Necessity Retail REIT (RTL) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38597
Entity Registrant Name	The Necessity Retail REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0929989
Entity Address, Address Line One	650 Fifth Ave.
Entity Address, Address Line Two	30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		134,224,313
Entity Central Index Key	0001568162
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	RTL
Security Exchange Name	NASDAQ
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	7.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	RTLPP
Security Exchange Name	NASDAQ
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	RTLPO
Security Exchange Name	NASDAQ
Preferred Stock Purchase Rights
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate investments, at cost:
Land	$ 1,009,048	$ 729,048
Buildings, fixtures and improvements	3,515,775	2,729,719
Acquired intangible lease assets	654,735	402,673
Total real estate investments, at cost	5,179,558	3,861,440
Less: accumulated depreciation and amortization	(744,265)	(654,667)
Total real estate investments, net	4,435,293	3,206,773
Cash and cash equivalents	41,150	214,853
Restricted cash	19,288	21,996
Deposits for real estate investments	0	41,928
Deferred costs, net	22,176	25,587
Straight-line rent receivable	67,953	70,789
Operating lease right-of-use assets	17,964	18,194
Prepaid expenses and other assets	46,732	26,877
Assets held for sale	1,525	187,213
Total assets	4,652,081	3,814,210
LIABILITIES AND EQUITY
Mortgage notes payable, net	1,807,533	1,464,930
Credit facility	478,000	0
Senior notes, net	491,983	491,015
Below market lease liabilities, net	140,241	78,073
Accounts payable and accrued expenses (including $2,864 and $1,016 due to related parties as of September 30, 2022 and December 31, 2021, respectively)	55,506	32,907
Operating lease liabilities	19,153	19,195
Derivative liabilities, at fair value	0	2,250
Deferred rent and other liabilities	7,919	9,524
Dividends payable	5,837	6,038
Total liabilities	3,006,172	2,103,932
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 134,244,502 and 123,783,060 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	1,343	1,238
Additional paid-in capital	2,999,273	2,915,926
Distributions in excess of accumulated earnings	(1,374,378)	(1,217,435)
Total stockholders’ equity	1,626,363	1,699,854
Non-controlling interests	19,546	10,424
Total equity	1,645,909	1,710,278
Total liabilities and equity	4,652,081	3,814,210
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock
LIABILITIES AND EQUITY
Cumulative redeemable perpetual preferred stock	79	79
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock
LIABILITIES AND EQUITY
Cumulative redeemable perpetual preferred stock	$ 46	$ 46

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Accounts payable and accrued expenses, due to related parties	$ 2,864	$ 1,016
Preferred stock, authorized (in shares)	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	134,244,502	123,783,060
Common stock, outstanding (in shares)	134,244,502	123,783,060
Common Stock
Common stock, outstanding (in shares)	134,200,000	123,800,000
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock
Preferred stock dividend rate	7.50%	7.50%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, authorized (in shares)	12,796,000	12,796,000
Preferred stock, issued (in shares)	7,933,711	7,933,711
Preferred stock, outstanding (in shares)	7,933,711	7,933,711
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock
Preferred stock dividend rate	7.375%	7.375%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, authorized (in shares)	11,536,000	11,536,000
Preferred stock, issued (in shares)	4,595,175	4,594,498
Preferred stock, outstanding (in shares)	4,595,175	4,594,498

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue from tenants	$ 116,176	$ 91,915	$ 328,048	$ 252,679
Operating expenses:
Asset management fees to related party	7,939	9,880	24,061	25,123
Property operating expense	28,051	13,384	74,710	40,152
Impairment of real estate investments	30,046	4,554	94,942	4,645
Acquisition, transaction and other costs	210	3,426	695	3,604
Equity-based compensation	3,857	4,149	10,878	13,779
General and administrative	8,499	5,589	23,722	15,578
Depreciation and amortization	57,494	32,762	141,755	97,509
Total operating expenses	136,096	73,744	370,763	200,390
Operating (loss) income before gain on sale of real estate investments	(19,920)	18,171	(42,715)	52,289
Gain on sale of real estate investments	1,608	478	68,615	775
Operating (loss) income	(18,312)	18,649	25,900	53,064
Other (expense) income:
Interest expense	(32,402)	(19,232)	(84,471)	(58,927)
Other income	25	18	987	62
Gain on non-designated derivatives	0	0	2,250	0
Total other expense, net	(32,377)	(19,214)	(81,234)	(58,865)
Net loss	(50,689)	(565)	(55,334)	(5,801)
Net loss (income) attributable to non-controlling interests	60	(4)	54	4
Allocation for preferred stock	(5,837)	(5,837)	(17,511)	(17,425)
Net loss attributable to common stockholders	(56,466)	(6,406)	(72,791)	(23,222)
Other comprehensive income (loss):
Change in unrealized income on derivatives	0	98	0	2,151
Comprehensive loss attributable to common stockholders	$ (56,466)	$ (6,308)	$ (72,791)	$ (21,071)
Weighted-average shares outstanding - Basic (in shares)	133,115,729	118,862,852	131,478,484	112,770,685
Weighted-average shares outstanding - Diluted (in shares)	133,115,729	118,862,852	131,478,484	112,770,685
Net loss per share attributable to common stockholders — Basic ( in dollars per share)	$ (0.43)	$ (0.06)	$ (0.56)	$ (0.21)
Net loss per share attributable to common stockholders — Diluted ( in dollars per share)	$ (0.43)	$ (0.06)	$ (0.56)	$ (0.21)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands		Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive income (loss)	Distributions in excess of accumulated earnings	Non-controlling Interests	7.50% Series A Cumulative Redeemable Perpetual Preferred Stock	7.50% Series A Cumulative Redeemable Perpetual Preferred Stock Total Stockholders’ Equity	7.50% Series A Cumulative Redeemable Perpetual Preferred Stock Preferred Stock	7.50% Series A Cumulative Redeemable Perpetual Preferred Stock Additional Paid-in Capital	7.50% Series A Cumulative Redeemable Perpetual Preferred Stock Distributions in excess of accumulated earnings	7.375% Series C Cumulative Redeemable Perpetual Preferred Stock	7.375% Series C Cumulative Redeemable Perpetual Preferred Stock Total Stockholders’ Equity	7.375% Series C Cumulative Redeemable Perpetual Preferred Stock Preferred Stock	7.375% Series C Cumulative Redeemable Perpetual Preferred Stock Additional Paid-in Capital	7.375% Series C Cumulative Redeemable Perpetual Preferred Stock Distributions in excess of accumulated earnings
Beginning Balance (in shares) at Dec. 31, 2020				108,837,209							7,842,008					3,535,700
Beginning Balance at Dec. 31, 2020		$ 1,699,599	$ 1,669,077	$ 1,088	$ 2,723,678	$ (123)	$ (1,055,680)	$ 30,522			$ 79					$ 35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Stock, net (in shares)				14,456,837							91,703					1,058,798
Issuance of Stock, net		126,082	126,082	$ 145	125,937				$ 2,047	$ 2,047		$ 2,047		$ 25,503	$ 25,503	$ 11	$ 25,492
Equity-based compensation (in shares)	[1]			289,449
Equity-based compensation	[1]	13,779	2,078	$ 3	2,075		0	11,701
Common stock shares withheld upon vesting of restricted shares (in shares)				(77,021)
Common stock shares withheld upon vesting of restricted shares		(724)	(724)	$ (1)	(723)
Dividends declared on Common Stock		(71,287)	(71,287)				(71,287)
Dividends declared on Preferred Stock									(11,172)	(11,172)			$ (11,172)	(6,499)	(6,499)			$ (6,499)
Distributions to non-controlling interest holders		(464)	(354)				(354)	(110)
Net loss		(5,801)	(5,797)				(5,797)	(4)
Other comprehensive loss		2,151	2,151			2,151
Forfeiture of 2018 LTIP Units		0	34,826		34,826			(34,826)
Rebalancing of ownership percentage		0	(56)		(56)			56
Ending Balance (in shares) at Sep. 30, 2021				123,506,474							7,933,711					4,594,498
Ending Balance at Sep. 30, 2021		1,773,214	1,765,875	$ 1,235	2,913,276	2,028	(1,150,789)	7,339			$ 79					$ 46
Beginning Balance (in shares) at Jun. 30, 2021				117,706,586							7,933,711					4,594,498
Beginning Balance at Jun. 30, 2021		1,749,966	1,713,540	$ 1,177	2,829,490	1,930	(1,119,182)	36,426			$ 79					$ 46
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Stock, net (in shares)				5,822,614
Issuance of Stock, net		49,083	49,083	$ 59	49,024				(109)	(109)		(109)		(104)	(104)		(104)
Equity-based compensation (in shares)	[2]			(4,150)
Equity-based compensation	[2]	6,239	466	$ 0	312		154	5,773
Common stock shares withheld upon vesting of restricted shares (in shares)				(18,576)
Common stock shares withheld upon vesting of restricted shares		(165)	(165)	$ (1)	(164)
Dividends declared on Common Stock		(25,190)	(25,190)				(25,190)
Dividends declared on Preferred Stock									(3,719)	(3,719)			(3,719)	(2,119)	(2,119)			(2,119)
Distributions to non-controlling interest holders		(201)	(164)				(164)	(37)
Net loss		(565)	(569)				(569)	4
Other comprehensive loss		98	98			98
Forfeiture of 2018 LTIP Units		0	34,826		34,826			(34,826)
Rebalancing of ownership percentage		0	1		1			(1)
Ending Balance (in shares) at Sep. 30, 2021				123,506,474							7,933,711					4,594,498
Ending Balance at Sep. 30, 2021		1,773,214	1,765,875	$ 1,235	2,913,276	$ 2,028	(1,150,789)	7,339			$ 79					$ 46
Beginning balance at Dec. 31, 2021		0
Mezzanine Equity
Issuance of Shares subject to repurchase, at fair market value upon closing		49,965
Adjustments to redemption value		3,423
Reclassification of Shares upon termination of repurchase rights		(53,388)
Ending balance at Sep. 30, 2022		0
Beginning Balance (in shares) at Dec. 31, 2021				123,783,060							7,933,711					4,594,498
Beginning Balance at Dec. 31, 2021		1,710,278	1,699,854	$ 1,238	2,915,926		(1,217,435)	10,424			$ 79					$ 46
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Stock, net (in shares)				3,762,559												677
Issuance of Stock, net		32,488	32,488	$ 38	32,450				(166)	(166)		(166)		(149)	(149)		(149)
Issuance of Shares subject to repurchase, at fair market value upon closing (in shares)				6,450,107
Issuance of Shares subject to repurchase, at fair market value upon closing		0
Adjustments to redemption value		(3,423)	(3,423)		(3,423)
Reclassification of Shares upon termination of repurchase rights		53,388	53,388	$ 65	53,323
Equity-based compensation (in shares)	[3]			287,735
Equity-based compensation	[3]	10,878	1,350	$ 2	1,348			9,528
Common stock shares withheld upon vesting of restricted shares (in shares)				(38,959)
Common stock shares withheld upon vesting of restricted shares		(278)	(278)	$ 0	(278)
Dividends declared on Common Stock		(83,607)	(83,607)				(83,607)
Dividends declared on Preferred Stock									(11,157)	(11,157)			(11,157)	(6,354)	(6,354)			(6,354)
Distributions to non-controlling interest holders		(655)	(545)				(545)	(110)
Net loss		(55,334)	(55,280)				(55,280)	(54)
Rebalancing of ownership percentage		0	242		242			(242)
Ending Balance (in shares) at Sep. 30, 2022				134,244,502							7,933,711					4,595,175
Ending Balance at Sep. 30, 2022		1,645,909	1,626,363	$ 1,343	2,999,273		(1,374,378)	19,546			$ 79					$ 46
Beginning balance at Jun. 30, 2022		53,388
Mezzanine Equity
Reclassification of Shares upon termination of repurchase rights		(53,388)
Ending balance at Sep. 30, 2022		0
Beginning Balance (in shares) at Jun. 30, 2022				133,272,305							7,933,711					4,595,175
Beginning Balance at Jun. 30, 2022		1,666,231	1,649,388	$ 1,268	2,937,395		(1,289,400)	16,843			$ 79					$ 46
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Stock, net (in shares)				997,230												0
Issuance of Stock, net		7,861	7,861	$ 11	7,850				(44)	(44)		$ (44)		(31)	(31)		$ (31)
Reclassification of Shares upon termination of repurchase rights		53,388	53,388	$ 65	53,323
Equity-based compensation (in shares)	[4]			13,926
Equity-based compensation	[4]	3,857	681	$ (1)	682			3,176
Common stock shares withheld upon vesting of restricted shares (in shares)				(38,959)
Common stock shares withheld upon vesting of restricted shares		(278)	(278)		(278)
Dividends declared on Common Stock		(28,331)	(28,331)				(28,331)
Dividends declared on Preferred Stock									$ (3,719)	$ (3,719)			$ (3,719)	$ (2,118)	$ (2,118)			$ (2,118)
Distributions to non-controlling interest holders		(218)	(181)				(181)	(37)
Net loss		(50,689)	(50,629)				(50,629)	(60)
Rebalancing of ownership percentage		0	376		376			(376)
Ending Balance (in shares) at Sep. 30, 2022				134,244,502							7,933,711					4,595,175
Ending Balance at Sep. 30, 2022		$ 1,645,909	$ 1,626,363	$ 1,343	$ 2,999,273		$ (1,374,378)	$ 19,546			$ 79					$ 46
[1]Presented net of forfeitures. During the nine months ended September 30, 2021, 24,025 restricted shares with a fair value of approximately $165,000 were forfeited.[2]Presented net of forfeitures. During the three months ended September 30, 2021, 4,150 restricted shares with a fair value of approximately $29,000 were forfeited.[3]Presented net of forfeitures. During the nine months ended September 30, 2022, 64,205 restricted shares with a fair value of approximately $0.5 million were forfeited.[4]Presented net of forfeitures. During the three months ended September 30, 2022, 63,930 restricted shares with a fair value of approximately $0.5 million were forfeited.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dividends declared on common stock (in dollars per share)	$ 0.21	$ 0.21	$ 0.64	$ 0.63
Shares forfeited (in shares)	63,930	4,150	64,205	24,025
Shares forfeited, value	$ 500	$ 29	$ 500	$ 165
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock
Dividends declared on preferred stock (in dollars per share)	$ 0.47	$ 0.47	$ 1.41	$ 1.41
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock
Dividends declared on preferred stock (in dollars per share)	$ 0.46	$ 0.46	$ 1.38	$ 1.45

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net loss	$ (55,334)	$ (5,801)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	80,573	67,463
Amortization of in-place lease assets	59,375	28,429
Amortization of deferred leasing costs	1,806	1,617
Amortization (including accelerated write-off) of deferred financing costs	9,603	7,991
Amortization of mortgage (premiums) and discounts on borrowings, net	615	(972)
Accretion of market lease and other intangibles, net	(3,254)	(3,450)
Equity-based compensation	10,878	13,779
Gain on non-designated derivatives	(2,250)	0
Gain on sale of real estate investments	(68,615)	(775)
Impairment of real estate investments	94,942	4,645
Payments of prepayment costs on mortgages	0	3,327
Changes in assets and liabilities:
Straight-line rent receivable	(5,407)	(5,068)
Straight-line rent payable	198	190
Prepaid expenses and other assets	(6,936)	(16,316)
Accounts payable and accrued expenses	17,003	5,282
Deferred rent and other liabilities	(1,605)	182
Net cash provided by operating activities	131,592	100,523
Cash flows from investing activities:
Capital expenditures	(10,905)	(10,106)
Investments in real estate and other assets	(996,551)	(153,704)
Proceeds from sale of real estate investments	306,123	4,579
Deposits for real estate investments	(103)	(615)
Net cash used in investing activities	(701,436)	(159,846)
Cash flows from financing activities:
Proceeds from mortgage notes payable	0	239,928
Payments on mortgage notes payable	(11,586)	(137,905)
Proceeds from credit facility	513,000	30,500
Payments on credit facility	(35,000)	(125,114)
Payments of financing costs	(3,148)	(10,059)
Payments of prepayment costs on mortgages	0	(3,327)
Common stock repurchases	(278)	(560)
Distributions on LTIP Units and Class A Units	(655)	(320)
Net cash provided by financing activities	393,433	60,778
Net change in cash, cash equivalents and restricted cash	(176,411)	1,455
Cash, cash equivalents and restricted cash beginning of period	236,849	113,397
Cash, cash equivalents and restricted cash end of period	60,438	114,852
Cash, cash equivalents and restricted cash end of period
Cash and cash equivalents	41,150	98,989
Restricted cash	19,288	15,863
Cash, cash equivalents and restricted cash end of period	60,438	114,852
Supplemental Disclosures:
Cash paid for interest, net of amounts capitalized	77,851	52,887
Cash paid for income and franchise taxes	1,102	1,112
Non-Cash Investing and Financing Activities:
Shares issued in acquisition	49,965	0
Adjustments to value of shares	3,423	0
Proceeds from real estate sales used to pay off related mortgage notes payable	940	1,108
Mortgage notes payable released in connection with disposition of real estate	(940)	(1,108)
Mortgages assumed in acquisition (including net discounts of $2,301)	350,436	0
Application of deposits for real estate acquisitions	40,000	0
Accrued contingent consideration on acquired properties in the CIM Portfolio Acquisition	5,236	0
Accrued capital expenditures	269	1,583
Series A preferred stock
Cash flows from financing activities:
Dividends paid on preferred stock	(11,157)	(11,129)
Class A common stock offering costs	(159)	0
Proceeds from issuance of preferred stock, net	0	1,974
Non-Cash Investing and Financing Activities:
Accrued stock offering costs	7	70
Preferred stock dividend declared	3,719	3,719
Series C preferred stock
Cash flows from financing activities:
Dividends paid on preferred stock	(6,354)	(4,380)
Class A common stock offering costs	(159)	0
Proceeds from issuance of preferred stock, net	17	25,555
Non-Cash Investing and Financing Activities:
Accrued stock offering costs	2	69
Preferred stock dividend declared	2,118	2,118
Class A common stock
Cash flows from financing activities:
Dividends paid on Class A common stock	(83,607)	(71,287)
Class A common stock offering costs	(706)	0
Proceeds from issuance of Class A common stock, net	33,225	126,902
Non-Cash Investing and Financing Activities:
Accrued stock offering costs	$ 31	$ 827

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Sep. 30, 2022 USD ($)
Statement of Cash Flows [Abstract]
Mortgage notes payable assumed in acquisitions, discounts	$ 2,301

