542 Richmond Airport Logistics Center I ​ Industrial ​ 12/20/2024 ​ ​ 25,671 Richmond Airport Logistics Center II ​ Industrial ​ 12/20/2024 ​ ​ 25,093 Richmond Airport Logistics Center III ​ Industrial ​ 12/20/2024 ​ ​ 16,587 ​ $ 871,841 2023 Acquisitions: ​ ​ ​ ​ ​ ​ ​ VM8 Logistics Center ​ Industrial ​ 1/19/2023 ​ $ 17,511 Moreno Valley Distribution Center ​ Industrial ​ 5/2/2023 ​ ​ 33,421 SLC Logistics Center ​ Industrial ​ 9/26/2023 ​ ​ 77,085 Cindel Drive Business Park ​ Industrial ​ 12/19/2023 ​ ​ 25,409 Arabelle Lincoln Station ​ Residential ​ 8/16/2023 ​ ​ 80,086 BLVD Dallas ​ Residential ​ 9/15/2023 ​ ​ 58,050 Regency at Johns Creek Walk ​ Residential ​ 11/6/2023 ​ ​ 59,815 Aventura Storage ​ Self-Storage ​ 12/18/2023 ​ ​ 31,043 Norwood Storage ​ Self-Storage ​ 12/20/2023 ​ ​ 23,903 Total 2023 acquisitions ​ $ 406,323 (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 and 2023 acquisitions. ​ During the years ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 Land ​ $ 109,264 ​ $ 67,173 Building and improvements ​ 736,575 ​ 322,409 Intangible lease assets ​ 38,581 ​ 15,973 Above-market lease assets ​ 1,777 ​ 993 Below-market lease liabilities ​ (14,356) ​ (225) Total purchase price (1) ​ $ 871,841 ​ $ 406,323 (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 and 2023 acquisitions. The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2024 Consolidation of Joint Venture Partnership In December 2024, we consolidated an entity that was previously accounted for as an investment in unconsolidated joint venture partnership as on the third anniversary of the joint venture formation we obtained the equivalent to kick-out rights that provided us a controlling financial interest without any additional investment. Because the entity does not meet the definition of a business, we consolidated the entity based on a cost accumulation model with the noncontrolling interest recognized at carryover basis equal to 15.0% of the entity’s net assets. No gain or loss was recognized upon consolidation. We have an 85.0% ownership in the entity, which owns one residential property. Prior to consolidation, the carrying value of the investment in the joint venture partnership was $22.9 million. The assets, liabilities and noncontrolling interests assumed upon consolidation were as follows: ​ ​ ​ ​ ​ ​ ​ Carrying Value (in thousands) Upon Consolidation Net investment in real estate properties ​ $ 75,506 Cash and cash equivalents ​ 2,322 Restricted cash ​ 327 Other assets ​ 1,052 Accounts payable and accrued expenses ​ ​ (550) Debt, net ​ ​ (51,471) Other liabilities ​ ​ (297) Noncontrolling interests ​ (4,033) ​ Dispositions During the year ended December 31, 2024, we sold one industrial property, one parcel of land and two partial retail properties for net proceeds of approximately $31.2 million. We recorded a net gain on sale of $12.9 million. During the year ended December 31, 2023, we sold one partial retail property for net proceeds of approximately $53.7 million. We recorded a net gain on sale of $36.9 million. During the year ended December 31, 2022, we sold six retail properties, one office property and a land parcel for net proceeds of approximately $274.8 million. We recorded a net gain on sale of $94.8 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2024 and 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 339,800 ​ $ (253,545) ​ $ 86,255 ​ $ 306,365 ​ $ (234,172) ​ $ 72,193 Above-market lease assets (1) ​ 25,332 ​ (21,168) ​ 4,164 ​ 23,926 ​ (20,525) ​ 3,401 Below-market lease liabilities ​ (84,910) ​ 38,812 ​ (46,098) ​ (73,556) ​ 36,477 ​ (37,079) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities as of December 31, 2024 for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 ​ $ 26,822 ​ $ 1,201 ​ $ (6,299) Year 2 ​ 17,763 ​ 993 ​ (5,927) Year 3 ​ 13,951 ​ 847 ​ (5,071) Year 4 ​ ​ 9,378 ​ ​ 627 ​ ​ (4,301) Year 5 ​ ​ 6,260 ​ ​ 385 ​ ​ (3,551) Thereafter ​ ​ 12,081 ​ ​ 111 ​ ​ (20,949) Total ​ $ 86,255 ​ $ 4,164 ​ $ (46,098) ​ Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 2022 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 6,823 ​ $ 3,384 ​ $ 3,414 Above-market lease amortization ​ (1,014) ​ (818) ​ (724) Below-market lease amortization ​ 4,903 ​ 4,393 ​ 4,823 Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 128,163 ​ $ 126,102 ​ $ 97,418 Intangible lease asset amortization ​ 24,614 ​ 23,883 ​ 37,199 ​ Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2024 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2024 Year 1 ​ $ 177,915 ​ Year 2 ​ 164,483 ​ Year 3 ​ 141,196 ​ Year 4 ​ 114,495 ​ Year 5 ​ 85,592 ​ Thereafter ​ 208,270 ​ Total ​ $ 891,951 ​ ​ The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases and exclude reimbursements of operating expenses along with rental increases that are not fixed. Leases for our residential and self-storage customers are generally 12 months or less and are therefore excluded from the table above.

INVESTMENTS IN UNCONSOLIDATED J

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. 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 consolidated statements of operations. The following table summarizes our investments in unconsolidated joint venture partnerships as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Joint Venture ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Partnerships as of ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ December 31, ​ ​ December 31, ​ 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 % ​ $ — ​ $ 23,932 Credit Lease joint venture partnerships ​ 3 ​ 3 ​ 50.0 % ​ 50.0 % ​ ​ 101,569 ​ ​ 104,232 Data Center joint venture partnerships ​ 2 ​ 2 ​ 10.0 - 10.2 % ​ 10.0 % ​ ​ 42,663 ​ ​ 24,977 Real Estate Debt joint venture partnerships (2) ​ 2 ​ 1 ​ 19.9 - 20.0 % ​ 19.9 % ​ ​ 29,678 ​ ​ 164 Total investments in unconsolidated joint venture partnerships, carried at cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 173,910 ​ ​ 153,305 Investments in unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial joint venture partnerships (2) ​ 1 ​ — ​ 27.4 % ​ N/A ​ ​ ​ 38,386 ​ ​ — Total investments in unconsolidated joint venture partnerships, carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38,386 ​ ​ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 212,296 ​ $ 153,305 (1) In December 2024, we consolidated the residential joint venture partnership, which was previously unconsolidated. See “Note 3” for further disclosure of the consolidation of this joint venture partnership. (2) Includes joint venture partnerships that invest in assets and properties in Europe. ​ ​ As of December 31, 2024, we had unfunded commitments of $217.6 million, in aggregate, related to our investments in unconsolidated joint venture partnerships. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Income (loss) from unconsolidated joint venture partnerships, carried at cost: ​ ​ ​ ​ ​ ​ Equity in income (loss) from unconsolidated joint venture partnerships ​ $ 9,621 ​ $ (3,578) ​ $ 2,970 Total income (loss) from unconsolidated joint venture partnerships, carried at cost ​ 9,621 ​ (3,578) ​ 2,970 Income (loss) from unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ Gain on investment ​ ​ 5,220 ​ ​ — ​ ​ — Foreign currency loss on investment ​ ​ (658) ​ ​ — ​ ​ — Total income from unconsolidated joint venture partnerships, carried at fair value ​ ​ 4,562 ​ ​ — ​ ​ — Other foreign currency gain: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency gain on debt held in foreign currencies ​ ​ 327 ​ ​ — ​ ​ — Foreign currency gain on remeasurement of cash and cash equivalents ​ ​ 21 ​ ​ — ​ ​ — Total other foreign currency gain ​ ​ 348 ​ ​ — ​ ​ — Total ​ $ 14,531 ​ $ (3,578) ​ $ 2,970 ​

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	5. INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES Debt-Related Investments The following table summarizes our debt-related investments, excluding debt-related investments classified as held for sale, as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans, carried at cost (2) ​ $ 187,857 ​ $ 188,759 ​ ​ 8.6 % ​ 0.8 Senior loans, carried at fair value ​ ​ 28,844 ​ ​ 28,844 ​ ​ 7.8 ​ ​ 2.3 Total debt-related investments ​ $ 216,701 ​ $ 217,603 ​ ​ 8.5 % ​ 1.0 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 December 31, 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 year ended December 31, 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 and weighted-average remaining life exclude this senior loan from its calculations as of December 31, 2024. During the year ended December 31, 2023, w e had agreed to a modification of this senior loan agreement extending the maturity date. During the year ended December 31, 2024, we received $106.8 million of principal repayments on one mezzanine loan debt-related investment. During the year ended December 31, 2023, we received full repayment of $64.9 million outstanding principal on one senior loan debt-related investment and $1.8 million of partial principal repayments on one mezzanine loan debt-related investment. ​ As of December 31, 2024, we had one debt-related investment for which we have elected the fair value option and which is carried at fair value. The carrying amount and the outstanding principal amount was $28.8 million, with a total current commitment of $29.4 million as of December 31, 2024. During the year ended December 31, 2024, we did not recognize any gains or losses on this investment. We had no debt-related investments carried at fair value as of December 31, 2023. Current Expected Credit Losses As of December 31, 2024, our CECL Reserve for our debt-related investment carried at cost portfolio was $0.5 million or 0.2% of our debt-related investment carried at cost total current commitment balance of $227.2 million. During the year ended December 31, 2024, we recognized a decrease in provision for current expected credit losses of $1.5 million. The debt-related investment carried at cost total current commitment balance is comprised of $188.8 million of funded commitments and $38.4 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 no allowance for this loan as of December 31, 2024. As of December 31, 2023, our CECL Reserve for our debt-related investment carried at cost portfolio was $2.0 million or 0.6% of our debt-related investment carried at cost total current commitment balance of $331.2 million. During the year ended December 31, 2023, we recognized an increase in provision for current expected credit losses of $2.0 million. The debt-related investment carried at cost total current commitment balance is comprised of $250.3 million of funded commitments and $80.9 million of unfunded commitments with associated CECL Reserves of $1.3 million and $0.7 million, respectively. We had elected the fair value of collateral expedient for the one senior loan debt-related investment that was modified during the year ended December 31, 2023, as the balance is fully secured against the underlying collateral comprising unsold condo units, repayment is based on the sale of underlying collateral, and the borrower is experiencing financial difficulties. There was no CECL Reserve associated with this investment as of December 31, 2023, as the estimate fair value of collateral exceeds the amortized cost balance. There have been no write-offs The following table summarizes activity related to our CECL Reserve on funded commitments for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 1,327 ​ $ — Provision for current expected credit losses ​ ​ (986) ​ ​ 1,327 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 341 ​ $ 1,327 (1) The CECL Reserve related to funded commitments is included in investments in real estate debt and securities on the consolidated balance sheets. The following table summarizes activity related to our CECL Reserve on unfunded commitments for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 670 ​ $ — Provision for current expected credit losses ​ ​ (547) ​ ​ 670 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 123 ​ $ 670 (1) The CECL Reserve related to unfunded commitments is included in other liabilities on the consolidated balance sheets. Debt-Related Investments, Held For Sale As of December 31, 2024, we had one debt-related investment classified as held for sale. The carrying amount was $193.9 million and the outstanding principal amount was $196.0 million, with an interest rate of 7.0% and maturity date of January 2027 as of December 31, 2024. See Note 18 “Subsequent Events” for additional information on the sale of the debt-related investment subsequent to our reporting date. We had no debt-related investments classified as held for sale as of December 31, 2023. Available-for-Sale Debt Securities As of December 31, 2024 we had one preferred equity investment, one commercial real estate collateralized loan obligation (“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 December 31, 2024 and 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 2.5 years and 3.1 years, respectively, and the remaining term of our preferred equity investment was 2.1 years and 3.1 years, respectively. We had no unfunded commitments related to our preferred equity investment as of December 31, 2024 or 2023. There were no credit losses associated with our available-for-sale debt securities as of December 31, 2024 or 2023 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unamortized Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs & CMBS ​ $ 13,325 ​ $ 13,258 ​ $ 67 ​ $ — ​ $ 112 ​ $ 13,370 Preferred equity ​ ​ 123,767 ​ ​ 123,187 ​ ​ — ​ ​ 580 ​ ​ — ​ ​ 123,187 Total debt securities ​ $ 137,092 ​ $ 136,445 ​ $ 67 ​ $ 580 ​ $ 112 ​ $ 136,557 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	12 Months Ended
	Dec. 31, 2024
DEBT.
DEBT	6. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. One of our mortgage notes is currently partial recourse to us, for which we provide $12.8 million in limited guarantees until we meet certain lender-specified thresholds at the collateralized property. Other than this limited guarantee, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2024 2023 Current Maturity Date 2024 2023 Line of credit (1) ​ 5.82 % 5.35 % November 2025 ​ $ 548,228 ​ $ 367,000 Term loan (2) 3.36 ​ 3.31 ​ November 2026 ​ ​ 400,000 ​ 400,000 Term loan (3) 4.53 ​ 4.26 ​ January 2027 ​ 400,000 400,000 Fixed-rate mortgage notes 4.52 ​ 4.46 ​ January 2027 - May 2031 ​ 654,795 596,191 Floating-rate mortgage notes (4) 6.05 ​ 5.25 ​ October 2025 - October 2026 ​ 714,151 207,600 Total principal amount / weighted-average (5) 5.01 % 4.43 % ​ $ 2,717,174 $ 1,970,791 Less: unamortized debt issuance costs ​ $ (23,034) $ (17,038) Add: unamortized mark-to-market adjustment on assumed debt ​ 6,328 7,367 Total debt, net ​ $ 2,700,468 $ 1,961,120 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 2,309,100 ​ $ 1,391,173 (1) The effective interest rate for our borrowings in U.S. dollars, which was $513.0 million as of December 31, 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 $35.2 million as of December 31, 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 December 31, 2024, the unused and available portions under the line of credit were approximately $351.8 million and $297.1 million, respectively. The weighted-average interest rate is the all-in interest rate. 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 $50.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on Adjusted Term SOFR plus a margin. As of both December 31, 2024 and 2023, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements which capped the effective interest rates of our four floating-rate mortgage notes ranging from 4.45% to 6.55% as of December 31, 2024. (5) The weighted-average remaining term of our consolidated borrowings was 2.1 years as of December 31, 2024, excluding the impact of certain extension options. For the years ended December 31, 2024, 2023 and 2022, the amount of interest incurred related to our consolidated indebtedness, excluding amortization of debt issuance costs, was $116.9 million, $85.9 million and $55.4 million, respectively. For the years ended December 31, 2024 and 2023 the amount of interest incurred related to our consolidated indebtedness includes $14.1 million, $5.7 million, respectively, related to the amortization of our interest rate cap premiums. For the year ended December 31, 2022, we had no amount related to the amortization of our interest rate cap premiums. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). As of December 31, 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 2025 ​ $ 548,228 ​ $ — ​ $ 110,928 ​ $ 659,156 2026 ​ — ​ 400,000 ​ 610,665 ​ 1,010,665 2027 ​ — ​ 400,000 ​ 177,034 ​ 577,034 2028 ​ — ​ — ​ 90,477 ​ 90,477 2029 ​ — ​ — ​ 270,385 ​ 270,385 Thereafter ​ — ​ — ​ 109,457 ​ 109,457 Total principal payments ​ $ 548,228 ​ $ 800,000 ​ $ 1,368,946 ​ $ 2,717,174 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. (2) 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. A $51.6 million mortgage note matures in January 2026 and may be extended pursuant to one one-year extension options, subject to certain conditions. A $475.0 million mortgage note matures in October 2026 and may be extended pursuant to three one-year extension options, subject to certain conditions. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with our debt covenants as of December 31, 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 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 $2.9 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. For derivatives that are not designated and do not qualify as hedges, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). ​ The following table summarizes the location and fair value of our consolidated derivative instruments on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Current Notional ​ Fair Value ($ in thousands) Contracts Amount ​ Other Assets Other Liabilities As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 10 ​ $ 475,000 ​ $ 6,866 ​ $ — Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 912,600 ​ ​ 13,824 ​ ​ — Interest rate caps not designated as cash flow hedges ​ 1 ​ ​ 53,700 ​ ​ 3 ​ ​ — Total derivative instruments 19 ​ $ 1,441,300 ​ $ 20,693 ​ $ — 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 ​ $ — ​ The following table presents the effect of our consolidated derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Derivative instruments designated as cash flow hedges: ​ ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 14,800 ​ $ 6,259 ​ $ 29,852 Amount reclassified from AOCI as a decrease into interest expense ​ (16,650) ​ (17,848) ​ 1,546 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded ​ 188,318 ​ 148,517 ​ 140,406 Derivative instruments not designated as cash flow hedges: ​ ​ ​ Unrealized gain (loss) on derivative instruments recognized in other income (expenses) (1) ​ $ 264 ​ $ (4,169) ​ $ 4,051 Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 138 ​ ​ 4,295 ​ ​ 672 (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	12 Months Ended
	Dec. 31, 2024
DST PROGRAM.
DST PROGRAM	7. DST PROGRAM The following table summarizes our DST Program Loans as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Outstanding Principal ​ Unrealized Loss, Net (1) ​ Book Value ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 49,785 ​ $ N/A ​ $ 49,785 ​ ​ 6.0 % ​ 8.5 DST Program Loans, carried at fair value ​ ​ 71,085 ​ ​ (17) ​ ​ 71,068 ​ ​ 7.0 % ​ 9.6 Total ​ $ 120,870 ​ $ (17) ​ $ 120,853 ​ ​ 6.6 % ​ 9.1 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Interests ​ Unamortized ​ Total ​ Unrealized ​ Book (in thousands) ​ Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 507,607 ​ $ (373) ​ $ — ​ $ N/A ​ $ 507,234 Financing obligations, carried at fair value ​ ​ 877,284 ​ ​ N/A ​ ​ N/A ​ ​ 1,102 ​ ​ 878,386 Total ​ $ 1,384,891 ​ $ (373) ​ $ — ​ $ 1,102 ​ $ 1,385,620 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 years ended December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 ​ 2022 DST Interests sold ​ $ 797,022 ​ $ 479,155 ​ $ 758,995 DST Interests financed by DST Program Loans ​ ​ 63,332 ​ ​ 51,360 ​ ​ 51,496 Income earned from DST Program Loans (1) ​ ​ 6,793 ​ ​ 5,155 ​ ​ 3,420 Unrealized loss on DST Program Loans ​ ​ (17) ​ ​ — ​ ​ — Unrealized (loss) gain on financing obligations ​ ​ (2,034) ​ ​ 932 ​ ​ — Gain on extinguishment of financing obligations (2) ​ ​ 41,050 ​ ​ — ​ ​ — (Decrease) increase in financing obligation liability appreciation (3) ​ ​ (69) ​ ​ (459) ​ ​ 31,737 Rent obligation incurred under master lease agreements (3) ​ ​ 62,549 ​ ​ 57,916 ​ ​ 47,021 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in gain (loss) on extinguishment of debt and financing obligations, net on the consolidated statements of operations and recorded upon extinguishment of our financing obligations in accordance with our UPREIT structure. (3) Included in interest expense on the consolidated statements of operations We record DST Interests as financing obligation liabilities for accounting purposes. If we exercise our option to reacquire a DST Property by issuing OP Units, cash or a combination of OP Units and cash in exchange for DST Interests, we relieve the related financing obligation liability and DST Program Loans and record the issuance of the OP Units as an issuance of equity. During the years ended December 31, 2024, 2023, and 2022, 83.6 million OP Units, 27.3 million OP Units and 28.8 million OP units, respectively, were issued in exchange for DST Interests for a net investment of $639.1 million, $228.3 million and $252.6 million, respectively, in accordance with our UPREIT structure. In addition, we paid $3.9 million in cash in exchange for DST Interests during the year ended December 31, 2024. There was no cash paid in exchange for DST Interests during the years ended December 31, 2023 or 2022. Refer to “Note 13” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2024
FAIR VALUE
FAIR VALUE	8. FAIR VALUE We estimate the fair value of our financial assets and liabilities using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 20,693 ​ $ — ​ $ 20,693 Investments in unconsolidated joint venture partnerships ​ ​ — ​ ​ — ​ ​ 38,386 ​ ​ 38,386 Debt-related investments ​ ​ — ​ ​ — ​ ​ 28,844 ​ ​ 28,844 Available-for-sale debt securities ​ ​ — ​ ​ 13,370 ​ ​ 123,187 ​ ​ 136,557 DST Program Loans ​ ​ — ​ ​ — ​ ​ 71,068 ​ ​ 71,068 Total assets measured at fair value ​ $ — ​ $ 34,063 ​ $ 261,485 ​ $ 295,548 Liabilities: ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 878,386 ​ $ 878,386 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 878,386 ​ $ 878,386 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. We have elected the fair value option on certain investments in unconsolidated joint venture partnerships. We separately value the real estate assets held by the unconsolidated joint venture partnerships to arrive at a fair value for our investments in unconsolidated joint venture partnerships. The fair value of real estate assets held by the unconsolidated joint venture partnerships is estimated using a direct capitalization methodology that is based on applying a capitalization rate to the estimated rental income to be generated by the real estate assets of the unconsolidated joint venture partnerships. The capitalization rate used in estimating the fair value of these investments is considered Level 3. 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. 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, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Purchases and contributions ​ ​ — ​ ​ — ​ ​ 102,160 ​ ​ 7,753 ​ ​ 109,913 Paid-in-kind interest ​ ​ — ​ ​ — ​ ​ 6,090 ​ ​ — ​ ​ 6,090 Loan origination fees received ​ ​ — ​ ​ — ​ ​ (1,022) ​ ​ — ​ ​ (1,022) Amortization of loan origination fees (1) ​ ​ — ​ ​ — ​ ​ 164 ​ ​ — ​ ​ 164 Balance as of December 31, 2023 ​ $ — ​ $ — ​ $ 107,392 ​ $ 7,753 ​ $ 115,145 Purchases and contributions ​ ​ 33,952 ​ ​ 27,974 ​ ​ — ​ ​ 63,332 ​ ​ 125,258 Paid-in-kind interest ​ ​ — ​ ​ 870 ​ ​ 15,517 ​ ​ — ​ ​ 16,387 Distributions received ​ ​ (128) ​ ​ — ​ ​ — ​ ​ — ​ ​ (128) Gain (loss) on financial assets ​ ​ 5,220 ​ ​ — ​ ​ — ​ ​ (17) ​ ​ 5,203 Foreign currency loss on investment ​ ​ (658) ​ ​ — ​ ​ — ​ ​ — ​ ​ (658) Amortization of loan origination fees (1) ​ ​ — ​ ​ — ​ ​ 278 ​ ​ — ​ ​ 278 Balance as of December 31, 2024 ​ $ 38,386 ​ $ 28,844 ​ $ 123,187 ​ $ 71,068 ​ $ 261,485 (1) Included in debt-related income on the consolidated statements of operations. ​ The following table presents our financial liabilities measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ Financing (in thousands) ​ Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 102,977 Unrealized gain on financing obligations ​ ​ (932) Balance as of December 31, 2023 ​ $ 102,045 DST Interests sold, net of upfront fees ​ ​ 774,307 Unrealized gain on financing obligations ​ ​ 2,034 Balance as of December 31, 2024 ​ $ 878,386 ​ 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, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Unobservable Impact to Valuation from (in thousands) ​ ​ Fair Value Technique Inputs an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in unconsolidated joint venture partnerships ​ $ 38,386 ​ Direct Capitalization ​ Capitalization Rate ​ ​ Decrease Debt-related investments ​ ​ 28,844 ​ Yield Method ​ Market Yield ​ ​ Decrease Available-for-sale debt securities (1) ​ ​ 123,187 ​ Yield Method ​ Market Yield ​ ​ Decrease DST Program Loans ​ ​ 71,068 ​ Yield Method ​ Market Yield ​ ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 878,386 ​ Discounted Cash Flow ​ Discount Rate ​ ​ Decrease (1) As of December 31, 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 December 31, 2024 and 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 December 31, 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 ​ $ 384,759 ​ $ 383,490 ​ $ 250,318 ​ $ 250,215 DST Program Loans (2) ​ 3 ​ 49,785 ​ 49,583 ​ 109,266 ​ 107,297 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 548,228 ​ $ 548,228 ​ $ 367,000 ​ $ 367,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 1,368,946 ​ 1,340,398 ​ 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 consolidated balance sheets. The initial value of debt-related investments will generally be determined using the acquisition price of such investment if acquired, or the par value of such investment if originated. Following the initial measurement, fair value is estimated by utilizing or reviewing certain of the following: (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield, debt-service coverage and/or loan-to-value ratios, and (vii) borrower financial condition and performance. The estimate of fair value of DST Program Loans, line of credit, term loans and mortgage notes takes into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
INCOME TAXES
INCOME TAXES	9. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2024, 2023 and 2022. We had a net deferred tax liability of approximately $0.1 million as of December 31, 2024. We had a net deferred tax asset of approximately $0.5 million as of December 31, 2023, which was offset by a full valuation allowance. During the year ended December 31, 2024, we recorded $11.8 million of income tax expense on our consolidated statements of operations related to the activities of our taxable REIT subsidiaries associated with our DST Program. During the years ended December 31, 2023 and 2022, we recorded no income tax expense. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2021. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire before January 1, 2026. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2024, 2023 and 2022. This information assumes that an investor owned shares of our common stock for the full 2024 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2024 2023 2022 Ordinary income 5.79 % — % — % Non-taxable return of capital 94.21 100.00 100.00 ​ Capital gain — — — ​ Total distributions 100.00 % 100.00 % 100.00 % ​ The increase in taxable income in 2024 compared to 2023 is primarily due to a tax gain related to the activities of our taxable REIT subsidiaries associated with our DST Program. The taxability of distributions remained unchanged in 2023 as compared to 2022.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2024
STOCKHOLDERS' EQUITY
EQUITY	10. STOCKHOLDERS’ EQUITY Securities Offerings We may conduct continuous 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 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. The Class T-R shares, Class S-R shares, Class D-R shares, Class I-R shares, Class E shares, Class S-PR shares, Class D-PR shares, and Class I-PR shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions paid on Class T-R shares, Class S-R shares, Class D-R shares, Class S-PR shares, and Class D-PR shares will be lower than the per share amount of distributions paid on Class E shares, Class I-R shares and Class I-PR shares because of the distribution fees 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 sold in our securities offerings. Pursuant to our securities offerings, we have offered and continue to offer 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 year ended December 31, 2024, we raised gross proceeds of approximately $61.8 million from the sale of approximately 8.0 million shares of our common stock in our securities offerings, including proceeds from our DRIP of approximately $32.1 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ 26,972 ​ 500,000 ​ 28,432 Class S-R, $0.01 par value per share ​ 100,000 ​ 43,761 ​ 500,000 ​ 48,145 Class D-R, $0.01 par value per share ​ 100,000 ​ 6,110 ​ 500,000 ​ 6,930 Class I-R, $0.01 par value per share ​ 600,000 ​ 58,998 ​ 500,000 ​ 65,511 Class E, $0.01 par value per share ​ 100,000 ​ 43,190 ​ 500,000 ​ 48,210 Class S-PR, $0.01 par value per share ​ 400,000 ​ 660 ​ — ​ — Class D-PR, $0.01 par value per share ​ 400,000 ​ 13 ​ — ​ — Class I-PR, $0.01 par value per share ​ 700,000 ​ 607 ​ — ​ — ​ The following table describes the changes in each class of common shares during each of the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Balance as of December 31, 2021 (1) 16,425 35,757 6,749 54,406 56,328 ​ — ​ — ​ — 169,665 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares 10,443 14,348 1,688 15,000 — ​ — ​ — ​ — 41,479 Distribution reinvestment plan 426 823 153 1,256 745 ​ — ​ — ​ — 3,403 Share-based compensation — — — 27 — ​ — ​ — ​ — 27 Redemptions of common stock (198) (1,691) (719) (1,759) (4,099) ​ — ​ — ​ — (8,466) Conversions ​ (212) ​ — ​ — ​ 212 ​ — ​ — ​ — ​ — ​ — Balance as of December 31, 2022 (1) 26,884 49,237 7,871 69,142 52,974 ​ — ​ — ​ — 206,108 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares 3,103 2,672 192 ​ 4,098 ​ — ​ — ​ — ​ — 10,065 Distribution reinvestment plan 579 974 156 ​ 1,398 ​ 728 ​ — ​ — ​ — 3,835 Share-based compensation — — — ​ 35 ​ — ​ — ​ — ​ — 35 Redemptions of common stock (1,753) (4,793) (907) ​ (9,881) ​ (5,481) ​ — ​ — ​ — (22,815) Conversions ​ (381) ​ 55 ​ (382) ​ 719 ​ (11) ​ — ​ — ​ — ​ — Balance as of December 31, 2023 (1) 28,432 48,145 6,930 65,511 48,210 ​ — ​ — ​ — 197,228 Issuance of common stock: ​ ​ ​ ​ ​ ​ Primary shares 610 578 70 ​ 1,277 ​ — ​ 657 ​ 13 ​ 606 3,811 Distribution reinvestment plan 661 1,107 160 ​ 1,508 ​ 731 ​ 3 ​ — ​ 1 4,171 Share-based compensation — — — ​ 38 ​ — ​ — ​ — ​ — 38 Redemptions of common stock (1,989) (5,520) (1,035) ​ (10,642) ​ (5,751) ​ — ​ — ​ — (24,937) Conversions ​ (742) ​ (549) ​ (15) ​ 1,306 ​ — ​ — ​ — ​ — ​ — Balance as of December 31, 2024 26,972 43,761 6,110 58,998 43,190 ​ 660 ​ 13 ​ 607 180,311 (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. 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 December 31 ​ 0.10000 ​ 9,211 ​ 15,018 ​ 7,754 ​ 1,184 ​ 33,167 Total ​ $ 0.40000 ​ $ 38,460 ​ $ 46,674 ​ $ 31,926 ​ $ 4,959 ​ $ 122,019 2023 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 9,912 ​ $ 5,271 ​ $ 8,009 ​ $ 1,461 ​ $ 24,653 June 30 ​ 0.09375 ​ 9,896 ​ 5,510 ​ 7,974 ​ 1,463 ​ 24,843 September 30 ​ 0.10000 ​ 10,335 ​ 6,451 ​ 8,431 ​ 1,430 ​ 26,647 December 31 ​ 0.10000 ​ 10,127 ​ 7,739 ​ 8,317 ​ 1,387 ​ 27,570 Total ​ $ 0.38750 ​ $ 40,270 ​ $ 24,971 ​ $ 32,731 ​ $ 5,741 ​ $ 103,713 2022 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 8,837 ​ $ 3,018 ​ $ 6,876 ​ $ 1,030 ​ $ 19,761 June 30 ​ 0.09375 ​ 9,299 ​ 3,157 ​ 7,362 ​ 1,259 ​ 21,077 September 30 ​ 0.09375 ​ 9,684 ​ 3,972 ​ 7,732 ​ 1,399 ​ 22,787 December 31 ​ 0.09375 ​ 9,859 ​ 4,559 ​ 7,923 ​ 1,478 ​ 23,819 Total ​ $ 0.37500 ​ $ 37,679 ​ $ 14,706 ​ $ 29,893 ​ $ 5,166 ​ $ 87,444 (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 years ended December 31, 2024, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may 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 Year Ended December 31, ​ (in thousands, except for per share data) ​ 2024 2023 2022 Number of shares redeemed or repurchased ​ ​ 24,937 ​ 22,815 ​ 8,466 ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 191,630 ​ $ 193,859 ​ $ 73,378 ​ Average redemption or repurchase price per share ​ $ 7.69 ​ $ 8.50 ​ $ 8.67 ​ ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2024
REDEEMABLE NONCONTROLLING INTERESTS
REDEEMABLE NONCONTROLLING INTERESTS	11. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the Advisory Agreement. The Advisor and Former Sponsor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. As of December 31, 2024 and 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 years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 11,746 ​ $ 18,130 Distributions to redeemable noncontrolling interests ​ ​ (544) ​ ​ (764) Redemptions of redeemable noncontrolling interests ​ ​ (1,500) ​ ​ (4,940) Net loss attributable to redeemable noncontrolling interests ​ ​ (273) ​ ​ (597) Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (7) ​ ​ (69) Redemption value allocation adjustment to redeemable noncontrolling interests (1) ​ ​ (41) ​ ​ (14) Ending balance ​ $ 9,381 ​ $ 11,746 (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	12 Months Ended
	Dec. 31, 2024
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS OP Units As of December 31, 2024 and 2023, the Operating Partnership had issued OP Units to third-party investors, representing 46.6% and 28.4%, respectively, of limited partnership interests (excludes interests held by redeemable noncontrolling interest holders). OP Units held by third-party investors are made up of Class E, Class T-R, Class S-R, and Class I-R OP Units. The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 2022 Balance at beginning of period 78,737 ​ 55,079 27,180 Issuance of units 83,572 27,274 28,821 Redemption of units (4,070) ​ (3,616) (922) Balance at end of period ​ 158,239 ​ 78,737 ​ 55,079 ​ Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered per unit will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. During the years ended December 31, 2024, 2023 and 2022, the aggregate amount of OP Units redeemed was $31.4 million, $30.9 million, and $7.9 million, respectively. The estimated maximum redemption value (unaudited) of the aggregate outstanding OP Units issued to third party investors as of December 31, 2024 and 2023 was $1.19 billion and $641.1 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the Advisory Agreement, by and among us, the Operating Partnership and the Advisor. The current term of the Advisory Agreement ends April 30, 2025, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager, which is also a related party, provides dealer manager services in connection with our securities offerings pursuant to the terms of the fourth amended and restated dealer manager agreement, effective December 1, 2021 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our Former Advisor (the “Transaction”). On the same date, our Former Advisor assigned the advisory agreement to our Advisor. Ares did not acquire the Former Sponsor, and we now consider Ares real estate to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was majority owned by the founders of the Former Sponsor and/or their affiliates. The Dealer Manager was also directly or indirectly majority owned, controlled and/or managed by the founders of the Former Sponsor and/or their affiliates. Presently, following the Transaction, the Advisor and the Dealer Manager are directly or indirectly majority owned, controlled and/or managed by Ares. The Advisor, the Sponsor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our securities offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the Partnership Agreement, and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. Selling Commissions, Dealer Manager Fees and Distribution Fees (Class T-R, Class S-R, Class D-R and Class I-R Shares). e closed our fourth primary public offering effective July 2, 2024, pursuant to which we had offered Class T-R shares, Class S-R shares, Class D-R shares and Class I-R shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T-R Class S-R Class D-R Class I-R Selling commissions (as % of transaction price) up to 3.00 %* up to 3.50 % — % — % Dealer manager fees (as % of transaction price) up to 1.50 %* — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % * The sum of upfront selling commissions and upfront dealer manager fees on Class T-R shares may not exceed 3.50% of the offering price. We will cease paying the distribution fees with respect to individual Class T-R shares, Class S-R shares and Class D-R shares when they are no longer outstanding, including as a result of a conversion to Class I-R shares, as applicable. Each Class T-R shares, Class S-R shares and Class D-R shares held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I-R shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the DRIP or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Selling Commissions, Dealer Manager Fees and Distribution Fees (Class S-PR, Class D-PR and Class I-PR Shares). On August 2, 2024, we initiated the Private Offering of Class S-PR shares, Class D-PR shares and Class I-PR shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class S-PR Class D-PR Class I-PR Selling commissions (as % of transaction price) up to 3.00 %* up to 1.50 % — % Dealer manager fees (as % of transaction price) up to 1.50 %* — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.25 % — % * The sum of upfront selling commissions and upfront dealer manager fees on Class S-PR shares may not exceed 3.50% of the offering price. We will cease paying the distribution fees with respect to individual Class S-PR shares and Class D-PR shares when they are no longer outstanding, including as a result of a conversion to Class I-PR shares. Class S-PR shares or Class D-PR shares held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I-PR shares, at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the DRIP or received as stock dividends) equals or exceeds the limit, if any, set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. Organization and Offering Expense Reimbursement. Advisory Fee and Operating Expense Reimbursement. ​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 % ​ The performance participation allocation is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance participation allocation equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). The “loss carryforward” referred to above tracks any negative annual total return amounts from prior years and offsets the positive annual total return amount for purposes of the calculation of the performance participation allocation. We completed the 2024 calendar year with a cumulative loss carryforward that will apply to future performance participation allocations. The cumulative loss carryforward as of December 31, 2024 is approximately $0.45 per Fund Interest (unaudited), which takes into account a $0.41 per Fund Interest loss carryforward (unaudited) generated in the 2023 calendar year. Realization of the loss carryforward is contingent on future performance. As such, the loss carryforward is not included in the consolidated balance sheet as of December 31, 2024. Even after the offset of the loss carryforward, future performance participation allocations will be subject to the Hurdle Amount. Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance participation allocation that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2024, all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “Note 12” for detail regarding the Class E OP Units. The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I-R OP units or cash, at the election of the Advisor. The performance hurdle was not achieved as of December 31, 2024 and 2023, therefore no performance participation allocation expense was recognized in our consolidated statements of operations for the years ended December 31, 2024 and 2023. As the performance hurdle was achieved as of December 31, 2022, we recognized approximately $23.7 million of performance participation allocation expense in our consolidated statements of operations. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” On July 1, 2021, these Special Units were transferred from BCDPAG to our New Advisor. Subsequently, these Special Units were transferred from our New Advisor to an affiliate of the New Advisor. These agreements were amended, and the Special Units were issued, so that, at the election of the holder, the performance participation allocation previously payable to the Advisor may be paid instead to the holder of the Special Units as a performance participation allocation with respect to the Special Units. If the holder does not elect on or before the first day of a calendar year to have the performance participation allocation paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to the holder of the Special Units. In such case, the performance participation allocation will be payable in cash or Class I-R OP Units, at the election of the holder. If the holder elects to receive such distributions in Class I-R OP Units, the number of Class I-R OP Units to be issued to the holder will be determined by dividing an amount equal to the value of the performance participation allocation by the net asset value per Class I-R OP Unit as of the date of the distribution. The holder of the Special Units may request the Operating Partnership to repurchase such OP Units from the holder at a later date. Any such repurchase requests will normally not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership or to our stockholders under our share redemption program. However, certain restrictions on redemption may apply if certain liquidity requirements are not met. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, the holder of the Special Units will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance participation allocation, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers, unless the named executive officer is providing stockholder services Acquisition Expense Reimbursements. Pursuant to the Advisory Agreement, subject to certain limitations, we agreed to reimburse the Advisor for all acquisition expenses incurred on our behalf in connection with the selection and acquisition of properties, real estate-related assets, and other investments, whether or not such investments are acquired. As these expense reimbursements were not directly attributable to a specified property, they were expensed as incurred on the consolidated statements of operations. Fees from Other Services. Property-Level Accounting Services. ​ DST Program DST Program Dealer Manager Fees. ADREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. ADREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or ADREX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year for Class T, Class S, and Class D OP Units. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by ADREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, ADREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the Delaware statutory trusts to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2024 2023 2022 2024 2023 Selling commissions and dealer manager fees (1) ​ $ 282 ​ $ 1,189 ​ $ 4,289 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 9,631 ​ ​ 8,896 ​ ​ 6,800 ​ ​ 906 ​ ​ 804 Advisory fees—fixed component ​ ​ 40,786 ​ ​ 38,645 ​ ​ 33,747 ​ ​ 3,646 ​ ​ 3,281 Performance participation allocation (3) ​ — ​ — ​ 23,747 ​ — ​ — Other fees and expense reimbursements—Advisor (4)(5) ​ 13,831 ​ 13,788 ​ 11,346 ​ 6,074 ​ 3,909 Other expense reimbursements—Dealer Manager ​ 281 ​ 335 ​ 372 ​ 125 ​ 84 Property accounting fee (6) ​ ​ 2,070 ​ ​ 1,884 ​ ​ 1,289 ​ ​ 187 ​ ​ 170 DST Program selling commissions, dealer manager and distribution fees (1) ​ 12,468 ​ 9,693 ​ 22,467 ​ 501 ​ 308 Other DST Program related costs—Advisor (5) ​ 11,992 ​ 8,114 ​ 14,860 ​ 179 ​ 171 Total ​ $ 91,341 ​ $ 82,544 ​ $ 118,917 ​ $ 11,618 ​ $ 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 $69.9 million and $66.7 million as of December 31, 2024 and 2023, respectively. (3) The performance hurdle was not met for the years ended December 31, 2024 and 2023 and no performance participation allocation expense was recognized. The 2022 performance participation allocation in the amount of $23.7 million became payable on December 31, 2022, and the Advisor elected to settle the amounts owed in cash in January 2023. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers and employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. Amounts incurred related to these compensation expenses for the years ended December 31, 2024, 2023 and 2022, were approximately $12.5 million, $12.6 million and $10.7 million, respectively. No reimbursement is made for compensation of our named executive officers unless the named executive officer is providing stockholder services, as outlined in the Advisory Agreement. On December 31, 2023, an affiliate of our Sponsor acquired and internalized the activities of 3RE Partners, which provided construction supervision services related to our preferred equity investment. As of December 31, 2023, we had approximately $0.2 million of fees payable to 3RE Partners on our consolidated balance sheet for services provided during 2023 prior to the acquisition. Advisory Agreement Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor previously entered into that certain Second Amended and Restated Advisory Agreement (2023), effective as of June 3, 2023 (the “2023 Advisory Agreement”). The term of the 2023 Advisory Agreement continued through April 30, 2024, subject to an unlimited number of successive one-year renewals. Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor renewed the 2023 Advisory Agreement on substantially the same terms through April 30, 2025, by entering into the Amended and Restated Advisory Agreement (2024) (the “2024 Advisory Agreement”), effective as of April 30, 2024. In addition to the renewal, the 2024 Advisory Agreement amended the 2023 Advisory Agreement by clarifying that the property accounting services provided by the Advisor do not include financial systems and software and consultants related thereto, and that the Advisor may be reimbursed for expenses related to such financial systems and software and consultants related thereto. On August 2, 2024, Ares Real Estate Income Trust Inc., the Operating Partnership and the Advisor amended and restated the 2024 Advisory Agreement by entering into the Second Amended and Restated Advisory Agreement (2024) (the “Amended Advisory Agreement”). The Amended Advisory Agreement amends the 2024 Advisory Agreement to make immaterial changes regarding the Private Offering and related matters. Limited Partnership Agreement On August 2, 2024, Ares Real Estate Income Trust Inc. and AREIT Incentive Fee LP, an affiliate of our Advisor, replaced the then-current limited partnership agreement of the Operating Partnership by entering into a Thirteenth Amended and Restated Limited Partnership Agreement (the “Amended OP Agreement”). The Amended OP Agreement reflects revised classes of limited partnership units that correspond to the revisions to our share classes described below and other immaterial changes regarding the Private Offering and related matters. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our securities offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2024 and 2023, we held a 53.1% and 71.1%, respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “Note 12” for detail regarding our noncontrolling interests. Student Housing Investment Arrangement The changes in the Amended Advisory Agreement and Amended OP Agreement described above were made in contemplation of a Project Specialist arrangement in student housing investments. Under this arrangement, affiliates of Timberline Real Estate Ventures (“Timberline”), a fully integrated, operationally focused privately held real estate operator and investment manager specializing in the development, acquisition and operation of student housing, multifamily, and mixed-use retail/residential communities, will enter into a joint venture with affiliates of the Advisor to create a Product Specialist (collectively, with its affiliated entities, the “Student Housing Product Specialist”). For each student housing investment by the Company made through the Student Housing Product Specialist, the Student Housing Product Specialist will be retained under a management services agreement, engaged as property manager under a property management agreement and receive a profits interest through the Operating Partnership in such investment. The Student Housing Product Specialist will be paid fees for the services it provides. The Advisor or its affiliates will have an economic interest in these agreements except the profits interests, with respect to which the Advisor and its affiliates will have no economic interest. With respect to each student housing investment made under this arrangement, an affiliate of the Student Housing Project Specialist will receive a profits interest through the Operating Partnership. As of and for the year ended December 31, 2024, there have been no student housing investments made through this arrangement nor have any fees been incurred with the Student Housing Product Specialist. Mortgage Loan Origination Program On November 15, 2024, our board of directors approved a mortgage origination program (the “Origination Program”), pursuant to which our Advisor has been delegated authority to originate and sell mortgage loans. The purpose of the Origination Program is to allow us to earn origination fees for originating mortgage loans. Our intention is to sell such mortgage loans to another party within a short period. When sold, a portion of the origination fees earned may be passed onto the subsequent purchaser of the loan. Under the terms of the Origination Program, loans may be sold to affiliates of the Advisor, including joint venture partnerships in which we have an interest, provided each party is responsible for their own expenses and there are no transaction, management or other fees paid by us (apart from fees and expenses it pays pursuant to the Advisory Agreement with our Advisor). We may have a direct or indirect interest in an Ares-managed fund or investment program that acquires such loans. The Origination Program authorizes the Advisor to approve co-lending arrangements for mortgage loans originated under the program, including with affiliates of the Advisor, pursuant to which we may originate a portion of a larger mortgage loan. Each co-lender must be responsible for their own expenses and there may be no transaction, management or other fees paid by us to the other co-lenders (apart from fees and expenses it pays pursuant to the Advisory Agreement with our Advisor). As of December 31, 2024, we had originated one mortgage loan for which there was a co-lending arrangement with an affiliate of our Advisor. The carrying amount and outstanding principal amount was $193.9 million and $196.0 million, respectively, as of December 31, 2024. During the year ended December 31, 2024, we had not sold any mortgage loans originated under the Origination Program to any affiliates of our Advisor.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2024
NET INCOME (LOSS) PER COMMON SHARE
NET INCOME (LOSS) PER COMMON SHARE	14. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2024 2023 2022 Net loss attributable to common stockholders—basic ​ $ (37,135) ​ $ (62,427) ​ $ (39,979) Net loss attributable to redeemable noncontrolling interests ​ ​ (273) ​ ​ (597) ​ ​ (370) Net loss attributable to noncontrolling interests ​ (19,935) ​ (20,189) ​ (9,314) Net loss attributable to common stockholders—diluted ​ $ (57,343) ​ $ (83,213) ​ $ (49,663) Weighted-average shares outstanding—basic ​ 188,336 ​ 203,291 ​ 194,039 Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 116,843 ​ 64,265 ​ 39,265 Weighted-average shares outstanding—diluted ​ 305,179 ​ 267,556 ​ 233,304 Net loss per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.20) ​ $ (0.31) ​ $ (0.21) Diluted ​ $ (0.20) ​ $ (0.31) ​ $ (0.21) ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2024
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	15. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 2022 Supplemental disclosure of cash activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness ​ $ 99,434 ​ $ 78,260 ​ $ 53,889 Interest paid related to DST Program ​ ​ 62,618 ​ ​ 55,586 ​ ​ 42,008 Cash paid for income taxes ​ ​ 8,225 ​ ​ — ​ ​ — Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ 32,112 ​ 32,618 ​ 29,442 Increase in accrued future ongoing distribution fees ​ 3,266 ​ 5,737 ​ 26,855 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 63,332 ​ ​ 51,360 ​ ​ 51,496 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ ​ — ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ ​ 639,102 ​ ​ 228,301 ​ ​ 252,578 Changes in assets, liabilities and noncontrolling interests from consolidation of joint venture partnership: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in real estate properties ​ ​ 75,506 ​ ​ — ​ ​ — Other assets ​ ​ 1,052 ​ ​ — ​ ​ — Accounts payable and accrued expenses ​ ​ (550) ​ ​ — ​ ​ — Debt, net ​ ​ (51,471) ​ ​ — ​ ​ — Other liabilities ​ ​ (297) ​ ​ — ​ ​ — Noncontrolling interests ​ ​ (4,033) ​ ​ — ​ ​ — ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 15,052 ​ $ 13,336 ​ $ 10,605 Restricted cash ​ 4,614 ​ 3,850 ​ 3,747 Cash, cash equivalents and restricted cash ​ $ 19,666 ​ $ 17,186 ​ $ 14,352 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 19,554 ​ $ 15,052 ​ $ 13,336 Restricted cash ​ 7,865 ​ 4,614 ​ 3,850 Cash, cash equivalents and restricted cash ​ $ 27,419 ​ $ 19,666 ​ $ 17,186 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. 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 December 31, 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 unmitigated environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2024. Unfunded Commitments As of December 31, 2024, we had unfunded commitments of $256.6 million to fund various investments in real estate debt and securities and investments in unconsolidated joint venture partnerships.