Organization

Organization	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization The Necessity Retail REIT, Inc. (the “Company”), is an externally managed real estate investment trust for U.S. federal income tax purposes (“REIT”) focusing on acquiring and managing a diversified portfolio of primarily service-oriented and traditional retail and distribution-related commercial real estate properties located primarily in the United States. The Company’s assets consist primarily of freestanding single-tenant properties that are net leased to “investment grade” and other creditworthy tenants and a portfolio of multi-tenant retail properties consisting primarily of power centers and lifestyle centers. The Company has historically focused its acquisitions primarily on net leased, single-tenant service retail properties, defined as properties leased to tenants in the retail banking, restaurant, grocery, pharmacy, gas, convenience, fitness, and auto services sectors. On December 17, 2021, the Company signed a purchase and sale agreement to acquire 79 multi-tenant retail centers and two single-tenant properties for an aggregate contract purchase price of $1.3 billion (the “CIM Portfolio Acquisition”). The Company determined that the CIM Portfolio Acquisition was accounted for as an asset acquisition. The acquisition closed in multiple transactions from February 2022 through July 2022, and the consideration included cash (including cash sourced from borrowings under the Credit Facility, as defined below), assumption of existing mortgage debt securing certain of the properties and the issuance of shares of the Company’s Class A common stock. The Company closed on the properties of the CIM Portfolio Acquisition in multiple stages as follows: • In the three months ended March 31, 2022, the Company closed on the acquisition of 56 properties of the CIM Portfolio Acquisition for an aggregate contract purchase price of $801.1 million which was funded by $728.4 million in cash, including $378.0 million of borrowings under the Company’s Credit Facility, the assumption of $19.3 million of existing mortgage debt and the issuance of $50.0 million in fair value at issuance ($53.4 million in contractual value) of the Company’s Class A common stock to certain subsidiaries of the CIM Real Estate Finance Trust, Inc. (the “Sellers”), at its closing value on the respective closing dates on which the common stock was issued. • In the three months ended June 30, 2022, the Company closed on 24 additional properties from the CIM Portfolio Acquisition for an aggregate contract purchase price of $452.8 million in three closings. The acquisitions were funded with the assumption of $294.5 million of fixed-rate mortgage debt, $128.2 million of $135.0 million of borrowings under the Credit Facility, the application of $23.8 million of the Company’s $40.0 million deposit and the remainder with cash on hand. The assumed mortgages bear stated interest rates between 3.65% and 4.62% and mature between April 2023 and September 2033. • In the three months ended September 30, 2022, the Company closed on the one remaining property from the CIM Portfolio Acquisition for a contract purchase price of $71.1 million. The acquisition was funded with the assumption of $39.0 million of fixed-rate mortgage debt, the application of the remaining $16.2 million of the Company’s $40.0 million deposit, and the remainder with cash on hand (including $6.8 million of previous borrowings under the Credit Facility). The assumed mortgage bears a stated interest rate of 4.05% and matures in May 2024. • The aggregate contract purchase prices above do not include contingent consideration relating to leasing activity at each respective acquired property for a six-month period subsequent to the respective closing dates of each acquired property. The Company paid $10.2 million, $13.3 million and $26.1 million for such contingent consideration with cash on hand in the three months ended March 31, 2022, June 30, 2022 and September 30, 2022, respectively, and the Company has accrued for $5.2 million of contingent consideration based on leases executed as of September 30, 2022. Additional amounts may be due for leases executed through January 2023 (six months following the acquisition date of the final property of the CIM Portfolio Acquisition). The CIM Portfolio Acquisition represented a strategic shift away from a primary focus on single-tenant retail properties. In addition, the Company acquired one additional single-tenant property in the three months ended September 30, 2022 for a contract purchase price of $5.0 million. The Company acquired 11 additional single-tenant properties and one additional multi-tenant retail property in the nine months ended September 30, 2022 for an aggregate contract purchase price of $63.4 million. As of September 30, 2022, the Company owned 1,050 properties, comprised of 28.8 million rentable square feet, which were 92.6% leased, including 939 single-tenant net leased commercial properties (900 of which are retail properties) and 111 multi-tenant retail properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine month periods ended September 30, 2022 and 2021 are not necessarily indicative of the results for the entire year or any subsequent interim periods. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the nine months ended September 30, 2022. Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Except for the OP, as of September 30, 2022 and December 31, 2021, the Company had no interests in entities that were not wholly owned. Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable. Out-of-Period Adjustment During the third quarter of 2022, the Company concluded that it had understated amortization by $1.2 million in the three months ended March 31, 2022, and $2.5 million and $3.7 million, respectively, for the three and six month periods ended June 30, 2022, for certain in-place lease intangibles associated with certain leases with below market rents that were acquired as part of the CIM Portfolio Acquisition in the first and second quarters of 2022. The Company has concluded that this adjustment was not material to the financial position or results of operations for the current period or for any prior quarterly periods and, accordingly, the Company recorded the cumulative adjustment to increase depreciation by $3.7 million in the three and nine month periods ended September 30, 2022. Impacts of the COVID-19 Pandemic During the first quarter of 2020, the global COVID-19 pandemic that has spread around the world and to every state in the United States commenced. The pandemic has had and could continue to have an adverse impact on economic and market conditions, including a global economic slowdown, recession, or period of slow growth. The continued rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2022, however uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates. The financial stability and overall health of tenants is critical to the Company’s business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in activity for many retail operations such as some of those operated by the Company’s tenants (e.g., restaurants). This has impacted the ability of some of the Company’s tenants to pay their monthly rent either temporarily or in the long-term. The Company experienced delays in rent collections in the second, third and fourth quarters of 2020 and the first quarter of 2021. The Company has not experienced any material delays in the receipt of rental payments during the nine months ended September 30, 2022. The Company took a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, in the second, third and fourth quarters of 2020 and throughout 2021, the Company executed several types of lease amendments. These agreements included deferrals and abatements and also may have included extensions to the term of the leases. The Company has not executed any COVID-19-related deferrals or abatements in the nine months ended September 30, 2022. For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which does not apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the Financial Accounting Standards Board (“FASB”) and the U.S. Securities and Exchange Commission (“SEC”) provided relief that allowed companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company is required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of September 30, 2022, these leases had an average remaining lease term of approximately 7.0 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses, in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For comparative purposes, the Company also elected to reflect prior revenue and reimbursements reported under ASC 842 on a single line. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The following table presents future base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items: As of September 30, 2022: (In thousands) Future Base Rent Payments 2022 (remainder) $ 93,334 2023 367,716 2024 340,503 2025 310,098 2026 277,855 2027 235,000 Thereafter 1,241,083 $ 2,865,589 The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income, until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. For the three and nine months ended September 30, 2022 such amounts were $0.2 million and $0.9 million, respectively, and for the three and nine months ended September 30, 2021 such amounts were $0.3 million and $0.9 million, respectively. The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard adopted on January 1, 2019 (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are not permitted. If the Company determines that it’s probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it’s not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants beginning on January 1, 2019, in accordance with new accounting rules, on the accompanying consolidated statements of operations and comprehensive income (loss) in the period the related costs are incurred, as applicable. In the second, third and fourth quarters of 2020 and throughout 2021 and 2022, this assessment included consideration of the impacts of the COVID-19 pandemic on the ability of the Company’s tenants to pay rents in accordance with their contracts. The assessment included all of the Company’s tenants with a focus on the Company’s multi-tenant retail properties which have been more negatively impacted by the COVID-19 pandemic than the Company’s single-tenant properties. In accordance with the lease accounting rules, the Company records uncollectable amounts as reductions in revenue from tenants. During the three and nine months ended September 30, 2022, uncollectable amounts were $0.6 million and $1.1 million, respectively. During the three months ended September 30, 2021, the Company recorded a net recovery of $0.1 million of uncollectable amounts during the period. During the nine months ended September 30, 2021, uncollectable amounts were $1.3 million, not including a recovery of $0.8 million relating to a lease settlement fee from a tenant in one of the Company’s multi-tenant properties that terminated its lease. The Company entered into lease termination agreements at two and six of its single-tenant properties in the first quarter of 2022 and the fourth quarter of 2021, respectively. Since these leases have short-term remaining occupancy periods for the tenant, these lease termination agreements are treated as lease modifications, and their termination fee income is recognized over the remaining occupancy periods of the respective leases on a straight-line basis. In addition, the Company recognized and received $5.0 million in lease termination income from five vacant properties formerly leased to Truist Bank in the nine months ended September 30, 2022. The Company recorded additional lease revenue of $10.2 million in the nine months ended September 30, 2022, related to these agreements. As of June 30, 2022, the occupancy periods for these amended leases expired and the tenants vacated. Accordingly, no related revenue was recognized on these leases in the three months ended September 30, 2022. During the third quarter of 2021, the Company entered into a lease termination agreement with a tenant at 12 of its properties. The Company recorded approximately $10.5 million in revenue from tenants in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2021 as a result of all of the accounting impacts related to this lease termination. This amount consists of a lease termination fee of $10.4 million and a $0.7 million below market lease intangibles write off, less $0.6 million in previously recorded straight-line rent receivables accrued on these leases. Total lease termination income recorded during the nine months ended September 30, 2021 was $11.2 million, which includes the amounts referenced above as well as $0.8 million in lease termination fees from a tenant in one of the Company’s multi-tenant properties that terminated its lease earlier in the year. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the quarters ended September 30, 2022 and 2021. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates the probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of September 30, 2022, four properties were considered held for sale, and as of December 31, 2021, the Company had one property classified as held for sale. Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. Intangible assets may include the value of in-place leases and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the nine months ended September 30, 2022 and 2021 were asset acquisitions. For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures, and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, fair market lease rates, discount rates, and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. Accounting for Leases Lessor Accounting In accordance with the lease accounting standard, all of the Company’s leases as lessor prior to adoption of ASC 842 were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. Generally, all the Company’s leases as lessor have qualified as operating leases. The Company has one land lease to a tenant that qualifies as a financing lease which was entered into during the three months ended June 30, 2022. The carrying value of this lease is $2.0 million as of September 30, 2022, and is included in prepaid expenses and other assets on the Company’s consolidated balance sheets. As of December 31, 2021, the Company had no leases as a lessor that were considered as sales-type or financing leases under sales leaseback rules. As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Lessee Accounting For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 10 — Commitments and Contingencies . The Company is the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the Company’s consolidated balance sheets and the rent expense is reflected on a straight-line basis over the lease term. Gain on Sale of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and are generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). In accordance with ASC 845-10, Accounting for Non-Monetary Transactions, if a nonmonetary exchange has commercial substance, the cost of a nonmonetary asset acquired in exchange for another nonmonetary asset is the fair value of the asset surrendered to obtain it, and a gain or loss shall be recognized on the exchange. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss on its consolidated statements of operations to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Reportable Segments As of September 30, 2022 and December 31, 2021, the Company has determined that it has two reportable segments, with activities related to investing in single-tenant properties and multi-tenant properties. Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the initial remaining lease terms of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term of the lease and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. Upon termination of an above or below-market lease, any unamortized amounts would be recognized in the period of termination. Equity-Based Compensation The Company has stock-based plans under which its directors, officers, and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, and certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share-based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such an award is included in the equity-based compensation line item of the consolidated statements of operations and is recognized in accordance with the service period (i.e., vesting) required or when the requirements for exercise of the award have been met. Effective at the listing of the Company’s Class A Common Stock, $0.01 par value per share (“Class A common stock”) on The Nasdaq Global Select Market (“Nasdaq”) on July 19, 2018 (the “Listing Date”), the Company entered into a multi-year outperformance agreement with the Advisor (the “2018 OPP”) under which a new class of units of the limited partnership designated as “LTIP Units” (“LTIP Units”) were issued to the Advisor. These awards were market-based awards with a related required service period. In accordance with ASC 718, the LTIP Units were valued at their grant date and that value was reflected as a charge to earnings evenly over the service period. The cumulative expense was reflected as part of non-controlling interest in the Company’s balance sheets and statements of equity until the end of the service period. Following the end of the performance period under the 2018 OPP on July

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Property Acquisitions The following table presents the allocation of real estate assets acquired and liabilities assumed during the periods presented. All acquisitions in both periods were considered asset acquisitions for accounting purposes. Nine Months Ended September 30, (Dollar amounts in thousands) 2022 2021 Real estate investments, at cost: Land $ 312,399 $ 27,168 Buildings, fixtures and improvements 926,630 113,576 Total tangible assets 1,239,029 140,744 Acquired intangible assets and liabilities: (1) In-place leases 247,899 19,121 Above-market lease assets 25,286 — Below-market lease liabilities (70,026) (6,161) Total intangible assets, net 203,159 12,960 Assets Reduced, Liabilities Assumed and Equity Issued: Mortgage notes payable assumed in acquisitions (including net discounts of $2,301) (350,436) — Shares issued in acquisitions (49,965) — Application of deposit (40,000) — Accrued contingent consideration on acquired properties from the CIM Portfolio Acquisition (5,236) Cash paid for real estate investments $ 996,551 $ 153,704 Number of properties purchased from the CIM Portfolio Acquisition (See Note 1 — Organization for additional information) 81 — Number of other properties purchased 12 56 ________ (1) Weighted-average remaining amortization periods for in-place leases, above-market and below-market lease liabilities acquired during the nine months ended September 30, 2022 were 6.4 years, 7.5 years and 21.0 years, respectively, as of each property’s respective acquisition date. The following table presents amortization expense and adjustments to revenue from tenants and property operating expenses for intangible assets and liabilities during the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 In-place leases, included in depreciation and amortization (2) $ 28,352 $ 9,220 $ 59,375 $ 28,429 Above-market lease intangibles $ (2,037) $ (587) $ (4,318) $ (1,877) Below-market lease liabilities 2,625 2,075 7,616 5,371 Total included in revenue from tenants $ 588 $ 1,488 $ 3,298 $ 3,494 Below-market ground lease asset (1) $ 8 $ 8 $ 24 $ 24 Above-market ground lease liability (1) — — — — Total included in property operating expenses $ 8 $ 8 $ 24 $ 24 ______ (1) Intangible balances related to ground leases are included as part of the operating lease right-of-use assets presented on the consolidated balance sheets and the amortization expense of such balances is included in property operating expenses on the consolidated statements of operations. (2) Includes $3.7 million of additional in-place lease amortization for the three months ended September 30, 2022 resulting from an out-of-period adjustment related to the six months ended June 30, 2022 (see Note 2 — Summary of Significant Accounting Policies for additional information). The following table provides the projected amortization expense and adjustments to revenue from tenants for intangible assets and liabilities for the next five years: (In thousands) 2022 (remainder) 2023 2024 2025 2026 In-place leases, to be included in depreciation and amortization $ 22,303 $ 75,806 $ 58,706 $ 46,892 $ 37,110 Above-market lease intangibles $ 1,644 $ 6,229 $ 5,396 $ 4,555 $ 3,316 Below-market lease liabilities (2,696) (10,700) (10,189) (9,804) (9,344) Total to be included in revenue from tenants $ (1,052) $ (4,471) $ (4,793) $ (5,249) $ (6,028) Deposits for Real Estate Investments The Company did not have any deposits for future acquisitions of real estate investments as of September 30, 2022. As of December 31, 2021, the Company had $41.9 million in deposits for future acquisitions of real estate investments, of which $40.0 million as of December 31, 2021 related to the deposit on the CIM Portfolio Acquisition. Real Estate Held for Sale When assets are identified by management as held for sale, the Company ceases depreciation and amortization of the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets. For additional information on impairment charges, see “ Impairment Charges” section below. One multi-tenant property with a carrying value of $67.1 million was previously under a purchase and sale agreement for disposal and was classified as held for sale as of June 30, 2022. The sale was not completed, and the purchase and sale agreement was terminated during the three months ended September 30, 2022. The Company reevaluated the property, concluded that it no longer qualified as held for sale, and reclassified it as held for use. Accordingly, the Company recorded depreciation and amortization charges on the property to compensate for its time as held for sale. Subsequent to September 30, 2022, the Company entered into an amended purchase and sale agreement for this property for a contract sales price of $64.8 million. The Company again reevaluated this property, and concluded that the property did not meet the criteria for held for sale as of September 30, 2022. The Company recorded further impairment charges on this property of $2.4 million to reflect the reduced recovery value in the three months ended September 30, 2022. As of September 30, 2022, there were four properties under contract to be disposed that have been classified as held for sale, all of which were vacant single-tenant properties formerly leased to Truist Bank. These properties were disposed in October 2022 (see Note 16 — Subsequent Events for additional information). As of December 31, 2021, there was one property, the Company’s Sanofi property, classified as held for sale. This property was disposed on January 6, 2022. The sales of these properties and other properties sold during their respective periods did not represent a strategic shift in the Company’s operations or strategy. Accordingly, the operating results of these properties remained classified within continuing operations for all periods presented. The following table details the major classes of assets associated with the properties that have been reclassified as held for sale as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 (1) December 31, 2021 (2) Real estate investments held for sale, at cost: Land $ 2,593 $ 16,009 Buildings, fixtures and improvements 7,736 194,288 Acquired intangible lease assets — 46,980 Total real estate assets held for sale, at cost 10,329 257,277 Less accumulated depreciation and amortization (1,838) (70,064) Total real estate investments held for sale, net 8,491 187,213 Impairment charges related to properties reclassified as held for sale (6,966) — Assets held for sale $ 1,525 $ 187,213 (1) Consists of four vacant single-tenant properties formerly leased to Truist Bank, all of which were disposed subsequent to September 30, 2022 (see Note 16 — Subsequent Events for additional information). (2) Consists solely of the Sanofi property. Real Estate Sales During the three months ended September 30, 2022, the Company sold eight properties for an aggregate contract price of $35.4 million. These dispositions resulted in an aggregate gain of $1.6 million, which is reflected in gain on sale of real estate investments on the consolidated statement of operations for the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company sold 19 properties, including the Company’s Sanofi property which was held for sale as of December 31, 2021, for an aggregate contract price of $331.0 million. These dispositions resulted in an aggregate gain of $68.6 million, which is reflected in gain on sale of real estate investments on the consolidated statement of operations for the nine months ended September 30, 2022. During the three months ended September 30, 2021, the Company sold three properties for an aggregate contract price of $3.0 million, resulting in a gain of $0.5 million, which is reflected in gain on sale of real estate investments in the consolidated statement of operations for the three months ended September 30, 2021. During the nine months ended September 30, 2021, the Company sold eight properties for an aggregate contract price of $6.1 million, resulting in a gain of $0.8 million, which is reflected in gain on sale of real estate investments in the consolidated statement of operations for the nine months ended September 30, 2021. Real Estate Held for Use When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. For the Company, the most common triggering events are (i) concerns regarding the tenant (i.e., credit or expirations) in the Company’s single-tenant properties, (ii) significant or sustained vacancy in the Company’s multi-tenant properties and (iii) changes to the Company’s expected holding period as a result of business decisions or non-recourse debt maturities. For all of its held for use properties, the Company had reconsidered the projected cash flows due to various performance indicators and, where appropriate, the Company evaluated the impact on its ability to recover the carrying value of such properties based on the expected cash flows over the intended holding period. See “Impairment Charges” below for discussion of specific charges taken. If a triggering event for held for use single-tenant properties is identified, the Company uses either a market approach or an income approach to estimate the future cash flows expected to be generated. The market approach involves evaluating comparable sales of properties in the same geographic region as the held for use properties in order to determine an estimated sale price. The Company makes certain assumptions including, among others, that the properties in the comparable sales used in the analysis share similar characteristics to the held for use properties, and that market and economic conditions at the time of any potential sales of these properties, such as discount rates; demand for space; competition for tenants; changes in market rental rates; and costs to operate the property, would be similar to those in the comparable sales analyzed. Under the income approach, the Company evaluates the impact on its ability to recover the carrying value of such properties based on the expected cash flows over its intended holding period. The Company makes certain assumptions in this approach including, among others, the market and economic conditions, expected cash flow projections, intended holding periods and assessments of terminal values. Where more than one possible scenario exists, the Company uses a probability weighted approach. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses or additional impairment may be realized in the future. Impairment Charges The following table details the impairment charges recorded by segment for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Single-tenant properties: Various vacant single-tenant properties (1) $ 2,390 $ 4,554 $ 10,421 $ 4,645 United Healthcare (2) — — 3,766 — Total single-tenant impairment charges 2,390 4,554 14,187 4,645 Multi-tenant properties: Blankenbaker Plaza (3) (5) — — 3,539 — Brynwood Square (3) (5) 2,032 — 2,032 — The Shoppes at West End (4) (5) 2,395 — 51,955 — Shoppes at Wyomissing (5) 23,229 — 23,229 — Total multi-tenant impairment charges 27,656 — 80,755 — Total impairment charges $ 30,046 $ 4,554 $ 94,942 $ 4,645 (1) For the three and nine months ended September 30, 2022, three and ten properties were impaired, respectively, of which two and nine, respectively, were formerly leased to Truist Bank. For the three and nine months ended September 30, 2021, six and seven properties were impaired, respectively, all of which were formerly leased to Truist Bank. All properties in the three and nine months ended September 30, 2022 were impaired to their fair values as determined by their respective purchase and sale agreements. Six properties in the three and nine months ended September 30, 2021 were impaired to their fair values as determined by their respective purchase and sale agreements, and one property in the nine months ended September 30, 2021 was impaired to its fair value as determined by the income approach. As of September 30, 2022, four impaired properties were classified as held for sale, all of which were disposed subsequent to September 30, 2022 (see Note 16 — Subsequent Events for additional information). (2) This property has been vacant since June 30, 2021 when a tenant did not renew its lease. The Company previously impaired the property by $26.9 million in the three months ended December 31, 2021. This property was impaired to its fair value as determined by the income approach. (3) These properties were recently acquired in the CIM Portfolio Acquisition (see Note 1 — Organization for additional information). (4) This property was formerly classified as held for sale as of June 30, 2022 when it was previously under a purchase and sale agreement for disposal. The purchase and sale agreement was terminated in the three months ended September 30, 2022, and a replacement agreement was entered into subsequent to September 30, 2022, resulting in an incremental impairment recorded in the three months ended September 30, 2022 (see Real Estate Held for Sale above). (5) These properties were impaired to their fair values as determined by their respective purchase and sale agreements.