SEGMENT FINANCIAL INFORMATION

SEGMENT FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2024
SEGMENT FINANCIAL INFORMATION
SEGMENT FINANCIAL INFORMATION	17. 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 maker (“CODM”) is Jay W. Glaubach, Partner and Co-President. Our CODM relies on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Net investment in real estate properties, investments in real estate debt and securities, restricted cash, tenant receivables, straight-line rent receivables and other assets directly assignable to a property or investment are allocated to the segment groupings. Corporate items that are not directly assignable to a property, such as investments in unconsolidated joint venture partnerships and DST Program Loans, are not allocated to segment groupings, but are reflected as reconciling items. The following table reflects our total consolidated assets by segment as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2024 (1) ​ December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Residential properties ​ $ 2,126,453 ​ $ 1,658,945 Industrial properties ​ 1,664,506 ​ 1,353,331 Retail properties ​ 497,184 ​ 509,307 Office properties ​ ​ 367,025 ​ ​ 373,467 Other properties (2) ​ ​ 149,847 ​ ​ 55,130 Investments in real estate debt and securities ​ ​ 353,258 ​ ​ 370,176 Total segment assets ​ ​ 5,158,273 ​ ​ 4,320,356 Corporate ​ 572,976 ​ 319,050 Total assets ​ $ 5,731,249 ​ $ 4,639,406 (1) As of December 31, 2024, our debt-related investment classified as held for sale is included in the corporate grouping. (2) Includes self-storage properties. ​ We consider net operating income, a non-GAAP financial measure, to be an appropriate supplemental performance measure and believe net operating income provides useful information 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. The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2024, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Net loss attributable to common stockholders ​ $ (37,135) ​ $ (62,427) ​ $ (39,979) Real estate-related depreciation and amortization ​ 152,777 ​ 149,985 ​ 134,617 General and administrative expenses ​ 12,808 ​ 11,824 ​ 10,570 Advisory fees ​ 40,786 ​ 38,645 ​ 33,747 Performance participation allocation ​ — ​ — ​ 23,747 Acquisition costs and reimbursements ​ 7,034 ​ 7,034 ​ 5,427 Valuation allowance on debt-related investment ​ — ​ (1,799) ​ 1,799 (Income) loss from unconsolidated joint venture partnerships ​ ​ (14,531) ​ ​ 3,578 ​ ​ (2,970) Interest expense ​ 188,318 ​ 148,517 ​ 140,406 Gain on sale of real estate property ​ (12,913) ​ (36,884) ​ (94,827) Unrealized loss on DST Program Loans ​ ​ 17 ​ ​ — ​ ​ — Unrealized loss (gain) on financing obligations ​ ​ 2,034 ​ (932) ​ — (Gain) loss on extinguishment of debt and financing obligations, net ​ (41,050) ​ 700 ​ — Gain on derivative instruments ​ ​ (402) ​ ​ (126) ​ ​ (4,723) Provision for current expected credit losses ​ ​ (1,533) ​ ​ 1,997 ​ ​ — Other income and expenses ​ ​ (6,583) ​ ​ (4,950) ​ ​ (2,860) Income tax expense ​ ​ 11,842 ​ ​ — ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (273) ​ ​ (597) ​ ​ (370) Net loss attributable to noncontrolling interests ​ (19,935) ​ (20,189) ​ (9,314) Net operating income ​ $ 281,261 ​ $ 234,376 ​ $ 195,270 ​ The following table sets forth consolidated financial results by segment for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt and ​ (in thousands) Residential Industrial Retail Office Properties Securities Consolidated 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 140,014 ​ $ 112,376 ​ $ 61,206 ​ $ 50,103 ​ $ 7,152 ​ $ — ​ $ 370,851 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 46,642 ​ ​ 46,642 Rental expenses ​ (66,268) ​ (27,817) ​ (15,880) ​ (23,422) ​ (2,845) ​ — ​ (136,232) Net operating income ​ $ 73,746 ​ $ 84,559 ​ $ 45,326 ​ $ 26,681 ​ $ 4,307 ​ $ 46,642 ​ $ 281,261 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 120,706 ​ $ 91,145 ​ $ 58,916 ​ $ 51,096 ​ $ 132 ​ $ — ​ $ 321,995 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,175 ​ ​ 31,175 Rental expenses ​ ​ (57,923) ​ (20,083) ​ (15,575) ​ (25,165) ​ (48) ​ — ​ ​ (118,794) Net operating income ​ $ 62,783 ​ $ 71,062 ​ $ 43,341 ​ $ 25,931 ​ $ 84 ​ $ 31,175 ​ $ 234,376 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 98,524 ​ $ 74,244 ​ $ 64,039 ​ $ 52,427 ​ $ — ​ $ — ​ $ 289,234 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,989 ​ ​ 9,989 Rental expenses ​ ​ (44,292) ​ ​ (17,308) ​ ​ (17,080) ​ ​ (25,273) ​ ​ — ​ ​ — ​ ​ (103,953) Net operating income ​ $ 54,232 ​ $ 56,936 ​ $ 46,959 ​ $ 27,154 ​ $ — ​ $ 9,989 ​ $ 195,270 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Disposition of Real Property Subsequent to December 31, 2024, we sold three industrial properties for an aggregate contractual sale price of $27.6 million. Our total accounting basis, which is inclusive of straight-line rent receivables and net of accumulated depreciation and amortization, for these properties as of the closing dates was approximately $16.1 million. Disposition of Debt-Related Investment Subsequent to December 31, 2024, we sold one debt-related investment, which was classified as held for sale as of December 31, 2024, to a joint venture partnership in which we have an ownership interest for a sale price of $194.5 million, equal to the carrying cost of the debt-related investment on the date of sale. ​