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net The Company’s mortgage notes payable, net as of September 30, 2022 and December 31, 2021 consisted of the following: Outstanding Loan Amount as of Effective Interest Rate as of Portfolio Encumbered Properties September 30, December 31, September 30, Interest Rate Maturity Anticipated Repayment (In thousands) (In thousands) 2019 Class A-1 Net Lease Mortgage Notes 102 $ 117,770 $ 118,231 3.83 % Fixed May 2049 May 2026 2019 Class A-2 Net Lease Mortgage Notes 108 120,173 120,644 4.52 % Fixed May 2049 May 2029 2021 Class A-1 Net-Lease Mortgage Notes 49 53,821 54,487 2.24 % Fixed May 2051 May 2028 2021 Class A-2 Net-Lease Mortgage Notes 47 92,964 94,113 2.83 % Fixed May 2051 May 2031 2021 Class A-3 Net-Lease Mortgage Notes 33 34,997 35,000 3.07 % Fixed May 2051 May 2028 2021 Class A-4 Net-Lease Mortgage Notes 35 54,995 55,000 3.65 % Fixed May 2051 May 2031 Total Net Lease Mortgage Notes 374 474,720 477,475 Stop & Shop 4 45,000 45,000 3.50 % Fixed Jan. 2030 Jan. 2030 Column Financial Mortgage Notes 364 706,197 715,000 3.79 % Fixed Aug. 2025 Aug. 2025 Bob Evans I 22 22,842 22,842 4.71 % Fixed Sep. 2037 Sep. 2027 Mortgage Loan II 12 210,000 210,000 4.25 % Fixed Jan. 2028 Jan. 2028 Mortgage Loan III 22 33,400 33,400 4.12 % Fixed Jan. 2028 Jan. 2028 Cottonwood Commons (4) 1 19,250 — 4.52 % Fixed Sep. 2023 Sep. 2023 The Marquis (4) 1 8,556 — 3.95 % Fixed May 2023 May 2023 Assumed Multi-Tenant Mortgage I (4) 3 16,700 — 4.68 % Fixed Sep. 2033 Sep. 2023 Assumed Multi-Tenant Mortgage II (4) 4 25,000 — 4.54 % Fixed Feb. 2024 Feb. 2024 Assumed Multi-Tenant Mortgage III (4) 3 31,010 — 3.70 % Fixed Apr. 2023 Apr. 2023 Assumed Multi-Tenant Mortgage IV (4) 4 28,387 — 3.90 % Fixed Apr. 2023 Apr. 2023 Assumed Multi-Tenant Mortgage V (4) 7 60,840 — 3.70 % Fixed Sep. 2023 Sep. 2023 The Plant (4) 1 123,000 — 3.87 % Fixed May 2033 May 2023 McGowin Park (4) 1 39,025 — 4.11 % Fixed May 2024 May 2024 Gross mortgage notes payable 823 1,843,927 1,503,717 3.83 % (1) Deferred financing costs, net of accumulated amortization (2) (34,593) (38,672) Mortgage premiums and (discounts), net (3) (1,801) (115) Mortgage notes payable, net $ 1,807,533 $ 1,464,930 __________ (1) Calculated on a weighted-average basis for all mortgages outstanding as of September 30, 2022. (2) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that it is probable the financing will not close. (3) Mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. (4) The Company assumed this fixed-rate mortgage when it acquired a property in the CIM Portfolio Acquisition during the nine months ended September 30, 2022 with net discounts of $2.3 million. As of September 30, 2022 and December 31, 2021, the Company had pledged $3.0 billion and $2.4 billion in real estate investments, respectively, at cost as collateral for its mortgage notes payable. This real estate is not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable on the properties. In addition, as of September 30, 2022, $2.0 billion in real estate investments, at cost were included in the unencumbered asset pool comprising the borrowing base under the Company’s revolving unsecured corporate credit facility ( see Note 5 — Credit Facility for more details). The asset pool comprising the borrowing base under the credit facility is only available to serve as collateral or satisfy other debts and obligations if it is first removed from the borrowing base under the credit facility. During the third quarter of 2022, the Company assumed $39.0 million of fixed-rate mortgage debt to partially fund the acquisition of the final property from the CIM Portfolio Acquisition. The mortgage bears stated interest of 4.05% and matures in May 2024. In connection with refinancing certain properties, the Company may incur prepayment penalties relating to its prior debt obligations. During the three and nine months ended September 30, 2022 and 2021, no such amounts were incurred. These prepayment penalties, when incurred, are included in acquisition, transaction, and other costs in the consolidated statements of operations. The following table summarizes the scheduled aggregate principal payments on mortgage notes payable based on anticipated maturity dates for the five years subsequent to September 30, 2022 and thereafter: Future Principal Payments (In thousands) Mortgage Notes Credit Facility (1) Senior Notes (2) Total 2022 (remainder) $ 1,593 $ — $ — $ 1,593 2023 289,784 — — 289,784 2024 65,672 — — 65,672 2025 707,867 — — 707,867 2026 116,917 478,000 — 594,917 2027 21,553 — — 21,553 Thereafter 640,541 — 500,000 1,140,541 $ 1,843,927 $ 478,000 $ 500,000 $ 2,821,927 ________ (1) The Credit Facility matures on April 1, 2026, subject to the Company’s right, subject to customary conditions, to extend the maturity date by up to two additional six-month terms. See Note 5 — Credit Facility for additional information. (2) The Senior Notes will mature on September 30, 2028. See Note 6 — Senior Notes, Net for additional information. The Company’s mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of September 30, 2022, the Company was in compliance with all operating and financial covenants under these agreements.

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Credit Facility	Credit Facility The Company has a credit facility (the “Credit Facility”) with BMO Harris Bank, N.A. (“BMO Bank”) as administrative agent, Citizens Bank, N.A. and SunTrust Robinson Humphrey, Inc., as joint lead arrangers, and the other lenders from time to time party thereto. On October 1, 2021, the Company entered into an amendment and restatement of the Credit Facility. Also, upon the closing of the Senior Notes (as defined in Note 6 — Senior Notes, Net ) on October 7, 2021, the Company used a portion of the proceeds to repay all outstanding borrowings under the Credit Facility at the time. The aggregate total commitments after the amendment and restatement of the Credit Facility were increased from $540.0 million to $815.0 million including a $50.0 million sublimit for letters of credit and a $55.0 million sublimit for swingline loans. The Credit Facility includes an uncommitted “accordion feature” permitting the Company, subject to certain exceptions, to increase the commitments under the Credit Facility by up to an additional $435.0 million, subject to obtaining commitments from new lenders or additional commitments from participating lenders and certain customary conditions. The Credit Facility matures on April 1, 2026, subject to the Company’s right, subject to customary conditions, to extend the maturity date by up to two additional six-month terms. Borrowings under the Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty, subject to customary LIBOR breakage costs. The Credit Facility is supported by a pool of eligible unencumbered properties that are owned by the subsidiaries of the OP that serve as Guarantors. The Company may add or remove properties to or from this pool so long as at any time there are at least 15 eligible unencumbered properties with a value of at least $300.0 million, among other things. The amount available for future borrowings under the Credit Facility depends on the amount outstanding thereunder relative to the aggregate commitments; however, the amount the Company may borrow is limited by the financial maintenance covenants described below. The amount available for future borrowings under the Credit Facility is based on the maximum amount of total unsecured indebtedness that could be incurred while maintaining a minimum unsecured interest coverage ratio with respect to the borrowing base, in each case, as of the determination date. During the nine months ended September 30, 2022, the Company borrowed $513.0 million to fund a portion of the purchase price of the 81 properties acquired from the CIM Portfolio Acquisition, $35.0 million of which the Company repaid during the nine months ended September 30, 2022 using proceeds from its dispositions. As of September 30, 2022, the Company had a total borrowing capacity under the Credit Facility of $517.9 million based on the value of the borrowing base under the Credit Facility, and of this amount, $478.0 million was outstanding under the Credit Facility as of September 30, 2022 and $39.9 million remain ed available for future borrowings. The Credit Facility currently requires payments of interest only prior to maturity. Borrowings under the Credit Facility bear interest at either (i) the Base Rate (as defined in the Credit Facility) plus an applicable spread ranging from 0.45% to 1.05%, or (ii) LIBOR plus an applicable spread ranging from 1.45% to 2.05%, in each case depending on the Company’s consolidated leverage ratio. In addition, (i) if the Company or the OP achieves an investment grade credit rating, the OP can elect for the spread to be based on the credit rating of the Company or the OP, and (ii) the “floor” on LIBOR is 0%. As of September 30, 2022, the weighted-average interest rate under the Credit Facility was 5.09%. As of December 31, 2021, there were no amounts outstanding under the Credit Facility. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to LIBOR in derivatives and other financial contracts. On March 5, 2021, the Financial Conduct Authority confirmed a partial extension of this deadline, announcing that it will cease the publication of the one-week and two-month USD LIBOR settings immediately following December 31, 2021. The remaining USD LIBOR settings will continue to be published through June 30, 2023. The Company is not able to predict when there will be sufficient liquidity in the SOFR market. The Company is monitoring and evaluating the risks related to changes in LIBOR availability, which include potential changes in interest paid on debt and amounts received and paid on interest rate swaps. In addition, the value of debt or derivative instruments tied to LIBOR will also be impacted as LIBOR is limited and discontinued and contracts must be transitioned to a new alternative rate. While the Company expects LIBOR to be available in substantially its current form until at least June 30, 2023, it is possible that LIBOR will become unavailable prior to that time. This could occur, for example, if a sufficient number of banks decline to make submissions to the LIBOR administrator. The Credit Facility contains language governing the establishment of a replacement benchmark index to serve as an alternative to LIBOR, when necessary. Any subsidiary owning property that is included in the borrowing base is required to guarantee the OP’s obligations under the Credit Facility. This includes any wholly-owned domestic subsidiary of the OP that directly or indirectly owns or leases a real estate asset added to the pool of eligible unencumbered properties. For any Guarantor subsidiary of the OP, this guarantee will be released if the Company or the OP achieves an investment grade credit rating, but will again be required (i) if either the Company or the OP loses its investment grade credit rating, or (ii) with respect to any Guarantor subsidiary of the OP, for so long as the subsidiary is the primary obligor under or provides a guaranty to any holder of unsecured indebtedness. The Credit Facility contains various customary operating covenants, including covenants restricting, among other things, restricted payments (including dividends and share repurchases), the incurrence of liens, the types of investments the Company may make, fundamental changes, agreements with affiliates and changes in nature of business. The amended and restated Credit Facility also (i) continues to have financial maintenance covenants with respect to maximum consolidated leverage, maximum consolidated secured leverage, minimum fixed charge coverage, and minimum net worth, (ii) amended the maximum recourse debt to total asset value covenant to refer instead to secured recourse debt, and (iii) added new financial maintenance covenants with respect to maximum consolidated unsecured leverage and adjusted net operating income for the pool of eligible unencumbered properties required to be maintained under the Credit Facility to debt service paid on unsecured indebtedness. Under the Credit Facility, subject to certain exceptions, the Company is not permitted to pay distributions, including cash dividends on equity securities, including the Company’s 7.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”) and 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series C Preferred Stock”), in an aggregate amount exceeding 95% of AFFO (as defined in the Credit Facility) for any look-back period of four consecutive fiscal quarters without seeking consent from the lenders under the Credit Facility. However, the Credit Facility also permits the Company to pay distributions in an aggregate amount not exceeding 105% of AFFO for any applicable period if, as of the last day of the period, the Company was able to satisfy a maximum leverage ratio after giving effect to the payments and also has amounts available for future borrowings under the Credit Facility of not less than $60.0 million. Moreover, if applicable, during the continuance of an event of default under the Credit Facility, the Company could not pay dividends or other distributions in excess of the amount necessary for the Company to maintain its status as a REIT. As of September 30, 2022, the Company was in compliance with the operating and financial covenants under the Credit Facility.

Senior Notes, Net

Senior Notes, Net	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Senior Notes, Net	Senior Notes, Net On October 7, 2021, the Company and the OP issued $500.0 million aggregate principal amount of 4.50% Senior Notes due 2028 (the “Senior Notes”). The Company, the OP and their subsidiaries that guarantee the Senior Notes entered into an indenture with U.S. Bank National Association, as trustee. As of September 30, 2022 and December 31, 2021, the carrying value of the Senior Notes on the Company’s consolidated balance sheets totaled $492.0 million and $491.0 million, respectively, which is net of $8.0 million and $9.0 million of deferred financing costs, respectively. The Senior Notes, which were issued at par, will mature on September 30, 2028 and accrue interest at a rate of 4.500% per year. Interest on the Senior Notes, which began to accrue on October 7, 2021, is payable semi-annually in arrears on March 30 and September 30 of each year. The Senior Notes do not require any principal payments prior to maturity. As of September 30, 2022, the Company was in compliance with the covenants under the Indenture governing the Senior Notes. Additional information on the terms of the Senior Notes can be found in the Company’s 2021 Annual Report on Form 10-K filed with the SEC on February 24, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred sources of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. 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. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets and liabilities. The Company’s policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the end of the reporting period. There were no transfers between levels of the fair value hierarchy during the three months ended September 30, 2022 and 2021. Financial Instruments Measured at Fair Value on a Recurring Basis Derivative Instruments The Company’s derivative instruments are measured at fair value on a recurring basis. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with this derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of September 30, 2022, the Company does not have any derivatives, but would assess the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions if it had any. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Real Estate Investments Measured at Fair Value on a Non-Recurring Basis Real Estate Investments - Held for Sale The Company has had impaired real estate investments classified as held for sale (see Note 3 — Real Estate Investments for additional information on impairment charges recorded by the Company). There were four impaired real estate investments held for sale as of September 30, 2022 and there were no impaired real estate investments held for sale as of December 31, 2021. The carrying value of impaired real estate investments held for sale on the consolidated balance sheets represents their estimated fair value less cost to sell. Impaired real estate investments held for sale are generally classified in Level 3 of the fair value hierarchy. Real Estate Investments - Held for Use The Company has had impaired real estate investments classified as held for use at the time of impairment (see Note 3 — Real Estate Investments for additional information on impairment charges recorded by the Company). The carrying value of these held for use impaired real estate investments on the consolidated balance sheets represents their estimated fair value at the time of impairment. The Company primarily uses a market approach to estimate the future cash flows expected to be generated. Impaired real estate investments which are held for use are generally classified in Level 3 of the fair value hierarchy. Financial Instruments that are not Reported at Fair Value The carrying value of short-term financial instruments such as cash and cash equivalents, restricted cash, prepaid expenses and other assets, accounts payable and accrued expenses and dividends payable approximates their fair value due to their short-term nature. As of September 30, 2022, the carrying value of advances to the Company under the Credit Facility was $478.0 million, and as of December 31, 2021, there were no amounts outstanding under the Credit Facility. The fair value of the advances to the Company under the Credit Facility was $476.4 million as of September 30, 2022, due to the widening of the credit spreads during the period. The carrying values of the Company’s mortgage notes payable as of September 30, 2022 and December 31, 2021 were $1.8 billion and $1.5 billion , respectively, and the fair values were $1.7 billion and $1.5 billion, respectively. The fair value of gross mortgage notes payable is based on estimates of market interest rates. This approach relies on unobservable inputs and therefore is classified as Level 3 in the fair value hierarchy. As of September 30, 2022 and December 31, 2021, the Company’s Senior Notes had a gross carrying value of $500.0 million in each period and fair values of $386.9 million and $504.4 million, respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its related parties may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company entered into an interest rate swap on September 1, 2020 in a notional amount of $125.0 million. The interest rate swap became effective on October 13, 2020, and fixed the interest rate on a mortgage loan that was refinanced on September 4, 2020. The interest rate swap fixed interest on the mortgage at an effective interest rate of 3.27% and was to expire in July 2026. This interest rate swap was terminated in the fourth quarter of 2021 when the mortgage loan was repaid and the Company received $2.1 million as a result of the termination. Following the termination, the Company reclassified approximately $2.1 million from AOCI (as defined below) as a reduction to interest expense in the Company’s consolidated statement of operations in the fourth quarter of 2021. As a result, the Company had no derivative financial instruments outstanding as of September 30, 2022 and December 31, 2021. Cash Flow Hedges of Interest Rate Risk As of September 30, 2022 and December 31, 2021, the Company did not have any derivatives that were designated as cash flow hedges of interest rate risk, however, the Company did have derivative activity (see table below) during the three and nine months ended September 30, 2021. The Company’s objectives in using interest rate derivatives have historically been to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive loss (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Amount of gain recognized in AOCI on interest rate derivatives $ — $ 24 $ — $ 1,943 Amount of (loss) reclassified from AOCI into income as interest expense $ — $ (74) $ — $ (208) Total amount of interest expense presented in the consolidated income statements $ 32,402 $ 19,232 $ 84,471 $ 58,927 Non-Designated Derivatives As of September 30, 2022 and December 31, 2021, the Company did not have any outstanding derivatives that were not designated as hedges under qualifying hedging relationships. These derivatives have historically been used to manage the Company’s exposure to interest rate movements, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. These derivatives also include other instruments that do not qualify for hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company recorded an immaterial loss on non-designated hedging relationships during the three and nine months ended September 30, 2021. The Company did not record any gains or losses during the three and nine months ended September 30, 2022 since the Company did not have any derivatives that were not designated as hedges in qualifying hedging relationships. Embedded Derivative The purchase and sale agreement for the CIM Portfolio Acquisition (see Note 3 — Real Estate Investments for more information) included the planned issuance of shares of the Company’s Class A common stock or Class A Units in the OP of $50.0 million in fair value at issuance ($53.4 million in contractual value). The Company ultimately issued 6,450,107 shares of Class A common stock to the Seller in the first and second closings of the CIM Portfolio Acquisition during the three months ended March 31, 2022. The number of shares issued at the applicable closing were based on the value of the shares or units that were issuable at such closing divided by the per-share volume weighted average price of the Company’s Class A common stock measured over a five-day consecutive trading period immediately preceding (but not including) the date on which written notice for the closing

Mezzanine Equity and Total Equi

Mezzanine Equity and Total Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Mezzanine Equity and Total Equity	Mezzanine Equity and Total Equity Mezzanine Equity Shares Formerly Subject to Repurchase During the three months ended March 31, 2022, as part of the CIM Portfolio Acquisition, the Company issued a total of 6,450,107 shares of its Class A common stock to the Seller which had a value of $50.0 million, for accounting purposes, using the stock prices at the respective dates of issuance. The Company was required to register the resale of these shares, which it did in April 2022, and was required to subsequently maintain the effectiveness of that resale registration through the termination of the repurchase right. Otherwise, the Company could have been required to repurchase the securities for $53.4 million. The Seller’s repurchase right terminated on August 25, 2022 (six months following the date of the final issuance). Accordingly, during the three months ended September 30, 2022, these securities were reclassified from mezzanine equity to permanent equity. Total Equity Common Stock As of September 30, 2022 and December 31, 2021, the Company had 134.2 million and 123.8 million shares, respectively, of Class A common stock outstanding including restricted shares of Class A common stock (“restricted shares”) and excluding LTIP Units. LTIP Units may ultimately be convertible into shares of Class A common stock in the future if certain conditions are met. As more fully discussed in Note 8 – Derivative Financial Instruments , the Company issued 6,450,107 shares aggregating to $53.4 million in Class A Common Stock in connection with the CIM Portfolio Acquisition during the three months ended March 31, 2022. Distribution Reinvestment Plan Effective on the Listing Date, an amendment and restatement of the then effective distribution reinvestment plan approved by the Company’s board of directors became effective (the “DRIP”). The DRIP allows stockholders who have elected to participate in the DRIP to have dividends payable with respect to all or a portion of their shares of Class A common stock reinvested in additional shares of Class A common stock. Shares issued pursuant to the DRIP represent shares that are, at the election of the Company, either (i) acquired directly from the Company, which would issue new shares, at a price based on the average of the high and low sales prices of Class A common stock on Nasdaq on the date of reinvestment, or (ii) acquired through open market purchases by the plan administrator at a price based on the weighted-average of the actual prices paid for all of the shares of Class A common stock purchased by the plan administrator with all participants’ reinvested dividends for the related quarter, less a per share processing fee. Shares issued pursuant to the DRIP are recorded within stockholders’ equity in the accompanying consolidated balance sheets in the period dividends are declared. During the three and nine months ended September 30, 2022 and 2021, all shares acquired by participants pursuant to the DRIP were acquired through open market purchases by the plan administrator and not acquired from the Company. ATM Program — Class A Common Stock In May 2019, the Company established an “at the market” equity offering program for its Class A common stock (the “Class A Common Stock ATM Program”), which was last updated in August 2022, pursuant to which the Company may from time to time, offer, issue and sell to the public up to $450.0 million in shares of Class A common stock, through sales agents. The Company sold 997,230 shares of Class A common stock through its Class A Common Stock ATM Program during the three months ended September 30, 2022, which generated $8.0 million of gross proceeds, and net proceeds of $7.9 million after commissions, fees and other offering costs incurred of $0.1 million. The Company sold 3,762,559 shares of Class A common stock through its Class A Common Stock ATM Program during the nine months ended September 30, 2022, which generated $33.0 million of gross proceeds, and net proceeds of $32.5 million after commissions, fees and other offering costs incurred of $0.5 million. The Company sold 5,822,614 shares of Class A common stock through its Class A Common Stock ATM Program during the three months ended September 30, 2021, which generated $49.9 million of gross proceeds, and net proceeds of $49.1 million after commissions and fees of $0.8 million. The Company sold 14,456,837 shares of Class A common stock through its Class A Common Stock ATM program during the nine months ended September 30, 2021, which generated $128.2 million of gross proceeds, and net proceeds of $126.1 million after commissions and fees of $2.1 million. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock, of which it has classified and designated 12,796,000 as authorized shares of its Series A Preferred Stock, 120,000 as authorized shares of its Series B Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”) and 11,536,000 as authorized shares of its Series C Preferred Stock as of September 30, 2022. • The Company had 7,933,711 shares of its Series A Preferred Stock issued and outstanding as of September 30, 2022 and December 31, 2021. • No shares of Series B Preferred Stock were issued or outstanding as of September 30, 2022 or December 31, 2021. • The Company had 4,595,175 and 4,594,498 shares of its Series C Preferred Stock issued and outstanding as of September 30, 2022 and December 31, 2021, respectively. ATM Program — Series A Preferred Stock In May 2019, the Company established an “at the market” equity offering program for its Series A Preferred Stock (the “Series A Preferred Stock ATM Program”), which was last updated in August 2021, pursuant to which the Company may, from time to time, offer, issue and sell to the public, through sales agents, shares of the Series A Preferred Stock having an aggregate offering price of up to $200.0 million. • The Company did not sell any shares of its Series A Preferred Stock during the three and nine months ended September 30, 2022. • The Company did not sell any shares of its Series A Preferred Stock during the three months ended September 30, 2021. During the nine months ended September 30, 2021, the Company sold 91,703 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $2.3 million and net proceeds of $2.3 million, after commissions, fees, and other costs incurred of approximately $35,000. ATM Program — Series C Preferred Stock In January 2021, the Company established an “at the market” equity offering program for its Series C Preferred Stock (the “Series C Preferred Stock ATM Program”), which was last updated in August 2021, pursuant to which the Company may, from time to time, offer, issue and sell to the public, through sales agents, shares of the Series C Preferred Stock having an aggregate offering price of up to $200.0 million. • The Company did not sell any shares of Series C Preferred Stock under the Series C Preferred Stock ATM Program during the three months ended September 30, 2022. The Company sold 677 shares of Series C Preferred Stock under the Series C Preferred Stock ATM Program during the nine months ended September 30, 2022, which did not generate material proceeds. • The Company did not sell any shares of Series C Preferred Stock during the three months ended September 30, 2021. During the nine months ended September 30, 2021, the Company sold 1,058,798 shares of Series C Preferred Stock under the Series C Preferred Stock ATM Program for gross proceeds of $26.5 million and net proceeds of $25.6 million, after commissions and fees paid of approximately $0.9 million. Stockholder Rights Plan In April 2020, the Company announced that its board of directors approved a stockholder rights plan (the “Plan”) to protect the long-term interests of the Company. The Company adopted the Plan due to the substantial volatility in the trading of the Company’s Class A common stock that has resulted from the ongoing COVID-19 pandemic. The adoption of the Plan is intended to allow the Company to realize the long-term value of the Company’s assets by protecting the Company from the actions of third parties that the Company’s board of directors determines are not in the best interest of the Company. The Company’s Plan is designed to reduce the likelihood that any person or group (including a group of persons that are acting in concert with each other) would gain control of the Company through open market accumulation of stock by imposing significant penalties upon any person or group that acquires 4.9% or more of the outstanding shares of Class A common stock without the approval of the Company’s board of directors. In connection with the adoption of the Plan, the Company’s board of directors authorized a dividend of one preferred share purchase right for each outstanding share of Class A common stock to stockholders of record on April 23, 2020 to purchase from the Company one one-thousandth of a share of Series B Preferred Stock for an exercise price of $35.00 per one-thousandth of a share, once the rights become exercisable, subject to adjustment as provided in the related rights agreement. By the terms of the Plan, the rights will initially trade with Class A common stock and will generally only become exercisable on the 10th business day after the Company’s board of directors becomes aware that a person or entity has become the owner of 4.9% or more of the shares of Class A common stock or the commencement of a tender or exchange offer which would result in the offeror becoming an owner of 4.9% or more of the Class A common stock. In February 2021, the expiration date of these rights was extended to April 12, 2024 unless earlier exercised, exchanged, amended, redeemed or terminated. Non-Controlling Interest Non-controlling interests resulted from the issuance of OP Units in conjunction with the merger with American Realty Capital-Retail Centers of America, Inc. (“RCA”) in February 2017 (the “Merger”) and were recognized at fair value as of the effective time of the Merger on February 16, 2017. In addition, under the 2021 OPP, the OP issued LTIP Units, which are also reflected as part of non-controlling interest as of September 30, 2022 and December 31, 2021. See Note 13 — Equity Based Compensation - Multi-Year Outperformance Agreement for more information regarding the LTIP Units and related accounting. On May 4, 2021, the Company’s independent directors, acting as a group, authorized the issuance of a new award of LTIP Units pursuant to the 2021 OPP to the Advisor after the performance period under the 2018 OPP expired on July 19, 2021. Accordingly, these new LTIP Units are reflected in non-controlling interest on the Company’s balance sheet or statement of equity as of September 30, 2022. For additional information, see Note 13 — Equity-Based Compensation relating to the accounting impacts of (i) the end of the performance period under the 2018 OPP and the forfeiture of all LTIP Units awarded thereunder, and (ii) the beginning of the performance period under the 2021 OPP and the grant of an award of LTIP Units thereunder. As of September 30, 2022 and December 31, 2021, non-controlling interest was comprised of the following components: (In thousands) September 30, 2022 December 31, 2021 Non-controlling interest attributable to LTIP Units $ 17,896 $ 8,368 Non-controlling interest attributable to Class A Units 1,650 2,056 Total non-controlling interest $ 19,546 $ 10,424 Following the end of the performance period under the 2018 OPP on July 19, 2021, the compensation committee of the board of directors of the Company determined that none of the 4,496,796 of the LTIP Units subject to the 2018 OPP had been earned, and these LTIP Units were thus automatically forfeited. On that date, the Company reclassified $34.8 million of amounts reflected in non-controlling interest for these LTIP Units to additional paid in capital on its consolidated balance sheet and consolidated statement of changes in equity.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lessee Arrangements - Ground Leases The Company is a lessee in ground lease agreements for seven of its properties. The ground leases have lease durations, including assumed renewals, ranging from 15.3 years to 32.9 years as of September 30, 2022. As of September 30, 2022, the Company’s balance sheet includes operating lease right-of-use assets and operating lease liabilities of $18.0 million and $19.2 million, respectively. In determining operating ROU assets and lease liabilities for the Company’s existing operating leases upon the initial adoption of the new lease guidance in 2019, as well as for new operating leases entered into after adoption, the Company estimated an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Because the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company did not enter into any additional ground leases during the three and nine months ended September 30, 2022. The Company’s operating ground leases have a weighted-average remaining lease term, including assumed renewals, of 26.3 years and a weighted-average discount rate of 7.5% as of September 30, 2022. For the three and nine months ended September 30, 2022 and 2021, the Company paid cash of $0.5 million and $1.2 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.5 million and $1.4 million, respectively. The lease expense is recorded on a straight-line basis in property operating expenses in the consolidated statements of operations and comprehensive loss. The following table reflects the base cash rental payments due from the Company as of September 30, 2022: (In thousands) Future Base Rent Payments 2022 (remainder) $ 352 2023 1,549 2024 1,560 2025 1,598 2026 1,628 Thereafter 42,730 Total lease payments 49,417 Less: Effects of discounting (30,264) Total present value of lease payments $ 19,153 Litigation and Regulatory Matters On February 8, 2018, Carolyn St. Clair-Hibbard, a purported stockholder of the Company, filed a putative class action complaint in the United States District Court for the Southern District of New York against the Company, AR Global, the Advisor, and both individuals who previously served as the Company’s chief executive officer and chair of the board of directors (the “Former Chairmen”). On February 23, 2018, the complaint was amended to, among other things, assert some claims on the plaintiff’s own behalf and other claims on behalf of herself and other similarly situated stockholders of the Company as a class. On April 26, 2018, defendants moved to dismiss the amended complaint. On May 25, 2018, the plaintiff filed a second amended complaint. The second amended complaint alleged that the proxy materials used to solicit stockholder approval of the Merger at the Company’s 2017 annual meeting were materially incomplete and misleading. The complaint asserted violations of Section 14(a) of the Exchange Act against the Company, as well as control person liability against the Advisor, AR Global, and the Former Chairmen under Section 20(a) of the Exchange Act. It also asserted state law claims for breach of fiduciary duty against the Advisor, and claims for aiding and abetting such breaches, of fiduciary duty against the Advisor, AR Global and the Former Chairmen. The complaint sought unspecified damages, rescission of the Company’s advisory agreement with the Advisor (the “Advisory Agreement”) (or severable portions thereof) which became effective when the Merger became effective, and a declaratory judgment that certain provisions of the Advisory Agreement were void. The Company believed the second amended complaint was without merit and defended it vigorously. On June 22, 2018, the defendants moved to dismiss the second amended complaint. On August 1, 2018, the plaintiff filed an opposition to the defendants’ motions to dismiss. The defendants filed reply papers on August 22, 2018, and oral argument was held on September 26, 2018. On September 23, 2019, the Court granted defendants’ motions and dismissed the complaint with prejudice, and the plaintiff appealed. On May 5, 2020, the United States Court of Appeals for the Second Circuit affirmed the lower court’s dismissal of the complaint. On October 26, 2018, Terry Hibbard, a purported stockholder of the Company, filed a putative class action complaint in New York State Supreme Court, New York County, against the Company, AR Global, the Advisor, the Former Chairmen, the Company’s chief financial officer at the time of the Merger and each of the Company’s directors immediately prior to the Merger. All of the directors immediately prior to the Merger, except for David Gong, currently serve as directors of the Company. The complaint alleged that the registration statement pursuant to which RCA shareholders acquired shares of the Company during the Merger contained materially incomplete and misleading information. The complaint asserted violations of Section 11 of the Securities Act of 1933, as amended (the “Securities Act”) against the Company’s chief financial officer at the time of the Merger and each of the Company’s directors immediately prior to the Merger, violations of Section 12(a)(2) of the Securities Act against the Company and the Company’s current chief executive officer, president and chair of the board of directors, and control person liability against the Advisor, AR Global and the Former Chairmen under Section 15 of the Securities Act. The complaint sought unspecified damages and rescission of the Company’s sale of stock pursuant to the registration statement. On March 6, 2019, Susan Bracken, Michael P. Miller and Jamie Beckett, purported stockholders of the Company, filed a putative class action complaint in New York State Supreme Court, New York County, on behalf of themselves and others who purchased shares of common stock through the Company’s then effective distribution reinvestment plan, against the Company, AR Global, the Advisor, the Former Chairmen, the Company’s chief financial officer at the time of the Merger and each of the Company’s directors immediately prior to the Merger. The complaint alleged that the April and December 2016 registration statements pursuant to which class members purchased shares contained materially incomplete and misleading information. The complaint asserted violations of Section 11 of the Securities Act against the Company, the Company’s chief financial officer at the time of the Merger and each of the Company’s directors immediately prior to the Merger, violations of Section 12(a)(2) of the Securities Act against the Company and the Company’s current chief executive officer, president and chair of the board of directors, and control person liability against the Advisor, AR Global and the Former Chairmen under Section 15 of the Securities Act. The complaint sought unspecified damages and either rescission of the Company’s sale of stock or rescissory damages. On April 30, 2019, Lynda Callaway, a purported stockholder of the Company, filed a putative class action complaint in New York State Supreme Court, New York County, against the Company, AR Global, the Advisor, the Former Chairmen, the Company’s chief financial officer at the time of the Merger and each of the Company’s directors immediately prior to the Merger. The complaint alleged that the registration statement pursuant to which the plaintiff and other class members acquired shares of the Company during the Merger contained materially incomplete and misleading information. The complaint asserted violations of Section 11 of the Securities Act against the Company, the Company’s chief financial officer at the time of the Merger and each of the Company’s directors immediately prior to the Merger, violations of Section 12(a)(2) of the Securities Act against the Company and the Company’s current chief executive officer, president and chair of the board of directors, and control person liability under Section 15 of the Securities Act against the Advisor, AR Global, and the Former Chairmen. The complaint sought unspecified damages and rescission of the Company’s sale of stock pursuant to the registration statement. On July 11, 2019, the New York State Supreme Court issued an order consolidating the three above-mentioned cases: Terry Hibbard, Bracken, and Callaway (the “Consolidated Cases”). The Court also stayed the Consolidated Cases pending a decision on the motions to dismiss in the St. Clair-Hibbard litigation pending in the United States District Court for the Southern District of New York. Following the federal court’s decision on the St. Clair-Hibbard motions to dismiss, on October 31, 2019 the plaintiffs filed an amended consolidated class action complaint in the Consolidated Cases seeking substantially similar remedies from the same defendants. The Company moved to dismiss the amended consolidated complaint on December 16, 2019. After the parties completed briefing on this motion, the United States Court of Appeals for the Second Circuit issued its decision affirming dismissal of the St. Clair-Hibbard action. The plaintiffs moved to amend their complaint, purportedly to limit it to claims still viable in spite of the results of the federal action. The proposed second amended complaint no longer contains direct claims against the Company. Instead, the plaintiffs seek to pursue state law claims derivatively against the Advisor, AR Global, the Company’s initial chief executive officer and chair of the board of directors, the Company’s current directors and David Gong, a former director, with the Company as a nominal defendant. On December 20, 2021, the Court denied the plaintiffs’ motion to amend and dismissed the litigation. On January 26, 2022, the plaintiffs filed a notice of appeal from the Court’s decision. The plaintiffs filed the record and opening brief on that appeal on October 26, 2022. There are no other material legal or regulatory proceedings pending or known to be contemplated against the Company. During the three and nine months ended September 30, 2022, the Company did not incur any litigation costs related to the above matters. During the three months ended September 30, 2021, the Company did not incur any litigation costs related to the above litigation and during the nine months ended September 30, 2021, the Company incurred litigation costs of approximately $30,000. A portion of these litigation costs were subject to a claim for reimbursement under the insurance policies maintained by the Company (the “Policies”). There were no such reimbursements recorded during the three and nine months ended September 30, 2022 or 2021. The Policies were subject to other claims that had priority over the Company’s claim for reimbursement, and have been exhausted. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on its financial position or results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements Fees and Participations Incurred in Connection with the Operations of the Company Summary of Advisory Agreement The initial term of the Advisory Agreement expires on April 29, 2035. This term is automatically renewed for successive 20-year terms upon expiration unless the Advisory Agreement is terminated (1) in accordance with an Internalization (as defined below), (2) by the Company or the Advisor with cause, without penalty, with 60 days’ notice, (3) by the Advisor for (a) a failure to obtain a satisfactory agreement for any successor to the Company to assume and agree to perform obligations under the Advisory Agreement or (b) any material breach of the Advisory Agreement of any nature whatsoever by the Company, or (4) by the Advisor in connection with a change of control of the Company. Upon the termination of the Advisory Agreement, the Advisor will be entitled to receive from the Company all amounts due to the Advisor, as well as the then-present fair market value of the Advisor’s interest in the Company. The Advisory Agreement grants the Company the right to internalize the services provided under the Advisory Agreement (“Internalization”) and to terminate the Advisory Agreement pursuant to a notice received by the Advisor as long as (i) more than 67% of the Company’s independent directors have approved the Internalization; and (ii) the Company pays the Advisor an Internalization fee equal to (1) $15.0 million plus (2) either (x) if the Internalization occurs on or before December 31, 2028, the Subject Fees (as defined below) multiplied by 4.5 or (y) if the Internalization occurs on or after January 1, 2029, the Subject Fees multiplied by 3.5 plus (3) 1.0% multiplied by (x) the purchase price of properties or other investments acquired after the end of the fiscal quarter in which the notice of Internalization is received by the Advisor and prior to the Internalization and (y) without duplication, the cumulative net proceeds of any equity raised by the Company during the period following the end of the fiscal quarter in which notice is received and the Internalization. The “Subject Fees” are equal to (i) the product of four multiplied by the sum of (A) the actual base management fee (including both the fixed and variable portion thereof) plus (B) the actual variable management fee, in each of clauses (A) and (B), payable for the fiscal quarter in which the notice of Internalization is received by the Advisor, plus, (ii) without duplication, the annual increase in the base management fee resulting from the cumulative net proceeds of any equity raised in respect of the fiscal quarter in which the notice of Internalization is received by the Advisor. Up to 10% of the Internalization fee may be payable in shares of Class A common stock subject to certain conditions. 2020 Advisory Agreement Amendment On March 30, 2020, the Company entered into Amendment No. 3 to the Advisory Agreement, by and among the OP and the Advisor. Amendment No. 3 revised the section of the Advisory Agreement to temporarily lower the quarterly thresholds of Core Earnings Per Adjusted Share (as defined in the Advisory Agreement) the Company must reach on a quarterly basis for the Advisor to receive the Variable Management Fee (as defined in the Advisory Agreement). For additional information, see the “Asset Management Fees and Incentive Variable Management Fees” section below. 2021 Advisory Agreement Amendment On January 13, 2021, the Company entered into Amendment No. 4 to the Advisory Agreement, by and among the OP and the Advisor, to extend the expiration of the modified quarterly thresholds established by Amendment No. 3 to the Advisory Agreement. The Company had to reach these thresholds on a quarterly basis for the Advisor to receive the variable management fee from the end of the fiscal quarter ended December 31, 2020 to the end of the fiscal quarter ended December 31, 2021. For additional information, see the “Asset Management Fees and Incentive Variable Management Fees” section below. In-Sourced Expenses The Advisor is reimbursed for costs it incurs in providing investment-related services, or “in-sourced expenses.” These in-sourced expenses may not exceed 0.5% of the contract purchase price of each acquired property or 0.5% of the amount advanced for a loan or other investment. Additionally, the Company has paid and may continue to pay third party acquisition expenses. The aggregate amount of acquisition expenses, including in-sourced expenses, may not exceed 4.5% of the contract purchase price of the Company’s portfolio or 4.5% of the amount advanced for all loans or other investments and this threshold has not been exceeded through September 30, 2022. The Company incurred $7,000 and $0.4 million of acquisition expenses and related cost reimbursements for the three and nine months ended September 30, 2022, respectively, and $23,000 and $42,000 for the three and nine months ended September 30, 2021, respectively. Asset Management Fees and Incentive Variable Management Fees The Company pays the Advisor a base management fee, which includes a fixed and variable portion, and, if certain performance thresholds are met, an incentive variable management fee. Under the Advisory Agreement, the fixed portion of the base management fee is $24.0 million annually. If the Company acquires (whether by merger, consolidation or otherwise) any other REIT, that is advised by an entity that is wholly-owned, directly or indirectly, by AR Global, other than any joint venture, (a “Specified Transaction”), the fixed portion of the base management fee will be increased by an amount equal to the consideration paid for the acquired company’s equity multiplied by 0.0031 for the first year following the Specified Transaction, 0.0047 for the second year and 0.0062 thereafter. The variable portion of the base management fee is a monthly fee equal to one-twelfth of 1.25% of the cumulative net proceeds of any equity raised by the Company and its subsidiaries from and after the initial effective date of the Advisory Agreement on February 16, 2017. Base management fees, including the variable portion, are included in asset management fees to related party on the consolidated statements of operations. The Company incurred $7.9 million and $24.1 million during the three and nine months ended September 30, 2022, respectively, and $9.9 million and $25.1 million during the three and nine months ended September 30, 2021, respectively, in base management fees (including both the fixed and variable portion) and incentive management fees. In addition, under the Advisory Agreement, the Company is required to pay the Advisor an incentive variable management fee equal to the product of (1) the fully diluted shares of common stock outstanding multiplied by (2) (x) 15.0% of the applicable quarter’s Core Earnings (as defined below) per share in excess of $0.275 per share plus (y) 10.0% of the applicable quarter’s Core Earnings per share in excess of $0.3125 per share, in each case as adjusted for changes in the number of shares of common stock outstanding. The definition of Adjusted Outstanding Shares (as defined in the Advisory Agreement), which is used to calculate Core Earnings per share, is based on the Company’s reported diluted weighted-average shares outstanding. In accordance with Amendment No. 3 to the Advisory Agreement, for the quarters ending June 30, 2020, September 30, 2020 and December 31, 2020, the low and high thresholds were reduced from $0.275 and $0.3125, respectively, to $0.23 and $0.27, respectively. On January 13, 2021, the Company entered into Amendment No. 4 to the Advisory Agreement to extend the expiration of these thresholds from the fiscal quarter ended December 31, 2020 to the fiscal quarter ended December 31, 2021 in light of the continued economic impact of the COVID-19 pandemic. Core Earnings is defined as, for the applicable period, net income or loss computed in accordance with GAAP excluding non-cash equity compensation expense, the incentive management fee, acquisition and transaction related fees and expenses, financing related fees and expenses, depreciation and amortization, realized gains and losses on the sale of assets, any unrealized gains or losses or other non-cash items recorded in net income or loss for the applicable period, regardless of whether such items are included in other comprehensive loss, or in net income, one-time events pursuant to changes in GAAP and certain non-cash charges, impairment losses on real estate related investments and other than temporary impairments of securities, amortization of deferred financing costs, amortization of tenant inducements, amortization of straight-line rent, amortization of market lease intangibles, provision for loss loans, and other non-recurring revenue and expenses (in each case after discussions between the Advisor and the independent directors and the approval of a majority of the independent directors). The incentive management fee is payable to the Advisor or its assignees in cash or shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor and the value of any share to be determined by the Advisor acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. The Company did not incur any incentive management fees for the three months ended September 30, 2022, and incurred $0.4 million of incentive management fees for the nine months ended September 30, 2022. During the three and nine months ended September 30, 2021, the Company incurred $2.3 million and $3.0 million of incentive management fees, respectively. Property Management Fees The Company has a property management agreement (the “Multi-Tenant Property Management Agreement”), a leasing agreement (the “Multi-Tenant Leasing Agreement”) and a net lease property management and leasing agreement (the “Net Lease Property Management Agreement”) with the Property Manager. The Multi-Tenant Property Management Agreement, the Multi-Tenant Leasing Agreement and the Net Lease Property Management Agreement each became effective on February 16, 2017. In connection with the Net Lease Mortgage Notes, the Issuers have entered into the Property Management and Servicing Agreement (as amended from time to time, the “ABS Property Management Agreement”), with the Property Manager, KeyBank National Association (“KeyBank”), as back-up property manager, and Citibank, N.A. as indenture trustee. See Note 4 — Mortgage Notes Payable, Net for additional information regarding the Notes. The Multi-Tenant Property Management Agreement provides that, unless a property is subject to a separate property management agreement with the Property Manager, the Property Manager is the sole and exclusive property manager for the Company’s multi-tenant properties, which are generally anchored, retail properties, such as power centers and lifestyle centers. In December 2017, in connection with a $210.0 million mortgage loan secured by 12 of the Company’s retail properties, the Company entered into 12 identical property management agreements with the Property Manager, the substantive terms of which are substantially identical to the terms of the Multi-Tenant Property Management Agreement, except they do not provide for the transition fees described below. The Multi-Tenant Property Management Agreement entitles the Property Manager to a management fee equal to 4.0% of the gross rental receipts from the multi-tenant properties, including common area maintenance reimbursements, tax and insurance reimbursements, percentage rental payments, utility reimbursements, late fees, vending machine collections, service charges, rental interruption insurance, and a 15.0% administrative charge for common area expenses. In addition, the Property Manager is entitled to a one-time transition fee of up to $2,500 for each multi-tenant property managed, a construction fee equal to 6.0% of construction costs incurred, if any, and reimbursement of all expenses specifically related to the operation of a multi-tenant property, including compensation and benefits of property management, accounting, lease administration, executive and supervisory personnel of the Property Manager, and excluding expenses of the Property Manager’s corporate and general management office and excluding compensation and other expenses applicable to time spent on matters other than the multi-tenant properties. Pursuant to the Multi-Tenant Leasing Agreement, the Company may, under certain circumstances and subject to certain conditions, pay the Property Manager a leasing fee for services in leasing multi-tenant properties to third parties. The Company’s double- and triple-net leased single-tenant properties are managed by the Property Manager pursuant to the Net Lease Property Management Agreement, unless they are subject to a separate agreement with the Property Manager. The Net Lease Property Management Agreement permits the Property Manager to subcontract its duties to third parties and provides that the Company is responsible for all costs and expenses of managing the properties, except for general overhead and administrative expenses of the Property Manager. In December 2019, in connection with a loan secured by four properties leased to Stop & Shop, the Company entered into a property management and leasing agreement with the Property Manager with respect to the four properties, the substantive terms of which are substantially identical to the terms of the Net Lease Property Management Agreement, except that it limits the fees payable to the Property Manager and any subcontractor to 3.0% of operating income in the event that the Property Manager subcontracts its duties under the agreement. In July 2020, in connection with the loan agreement with Column Financial, Inc., all but one of the Company’s borrower subsidiaries entered into a new property management and leasing agreement with the Property Manager with respect to all but one of the mortgaged properties, all of which are double- and triple-net leased single-tenant properties. The Company’s other double- and triple-net leased single-tenant properties, including the one mortgaged property excluded from the new property management and leasing agreement, are managed by the Property Manager pursuant to the Net Lease Property Management Agreement. The new property management and leasing agreement is identical to the Net Lease Property Management Agreement, except that the new property management and leasing agreement does not permit the Property Manager to subcontract its duties to third parties. The initial term of the Net Lease Property Management Agreement ended on October 1, 2021, and has been and will be automatically renewed for successive one-year terms unless terminated 60 days prior to the end of a term or terminated for cause. On November 4, 2020, in light of the investment to be made by the Property Manager and its affiliates in property management infrastructure for the benefit of the Company and its subsidiaries, the Company amended each of the Multi-Tenant Property Management Agreement and the Multi-Tenant Leasing Agreement to reflect that each agreement will expire on the later of (i) November 4, 2025 and (ii) the termination date of the Advisory Agreement. These agreements with the Property Manager may only be terminated for cause prior to the end of the term. Prior to the amendments, the term of these agreements would have ended on October 1, 2021, with automatic renewals for successive one-year terms unless terminated 60 days prior to the end of a term or terminated for cause. Additionally, during the nine months ended September 30, 2022, certain subsidiaries of the OP each entered into a property management agreement with the Property Manager in connection with debt assumptions related to the acquisition of the properties of the CIM Portfolio Acquisition. Each property management agreement entitles the Property Manager to a management fee equal to 4.0% of the gross rental receipts from the properties, including common area maintenance reimbursements, tax and insurance reimbursements, percentage rental payments, utility reimbursements, late fees, vending machine collections, service charges, rental interruption insurance, and a 15.0% administrative charge for common area expenses. In addition, under these property management agreements, the Property Manager is entitled to a construction fee equal to 6.0% of construction costs incurred, if any, and reimbursement of all expenses specifically related to the operation of a multi-tenant property, including compensation and benefits of property management, accounting, lease administration, executive and supervisory personnel of the Property Manager, and excluding expenses of the Property Manager’s corporate and general management office and excluding compensation and other expenses applicable to time spent on matters other than the properties. Property Management and Services Agreement - Net Lease Mortgage Notes Under the ABS Property Management Agreement, the Property Manager is responsible for servicing and administering the properties and leases securing the Net Lease Mortgage Notes under ordinary and special circumstances, and KeyBank, as the back-up property manager, is responsible for, among other things, maintaining current servicing records and systems for the assets securing the Net Lease Mortgage Notes