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5, 6) Acquisition Date Residential properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Daley ​ Rockville, MD ​ 4 ​ $ 60,215 ​ $ 15,139 ​ $ 80,500 ​ $ 95,639 ​ $ 1,034 ​ $ 15,139 ​ $ 81,534 ​ $ 96,673 ​ $ (14,070) ​ 7/2/2019 Juno Winter Park ​ Winter Park, FL ​ 1 ​ ​ 46,306 ​ ​ 9,129 ​ ​ 75,420 ​ ​ 84,549 ​ ​ 1,147 ​ ​ 9,129 ​ ​ 76,567 ​ ​ 85,696 ​ ​ (12,163) ​ 7/9/2019 Perimeter ​ Sandy Springs, GA ​ 1 ​ ​ 67,682 ​ ​ 17,407 ​ ​ 99,763 ​ ​ 117,170 ​ ​ 709 ​ ​ 17,407 ​ ​ 100,472 ​ ​ 117,879 ​ ​ (16,242) ​ 12/19/2019 The Palms ​ Davie, FL ​ 15 ​ ​ 62,154 ​ ​ 18,737 ​ ​ 60,475 ​ ​ 79,212 ​ ​ 3,736 ​ ​ 18,737 ​ ​ 64,211 ​ ​ 82,948 ​ ​ (9,737) ​ 11/3/2020 oLiv Tucson ​ Tucson, AZ ​ 1 ​ ​ 80,600 ​ ​ — ​ ​ 125,003 ​ ​ 125,003 ​ ​ 692 ​ ​ — ​ ​ 125,695 ​ ​ 125,695 ​ ​ (11,798) ​ 10/20/2021 Arabelle Clearwater ​ Clearwater, FL ​ 10 ​ ​ 60,843 ​ ​ 11,633 ​ ​ 104,719 ​ ​ 116,352 ​ ​ 178 ​ ​ 11,633 ​ ​ 104,897 ​ ​ 116,530 ​ ​ (10,179) ​ 11/30/2021 Vue 1400 ​ West Palm Beach, FL ​ 1 ​ ​ 51,551 ​ ​ 12,835 ​ ​ 69,800 ​ ​ 82,635 ​ ​ — ​ ​ 12,835 ​ ​ 69,800 ​ ​ 82,635 ​ ​ (7,129) ​ 12/21/2021 (7) Arabelle Riverwalk ​ Tampa Bay, FL ​ 1 ​ ​ 117,063 ​ ​ 20,005 ​ ​ 214,045 ​ ​ 234,050 ​ ​ 714 ​ ​ 20,005 ​ ​ 214,759 ​ ​ 234,764 ​ ​ (19,574) ​ 12/28/2021 Skye 750 ​ King of Prussia, PA ​ 1 ​ ​ — ​ ​ 12,535 ​ ​ 80,310 ​ ​ 92,845 ​ ​ 431 ​ ​ 12,535 ​ ​ 80,741 ​ ​ 93,276 ​ ​ (7,719) ​ 1/5/2022 Arabelle City Center ​ Pembroke, FL ​ 11 ​ ​ — ​ ​ 15,776 ​ ​ 141,006 ​ ​ 156,782 ​ ​ 2,482 ​ ​ 15,776 ​ ​ 143,488 ​ ​ 159,264 ​ ​ (12,530) ​ 4/12/2022 Dallas Cityline ​ Richardson, TX ​ 1 ​ ​ — ​ ​ 6,281 ​ ​ 104,812 ​ ​ 111,093 ​ ​ 913 ​ ​ 6,281 ​ ​ 105,725 ​ ​ 112,006 ​ ​ (9,522) ​ 4/13/2022 Dallas Wycliff ​ Dallas, TX ​ 3 ​ ​ — ​ ​ 14,021 ​ ​ 80,062 ​ ​ 94,083 ​ ​ 1,688 ​ ​ 14,021 ​ ​ 81,750 ​ ​ 95,771 ​ ​ (7,571) ​ 4/13/2022 Dallas Maple District ​ Dallas, TX ​ 2 ​ ​ — ​ ​ 14,725 ​ ​ 78,364 ​ ​ 93,089 ​ ​ 1,106 ​ ​ 14,725 ​ ​ 79,470 ​ ​ 94,195 ​ ​ (7,203) ​ 4/13/2022 San Vance ​ San Antonio, TX ​ 14 ​ ​ — ​ ​ 8,860 ​ ​ 68,726 ​ ​ 77,586 ​ ​ 528 ​ ​ 8,860 ​ ​ 69,254 ​ ​ 78,114 ​ ​ (6,800) ​ 4/13/2022 San Stone Oak ​ San Antonio, TX ​ 15 ​ ​ 27,697 ​ ​ 4,569 ​ ​ 68,036 ​ ​ 72,605 ​ ​ 871 ​ ​ 4,569 ​ ​ 68,907 ​ ​ 73,476 ​ ​ (6,575) ​ 4/13/2022 Arabelle Lincoln Station ​ Denver, CO ​ 1 ​ ​ — ​ ​ 5,798 ​ ​ 74,288 ​ ​ 80,086 ​ ​ 886 ​ ​ 5,798 ​ ​ 75,174 ​ ​ 80,972 ​ ​ (3,646) ​ 8/16/2023 BLVD Dallas ​ Dallas, TX ​ 7 ​ ​ — ​ ​ 7,752 ​ ​ 50,298 ​ ​ 58,050 ​ ​ 774 ​ ​ 7,752 ​ ​ 51,072 ​ ​ 58,824 ​ ​ (2,694) ​ 9/15/2023 Regency at Johns Creek Walk ​ Atlanta, GA ​ 5 ​ ​ — ​ ​ 9,150 ​ ​ 50,665 ​ ​ 59,815 ​ ​ 973 ​ ​ 9,150 ​ ​ 51,638 ​ ​ 60,788 ​ ​ (2,513) ​ 11/6/2023 CERU Boca Raton ​ Boca Raton, FL ​ 1 ​ ​ — ​ ​ 12,766 ​ ​ 126,952 ​ ​ 139,718 ​ ​ 375 ​ ​ 12,766 ​ ​ 127,327 ​ ​ 140,093 ​ ​ (4,036) ​ 5/15/2024 Mercury NoDa ​ Charlotte, NC ​ 1 ​ ​ — ​ ​ 8,465 ​ ​ 64,149 ​ ​ 72,614 ​ ​ 75 ​ ​ 8,465 ​ ​ 64,224 ​ ​ 72,689 ​ ​ (466) ​ 11/13/2024 The Artizia at Loso ​ Charlotte, NC ​ 1 ​ ​ — ​ ​ 12,471 ​ ​ 83,260 ​ ​ 95,731 ​ ​ 46 ​ ​ 12,471 ​ ​ 83,306 ​ ​ 95,777 ​ ​ (527) ​ 11/19/2024 Everlight ​ Redmond, WA ​ 1 ​ ​ — ​ ​ 19,352 ​ ​ 104,018 ​ ​ 123,370 ​ ​ 8 ​ ​ 19,352 ​ ​ 104,026 ​ ​ 123,378 ​ ​ (416) ​ 12/4/2024 Total residential properties ​ ​ ​ 98 ​ $ 574,111 ​ $ 257,406 ​ $ 2,004,671 ​ $ 2,262,077 ​ $ 19,366 ​ $ 257,406 ​ $ 2,024,037 ​ $ 2,281,443 ​ $ (173,110) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vasco Road ​ Livermore, CA ​ 1 ​ $ 17,435 ​ $ 4,880 ​ $ 12,019 ​ $ 16,899 ​ $ (29) ​ $ 4,880 ​ $ 11,990 ​ $ 16,870 ​ $ (3,945) ​ 7/21/2017 Northgate ​ North Las Vegas, NV ​ 1 ​ ​ 22,605 ​ ​ 3,940 ​ ​ 20,715 ​ ​ 24,655 ​ ​ 115 ​ ​ 3,943 ​ ​ 20,827 ​ ​ 24,770 ​ ​ (5,889) ​ 7/26/2017 Stafford Grove ​ Stafford, TX ​ 3 ​ ​ 28,525 ​ ​ 8,540 ​ ​ 28,879 ​ ​ 37,419 ​ ​ 3,153 ​ ​ 8,586 ​ ​ 31,986 ​ ​ 40,572 ​ ​ (8,907) ​ 4/9/2018 Kaiser Business Center ​ Folcroft, PA ​ 2 ​ ​ 17,800 ​ ​ 6,140 ​ ​ 12,730 ​ ​ 18,870 ​ ​ 2,138 ​ ​ 6,140 ​ ​ 14,868 ​ ​ 21,008 ​ ​ (4,293) ​ 12/10/2018 Tri-County DC ​ Schertz, TX ​ 1 ​ ​ 16,819 ​ ​ 2,346 ​ ​ 18,400 ​ ​ 20,746 ​ ​ 1,189 ​ ​ 2,346 ​ ​ 19,589 ​ ​ 21,935 ​ ​ (4,586) ​ 2/13/2019 Florence Logistics Center ​ Florence, KY ​ 1 ​ ​ 14,358 ​ ​ 1,791 ​ ​ 16,968 ​ ​ 18,759 ​ ​ 206 ​ ​ 1,791 ​ ​ 17,174 ​ ​ 18,965 ​ ​ (4,133) ​ 5/14/2019 World Connect Logistics Center ​ Indianapolis, IN ​ 1 ​ ​ 32,386 ​ ​ 4,983 ​ ​ 39,172 ​ ​ 44,155 ​ ​ 583 ​ ​ 4,983 ​ ​ 39,755 ​ ​ 44,738 ​ ​ (8,817) ​ 9/27/2019 Tri-County DC II A ​ Schertz, TX ​ 1 ​ ​ 9,004 ​ ​ 1,280 ​ ​ 8,562 ​ ​ 9,842 ​ ​ 527 ​ ​ 1,280 ​ ​ 9,089 ​ ​ 10,369 ​ ​ (2,271) ​ 10/1/2019 Aurora DC ​ Aurora, IL ​ 1 ​ ​ 7,562 ​ ​ 1,681 ​ ​ 6,887 ​ ​ 8,568 ​ ​ 912 ​ ​ 1,681 ​ ​ 7,799 ​ ​ 9,480 ​ ​ (2,286) ​ 12/13/2019 Railhead DC ​ Dallas/Fort Worth, TX ​ 1 ​ ​ 7,774 ​ ​ 2,102 ​ ​ 17,475 ​ ​ 19,577 ​ ​ 187 ​ ​ 2,102 ​ ​ 17,662 ​ ​ 19,764 ​ ​ (3,821) ​ 2/4/2020 Tri-County DC II B ​ Schertz, TX ​ 1 ​ ​ 2,393 ​ ​ 455 ​ ​ 2,429 ​ ​ 2,884 ​ ​ 166 ​ ​ 455 ​ ​ 2,595 ​ ​ 3,050 ​ ​ (636) ​ 2/14/2020 Sterling IC ​ Washington, DC ​ 1 ​ ​ 3,500 ​ ​ 1,976 ​ ​ 3,369 ​ ​ 5,345 ​ ​ 14 ​ ​ 1,976 ​ ​ 3,383 ​ ​ 5,359 ​ ​ (753) ​ 3/25/2020 Clayton Commerce Center ​ Atlanta, GA ​ 1 ​ ​ 48,013 ​ ​ 7,403 ​ ​ 51,886 ​ ​ 59,289 ​ ​ 7,181 ​ ​ 7,403 ​ ​ 59,067 ​ ​ 66,470 ​ ​ (13,728) ​ 6/26/2020 Bay Area Commerce Center ​ East Bay, CA ​ 1 ​ ​ 30,984 ​ ​ 10,135 ​ ​ 38,672 ​ ​ 48,807 ​ ​ 1,700 ​ ​ 10,135 ​ ​ 40,372 ​ ​ 50,507 ​ ​ (6,431) ​ 8/27/2020 Air Tech DC ​ Louisville, KY ​ 2 ​ ​ 3,118 ​ ​ 615 ​ ​ 18,471 ​ ​ 19,086 ​ ​ 307 ​ ​ 616 ​ ​ 18,777 ​ ​ 19,393 ​ ​ (3,652) ​ 10/16/2020 East Columbia IC ​ Portland, OR ​ 2 ​ ​ 11,620 ​ ​ 3,352 ​ ​ 11,726 ​ ​ 15,078 ​ ​ 644 ​ ​ 3,352 ​ ​ 12,370 ​ ​ 15,722 ​ ​ (3,596) ​ 12/2/2020 Plainfield LC ​ Indianapolis, IN ​ 1 ​ ​ 11,711 ​ ​ 2,514 ​ ​ 17,260 ​ ​ 19,774 ​ ​ 17 ​ ​ 2,514 ​ ​ 17,277 ​ ​ 19,791 ​ ​ (2,594) ​ 12/16/2020 395 LC ​ Reno, NV ​ 1 ​ ​ 54,407 ​ ​ 6,752 ​ ​ 61,784 ​ ​ 68,536 ​ ​ 348 ​ ​ 6,752 ​ ​ 62,132 ​ ​ 68,884 ​ ​ (10,762) ​ 12/21/2020 Radar Distribution Center ​ Northampton, PA ​ 1 ​ ​ 26,000 ​ ​ 7,167 ​ ​ 42,373 ​ ​ 49,540 ​ ​ 700 ​ ​ 7,167 ​ ​ 43,073 ​ ​ 50,240 ​ ​ (5,236) ​ 3/31/2021 Intermountain Space Center ​ Salt Lake City, UT ​ 1 ​ ​ 44,509 ​ ​ 14,786 ​ ​ 48,645 ​ ​ 63,431 ​ ​ 3,421 ​ ​ 14,786 ​ ​ 52,066 ​ ​ 66,852 ​ ​ (12,211) ​ 6/30/2021 Airway Industrial Park ​ San Diego, CA ​ 1 ​ ​ 22,439 ​ ​ 5,740 ​ ​ 18,616 ​ ​ 24,356 ​ ​ 2,096 ​ ​ 5,740 ​ ​ 20,712 ​ ​ 26,452 ​ ​ (2,522) ​ 7/9/2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5, 6) Acquisition Date Industrial properties (cont.): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenwood Business Center ​ Greenwood, IN ​ 1 ​ ​ — ​ ​ 858 ​ ​ 16,251 ​ ​ 17,109 ​ ​ (30) ​ ​ 858 ​ ​ 16,221 ​ ​ 17,079 ​ ​ (2,782) ​ 8/2/2021 25 Linden Industrial Center ​ Jersey City, NJ ​ 1 ​ ​ 16,722 ​ ​ 7,764 ​ ​ 9,576 ​ ​ 17,340 ​ ​ 265 ​ ​ 7,764 ​ ​ 9,841 ​ ​ 17,605 ​ ​ (2,945) ​ 8/31/2021 Little Orchard Business Park ​ San Jose, CA ​ 4 ​ ​ 50,472 ​ ​ 51,265 ​ ​ 48,147 ​ ​ 99,412 ​ ​ 1,479 ​ ​ 51,265 ​ ​ 49,626 ​ ​ 100,891 ​ ​ (13,273) ​ 9/8/2021 Tustin Business Center ​ Tustin, CA ​ 2 ​ ​ 22,070 ​ ​ 22,734 ​ ​ 12,233 ​ ​ 34,967 ​ ​ 94 ​ ​ 22,734 ​ ​ 12,327 ​ ​ 35,061 ​ ​ (2,712) ​ 9/22/2021 Campus Drive IC ​ Burlington, NJ ​ 1 ​ ​ 4,100 ​ ​ 2,364 ​ ​ 4,288 ​ ​ 6,652 ​ ​ 45 ​ ​ 2,364 ​ ​ 4,333 ​ ​ 6,697 ​ ​ (954) ​ 10/7/2021 Long Island Logistics Center ​ Islandia, NY ​ 1 ​ ​ 13,200 ​ ​ 4,927 ​ ​ 16,198 ​ ​ 21,125 ​ ​ 277 ​ ​ 4,927 ​ ​ 16,475 ​ ​ 21,402 ​ ​ (3,113) ​ 12/9/2021 Phoenix IC ​ Phoenix, AZ ​ 1 ​ ​ 11,619 ​ ​ 4,709 ​ ​ 12,895 ​ ​ 17,604 ​ ​ 344 ​ ​ 4,709 ​ ​ 13,239 ​ ​ 17,948 ​ ​ (3,077) ​ 12/13/2021 Tempe IC ​ Tempe, AZ ​ 1 ​ ​ 18,259 ​ ​ 3,628 ​ ​ 24,857 ​ ​ 28,485 ​ ​ 395 ​ ​ 3,628 ​ ​ 25,252 ​ ​ 28,880 ​ ​ (4,910) ​ 12/13/2021 Las Vegas IC ​ Las Vegas, NV ​ 2 ​ ​ 6,148 ​ ​ 2,623 ​ ​ 6,186 ​ ​ 8,809 ​ ​ 212 ​ ​ 2,623 ​ ​ 6,398 ​ ​ 9,021 ​ ​ (1,156) ​ 12/13/2021 General Washington IC ​ Alexandria, VA ​ 1 ​ ​ 7,100 ​ ​ 2,452 ​ ​ 8,599 ​ ​ 11,051 ​ ​ 841 ​ ​ 2,452 ​ ​ 9,440 ​ ​ 11,892 ​ ​ (1,518) ​ 1/7/2022 Western Food Center ​ Denver, CO ​ 2 ​ ​ 21,332 ​ ​ 10,399 ​ ​ 28,989 ​ ​ 39,388 ​ ​ 280 ​ ​ 10,399 ​ ​ 29,269 ​ ​ 39,668 ​ ​ (5,656) ​ 1/14/2022 Orlando LC I & II ​ Orlando, FL ​ 2 ​ ​ — ​ ​ 8,975 ​ ​ 88,020 ​ ​ 96,995 ​ ​ 3,004 ​ ​ 8,975 ​ ​ 91,024 ​ ​ 99,999 ​ ​ (10,153) ​ 2/17/2022 Orlando LC III & IV ​ Orlando, FL ​ 2 ​ ​ 24,099 ​ ​ 3,198 ​ ​ 40,505 ​ ​ 43,703 ​ ​ 991 ​ ​ 3,198 ​ ​ 41,496 ​ ​ 44,694 ​ ​ (4,681) ​ 2/17/2022 Orlando LC V ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 1,939 ​ ​ 33,219 ​ ​ 35,158 ​ ​ 828 ​ ​ 1,939 ​ ​ 34,047 ​ ​ 35,986 ​ ​ (6,033) ​ 2/17/2022 Orlando LC VI ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 3,405 ​ ​ 26,043 ​ ​ 29,448 ​ ​ 49 ​ ​ 3,405 ​ ​ 26,092 ​ ​ 29,497 ​ ​ (3,361) ​ 2/17/2022 Orlando LC VII ​ Orlando, FL ​ 1 ​ ​ — ​ ​ 3,156 ​ ​ 20,404 ​ ​ 23,560 ​ ​ 683 ​ ​ 3,156 ​ ​ 21,087 ​ ​ 24,243 ​ ​ (4,275) ​ 2/17/2022 Gillingham IC ​ Sugarland, TX ​ 1 ​ ​ 11,988 ​ ​ 2,283 ​ ​ 18,268 ​ ​ 20,551 ​ ​ 51 ​ ​ 2,283 ​ ​ 18,319 ​ ​ 20,602 ​ ​ (2,142) ​ 6/10/2022 Maplewood Drive IC ​ Minneapolis, MN ​ 1 ​ ​ — ​ ​ 1,026 ​ ​ 4,488 ​ ​ 5,514 ​ ​ 679 ​ ​ 1,026 ​ ​ 5,167 ​ ​ 6,193 ​ ​ (1,387) ​ 6/17/2022 Glen Afton IC ​ Charlotte, NC ​ 1 ​ ​ — ​ ​ 2,294 ​ ​ 19,742 ​ ​ 22,036 ​ ​ 589 ​ ​ 2,294 ​ ​ 20,331 ​ ​ 22,625 ​ ​ (2,995) ​ 6/17/2022 East 56th Ave IC ​ Denver, CO ​ 1 ​ ​ — ​ ​ 4,724 ​ ​ 14,317 ​ ​ 19,041 ​ ​ 421 ​ ​ 4,724 ​ ​ 14,738 ​ ​ 19,462 ​ ​ (2,913) ​ 6/17/2022 Brockton IC ​ Grand Rapids, MI ​ 1 ​ ​ — ​ ​ 1,250 ​ ​ 5,272 ​ ​ 6,522 ​ ​ 487 ​ ​ 1,250 ​ ​ 5,759 ​ ​ 7,009 ​ ​ (1,543) ​ 6/17/2022 Pine Vista IC ​ Houston, TX ​ 1 ​ ​ — ​ ​ 2,952 ​ ​ 15,838 ​ ​ 18,790 ​ ​ 593 ​ ​ 2,952 ​ ​ 16,431 ​ ​ 19,383 ​ ​ (3,020) ​ 6/17/2022 Tri-County Parkway IC ​ San Antonio, TX ​ 1 ​ ​ — ​ ​ 1,579 ​ ​ 11,205 ​ ​ 12,784 ​ ​ 2,003 ​ ​ 1,579 ​ ​ 13,208 ​ ​ 14,787 ​ ​ (2,345) ​ 6/17/2022 Miami NW 114th IC ​ Miami, FL ​ 1 ​ ​ — ​ ​ 5,533 ​ ​ 6,489 ​ ​ 12,022 ​ ​ 2,175 ​ ​ 5,533 ​ ​ 8,664 ​ ​ 14,197 ​ ​ (1,419) ​ 6/17/2022 North Harney IC ​ Tampa, FL ​ 1 ​ ​ — ​ ​ 3,586 ​ ​ 4,439 ​ ​ 8,025 ​ ​ 941 ​ ​ 3,586 ​ ​ 5,380 ​ ​ 8,966 ​ ​ (1,083) ​ 6/17/2022 Wes Warren Drive IC ​ New York, NY ​ 1 ​ ​ — ​ ​ 1,537 ​ ​ 5,978 ​ ​ 7,515 ​ ​ 881 ​ ​ 1,537 ​ ​ 6,859 ​ ​ 8,396 ​ ​ (1,421) ​ 6/17/2022 Enterprise Way IC ​ Oklahoma City, OK ​ 1 ​ ​ — ​ ​ 537 ​ ​ 5,982 ​ ​ 6,519 ​ ​ 343 ​ ​ 537 ​ ​ 6,325 ​ ​ 6,862 ​ ​ (1,092) ​ 6/17/2022 New Albany IC ​ Moorestown, NJ ​ 1 ​ ​ — ​ ​ 5,630 ​ ​ 11,914 ​ ​ 17,544 ​ ​ 611 ​ ​ 5,630 ​ ​ 12,525 ​ ​ 18,155 ​ ​ (2,516) ​ 6/17/2022 North 5th Street CC ​ Philadelphia, PA ​ 1 ​ ​ 11,800 ​ ​ 4,359 ​ ​ 18,945 ​ ​ 23,304 ​ ​ 418 ​ ​ 4,359 ​ ​ 19,363 ​ ​ 23,722 ​ ​ (4,069) ​ 6/24/2022 VM8 Logistics Center ​ Houston, TX ​ 1 ​ ​ 11,865 ​ ​ 2,166 ​ ​ 15,345 ​ ​ 17,511 ​ ​ 4,577 ​ ​ 2,166 ​ ​ 19,922 ​ ​ 22,088 ​ ​ (597) ​ 1/19/2023 Moreno Valley Distribution Center ​ Moreno Valley, CA ​ 1 ​ ​ 20,656 ​ ​ 3,955 ​ ​ 29,466 ​ ​ 33,421 ​ ​ 95 ​ ​ 3,955 ​ ​ 29,561 ​ ​ 33,516 ​ ​ (2,397) ​ 5/2/2023 SLC Logistics Center ​ Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 17,224 ​ ​ 59,861 ​ ​ 77,085 ​ ​ 130 ​ ​ 17,224 ​ ​ 59,991 ​ ​ 77,215 ​ ​ (3,914) ​ 9/26/2023 Cindel Drive Business Park ​ Delran, NJ ​ 2 ​ ​ — ​ ​ 6,282 ​ ​ 19,352 ​ ​ 25,634 ​ ​ 370 ​ ​ 6,282 ​ ​ 19,722 ​ ​ 26,004 ​ ​ (1,639) ​ 12/19/2023 Metro North IC ​ Methuen, MA ​ 1 ​ ​ — ​ ​ 6,908 ​ ​ 49,604 ​ ​ 56,512 ​ ​ 332 ​ ​ 6,908 ​ ​ 49,936 ​ ​ 56,844 ​ ​ (2,219) ​ 5/8/2024 Sugar Land CC ​ Sugarland, TX ​ 2 ​ ​ — ​ ​ 7,336 ​ ​ 28,568 ​ ​ 35,904 ​ ​ 61 ​ ​ 7,336 ​ ​ 28,629 ​ ​ 35,965 ​ ​ (983) ​ 6/28/2024 Pima Street Logistics Center ​ Phoenix, AZ ​ 1 ​ ​ — ​ ​ 3,793 ​ ​ 15,165 ​ ​ 18,958 ​ ​ 59 ​ ​ 3,793 ​ ​ 15,224 ​ ​ 19,017 ​ ​ (307) ​ 10/1/2024 Southpark Logistics Center I ​ Grove City, OH ​ 1 ​ ​ — ​ ​ 2,199 ​ ​ 26,714 ​ ​ 28,913 ​ ​ — ​ ​ 2,199 ​ ​ 26,714 ​ ​ 28,913 ​ ​ (40) ​ 12/20/2024 Southpark Logistics Center II ​ Grove City, OH ​ 1 ​ ​ — ​ ​ 2,589 ​ ​ 26,495 ​ ​ 29,084 ​ ​ — ​ ​ 2,589 ​ ​ 26,495 ​ ​ 29,084 ​ ​ (43) ​ 12/20/2024 Southpark Logistics Center III ​ Grove City, OH ​ 1 ​ ​ — ​ ​ 1,503 ​ ​ 15,385 ​ ​ 16,888 ​ ​ — ​ ​ 1,503 ​ ​ 15,385 ​ ​ 16,888 ​ ​ (21) ​ 12/20/2024 Grove City Logistics Center ​ Grove City, OH ​ 1 ​ ​ — ​ ​ 2,515 ​ ​ 17,889 ​ ​ 20,404 ​ ​ — ​ ​ 2,515 ​ ​ 17,889 ​ ​ 20,404 ​ ​ (35) ​ 12/20/2024 Whitestown Distribution Center I ​ Whitestown, IN ​ 1 ​ ​ — ​ ​ 1,451 ​ ​ 11,137 ​ ​ 12,588 ​ ​ — ​ ​ 1,451 ​ ​ 11,137 ​ ​ 12,588 ​ ​ (22) ​ 12/20/2024 Whitestown Distribution Center II ​ Whitestown, IN ​ 1 ​ ​ — ​ ​ 2,449 ​ ​ 21,406 ​ ​ 23,855 ​ ​ — ​ ​ 2,449 ​ ​ 21,406 ​ ​ 23,855 ​ ​ (42) ​ 12/20/2024 Whitestown Distribution Center III ​ Whitestown, IN ​ 1 ​ ​ — ​ ​ 815 ​ ​ 8,491 ​ ​ 9,306 ​ ​ — ​ ​ 815 ​ ​ 8,491 ​ ​ 9,306 ​ ​ (10) ​ 12/20/2024 Greenfield Distribution Center ​ Greenfield, IN ​ 1 ​ ​ — ​ ​ 828 ​ ​ 7,073 ​ ​ 7,901 ​ ​ — ​ ​ 828 ​ ​ 7,073 ​ ​ 7,901 ​ ​ (16) ​ 12/20/2024 Fairfield Commerce Center ​ Fairfield, OH ​ 1 ​ ​ — ​ ​ 967 ​ ​ 14,107 ​ ​ 15,074 ​ ​ — ​ ​ 967 ​ ​ 14,107 ​ ​ 15,074 ​ ​ (59) ​ 12/20/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ Gross Amount Carried at December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Buildings and ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ No. of ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ Subsequent to ​ ​ ​ ​ Improvements ​ Total Costs ​ Depreciation ​ ​ ($ in thousands) Location Buildings Debt (1) Land (2) Total Costs Acquisition (4) Land (2) (3, 4) (4, 5, 6) Acquisition Date Industrial properties (cont.): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ohio Logistics Center ​ Streetsboro, OH ​ 1 ​ ​ — ​ ​ 827 ​ ​ 6,741 ​ ​ 7,568 ​ ​ — ​ ​ 827 ​ ​ 6,741 ​ ​ 7,568 ​ ​ (10) ​ 12/20/2024 Richmond Airport Logistics I ​ Henrico, VA ​ 1 ​ ​ — ​ ​ 1,876 ​ ​ 26,418 ​ ​ 28,294 ​ ​ — ​ ​ 1,876 ​ ​ 26,418 ​ ​ 28,294 ​ ​ (34) ​ 12/20/2024 Richmond Airport Logistics II ​ Henrico, VA ​ 1 ​ ​ — ​ ​ 1,648 ​ ​ 27,222 ​ ​ 28,870 ​ ​ — ​ ​ 1,648 ​ ​ 27,222 ​ ​ 28,870 ​ ​ (30) ​ 12/20/2024 Richmond Airport Logistics III ​ Henrico, VA ​ 1 ​ ​ — ​ ​ 1,451 ​ ​ 15,496 ​ ​ 16,947 ​ ​ — ​ ​ 1,451 ​ ​ 15,496 ​ ​ 16,947 ​ ​ (27) ​ 12/20/2024 Total industrial properties ​ ​ ​ 86 ​ $ 684,392 ​ $ 339,046 ​ $ 1,478,260 ​ $ 1,817,306 ​ $ 51,148 ​ $ 339,096 ​ $ 1,529,358 ​ $ 1,868,454 ​ $ (222,058) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beaver Creek ​ Apex, NC ​ 1 ​ $ — ​ $ 12,426 ​ $ 31,375 ​ $ 43,801 ​ $ 1,466 ​ $ 9,955 ​ $ 35,312 ​ $ 45,267 ​ $ (17,033) ​ 5/11/2007 Sandwich ​ Sandwich, MA ​ 1 ​ ​ — ​ ​ 7,380 ​ ​ 25,778 ​ ​ 33,158 ​ ​ 1,322 ​ ​ 7,380 ​ ​ 27,100 ​ ​ 34,480 ​ ​ (13,431) ​ 8/1/2007 Wareham ​ Wareham, MA ​ 1 ​ ​ — ​ ​ 10,694 ​ ​ 26,241 ​ ​ 36,935 ​ ​ 3,075 ​ ​ 9,049 ​ ​ 30,961 ​ ​ 40,010 ​ ​ (16,086) ​ 8/1/2007 Hyannis ​ Hyannis, MA ​ 1 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ — ​ ​ 10,405 ​ ​ 917 ​ ​ 11,322 ​ ​ (867) ​ 8/1/2007 Meriden ​ Meriden, CT ​ 1 ​ ​ — ​ ​ 6,560 ​ ​ 22,014 ​ ​ 28,574 ​ ​ (1) ​ ​ 6,560 ​ ​ 22,013 ​ ​ 28,573 ​ ​ (11,262) ​ 8/1/2007 Whitman 475 Bedford Street ​ Whitman, MA ​ 1 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ — ​ ​ 3,610 ​ ​ 11,682 ​ ​ 15,292 ​ ​ (6,298) ​ 8/1/2007 New Bedford ​ New Bedford, MA ​ 1 ​ ​ 3,443 ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ — ​ ​ 3,790 ​ ​ 11,152 ​ ​ 14,942 ​ ​ (6,656) ​ 10/18/2007 270 Center ​ Washington, DC ​ 1 ​ ​ — ​ ​ 11,759 ​ ​ 24,061 ​ ​ 35,820 ​ ​ 5,106 ​ ​ 11,759 ​ ​ 29,167 ​ ​ 40,926 ​ ​ (14,368) ​ 4/6/2009 Springdale ​ Springfield, MA ​ 1 ​ ​ — ​ ​ 11,866 ​ ​ 723 ​ ​ 12,589 ​ ​ 9 ​ ​ 11,866 ​ ​ 732 ​ ​ 12,598 ​ ​ (727) ​ 2/18/2011 Saugus ​ Saugus, MA ​ 1 ​ ​ — ​ ​ 3,783 ​ ​ 9,713 ​ ​ 13,496 ​ ​ 1,806 ​ ​ 3,783 ​ ​ 11,519 ​ ​ 15,302 ​ ​ (6,164) ​ 3/17/2011 Salt Pond ​ Narragansett, RI ​ 2 ​ ​ — ​ ​ 8,759 ​ ​ 40,233 ​ ​ 48,992 ​ ​ 2,489 ​ ​ 8,759 ​ ​ 42,722 ​ ​ 51,481 ​ ​ (15,081) ​ 11/4/2014 South Cape ​ Mashpee, MA ​ 6 ​ ​ — ​ ​ 9,936 ​ ​ 27,552 ​ ​ 37,488 ​ ​ 5,457 ​ ​ 10,307 ​ ​ 32,638 ​ ​ 42,945 ​ ​ (11,004) ​ 3/18/2015 Shenandoah ​ Davie, FL ​ 3 ​ ​ — ​ ​ 10,501 ​ ​ 27,397 ​ ​ 37,898 ​ ​ 1,356 ​ ​ 10,501 ​ ​ 28,753 ​ ​ 39,254 ​ ​ (9,067) ​ 8/6/2015 Chester Springs ​ Chester, NJ ​ 4 ​ ​ — ​ ​ 7,376 ​ ​ 51,155 ​ ​ 58,531 ​ ​ 8,538 ​ ​ 7,376 ​ ​ 59,693 ​ ​ 67,069 ​ ​ (19,912) ​ 10/8/2015 Yale Village ​ Tulsa, OK ​ 4 ​ ​ — ​ ​ 3,492 ​ ​ 30,655 ​ ​ 34,147 ​ ​ 1,963 ​ ​ 3,492 ​ ​ 32,618 ​ ​ 36,110 ​ ​ (10,391) ​ 12/9/2015 Suniland Shopping Center ​ Pinecrest, FL ​ 4 ​ ​ — ​ ​ 34,804 ​ ​ 33,902 ​ ​ 68,706 ​ ​ 6,996 ​ ​ 34,804 ​ ​ 40,898 ​ ​ 75,702 ​ ​ (12,044) ​ 5/27/2016 Village at Lee Branch ​ Birmingham, AL ​ 2 ​ ​ — ​ ​ 10,476 ​ ​ 32,461 ​ ​ 42,937 ​ ​ 2,512 ​ ​ 10,476 ​ ​ 34,973 ​ ​ 45,449 ​ ​ (8,329) ​ 1/29/2020 Barrow Crossing ​ Bethlehem, GA ​ 5 ​ ​ — ​ ​ 5,539 ​ ​ 50,208 ​ ​ 55,747 ​ ​ 2,557 ​ ​ 5,539 ​ ​ 52,765 ​ ​ 58,304 ​ ​ (11,087) ​ 6/22/2021 Total retail properties ​ ​ ​ 40 ​ $ 3,443 ​ $ 173,156 ​ $ 457,219 ​ $ 630,375 ​ $ 44,651 ​ $ 169,411 ​ $ 505,615 ​ $ 675,026 ​ $ (189,807) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1300 Connecticut ​ Washington, DC ​ 1 ​ $ — ​ $ 25,177 ​ $ 41,250 ​ $ 66,427 ​ $ 25,873 ​ $ 25,177 ​ $ 67,123 ​ $ 92,300 ​ $ (35,240) ​ 3/10/2009 CityView ​ Austin, TX ​ 4 ​ ​ — ​ ​ 4,606 ​ ​ 65,250 ​ ​ 69,856 ​ ​ 14,933 ​ ​ 4,606 ​ ​ 80,183 ​ ​ 84,789 ​ ​ (29,882) ​ 4/24/2015 Eden Prairie ​ Eden Prairie, MN ​ 1 ​ ​ — ​ ​ 3,538 ​ ​ 25,865 ​ ​ 29,403 ​ ​ 8,799 ​ ​ 3,538 ​ ​ 34,664 ​ ​ 38,202 ​ ​ (15,375) ​ 10/3/2008 Preston Sherry Plaza ​ Dallas, TX ​ 1 ​ ​ — ​ ​ 7,500 ​ ​ 22,303 ​ ​ 29,803 ​ ​ 22,920 ​ ​ 7,500 ​ ​ 45,223 ​ ​ 52,723 ​ ​ (23,378) ​ 12/16/2009 3 Second Street ​ Jersey City, NJ ​ 1 ​ ​ 107,000 ​ ​ 16,800 ​ ​ 193,742 ​ ​ 210,542 ​ ​ 58,982 ​ ​ 16,800 ​ ​ 252,724 ​ ​ 269,524 ​ ​ (134,298) ​ 6/25/2010 350 Carter Road ​ Princeton, NJ ​ 1 ​ ​ — ​ ​ 3,966 ​ ​ 28,670 ​ ​ 32,636 ​ ​ 2,368 ​ ​ 3,966 ​ ​ 31,038 ​ ​ 35,004 ​ ​ (3,039) ​ 4/27/2022 107 Morgan Lane ​ Plainsboro, NJ ​ 1 ​ ​ — ​ ​ 1,589 ​ ​ 10,680 ​ ​ 12,269 ​ ​ 131 ​ ​ 1,589 ​ ​ 10,811 ​ ​ 12,400 ​ ​ (1,047) ​ 10/28/2022 Total office properties ​ ​ ​ 10 ​ $ 107,000 ​ $ 63,176 ​ $ 387,760 ​ $ 450,936 ​ $ 134,006 ​ $ 63,176 ​ $ 521,766 ​ $ 584,942 ​ $ (242,259) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aventura Storage ​ Aventura, FL ​ 1 ​ $ — ​ $ 12,538 ​ $ 18,505 ​ $ 31,043 ​ $ 121 ​ $ 12,538 ​ $ 18,626 ​ $ 31,164 ​ $ (1,122) ​ 12/18/2023 Norwood Storage ​ Norwood, NJ ​ 1 ​ ​ — ​ ​ 2,308 ​ ​ 21,595 ​ ​ 23,903 ​ ​ 37 ​ ​ 2,308 ​ ​ 21,632 ​ ​ 23,940 ​ ​ (1,049) ​ 12/20/2023 Metro Storage Sharon Hill ​ Philadelphia, PA ​ 1 ​ ​ — ​ ​ 2,664 ​ ​ 14,097 ​ ​ 16,761 ​ ​ 115 ​ ​ 2,664 ​ ​ 14,212 ​ ​ 16,876 ​ ​ (416) ​ 7/31/2024 Metro Storage Newtown Square ​ Philadelphia, PA ​ 1 ​ ​ — ​ ​ 2,741 ​ ​ 21,983 ​ ​ 24,724 ​ ​ 170 ​ ​ 2,741 ​ ​ 22,153 ​ ​ 24,894 ​ ​ (594) ​ 7/31/2024 Metro Storage Trevose ​ Philadelphia, PA ​ 1 ​ ​ — ​ ​ 3,263 ​ ​ 17,888 ​ ​ 21,151 ​ ​ 145 ​ ​ 3,263 ​ ​ 18,033 ​ ​ 21,296 ​ ​ (614) ​ 7/31/2024 Metro Storage Sarasota ​ Sarasota, FL ​ 1 ​ ​ — ​ ​ 3,149 ​ ​ 12,382 ​ ​ 15,531 ​ ​ 161 ​ ​ 3,149 ​ ​ 12,543 ​ ​ 15,692 ​ ​ (442) ​ 7/31/2024 Metro Storage Fort Myers ​ Fort Myers, FL ​ 1 ​ ​ — ​ ​ 3,868 ​ ​ 8,898 ​ ​ 12,766 ​ ​ 100 ​ ​ 3,868 ​ ​ 8,998 ​ ​ 12,866 ​ ​ (356) ​ 7/31/2024 Metro Storage Pinellas Park ​ Tampa, FL ​ 1 ​ ​ — ​ ​ 1,370 ​ ​ 5,395 ​ ​ 6,765 ​ ​ 89 ​ ​ 1,370 ​ ​ 5,484 ​ ​ 6,854 ​ ​ (217) ​ 7/31/2024 Total other properties ​ ​ ​ 8 ​ $ — ​ $ 31,901 ​ $ 120,743 ​ $ 152,644 ​ $ 938 ​ $ 31,901 ​ $ 121,681 ​ $ 153,582 ​ $ (4,810) ​ ​ Grand total ​ ​ ​ 242 ​ $ 1,368,946 ​ $ 864,685 ​ $ 4,448,653 ​ $ 5,313,338 ​ $ 250,109 ​ $ 860,990 ​ $ 4,702,457 ​ $ 5,563,447 ​ $ (832,044) ​ ​ (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2024. See “Note 6 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2024, the aggregate cost for U.S. federal income tax purposes of investments in property was approximately $2.28 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. (6) See “Note 2 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for details of depreciable lives. (7) Acquisition date for this property represents the date in which the joint venture partnership, for which we have an interest, acquired the property. The initial cost to Company amounts represent the carrying values of the property when we first consolidated the joint venture partnership in December 2024. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2024 2023 2022 Investments in real estate properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 4,603,998 ​ $ 4,178,329 ​ $ 3,061,851 Acquisitions of properties ​ 886,197 ​ 406,548 ​ 1,206,476 Improvements ​ 52,328 ​ 45,694 ​ 30,842 Consolidation of joint venture partnership ​ ​ 82,635 ​ ​ — ​ ​ — Property dispositions ​ (61,711) ​ (26,573) ​ (120,840) Balance at the end of period ​ $ 5,563,447 ​ $ 4,603,998 ​ $ 4,178,329 Accumulated depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of period ​ $ 714,684 ​ $ 572,751 ​ $ 472,025 Real estate depreciation and amortization expense ​ 152,777 ​ 149,985 ​ 134,617 Above-market lease assets amortization expenses ​ 1,014 ​ 818 ​ 724 Right of use asset amortization expense ​ ​ 7 ​ ​ 7 ​ ​ 102 Consolidation of joint venture partnership ​ ​ 7,129 ​ ​ — ​ ​ — Property dispositions ​ (43,567) ​ (8,877) ​ (34,717) Balance at the end of period ​ $ 832,044 ​ $ 714,684 ​ $ 572,751 ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (37,135)	$ (62,427)	$ (39,979)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Assessment, Identification and Management of Material Risks from Cybersecurity Threats We rely on the cybersecurity strategy and policies implemented by Ares, the parent company of our Advisor. Ares’ cybersecurity strategy prioritizes the detection and analysis of and response to known, anticipated or unexpected threats, effective management of security risks and resilience against cyber incidents. Ares’ enterprise-wide cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework. Ares’ cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, tools and related services, which include tools and services from third-party providers, and management oversight to assess, identify and manage risks from cybersecurity threats. Ares has implemented and continues to implement risk-based controls designed to prevent, detect and respond to information security threats and we rely on those controls to help us protect our information, our information systems, and the information of our investors, and other third parties who entrust us with their sensitive information. Ares’ cybersecurity program includes physical, administrative and technical safeguards, as well as plans and procedures designed to help Ares prevent and timely and effectively respond to cybersecurity threats and incidents, including threats or incidents that may impact us, our Advisor or Ares. Ares’ cybersecurity risk management process seeks to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessment of cybersecurity threats, including those which may impact us, our Advisor or Ares, is integrated into Ares’ Enterprise Risk Management program, which is overseen by the Ares Enterprise Risk Committee (the “Ares ERC”), as discussed below. In addition, Ares periodically engages with third-party consultants and key vendors to assist it in assessing, enhancing, implementing, and monitoring its cybersecurity risk management programs and responding to incidents. The Ares cybersecurity risk management and awareness programs include periodic identification and testing of vulnerabilities, regular phishing simulations and annual general cybersecurity awareness and data protection training, including for all of the employees of Ares. Ares’ cybersecurity training programs also include annual certification requirements for employees of Ares with respect to certain policies supporting the cybersecurity program including the Information Security and Electronic Communications policy, Data Protection policy and Privacy Policy. Ares undertakes periodic internal security reviews of its information systems and related controls, including systems affecting personal data and the cybersecurity risks of Ares’ and our critical third-party service providers and other partners. Ares also completes periodic external reviews of its cybersecurity program and practices, which include assessments of relevant data protection practices and targeted attack simulations. In the event of a cybersecurity incident impacting us, our Advisor or Ares, Ares has developed an incident response plan that provides guidelines for responding to such an incident and facilitates coordination across multiple operational functions of Ares, including coordinating with the relevant members of our Advisor. The incident response plan includes notification to the applicable members of cybersecurity leadership, including Ares’ Chief Information Security Officer (“CISO”), and, as appropriate, escalation to the full Ares ERC and/or an internal ad-hoc group of senior employees, tasked with helping to manage the cybersecurity incident. Depending on their nature, incidents may also be reported to the audit committee or full board of directors of Ares, as well as to the audit committee of our board of directors and to our full board of directors, if appropriate.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Ares’ cybersecurity program includes physical, administrative and technical safeguards, as well as plans and procedures designed to help Ares prevent and timely and effectively respond to cybersecurity threats and incidents, including threats or incidents that may impact us, our Advisor or Ares. Ares’ cybersecurity risk management process seeks to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessment of cybersecurity threats, including those which may impact us, our Advisor or Ares, is integrated into Ares’ Enterprise Risk Management program, which is overseen by the Ares Enterprise Risk Committee (the “Ares ERC”), as discussed below. In addition, Ares periodically engages with third-party consultants and key vendors to assist it in assessing, enhancing, implementing, and monitoring its cybersecurity risk management programs and responding to incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	audit committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In the event of a cybersecurity incident impacting us, our Advisor or Ares, Ares has developed an incident response plan that provides guidelines for responding to such an incident and facilitates coordination across multiple operational functions of Ares, including coordinating with the relevant members of our Advisor. The incident response plan includes notification to the applicable members of cybersecurity leadership, including Ares’ Chief Information Security Officer (“CISO”), and, as appropriate, escalation to the full Ares ERC and/or an internal ad-hoc group of senior employees, tasked with helping to manage the cybersecurity incident. Depending on their nature, incidents may also be reported to the audit committee or full board of directors of Ares, as well as to the audit committee of our board of directors and to our full board of directors, if appropriate. Our audit committee has primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management, including cybersecurity. Periodically, reports are provided to our audit committee as well as our full board of directors, as appropriate, on cybersecurity matters, primarily through presentations by the CISO and the Ares’ Head of Enterprise Risk. Such reporting includes updates on Ares’ cybersecurity program as it impacts us, the external threat environment, and Ares’ programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on our and Ares’ preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity program is managed by Ares’ dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by Ares’ CISO, who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures. The Ares CISO reports cybersecurity updates to the Ares ERC. The Ares ERC is a committee that governs and oversees the Ares Enterprise Risk Program, including cybersecurity. The Ares ERC includes members of Ares’ senior executive management, including its CEO, Co-Presidents, CFO, General Counsel, Global Chief Compliance Officer and Head of Enterprise Risk, who acts as chairperson of the Ares ERC. The Ares ERC, through regular consultation with the Ares internal cybersecurity team and representatives from our Advisor, assesses, discusses, and prioritizes Ares’ approach to high-level risks, mitigating controls, and ongoing cybersecurity efforts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity program is managed by Ares’ dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by Ares’ CISO
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity program is managed by Ares’ dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by Ares’ CISO, who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of a cybersecurity incident impacting us, our Advisor or Ares, Ares has developed an incident response plan that provides guidelines for responding to such an incident and facilitates coordination across multiple operational functions of Ares, including coordinating with the relevant members of our Advisor. The incident response plan includes notification to the applicable members of cybersecurity leadership, including Ares’ Chief Information Security Officer (“CISO”), and, as appropriate, escalation to the full Ares ERC and/or an internal ad-hoc group of senior employees, tasked with helping to manage the cybersecurity incident.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Ares Real Estate Income Trust Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in our consolidated balance sheets as of December 31, 2023, our consolidated statements of operations for the years ended December 31, 2023 and 2022 and our consolidated statements of cash flows for the years ended December 31, 2023 and 2022 have been reclassified to conform to the 2024 presentation.
Investment In Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. See “Note 3” for additional information regarding debt assumed in connection with our 2024 and 2023 acquisitions, if any. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Transaction costs associated with business combinations are expensed as they are incurred. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired businesses and properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. During the years ended December 31, 2024, 2023 and 2022, we recorded $1.4 million, $0.3 million and $0.2 million, respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There were no impairment charges during the years ended December 31, 2024, 2023 and 2022.
Investment in Unconsolidated Joint Venture Partnerships	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. Our investments in unconsolidated joint venture partnerships are initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net income (loss), distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investments in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in income (loss) from unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships (if applicable) is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. For certain of our investments in unconsolidated joint venture partnerships, we have elected the fair value option and account for these investments at fair value with the associated unrealized gains and losses recorded as a component of income (loss) from unconsolidated joint venture partnerships on our consolidated statements of operations. When circumstances indicate there may have been a reduction in the value of an equity investment for which we account for under the equity method of accounting, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investments in unconsolidated joint venture partnerships for the years ended December 31, 2024, 2023 and 2022.
Debt-Related Investments	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 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. Such items are recorded as components of debt-related income on our consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. We classify debt-related investments as held for sale if there is a reasonable expectation to sell them in the short-term following the reporting date. Debt-related investments classified as held for sale are carried at the lower of carrying value or fair value, with changes in value recorded through earnings. If a debt-related investment is determined to be held for sale at the time of origination, upfront fees and origination costs are deferred and any portion retained will be recognized into interest income at the time of sale. Debt-related investments are placed on non-accrual status at the earlier of when principal or interest payments are 90 days past due or when management has determined there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the investment based on the facts and circumstances regarding the payment received. Non-accrual investments are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current.
Current Expected Credit Losses	Current Expected Credit Losses We record a reserve for current expected credit losses (“CECL Reserve”) on both the outstanding balances and unfunded commitments on loans held for investment. The development of the CECL Reserve requires the consideration of a broad range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates. Increases and decreases to expected credit losses impact earnings and are recorded within the provision for current expected credit losses in our consolidated statements of operations. The CECL Reserve related to outstanding balances on loans held for investment is a valuation account that is deducted from the amortized cost basis of our loans held for investment in our consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held for investment is recorded within other liabilities in our consolidated balance sheets. The CECL Reserve for unfunded commitments is based on the unfunded portion of the loan commitment over the full contractual period over which we are exposed to credit risk through a current obligation to extend credit and is recorded as an other liability on the consolidated balance sheets. We estimate our CECL Reserve primarily using a probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan. Calculation of the CECL Reserve requires loan specific data, which includes capital senior to us when we are the subordinate lender, changes in net operating income, debt service coverage ratio, loan-to-value, occupancy, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of our floating rate loan portfolio and (iv) our current and future view of the macroeconomic environment. We may consider loan-specific qualitative factors on certain loans to estimate our CECL Reserve. In order to estimate the future expected loan losses relevant to our portfolio, we utilize historical market loan loss data licensed from a third-party data service. For periods beyond the reasonable and supportable forecast period, we revert back to historical loss data.
Available-for-Sale Debt Securities	Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. Additionally, we acquire or originate preferred equity investments that are recognized as debt securities as they have mandatory redemption features and meet the definition of securities under FASB ASC Topic 320, Investments—Debt Securities. On the acquisition date, we designate investments in real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment, we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2024, 2023 or 2022. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2024 or 2023.
DST Program	DST Program We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trusts by the Operating Partnership or its affiliates (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units, cash or a combination of OP Units and cash. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. If we exercise our option to reacquire a DST Property by settling in cash or issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the settlement of cash or the issuance of the OP Units as an issuance of equity. Rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. For DST Program offerings for which our option to reacquire a DST Property has not been elected, increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. For DST Program offerings commencing on or after October 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded as in unrealized gain (loss) on financial obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred. In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests in the trusts holding DST Properties to potential investors. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. For DST Program offerings commencing on or after October 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2024, 2023 and 2022.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts.
Derivative Instruments	Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as gain (loss) on derivative instruments on the consolidated statements of operations. We do not use derivative instruments for trading or speculative purposes.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations for DST Program offerings for which we have not elected the fair value option. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $14.5 million and $8.3 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $6.0 million, $4.3 million and $3.8 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $0.4 million and $2.5 million as of December 31, 2024 and 2023, respectively. Our interest expense for the years ended December 31, 2024, 2023 and 2022 included $4.0 million, $3.1 million and $3.6 million, respectively, of amortization of financing costs and expensed financing costs associated with financing obligations.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T-R, Class S-R, Class D-R, Class S-PR and Class D-PR shares and OP Units. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees for common shares are reflected in additional paid-in capital in stockholders’ equity and the accrued distribution fees for OP Units are reflected in noncontrolling interests. See “Note 13” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Transactions that change our ownership interest in the Operating Partnership are accounted for as equity transactions if we retain our controlling financial interest in the Operating Partnership. Therefore, we adjust the net equity balances in the Operating Partnership to reflect the changes in ownership of the Operating Partnership between us and the other limited partners. These adjustments are based on the respective ownership at the end of each period and are reflected as a reallocation between additional paid-in capital and accumulated other comprehensive income within stockholders’ equity and noncontrolling interests within our equity section on our consolidated balance sheets and our consolidated statements of equity. For consolidated joint venture partnerships, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in noncontrolling interests as equity. The noncontrolling partner’s interest is generally computed as the joint venture partner’s ownership percentage.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Black Creek Diversified Property Advisors LLC (the “Former Advisor”) as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the second amended and restated advisory agreement (2024), effective as of August 2, 2024 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Advisor and Former Advisor subsequently transferred these OP Units to its members or their affiliates or redeemed for cash. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 11” for additional information regarding redeemable noncontrolling interests.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the customer is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the lease term. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the customer a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from customers for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We analyze accounts receivable by considering customer creditworthiness and current economic trends on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our customers on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2024 and 2023, our allowance for doubtful accounts was approximately $1.0 million and $0.7 million, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income For debt-related investments carried at cost, the origination fees, contractual exit fees and direct loan origination costs are also recognized in interest income over the initial loan term as a yield adjustment using the effective interest method. For debt-related investments carried at fair value, u . For debt-related investments deemed to be held for sale, u
Income Taxes	Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to U.S. federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income or from the operations of our taxable REIT subsidiaries.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 14” for additional information regarding net income (loss) per share.
Foreign Currency	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 consolidated statements of operations.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe this risk is mitigated by investing our cash with high-credit quality financial institutions. As our revenues predominately consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our customers. As of December 31, 2024, no customers represented more than 10.0% of our total annualized base rent of our properties.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards Effective November 27, 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosure requirements to segment reporting. ASU No. 2023-07 will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to develop more useful financial analysis and includes the following changes: (i) single segment entities must follow segment guidance, (ii) must name the title and position of the chief operating decision maker and (iii) the ability to elect more than one performance measure. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. ASU No. 2023-07 is effective beginning in annual periods after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this standard as of the annual reporting period beginning January 1, 2024. The adoption did not have a material effect on our consolidated financial statements. Recently Issued Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which provides improvements to income tax disclosures by enhancing the transparency around rate reconciliation and income taxes paid by jurisdiction. The standard will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which is intended 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 reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently assessing this guidance and determining the impact on our consolidated financial statements .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, (in thousands) 2024 (1) 2023 Land ​ $ 860,990 ​ $ 754,149 Buildings and improvements ​ 4,323,688 ​ 3,505,921 Intangible lease assets ​ 365,132 ​ 330,291 Right of use asset ​ 13,637 ​ 13,637 Investment in real estate properties ​ 5,563,447 ​ 4,603,998 Accumulated depreciation and amortization ​ (832,044) ​ (714,684) Net investment in real estate properties ​ $ 4,731,403 ​ $ 3,889,314 (1) Includes three properties with an aggregate accounting basis of $16.0 million that has met the criteria of held for sale as of December 31, 2024.
Schedule of Asset Acquisitions	During the years ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ (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 ​ Self-Storage ​ 7/31/2024 ​ ​ 16,761 Metro Storage Newtown Square ​ Self-Storage ​ 7/31/2024 ​ ​ 24,724 Metro Storage Trevose ​ Self-Storage ​ 7/31/2024 ​ ​ 21,151 Metro Storage Sarasota ​ Self-Storage ​ 7/31/2024 ​ ​ 15,532 Metro Storage Fort Myers ​ Self-Storage ​ 7/31/2024 ​ ​ 12,766 Metro Storage Pinellas Park ​ Self-Storage ​ 7/31/2024 ​ ​ 6,765 Pima Street Logistics Center ​ Industrial ​ 10/1/2024 ​ ​ 18,044 Mercury NoDa ​ Residential ​ 11/13/2024 ​ ​ 72,614 The Artizia at Loso ​ Residential ​ 11/19/2024 ​ ​ 95,731 Everlight ​ Residential ​ 12/4/2024 ​ ​ 123,370 Southpark Logistics Center I ​ Industrial ​ 12/20/2024 ​ ​ 28,139 Southpark Logistics Center II ​ Industrial ​ 12/20/2024 ​ ​ 28,744 Southpark Logistics Center III ​ Industrial ​ 12/20/2024 ​ ​ 16,034 Grove City Logistics Center ​ Industrial ​ 12/20/2024 ​ ​ 20,405 Whitestown Distribution Center I ​ Industrial ​ 12/20/2024 ​ ​ 12,384 Whitestown Distribution Center II ​ Industrial ​ 12/20/2024 ​ ​ 22,808 Whitestown Distribution Center III ​ Industrial ​ 12/20/2024 ​ ​ 8,023 Greensfield Distribution Center ​ Industrial ​ 12/20/2024 ​ ​ 7,773 Fairfield Commerce Center ​ Industrial ​ 12/20/2024 ​ ​ 15,074 Ohio Logistics Center ​ Industrial ​ 12/20/2024 ​ ​ 7,542 Richmond Airport Logistics Center I ​ Industrial ​ 12/20/2024 ​ ​ 25,671 Richmond Airport Logistics Center II ​ Industrial ​ 12/20/2024 ​ ​ 25,093 Richmond Airport Logistics Center III ​ Industrial ​ 12/20/2024 ​ ​ 16,587 ​ $ 871,841 2023 Acquisitions: ​ ​ ​ ​ ​ ​ ​ VM8 Logistics Center ​ Industrial ​ 1/19/2023 ​ $ 17,511 Moreno Valley Distribution Center ​ Industrial ​ 5/2/2023 ​ ​ 33,421 SLC Logistics Center ​ Industrial ​ 9/26/2023 ​ ​ 77,085 Cindel Drive Business Park ​ Industrial ​ 12/19/2023 ​ ​ 25,409 Arabelle Lincoln Station ​ Residential ​ 8/16/2023 ​ ​ 80,086 BLVD Dallas ​ Residential ​ 9/15/2023 ​ ​ 58,050 Regency at Johns Creek Walk ​ Residential ​ 11/6/2023 ​ ​ 59,815 Aventura Storage ​ Self-Storage ​ 12/18/2023 ​ ​ 31,043 Norwood Storage ​ Self-Storage ​ 12/20/2023 ​ ​ 23,903 Total 2023 acquisitions ​ $ 406,323 (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 and 2023 acquisitions. ​
Allocation of Purchase Price Allocations	During the years ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2024 2023 Land ​ $ 109,264 ​ $ 67,173 Building and improvements ​ 736,575 ​ 322,409 Intangible lease assets ​ 38,581 ​ 15,973 Above-market lease assets ​ 1,777 ​ 993 Below-market lease liabilities ​ (14,356) ​ (225) Total purchase price (1) ​ $ 871,841 ​ $ 406,323 (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 and 2023 acquisitions.
Schedule of Consolidation of Joint Venture Partnership	The assets, liabilities and noncontrolling interests assumed upon consolidation were as follows: ​ ​ ​ ​ ​ ​ ​ Carrying Value (in thousands) Upon Consolidation Net investment in real estate properties ​ $ 75,506 Cash and cash equivalents ​ 2,322 Restricted cash ​ 327 Other assets ​ 1,052 Accounts payable and accrued expenses ​ ​ (550) Debt, net ​ ​ (51,471) Other liabilities ​ ​ (297) Noncontrolling interests ​ (4,033)
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of December 31, 2024 and 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ ​ Accumulated ​ ​ (in thousands) Gross Amortization Net Gross ​ Amortization Net Intangible lease assets (1) ​ $ 339,800 ​ $ (253,545) ​ $ 86,255 ​ $ 306,365 ​ $ (234,172) ​ $ 72,193 Above-market lease assets (1) ​ 25,332 ​ (21,168) ​ 4,164 ​ 23,926 ​ (20,525) ​ 3,401 Below-market lease liabilities ​ (84,910) ​ 38,812 ​ (46,098) ​ (73,556) ​ 36,477 ​ (37,079) (1) Included in net investment in real estate properties on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities as of December 31, 2024 for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Year 1 ​ $ 26,822 ​ $ 1,201 ​ $ (6,299) Year 2 ​ 17,763 ​ 993 ​ (5,927) Year 3 ​ 13,951 ​ 847 ​ (5,071) Year 4 ​ ​ 9,378 ​ ​ 627 ​ ​ (4,301) Year 5 ​ ​ 6,260 ​ ​ 385 ​ ​ (3,551) Thereafter ​ ​ 12,081 ​ ​ 111 ​ ​ (20,949) Total ​ $ 86,255 ​ $ 4,164 ​ $ (46,098)
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 Year Ended December 31, (in thousands) 2024 2023 2022 Increase (decrease) to rental revenue: ​ ​ ​ ​ ​ ​ Straight-line rent adjustments ​ $ 6,823 ​ $ 3,384 ​ $ 3,414 Above-market lease amortization ​ (1,014) ​ (818) ​ (724) Below-market lease amortization ​ 4,903 ​ 4,393 ​ 4,823 Real estate-related depreciation and amortization: ​ ​ ​ ​ ​ Depreciation expense ​ $ 128,163 ​ $ 126,102 ​ $ 97,418 Intangible lease asset amortization ​ 24,614 ​ 23,883 ​ 37,199
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2024 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of December 31, ​ (in thousands) 2024 Year 1 ​ $ 177,915 ​ Year 2 ​ 164,483 ​ Year 3 ​ 141,196 ​ Year 4 ​ 114,495 ​ Year 5 ​ 85,592 ​ Thereafter ​ 208,270 ​ Total ​ $ 891,951 ​

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Joint Venture ​ ​ ​ ​ ​ ​ ​ Investments in Unconsolidated ​ ​ Partnerships as of ​ Ownership Percentage as of ​ ​ Joint Venture Partnerships as of ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ December 31, ​ ​ December 31, ​ 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 % ​ $ — ​ $ 23,932 Credit Lease joint venture partnerships ​ 3 ​ 3 ​ 50.0 % ​ 50.0 % ​ ​ 101,569 ​ ​ 104,232 Data Center joint venture partnerships ​ 2 ​ 2 ​ 10.0 - 10.2 % ​ 10.0 % ​ ​ 42,663 ​ ​ 24,977 Real Estate Debt joint venture partnerships (2) ​ 2 ​ 1 ​ 19.9 - 20.0 % ​ 19.9 % ​ ​ 29,678 ​ ​ 164 Total investments in unconsolidated joint venture partnerships, carried at cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 173,910 ​ ​ 153,305 Investments in unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial joint venture partnerships (2) ​ 1 ​ — ​ 27.4 % ​ N/A ​ ​ ​ 38,386 ​ ​ — Total investments in unconsolidated joint venture partnerships, carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38,386 ​ ​ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 212,296 ​ $ 153,305 (1) In December 2024, we consolidated the residential joint venture partnership, which was previously unconsolidated. See “Note 3” for further disclosure of the consolidation of this joint venture partnership. (2) Includes joint venture partnerships that invest in assets and properties in Europe. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Income (loss) from unconsolidated joint venture partnerships, carried at cost: ​ ​ ​ ​ ​ ​ Equity in income (loss) from unconsolidated joint venture partnerships ​ $ 9,621 ​ $ (3,578) ​ $ 2,970 Total income (loss) from unconsolidated joint venture partnerships, carried at cost ​ 9,621 ​ (3,578) ​ 2,970 Income (loss) from unconsolidated joint venture partnerships, carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ Gain on investment ​ ​ 5,220 ​ ​ — ​ ​ — Foreign currency loss on investment ​ ​ (658) ​ ​ — ​ ​ — Total income from unconsolidated joint venture partnerships, carried at fair value ​ ​ 4,562 ​ ​ — ​ ​ — Other foreign currency gain: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency gain on debt held in foreign currencies ​ ​ 327 ​ ​ — ​ ​ — Foreign currency gain on remeasurement of cash and cash equivalents ​ ​ 21 ​ ​ — ​ ​ — Total other foreign currency gain ​ ​ 348 ​ ​ — ​ ​ — Total ​ $ 14,531 ​ $ (3,578) ​ $ 2,970 ​

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2024
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES.
Summary of Debt Related Investments	The following table summarizes our debt-related investments, excluding debt-related investments classified as held for sale, as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Carrying Amount (1) ​ Outstanding Principal (1) ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior loans, carried at cost (2) ​ $ 187,857 ​ $ 188,759 ​ ​ 8.6 % ​ 0.8 Senior loans, carried at fair value ​ ​ 28,844 ​ ​ 28,844 ​ ​ 7.8 ​ ​ 2.3 Total debt-related investments ​ $ 216,701 ​ $ 217,603 ​ ​ 8.5 % ​ 1.0 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 December 31, 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 year ended December 31, 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 and weighted-average remaining life exclude this senior loan from its calculations as of December 31, 2024. During the year ended December 31, 2023, w e had agreed to a modification of this senior loan agreement extending the maturity date.
Summary of Expected Credit Losses	The following table summarizes activity related to our CECL Reserve on funded commitments for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 1,327 ​ $ — Provision for current expected credit losses ​ ​ (986) ​ ​ 1,327 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 341 ​ $ 1,327 (1) The CECL Reserve related to funded commitments is included in investments in real estate debt and securities on the consolidated balance sheets. The following table summarizes activity related to our CECL Reserve on unfunded commitments for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 670 ​ $ — Provision for current expected credit losses ​ ​ (547) ​ ​ 670 Write-offs ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — Ending balance (1) ​ $ 123 ​ $ 670 (1) The CECL Reserve related to unfunded commitments is included in other liabilities on the consolidated balance sheets.
Summary of Available-for-Sale Debt Securities	The following table summarizes our investments in available-for-sale debt securities as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unamortized Fees (1) ​ Unrealized Gain, Net (2) ​ Fair Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CRE CLOs & CMBS ​ $ 13,325 ​ $ 13,258 ​ $ 67 ​ $ — ​ $ 112 ​ $ 13,370 Preferred equity ​ ​ 123,767 ​ ​ 123,187 ​ ​ — ​ ​ 580 ​ ​ — ​ ​ 123,187 Total debt securities ​ $ 137,092 ​ $ 136,445 ​ $ 67 ​ $ 580 ​ $ 112 ​ $ 136,557 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)	12 Months Ended
	Dec. 31, 2024
DEBT.
Schedule of Debt	A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Interest Rate as of ​ ​ ​ Balance as of ​ ​ December 31, ​ December 31, ​ ​ ​ December 31, ​ December 31, ($ in thousands) 2024 2023 Current Maturity Date 2024 2023 Line of credit (1) ​ 5.82 % 5.35 % November 2025 ​ $ 548,228 ​ $ 367,000 Term loan (2) 3.36 ​ 3.31 ​ November 2026 ​ ​ 400,000 ​ 400,000 Term loan (3) 4.53 ​ 4.26 ​ January 2027 ​ 400,000 400,000 Fixed-rate mortgage notes 4.52 ​ 4.46 ​ January 2027 - May 2031 ​ 654,795 596,191 Floating-rate mortgage notes (4) 6.05 ​ 5.25 ​ October 2025 - October 2026 ​ 714,151 207,600 Total principal amount / weighted-average (5) 5.01 % 4.43 % ​ $ 2,717,174 $ 1,970,791 Less: unamortized debt issuance costs ​ $ (23,034) $ (17,038) Add: unamortized mark-to-market adjustment on assumed debt ​ 6,328 7,367 Total debt, net ​ $ 2,700,468 $ 1,961,120 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ ​ $ 2,309,100 ​ $ 1,391,173 (1) The effective interest rate for our borrowings in U.S. dollars, which was $513.0 million as of December 31, 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 $35.2 million as of December 31, 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 December 31, 2024, the unused and available portions under the line of credit were approximately $351.8 million and $297.1 million, respectively. The weighted-average interest rate is the all-in interest rate. 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 $50.0 million in borrowings under this term loan. (4) The effective interest rate is calculated based on Adjusted Term SOFR plus a margin. As of both December 31, 2024 and 2023, our floating-rate mortgage notes were subject to interest rate spreads ranging from 1.55% to 2.50% . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate cap agreements which capped the effective interest rates of our four floating-rate mortgage notes ranging from 4.45% to 6.55% as of December 31, 2024. (5) The weighted-average remaining term of our consolidated borrowings was 2.1 years as of December 31, 2024, excluding the impact of certain extension options.
Schedule of Maturities of Long-term Debt	As of December 31, 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 2025 ​ $ 548,228 ​ $ — ​ $ 110,928 ​ $ 659,156 2026 ​ — ​ 400,000 ​ 610,665 ​ 1,010,665 2027 ​ — ​ 400,000 ​ 177,034 ​ 577,034 2028 ​ — ​ — ​ 90,477 ​ 90,477 2029 ​ — ​ — ​ 270,385 ​ 270,385 Thereafter ​ — ​ — ​ 109,457 ​ 109,457 Total principal payments ​ $ 548,228 ​ $ 800,000 ​ $ 1,368,946 ​ $ 2,717,174 (1) The term of the line of credit may be extended pursuant to two six-month extension options, subject to certain conditions. (2) 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. A $51.6 million mortgage note matures in January 2026 and may be extended pursuant to one one-year extension options, subject to certain conditions. A $475.0 million mortgage note matures in October 2026 and may be extended pursuant to three one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of our consolidated derivative instruments on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Current Notional ​ Fair Value ($ in thousands) Contracts Amount ​ Other Assets Other Liabilities As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 10 ​ $ 475,000 ​ $ 6,866 ​ $ — Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 912,600 ​ ​ 13,824 ​ ​ — Interest rate caps not designated as cash flow hedges ​ 1 ​ ​ 53,700 ​ ​ 3 ​ ​ — Total derivative instruments 19 ​ $ 1,441,300 ​ $ 20,693 ​ $ — 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 ​ $ —
Schedule of Derivative Instruments, Gain (Loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Current Notional ​ Fair Value ($ in thousands) Contracts Amount ​ Other Assets Other Liabilities As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps designated as cash flow hedges 10 ​ $ 475,000 ​ $ 6,866 ​ $ — Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 912,600 ​ ​ 13,824 ​ ​ — Interest rate caps not designated as cash flow hedges ​ 1 ​ ​ 53,700 ​ ​ 3 ​ ​ — Total derivative instruments 19 ​ $ 1,441,300 ​ $ 20,693 ​ $ — 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 ​ $ —

DST PROGRAM (Tables)