in order to enable it to assume the responsibilities of the Property Manager in the event the Property Manager is no longer the property manager and special servicer. Pursuant to the ABS Property Management Agreement, the Property Manager may also be required to advance principal and interest payments on the Net Lease Mortgage Notes to preserve and protect the value of the applicable assets. The Issuers are required to reimburse any of these payments or advances. Pursuant to the ABS Property Management Agreement, as amended and restated in connection with the issuance of the 2021 Net Lease Mortgage Notes in June 2021, for all properties that are not specially serviced, the Issuers are required to pay the Property Manager a monthly fee equal to the product of (i) one-twelfth of 0.25% and (ii) the lower of (a) the aggregate allocated loan amounts and (b) the aggregate collateral value of the properties that are a part of the collateral pool. Prior to the amendment and restatement of the ABS Property Management Agreement, for all properties that were not specially serviced, the Issuers were required to pay the Property Manager a monthly fee equal to the product of (i) one-twelfth of 0.25%, and (ii) the aggregate allocated loan amounts of all the properties that serve as part of the collateral for the Net Lease Mortgage Notes. With respect to the specially serviced properties, the Property Manager is entitled to receive a workout fee or liquidation fee under certain circumstances based on 0.50% of applicable amounts recovered, as well as a monthly fee equal to the product of (i) one-twelfth of 0.75% and (ii) the lower of (a) the aggregate allocated loan amounts and (b) the aggregate collateral value of all the specially serviced properties that are part of the collateral pool. Prior to the amendment and restatement of the ABS Property Management Agreement, the monthly fee for specially serviced properties was equal to the product of (i) one-twelfth of 0.75%, and (ii) the aggregate allocated loan amounts of all the specially serviced properties that serve as part of the collateral pool for the Net Lease Mortgage Notes. The Property Manager has retained KeyBank as a sub-manager pursuant to a separate sub-management agreement pursuant to which KeyBank provides certain services that the Property Manager is required to provide as property manager under the ABS Property Management Agreement. Under the ABS Property Management Agreement, the Property Manager has agreed to waive (i) the portion of the monthly fee related to the properties that are not specially serviced that is in excess of the amount to be paid to KeyBank as sub-manager pursuant to the sub-management agreement, (ii) the workout fee, (iii) the liquidation fee and (iv) the monthly fee related to the properties that are specially serviced, although the Property Manager retains the right to revoke these waivers at any time. The Property Manager is also entitled to receive additional servicing compensation related to certain fees and penalties under the leases it is responsible for under the ABS Property Management Agreement. The services provided by the Property Manager with respect to the double- and triple-net leased single-tenant properties in the collateral pool and related property management fees are separate and independent from the property management services the Property Manager has provided and will continue to provide with respect to those properties pursuant to the Net Lease Property Management Agreement. Professional Fees and Other Reimbursements The Company reimburses the Advisor’s costs of providing administrative services, including among other things, reasonable allocation of salaries and wages, benefits and overhead of employees of the Advisor or its affiliates, except for costs to the extent that the employees perform services for which the Advisor receives a separate fee. The reimbursement includes reasonable overhead expenses, including the reimbursement of an allocated portion of rent expense at certain properties that are both occupied by employees of the Advisor or its affiliates and owned by affiliates of the Advisor. These reimbursements are exclusive of fees and other expense reimbursements incurred from and due to the Advisor that were passed through and ultimately paid to Lincoln Retail REIT Services, LLC (“Lincoln”) as a result of the Advisor’s prior arrangements with Lincoln to provide services to the Advisor in connection with the Company’s multi-tenant retail properties that are not net leased. The Advisor’s agreement with Lincoln expired in February 2021 and was not renewed. The expiration of the agreement with Lincoln did not affect the responsibilities and obligations of the Advisor or the Property Manager to the Company under the Company’s agreements with them. These reimbursements are included as part of Professional fees and other reimbursements in the table below and in general and administrative expense on the consolidated statements of operations. During the three and nine months ended September 30, 2022, the Company incurred $3.9 million and $10.6 million, respectively, and $2.0 million and $6.2 million during the three and nine months ended September 30, 2021, respectively, of reimbursement expenses to the Advisor for providing administrative services. In September 2022, the Advisor terminated certain of its employees who provided services to the Company and for which the Company reimbursed the Advisor for salaries and benefits. In connection with the termination, the Company recognized a compensation charge, net of adjustments for previously accrued bonuses, of $0.4 million in the three and nine months ended September 30, 2022. Under the agreement, the Company is required to reimburse the Advisor for a portion of the salary, wages, and benefits paid to the Company’s chief financial officer as part of the aggregate reimbursement for salaries, wages and benefits of employees of the Advisor or its affiliates, excluding any executive officer who is also a partner, member or equity owner of AR Global and subject to a limit on certain limitations. The aggregate amount that may be reimbursed in each fiscal year for salaries, wages and benefits (excluding overhead) of employees of the Advisor or its affiliates (the “Capped Reimbursement Amount”) for each fiscal year is subject to a limit that is equal to the greater of: (a) a fixed component (the “Fixed Component”); and (b) a variable component (the “Variable Component”). Both the Fixed Component and the Variable Component increase by an annual cost of living adjustment equal to the greater of (x) 3.0% and (y) the CPI, as defined in the amendment for the prior year ended December 31. Initially, for the year ended December 31, 2019: (a) the Fixed Component was equal to $7.0 million; and (b) the Variable Component was equal to: (i) the sum of the total real estate investments, at cost as recorded on the balance sheet dated as of the last day of each fiscal quarter (the “Real Estate Cost”) in the year divided by four, which amount is then (ii) multiplied by 0.20%. As of September 30, 2022 and December 31, 2021, the Fixed Component was $7.7 million and $7.4 million, respectively. If the Company sells real estate investments aggregating an amount equal to or more than 25% of Real Estate Cost in one or a series of related dispositions in which the proceeds of the disposition(s) are not reinvested in Investments (as defined in the Advisory Agreement), then within 12 months following the disposition(s), the Advisory Agreement requires the Advisor and the Company to negotiate in good faith to reset the Fixed Component; provided that if the proceeds of the disposition(s) are paid to stockholders of the Company as a special distribution or used to repay loans with no intent of subsequently refinancing and reinvesting the proceeds thereof in Investments, the Advisory Agreement requires these negotiations within 90 days thereof, in each case taking into account reasonable projections of reimbursable costs in light of the reduced assets of the Company. During the nine months ended September 30, 2021, the Advisor finalized the amounts and form of the 2020 bonuses previously estimated to be paid to the employees of the Advisor or its affiliates who provided administrative services during such calendar year, prorated for the time spent working on matters relating to the Company (the “2020 Bonus Awards”). The 2020 Bonus Awards were paid by the Advisor over an eleven-month period from June 2021 to April 2022. The final amounts awarded exceeded the amounts previously paid by the Company to the Advisor for estimated 2020 bonuses by approximately $1.4 million for the following reasons: (i) forfeitures of bonuses related to employees of the Advisor or its affiliates who were terminated or resigned prior to payment (including the Company’s former chief financial officer), (ii) payment of a portion of bonuses in the form of restricted shares (which is recorded as equity-based compensation expense) and (iii) a general reduction in final bonuses for remaining personnel of the Advisor or its affiliates due to the negative impacts of the COVID-19 pandemic. As a result, during the nine months ended September 30, 2021, the Company recorded a receivable from the Advisor of $1.4 million, which was recorded in prepaid expenses and other assets on the consolidated balance sheet and a corresponding reduction in general and administrative expenses. The Advisor paid the $1.4 million receivable to the Company in August 2021. Reimbursements for the cash portion of 2021 and 2022 bonuses to employees of the Advisor or its affiliates were expensed and reimbursed and continue to be expensed and reimbursed on a monthly basis during 2021 and 2022 in accordance with the cash bonus estimates provided by the Advisor. Generally, prior to the 2020 Bonus Awards, employee bonuses had been formally awarded to employees of the Advisor or its affiliates in March as an all-cash award and paid out by the Advisor in the year subsequent to the year in which services were rendered to the Company. Summary of Fees, Expenses and Related Payables The following table details amounts incurred and payable to related parties in connection with the operations-related services described above as of and for the periods presented. Amounts below for the nine months ended September 30, 2021 include fees and other expense reimbursements incurred from and due to the Advisor that were passed through and ultimately paid to Lincoln as a result of the Advisor’s former arrangements with Lincoln: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of (In thousands) 2022 2021 2022 2021 September 30, December 31, Non-recurring fees and reimbursements: Acquisition cost reimbursements (1) $ 7 $ 23 $ 378 $ 42 $ 7 $ 32 Ongoing fees: Asset management fees to related party 7,939 9,880 24,061 25,123 — — Property management and leasing fees (2) 4,729 2,172 9,685 7,023 1,969 901 Professional fees and other reimbursements (3) 4,466 2,471 12,128 7,638 888 83 Professional fee credit due from Advisor and its affiliates — — — (1,444) — — Total related party operating fees and reimbursements $ 17,141 $ 14,546 $ 46,252 $ 38,382 $ 2,864 $ 1,016 ______ (1) Amounts for the three and nine months ended September 30, 2022 and 2021 are included in acquisition and transaction related expenses in the consolidated statements of operations and comprehensive loss. (2) Amounts for the three and nine months ended September 30, 2022 and 2021 are included in property operating expenses in the consolidated statements of operations and comprehensive loss with the exception of approximately $2.0 million and $2.8 million of leasing fees incurred in the three and nine months ended September 30, 2022, respectively, and $1.1 million and $2.8 million incurred in the three and nine months ended September 30, 2021, respectively, which were capitalized and are included in deferred costs, net in the consolidated balance sheet. A portion of leasing fees are ultimately paid to a third party. (3) Amounts for the three and nine months ended September 30, 2022 and 2021 are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. Includes amounts for directors’ and officers’ insurance.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2022
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting and legal services, human resources and information technology. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity Plans 2018 Equity Plan Effective at the Listing, the Company’s board of directors adopted an equity plan for the Advisor (the “Advisor Plan”) and an equity plan for individuals (the “Individual Plan” and together with the Advisor Plan, the “2018 Equity Plan”). The Advisor Plan is substantially similar to the Individual Plan, except with respect to the eligible participants. Under the Individual Plan, the Company may only make awards to its directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. By contrast, under the Advisor Plan the Company may only make awards to the Advisor. The 2018 Equity Plan succeeded and replaced the existing employee and director restricted share plan (the “RSP”). Following the effectiveness of the 2018 Equity Plan at the Listing, no further awards will be issued under the RSP; provided, however, that any outstanding awards under the RSP, such as unvested restricted shares held by the Company’s independent directors, remained outstanding in accordance with their terms and the terms of the RSP until all those awards are vested, forfeited, canceled, expired or otherwise terminated in accordance with their terms. The Company accounts for forfeitures when they occur. The 2018 Equity Plan permits awards of restricted shares, restricted stock units (“RSUs”), options, stock appreciation rights, stock awards, LTIP Units and other equity awards. The 2018 Equity Plan has a term of 10 years, expiring on July 19, 2028. Identical to the RSP, the number of shares of the Company’s capital stock available for awards under the 2018 Equity Plan, in the aggregate, is equal to 10.0% of the Company’s outstanding shares of common stock on a fully diluted basis at any time. Shares subject to awards under the Individual Plan reduce the number of shares available for awards under the Advisor Plan on a one-for-one basis and vice versa. If any awards granted under the 2018 Equity Plan are forfeited for any reason, the number of forfeited shares is again available for purposes of granting awards under the 2018 Equity Plan. Restricted Shares Restricted shares are shares of common stock awarded under terms that provide for vesting over a specified period of time. Holders of restricted shares may receive non-forfeitable cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends to holders of restricted shares payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Prior to June 30, 2020, the Company only granted restricted shares to the Company’s directors. However, during the years ended December 31, 2021 and 2020, the Company granted 278,278 and 309,475 restricted shares, respectively, to employees of the Advisor or its affiliates who are involved in providing services to the Company, including the Company’s chief financial officer. In the nine months ended September 30, 2022, 309,068 restricted shares were granted to employees of the Advisor or its affiliates and certain consultants to the Company and the Advisor or its affiliates, and 42,872 restricted shares were issued to the Company’s directors. No awards may be made to anyone who is also a partner, member or equity owner of the parent of the Advisor. The restricted shares granted to the Company’s directors vest on a straight-line basis over periods of one year to five years from the date of grant and provide for accelerated vesting of the portion of the unvested restricted shares scheduled to vest in the year of the recipient’s termination of his or her position as a director of the Company due to a voluntary resignation or failure to be re-elected to the Company’s board of directors following nomination therefor. All unvested restricted shares held by the Company’s directors also vest in the event of a Change of Control (as defined in the RSP or the Individual Plan) or a termination of a directorship without cause or as a result of death or disability. The restricted shares granted to employees of the Advisor or its affiliates vest in 25% increments on each of the first four The following table reflects the activity of restricted shares for the nine months ended September 30, 2022: Number of Shares of Common Stock Weighted-Average Grant Price Unvested, December 31, 2021 422,869 $ 8.26 Granted 351,940 7.53 Vested (197,771) 8.03 Forfeited (64,205) 7.96 Unvested, September 30, 2022 512,833 7.90 As of September 30, 2022, the Company had $3.2 million of unrecognized compensation cost related to unvested restricted share awards granted, which is expected to be recognized over a weighted-average period of 2.9 years. The fair value of the restricted shares is being expensed in accordance with the service period required. Compensation expense related to restricted shares is included in equity-based compensation on the accompanying consolidated statements of operations and comprehensive loss. Compensation expense related to restricted shares was approximately $0.7 million and $1.3 million for the three and nine months ended September 30, 2022, respectively. Compensation expense related to restricted shares was approximately $0.3 million and $2.1 million for the three and nine months ended September 30, 2021, respectively. In September 2022, the Advisor terminated certain of its employees who provided services to the Company and for which the Company reimbursed the Advisor for salaries and benefits. In connection with the termination, previous unvested restricted share grants issued to these employees of the Advisor were forfeited upon termination and the board approved 59,368 replacement restricted shares which vested immediately. As a result, in the three and nine months ended September 30, 2022, the Company recognized a net compensation charge of approximately $0.3 million representing the value of the new replacement grants net of the reversal of $0.1 million in previously recognized compensation on the forfeited grants. On February 26, 2021, the Company’s board of directors approved an amendment to the award agreement for 69,875 restricted shares previously awarded to the Company’s former chief financial officer. These restricted shares had been scheduled to vest in 25% increments on each of the first four 021. This was treated as a modification of the award of these restricted shares and, in addition to accelerating the original expense, the Company was also required to calculate the excess of the new value of those awards on the date of modification over the fair value of the awards immediately prior to the amendment and record such excess as expense through April 9, 2021. In addition, also on February 26, 2021, the Comp any’s board of directors granted the Company’s former chief financial officer an additional award of 52,778 restricted shares that also fully vested upon the effectiveness of her resignation on April 9, 2021. The acceleration of vesting of the prior grant and the new grant resulted in approximately $1.1 million of increased equity-based compensation expense recorded during the nine months ended September 30, 2021. Restricted Stock Units RSUs represent a contingent right to receive shares of common stock at a future settlement date, subject to satisfaction of applicable vesting conditions and other restrictions, as set forth in the RSP and an award agreement evidencing the grant of RSUs. RSUs may not, in general, be sold or otherwise transferred until restrictions are removed and the rights to the shares of common stock have vested. Holders of RSUs do not have or receive any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders are generally credited with dividend or other distribution equivalents which are subject to the same vesting conditions and other restrictions as the underlying RSUs and only paid at the time such RSUs are settled in shares of common stock. The Company has not granted any RSUs, and no unvested RSUs were outstanding for the three and nine months ended September 30, 2022 or 2021. Multi-Year Outperformance Agreements 2021 OPP On May 4, 2021, the Company’s independent directors authorized an award of LTIP Units under the 2021 OPP after the performance period under the 2018 OPP expired on July 19, 2021, and, on July 21, 2021, the Company, the OP and the Advisor entered into the 2021 OPP (see below for additional information on the 2018 OPP, including information on the LTIP Units granted and earned thereunder). On July 21, 2021, the Company and the Advisor entered into the 2021 OPP. Based on a maximum award value of $72.0 million and the Initial Share Price of $8.4419, which was determined on July 20, 2021, the Advisor was granted a total of 8,528,885 LTIP Units pursuant to the 2021 OPP. These LTIP Units may be earned and become vested based on the Company’s total shareholder return (“TSR”), including both share price appreciation and reinvestment of Class A common stock dividends, compared to the Initial Share Price over a performance period commencing on July 20, 2021 and ending on the earliest of (i) July 20, 2024, (ii) the effective date of any Change of Control (as defined in the Advisor Plan) and (iii) the effective date of any termination of the Advisor’s services as the Company’s advisor. The amortization of the fair value of the LTIP Units that were granted will be recorded evenly over the requisite service period which is approximately 38.5 months from May 4, 2021, the date that the Company’s independent board of directors approved the award of LTIP Units under the 2021 OPP, through July 20, 2024, the end of the performance period. The Company recorded $1.9 million in additional equity-based compensation expense during the year ended December 31, 2021 which represented the pro rata share of the 2021 OPP’s service period from May 4, 2021 (the date of the grant) to July 20, 2024 (the end of the performance period). As of July 20, 2021, the Initial Share Price and the number of LTIP Units to be granted under the 2021 OPP became known and the fair value of the award as of July 20, 2021 was determined to be $40.8 million. As a result, the award of LTIP Units under the 2021 OPP was reclassified as an equity award on July 20, 2021, with any change in value and cumulative effect thereof, reflected in income and equity statements on that date. 2018 OPP On the Listing Date, the Company granted a performance-based equity award to the Advisor in the form of a Master LTIP Unit pursuant to the 2018 OPP. The Master LTIP Unit was automatically converted on August 30, 2018 (the “Effective Date”), the 30th trading day following the Listing Date, into 4,496,796 LTIP Units equal to the quotient of $72.0 million divided by $16.0114, the ten-day trailing average closing price of the Company’s Class A common stock on Nasdaq over the ten consecutive trading days immediately prior to the Effective Date. The Effective Date was the grant date for accounting purposes. In accordance with accounting rules, the total fair value of the LTIP Units of $32.0 million was calculated and fixed as of the grant date, and was recorded over the requisite service period of three years. In March 2019, the Company entered into an amendment to the 2018 OPP to reflect a change in the peer group resulting from the merger of one member of the peer group, Select Income REIT, with Government Properties Income Trust, with the entity surviving the merger renamed as Office Properties Income Trust. Under the accounting rules, the Company was required to calculate any excess of the new value of LTIP Units in accordance with the provisions of the amendment ($10.9 million) over the fair value immediately prior to the amendment ($8.1 million). This excess of approximately $2.8 million was expensed over the period from March 4, 2019, the date the Company’s compensation committee approved the amendment, through July 19, 2021. The LTIP Units issued pursuant to the 2018 OPP could potentially have been earned by the Advisor based on the Company’s achievement of threshold, target and maximum performance goals based on the Company’s absolute and relative TSR over a three-year performance period that ended on July 19, 2021. Prior to the issuance of LTIP Units pursuant to the 2021 OPP, the compensation committee of the board of directors of the Company determined that none of the 4,496,796 of the LTIP Units subject to the 2018 OPP had been earned under either the absolute or relative thresholds. These LTIP Units were thus automatically forfeited effective as of July 19, 2021, without the payment of any consideration by the Company or the OP. On that date, the Company reclassified amounts reflected in non-controlling interest for these LTIP Units to additional paid in capital on its consolidated balance sheet and consolidated statement of equity. Compensation Expense - 2021 OPP and 2018 OPP During the three and nine months ended September 30, 2022, the Company recorded equity-based compensation expense related to the LTIP Units of $3.2 million and $9.5 million, respectively, and during the three and nine months ended September 30, 2021, the Company recorded equity-based compensation expense related to the LTIP Units of $3.8 million and $11.7 million, respectively. These expenses are recorded in equity-based compensation in the unaudited consolidated statements of operations and comprehensive loss. As of September 30, 2022, the Company had $22.9 million of unrecognized compensation expense related to the LTIP Units awarded under the 2021 OPP which is expected to be recognized over a period of 1.8 years. LTIP Units Distributions/Redemptions The rights of the Advisor as the holder of the LTIP Units are governed by the terms of the LTIP Units set forth in the agreement of limited partnership of the OP. Holders of LTIP Units are entitled to distributions on the LTIP Units equal to 10% of the distributions made per Class A Unit (other than distributions of sale proceeds) until the LTIP Units are earned. Distributions paid on a Class A Unit are equal to dividends paid on a share of Class A common stock. Distributions paid on LTIP Units are not subject to forfeiture, even if the LTIP Units are ultimately forfeited. The Advisor is entitled to a priority catch-up distribution on each earned LTIP Unit equal to 90% of the aggregate distributions paid on Class A Units during the applicable performance period. Any LTIP Units that are earned become entitled to receive the same distributions paid on Class A Units. If and when the Advisor’s capital account with respect to an earned LTIP Unit is equal to the capital account balance of a Class A Unit, the Advisor, as the holder of the earned LTIP Unit, in its sole discretion, is entitled to convert the LTIP Unit into a Class A Unit, which may in turn be redeemed on a one-for-one basis for, at the Company’s election, a share of Class A common stock or the cash equivalent thereof. The Company paid distributions on LTIP Units of $0.5 million and $0.2 million for the nine months ended September 30, 2022 and 2021, respectively. These amounts are recorded in the Company’s consolidated statements of changes in equity. Performance Measures As indicated above, on July 19, 2021, at the end of the performance period, the compensation committee of the Company’s board of directors determined that none of the 4,496,796 LTIP Units under the 2018 OPP had been earned. These LTIP Units were thus automatically forfeited effective as of July 19, 2021, without the payment of any consideration by the Company or the OP. With respect to one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute TSR levels as shown in the table below. Performance Level Absolute TSR Percentage of LTIP Units Earned Number of LTIP Units Earned Below Threshold Less than 18 % 0 % 0 Threshold 18 % 25 % 1,066,110.625 Target 24 % 50 % 2,132,221.250 Maximum 36 % or higher 100 % 4,264,442.500 If the Company’s absolute TSR is more than 18% but less than 24%, or more than 24% but less than 36%, the number of LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. With respect to the remaining one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group (consisting of Broadstone Net Lease, Inc., Office Properties Income Trust, RPT Realty and Spirit Realty Capital, Inc.) as of the last day of the performance period as follows: Performance Level Relative TSR Excess Percentage of LTIP Units Earned Number of LTIP Units Earned Below Threshold Less than -600 Basis points 0 % 0 Threshold -600 Basis points 25 % 1,066,110.625 Target 0 Basis points 50 % 2,132,221.250 Maximum +600 Basis points 100 % 4,264,442.500 If the relative TSR excess is more than -600 basis points but less than zero basis points, or more than zero basis points but less than +600 basis points, the number of LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. Other Terms In the case of a Change of Control or a termination of the Advisor without Cause (as defined in the Advisory Agreement), the number of LTIP Units that become earned will be calculated based on actual performance through the last trading day prior to the effective date of the Change of Control or termination (as applicable), with the hurdles for calculating absolute TSR prorated to reflect a performance period of less than three years but without prorating the number of LTIP Units that may become earned to reflect the shortened performance period. In the case of a termination of the Advisor for Cause, the number of LTIP Units that become earned will be calculated based on actual performance through the last trading day prior to the effective date of the termination, with the hurdles for calculating absolute TSR and the number of LTIP Units that may become earned each prorated to reflect a performance period of less than three years. Pursuant to the terms of the Advisor Plan, the LTIP Units will be administered by the Company’s board or a committee thereof, defined as the “Committee” in the Advisor Plan. Promptly following the performance period, the Committee will, except in certain circumstances, determine the number of LTIP Units earned (if any) based on calculations prepared by an independent consultant engaged by the Committee and as approved by the Committee in its reasonable and good faith discretion. The Committee also must approve the transfer of any LTIP Units or any Class A Units into which LTIP Units may be converted in accordance with the terms of the agreement of limited partnership of the OP. Any LTIP Units that are not earned will automatically be forfeited effective as of the end of the performance period and neither the Company nor the OP will be required to pay any future consideration in respect thereof. Director Compensation Under the current director compensation program, on a regular basis, each independent director receives an annual cash retainer of $60,000 and, in connection with each of the Company’s annual meetings of stockholders, a grant of $85,000 in restricted shares, vesting on the one-year anniversary of the annual meeting. The lead independent director receives an additional annual cash retainer of $100,000, the chair of the audit committee of the Company’s board of directors receives an additional annual cash retainer of $30,000, each other member of the audit committee receives an additional annual cash retainer of $15,000, the chair of each of the compensation committee and the nominating and corporate governance committee of the Company’s board of directors receives an additional annual cash retainer of $15,000, and each other member of each of the compensation committee and the nominating and corporate governance committee receives an additional annual cash retainer of $10,000. Other Equity-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company’s directors at each director’s election. If the Company did so, there would be no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. There were no shares of common stock issued to directors in lieu of cash compensation during the nine months ended September 30, 2022 and 2021.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table sets forth the basic and diluted net loss per share computations: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share amounts) 2022 2021 2022 2021 Net loss attributable to common stockholders $ (56,466) $ (6,406) $ (72,791) $ (23,222) Adjustments to net loss for common share equivalents (350) (165) (967) (582) Adjusted net loss attributable to common stockholders $ (56,816) $ (6,571) $ (73,758) $ (23,804) Weighted-average shares outstanding — Basic 133,115,729 118,862,852 131,478,484 112,770,685 Weighted-average shares outstanding — Diluted 133,115,729 118,862,852 131,478,484 112,770,685 Net loss per share attributable to common stockholders — Basic and Diluted $ (0.43) $ (0.06) $ (0.56) $ (0.21) Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested restricted shares, Class A Units and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested restricted shares, Class A Units and the unearned LTIP Units that were issued under the 2021 OPP from the numerator. Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Class A Units and unvested LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share as their effect would have been antidilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unvested restricted shares (1) 616,362 475,341 537,252 424,199 Class A Units (2) 172,921 172,921 172,921 172,921 2018 LTIP Units (3) — 928,686 — 3,294,356 2021 LTIP Units (3) 8,528,885 6,767,485 8,528,885 2,280,618 Total 9,318,168 8,344,433 9,239,058 6,172,094 _______ (1) Weighted-average number of shares of unvested restricted shares outstanding for the periods presented. There were 512,833 and 423,894 unvested restricted shares outstanding as of September 30, 2022 and 2021, respectively. (2) Weighted-average number of Class A Units outstanding for the periods presented. There were 172,921 Class A Units outstanding as of September 30, 2022 and 2021. (3) Weighted-average number of 2018 and 2021 LTIP Units outstanding for the periods presented. There were 8,528,885 2021 LTIP Units outstanding as of September 30, 2022 and 2021. For more information see Note 13 — Equity-Based Compensation. If dilutive, conditionally issuable shares relating to the 2021 OPP award and 2018 OPP award would be included, as applicable, in the computation of fully diluted earnings per share on a weighted-average basis for the three and nine months ended September 30, 2022 and 2021 based on shares that would be issued if the applicable balance sheet date was the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the three and nine months ended September 30, 2022 and 2021 because (i) no LTIP Units would have been earned based on the trading price of Class A common stock including any cumulative dividends paid (since inception of the 2021 OPP and 2018 OPP) at September 30, 2022 and 2021 or (ii) the Company recorded a net loss to common stockholders for the period, thus any shares conditionally issuable under the LTIP Units would be antidilutive.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of September 30, 2022 and December 31, 2021, as a result of the CIM Portfolio Acquisition and the related strategic shift in the Company’s operations, the Company concluded it operates in two reportable segments consistent with its current management internal financial reporting purposes: single-tenant properties and multi-tenant properties. The Company will evaluate performance and make resource allocations based on its two business segments. Previously, before the CIM Portfolio Acquisition (for which the purchase and sale agreement was signed on December 17, 2021), the Company concluded it was operating in one segment. Upon concluding that a change in its reporting segments had occurred, the Company retroactively restated the historical segment reporting presentation for the three years ended December 31, 2021 as presented in its Annual Report on Form 10-K for the year ended December 31, 2021. Below, the Company has restated the prior period to conform to its current segment reporting structure for comparative purposes. Net Operating Income The Company evaluates the performance of the combined properties in each segment based on net operating income (“NOI”). NOI is defined as total revenues from tenants, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). The Company uses NOI to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that NOI is useful as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain components from net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. The Company believes that in order to facilitate a clear understanding of the Company’s operating results, NOI should be compared with net income (loss) prepared in accordance with GAAP and as presented in the Company’s consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of the Company’s performance or to cash flows as a measure of the Company’s liquidity or ability to pay distributions. The following tables reconcile the segment activity to consolidated net loss for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 (In thousands) Single-Tenant Properties Multi-Tenant Properties Consolidated Single-Tenant Properties Multi-Tenant Properties Consolidated Revenue from tenants $ 48,474 $ 67,702 $ 116,176 $ 63,296 $ 28,619 $ 91,915 Property operating expense 3,927 24,124 28,051 2,800 10,584 13,384 NOI $ 44,547 $ 43,578 88,125 $ 60,496 $ 18,035 78,531 Asset management fees to related party (7,939) (9,880) Impairment of real estate investments (30,046) (4,554) Acquisition, transaction and other costs (210) (3,426) Equity-based compensation (3,857) (4,149) General and administrative (8,499) (5,589) Depreciation and amortization (57,494) (32,762) Gain on sale of real estate investments 1,608 478 Interest expense (32,402) (19,232) Other income 25 18 Net loss (income) attributable to non-controlling interests 60 (4) Allocation for preferred stock (5,837) (5,837) Net loss attributable to common stockholders $ (56,466) $ (6,406) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (In thousands) Single-Tenant Properties Multi-Tenant Properties Consolidated Single-Tenant Properties Multi-Tenant Properties Consolidated Revenue from tenants $ 157,643 $ 170,405 $ 328,048 $ 165,605 $ 87,074 $ 252,679 Property operating expense 11,901 62,809 74,710 7,915 32,237 40,152 NOI $ 145,742 $ 107,596 253,338 $ 157,690 $ 54,837 212,527 Asset management fees to related party (24,061) (25,123) Impairment of real estate investments (94,942) (4,645) Acquisition, transaction and other costs (695) (3,604) Equity-based compensation (10,878) (13,779) General and administrative (23,722) (15,578) Depreciation and amortization (141,755) (97,509) Gain on sale of real estate investments 68,615 775 Interest expense (84,471) (58,927) Other income 987 62 Gain on non-designated derivatives 2,250 — Net loss attributable to non-controlling interests 54 4 Allocation for preferred stock (17,511) (17,425) Net loss attributable to common stockholders $ (72,791) $ (23,222) The following table reconciles the segment activity to consolidated total assets as of the periods presented: (In thousands) September 30, 2022 December 31, 2021 ASSETS Investments in real estate, net: Single-tenant properties $ 1,909,373 $ 1,973,743 Multi-tenant properties 2,525,920 1,233,030 Total investments in real estate, net 4,435,293 3,206,773 Cash and cash equivalents 41,150 214,853 Restricted cash 19,288 21,996 Deposits for real estate investments — 41,928 Deferred costs, net 22,176 25,587 Straight-line rent receivable 67,953 70,789 Operating lease right-of-use assets 17,964 18,194 Prepaid expenses and other assets 46,732 26,877 Assets held for sale 1,525 187,213 Total assets $ 4,652,081 $ 3,814,210 The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Single-tenant properties $ 503 $ 332 $ 1,178 $ 2,213 Multi-tenant properties 5,452 4,546 9,996 9,476 Total capital expenditures $ 5,955 $ 4,878 $ 11,174 $ 11,689