DST PROGRAM (Tables)	12 Months Ended
	Dec. 31, 2024
DST PROGRAM.
Schedule of DST Program Loans	The following table summarizes our DST Program Loans as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ($ in thousands) ​ Outstanding Principal ​ Unrealized Loss, Net (1) ​ Book Value ​ Interest Rate ​ Remaining Life (Years) As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 49,785 ​ $ N/A ​ $ 49,785 ​ ​ 6.0 % ​ 8.5 DST Program Loans, carried at fair value ​ ​ 71,085 ​ ​ (17) ​ ​ 71,068 ​ ​ 7.0 % ​ 9.6 Total ​ $ 120,870 ​ $ (17) ​ $ 120,853 ​ ​ 6.6 % ​ 9.1 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Interests ​ Unamortized ​ Total ​ Unrealized ​ Book (in thousands) ​ Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 507,607 ​ $ (373) ​ $ — ​ $ N/A ​ $ 507,234 Financing obligations, carried at fair value ​ ​ 877,284 ​ ​ N/A ​ ​ N/A ​ ​ 1,102 ​ ​ 878,386 Total ​ $ 1,384,891 ​ $ (373) ​ $ — ​ $ 1,102 ​ $ 1,385,620 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 years ended December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 ​ 2022 DST Interests sold ​ $ 797,022 ​ $ 479,155 ​ $ 758,995 DST Interests financed by DST Program Loans ​ ​ 63,332 ​ ​ 51,360 ​ ​ 51,496 Income earned from DST Program Loans (1) ​ ​ 6,793 ​ ​ 5,155 ​ ​ 3,420 Unrealized loss on DST Program Loans ​ ​ (17) ​ ​ — ​ ​ — Unrealized (loss) gain on financing obligations ​ ​ (2,034) ​ ​ 932 ​ ​ — Gain on extinguishment of financing obligations (2) ​ ​ 41,050 ​ ​ — ​ ​ — (Decrease) increase in financing obligation liability appreciation (3) ​ ​ (69) ​ ​ (459) ​ ​ 31,737 Rent obligation incurred under master lease agreements (3) ​ ​ 62,549 ​ ​ 57,916 ​ ​ 47,021 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in gain (loss) on extinguishment of debt and financing obligations, net on the consolidated statements of operations and recorded upon extinguishment of our financing obligations in accordance with our UPREIT structure. (3) Included in interest expense on the consolidated statements of operations

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 20,693 ​ $ — ​ $ 20,693 Investments in unconsolidated joint venture partnerships ​ ​ — ​ ​ — ​ ​ 38,386 ​ ​ 38,386 Debt-related investments ​ ​ — ​ ​ — ​ ​ 28,844 ​ ​ 28,844 Available-for-sale debt securities ​ ​ — ​ ​ 13,370 ​ ​ 123,187 ​ ​ 136,557 DST Program Loans ​ ​ — ​ ​ — ​ ​ 71,068 ​ ​ 71,068 Total assets measured at fair value ​ $ — ​ $ 34,063 ​ $ 261,485 ​ $ 295,548 Liabilities: ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 878,386 ​ $ 878,386 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 878,386 ​ $ 878,386 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, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Purchases and contributions ​ ​ — ​ ​ — ​ ​ 102,160 ​ ​ 7,753 ​ ​ 109,913 Paid-in-kind interest ​ ​ — ​ ​ — ​ ​ 6,090 ​ ​ — ​ ​ 6,090 Loan origination fees received ​ ​ — ​ ​ — ​ ​ (1,022) ​ ​ — ​ ​ (1,022) Amortization of loan origination fees (1) ​ ​ — ​ ​ — ​ ​ 164 ​ ​ — ​ ​ 164 Balance as of December 31, 2023 ​ $ — ​ $ — ​ $ 107,392 ​ $ 7,753 ​ $ 115,145 Purchases and contributions ​ ​ 33,952 ​ ​ 27,974 ​ ​ — ​ ​ 63,332 ​ ​ 125,258 Paid-in-kind interest ​ ​ — ​ ​ 870 ​ ​ 15,517 ​ ​ — ​ ​ 16,387 Distributions received ​ ​ (128) ​ ​ — ​ ​ — ​ ​ — ​ ​ (128) Gain (loss) on financial assets ​ ​ 5,220 ​ ​ — ​ ​ — ​ ​ (17) ​ ​ 5,203 Foreign currency loss on investment ​ ​ (658) ​ ​ — ​ ​ — ​ ​ — ​ ​ (658) Amortization of loan origination fees (1) ​ ​ — ​ ​ — ​ ​ 278 ​ ​ — ​ ​ 278 Balance as of December 31, 2024 ​ $ 38,386 ​ $ 28,844 ​ $ 123,187 ​ $ 71,068 ​ $ 261,485 (1) Included in debt-related income on the consolidated statements of operations.
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis	The following table presents our financial liabilities measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ Financing (in thousands) ​ Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 102,977 Unrealized gain on financing obligations ​ ​ (932) Balance as of December 31, 2023 ​ $ 102,045 DST Interests sold, net of upfront fees ​ ​ 774,307 Unrealized gain on financing obligations ​ ​ 2,034 Balance as of December 31, 2024 ​ $ 878,386
Schedule of Quantitative Inputs and Assumptions	​ ​ ​ ​ ​ ​ ​ Financing (in thousands) ​ Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 102,977 Unrealized gain on financing obligations ​ ​ (932) Balance as of December 31, 2023 ​ $ 102,045 DST Interests sold, net of upfront fees ​ ​ 774,307 Unrealized gain on financing obligations ​ ​ 2,034 Balance as of December 31, 2024 ​ $ 878,386
Schedule of Carrying Values and Fair Values of These Financial Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 384,759 ​ $ 383,490 ​ $ 250,318 ​ $ 250,215 DST Program Loans (2) ​ 3 ​ 49,785 ​ 49,583 ​ 109,266 ​ 107,297 Liabilities: ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 548,228 ​ $ 548,228 ​ $ 367,000 ​ $ 367,000 Term loans ​ 3 ​ 800,000 ​ 800,000 ​ 800,000 ​ 800,000 Mortgage notes ​ 3 ​ 1,368,946 ​ 1,340,398 ​ 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 consolidated balance sheets.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
INCOME TAXES
Preliminary Taxability of Distributions on Common Shares	The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2024, 2023 and 2022. This information assumes that an investor owned shares of our common stock for the full 2024 calendar year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2024 2023 2022 Ordinary income 5.79 % — % — % Non-taxable return of capital 94.21 100.00 100.00 ​ Capital gain — — — ​ Total distributions 100.00 % 100.00 % 100.00 %

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
STOCKHOLDERS' EQUITY
Summary of Shares of Each Class of 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 December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ 26,972 ​ 500,000 ​ 28,432 Class S-R, $0.01 par value per share ​ 100,000 ​ 43,761 ​ 500,000 ​ 48,145 Class D-R, $0.01 par value per share ​ 100,000 ​ 6,110 ​ 500,000 ​ 6,930 Class I-R, $0.01 par value per share ​ 600,000 ​ 58,998 ​ 500,000 ​ 65,511 Class E, $0.01 par value per share ​ 100,000 ​ 43,190 ​ 500,000 ​ 48,210 Class S-PR, $0.01 par value per share ​ 400,000 ​ 660 ​ — ​ — Class D-PR, $0.01 par value per share ​ 400,000 ​ 13 ​ — ​ — Class I-PR, $0.01 par value per share ​ 700,000 ​ 607 ​ — ​ —
Summary of Changes for Each Class of Common Stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ 26,972 ​ 500,000 ​ 28,432 Class S-R, $0.01 par value per share ​ 100,000 ​ 43,761 ​ 500,000 ​ 48,145 Class D-R, $0.01 par value per share ​ 100,000 ​ 6,110 ​ 500,000 ​ 6,930 Class I-R, $0.01 par value per share ​ 600,000 ​ 58,998 ​ 500,000 ​ 65,511 Class E, $0.01 par value per share ​ 100,000 ​ 43,190 ​ 500,000 ​ 48,210 Class S-PR, $0.01 par value per share ​ 400,000 ​ 660 ​ — ​ — Class D-PR, $0.01 par value per share ​ 400,000 ​ 13 ​ — ​ — Class I-PR, $0.01 par value per share ​ 700,000 ​ 607 ​ — ​ —
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 December 31 ​ 0.10000 ​ 9,211 ​ 15,018 ​ 7,754 ​ 1,184 ​ 33,167 Total ​ $ 0.40000 ​ $ 38,460 ​ $ 46,674 ​ $ 31,926 ​ $ 4,959 ​ $ 122,019 2023 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 9,912 ​ $ 5,271 ​ $ 8,009 ​ $ 1,461 ​ $ 24,653 June 30 ​ 0.09375 ​ 9,896 ​ 5,510 ​ 7,974 ​ 1,463 ​ 24,843 September 30 ​ 0.10000 ​ 10,335 ​ 6,451 ​ 8,431 ​ 1,430 ​ 26,647 December 31 ​ 0.10000 ​ 10,127 ​ 7,739 ​ 8,317 ​ 1,387 ​ 27,570 Total ​ $ 0.38750 ​ $ 40,270 ​ $ 24,971 ​ $ 32,731 ​ $ 5,741 ​ $ 103,713 2022 ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.09375 ​ $ 8,837 ​ $ 3,018 ​ $ 6,876 ​ $ 1,030 ​ $ 19,761 June 30 ​ 0.09375 ​ 9,299 ​ 3,157 ​ 7,362 ​ 1,259 ​ 21,077 September 30 ​ 0.09375 ​ 9,684 ​ 3,972 ​ 7,732 ​ 1,399 ​ 22,787 December 31 ​ 0.09375 ​ 9,859 ​ 4,559 ​ 7,923 ​ 1,478 ​ 23,819 Total ​ $ 0.37500 ​ $ 37,679 ​ $ 14,706 ​ $ 29,893 ​ $ 5,166 ​ $ 87,444 (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 years ended December 31, 2024, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may 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 Year Ended December 31, ​ (in thousands, except for per share data) ​ 2024 2023 2022 Number of shares redeemed or repurchased ​ ​ 24,937 ​ 22,815 ​ 8,466 ​ Aggregate dollar amount of shares redeemed or repurchased ​ $ 191,630 ​ $ 193,859 ​ $ 73,378 ​ Average redemption or repurchase price per share ​ $ 7.69 ​ $ 8.50 ​ $ 8.67 ​ ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2024
REDEEMABLE NONCONTROLLING INTERESTS
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the year ​ $ 11,746 ​ $ 18,130 Distributions to redeemable noncontrolling interests ​ ​ (544) ​ ​ (764) Redemptions of redeemable noncontrolling interests ​ ​ (1,500) ​ ​ (4,940) Net loss attributable to redeemable noncontrolling interests ​ ​ (273) ​ ​ (597) Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ (7) ​ ​ (69) Redemption value allocation adjustment to redeemable noncontrolling interests (1) ​ ​ (41) ​ ​ (14) Ending balance ​ $ 9,381 ​ $ 11,746 (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)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2024 2023 2022 Balance at beginning of period 78,737 ​ 55,079 27,180 Issuance of units 83,572 27,274 28,821 Redemption of units (4,070) ​ (3,616) (922) Balance at end of period ​ 158,239 ​ 78,737 ​ 55,079

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2024
RELATED PARTY TRANSACTIONS
Schedule of Related Party Manager Fees	The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T-R Class S-R Class D-R Class I-R Selling commissions (as % of transaction price) up to 3.00 %* up to 3.50 % — % — % Dealer manager fees (as % of transaction price) up to 1.50 %* — % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.85 % 0.25 % — % * The sum of upfront selling commissions and upfront dealer manager fees on Class T-R shares may not exceed 3.50% of the offering price. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class S-PR Class D-PR Class I-PR Selling commissions (as % of transaction price) up to 3.00 %* up to 1.50 % — % Dealer manager fees (as % of transaction price) up to 1.50 %* — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.25 % — % * The sum of upfront selling commissions and upfront dealer manager fees on Class S-PR shares may not exceed 3.50% of the offering price.
Schedule Of Fixed Components of the Advisory Fee	The following table details the fixed component of the advisory fee: ​ ​ ​ ​ ​ ​ Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10 % % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 7”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10 %
Schedule Fees and Expenses to the Advisor and Its Affiliates	The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of December 31, (in thousands) ​ 2024 2023 2022 2024 2023 Selling commissions and dealer manager fees (1) ​ $ 282 ​ $ 1,189 ​ $ 4,289 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ ​ 9,631 ​ ​ 8,896 ​ ​ 6,800 ​ ​ 906 ​ ​ 804 Advisory fees—fixed component ​ ​ 40,786 ​ ​ 38,645 ​ ​ 33,747 ​ ​ 3,646 ​ ​ 3,281 Performance participation allocation (3) ​ — ​ — ​ 23,747 ​ — ​ — Other fees and expense reimbursements—Advisor (4)(5) ​ 13,831 ​ 13,788 ​ 11,346 ​ 6,074 ​ 3,909 Other expense reimbursements—Dealer Manager ​ 281 ​ 335 ​ 372 ​ 125 ​ 84 Property accounting fee (6) ​ ​ 2,070 ​ ​ 1,884 ​ ​ 1,289 ​ ​ 187 ​ ​ 170 DST Program selling commissions, dealer manager and distribution fees (1) ​ 12,468 ​ 9,693 ​ 22,467 ​ 501 ​ 308 Other DST Program related costs—Advisor (5) ​ 11,992 ​ 8,114 ​ 14,860 ​ 179 ​ 171 Total ​ $ 91,341 ​ $ 82,544 ​ $ 118,917 ​ $ 11,618 ​ $ 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 $69.9 million and $66.7 million as of December 31, 2024 and 2023, respectively. (3) The performance hurdle was not met for the years ended December 31, 2024 and 2023 and no performance participation allocation expense was recognized. The 2022 performance participation allocation in the amount of $23.7 million became payable on December 31, 2022, and the Advisor elected to settle the amounts owed in cash in January 2023. (4) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands, except per share data) ​ 2024 2023 2022 Net loss attributable to common stockholders—basic ​ $ (37,135) ​ $ (62,427) ​ $ (39,979) Net loss attributable to redeemable noncontrolling interests ​ ​ (273) ​ ​ (597) ​ ​ (370) Net loss attributable to noncontrolling interests ​ (19,935) ​ (20,189) ​ (9,314) Net loss attributable to common stockholders—diluted ​ $ (57,343) ​ $ (83,213) ​ $ (49,663) Weighted-average shares outstanding—basic ​ 188,336 ​ 203,291 ​ 194,039 Incremental weighted-average shares effect of conversion of noncontrolling interests ​ 116,843 ​ 64,265 ​ 39,265 Weighted-average shares outstanding—diluted ​ 305,179 ​ 267,556 ​ 233,304 Net loss per share attributable to common stockholders: ​ ​ ​ Basic ​ $ (0.20) ​ $ (0.31) ​ $ (0.21) Diluted ​ $ (0.20) ​ $ (0.31) ​ $ (0.21) ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2024 2023 2022 Supplemental disclosure of cash activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness ​ $ 99,434 ​ $ 78,260 ​ $ 53,889 Interest paid related to DST Program ​ ​ 62,618 ​ ​ 55,586 ​ ​ 42,008 Cash paid for income taxes ​ ​ 8,225 ​ ​ — ​ ​ — Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ 32,112 ​ 32,618 ​ 29,442 Increase in accrued future ongoing distribution fees ​ 3,266 ​ 5,737 ​ 26,855 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 63,332 ​ ​ 51,360 ​ ​ 51,496 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ ​ — ​ ​ — ​ ​ 15,327 Issuances of OP Units for DST Interests ​ ​ 639,102 ​ ​ 228,301 ​ ​ 252,578 Changes in assets, liabilities and noncontrolling interests from consolidation of joint venture partnership: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in real estate properties ​ ​ 75,506 ​ ​ — ​ ​ — Other assets ​ ​ 1,052 ​ ​ — ​ ​ — Accounts payable and accrued expenses ​ ​ (550) ​ ​ — ​ ​ — Debt, net ​ ​ (51,471) ​ ​ — ​ ​ — Other liabilities ​ ​ (297) ​ ​ — ​ ​ — Noncontrolling interests ​ ​ (4,033) ​ ​ — ​ ​ —
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 consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 15,052 ​ $ 13,336 ​ $ 10,605 Restricted cash ​ 4,614 ​ 3,850 ​ 3,747 Cash, cash equivalents and restricted cash ​ $ 19,666 ​ $ 17,186 ​ $ 14,352 End of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 19,554 ​ $ 15,052 ​ $ 13,336 Restricted cash ​ 7,865 ​ 4,614 ​ 3,850 Cash, cash equivalents and restricted cash ​ $ 27,419 ​ $ 19,666 ​ $ 17,186 ​

SEGMENT FINANCIAL INFORMATION (

SEGMENT FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
SEGMENT FINANCIAL INFORMATION
Summary of Total Assets by Business Segment	The following table reflects our total consolidated assets by segment as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2024 (1) ​ December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Residential properties ​ $ 2,126,453 ​ $ 1,658,945 Industrial properties ​ 1,664,506 ​ 1,353,331 Retail properties ​ 497,184 ​ 509,307 Office properties ​ ​ 367,025 ​ ​ 373,467 Other properties (2) ​ ​ 149,847 ​ ​ 55,130 Investments in real estate debt and securities ​ ​ 353,258 ​ ​ 370,176 Total segment assets ​ ​ 5,158,273 ​ ​ 4,320,356 Corporate ​ 572,976 ​ 319,050 Total assets ​ $ 5,731,249 ​ $ 4,639,406 (1) As of December 31, 2024, our debt-related investment classified as held for sale is included in the corporate grouping. (2) 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 years ended December 31, 2024, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2024 2023 2022 Net loss attributable to common stockholders ​ $ (37,135) ​ $ (62,427) ​ $ (39,979) Real estate-related depreciation and amortization ​ 152,777 ​ 149,985 ​ 134,617 General and administrative expenses ​ 12,808 ​ 11,824 ​ 10,570 Advisory fees ​ 40,786 ​ 38,645 ​ 33,747 Performance participation allocation ​ — ​ — ​ 23,747 Acquisition costs and reimbursements ​ 7,034 ​ 7,034 ​ 5,427 Valuation allowance on debt-related investment ​ — ​ (1,799) ​ 1,799 (Income) loss from unconsolidated joint venture partnerships ​ ​ (14,531) ​ ​ 3,578 ​ ​ (2,970) Interest expense ​ 188,318 ​ 148,517 ​ 140,406 Gain on sale of real estate property ​ (12,913) ​ (36,884) ​ (94,827) Unrealized loss on DST Program Loans ​ ​ 17 ​ ​ — ​ ​ — Unrealized loss (gain) on financing obligations ​ ​ 2,034 ​ (932) ​ — (Gain) loss on extinguishment of debt and financing obligations, net ​ (41,050) ​ 700 ​ — Gain on derivative instruments ​ ​ (402) ​ ​ (126) ​ ​ (4,723) Provision for current expected credit losses ​ ​ (1,533) ​ ​ 1,997 ​ ​ — Other income and expenses ​ ​ (6,583) ​ ​ (4,950) ​ ​ (2,860) Income tax expense ​ ​ 11,842 ​ ​ — ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (273) ​ ​ (597) ​ ​ (370) Net loss attributable to noncontrolling interests ​ (19,935) ​ (20,189) ​ (9,314) Net operating income ​ $ 281,261 ​ $ 234,376 ​ $ 195,270
Summary of Revenue and Components of Net Operating Income	The following table sets forth consolidated financial results by segment for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt and ​ (in thousands) Residential Industrial Retail Office Properties Securities Consolidated 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 140,014 ​ $ 112,376 ​ $ 61,206 ​ $ 50,103 ​ $ 7,152 ​ $ — ​ $ 370,851 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 46,642 ​ ​ 46,642 Rental expenses ​ (66,268) ​ (27,817) ​ (15,880) ​ (23,422) ​ (2,845) ​ — ​ (136,232) Net operating income ​ $ 73,746 ​ $ 84,559 ​ $ 45,326 ​ $ 26,681 ​ $ 4,307 ​ $ 46,642 ​ $ 281,261 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 120,706 ​ $ 91,145 ​ $ 58,916 ​ $ 51,096 ​ $ 132 ​ $ — ​ $ 321,995 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,175 ​ ​ 31,175 Rental expenses ​ ​ (57,923) ​ (20,083) ​ (15,575) ​ (25,165) ​ (48) ​ — ​ ​ (118,794) Net operating income ​ $ 62,783 ​ $ 71,062 ​ $ 43,341 ​ $ 25,931 ​ $ 84 ​ $ 31,175 ​ $ 234,376 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenues ​ $ 98,524 ​ $ 74,244 ​ $ 64,039 ​ $ 52,427 ​ $ — ​ $ — ​ $ 289,234 Debt-related income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,989 ​ ​ 9,989 Rental expenses ​ ​ (44,292) ​ ​ (17,308) ​ ​ (17,080) ​ ​ (25,273) ​ ​ — ​ ​ — ​ ​ (103,953) Net operating income ​ $ 54,232 ​ $ 56,936 ​ $ 46,959 ​ $ 27,154 ​ $ — ​ $ 9,989 ​ $ 195,270 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - 12 months ended Dec. 31, 2024	segment property	building
DESCRIPTION OF BUSINESS
Number of real estate properties	124	242
Number of reportable segments	6

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Write-offs of unamortized intangible leases	$ 1,400,000	$ 300,000	$ 200,000
Impairment charges	0	0	0
Joint venture impairments	0	0	0
Credit loss	0	0	0
Carrying Amount, fair value	136,557,000	122,375,000
Straight-line rent and tenant receivables, allowance for doubtful accounts	1,000,000	700,000
Income tax expense	11,842,000	0	0
Financial Asset, Past Due
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Carrying Amount, fair value	0	0
Long Term Financing
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accumulated amortization of deferred financing costs	14,500,000	8,300,000
Amortization of financing costs	6,000,000	4,300,000	3,800,000
Financing Obligations
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accumulated amortization of deferred financing costs	400,000	2,500,000
Amortization of financing costs	$ 4,000,000	$ 3,100,000	$ 3,600,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details) - Building and Building Improvements	Dec. 31, 2024
Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	5 years
Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life (in years)	40 years

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Consolidated Investments in Real Estate Properties) (Details) $ in Thousands	Dec. 31, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 building	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Land		$ 860,990			$ 754,149
Buildings and improvements		4,323,688			3,505,921
Intangible lease assets		365,132			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		5,563,447			$ 4,603,998
Accumulated depreciation and amortization		(832,044)			(714,684)	$ (572,751)	$ (472,025)
Net investment in real estate properties		4,731,403			$ 3,889,314
Number of real estate properties			124	242
Industrial Property
Real Estate Properties [Line Items]
Number of real estate properties | building				86
Assets Held for Sale
Real Estate Properties [Line Items]
Net investment in real estate properties		$ 16,000
Number of real estate properties | property			3

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Total acquisitions	$ 871,841	$ 406,323
Asset Acquisition, Percentage Acquired	100%	100%
VM8 Logistics Center
Asset Acquisition [Line Items]
Total acquisitions		$ 17,511
Moreno Valley Distribution Center
Asset Acquisition [Line Items]
Total acquisitions		33,421
SLC Logistics Center
Asset Acquisition [Line Items]
Total acquisitions		77,085
Cindel Drive Business Park
Asset Acquisition [Line Items]
Total acquisitions		25,409
Arabelle Lincoln Station
Asset Acquisition [Line Items]
Total acquisitions		80,086
BLVD Dallas
Asset Acquisition [Line Items]
Total acquisitions		58,050
Regency at Johns Creek Walk
Asset Acquisition [Line Items]
Total acquisitions		59,815
Aventura Storage
Asset Acquisition [Line Items]
Total acquisitions		31,043
Norwood Storage
Asset Acquisition [Line Items]
Total acquisitions		23,903
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
Pima Street Logistics Center
Asset Acquisition [Line Items]
Total acquisitions	18,044
Mercury NoDa
Asset Acquisition [Line Items]
Total acquisitions	72,614
The Artizia at Loso
Asset Acquisition [Line Items]
Total acquisitions	95,731
Everlight
Asset Acquisition [Line Items]
Total acquisitions	123,370
Southpark Logistics Center I
Asset Acquisition [Line Items]
Total acquisitions	28,139
Southpark Logistics Center II
Asset Acquisition [Line Items]
Total acquisitions	28,744
Southpark Logistics Center III
Asset Acquisition [Line Items]
Total acquisitions	16,034
Grove City Logistics Center
Asset Acquisition [Line Items]
Total acquisitions	20,405
Whitestown Distribution Center I
Asset Acquisition [Line Items]
Total acquisitions	12,384
Whitestown Distribution Center II
Asset Acquisition [Line Items]
Total acquisitions	22,808
Whitestown Distribution Center III
Asset Acquisition [Line Items]
Total acquisitions	8,023
Greensfield Distribution Center
Asset Acquisition [Line Items]
Total acquisitions	7,773
Fairfield Commerce Center
Asset Acquisition [Line Items]
Total acquisitions	15,074
Ohio Logistics Center
Asset Acquisition [Line Items]
Total acquisitions	7,542
Richmond Airport Logistics Center I
Asset Acquisition [Line Items]
Total acquisitions	25,671
Richmond Airport Logistics Center II
Asset Acquisition [Line Items]
Total acquisitions	25,093
Richmond Airport Logistics Center III
Asset Acquisition [Line Items]
Total acquisitions	16,587
Asset Acquisition
Asset Acquisition [Line Items]
Debt Instrument, Fair Value Disclosure	$ 0	$ 0

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation of Acquisitions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Land	$ 109,264	$ 67,173
Building and improvements	736,575	322,409
Intangible lease assets	38,581	15,973
Above-market lease assets	1,777	993
Below-market lease liabilities	(14,356)	(225)
Total purchase price	$ 871,841	$ 406,323
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 9 months 18 days	3 years 10 months 24 days
Asset Acquisition
Real Estate [Line Items]
Debt assumed at fair value	$ 0	$ 0

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Consolidation of Joint Venture Partnership) (Details)		1 Months Ended
	Nov. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2024 building	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of real estate properties		124			242
Residential joint venture partnerships
Real Estate Properties [Line Items]
Carrying value of the investment in the joint venture partnership	$ 22,900,000
Net investment in real estate properties				$ 75,506,000		$ 0	$ 0
Cash and cash equivalents				2,322,000
Restricted cash				327,000
Other assets				1,052,000		0	0
Accounts payable and accrued expenses				(550,000)		0	0
Debt, net				(51,471,000)		0	0
Other liabilities				(297,000)		0	0
Noncontrolling interests				$ (4,033,000)		$ 0	$ 0
Residential joint venture partnerships
Real Estate Properties [Line Items]
Percentage of noncontrolling interest			15%
Gain (loss) upon consolidation		$ 0
Ownership percentage			85%
Number of real estate properties | property		1

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Dispositions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2024 building
Real Estate Properties [Line Items]
Number of Real Estate Properties	124			242
Proceeds from disposition of real estate property | $	$ 31,170	$ 53,735	$ 274,816
Gain on sale of real estate property | $	12,913	36,884	94,827
Impairment of real estate property | $	$ 0	$ 0	$ 0
Office Building [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties | building				10
Retail properties
Real Estate Properties [Line Items]
Number of Real Estate Properties | building				40
Industrial Property
Real Estate Properties [Line Items]
Number of Real Estate Properties | building				86
Disposed of by Sale | Retail properties
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	2	1	6
Disposed of by Sale | Retail land parcel
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	1
Disposed of by Sale | Industrial Property
Real Estate Properties [Line Items]
Number of Real Estate Properties | property	1		1

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	$ 365,132	$ 330,291
Gross, Liabilities	(84,910)	(73,556)
Accumulated Amortization, Liabilities	38,812	36,477
Net, Liabilities	(46,098)	(37,079)
Intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	339,800	306,365
Accumulated Amortization, Assets	(253,545)	(234,172)
Net, Assets	86,255	72,193
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Gross, Assets	25,332	23,926
Accumulated Amortization, Assets	(21,168)	(20,525)
Net, Assets	$ 4,164	$ 3,401

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Year 1	$ (6,299)
Year 2	(5,927)
Year 3	(5,071)
Year 4	(4,301)
Year 5	(3,551)
Thereafter	(20,949)
Net, Liabilities	(46,098)	$ (37,079)
Intangible lease assets
Real Estate Properties [Line Items]
Year 1	26,822
Year 2	17,763
Year 3	13,951
Year 4	9,378
Year 5	6,260
Thereafter	12,081
Net, Assets	86,255	72,193
Above Market Leases [Member]
Real Estate Properties [Line Items]
Year 1	1,201
Year 2	993
Year 3	847
Year 4	627
Year 5	385
Thereafter	111
Net, Assets	$ 4,164	$ 3,401

INVESTMENTS IN REAL ESTATE P_10

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Adjustments to Rental Revenue Related to Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Straight-line rent adjustments	$ 6,823	$ 3,384	$ 3,414
Depreciation expense	128,163	126,102	97,418
Intangible lease asset amortization	24,614	23,883	37,199
Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	(1,014)	(818)	(724)
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below Market Leases	$ 4,903	$ 4,393	$ 4,823

INVESTMENTS IN REAL ESTATE P_11

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
INVESTMENTS IN REAL ESTATE PROPERTIES
Year 1	$ 177,915
Year 2	164,483
Year 3	141,196
Year 4	114,495
Year 5	85,592
Thereafter	208,270
Total	$ 891,951

INVESTMENTS IN UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Summary of Investments in Unconsolidated Joint Venture Partnerships) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Partnership	Dec. 31, 2023 USD ($) Partnership	Dec. 31, 2024 property	Dec. 31, 2024	Dec. 31, 2024 building
Schedule of Equity Method Investments [Line Items]
Number of real estate properties			124		242
Total investments in unconsolidated joint venture partnerships, carried at fair value	$ 38,386	$ 0
Total	212,296	153,305
Unconsolidated Joint Venture Partnerships
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated joint venture partnerships, carried at cost	173,910	$ 153,305
Total investments in unconsolidated joint venture partnerships, carried at fair value	38,386
Total	212,296
Unfunded Capital commitment	$ 217,600
Residential joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | Partnership		1
Ownership percentage		85%
Total investments in unconsolidated joint venture partnerships, carried at cost		$ 23,932
Credit Lease joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | Partnership	3	3
Ownership percentage		50%		50%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 101,569	$ 104,232
Data Center joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | Partnership	2	2
Ownership percentage		10%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 42,663	$ 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 | Partnership	2	1
Ownership percentage		19.90%
Total investments in unconsolidated joint venture partnerships, carried at cost	$ 29,678	$ 164
Real Estate Debt joint venture partnerships | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage				20%
Real Estate Debt joint venture partnerships | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage				19.90%
Industrial joint venture partnerships
Schedule of Equity Method Investments [Line Items]
Joint venture partnerships | Partnership	1
Ownership percentage				27.40%
Total investments in unconsolidated joint venture partnerships, carried at fair value	$ 38,386

INVESTMENTS IN UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Income (Loss) in Unconsolidated Joint Venture Partnerships) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other foreign currency gain:
Total	$ 14,531	$ (3,578)	$ 2,970
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	9,621	(3,578)	2,970
Income (loss) from unconsolidated joint venture partnerships, carried at fair value:
Gain on investment	5,220
Foreign currency loss on investment	(658)
Total income from unconsolidated joint venture partnerships, carried at fair value	4,562
Other foreign currency gain:
Foreign currency gain on debt held in foreign currencies	327
Foreign currency gain on remeasurement of cash and cash equivalents	21
Total other foreign currency gain	348
Total	$ 14,531	$ (3,578)	$ 2,970

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Investments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Marketable Securities [Line Items]
Carrying Amount	$ 216,701	$ 247,801
Outstanding Principal	$ 217,603	$ 250,318
Weighted-Average Interest Rate	8.50%	10.50%
Weighted-Average Remaining Life (Years)	1 year	1 year 7 months 6 days
Collection of principal repayments	$ 106,768	$ 66,680	$ 4,084
Current commitment amount	$ 227,200	$ 331,200
Number of debt related investments classified as held for sale | security	1	0
Held for sale loans, carrying amount	$ 193,902
Held for sale loans, outstanding principal	$ 196,000
Held for sale loans, interest rate	7%
Senior loans, carried at cost
Marketable Securities [Line Items]
Carrying Amount	$ 187,857	$ 141,737
Outstanding Principal	$ 188,759	$ 143,550
Weighted-Average Interest Rate	8.60%	9.80%
Weighted-Average Remaining Life (Years)	9 months 18 days	2 years 2 months 12 days
Collection of principal repayments		$ 64,900
Number of contracts | security		1
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 | security	1
Senior loans, carried at fair value
Marketable Securities [Line Items]
Carrying Amount	$ 28,844
Outstanding Principal	$ 28,844
Weighted-Average Interest Rate	7.80%
Weighted-Average Remaining Life (Years)	2 years 3 months 18 days
Number of debt-related investments | security	1	0
Current commitment amount	$ 29,400
Mezzanine loans, carried at cost
Marketable Securities [Line Items]
Carrying Amount		$ 106,064
Outstanding Principal		$ 106,768
Weighted-Average Interest Rate		11.40%
Weighted-Average Remaining Life (Years)		10 months 24 days
Collection of principal repayments	$ 106,800	$ 1,800
Number of contracts | security	1	1

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Current Expected Credit Losses) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	$ 500	$ 2,000
Percentage of CECL Reserve to debt related investment commitment	0.20%	0.60%
Held to Maturity debt related Investments	$ 227,200	$ 331,200
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Period Increase (Decrease)	(1,500)	2,000
Funded Commitment Balance	188,800	250,300
Unfunded Commitment Balance	38,400	80,900
Funded Commitments Related to Allowance	400	1,300
Unfunded Commitments Related to Allowance	100	700
Carrying value	216,701	247,801
Financing Receivable, Allowance for Credit Loss, Writeoff	1,400	300	$ 200
Write-offs	0
Recoveries	0
Senior loans
Marketable Securities [Line Items]
Carrying value	187,857	141,737
Senior loans in default and on non-accrual status
Marketable Securities [Line Items]
Debt investments, Allowance for credit loss	0	$ 0
Carrying value	$ 46,600
Number of modified debt investment | loan		1
Mezzanine loans
Marketable Securities [Line Items]
Carrying value		$ 106,064

INVESTMENTS IN REAL ESTATE DE_5

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summary of Current Expected Credit Losses Reserve) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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	(1,533)	$ 1,997
Write-offs	0
Recoveries	0
Ending balance	500	2,000
Funded Loan Commitments
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	(986)	1,327
Ending balance	341	1,327
Unfunded Loan Commitments
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the year	670
Provision for current expected credit losses	(547)	670
Ending balance	$ 123	$ 670

INVESTMENTS IN REAL ESTATE DE_6

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Summary of Available for Sale Debt Securities) (Details)	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 137,092,000	$ 123,160,000
Amortized Cost	136,445,000	122,217,000
Unamortized Discount	67,000	85,000
Unamortized Fees	580,000	858,000
Unrealized Gain, Net	112,000	158,000
Carrying Amount, fair value	136,557,000	122,375,000
Credit loss	0	0	$ 0
CRE CLOs & CMBS
Debt Securities, Available-for-Sale [Line Items]
Face Amount	13,325,000
Amortized Cost	13,258,000
Unamortized Discount	67,000
Unrealized Gain, Net	112,000
Carrying Amount, fair value	$ 13,370,000
CRE CLO
Debt Securities, Available-for-Sale [Line Items]
Face Amount		14,910,000
Amortized Cost		14,825,000
Unamortized Discount		85,000
Unrealized Gain, Net		158,000
Carrying Amount, fair value		$ 14,983,000
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
Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 123,767,000	$ 108,250,000
Amortized Cost	123,187,000	107,392,000
Unamortized Fees	580,000	858,000
Carrying Amount, fair value	$ 123,187,000	$ 107,392,000
Number of available for sale debt securities | security	1	1
Available-For-Sale, Debt Related Investment Unfunded Commitment	$ 0	$ 0
Weighted Average | CRE CLOs & CMBS
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	2 years 6 months	3 years 1 month 6 days
Weighted Average | Preferred equity
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	2 years 1 month 6 days	3 years 1 month 6 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of partial recourse mortgage notes | loan	1
Weighted-Average Effective Interest Rate as of	5.01%	4.43%
Total borrowings	$ 2,717,174	$ 1,970,791
Less: unamortized debt issuance costs	(23,034)	(17,038)
Add: unamortized mark-to-market adjustment on assumed debt	6,328	7,367
Total debt, net	2,700,468	1,961,120
Gross book value of properties encumbered by debt	2,309,100	1,391,173
Interest expense	116,900	85,900	$ 55,400
Amortization of interest rate cap premiums	14,143	$ 5,746	$ 0
Financial Guarantee [Member]
Debt Instrument [Line Items]
Guarantor obligations maximum exposure	$ 12,800
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	2 years 1 month 6 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	5.82%	5.35%
Total borrowings	$ 548,228	$ 367,000
Current borrowing capacity	351,800
Available portions under the line of credit	$ 297,100
Line of Credit | SOFR
Debt Instrument [Line Items]
Borrowings spread rate adjustment	0.11448%
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 | U.S. Dollars
Debt Instrument [Line Items]
Total borrowings	$ 513,000
Line of Credit | Pound Sterling
Debt Instrument [Line Items]
Total borrowings	35,200
Term Loan
Debt Instrument [Line Items]
Total borrowings	$ 800,000
Term Loan (Maturity Date November 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	3.36%	3.31%
Total borrowings	$ 400,000	$ 400,000
Maximum borrowing capacity	$ 400,000
Term Loan (Maturity Date November 2026) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.20%
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
Term Loan (Maturity Date November 2026) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 200,000
Term Loan (Maturity Date January 2027)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.53%	4.26%
Total borrowings	$ 400,000	$ 400,000
Maximum borrowing capacity	$ 400,000
Term Loan (Maturity Date January 2027) | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.20%
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
Term Loan (Maturity Date January 2027) | Interest rate caps
Debt Instrument [Line Items]
Total borrowings	$ 50,000
Fixed-Rate Mortgage Notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate as of	4.52%	4.46%
Total borrowings	$ 654,795	$ 596,191
Floating-Rate Mortgage Notes
Debt Instrument [Line Items]
Number of debt instruments | loan	4
Weighted-Average Effective Interest Rate as of	6.05%	5.25%
Total borrowings	$ 714,151	$ 207,600
Floating-Rate Mortgage Notes | SOFR | Minimum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	1.55%	1.55%
Floating-Rate Mortgage Notes | SOFR | Maximum
Debt Instrument [Line Items]
Outstanding borrowings spread rate	2.50%	2.50%
Floating-Rate Mortgage Notes | Interest rate caps | SOFR | Minimum
Debt Instrument [Line Items]
Floating rate	4.45%
Floating-Rate Mortgage Notes | Interest rate caps | SOFR | Maximum
Debt Instrument [Line Items]
Floating rate	6.55%

DEBT (Summary of Borrowings Ref

DEBT (Summary of Borrowings Reflects Contractual Debt Maturities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2025	$ 659,156
2026	1,010,665
2027	577,034
2028	90,477
2029	270,385
Thereafter	109,457
Total principal payments	2,717,174	$ 1,970,791
Line of Credit
Debt Instrument [Line Items]
2025	548,228
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total principal payments	$ 548,228	$ 367,000
Term of extension	6 months
Number of extension options | item	2
Term Loan
Debt Instrument [Line Items]
2025	$ 0
2026	400,000
2027	400,000
2028	0
2029	0
Thereafter	0
Total principal payments	800,000
Mortgage Notes
Debt Instrument [Line Items]
2025	110,928
2026	610,665
2027	177,034
2028	90,477
2029	270,385
Thereafter	109,457
Total principal payments	1,368,946
Mortgage Notes | Mortgage Note Maturing in October 2026
Debt Instrument [Line Items]
Total principal payments	$ 475,000
Debt Instrument, Extension Option Period	1 year
Debt Instrument Number Of Extension Of Term Options | item	3
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
Mortgage Notes | Mortgage Note Maturing in January 2026
Debt Instrument [Line Items]
Total principal payments	$ 51,600
Debt Instrument, Extension Option Period	1 year
Debt Instrument Number Of Extension Of Term Options | item	1

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Dec. 31, 2024 USD ($) DerivativeInstrument	Dec. 31, 2023 USD ($) DerivativeInstrument
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument	19	20
Total current notional amount	$ 1,441,300	$ 1,157,600
Derivative assets	$ 20,693	$ 32,256
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Interest rate swaps
Derivatives, Fair Value [Line Items]
Estimated change to interest expense related to active effective hedges of floating rate debt	$ 2,900
Interest rate swaps | Designated Hedges | Cash flow hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument	10	12
Total current notional amount	$ 475,000	$ 650,000
Derivative assets	$ 6,866	$ 10,510
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Interest rate caps | Designated Hedges | Cash flow hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument	8	8
Total current notional amount	$ 912,600	$ 507,600
Derivative assets	$ 13,824	$ 21,746
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Interest rate caps | Not designated as hedges
Derivatives, Fair Value [Line Items]
Number of interest rate cap derivative instrument | DerivativeInstrument	1
Total current notional amount	$ 53,700
Derivative assets	$ 3
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 188,318	$ 148,517	$ 140,406
Unrealized gain (loss) on derivative instruments recognized in other income (expenses)	264	(4,169)	4,051
Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	188,318	148,517	140,406
Not designated as hedges
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments recognized in other income (expenses)	264	(4,169)	4,051
Realized gain on derivative instruments recognized in other income (expenses)	$ 138	$ 4,295	$ 672
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash flow hedges | Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in AOCI	$ 14,800	$ 6,259	$ 29,852
Amount reclassified from AOCI as a decrease into interest expense	$ (16,650)	$ (17,848)	$ 1,546

DST PROGRAM (Loans Outstanding)

DST PROGRAM (Loans Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Book Value	$ 120,853	$ 117,019
DST Program | Carried at cost
Delaware Statutory Trust Programs [Line Items]
Outstanding Principal	49,785	109,266
Book Value	$ 49,785	$ 109,266
DST Program | Carried at cost | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6%	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	$ 71,085	$ 7,753
Unrealized Loss, Net	(17)
Book Value	$ 71,068	$ 7,753
DST Program | Carried at fair value | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	7%	6.40%
DST Program Loans - Remaining Life (in years)	9 years 7 months 6 days	10 years
DST Program | Total
Delaware Statutory Trust Programs [Line Items]
Outstanding Principal	$ 120,870	$ 117,019
Unrealized Loss, Net	(17)
Book Value	$ 120,853	$ 117,019
DST Program | Total | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6.60%	5.20%
DST Program Loans - Remaining Life (in years)	9 years 1 month 6 days	8 years 6 months

DST PROGRAM (Financing Obligati

DST PROGRAM (Financing Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Book Value	$ 878,386	$ 102,045
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	507,607	1,238,639
Financing obligations - Unamortized Program Costs	(373)	(863)
Financing obligations - Total Appreciation		11,269
Financing obligations - Book Value	507,234	1,249,045
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	877,284	102,977
Financing obligations - Unrealized Gain, Net	1,102	(932)
Financing obligations - Book Value	878,386	102,045
Total
Delaware Statutory Trust Programs [Line Items]
Financing obligations - DST Interests Sold	1,384,891	1,341,616
Financing obligations - Unamortized Program Costs	(373)	(863)
Financing obligations - Total Appreciation		11,269
Financing obligations - Unrealized Gain, Net	1,102	(932)
Financing obligations - Book Value	$ 1,385,620	$ 1,351,090

DST PROGRAM (Activity) (Details

DST PROGRAM (Activity) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
Unrealized loss on DST Program Loans	$ (17)
Unrealized (loss) gain on financing obligations	(2,034)	$ 932
(Decrease) increase in financing obligation liability appreciation	(69)	(459)	$ 31,737
Issuances of OP Units for DST Interests	639,102	228,301	252,578
Rent obligation incurred under master lease agreements	136,232	118,794	103,953
Cash payout of DST interests	3,898
DST Program
Delaware Statutory Trust Programs [Line Items]
DST Interests sold	797,022	479,155	758,995
DST Interests financed by DST Program Loans	63,332	51,360	51,496
Unrealized loss on DST Program Loans	(17)
Unrealized (loss) gain on financing obligations	(2,034)	932
Gain on extinguishment of financing obligations	41,050
Issuances of OP Units for DST Interests	639,100	228,300	252,600
Cash payout of DST interests	3,900	0	0
DST Program | Other Income and expenses
Delaware Statutory Trust Programs [Line Items]
Income earned from DST Program Loans	6,793	5,155	3,420
DST Program | Interest expense
Delaware Statutory Trust Programs [Line Items]
(Decrease) increase in financing obligation liability appreciation	(69)	(459)	31,737
Rent obligation incurred under master lease agreements	$ 62,549	$ 57,916	$ 47,021
DST Program | OP Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)	83.6	27.3	28.8

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Liabilities at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Derivative instruments	$ 20,693	$ 32,256
Investments in unconsolidated joint venture partnerships	38,386	0
Available-for-sale debt securities	136,557	122,375
DST Program Loans	71,068	7,753
Liabilities:
Financing obligations	878,386	102,045
Recurring
Assets:
Derivative instruments	20,693	32,256
Investments in unconsolidated joint venture partnerships	38,386
Debt-related investments	28,844
Available-for-sale debt securities	136,557	122,375
DST Program Loans	71,068	7,753
Total assets measured at fair value	295,548	162,384
Liabilities:
Financing obligations	878,386	102,045
Total liabilities measured at fair value	878,386	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	20,693	32,256
Investments in unconsolidated joint venture partnerships	0
Debt-related investments	0
Available-for-sale debt securities	13,370	14,983
DST Program Loans	0	0
Total assets measured at fair value	34,063	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	38,386
Debt-related investments	28,844
Available-for-sale debt securities	123,187	107,392
DST Program Loans	71,068	7,753
Total assets measured at fair value	261,485	115,145
Liabilities:
Financing obligations	878,386	102,045
Total liabilities measured at fair value	$ 878,386	$ 102,045

FAIR VALUE (Financial Assets Me

FAIR VALUE (Financial Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	$ 115,145
Purchases and contributions	125,258	$ 109,913
Paid-in-kind interest	16,387	6,090
Distributions received	(128)
Gain (loss) on financial assets	5,203
Foreign currency loss on investment	(658)
Loan origination fees received		(1,022)
Amortization of loan origination fees	278	164
Ending Balance	261,485	115,145
Investments In Unconsolidated Joint Venture Partnerships
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	0
Purchases and contributions	33,952
Distributions received	(128)
Gain (loss) on financial assets	$ 5,220
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Equity Method Investments
Foreign currency loss on investment	$ (658)
Ending Balance	38,386	0
Debt Related Investments [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	0
Purchases and contributions	27,974
Paid-in-kind interest	870
Ending Balance	28,844	0
Available-For-Sale Debt Securities
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	107,392
Purchases and contributions		102,160
Paid-in-kind interest	15,517	6,090
Loan origination fees received		(1,022)
Amortization of loan origination fees	278	164
Ending Balance	123,187	107,392
DST Program Loans
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
Beginning Balance	7,753
Purchases and contributions	63,332	7,753
Gain (loss) on financial assets	$ (17)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Beneficial Interests Unrealized Gain (Loss)
Ending Balance	$ 71,068	$ 7,753

FAIR VALUE (Financial Liabiliti

FAIR VALUE (Financial Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Financing Obligations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning Balance	$ 102,045
DST Interests sold, net of upfront fees	774,307	$ 102,977
Unrealized gain on financing obligations	$ 2,034	$ (932)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gains (Losses) on Financing Obligations	Unrealized Gains (Losses) on Financing Obligations
Ending Balance	$ 878,386	$ 102,045

FAIR VALUE (Quantitative Inputs

FAIR VALUE (Quantitative Inputs and Assumptions) (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Investments in unconsolidated joint venture partnerships	$ 38,386	$ 0
Available-for-sale debt securities	136,557	122,375
DST Program Loans	71,068	7,753
Financing obligations	878,386	102,045
Level 3 | Valuation Yield Method | Measurement Input, Market Yield
Fair Value Measurement Inputs and Valuation Techniques
Debt-related investments	28,844
Available-for-sale debt securities	$ 123,187	$ 107,392
Available-for sale debt security (percentage)	0.133	0.133
DST Program Loans	$ 71,068	$ 7,753
Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Financing obligations	878,386	$ 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	$ 38,386

FAIR VALUE (Carrying Values and

FAIR VALUE (Carrying Values and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
DST Program Loans	$ 71,068	$ 7,753
Level 3 | Nonrecurring | Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	384,759	250,318
DST Program Loans	49,785	109,266
Line of credit	548,228	367,000
Term loans	800,000	800,000
Mortgage notes	1,368,946	803,791
Level 3 | Nonrecurring | Estimated Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation
Debt-related investments	383,490	250,215
DST Program Loans	49,583	107,297
Line of credit	548,228	367,000
Term loans	800,000	800,000
Mortgage notes	$ 1,340,398	$ 778,235

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Impact on uncertain tax positions from results of operations	$ 0	$ 0	$ 0
Net deferred tax liability	100
Net deferred tax asset		500
Income tax expense	$ 11,842	$ 0	$ 0

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Ordinary income	5.79%	0%	0%
Non-taxable return of capital	94.21%	100%	100%
Capital gain	0%	0%	0%
Total distributions	100%	100%	100%

STOCKHOLDERS' EQUITY (Securitie

STOCKHOLDERS' EQUITY (Securities Offerings) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 03, 2022	May 02, 2022
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering				$ 10,000,000	$ 3,000,000
Issuance of common stock	$ 61,847	$ 120,743	$ 388,934
Issuance of common stock (in shares)	8
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering				8,500,000
DRIP Offering
Subsidiary, Sale of Stock [Line Items]
Amount of registration statement offering				$ 1,500,000
Issuance of common stock	$ 32,100

STOCKHOLDERS' EQUITY (Number of

STOCKHOLDERS' EQUITY (Number of Shares of Each Class of Common Stock Authorized and Issued and Outstanding) (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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 Outstanding (in shares)	26,972,000	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 Outstanding (in shares)	43,761,000	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 Outstanding (in shares)	6,110,000	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 Outstanding (in shares)	58,998,000	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 Outstanding (in shares)	43,190,000	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 Outstanding (in shares)	660,000	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)	13,000	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 Outstanding (in shares)	607,000	0	0	0

STOCKHOLDERS' EQUITY (Informati

STOCKHOLDERS' EQUITY (Information of Share Transactions) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of common stock (in shares)	(24,937,000)	(22,815,000)	(8,466,000)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	197,228,000	206,108,000	169,665,000
Primary shares (in shares)	3,811,000	10,065,000	41,479,000
Distribution reinvestment plan (in shares)	4,171,000	3,835,000	3,403,000
Share-based compensation (in shares)	38,000	35,000	27,000
Redemptions of common stock (in shares)	(24,937,000)	(22,815,000)	(8,466,000)
Conversions (in shares)	0	0	0
Balance at end of period (in shares)	180,311,000	197,228,000	206,108,000
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)	26,972,000	28,432,000
Class T-R Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	28,432,000	26,884,000	16,425,000
Primary shares (in shares)	610,000	3,103,000	10,443,000
Distribution reinvestment plan (in shares)	661,000	579,000	426,000
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(1,989,000)	(1,753,000)	(198,000)
Conversions (in shares)	(742,000)	(381,000)	(212,000)
Balance at end of period (in shares)	26,972,000	28,432,000	26,884,000
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)	43,761,000	48,145,000
Class S-R Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	48,145,000	49,237,000	35,757,000
Primary shares (in shares)	578,000	2,672,000	14,348,000
Distribution reinvestment plan (in shares)	1,107,000	974,000	823,000
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(5,520,000)	(4,793,000)	(1,691,000)
Conversions (in shares)	(549,000)	55,000	0
Balance at end of period (in shares)	43,761,000	48,145,000	49,237,000
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)	6,110,000	6,930,000
Class D-R Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	6,930,000	7,871,000	6,749,000
Primary shares (in shares)	70,000	192,000	1,688,000
Distribution reinvestment plan (in shares)	160,000	156,000	153,000
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(1,035,000)	(907,000)	(719,000)
Conversions (in shares)	(15,000)	(382,000)	0
Balance at end of period (in shares)	6,110,000	6,930,000	7,871,000
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)	58,998,000	65,511,000
Class I-R Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	65,511,000	69,142,000	54,406,000
Primary shares (in shares)	1,277,000	4,098,000	15,000,000
Distribution reinvestment plan (in shares)	1,508,000	1,398,000	1,256,000
Share-based compensation (in shares)	38,000	35,000	27,000
Redemptions of common stock (in shares)	(10,642,000)	(9,881,000)	(1,759,000)
Conversions	(1,306,000)	(719,000)	(212,000)
Balance at end of period (in shares)	58,998,000	65,511,000	69,142,000
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)	43,190,000	48,210,000
Class E | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	48,210,000	52,974,000	56,328,000
Primary shares (in shares)	0	0	0
Distribution reinvestment plan (in shares)	731,000	728,000	745,000
Share-based compensation (in shares)	0	0	0
Redemptions of common stock (in shares)	(5,751,000)	(5,481,000)	(4,099,000)
Conversions (in shares)	0	(11,000)	0
Balance at end of period (in shares)	43,190,000	48,210,000	52,974,000
Class S-PR Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	0	0	0
Balance at end of period (in shares)	660,000	0	0
Class S-PR Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares (in shares)	657,000
Distribution reinvestment plan (in shares)	3,000
Balance at end of period (in shares)	660,000
Class D-PR Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	0	0	0
Balance at end of period (in shares)	13,000	0	0
Class D-PR Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares (in shares)	13,000
Balance at end of period (in shares)	13,000
Class I-PR Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	0	0	0
Balance at end of period (in shares)	607,000	0	0
Class I-PR Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Primary shares (in shares)	606,000
Distribution reinvestment plan (in shares)	1,000
Balance at end of period (in shares)	607,000

STOCKHOLDERS' EQUITY (Total Dis

STOCKHOLDERS' EQUITY (Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Declared per Common Share (usd per share)	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.09375	$ 0.4	$ 0.3875	$ 0.375
Common Stock Distributions Paid in Cash	$ 9,211	$ 9,449	$ 9,787	$ 10,013	$ 10,127	$ 10,335	$ 9,896	$ 9,912	$ 9,859	$ 9,684	$ 9,299	$ 8,837	$ 38,460	$ 40,270	$ 37,679
Other Cash Distributions	15,018	13,214	9,865	8,577	7,739	6,451	5,510	5,271	4,559	3,972	3,157	3,018	46,674	24,971	14,706
Reinvested in Shares	7,754	7,888	8,046	8,238	8,317	8,431	7,974	8,009	7,923	7,732	7,362	6,876	31,926	32,731	29,893
Distribution Fees	1,184	1,204	1,254	1,317	1,387	1,430	1,463	1,461	1,478	1,399	1,259	1,030	4,959	5,741	5,166
Gross Distributions	$ 33,167	$ 31,755	$ 28,952	$ 28,145	$ 27,570	$ 26,647	$ 24,843	$ 24,653	$ 23,819	$ 22,787	$ 21,077	$ 19,761	$ 122,019	$ 103,713	$ 87,444

STOCKHOLDERS' EQUITY (Redemptio

STOCKHOLDERS' EQUITY (Redemptions and Repurchases Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Number of shares redeemed or repurchased (in shares)	24,937	22,815	8,466
Aggregate dollar amount of shares redeemed or repurchased	$ 191,630	$ 193,859	$ 73,378
Average redemption or repurchase price per share (USD per share)	$ 7.69	$ 8.5	$ 8.67

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Schedule of Redeemable Noncontrolling Interest Activity) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interest
Beginning balance	$ 11,746	$ 18,130
Distributions to redeemable noncontrolling interests	(544)	(764)	$ (735)
Redemptions of redeemable noncontrolling interests	(1,500)	(4,940)
Net loss attributable to redeemable noncontrolling interests	(273)	(597)	(370)
Change from securities and cash flow hedging activities attributable to redeemable noncontrolling interests	7	69	(284)
Redemption value allocation adjustment to redeemable noncontrolling interests	(41)	(14)
Ending balance	$ 9,381	$ 11,746	$ 18,130
OP Units
Redeemable Noncontrolling Interest
Redeemable OP units outstanding	1.2	1.4

NONCONTROLLING INTERESTS (Summa

NONCONTROLLING INTERESTS (Summary of Balances) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest
Issuance of units (in shares)	8,000
Redemption of units (in shares)	(24,937)	(22,815)	(8,466)
OP Units
Noncontrolling Interest
Balance at beginning of period (in shares)	78,737	55,079	27,180
Issuance of units (in shares)	83,572	27,274	28,821
Redemption of units (in shares)	(4,070)	(3,616)	(922)
Balance at end of period (in shares)	158,239	78,737	55,079

NONCONTROLLING INTERESTS (Narra

NONCONTROLLING INTERESTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest
Aggregate amount of OP Units redeemed	$ 191,630	$ 193,859	$ 73,378
OP Units
Noncontrolling Interest
Number of common stock issued per operating partnership unit	1
Aggregate amount of OP Units redeemed	$ 31,400	30,900	$ 7,900
OP Units | Maximum
Noncontrolling Interest
Estimated maximum redemption value	$ 1,190,000	$ 641,100
OP Units | Operating Partnership | Third Party Investors
Noncontrolling Interest
Ownership percentage owned by third-party investors	46.60%	28.40%

RELATED PARTY TRANSACTIONS (Sel

RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees (DRIP)) (Details) - Advisor - Related Party - Selling commissions and dealer manager fees	12 Months Ended
	Dec. 31, 2024
Related Party Transaction
Distribution fees threshold to cease payment	8.75%
Class T-R Shares
Related Party Transaction
Distribution fees (as % of NAV per annum)	0.85%
Class T-R Shares | Maximum
Related Party Transaction
Selling commissions (as % of transaction price)	3%
Dealer manager fees (as % of transaction price)	1.50%
Dealer manager fees on Class T-R shares	3.50%
Class S-R Shares
Related Party Transaction
Distribution fees (as % of NAV per annum)	0.85%
Class S-R Shares | Maximum
Related Party Transaction
Selling commissions (as % of transaction price)	3.50%
Class D-R Shares
Related Party Transaction
Distribution fees (as % of NAV per annum)	0.25%

RELATED PARTY TRANSACTIONS (S_2

RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees (Private Offering)) (Details) - Advisor - Related Party - Selling commissions and dealer manager fees	12 Months Ended
	Dec. 31, 2024
Related Party Transaction
Distribution fees threshold to cease payment	8.75%
Class S-PR Shares
Related Party Transaction
Distribution fees (as % of NAV per annum)	0.85%
Class S-PR Shares | Maximum
Related Party Transaction
Selling commissions (as % of transaction price)	3%
Dealer manager fees (as % of transaction price)	1.50%
Dealer manager fees on Class T-R shares	3.50%
Class D-PR Shares
Related Party Transaction
Distribution fees (as % of NAV per annum)	0.25%
Class D-PR Shares | Maximum
Related Party Transaction
Selling commissions (as % of transaction price)	1.50%

RELATED PARTY TRANSACTIONS (Adv

RELATED PARTY TRANSACTIONS (Advisory Fee and Operating Expense Reimbursement) (Details) - Related Party			12 Months Ended
	Jun. 03, 2023	Jan. 01, 2019 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Related Party Transaction
Related party transaction expense			$ 91,341,000	$ 82,544,000	$ 118,917,000
Affiliated Entity [Member] | AIREIT Operating Partnership LP
Related Party Transaction
Consideration received		$ 1,000,000
Number of shares issued (in shares) | shares		100
Performance Participation Allocation | Advisor
Related Party Transaction
Related party transaction expense			$ 0	$ 0	23,747,000
Advisory Fees | Advisor
Related Party Transaction
Advisory Agreement Renewal Term Period	1 year		1 year
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum)			1.10%
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in "Note 5") to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests			1.10%
Threshold for performance component of advisory fee			12.50%
Threshold of annual total return as % of NAV			5%
Performance component earned for excess return over the hurdle amount			100%
Maximum performance component limited to % of total annual return			12.50%
Loss carryforward per Fund Interest | $ / shares			$ 0.45	$ 0.41
Related party transaction expense			$ 40,786,000	$ 38,645,000	$ 33,747,000
Advisory Fees | Affiliated Entity [Member]
Related Party Transaction
Class E Dealer Manager Fee Portion Waived Under NAV Per Share Threshold | $ / shares			$ 10
Student Housing Product Specialist | Advisor
Related Party Transaction
Number Of Investments			0
Related party transaction expense			$ 0

RELATED PARTY TRANSACTIONS (DST

RELATED PARTY TRANSACTIONS (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction
Other liabilities		$ 38,975	$ 33,913
Future Estimated Distribution Fees Payable		$ 69,922	66,656
DST Program Manager Fees
Related Party Transaction
Percent of interests intended to be sold to third parties		100%
Related Party
Related Party Transaction
Related party transaction expense		$ 91,341	82,544	$ 118,917
Other liabilities		11,618	8,727
Related Party | Advisor
Related Party Transaction
Amount reimbursed for services		12,500	12,600	10,700
Related Party | 3RE Partners
Related Party Transaction
Other liabilities			200
Related Party | Dealer Manager
Related Party Transaction
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares	5%
Related Party | Selling commissions and dealer manager fees | Advisor
Related Party Transaction
Related party transaction expense		282	1,189	4,289
Related Party | Ongoing distribution fees | Dealer Manager
Related Party Transaction
Related party transaction expense		9,631	8,896	6,800
Other liabilities		906	804
Related Party | Ongoing distribution fees | Dealer Manager | Other Liabilities
Related Party Transaction
Future Estimated Distribution Fees Payable		69,900	66,700
Related Party | Advisory fees-fixed component | Advisor
Related Party Transaction
Related party transaction expense		40,786	38,645	33,747
Other liabilities		3,646	3,281
Related Party | Performance Participation Allocation | Advisor
Related Party Transaction
Related party transaction expense		0	0	23,747
Related Party | Other fees and expense reimbursements-Advisor | Advisor
Related Party Transaction
Related party transaction expense		13,831	13,788	11,346
Other liabilities		6,074	3,909
Related Party | Other fees and expense reimbursements-Advisor | Dealer Manager
Related Party Transaction
Related party transaction expense		281	335	372
Other liabilities		125	84
Related Party | Property accounting fee | Dealer Manager
Related Party Transaction
Related party transaction expense		2,070	1,884	1,289
Other liabilities		$ 187	170
Related Party | DST Program Manager Fees | Affiliated Entity
Related Party Transaction
Maximum percentage of purchase price paid by investor		50%
Percentage of origination fee		1%
Related Party | DST Program Manager Fees | DST Program dealer manager fees | DST Manager
Related Party Transaction
Redemption fee, payable to manager		1%
Related Party | DST Program Manager Fees | DST Program dealer manager fees | DST Advisor
Related Party Transaction
Management Compensation Fee Receivable, Percent Of Gross Rents		1%
Management fee, percent of equity proceeds		1%
Management loan fee, percent of financing arranged		1%
Related Party | DST Program dealer manager fees | Dealer Manager
Related Party Transaction
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Related Party | DST Program dealer manager fees | Dealer Manager | Ares Diversified Real Estate Exchange LLC
Related Party Transaction
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Percent of gross equity proceeds		5%
Ongoing dealer manager fees associated with private placement offering		0.85%
Related Party | DST Program dealer manager fees | Affiliated Entity | Dealer Manager | Ares Diversified Real Estate Exchange LLC
Related Party Transaction
Amount of interests placed with dealer		$ 3,500,000
Related Party | DST Program selling commissions, dealer manager and distribution fees | Dealer Manager
Related Party Transaction
Related party transaction expense		12,468	9,693	22,467
Other liabilities		501	308
Related Party | Other DST Program Related Costs | Advisor
Related Party Transaction
Related party transaction expense		11,992	8,114	$ 14,860
Other liabilities		$ 179	$ 171
Related Party | Organization And Offering Expenses | Advisor
Related Party Transaction
Threshold criteria of organization and offering expenses		15%