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there were not any material events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements except those stated below: Dispositions Subsequent to September 30, 2022 Subsequent to September 30, 2022, the Company disposed of four properties for an aggregate contract sales price of $1.6 million. These properties were classified as assets held for sale on the Company’s consolidated balance sheet as of September 30, 2022. Borrowings Subsequent to September 30, 2022 Subsequent to September 30, 2022, the Company borrowed $10.0 million on its Credit Facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine month periods ended September 30, 2022 and 2021 are not necessarily indicative of the results for the entire year or any subsequent interim periods.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Except for the OP, as of September 30, 2022 and December 31, 2021, the Company had no interests in entities that were not wholly owned.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of September 30, 2022, these leases had an average remaining lease term of approximately 7.0 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses, in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For comparative purposes, the Company also elected to reflect prior revenue and reimbursements reported under ASC 842 on a single line. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The following table presents future base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items: As of September 30, 2022: (In thousands) Future Base Rent Payments 2022 (remainder) $ 93,334 2023 367,716 2024 340,503 2025 310,098 2026 277,855 2027 235,000 Thereafter 1,241,083 $ 2,865,589 The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income, until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. For the three and nine months ended September 30, 2022 such amounts were $0.2 million and $0.9 million, respectively, and for the three and nine months ended September 30, 2021 such amounts were $0.3 million and $0.9 million, respectively. The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard adopted on January 1, 2019 (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk only, if it is probable that the Company will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are not permitted. If the Company determines that it’s probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it’s not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants beginning on January 1, 2019, in accordance with new accounting rules, on the accompanying consolidated statements of operations and comprehensive income (loss) in the period the related costs are incurred, as applicable. In the second, third and fourth quarters of 2020 and throughout 2021 and 2022, this assessment included consideration of the impacts of the COVID-19 pandemic on the ability of the Company’s tenants to pay rents in accordance with their contracts. The assessment included all of the Company’s tenants with a focus on the Company’s multi-tenant retail properties which have been more negatively impacted by the COVID-19 pandemic than the Company’s single-tenant properties. In accordance with the lease accounting rules, the Company records uncollectable amounts as reductions in revenue from tenants. During the three and nine months ended September 30, 2022, uncollectable amounts were $0.6 million and $1.1 million, respectively. During the three months ended September 30, 2021, the Company recorded a net recovery of $0.1 million of uncollectable amounts during the period. During the nine months ended September 30, 2021, uncollectable amounts were $1.3 million, not including a recovery of $0.8 million relating to a lease settlement fee from a tenant in one of the Company’s multi-tenant properties that terminated its lease. The Company entered into lease termination agreements at two and six of its single-tenant properties in the first quarter of 2022 and the fourth quarter of 2021, respectively. Since these leases have short-term remaining occupancy periods for the tenant, these lease termination agreements are treated as lease modifications, and their termination fee income is recognized over the remaining occupancy periods of the respective leases on a straight-line basis. In addition, the Company recognized and received $5.0 million in lease termination income from five vacant properties formerly leased to Truist Bank in the nine months ended September 30, 2022. The Company recorded additional lease revenue of $10.2 million in the nine months ended September 30, 2022, related to these agreements. As of June 30, 2022, the occupancy periods for these amended leases expired and the tenants vacated. Accordingly, no related revenue was recognized on these leases in the three months ended September 30, 2022. During the third quarter of 2021, the Company entered into a lease termination agreement with a tenant at 12 of its properties. The Company recorded approximately $10.5 million in revenue from tenants in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2021 as a result of all of the accounting impacts related to this lease termination. This amount consists of a lease termination fee of $10.4 million and a $0.7 million below market lease intangibles write off, less $0.6 million in previously recorded straight-line rent receivables accrued on these leases. Total lease termination income recorded during the nine months ended September 30, 2021 was $11.2 million, which includes the amounts referenced above as well as $0.8 million in lease termination fees from a tenant in one of the Company’s multi-tenant properties that terminated its lease earlier in the year.
Investments in Real Estate	Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in real estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the quarters ended September 30, 2022 and 2021. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates the probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of September 30, 2022, four properties were considered held for sale, and as of December 31, 2021, the Company had one property classified as held for sale.
Purchase Price Allocation	Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. Intangible assets may include the value of in-place leases and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the nine months ended September 30, 2022 and 2021 were asset acquisitions. For acquired properties with leases classified as operating leases, the Company allocates the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures, and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. The Company estimates fair value using data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, fair market lease rates, discount rates, and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates and the value of in-place leases. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases.
Lessor Accounting	Lessor Accounting In accordance with the lease accounting standard, all of the Company’s leases as lessor prior to adoption of ASC 842 were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. Generally, all the Company’s leases as lessor have qualified as operating leases. The Company has one land lease to a tenant that qualifies as a financing lease which was entered into during the three months ended June 30, 2022. The carrying value of this lease is $2.0 million as of September 30, 2022, and is included in prepaid expenses and other assets on the Company’s consolidated balance sheets. As of December 31, 2021, the Company had no leases as a lessor that were considered as sales-type or financing leases under sales leaseback rules. As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed.
Lessee Accounting	Lessee Accounting For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 10 — Commitments and Contingencies . The Company is the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the Company’s consolidated balance sheets and the rent expense is reflected on a straight-line basis over the lease term.
Gain on Sale/Exchange of Real Estate Investments	Gain on Sale of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and are generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). In accordance with ASC 845-10, Accounting for Non-Monetary Transactions, if a nonmonetary exchange has commercial substance, the cost of a nonmonetary asset acquired in exchange for another nonmonetary asset is the fair value of the asset surrendered to obtain it, and a gain or loss shall be recognized on the exchange.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss on its consolidated statements of operations to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
Reportable Segments	Reportable Segments As of September 30, 2022 and December 31, 2021, the Company has determined that it has two reportable segments, with activities related to investing in single-tenant properties and multi-tenant properties.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the initial remaining lease terms of the respective leases. The value of customer relationship intangibles, if any, is amortized to expense over the initial term of the lease and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.
Above and Below-Market Lease Amortization	Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. Upon termination of an above or below-market lease, any unamortized amounts would be recognized in the period of termination.
Equity-Based Compensation	Equity-Based Compensation The Company has stock-based plans under which its directors, officers, and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, and certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share-based payments. The cost of services received in exchange for these stock awards is measured at the grant date fair value of the award and the expense for such an award is included in the equity-based compensation line item of the consolidated statements of operations and is recognized in accordance with the service period (i.e., vesting) required or when the requirements for exercise of the award have been met. Effective at the listing of the Company’s Class A Common Stock, $0.01 par value per share (“Class A common stock”) on The Nasdaq Global Select Market (“Nasdaq”) on July 19, 2018 (the “Listing Date”), the Company entered into a multi-year outperformance agreement with the Advisor (the “2018 OPP”) under which a new class of units of the limited partnership designated as “LTIP Units” (“LTIP Units”) were issued to the Advisor. These awards were market-based awards with a related required service period. In accordance with ASC 718, the LTIP Units were valued at their grant date and that value was reflected as a charge to earnings evenly over the service period. The cumulative expense was reflected as part of non-controlling interest in the Company’s balance sheets and statements of equity until the end of the service period. Following the end of the performance period under the 2018 OPP on July 19, 2021, the compensation committee of the board of directors of the Company determined that none of the 4,496,796 of the LTIP Units subject to the 2018 OPP had been earned, and these LTIP Units were thus automatically forfeited. On that date, the Company reclassified amounts reflected in non-controlling interest for these LTIP Units to additional paid in capital on its consolidated balance sheets and statements of equity. On May 4, 2021, the Company’s independent directors authorized the issuance of an award of LTIP Units effective after the performance period under the 2018 OPP expired on July 19, 2021, with the number of LTIP Units to be issued to the Advisor to be equal to the quotient of $72.0 million divided by the ten-trading day trailing average closing stock price of the Company’s Class A common stock for the ten trading days up to and including July 19, 2021. On July 21, 2021, the Company entered into the multi-year outperformance agreement with the Advisor (the “2021 OPP”) pursuant to which the Advisor was granted an award of 8,528,885 LTIP Units, representing the quotient of $72.0 million divided by $8.4419. The LTIP Units issued under the 2021 OPP were reclassified as an equity award with the cumulative expense reflected as part of non-controlling interest in the Company’s consolidated balance sheets and equity statements. For additional information, see Note 13 — Equity-Based Compensation . In the event of a modification of any of the awards discussed above, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. For additional information on these awards, see Note 13 — Equity-Based Compensation .
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2021: In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815) . The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The Company adopted the new standard as required on January 1, 2021 and its adoption did not have a material impact on the Company’s financial statements. Pending Adoption: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) . Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over the period from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to (i) the assertion that our hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients would preserve the presentation of the Company’s derivatives, if any, which would be consistent with the Company’s past presentation. As of September 30, 2022, the Company did not have any outstanding derivative instruments but has LIBOR-based borrowings under its Credit Facility (see Note 5 — Credit Facility for additional information). The Company will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity	These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items: As of September 30, 2022: (In thousands) Future Base Rent Payments 2022 (remainder) $ 93,334 2023 367,716 2024 340,503 2025 310,098 2026 277,855 2027 235,000 Thereafter 1,241,083 $ 2,865,589

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Purchase Price of Acquired Properties	The following table presents the allocation of real estate assets acquired and liabilities assumed during the periods presented. All acquisitions in both periods were considered asset acquisitions for accounting purposes. Nine Months Ended September 30, (Dollar amounts in thousands) 2022 2021 Real estate investments, at cost: Land $ 312,399 $ 27,168 Buildings, fixtures and improvements 926,630 113,576 Total tangible assets 1,239,029 140,744 Acquired intangible assets and liabilities: (1) In-place leases 247,899 19,121 Above-market lease assets 25,286 — Below-market lease liabilities (70,026) (6,161) Total intangible assets, net 203,159 12,960 Assets Reduced, Liabilities Assumed and Equity Issued: Mortgage notes payable assumed in acquisitions (including net discounts of $2,301) (350,436) — Shares issued in acquisitions (49,965) — Application of deposit (40,000) — Accrued contingent consideration on acquired properties from the CIM Portfolio Acquisition (5,236) Cash paid for real estate investments $ 996,551 $ 153,704 Number of properties purchased from the CIM Portfolio Acquisition (See Note 1 — Organization for additional information) 81 — Number of other properties purchased 12 56 ________ (1) Weighted-average remaining amortization periods for in-place leases, above-market and below-market lease liabilities acquired during the nine months ended September 30, 2022 were 6.4 years, 7.5 years and 21.0 years, respectively, as of each property’s respective acquisition date.
Schedule of Finite-lived Intangible Assets Amortization Expense	The following table presents amortization expense and adjustments to revenue from tenants and property operating expenses for intangible assets and liabilities during the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 In-place leases, included in depreciation and amortization (2) $ 28,352 $ 9,220 $ 59,375 $ 28,429 Above-market lease intangibles $ (2,037) $ (587) $ (4,318) $ (1,877) Below-market lease liabilities 2,625 2,075 7,616 5,371 Total included in revenue from tenants $ 588 $ 1,488 $ 3,298 $ 3,494 Below-market ground lease asset (1) $ 8 $ 8 $ 24 $ 24 Above-market ground lease liability (1) — — — — Total included in property operating expenses $ 8 $ 8 $ 24 $ 24 ______ (1) Intangible balances related to ground leases are included as part of the operating lease right-of-use assets presented on the consolidated balance sheets and the amortization expense of such balances is included in property operating expenses on the consolidated statements of operations. (2) Includes $3.7 million of additional in-place lease amortization for the three months ended September 30, 2022 resulting from an out-of-period adjustment related to the six months ended June 30, 2022 (see Note 2 — Summary of Significant Accounting Policies for additional information).
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table provides the projected amortization expense and adjustments to revenue from tenants for intangible assets and liabilities for the next five years: (In thousands) 2022 (remainder) 2023 2024 2025 2026 In-place leases, to be included in depreciation and amortization $ 22,303 $ 75,806 $ 58,706 $ 46,892 $ 37,110 Above-market lease intangibles $ 1,644 $ 6,229 $ 5,396 $ 4,555 $ 3,316 Below-market lease liabilities (2,696) (10,700) (10,189) (9,804) (9,344) Total to be included in revenue from tenants $ (1,052) $ (4,471) $ (4,793) $ (5,249) $ (6,028)
Schedule of Assets Held-for-sale	The following table details the major classes of assets associated with the properties that have been reclassified as held for sale as of September 30, 2022 and December 31, 2021: (In thousands) September 30, 2022 (1) December 31, 2021 (2) Real estate investments held for sale, at cost: Land $ 2,593 $ 16,009 Buildings, fixtures and improvements 7,736 194,288 Acquired intangible lease assets — 46,980 Total real estate assets held for sale, at cost 10,329 257,277 Less accumulated depreciation and amortization (1,838) (70,064) Total real estate investments held for sale, net 8,491 187,213 Impairment charges related to properties reclassified as held for sale (6,966) — Assets held for sale $ 1,525 $ 187,213 (1) Consists of four vacant single-tenant properties formerly leased to Truist Bank, all of which were disposed subsequent to September 30, 2022 (see Note 16 — Subsequent Events for additional information). (2) Consists solely of the Sanofi property.
Schedule of Impairment Charges Recorded by Segment	The following table details the impairment charges recorded by segment for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Single-tenant properties: Various vacant single-tenant properties (1) $ 2,390 $ 4,554 $ 10,421 $ 4,645 United Healthcare (2) — — 3,766 — Total single-tenant impairment charges 2,390 4,554 14,187 4,645 Multi-tenant properties: Blankenbaker Plaza (3) (5) — — 3,539 — Brynwood Square (3) (5) 2,032 — 2,032 — The Shoppes at West End (4) (5) 2,395 — 51,955 — Shoppes at Wyomissing (5) 23,229 — 23,229 — Total multi-tenant impairment charges 27,656 — 80,755 — Total impairment charges $ 30,046 $ 4,554 $ 94,942 $ 4,645 (1) For the three and nine months ended September 30, 2022, three and ten properties were impaired, respectively, of which two and nine, respectively, were formerly leased to Truist Bank. For the three and nine months ended September 30, 2021, six and seven properties were impaired, respectively, all of which were formerly leased to Truist Bank. All properties in the three and nine months ended September 30, 2022 were impaired to their fair values as determined by their respective purchase and sale agreements. Six properties in the three and nine months ended September 30, 2021 were impaired to their fair values as determined by their respective purchase and sale agreements, and one property in the nine months ended September 30, 2021 was impaired to its fair value as determined by the income approach. As of September 30, 2022, four impaired properties were classified as held for sale, all of which were disposed subsequent to September 30, 2022 (see Note 16 — Subsequent Events for additional information). (2) This property has been vacant since June 30, 2021 when a tenant did not renew its lease. The Company previously impaired the property by $26.9 million in the three months ended December 31, 2021. This property was impaired to its fair value as determined by the income approach. (3) These properties were recently acquired in the CIM Portfolio Acquisition (see Note 1 — Organization for additional information). (4) This property was formerly classified as held for sale as of June 30, 2022 when it was previously under a purchase and sale agreement for disposal. The purchase and sale agreement was terminated in the three months ended September 30, 2022, and a replacement agreement was entered into subsequent to September 30, 2022, resulting in an incremental impairment recorded in the three months ended September 30, 2022 (see Real Estate Held for Sale above). (5) These properties were impaired to their fair values as determined by their respective purchase and sale agreements.

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s mortgage notes payable, net as of September 30, 2022 and December 31, 2021 consisted of the following: Outstanding Loan Amount as of Effective Interest Rate as of Portfolio Encumbered Properties September 30, December 31, September 30, Interest Rate Maturity Anticipated Repayment (In thousands) (In thousands) 2019 Class A-1 Net Lease Mortgage Notes 102 $ 117,770 $ 118,231 3.83 % Fixed May 2049 May 2026 2019 Class A-2 Net Lease Mortgage Notes 108 120,173 120,644 4.52 % Fixed May 2049 May 2029 2021 Class A-1 Net-Lease Mortgage Notes 49 53,821 54,487 2.24 % Fixed May 2051 May 2028 2021 Class A-2 Net-Lease Mortgage Notes 47 92,964 94,113 2.83 % Fixed May 2051 May 2031 2021 Class A-3 Net-Lease Mortgage Notes 33 34,997 35,000 3.07 % Fixed May 2051 May 2028 2021 Class A-4 Net-Lease Mortgage Notes 35 54,995 55,000 3.65 % Fixed May 2051 May 2031 Total Net Lease Mortgage Notes 374 474,720 477,475 Stop & Shop 4 45,000 45,000 3.50 % Fixed Jan. 2030 Jan. 2030 Column Financial Mortgage Notes 364 706,197 715,000 3.79 % Fixed Aug. 2025 Aug. 2025 Bob Evans I 22 22,842 22,842 4.71 % Fixed Sep. 2037 Sep. 2027 Mortgage Loan II 12 210,000 210,000 4.25 % Fixed Jan. 2028 Jan. 2028 Mortgage Loan III 22 33,400 33,400 4.12 % Fixed Jan. 2028 Jan. 2028 Cottonwood Commons (4) 1 19,250 — 4.52 % Fixed Sep. 2023 Sep. 2023 The Marquis (4) 1 8,556 — 3.95 % Fixed May 2023 May 2023 Assumed Multi-Tenant Mortgage I (4) 3 16,700 — 4.68 % Fixed Sep. 2033 Sep. 2023 Assumed Multi-Tenant Mortgage II (4) 4 25,000 — 4.54 % Fixed Feb. 2024 Feb. 2024 Assumed Multi-Tenant Mortgage III (4) 3 31,010 — 3.70 % Fixed Apr. 2023 Apr. 2023 Assumed Multi-Tenant Mortgage IV (4) 4 28,387 — 3.90 % Fixed Apr. 2023 Apr. 2023 Assumed Multi-Tenant Mortgage V (4) 7 60,840 — 3.70 % Fixed Sep. 2023 Sep. 2023 The Plant (4) 1 123,000 — 3.87 % Fixed May 2033 May 2023 McGowin Park (4) 1 39,025 — 4.11 % Fixed May 2024 May 2024 Gross mortgage notes payable 823 1,843,927 1,503,717 3.83 % (1) Deferred financing costs, net of accumulated amortization (2) (34,593) (38,672) Mortgage premiums and (discounts), net (3) (1,801) (115) Mortgage notes payable, net $ 1,807,533 $ 1,464,930 __________ (1) Calculated on a weighted-average basis for all mortgages outstanding as of September 30, 2022. (2) Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that it is probable the financing will not close. (3) Mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments on mortgage notes payable based on anticipated maturity dates for the five years subsequent to September 30, 2022 and thereafter: Future Principal Payments (In thousands) Mortgage Notes Credit Facility (1) Senior Notes (2) Total 2022 (remainder) $ 1,593 $ — $ — $ 1,593 2023 289,784 — — 289,784 2024 65,672 — — 65,672 2025 707,867 — — 707,867 2026 116,917 478,000 — 594,917 2027 21,553 — — 21,553 Thereafter 640,541 — 500,000 1,140,541 $ 1,843,927 $ 478,000 $ 500,000 $ 2,821,927 ________ (1) The Credit Facility matures on April 1, 2026, subject to the Company’s right, subject to customary conditions, to extend the maturity date by up to two additional six-month terms. See Note 5 — Credit Facility for additional information. (2) The Senior Notes will mature on September 30, 2028. See Note 6 — Senior Notes, Net for additional information.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Amount of gain recognized in AOCI on interest rate derivatives $ — $ 24 $ — $ 1,943 Amount of (loss) reclassified from AOCI into income as interest expense $ — $ (74) $ — $ (208) Total amount of interest expense presented in the consolidated income statements $ 32,402 $ 19,232 $ 84,471 $ 58,927

Mezzanine Equity and Total Eq_2

Mezzanine Equity and Total Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Non-Controlling Interest	As of September 30, 2022 and December 31, 2021, non-controlling interest was comprised of the following components: (In thousands) September 30, 2022 December 31, 2021 Non-controlling interest attributable to LTIP Units $ 17,896 $ 8,368 Non-controlling interest attributable to Class A Units 1,650 2,056 Total non-controlling interest $ 19,546 $ 10,424

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Master Leases	The following table reflects the base cash rental payments due from the Company as of September 30, 2022: (In thousands) Future Base Rent Payments 2022 (remainder) $ 352 2023 1,549 2024 1,560 2025 1,598 2026 1,628 Thereafter 42,730 Total lease payments 49,417 Less: Effects of discounting (30,264) Total present value of lease payments $ 19,153

Related Party Transactions an_2

Related Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred and payable to related parties in connection with the operations-related services described above as of and for the periods presented. Amounts below for the nine months ended September 30, 2021 include fees and other expense reimbursements incurred from and due to the Advisor that were passed through and ultimately paid to Lincoln as a result of the Advisor’s former arrangements with Lincoln: Three Months Ended September 30, Nine Months Ended September 30, Payable (Receivable) as of (In thousands) 2022 2021 2022 2021 September 30, December 31, Non-recurring fees and reimbursements: Acquisition cost reimbursements (1) $ 7 $ 23 $ 378 $ 42 $ 7 $ 32 Ongoing fees: Asset management fees to related party 7,939 9,880 24,061 25,123 — — Property management and leasing fees (2) 4,729 2,172 9,685 7,023 1,969 901 Professional fees and other reimbursements (3) 4,466 2,471 12,128 7,638 888 83 Professional fee credit due from Advisor and its affiliates — — — (1,444) — — Total related party operating fees and reimbursements $ 17,141 $ 14,546 $ 46,252 $ 38,382 $ 2,864 $ 1,016 ______ (1) Amounts for the three and nine months ended September 30, 2022 and 2021 are included in acquisition and transaction related expenses in the consolidated statements of operations and comprehensive loss. (2) Amounts for the three and nine months ended September 30, 2022 and 2021 are included in property operating expenses in the consolidated statements of operations and comprehensive loss with the exception of approximately $2.0 million and $2.8 million of leasing fees incurred in the three and nine months ended September 30, 2022, respectively, and $1.1 million and $2.8 million incurred in the three and nine months ended September 30, 2021, respectively, which were capitalized and are included in deferred costs, net in the consolidated balance sheet. A portion of leasing fees are ultimately paid to a third party. (3) Amounts for the three and nine months ended September 30, 2022 and 2021 are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. Includes amounts for directors’ and officers’ insurance.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Share Award Activity	The following table reflects the activity of restricted shares for the nine months ended September 30, 2022: Number of Shares of Common Stock Weighted-Average Grant Price Unvested, December 31, 2021 422,869 $ 8.26 Granted 351,940 7.53 Vested (197,771) 8.03 Forfeited (64,205) 7.96 Unvested, September 30, 2022 512,833 7.90
Schedule of Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units	With respect to one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute TSR levels as shown in the table below. Performance Level Absolute TSR Percentage of LTIP Units Earned Number of LTIP Units Earned Below Threshold Less than 18 % 0 % 0 Threshold 18 % 25 % 1,066,110.625 Target 24 % 50 % 2,132,221.250 Maximum 36 % or higher 100 % 4,264,442.500 With respect to the remaining one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group (consisting of Broadstone Net Lease, Inc., Office Properties Income Trust, RPT Realty and Spirit Realty Capital, Inc.) as of the last day of the performance period as follows: Performance Level Relative TSR Excess Percentage of LTIP Units Earned Number of LTIP Units Earned Below Threshold Less than -600 Basis points 0 % 0 Threshold -600 Basis points 25 % 1,066,110.625 Target 0 Basis points 50 % 2,132,221.250 Maximum +600 Basis points 100 % 4,264,442.500

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share	The following table sets forth the basic and diluted net loss per share computations: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share amounts) 2022 2021 2022 2021 Net loss attributable to common stockholders $ (56,466) $ (6,406) $ (72,791) $ (23,222) Adjustments to net loss for common share equivalents (350) (165) (967) (582) Adjusted net loss attributable to common stockholders $ (56,816) $ (6,571) $ (73,758) $ (23,804) Weighted-average shares outstanding — Basic 133,115,729 118,862,852 131,478,484 112,770,685 Weighted-average shares outstanding — Diluted 133,115,729 118,862,852 131,478,484 112,770,685 Net loss per share attributable to common stockholders — Basic and Diluted $ (0.43) $ (0.06) $ (0.56) $ (0.21)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share as their effect would have been antidilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unvested restricted shares (1) 616,362 475,341 537,252 424,199 Class A Units (2) 172,921 172,921 172,921 172,921 2018 LTIP Units (3) — 928,686 — 3,294,356 2021 LTIP Units (3) 8,528,885 6,767,485 8,528,885 2,280,618 Total 9,318,168 8,344,433 9,239,058 6,172,094 _______ (1) Weighted-average number of shares of unvested restricted shares outstanding for the periods presented. There were 512,833 and 423,894 unvested restricted shares outstanding as of September 30, 2022 and 2021, respectively. (2) Weighted-average number of Class A Units outstanding for the periods presented. There were 172,921 Class A Units outstanding as of September 30, 2022 and 2021. (3) Weighted-average number of 2018 and 2021 LTIP Units outstanding for the periods presented. There were 8,528,885 2021 LTIP Units outstanding as of September 30, 2022 and 2021. For more information see Note 13 — Equity-Based Compensation.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables reconcile the segment activity to consolidated net loss for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 (In thousands) Single-Tenant Properties Multi-Tenant Properties Consolidated Single-Tenant Properties Multi-Tenant Properties Consolidated Revenue from tenants $ 48,474 $ 67,702 $ 116,176 $ 63,296 $ 28,619 $ 91,915 Property operating expense 3,927 24,124 28,051 2,800 10,584 13,384 NOI $ 44,547 $ 43,578 88,125 $ 60,496 $ 18,035 78,531 Asset management fees to related party (7,939) (9,880) Impairment of real estate investments (30,046) (4,554) Acquisition, transaction and other costs (210) (3,426) Equity-based compensation (3,857) (4,149) General and administrative (8,499) (5,589) Depreciation and amortization (57,494) (32,762) Gain on sale of real estate investments 1,608 478 Interest expense (32,402) (19,232) Other income 25 18 Net loss (income) attributable to non-controlling interests 60 (4) Allocation for preferred stock (5,837) (5,837) Net loss attributable to common stockholders $ (56,466) $ (6,406) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (In thousands) Single-Tenant Properties Multi-Tenant Properties Consolidated Single-Tenant Properties Multi-Tenant Properties Consolidated Revenue from tenants $ 157,643 $ 170,405 $ 328,048 $ 165,605 $ 87,074 $ 252,679 Property operating expense 11,901 62,809 74,710 7,915 32,237 40,152 NOI $ 145,742 $ 107,596 253,338 $ 157,690 $ 54,837 212,527 Asset management fees to related party (24,061) (25,123) Impairment of real estate investments (94,942) (4,645) Acquisition, transaction and other costs (695) (3,604) Equity-based compensation (10,878) (13,779) General and administrative (23,722) (15,578) Depreciation and amortization (141,755) (97,509) Gain on sale of real estate investments 68,615 775 Interest expense (84,471) (58,927) Other income 987 62 Gain on non-designated derivatives 2,250 — Net loss attributable to non-controlling interests 54 4 Allocation for preferred stock (17,511) (17,425) Net loss attributable to common stockholders $ (72,791) $ (23,222)
Schedule of Reconciliation of Assets from Segment to Consolidated	The following table reconciles the segment activity to consolidated total assets as of the periods presented: (In thousands) September 30, 2022 December 31, 2021 ASSETS Investments in real estate, net: Single-tenant properties $ 1,909,373 $ 1,973,743 Multi-tenant properties 2,525,920 1,233,030 Total investments in real estate, net 4,435,293 3,206,773 Cash and cash equivalents 41,150 214,853 Restricted cash 19,288 21,996 Deposits for real estate investments — 41,928 Deferred costs, net 22,176 25,587 Straight-line rent receivable 67,953 70,789 Operating lease right-of-use assets 17,964 18,194 Prepaid expenses and other assets 46,732 26,877 Assets held for sale 1,525 187,213 Total assets $ 4,652,081 $ 3,814,210
Schedule of Reconciliation of Other Significant Reconciling Items from Segments to Consolidated	The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Single-tenant properties $ 503 $ 332 $ 1,178 $ 2,213 Multi-tenant properties 5,452 4,546 9,996 9,476 Total capital expenditures $ 5,955 $ 4,878 $ 11,174 $ 11,689