RELATED PARTY TRANSACTIONS (Tra

RELATED PARTY TRANSACTIONS (Transactions with Affiliates) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) security loan shares	Dec. 31, 2023 security
Related Party Transaction
Number of debt related investments classified as held for sale | security	1	0
Held for sale loans, carrying amount	$ 193,902
Held for sale loans, outstanding principal	196,000
Related Party | Operating Partnership | General Partner
Related Party Transaction
General Partners' Contributed Capital	$ 2,000
OP Units held by general partner | shares	200
Related Party | Operating Partnership | Limited Partner
Related Party Transaction
Contributed of gross proceeds of common stock to the operating partnership	100%
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	53.10%	71.10%
Related Party | Mortgage Loan Seasoning Program
Related Party Transaction
Held for sale loans, outstanding principal	$ 196,000
Related Party | Mortgage Loan Seasoning Program | Advisor
Related Party Transaction
Number of debt related investments classified as held for sale | loan	1
Held for sale loans, carrying amount	$ 193,900

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
NET INCOME (LOSS) PER COMMON SHARE
Net loss attributable to common stockholders-basic	$ (37,135)	$ (62,427)	$ (39,979)
Net loss attributable to redeemable noncontrolling interests	(273)	(597)	(370)
Net loss attributable to noncontrolling interests	(19,935)	(20,189)	(9,314)
Net loss attributable to common stockholders-diluted	$ (57,343)	$ (83,213)	$ (49,663)
Weighted-average shares outstanding-basic (in shares)	188,336	203,291	194,039
Incremental weighted-average shares effect of conversion of noncontrolling interests (in shares)	116,843	64,265	39,265
Weighted-average shares outstanding-diluted (in shares)	305,179	267,556	233,304
Basic (in $ per share)	$ (0.2)	$ (0.31)	$ (0.21)
Diluted (in $ per share)	$ (0.2)	$ (0.31)	$ (0.21)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of cash activities:
Interest paid related to consolidated indebtedness	$ 99,434	$ 78,260	$ 53,889
Interest paid related to DST Program	62,618	55,586	42,008
Cash paid for income taxes	8,225	0	0
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	32,112	32,618	29,442
Increase in accrued future ongoing distribution fees	3,266	5,737	26,855
Increase in DST Program Loans receivable through DST Program capital raising	63,332	51,360	51,496
Redeemable noncontrolling interests issued as settlement of performance participation allocation	0	0	15,327
Issuances of OP Units for DST Interests	639,102	228,301	252,578
Residential joint venture partnerships
Changes in assets, liabilities and noncontrolling interests from consolidation of joint venture partnership:
Net investment in real estate properties	75,506	0	0
Other assets	1,052	0	0
Accounts payable and accrued expenses	(550)	0	0
Debt, net	(51,471)	0	0
Other liabilities	(297)	0	0
Noncontrolling interests	$ (4,033)	$ 0	$ 0

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information
Cash and cash equivalents	$ 19,554	$ 15,052	$ 13,336	$ 10,605
Restricted cash	7,865	4,614	3,850	3,747
Cash, cash equivalents and restricted cash	$ 27,419	$ 19,666	$ 17,186	$ 14,352

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded commitments	$ 256.6

SEGMENT FINANCIAL INFORMATION_2

SEGMENT FINANCIAL INFORMATION (Schedule of Total Assets by Business Segment) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting, Asset Reconciling Item
Number of reportable segments | segment	6
Total assets	$ 5,731,249	$ 4,639,406
Operating segments
Segment Reporting, Asset Reconciling Item
Total assets	5,158,273	4,320,356
Operating segments | Residential properties
Segment Reporting, Asset Reconciling Item
Total assets	2,126,453	1,658,945
Operating segments | Industrial properties
Segment Reporting, Asset Reconciling Item
Total assets	1,664,506	1,353,331
Operating segments | Retail properties
Segment Reporting, Asset Reconciling Item
Total assets	497,184	509,307
Operating segments | Office properties
Segment Reporting, Asset Reconciling Item
Total assets	367,025	373,467
Operating segments | Other properties
Segment Reporting, Asset Reconciling Item
Total assets	149,847	55,130
Operating segments | Investments in real estate debt and securities
Segment Reporting, Asset Reconciling Item
Total assets	353,258	370,176
Corporate
Segment Reporting, Asset Reconciling Item
Total assets	$ 572,976	$ 319,050

SEGMENT FINANCIAL INFORMATION_3

SEGMENT FINANCIAL INFORMATION (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of reported net income (loss) attributable to common stockholders to net operating income
Net loss attributable to common stockholders	$ (37,135)	$ (62,427)	$ (39,979)
Real estate-related depreciation and amortization	152,777	149,985	134,617
General and administrative expenses	12,808	11,824	10,570
Advisory fees	40,786	38,645	33,747
Performance participation allocation			23,747
Acquisition costs and reimbursements	7,034	7,034	5,427
Valuation allowance on debt-related investment		(1,799)	1,799
(Income) loss from unconsolidated joint venture partnerships	(14,531)	3,578	(2,970)
Interest expense	188,318	148,517	140,406
Gain on sale of real estate property	(12,913)	(36,884)	(94,827)
Unrealized loss on DST Program Loans	17
Unrealized loss (gain) on financing obligations	2,034	(932)
(Gain) loss on extinguishment of debt and financing obligations, net	(41,050)	700
Gain on derivative instruments	(402)	(126)	(4,723)
Provision for current expected credit losses	(1,533)	1,997
Other income and expenses	(6,583)	(4,950)	(2,860)
Income tax expense	11,842	0	0
Net loss attributable to redeemable noncontrolling interests	(273)	(597)	(370)
Net loss attributable to noncontrolling interests	(19,935)	(20,189)	(9,314)
Net operating income	$ 281,261	$ 234,376	$ 195,270

SEGMENT FINANCIAL INFORMATION_4

SEGMENT FINANCIAL INFORMATION (Revenue and Components of Net Operating Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Rental revenues	$ 370,851	$ 321,995	$ 289,234
Debt-related income	46,642	31,175	9,989
Rental expenses	(136,232)	(118,794)	(103,953)
Net operating income	281,261	234,376	195,270
Residential
Segment Reporting Information
Rental revenues	140,014	120,706	98,524
Rental expenses	(66,268)	(57,923)	(44,292)
Net operating income	73,746	62,783	54,232
Industrial
Segment Reporting Information
Rental revenues	112,376	91,145	74,244
Rental expenses	(27,817)	(20,083)	(17,308)
Net operating income	84,559	71,062	56,936
Retail
Segment Reporting Information
Rental revenues	61,206	58,916	64,039
Rental expenses	(15,880)	(15,575)	(17,080)
Net operating income	45,326	43,341	46,959
Office
Segment Reporting Information
Rental revenues	50,103	51,096	52,427
Rental expenses	(23,422)	(25,165)	(25,273)
Net operating income	26,681	25,931	27,154
Other properties
Segment Reporting Information
Rental revenues	7,152	132
Rental expenses	(2,845)	(48)
Net operating income	4,307	84
Debt and Securities
Segment Reporting Information
Debt-related income	46,642	31,175	9,989
Net operating income	$ 46,642	$ 31,175	$ 9,989

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands		12 Months Ended
	Jan. 01, 2025 USD ($) item property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2024 property	Dec. 31, 2024 building
Subsequent Event [Line Items]
Number of real estate properties					124	242
Contractual sale price		$ 31,170	$ 53,735	$ 274,816
Accounting basis (net of accumulated depreciation and amortization)		$ 4,731,403	$ 3,889,314
Industrial properties
Subsequent Event [Line Items]
Number of real estate properties | building						86
Industrial properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties | property				1	1
Subsequent Event
Subsequent Event [Line Items]
Debt related investment | item	1
Ownership interest for a sale price	$ 194,500
Subsequent Event | Industrial properties | Disposed of by Sale
Subsequent Event [Line Items]
Number of real estate properties | property	3
Contractual sale price	$ 27,600
Accounting basis (net of accumulated depreciation and amortization)	$ 16,100

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	Dec. 31, 2024 property	Dec. 31, 2024 building	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings	124	242
Debt			$ 1,368,946
Initial Cost to Company, Land			864,685
Initial Cost to Company, Building & Improvements			4,448,653
Initial Cost to Company, Total Costs			5,313,338
Costs Capitalized or Adjustments Subsequent to Acquisition			250,109
Gross Amount Carried, Land			860,990
Gross Amount Carried, Building and Improvements			4,702,457
Gross Amount Carried, Total Costs			5,563,447	$ 4,603,998	$ 4,178,329	$ 3,061,851
Accumulated Depreciation			(832,044)
Aggregate cost of investments in real property for federal income tax purposes			2,280,000
Residential properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		98
Debt			574,111
Initial Cost to Company, Land			257,406
Initial Cost to Company, Building & Improvements			2,004,671
Initial Cost to Company, Total Costs			2,262,077
Costs Capitalized or Adjustments Subsequent to Acquisition			19,366
Gross Amount Carried, Land			257,406
Gross Amount Carried, Building and Improvements			2,024,037
Gross Amount Carried, Total Costs			2,281,443
Accumulated Depreciation			(173,110)
Residential properties | The Daley
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Debt			60,215
Initial Cost to Company, Land			15,139
Initial Cost to Company, Building & Improvements			80,500
Initial Cost to Company, Total Costs			95,639
Costs Capitalized or Adjustments Subsequent to Acquisition			1,034
Gross Amount Carried, Land			15,139
Gross Amount Carried, Building and Improvements			81,534
Gross Amount Carried, Total Costs			96,673
Accumulated Depreciation			(14,070)
Residential properties | Juno Winter Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			46,306
Initial Cost to Company, Land			9,129
Initial Cost to Company, Building & Improvements			75,420
Initial Cost to Company, Total Costs			84,549
Costs Capitalized or Adjustments Subsequent to Acquisition			1,147
Gross Amount Carried, Land			9,129
Gross Amount Carried, Building and Improvements			76,567
Gross Amount Carried, Total Costs			85,696
Accumulated Depreciation			(12,163)
Residential properties | Perimeter
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			67,682
Initial Cost to Company, Land			17,407
Initial Cost to Company, Building & Improvements			99,763
Initial Cost to Company, Total Costs			117,170
Costs Capitalized or Adjustments Subsequent to Acquisition			709
Gross Amount Carried, Land			17,407
Gross Amount Carried, Building and Improvements			100,472
Gross Amount Carried, Total Costs			117,879
Accumulated Depreciation			(16,242)
Residential properties | The Palms
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		15
Debt			62,154
Initial Cost to Company, Land			18,737
Initial Cost to Company, Building & Improvements			60,475
Initial Cost to Company, Total Costs			79,212
Costs Capitalized or Adjustments Subsequent to Acquisition			3,736
Gross Amount Carried, Land			18,737
Gross Amount Carried, Building and Improvements			64,211
Gross Amount Carried, Total Costs			82,948
Accumulated Depreciation			(9,737)
Residential properties | oLiv Tucson
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			80,600
Initial Cost to Company, Building & Improvements			125,003
Initial Cost to Company, Total Costs			125,003
Costs Capitalized or Adjustments Subsequent to Acquisition			692
Gross Amount Carried, Building and Improvements			125,695
Gross Amount Carried, Total Costs			125,695
Accumulated Depreciation			(11,798)
Residential properties | Arabelle Clearwater
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		10
Debt			60,843
Initial Cost to Company, Land			11,633
Initial Cost to Company, Building & Improvements			104,719
Initial Cost to Company, Total Costs			116,352
Costs Capitalized or Adjustments Subsequent to Acquisition			178
Gross Amount Carried, Land			11,633
Gross Amount Carried, Building and Improvements			104,897
Gross Amount Carried, Total Costs			116,530
Accumulated Depreciation			(10,179)
Residential properties | Vue 1400
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			51,551
Initial Cost to Company, Land			12,835
Initial Cost to Company, Building & Improvements			69,800
Initial Cost to Company, Total Costs			82,635
Gross Amount Carried, Land			12,835
Gross Amount Carried, Building and Improvements			69,800
Gross Amount Carried, Total Costs			82,635
Accumulated Depreciation			(7,129)
Residential properties | Arabelle Riverwalk
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			117,063
Initial Cost to Company, Land			20,005
Initial Cost to Company, Building & Improvements			214,045
Initial Cost to Company, Total Costs			234,050
Costs Capitalized or Adjustments Subsequent to Acquisition			714
Gross Amount Carried, Land			20,005
Gross Amount Carried, Building and Improvements			214,759
Gross Amount Carried, Total Costs			234,764
Accumulated Depreciation			(19,574)
Residential properties | Skye 750
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,535
Initial Cost to Company, Building & Improvements			80,310
Initial Cost to Company, Total Costs			92,845
Costs Capitalized or Adjustments Subsequent to Acquisition			431
Gross Amount Carried, Land			12,535
Gross Amount Carried, Building and Improvements			80,741
Gross Amount Carried, Total Costs			93,276
Accumulated Depreciation			(7,719)
Residential properties | Arabelle City Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		11
Initial Cost to Company, Land			15,776
Initial Cost to Company, Building & Improvements			141,006
Initial Cost to Company, Total Costs			156,782
Costs Capitalized or Adjustments Subsequent to Acquisition			2,482
Gross Amount Carried, Land			15,776
Gross Amount Carried, Building and Improvements			143,488
Gross Amount Carried, Total Costs			159,264
Accumulated Depreciation			(12,530)
Residential properties | Dallas Cityline
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,281
Initial Cost to Company, Building & Improvements			104,812
Initial Cost to Company, Total Costs			111,093
Costs Capitalized or Adjustments Subsequent to Acquisition			913
Gross Amount Carried, Land			6,281
Gross Amount Carried, Building and Improvements			105,725
Gross Amount Carried, Total Costs			112,006
Accumulated Depreciation			(9,522)
Residential properties | Dallas Wycliff
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			14,021
Initial Cost to Company, Building & Improvements			80,062
Initial Cost to Company, Total Costs			94,083
Costs Capitalized or Adjustments Subsequent to Acquisition			1,688
Gross Amount Carried, Land			14,021
Gross Amount Carried, Building and Improvements			81,750
Gross Amount Carried, Total Costs			95,771
Accumulated Depreciation			(7,571)
Residential properties | Dallas Maple District
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			14,725
Initial Cost to Company, Building & Improvements			78,364
Initial Cost to Company, Total Costs			93,089
Costs Capitalized or Adjustments Subsequent to Acquisition			1,106
Gross Amount Carried, Land			14,725
Gross Amount Carried, Building and Improvements			79,470
Gross Amount Carried, Total Costs			94,195
Accumulated Depreciation			(7,203)
Residential properties | San Vance
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		14
Initial Cost to Company, Land			8,860
Initial Cost to Company, Building & Improvements			68,726
Initial Cost to Company, Total Costs			77,586
Costs Capitalized or Adjustments Subsequent to Acquisition			528
Gross Amount Carried, Land			8,860
Gross Amount Carried, Building and Improvements			69,254
Gross Amount Carried, Total Costs			78,114
Accumulated Depreciation			(6,800)
Residential properties | San Stone Oak
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		15
Debt			27,697
Initial Cost to Company, Land			4,569
Initial Cost to Company, Building & Improvements			68,036
Initial Cost to Company, Total Costs			72,605
Costs Capitalized or Adjustments Subsequent to Acquisition			871
Gross Amount Carried, Land			4,569
Gross Amount Carried, Building and Improvements			68,907
Gross Amount Carried, Total Costs			73,476
Accumulated Depreciation			(6,575)
Residential properties | Arabelle Lincoln Station
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,798
Initial Cost to Company, Building & Improvements			74,288
Initial Cost to Company, Total Costs			80,086
Costs Capitalized or Adjustments Subsequent to Acquisition			886
Gross Amount Carried, Land			5,798
Gross Amount Carried, Building and Improvements			75,174
Gross Amount Carried, Total Costs			80,972
Accumulated Depreciation			(3,646)
Residential properties | BLVD Dallas
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		7
Initial Cost to Company, Land			7,752
Initial Cost to Company, Building & Improvements			50,298
Initial Cost to Company, Total Costs			58,050
Costs Capitalized or Adjustments Subsequent to Acquisition			774
Gross Amount Carried, Land			7,752
Gross Amount Carried, Building and Improvements			51,072
Gross Amount Carried, Total Costs			58,824
Accumulated Depreciation			(2,694)
Residential properties | Regency at Johns Creek Walk
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		5
Initial Cost to Company, Land			9,150
Initial Cost to Company, Building & Improvements			50,665
Initial Cost to Company, Total Costs			59,815
Costs Capitalized or Adjustments Subsequent to Acquisition			973
Gross Amount Carried, Land			9,150
Gross Amount Carried, Building and Improvements			51,638
Gross Amount Carried, Total Costs			60,788
Accumulated Depreciation			(2,513)
Residential properties | CERU Boca Raton
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,766
Initial Cost to Company, Building & Improvements			126,952
Initial Cost to Company, Total Costs			139,718
Costs Capitalized or Adjustments Subsequent to Acquisition			375
Gross Amount Carried, Land			12,766
Gross Amount Carried, Building and Improvements			127,327
Gross Amount Carried, Total Costs			140,093
Accumulated Depreciation			(4,036)
Residential properties | Mercury NoDa
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			8,465
Initial Cost to Company, Building & Improvements			64,149
Initial Cost to Company, Total Costs			72,614
Costs Capitalized or Adjustments Subsequent to Acquisition			75
Gross Amount Carried, Land			8,465
Gross Amount Carried, Building and Improvements			64,224
Gross Amount Carried, Total Costs			72,689
Accumulated Depreciation			(466)
Residential properties | The Artizia at Loso
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,471
Initial Cost to Company, Building & Improvements			83,260
Initial Cost to Company, Total Costs			95,731
Costs Capitalized or Adjustments Subsequent to Acquisition			46
Gross Amount Carried, Land			12,471
Gross Amount Carried, Building and Improvements			83,306
Gross Amount Carried, Total Costs			95,777
Accumulated Depreciation			(527)
Residential properties | Everlight
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			19,352
Initial Cost to Company, Building & Improvements			104,018
Initial Cost to Company, Total Costs			123,370
Costs Capitalized or Adjustments Subsequent to Acquisition			8
Gross Amount Carried, Land			19,352
Gross Amount Carried, Building and Improvements			104,026
Gross Amount Carried, Total Costs			123,378
Accumulated Depreciation			(416)
Industrial properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		86
Debt			684,392
Initial Cost to Company, Land			339,046
Initial Cost to Company, Building & Improvements			1,478,260
Initial Cost to Company, Total Costs			1,817,306
Costs Capitalized or Adjustments Subsequent to Acquisition			51,148
Gross Amount Carried, Land			339,096
Gross Amount Carried, Building and Improvements			1,529,358
Gross Amount Carried, Total Costs			1,868,454
Accumulated Depreciation			(222,058)
Industrial properties | Vasco Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			17,435
Initial Cost to Company, Land			4,880
Initial Cost to Company, Building & Improvements			12,019
Initial Cost to Company, Total Costs			16,899
Costs Capitalized or Adjustments Subsequent to Acquisition			(29)
Gross Amount Carried, Land			4,880
Gross Amount Carried, Building and Improvements			11,990
Gross Amount Carried, Total Costs			16,870
Accumulated Depreciation			(3,945)
Industrial properties | Northgate
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			22,605
Initial Cost to Company, Land			3,940
Initial Cost to Company, Building & Improvements			20,715
Initial Cost to Company, Total Costs			24,655
Costs Capitalized or Adjustments Subsequent to Acquisition			115
Gross Amount Carried, Land			3,943
Gross Amount Carried, Building and Improvements			20,827
Gross Amount Carried, Total Costs			24,770
Accumulated Depreciation			(5,889)
Industrial properties | Stafford Grove
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Debt			28,525
Initial Cost to Company, Land			8,540
Initial Cost to Company, Building & Improvements			28,879
Initial Cost to Company, Total Costs			37,419
Costs Capitalized or Adjustments Subsequent to Acquisition			3,153
Gross Amount Carried, Land			8,586
Gross Amount Carried, Building and Improvements			31,986
Gross Amount Carried, Total Costs			40,572
Accumulated Depreciation			(8,907)
Industrial properties | Kaiser Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			17,800
Initial Cost to Company, Land			6,140
Initial Cost to Company, Building & Improvements			12,730
Initial Cost to Company, Total Costs			18,870
Costs Capitalized or Adjustments Subsequent to Acquisition			2,138
Gross Amount Carried, Land			6,140
Gross Amount Carried, Building and Improvements			14,868
Gross Amount Carried, Total Costs			21,008
Accumulated Depreciation			(4,293)
Industrial properties | Tri-County DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			16,819
Initial Cost to Company, Land			2,346
Initial Cost to Company, Building & Improvements			18,400
Initial Cost to Company, Total Costs			20,746
Costs Capitalized or Adjustments Subsequent to Acquisition			1,189
Gross Amount Carried, Land			2,346
Gross Amount Carried, Building and Improvements			19,589
Gross Amount Carried, Total Costs			21,935
Accumulated Depreciation			(4,586)
Industrial properties | Florence Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			14,358
Initial Cost to Company, Land			1,791
Initial Cost to Company, Building & Improvements			16,968
Initial Cost to Company, Total Costs			18,759
Costs Capitalized or Adjustments Subsequent to Acquisition			206
Gross Amount Carried, Land			1,791
Gross Amount Carried, Building and Improvements			17,174
Gross Amount Carried, Total Costs			18,965
Accumulated Depreciation			(4,133)
Industrial properties | World Connect Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			32,386
Initial Cost to Company, Land			4,983
Initial Cost to Company, Building & Improvements			39,172
Initial Cost to Company, Total Costs			44,155
Costs Capitalized or Adjustments Subsequent to Acquisition			583
Gross Amount Carried, Land			4,983
Gross Amount Carried, Building and Improvements			39,755
Gross Amount Carried, Total Costs			44,738
Accumulated Depreciation			(8,817)
Industrial properties | Tri-County DC II A
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			9,004
Initial Cost to Company, Land			1,280
Initial Cost to Company, Building & Improvements			8,562
Initial Cost to Company, Total Costs			9,842
Costs Capitalized or Adjustments Subsequent to Acquisition			527
Gross Amount Carried, Land			1,280
Gross Amount Carried, Building and Improvements			9,089
Gross Amount Carried, Total Costs			10,369
Accumulated Depreciation			(2,271)
Industrial properties | Aurora DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			7,562
Initial Cost to Company, Land			1,681
Initial Cost to Company, Building & Improvements			6,887
Initial Cost to Company, Total Costs			8,568
Costs Capitalized or Adjustments Subsequent to Acquisition			912
Gross Amount Carried, Land			1,681
Gross Amount Carried, Building and Improvements			7,799
Gross Amount Carried, Total Costs			9,480
Accumulated Depreciation			(2,286)
Industrial properties | Railhead DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			7,774
Initial Cost to Company, Land			2,102
Initial Cost to Company, Building & Improvements			17,475
Initial Cost to Company, Total Costs			19,577
Costs Capitalized or Adjustments Subsequent to Acquisition			187
Gross Amount Carried, Land			2,102
Gross Amount Carried, Building and Improvements			17,662
Gross Amount Carried, Total Costs			19,764
Accumulated Depreciation			(3,821)
Industrial properties | Tri-County DC II B
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			2,393
Initial Cost to Company, Land			455
Initial Cost to Company, Building & Improvements			2,429
Initial Cost to Company, Total Costs			2,884
Costs Capitalized or Adjustments Subsequent to Acquisition			166
Gross Amount Carried, Land			455
Gross Amount Carried, Building and Improvements			2,595
Gross Amount Carried, Total Costs			3,050
Accumulated Depreciation			(636)
Industrial properties | Sterling IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			3,500
Initial Cost to Company, Land			1,976
Initial Cost to Company, Building & Improvements			3,369
Initial Cost to Company, Total Costs			5,345
Costs Capitalized or Adjustments Subsequent to Acquisition			14
Gross Amount Carried, Land			1,976
Gross Amount Carried, Building and Improvements			3,383
Gross Amount Carried, Total Costs			5,359
Accumulated Depreciation			(753)
Industrial properties | Clayton Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			48,013
Initial Cost to Company, Land			7,403
Initial Cost to Company, Building & Improvements			51,886
Initial Cost to Company, Total Costs			59,289
Costs Capitalized or Adjustments Subsequent to Acquisition			7,181
Gross Amount Carried, Land			7,403
Gross Amount Carried, Building and Improvements			59,067
Gross Amount Carried, Total Costs			66,470
Accumulated Depreciation			(13,728)
Industrial properties | Bay Area Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			30,984
Initial Cost to Company, Land			10,135
Initial Cost to Company, Building & Improvements			38,672
Initial Cost to Company, Total Costs			48,807
Costs Capitalized or Adjustments Subsequent to Acquisition			1,700
Gross Amount Carried, Land			10,135
Gross Amount Carried, Building and Improvements			40,372
Gross Amount Carried, Total Costs			50,507
Accumulated Depreciation			(6,431)
Industrial properties | Air Tech DC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			3,118
Initial Cost to Company, Land			615
Initial Cost to Company, Building & Improvements			18,471
Initial Cost to Company, Total Costs			19,086
Costs Capitalized or Adjustments Subsequent to Acquisition			307
Gross Amount Carried, Land			616
Gross Amount Carried, Building and Improvements			18,777
Gross Amount Carried, Total Costs			19,393
Accumulated Depreciation			(3,652)
Industrial properties | East Columbia IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			11,620
Initial Cost to Company, Land			3,352
Initial Cost to Company, Building & Improvements			11,726
Initial Cost to Company, Total Costs			15,078
Costs Capitalized or Adjustments Subsequent to Acquisition			644
Gross Amount Carried, Land			3,352
Gross Amount Carried, Building and Improvements			12,370
Gross Amount Carried, Total Costs			15,722
Accumulated Depreciation			(3,596)
Industrial properties | Plainfield LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			11,711
Initial Cost to Company, Land			2,514
Initial Cost to Company, Building & Improvements			17,260
Initial Cost to Company, Total Costs			19,774
Costs Capitalized or Adjustments Subsequent to Acquisition			17
Gross Amount Carried, Land			2,514
Gross Amount Carried, Building and Improvements			17,277
Gross Amount Carried, Total Costs			19,791
Accumulated Depreciation			(2,594)
Industrial properties | 395 LC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			54,407
Initial Cost to Company, Land			6,752
Initial Cost to Company, Building & Improvements			61,784
Initial Cost to Company, Total Costs			68,536
Costs Capitalized or Adjustments Subsequent to Acquisition			348
Gross Amount Carried, Land			6,752
Gross Amount Carried, Building and Improvements			62,132
Gross Amount Carried, Total Costs			68,884
Accumulated Depreciation			(10,762)
Industrial properties | Radar Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			26,000
Initial Cost to Company, Land			7,167
Initial Cost to Company, Building & Improvements			42,373
Initial Cost to Company, Total Costs			49,540
Costs Capitalized or Adjustments Subsequent to Acquisition			700
Gross Amount Carried, Land			7,167
Gross Amount Carried, Building and Improvements			43,073
Gross Amount Carried, Total Costs			50,240
Accumulated Depreciation			(5,236)
Industrial properties | Intermountain Space Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			44,509
Initial Cost to Company, Land			14,786
Initial Cost to Company, Building & Improvements			48,645
Initial Cost to Company, Total Costs			63,431
Costs Capitalized or Adjustments Subsequent to Acquisition			3,421
Gross Amount Carried, Land			14,786
Gross Amount Carried, Building and Improvements			52,066
Gross Amount Carried, Total Costs			66,852
Accumulated Depreciation			(12,211)
Industrial properties | Airway Industrial Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			22,439
Initial Cost to Company, Land			5,740
Initial Cost to Company, Building & Improvements			18,616
Initial Cost to Company, Total Costs			24,356
Costs Capitalized or Adjustments Subsequent to Acquisition			2,096
Gross Amount Carried, Land			5,740
Gross Amount Carried, Building and Improvements			20,712
Gross Amount Carried, Total Costs			26,452
Accumulated Depreciation			(2,522)
Industrial properties | Greenwood Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			858
Initial Cost to Company, Building & Improvements			16,251
Initial Cost to Company, Total Costs			17,109
Costs Capitalized or Adjustments Subsequent to Acquisition			(30)
Gross Amount Carried, Land			858
Gross Amount Carried, Building and Improvements			16,221
Gross Amount Carried, Total Costs			17,079
Accumulated Depreciation			(2,782)
Industrial properties | 25 Linden Industrial Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			16,722
Initial Cost to Company, Land			7,764
Initial Cost to Company, Building & Improvements			9,576
Initial Cost to Company, Total Costs			17,340
Costs Capitalized or Adjustments Subsequent to Acquisition			265
Gross Amount Carried, Land			7,764
Gross Amount Carried, Building and Improvements			9,841
Gross Amount Carried, Total Costs			17,605
Accumulated Depreciation			(2,945)
Industrial properties | Little Orchard Business Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Debt			50,472
Initial Cost to Company, Land			51,265
Initial Cost to Company, Building & Improvements			48,147
Initial Cost to Company, Total Costs			99,412
Costs Capitalized or Adjustments Subsequent to Acquisition			1,479
Gross Amount Carried, Land			51,265
Gross Amount Carried, Building and Improvements			49,626
Gross Amount Carried, Total Costs			100,891
Accumulated Depreciation			(13,273)
Industrial properties | Tustin Business Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			22,070
Initial Cost to Company, Land			22,734
Initial Cost to Company, Building & Improvements			12,233
Initial Cost to Company, Total Costs			34,967
Costs Capitalized or Adjustments Subsequent to Acquisition			94
Gross Amount Carried, Land			22,734
Gross Amount Carried, Building and Improvements			12,327
Gross Amount Carried, Total Costs			35,061
Accumulated Depreciation			(2,712)
Industrial properties | Campus Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			4,100
Initial Cost to Company, Land			2,364
Initial Cost to Company, Building & Improvements			4,288
Initial Cost to Company, Total Costs			6,652
Costs Capitalized or Adjustments Subsequent to Acquisition			45
Gross Amount Carried, Land			2,364
Gross Amount Carried, Building and Improvements			4,333
Gross Amount Carried, Total Costs			6,697
Accumulated Depreciation			(954)
Industrial properties | Long Island Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			13,200
Initial Cost to Company, Land			4,927
Initial Cost to Company, Building & Improvements			16,198
Initial Cost to Company, Total Costs			21,125
Costs Capitalized or Adjustments Subsequent to Acquisition			277
Gross Amount Carried, Land			4,927
Gross Amount Carried, Building and Improvements			16,475
Gross Amount Carried, Total Costs			21,402
Accumulated Depreciation			(3,113)
Industrial properties | Phoenix IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			11,619
Initial Cost to Company, Land			4,709
Initial Cost to Company, Building & Improvements			12,895
Initial Cost to Company, Total Costs			17,604
Costs Capitalized or Adjustments Subsequent to Acquisition			344
Gross Amount Carried, Land			4,709
Gross Amount Carried, Building and Improvements			13,239
Gross Amount Carried, Total Costs			17,948
Accumulated Depreciation			(3,077)
Industrial properties | Tempe IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			18,259
Initial Cost to Company, Land			3,628
Initial Cost to Company, Building & Improvements			24,857
Initial Cost to Company, Total Costs			28,485
Costs Capitalized or Adjustments Subsequent to Acquisition			395
Gross Amount Carried, Land			3,628
Gross Amount Carried, Building and Improvements			25,252
Gross Amount Carried, Total Costs			28,880
Accumulated Depreciation			(4,910)
Industrial properties | Las Vegas IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			6,148
Initial Cost to Company, Land			2,623
Initial Cost to Company, Building & Improvements			6,186
Initial Cost to Company, Total Costs			8,809
Costs Capitalized or Adjustments Subsequent to Acquisition			212
Gross Amount Carried, Land			2,623
Gross Amount Carried, Building and Improvements			6,398
Gross Amount Carried, Total Costs			9,021
Accumulated Depreciation			(1,156)
Industrial properties | General Washington IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			7,100
Initial Cost to Company, Land			2,452
Initial Cost to Company, Building & Improvements			8,599
Initial Cost to Company, Total Costs			11,051
Costs Capitalized or Adjustments Subsequent to Acquisition			841
Gross Amount Carried, Land			2,452
Gross Amount Carried, Building and Improvements			9,440
Gross Amount Carried, Total Costs			11,892
Accumulated Depreciation			(1,518)
Industrial properties | Western Foods Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			21,332
Initial Cost to Company, Land			10,399
Initial Cost to Company, Building & Improvements			28,989
Initial Cost to Company, Total Costs			39,388
Costs Capitalized or Adjustments Subsequent to Acquisition			280
Gross Amount Carried, Land			10,399
Gross Amount Carried, Building and Improvements			29,269
Gross Amount Carried, Total Costs			39,668
Accumulated Depreciation			(5,656)
Industrial properties | Orlando I & II
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			8,975
Initial Cost to Company, Building & Improvements			88,020
Initial Cost to Company, Total Costs			96,995
Costs Capitalized or Adjustments Subsequent to Acquisition			3,004
Gross Amount Carried, Land			8,975
Gross Amount Carried, Building and Improvements			91,024
Gross Amount Carried, Total Costs			99,999
Accumulated Depreciation			(10,153)
Industrial properties | Orlando III & IV
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Debt			24,099
Initial Cost to Company, Land			3,198
Initial Cost to Company, Building & Improvements			40,505
Initial Cost to Company, Total Costs			43,703
Costs Capitalized or Adjustments Subsequent to Acquisition			991
Gross Amount Carried, Land			3,198
Gross Amount Carried, Building and Improvements			41,496
Gross Amount Carried, Total Costs			44,694
Accumulated Depreciation			(4,681)
Industrial properties | Orlando V
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,939
Initial Cost to Company, Building & Improvements			33,219
Initial Cost to Company, Total Costs			35,158
Costs Capitalized or Adjustments Subsequent to Acquisition			828
Gross Amount Carried, Land			1,939
Gross Amount Carried, Building and Improvements			34,047
Gross Amount Carried, Total Costs			35,986
Accumulated Depreciation			(6,033)
Industrial properties | Orlando VI
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,405
Initial Cost to Company, Building & Improvements			26,043
Initial Cost to Company, Total Costs			29,448
Costs Capitalized or Adjustments Subsequent to Acquisition			49
Gross Amount Carried, Land			3,405
Gross Amount Carried, Building and Improvements			26,092
Gross Amount Carried, Total Costs			29,497
Accumulated Depreciation			(3,361)
Industrial properties | Orlando VII
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,156
Initial Cost to Company, Building & Improvements			20,404
Initial Cost to Company, Total Costs			23,560
Costs Capitalized or Adjustments Subsequent to Acquisition			683
Gross Amount Carried, Land			3,156
Gross Amount Carried, Building and Improvements			21,087
Gross Amount Carried, Total Costs			24,243
Accumulated Depreciation			(4,275)
Industrial properties | Gillingham IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			11,988
Initial Cost to Company, Land			2,283
Initial Cost to Company, Building & Improvements			18,268
Initial Cost to Company, Total Costs			20,551
Costs Capitalized or Adjustments Subsequent to Acquisition			51
Gross Amount Carried, Land			2,283
Gross Amount Carried, Building and Improvements			18,319
Gross Amount Carried, Total Costs			20,602
Accumulated Depreciation			(2,142)
Industrial properties | Maplewood Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,026
Initial Cost to Company, Building & Improvements			4,488
Initial Cost to Company, Total Costs			5,514
Costs Capitalized or Adjustments Subsequent to Acquisition			679
Gross Amount Carried, Land			1,026
Gross Amount Carried, Building and Improvements			5,167
Gross Amount Carried, Total Costs			6,193
Accumulated Depreciation			(1,387)
Industrial properties | Glen Afton IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,294
Initial Cost to Company, Building & Improvements			19,742
Initial Cost to Company, Total Costs			22,036
Costs Capitalized or Adjustments Subsequent to Acquisition			589
Gross Amount Carried, Land			2,294
Gross Amount Carried, Building and Improvements			20,331
Gross Amount Carried, Total Costs			22,625
Accumulated Depreciation			(2,995)
Industrial properties | East 56th Ave IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			4,724
Initial Cost to Company, Building & Improvements			14,317
Initial Cost to Company, Total Costs			19,041
Costs Capitalized or Adjustments Subsequent to Acquisition			421
Gross Amount Carried, Land			4,724
Gross Amount Carried, Building and Improvements			14,738
Gross Amount Carried, Total Costs			19,462
Accumulated Depreciation			(2,913)
Industrial properties | Brockton IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,250
Initial Cost to Company, Building & Improvements			5,272
Initial Cost to Company, Total Costs			6,522
Costs Capitalized or Adjustments Subsequent to Acquisition			487
Gross Amount Carried, Land			1,250
Gross Amount Carried, Building and Improvements			5,759
Gross Amount Carried, Total Costs			7,009
Accumulated Depreciation			(1,543)
Industrial properties | Pine Vista IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,952
Initial Cost to Company, Building & Improvements			15,838
Initial Cost to Company, Total Costs			18,790
Costs Capitalized or Adjustments Subsequent to Acquisition			593
Gross Amount Carried, Land			2,952
Gross Amount Carried, Building and Improvements			16,431
Gross Amount Carried, Total Costs			19,383
Accumulated Depreciation			(3,020)
Industrial properties | Tri-County Parkway IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,579
Initial Cost to Company, Building & Improvements			11,205
Initial Cost to Company, Total Costs			12,784
Costs Capitalized or Adjustments Subsequent to Acquisition			2,003
Gross Amount Carried, Land			1,579
Gross Amount Carried, Building and Improvements			13,208
Gross Amount Carried, Total Costs			14,787
Accumulated Depreciation			(2,345)
Industrial properties | Miami NW 114th IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,533
Initial Cost to Company, Building & Improvements			6,489
Initial Cost to Company, Total Costs			12,022
Costs Capitalized or Adjustments Subsequent to Acquisition			2,175
Gross Amount Carried, Land			5,533
Gross Amount Carried, Building and Improvements			8,664
Gross Amount Carried, Total Costs			14,197
Accumulated Depreciation			(1,419)
Industrial properties | North Harney IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,586
Initial Cost to Company, Building & Improvements			4,439
Initial Cost to Company, Total Costs			8,025
Costs Capitalized or Adjustments Subsequent to Acquisition			941
Gross Amount Carried, Land			3,586
Gross Amount Carried, Building and Improvements			5,380
Gross Amount Carried, Total Costs			8,966
Accumulated Depreciation			(1,083)
Industrial properties | Wes Warren Drive IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,537
Initial Cost to Company, Building & Improvements			5,978
Initial Cost to Company, Total Costs			7,515
Costs Capitalized or Adjustments Subsequent to Acquisition			881
Gross Amount Carried, Land			1,537
Gross Amount Carried, Building and Improvements			6,859
Gross Amount Carried, Total Costs			8,396
Accumulated Depreciation			(1,421)
Industrial properties | Enterprise Way IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			537
Initial Cost to Company, Building & Improvements			5,982
Initial Cost to Company, Total Costs			6,519
Costs Capitalized or Adjustments Subsequent to Acquisition			343
Gross Amount Carried, Land			537
Gross Amount Carried, Building and Improvements			6,325
Gross Amount Carried, Total Costs			6,862
Accumulated Depreciation			(1,092)
Industrial properties | New Albany IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			5,630
Initial Cost to Company, Building & Improvements			11,914
Initial Cost to Company, Total Costs			17,544
Costs Capitalized or Adjustments Subsequent to Acquisition			611
Gross Amount Carried, Land			5,630
Gross Amount Carried, Building and Improvements			12,525
Gross Amount Carried, Total Costs			18,155
Accumulated Depreciation			(2,516)
Industrial properties | North 5th Street CC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			11,800
Initial Cost to Company, Land			4,359
Initial Cost to Company, Building & Improvements			18,945
Initial Cost to Company, Total Costs			23,304
Costs Capitalized or Adjustments Subsequent to Acquisition			418
Gross Amount Carried, Land			4,359
Gross Amount Carried, Building and Improvements			19,363
Gross Amount Carried, Total Costs			23,722
Accumulated Depreciation			(4,069)
Industrial properties | VM8 Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			11,865
Initial Cost to Company, Land			2,166
Initial Cost to Company, Building & Improvements			15,345
Initial Cost to Company, Total Costs			17,511
Costs Capitalized or Adjustments Subsequent to Acquisition			4,577
Gross Amount Carried, Land			2,166
Gross Amount Carried, Building and Improvements			19,922
Gross Amount Carried, Total Costs			22,088
Accumulated Depreciation			(597)
Industrial properties | Moreno Valley Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			20,656
Initial Cost to Company, Land			3,955
Initial Cost to Company, Building & Improvements			29,466
Initial Cost to Company, Total Costs			33,421
Costs Capitalized or Adjustments Subsequent to Acquisition			95
Gross Amount Carried, Land			3,955
Gross Amount Carried, Building and Improvements			29,561
Gross Amount Carried, Total Costs			33,516
Accumulated Depreciation			(2,397)
Industrial properties | SLC Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			17,224
Initial Cost to Company, Building & Improvements			59,861
Initial Cost to Company, Total Costs			77,085
Costs Capitalized or Adjustments Subsequent to Acquisition			130
Gross Amount Carried, Land			17,224
Gross Amount Carried, Building and Improvements			59,991
Gross Amount Carried, Total Costs			77,215
Accumulated Depreciation			(3,914)
Industrial properties | Cindel Drive Business Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			6,282
Initial Cost to Company, Building & Improvements			19,352
Initial Cost to Company, Total Costs			25,634
Costs Capitalized or Adjustments Subsequent to Acquisition			370
Gross Amount Carried, Land			6,282
Gross Amount Carried, Building and Improvements			19,722
Gross Amount Carried, Total Costs			26,004
Accumulated Depreciation			(1,639)
Industrial properties | Metro North IC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,908
Initial Cost to Company, Building & Improvements			49,604
Initial Cost to Company, Total Costs			56,512
Costs Capitalized or Adjustments Subsequent to Acquisition			332
Gross Amount Carried, Land			6,908
Gross Amount Carried, Building and Improvements			49,936
Gross Amount Carried, Total Costs			56,844
Accumulated Depreciation			(2,219)
Industrial properties | Sugar Land CC
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			7,336
Initial Cost to Company, Building & Improvements			28,568
Initial Cost to Company, Total Costs			35,904
Costs Capitalized or Adjustments Subsequent to Acquisition			61
Gross Amount Carried, Land			7,336
Gross Amount Carried, Building and Improvements			28,629
Gross Amount Carried, Total Costs			35,965
Accumulated Depreciation			(983)
Industrial properties | Pima Street Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,793
Initial Cost to Company, Building & Improvements			15,165
Initial Cost to Company, Total Costs			18,958
Costs Capitalized or Adjustments Subsequent to Acquisition			59
Gross Amount Carried, Land			3,793
Gross Amount Carried, Building and Improvements			15,224
Gross Amount Carried, Total Costs			19,017
Accumulated Depreciation			(307)
Industrial properties | Southpark Logistics Center I
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,199
Initial Cost to Company, Building & Improvements			26,714
Initial Cost to Company, Total Costs			28,913
Gross Amount Carried, Land			2,199
Gross Amount Carried, Building and Improvements			26,714
Gross Amount Carried, Total Costs			28,913
Accumulated Depreciation			(40)
Industrial properties | Southpark Logistics Center II
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,589
Initial Cost to Company, Building & Improvements			26,495
Initial Cost to Company, Total Costs			29,084
Gross Amount Carried, Land			2,589
Gross Amount Carried, Building and Improvements			26,495
Gross Amount Carried, Total Costs			29,084
Accumulated Depreciation			(43)
Industrial properties | Southpark Logistics Center III
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,503
Initial Cost to Company, Building & Improvements			15,385
Initial Cost to Company, Total Costs			16,888
Gross Amount Carried, Land			1,503
Gross Amount Carried, Building and Improvements			15,385
Gross Amount Carried, Total Costs			16,888
Accumulated Depreciation			(21)
Industrial properties | Grove City Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,515
Initial Cost to Company, Building & Improvements			17,889
Initial Cost to Company, Total Costs			20,404
Gross Amount Carried, Land			2,515
Gross Amount Carried, Building and Improvements			17,889
Gross Amount Carried, Total Costs			20,404
Accumulated Depreciation			(35)
Industrial properties | Whitestown Distribution Center I
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,451
Initial Cost to Company, Building & Improvements			11,137
Initial Cost to Company, Total Costs			12,588
Gross Amount Carried, Land			1,451
Gross Amount Carried, Building and Improvements			11,137
Gross Amount Carried, Total Costs			12,588
Accumulated Depreciation			(22)
Industrial properties | Whitestown Distribution Center II
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,449
Initial Cost to Company, Building & Improvements			21,406
Initial Cost to Company, Total Costs			23,855
Gross Amount Carried, Land			2,449
Gross Amount Carried, Building and Improvements			21,406
Gross Amount Carried, Total Costs			23,855
Accumulated Depreciation			(42)
Industrial properties | Whitestown Distribution Center III
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			815
Initial Cost to Company, Building & Improvements			8,491
Initial Cost to Company, Total Costs			9,306
Gross Amount Carried, Land			815
Gross Amount Carried, Building and Improvements			8,491
Gross Amount Carried, Total Costs			9,306
Accumulated Depreciation			(10)
Industrial properties | Greenfield Distribution Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			828
Initial Cost to Company, Building & Improvements			7,073
Initial Cost to Company, Total Costs			7,901
Gross Amount Carried, Land			828
Gross Amount Carried, Building and Improvements			7,073
Gross Amount Carried, Total Costs			7,901
Accumulated Depreciation			(16)
Industrial properties | Fairfield Commerce Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			967
Initial Cost to Company, Building & Improvements			14,107
Initial Cost to Company, Total Costs			15,074
Gross Amount Carried, Land			967
Gross Amount Carried, Building and Improvements			14,107
Gross Amount Carried, Total Costs			15,074
Accumulated Depreciation			(59)
Industrial properties | Ohio Logistics Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			827
Initial Cost to Company, Building & Improvements			6,741
Initial Cost to Company, Total Costs			7,568
Gross Amount Carried, Land			827
Gross Amount Carried, Building and Improvements			6,741
Gross Amount Carried, Total Costs			7,568
Accumulated Depreciation			(10)
Industrial properties | Richmond Airport Logistics I
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,876
Initial Cost to Company, Building & Improvements			26,418
Initial Cost to Company, Total Costs			28,294
Gross Amount Carried, Land			1,876
Gross Amount Carried, Building and Improvements			26,418
Gross Amount Carried, Total Costs			28,294
Accumulated Depreciation			(34)
Industrial properties | Richmond Airport Logistics II
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,648
Initial Cost to Company, Building & Improvements			27,222
Initial Cost to Company, Total Costs			28,870
Gross Amount Carried, Land			1,648
Gross Amount Carried, Building and Improvements			27,222
Gross Amount Carried, Total Costs			28,870
Accumulated Depreciation			(30)
Industrial properties | Richmond Airport Logistics III
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,451
Initial Cost to Company, Building & Improvements			15,496
Initial Cost to Company, Total Costs			16,947
Gross Amount Carried, Land			1,451
Gross Amount Carried, Building and Improvements			15,496
Gross Amount Carried, Total Costs			16,947
Accumulated Depreciation			(27)
Retail properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		40
Debt			3,443
Initial Cost to Company, Land			173,156
Initial Cost to Company, Building & Improvements			457,219
Initial Cost to Company, Total Costs			630,375
Costs Capitalized or Adjustments Subsequent to Acquisition			44,651
Gross Amount Carried, Land			169,411
Gross Amount Carried, Building and Improvements			505,615
Gross Amount Carried, Total Costs			675,026
Accumulated Depreciation			(189,807)
Retail properties | Beaver Creek
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,426
Initial Cost to Company, Building & Improvements			31,375
Initial Cost to Company, Total Costs			43,801
Costs Capitalized or Adjustments Subsequent to Acquisition			1,466
Gross Amount Carried, Land			9,955
Gross Amount Carried, Building and Improvements			35,312
Gross Amount Carried, Total Costs			45,267
Accumulated Depreciation			(17,033)
Retail properties | Sandwich
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,380
Initial Cost to Company, Building & Improvements			25,778
Initial Cost to Company, Total Costs			33,158
Costs Capitalized or Adjustments Subsequent to Acquisition			1,322
Gross Amount Carried, Land			7,380
Gross Amount Carried, Building and Improvements			27,100
Gross Amount Carried, Total Costs			34,480
Accumulated Depreciation			(13,431)
Retail properties | Wareham
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,694
Initial Cost to Company, Building & Improvements			26,241
Initial Cost to Company, Total Costs			36,935
Costs Capitalized or Adjustments Subsequent to Acquisition			3,075
Gross Amount Carried, Land			9,049
Gross Amount Carried, Building and Improvements			30,961
Gross Amount Carried, Total Costs			40,010
Accumulated Depreciation			(16,086)
Retail properties | Hyannis
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			10,405
Initial Cost to Company, Building & Improvements			917
Initial Cost to Company, Total Costs			11,322
Gross Amount Carried, Land			10,405
Gross Amount Carried, Building and Improvements			917
Gross Amount Carried, Total Costs			11,322
Accumulated Depreciation			(867)
Retail properties | Meriden
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			6,560
Initial Cost to Company, Building & Improvements			22,014
Initial Cost to Company, Total Costs			28,574
Costs Capitalized or Adjustments Subsequent to Acquisition			(1)
Gross Amount Carried, Land			6,560
Gross Amount Carried, Building and Improvements			22,013
Gross Amount Carried, Total Costs			28,573
Accumulated Depreciation			(11,262)
Retail properties | Whitman 475 Bedford Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,610
Initial Cost to Company, Building & Improvements			11,682
Initial Cost to Company, Total Costs			15,292
Gross Amount Carried, Land			3,610
Gross Amount Carried, Building and Improvements			11,682
Gross Amount Carried, Total Costs			15,292
Accumulated Depreciation			(6,298)
Retail properties | New Bedford
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			3,443
Initial Cost to Company, Land			3,790
Initial Cost to Company, Building & Improvements			11,152
Initial Cost to Company, Total Costs			14,942
Gross Amount Carried, Land			3,790
Gross Amount Carried, Building and Improvements			11,152
Gross Amount Carried, Total Costs			14,942
Accumulated Depreciation			(6,656)
Retail properties | 270 Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			11,759
Initial Cost to Company, Building & Improvements			24,061
Initial Cost to Company, Total Costs			35,820
Costs Capitalized or Adjustments Subsequent to Acquisition			5,106
Gross Amount Carried, Land			11,759
Gross Amount Carried, Building and Improvements			29,167
Gross Amount Carried, Total Costs			40,926
Accumulated Depreciation			(14,368)
Retail properties | Springdale
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			11,866
Initial Cost to Company, Building & Improvements			723
Initial Cost to Company, Total Costs			12,589
Costs Capitalized or Adjustments Subsequent to Acquisition			9
Gross Amount Carried, Land			11,866
Gross Amount Carried, Building and Improvements			732
Gross Amount Carried, Total Costs			12,598
Accumulated Depreciation			(727)
Retail properties | Saugus
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,783
Initial Cost to Company, Building & Improvements			9,713
Initial Cost to Company, Total Costs			13,496
Costs Capitalized or Adjustments Subsequent to Acquisition			1,806
Gross Amount Carried, Land			3,783
Gross Amount Carried, Building and Improvements			11,519
Gross Amount Carried, Total Costs			15,302
Accumulated Depreciation			(6,164)
Retail properties | Salt Pond
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			8,759
Initial Cost to Company, Building & Improvements			40,233
Initial Cost to Company, Total Costs			48,992
Costs Capitalized or Adjustments Subsequent to Acquisition			2,489
Gross Amount Carried, Land			8,759
Gross Amount Carried, Building and Improvements			42,722
Gross Amount Carried, Total Costs			51,481
Accumulated Depreciation			(15,081)
Retail properties | South Cape
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		6
Initial Cost to Company, Land			9,936
Initial Cost to Company, Building & Improvements			27,552
Initial Cost to Company, Total Costs			37,488
Costs Capitalized or Adjustments Subsequent to Acquisition			5,457
Gross Amount Carried, Land			10,307
Gross Amount Carried, Building and Improvements			32,638
Gross Amount Carried, Total Costs			42,945
Accumulated Depreciation			(11,004)
Retail properties | Shenandoah
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		3
Initial Cost to Company, Land			10,501
Initial Cost to Company, Building & Improvements			27,397
Initial Cost to Company, Total Costs			37,898
Costs Capitalized or Adjustments Subsequent to Acquisition			1,356
Gross Amount Carried, Land			10,501
Gross Amount Carried, Building and Improvements			28,753
Gross Amount Carried, Total Costs			39,254
Accumulated Depreciation			(9,067)
Retail properties | Chester Springs
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			7,376
Initial Cost to Company, Building & Improvements			51,155
Initial Cost to Company, Total Costs			58,531
Costs Capitalized or Adjustments Subsequent to Acquisition			8,538
Gross Amount Carried, Land			7,376
Gross Amount Carried, Building and Improvements			59,693
Gross Amount Carried, Total Costs			67,069
Accumulated Depreciation			(19,912)
Retail properties | Yale Village
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			3,492
Initial Cost to Company, Building & Improvements			30,655
Initial Cost to Company, Total Costs			34,147
Costs Capitalized or Adjustments Subsequent to Acquisition			1,963
Gross Amount Carried, Land			3,492
Gross Amount Carried, Building and Improvements			32,618
Gross Amount Carried, Total Costs			36,110
Accumulated Depreciation			(10,391)
Retail properties | Suniland Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			34,804
Initial Cost to Company, Building & Improvements			33,902
Initial Cost to Company, Total Costs			68,706
Costs Capitalized or Adjustments Subsequent to Acquisition			6,996
Gross Amount Carried, Land			34,804
Gross Amount Carried, Building and Improvements			40,898
Gross Amount Carried, Total Costs			75,702
Accumulated Depreciation			(12,044)
Retail properties | Village at Lee Branch
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		2
Initial Cost to Company, Land			10,476
Initial Cost to Company, Building & Improvements			32,461
Initial Cost to Company, Total Costs			42,937
Costs Capitalized or Adjustments Subsequent to Acquisition			2,512
Gross Amount Carried, Land			10,476
Gross Amount Carried, Building and Improvements			34,973
Gross Amount Carried, Total Costs			45,449
Accumulated Depreciation			(8,329)
Retail properties | Barrow Crossing
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		5
Initial Cost to Company, Land			5,539
Initial Cost to Company, Building & Improvements			50,208
Initial Cost to Company, Total Costs			55,747
Costs Capitalized or Adjustments Subsequent to Acquisition			2,557
Gross Amount Carried, Land			5,539
Gross Amount Carried, Building and Improvements			52,765
Gross Amount Carried, Total Costs			58,304
Accumulated Depreciation			(11,087)
Office properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		10
Debt			107,000
Initial Cost to Company, Land			63,176
Initial Cost to Company, Building & Improvements			387,760
Initial Cost to Company, Total Costs			450,936
Costs Capitalized or Adjustments Subsequent to Acquisition			134,006
Gross Amount Carried, Land			63,176
Gross Amount Carried, Building and Improvements			521,766
Gross Amount Carried, Total Costs			584,942
Accumulated Depreciation			(242,259)
Office properties | 1300 Connecticut
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			25,177
Initial Cost to Company, Building & Improvements			41,250
Initial Cost to Company, Total Costs			66,427
Costs Capitalized or Adjustments Subsequent to Acquisition			25,873
Gross Amount Carried, Land			25,177
Gross Amount Carried, Building and Improvements			67,123
Gross Amount Carried, Total Costs			92,300
Accumulated Depreciation			(35,240)
Office properties | CityView
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		4
Initial Cost to Company, Land			4,606
Initial Cost to Company, Building & Improvements			65,250
Initial Cost to Company, Total Costs			69,856
Costs Capitalized or Adjustments Subsequent to Acquisition			14,933
Gross Amount Carried, Land			4,606
Gross Amount Carried, Building and Improvements			80,183
Gross Amount Carried, Total Costs			84,789
Accumulated Depreciation			(29,882)
Office properties | Eden Prairie
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,538
Initial Cost to Company, Building & Improvements			25,865
Initial Cost to Company, Total Costs			29,403
Costs Capitalized or Adjustments Subsequent to Acquisition			8,799
Gross Amount Carried, Land			3,538
Gross Amount Carried, Building and Improvements			34,664
Gross Amount Carried, Total Costs			38,202
Accumulated Depreciation			(15,375)
Office properties | Preston Sherry Plaza
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			7,500
Initial Cost to Company, Building & Improvements			22,303
Initial Cost to Company, Total Costs			29,803
Costs Capitalized or Adjustments Subsequent to Acquisition			22,920
Gross Amount Carried, Land			7,500
Gross Amount Carried, Building and Improvements			45,223
Gross Amount Carried, Total Costs			52,723
Accumulated Depreciation			(23,378)
Office properties | 3 Second Street
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Debt			107,000
Initial Cost to Company, Land			16,800
Initial Cost to Company, Building & Improvements			193,742
Initial Cost to Company, Total Costs			210,542
Costs Capitalized or Adjustments Subsequent to Acquisition			58,982
Gross Amount Carried, Land			16,800
Gross Amount Carried, Building and Improvements			252,724
Gross Amount Carried, Total Costs			269,524
Accumulated Depreciation			(134,298)
Office properties | 350 Carter Road
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,966
Initial Cost to Company, Building & Improvements			28,670
Initial Cost to Company, Total Costs			32,636
Costs Capitalized or Adjustments Subsequent to Acquisition			2,368
Gross Amount Carried, Land			3,966
Gross Amount Carried, Building and Improvements			31,038
Gross Amount Carried, Total Costs			35,004
Accumulated Depreciation			(3,039)
Office properties | 107 Morgan Lane
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,589
Initial Cost to Company, Building & Improvements			10,680
Initial Cost to Company, Total Costs			12,269
Costs Capitalized or Adjustments Subsequent to Acquisition			131
Gross Amount Carried, Land			1,589
Gross Amount Carried, Building and Improvements			10,811
Gross Amount Carried, Total Costs			12,400
Accumulated Depreciation			(1,047)
Other properties
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		8
Initial Cost to Company, Land			31,901
Initial Cost to Company, Building & Improvements			120,743
Initial Cost to Company, Total Costs			152,644
Costs Capitalized or Adjustments Subsequent to Acquisition			938
Gross Amount Carried, Land			31,901
Gross Amount Carried, Building and Improvements			121,681
Gross Amount Carried, Total Costs			153,582
Accumulated Depreciation			(4,810)
Other properties | Aventura Storage
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			12,538
Initial Cost to Company, Building & Improvements			18,505
Initial Cost to Company, Total Costs			31,043
Costs Capitalized or Adjustments Subsequent to Acquisition			121
Gross Amount Carried, Land			12,538
Gross Amount Carried, Building and Improvements			18,626
Gross Amount Carried, Total Costs			31,164
Accumulated Depreciation			(1,122)
Other properties | Norwood Storage
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,308
Initial Cost to Company, Building & Improvements			21,595
Initial Cost to Company, Total Costs			23,903
Costs Capitalized or Adjustments Subsequent to Acquisition			37
Gross Amount Carried, Land			2,308
Gross Amount Carried, Building and Improvements			21,632
Gross Amount Carried, Total Costs			23,940
Accumulated Depreciation			(1,049)
Other properties | Metro Storage Sharon Hill
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,664
Initial Cost to Company, Building & Improvements			14,097
Initial Cost to Company, Total Costs			16,761
Costs Capitalized or Adjustments Subsequent to Acquisition			115
Gross Amount Carried, Land			2,664
Gross Amount Carried, Building and Improvements			14,212
Gross Amount Carried, Total Costs			16,876
Accumulated Depreciation			(416)
Other properties | Metro Storage Newtown Square
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			2,741
Initial Cost to Company, Building & Improvements			21,983
Initial Cost to Company, Total Costs			24,724
Costs Capitalized or Adjustments Subsequent to Acquisition			170
Gross Amount Carried, Land			2,741
Gross Amount Carried, Building and Improvements			22,153
Gross Amount Carried, Total Costs			24,894
Accumulated Depreciation			(594)
Other properties | Metro Storage Trevose
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,263
Initial Cost to Company, Building & Improvements			17,888
Initial Cost to Company, Total Costs			21,151
Costs Capitalized or Adjustments Subsequent to Acquisition			145
Gross Amount Carried, Land			3,263
Gross Amount Carried, Building and Improvements			18,033
Gross Amount Carried, Total Costs			21,296
Accumulated Depreciation			(614)
Other properties | Metro Storage Sarasota
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,149
Initial Cost to Company, Building & Improvements			12,382
Initial Cost to Company, Total Costs			15,531
Costs Capitalized or Adjustments Subsequent to Acquisition			161
Gross Amount Carried, Land			3,149
Gross Amount Carried, Building and Improvements			12,543
Gross Amount Carried, Total Costs			15,692
Accumulated Depreciation			(442)
Other properties | Metro Storage Fort Myers
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			3,868
Initial Cost to Company, Building & Improvements			8,898
Initial Cost to Company, Total Costs			12,766
Costs Capitalized or Adjustments Subsequent to Acquisition			100
Gross Amount Carried, Land			3,868
Gross Amount Carried, Building and Improvements			8,998
Gross Amount Carried, Total Costs			12,866
Accumulated Depreciation			(356)
Other properties | Metro Storage Pinellas Park
Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building		1
Initial Cost to Company, Land			1,370
Initial Cost to Company, Building & Improvements			5,395
Initial Cost to Company, Total Costs			6,765
Costs Capitalized or Adjustments Subsequent to Acquisition			89
Gross Amount Carried, Land			1,370
Gross Amount Carried, Building and Improvements			5,484
Gross Amount Carried, Total Costs			6,854
Accumulated Depreciation			$ (217)

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments in real estate properties:
Balance at the beginning of period	$ 4,603,998	$ 4,178,329	$ 3,061,851
Acquisitions of properties	886,197	406,548	1,206,476
Improvements	52,328	45,694	30,842
Consolidation of joint venture partnership	82,635	0	0
Property dispositions	(61,711)	(26,573)	(120,840)
Balance at the end of period	5,563,447	4,603,998	4,178,329
Accumulated depreciation and amortization:
Balance at the beginning of period	714,684	572,751	472,025
Real estate depreciation and amortization expense	152,777	149,985	134,617
Above-market lease assets amortization expenses	1,014	818	724
Right of use asset amortization expense	7	7	102
Consolidation of joint venture partnership	7,129	0	0
Property dispositions	(43,567)	(8,877)	(34,717)
Balance at the end of period	$ 832,044	$ 714,684	$ 572,751