Organization (Details)

Organization (Details) $ in Thousands, ft² in Millions		3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 17, 2021 USD ($) property	Sep. 30, 2022 USD ($) ft² property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($) ft² property	Sep. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($)	Jul. 07, 2022
Operations [Line Items]
Number of assets acquired | property					12	56
Maximum borrowing capacity			$ 135,000
Redeemable securities issued in acquisition					$ 49,965	$ 0
Mortgages assumed in acquisition (including net discounts of $2,301)					350,436	0
Application of deposits for real estate acquisitions					40,000	0
Security deposit					0		$ 41,900
Accrued contingent consideration on acquired properties in the CIM Portfolio Acquisition					5,236	$ 0
Payments to acquire real estate		$ 5,000			$ 63,400
Number of real estate properties | property		1,050			1,050
Area of real estate property (sqft) | ft²		28.8			28.8
Percentage of property leased		92.60%			92.60%
CIM Portfolio Acquisition
Operations [Line Items]
Number of assets acquired | property		1	24	56	81	0
Consideration transferred for acquisitions	$ 1,300,000	$ 71,100	$ 452,800	$ 801,100
Payments to acquire businesses, net of cash acquired				728,400
Maximum borrowing capacity		6,800	$ 128,200	378,000	$ 6,800
Number of properties closed | property			3
Mortgages assumed in acquisition (including net discounts of $2,301)		39,000	$ 294,500
Deposit acquired in acquisition			23,800
Application of deposits for real estate acquisitions		16,200
Security deposit		40,000	40,000				$ 40,000
Asset acquisition, contingent consideration, liability		$ 26,100	$ 13,300	10,200	26,100
CIM Portfolio Acquisition | Class A
Operations [Line Items]
Sale of stock, consideration received on transaction				53,400	$ 53,400
CIM Portfolio Acquisition | Gross mortgage notes payable
Operations [Line Items]
Debt instrument, face amount				19,300
Redeemable securities issued in acquisition				$ 50,000
CIM Portfolio Acquisition | Gross mortgage notes payable | Minimum
Operations [Line Items]
Stated interest rate			3.65%
CIM Portfolio Acquisition | Gross mortgage notes payable | Maximum
Operations [Line Items]
Stated interest rate			4.62%
CIM Portfolio Acquisition | Revolving credit facility
Operations [Line Items]
Stated interest rate		4.05%			4.05%			4.05%
Multi-tenant Retail Centers | CIM Portfolio Acquisition
Operations [Line Items]
Number of assets acquired | property	79
2 Single-tenant Properties | CIM Portfolio Acquisition
Operations [Line Items]
Number of assets acquired | property	2
Additional Single-Tenant Properties
Operations [Line Items]
Number of real estate properties acquired | property		1			11
Additional Multi-Tenant Retail Properties
Operations [Line Items]
Number of real estate properties acquired | property					1
Net Leased Commercial Properties
Operations [Line Items]
Number of real estate properties | property		939			939
Net Leased Retail Properties
Operations [Line Items]
Number of real estate properties | property		900			900
Stabilized Core Retail Properties
Operations [Line Items]
Number of real estate properties | property		111			111

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended					6 Months Ended	9 Months Ended		12 Months Ended
	Jul. 21, 2021 USD ($) $ / shares shares	Jul. 19, 2021 shares	May 04, 2021 USD ($) day	Aug. 30, 2018 USD ($) day $ / shares	Sep. 30, 2022 USD ($) property $ / shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 property	Dec. 31, 2021 USD ($) property $ / shares	Sep. 30, 2021 USD ($) property	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) property segment $ / shares	Sep. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($) segment property $ / shares	Jul. 19, 2018 $ / shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of in-place lease assets											$ 59,375	$ 28,429
Depreciation											$ 80,573	67,463
Weighted average remaining lease term					7 years						7 years
Contingent rental income					$ 200				$ 300		$ 900	900
Bad debt expense					$ 600						1,100	1,300
Uncollectable amounts recovered									100
Lease termination fee income												800
Number of single-tenant properties in lease termination agreement | property							2	6
Gain on termination of lease									10,400		$ 10,200	11,200
Number of real estate properties | property					1,050						1,050
Revenue from tenants					$ 116,176				91,915		$ 328,048	$ 252,679
Below Market Lease Intangibles Write Off									700
Straight Line Rent, Write Off									$ 600
Finance lease, carrying value					$ 2,000			$ 0			$ 2,000		$ 0
Number of reportable segments | segment											2		2
Common stock, par value (in dollars per share) | $ / shares					$ 0.01			$ 0.01			$ 0.01		$ 0.01
Ten-day trailing average closing price (in dollars per share) | $ / shares				$ 16.0114
A12 Lease Termination Agreements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties | property									12			12
Revenue from tenants									$ 10,500			$ 10,500
2018 LTIP Unit Award
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Forfeited (in shares) | shares		4,496,796
Consecutive trading days | day			10	10
2018 LTIP Unit Award | American Realty Capital Advisors | Advisor
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Director compensation, restricted stock			$ 72,000	$ 72,000
2021 OPP | American Realty Capital Advisors | Advisor
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Director compensation, restricted stock	$ 72,000
Granted (in shares) | shares	8,528,885
Ten-day trailing average closing price (in dollars per share) | $ / shares	$ 8.4419
Class A
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, par value (in dollars per share) | $ / shares														$ 0.01
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected lease up period											6 months
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected lease up period											24 months
Impaired real estate investments held for sale
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties | property					4			1			4		1
One Multi Tenant Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease termination fee income												$ 800
Truist Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain on termination of lease											$ 5,000
Number of real estate properties | property					5						5
Buildings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life											40 years
Land Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life											15 years
Fixtures and Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life											5 years
Revision of Prior Period, Error Correction, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciation					$ 3,700						$ 3,700
Revision of Prior Period, Error Correction, Adjustment | In-place lease assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of in-place lease assets					$ 1,200	$ 2,500				$ 3,700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Future Minimum Rental Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Future Minimum Payments Receivable under Topic 842
2022 (remainder)	$ 93,334
2023	367,716
2024	340,503
2025	310,098
2026	277,855
2027	235,000
Thereafter	1,241,083
Total	$ 2,865,589

Real Estate Investments - Asset

Real Estate Investments - Assets Acquired and Liabilities Assumed (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 property	Mar. 31, 2022 property	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($) property
Real estate investments, at cost:
Land				$ 312,399	$ 27,168
Buildings, fixtures and improvements				926,630	113,576
Total tangible assets				1,239,029	140,744
Total intangible assets, net				203,159	12,960
Liabilities Assumed at Fair Value
Mortgage notes payable	$ (350,436)			(350,436)	0
Mortgage notes payable assumed in acquisitions, discounts	2,301			2,301
Shares issued in acquisitions	(49,965)			(49,965)	0
Application of deposit	$ (40,000)			(40,000)	0
Accrued contingent consideration on acquired properties in the CIM Portfolio Acquisition				(5,236)	0
Cash paid for real estate investments				$ 996,551	$ 153,704
Number of assets acquired | property				12	56
CIM Portfolio Acquisition
Liabilities Assumed at Fair Value
Number of assets acquired | property	1	24	56	81	0
In-place leases
Real estate investments, at cost:
Acquired intangible assets				$ 247,899	$ 19,121
Liabilities Assumed at Fair Value
Weighted-average amortization period				6 years 4 months 24 days
Above-market lease assets
Real estate investments, at cost:
Acquired intangible assets				$ 25,286	0
Liabilities Assumed at Fair Value
Weighted-average amortization period				7 years 6 months
Below-market lease liabilities
Real estate investments, at cost:
Acquired intangible assets				$ (70,026)	$ (6,161)
Below market leases
Liabilities Assumed at Fair Value
Weighted-average amortization period				21 years

Real Estate Investments - Summa

Real Estate Investments - Summary of Amortization Expense and Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of leases					$ 59,375	$ 28,429
Depreciation					80,573	67,463
Revision of Prior Period, Error Correction, Adjustment
Finite-Lived Intangible Assets [Line Items]
Depreciation	$ 3,700				3,700
In-place leases | Revision of Prior Period, Error Correction, Adjustment
Finite-Lived Intangible Assets [Line Items]
Amortization of leases	1,200	$ 2,500		$ 3,700
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of leases	28,352		$ 9,220		59,375	28,429
Rental Income
Finite-Lived Intangible Assets [Line Items]
Total included in revenue from tenants	588		1,488		3,298	3,494
Rental Income | Above-market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of leases	2,037		587		4,318	1,877
Rental Income | Below-market lease liabilities
Finite-Lived Intangible Assets [Line Items]
Accretion of leases	2,625		2,075		7,616	5,371
Property Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Accretion of leases	8		8		24	24
Property Operating Expenses | Below-market ground lease asset
Finite-Lived Intangible Assets [Line Items]
Accretion of leases	8		8		24	24
Property Operating Expenses | Above-market ground lease liability
Finite-Lived Intangible Assets [Line Items]
Amortization of leases	$ 0		$ 0		$ 0	$ 0

Real Estate Investments - Lease

Real Estate Investments - Lease Amortization (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Depreciation and Amortization | In-place leases
Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	$ 22,303
2023	75,806
2024	58,706
2025	46,892
2026	37,110
Rental Income
Intangible assets:
2022 (remainder)	(1,052)
2023	(4,471)
2024	(4,793)
2025	(5,249)
2026	(6,028)
Rental Income | Above-market lease assets
Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	1,644
2023	6,229
2024	5,396
2025	4,555
2026	3,316
Rental Income | Below-market lease liabilities
Below Market Lease [Abstract]
2022 (remainder)	(2,696)
2023	(10,700)
2024	(10,189)
2025	(9,804)
2026	$ (9,344)

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 03, 2022 USD ($) property	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($) property
Business Acquisition [Line Items]
Security deposit					$ 0		$ 41,900
Impairment of real estate investments		$ 30,046		$ 4,554	$ 94,942	$ 4,645
Number of real estate properties | property		1,050			1,050
Gain on sale of real estate investments		$ 1,608		478	$ 68,615	775
Subsequent Event
Business Acquisition [Line Items]
Aggregate contract sale price	$ 1,600
Number of properties sold | property	4
Truist Bank
Business Acquisition [Line Items]
Number of real estate properties | property		5			5
CIM Portfolio Acquisition
Business Acquisition [Line Items]
Security deposit		$ 40,000	$ 40,000				$ 40,000
Impaired real estate investments held for sale
Business Acquisition [Line Items]
Number of real estate properties | property		4			4		1
Impaired real estate investments held for sale | One Multi-Tenant Properties
Business Acquisition [Line Items]
Carrying value			$ 67,100
Impairment of real estate investments		$ 2,400
Impaired real estate investments held for sale | One Multi-Tenant Properties | Subsequent Event
Business Acquisition [Line Items]
Aggregate contract sale price	$ 64,800
Assets Sold
Business Acquisition [Line Items]
Aggregate contract sale price		$ 35,400		$ 3,000	$ 331,000	$ 6,100
Number of properties sold | property		8		3	19	8
Gain on sale of real estate investments				$ 500	$ 68,600	$ 800

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Assets Held-for-Sale (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Disposal Group, Including Discontinued Operations, Real Estate Investments, Net [Abstract]
Assets held for sale	$ 1,525	$ 187,213
Impaired real estate investments held for sale
Disposal Group, Including Discontinued Operations, Real Estate Investments, Net [Abstract]
Land	2,593	16,009
Buildings, fixtures and improvements	7,736	194,288
Acquired intangible lease assets	0	46,980
Total real estate assets held for sale, at cost	10,329	257,277
Less accumulated depreciation and amortization	(1,838)	(70,064)
Total real estate investments held for sale, net	8,491	187,213
Impairment charges related to properties reclassified as held for sale	(6,966)	0
Assets held for sale	$ 1,525	$ 187,213

Real Estate Investments - Sched

Real Estate Investments - Schedule of Impairment Charges Recorded by Segment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Line Items]
Impairment of real estate investments	$ 30,046		$ 4,554	$ 94,942	$ 4,645
Single-tenant properties:
Real Estate [Line Items]
Impairment of real estate investments	2,390		4,554	14,187	4,645
Single-tenant properties: | Various Vacant Single-Tenant Properties
Real Estate [Line Items]
Impairment of real estate investments	2,390		4,554	10,421	4,645
Single-tenant properties: | United Healthcare Property
Real Estate [Line Items]
Impairment of real estate investments	0	$ 26,900	0	3,766	0
Multi-tenant properties:
Real Estate [Line Items]
Impairment of real estate investments	27,656		0	80,755	0
Multi-tenant properties: | Blankenbaker Plaza
Real Estate [Line Items]
Impairment of real estate investments	0		0	3,539	0
Multi-tenant properties: | Brynwood Square
Real Estate [Line Items]
Impairment of real estate investments	2,032		0	2,032	0
Multi-tenant properties: | The Shoppes At West End
Real Estate [Line Items]
Impairment of real estate investments	2,395		0	51,955	0
Multi-tenant properties: | Shoppes At Wyomissing
Real Estate [Line Items]
Impairment of real estate investments	$ 23,229		$ 0	$ 23,229	$ 0

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details)	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount	$ 2,821,927,000
Mortgage notes payable assumed in acquisitions, discounts	$ 2,301,000
Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties | property	823
Outstanding Loan Amount	$ 1,843,927,000	$ 1,503,717,000
Deferred financing costs, net of accumulated amortization	(34,593,000)	(38,672,000)
Mortgage (discounts) and premiums, net	(1,801,000)	(115,000)
Mortgage notes payable, net	$ 1,807,533,000	1,464,930,000
Effective interest rate	3.83%
Mortgage notes payable and premiums, net | Net Lease Mortgage Note
Debt Instrument [Line Items]
Encumbered Properties | property	374
Outstanding Loan Amount	$ 474,720,000	477,475,000
Mortgage notes payable and premiums, net | 2019 Class A-1 Net Lease Mortgage Notes
Debt Instrument [Line Items]
Encumbered Properties | property	102
Outstanding Loan Amount	$ 117,770,000	118,231,000
Effective interest rate	3.83%
Mortgage notes payable and premiums, net | 2019 Class A-2 Net Lease Mortgage Notes
Debt Instrument [Line Items]
Encumbered Properties | property	108
Outstanding Loan Amount	$ 120,173,000	120,644,000
Effective interest rate	4.52%
Mortgage notes payable and premiums, net | 2021 Class A-1 Net-Lease Mortgage Notes
Debt Instrument [Line Items]
Encumbered Properties | property	49
Outstanding Loan Amount	$ 53,821,000	54,487,000
Effective interest rate	2.24%
Mortgage notes payable and premiums, net | 2021 Class A-2 Net-Lease Mortgage Notes
Debt Instrument [Line Items]
Encumbered Properties | property	47
Outstanding Loan Amount	$ 92,964,000	94,113,000
Effective interest rate	2.83%
Mortgage notes payable and premiums, net | 2021 Class A-3 Net-Lease Mortgage Notes
Debt Instrument [Line Items]
Encumbered Properties | property	33
Outstanding Loan Amount	$ 34,997,000	35,000,000
Effective interest rate	3.07%
Mortgage notes payable and premiums, net | 2021 Class A-4 Net-Lease Mortgage Notes
Debt Instrument [Line Items]
Encumbered Properties | property	35
Outstanding Loan Amount	$ 54,995,000	55,000,000
Effective interest rate	3.65%
Mortgage notes payable and premiums, net | Column Financial Mortgage Notes
Debt Instrument [Line Items]
Encumbered Properties | property	364
Outstanding Loan Amount	$ 706,197,000	715,000,000
Effective interest rate	3.79%
Mortgage notes payable and premiums, net | Mortgage Loan II
Debt Instrument [Line Items]
Encumbered Properties | property	12
Outstanding Loan Amount	$ 210,000,000	210,000,000
Effective interest rate	4.25%
Mortgage notes payable and premiums, net | Mortgage Loan III
Debt Instrument [Line Items]
Encumbered Properties | property	22
Outstanding Loan Amount	$ 33,400,000	33,400,000
Effective interest rate	4.12%
Mortgage notes payable and premiums, net | Cottonwood Commons
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 19,250,000	0
Effective interest rate	4.52%
Mortgage notes payable and premiums, net | The Marquis
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 8,556,000	0
Effective interest rate	3.95%
Mortgage notes payable and premiums, net | Assumed Multi-Tenant Mortgage I
Debt Instrument [Line Items]
Encumbered Properties | property	3
Outstanding Loan Amount	$ 16,700,000	0
Effective interest rate	4.68%
Mortgage notes payable and premiums, net | Assumed Multi-Tenant Mortgage II
Debt Instrument [Line Items]
Encumbered Properties | property	4
Outstanding Loan Amount	$ 25,000,000	0
Effective interest rate	4.54%
Mortgage notes payable and premiums, net | Assumed Multi-Tenant Mortgage III
Debt Instrument [Line Items]
Encumbered Properties | property	3
Outstanding Loan Amount	$ 31,010,000	0
Effective interest rate	3.70%
Mortgage notes payable and premiums, net | Assumed Multi-Tenant Mortgage IV
Debt Instrument [Line Items]
Encumbered Properties | property	4
Outstanding Loan Amount	$ 28,387,000	0
Effective interest rate	3.90%
Mortgage notes payable and premiums, net | Assumed Multi-Tenant Mortgage V
Debt Instrument [Line Items]
Encumbered Properties | property	7
Outstanding Loan Amount	$ 60,840,000	0
Effective interest rate	3.70%
Mortgage notes payable and premiums, net | The Plant
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 123,000,000	0
Effective interest rate	3.87%
Mortgage notes payable and premiums, net | McGowin Park
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding Loan Amount	$ 39,025,000	0
Effective interest rate	4.11%
Mortgage notes payable and premiums, net | Stop & Shop
Debt Instrument [Line Items]
Encumbered Properties | property	4
Outstanding Loan Amount	$ 45,000,000	45,000,000
Effective interest rate	3.50%
Mortgage notes payable and premiums, net | Bob Evans I
Debt Instrument [Line Items]
Encumbered Properties | property	22
Outstanding Loan Amount	$ 22,842,000	$ 22,842,000
Effective interest rate	4.71%

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jul. 07, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Mortgages assumed in acquisition (including net discounts of $2,301)			$ 350,436	$ 0
CIM Portfolio Acquisition
Debt Instrument [Line Items]
Mortgages assumed in acquisition (including net discounts of $2,301)	$ 39,000	$ 294,500
Amended Credit Facility
Debt Instrument [Line Items]
Collateral amount	2,000,000		2,000,000
Gross mortgage notes payable
Debt Instrument [Line Items]
Collateral amount	$ 3,000,000		$ 3,000,000			$ 2,400,000
Revolving credit facility | CIM Portfolio Acquisition
Debt Instrument [Line Items]
Stated interest rate	4.05%		4.05%		4.05%

Mortgage Notes Payable, Net - F

Mortgage Notes Payable, Net - Future Minimum Payments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) option	Dec. 31, 2021 USD ($)
Total
2022 (remainder)	$ 1,593
2023	289,784
2024	65,672
2025	707,867
2026	594,917
2027	21,553
Thereafter	1,140,541
Total	2,821,927
Mortgage notes payable and premiums, net
Total
2022 (remainder)	1,593
2023	289,784
2024	65,672
2025	707,867
2026	116,917
2027	21,553
Thereafter	640,541
Total	1,843,927	$ 1,503,717
Credit Facility
Total
2022 (remainder)	0
2023	0
2024	0
2025	0
2026	478,000
2027	0
Thereafter	0
Total	$ 478,000
Number of additional extensions | option	2
Additional term	6 months
Senior Notes
Total
2022 (remainder)	$ 0
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	500,000
Total	$ 500,000

Credit Facility (Details)

Credit Facility (Details)		3 Months Ended			9 Months Ended		12 Months Ended
	Oct. 07, 2021 USD ($) extension property	Sep. 30, 2022 USD ($) property $ / shares	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($) property $ / shares	Sep. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($) $ / shares
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 135,000,000
Proceeds from credit facility					$ 513,000,000	$ 30,500,000
Number of assets acquired | property					12	56
Credit facility		$ 478,000,000			$ 478,000,000		$ 0
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock
Debt Instrument [Line Items]
Preferred stock dividend rate					7.50%		7.50%
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01			$ 0.01		$ 0.01
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock
Debt Instrument [Line Items]
Preferred stock dividend rate					7.375%		7.375%
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01			$ 0.01		$ 0.01
CIM Portfolio Acquisition
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 6,800,000	$ 128,200,000	$ 378,000,000	$ 6,800,000
Proceeds from credit facility					$ 513,000,000
Number of assets acquired | property		1	24	56	81	0
Repayments of long-term lines of credit					$ (35,000,000)
Revolving credit facility
Debt Instrument [Line Items]
Credit facility							$ 0
Weighted average interest rate		5.09%			5.09%
Revolving credit facility | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 815,000,000					$ 540,000,000
Additional borrowing capacity, accordion feature	$ 435,000,000
Number of additional extensions | extension	2
Additional term	6 months
Unencumbered properties | property	15
Minimum value of unencumbered properties	$ 300,000,000
Total borrowing base		$ 517,900,000			$ 517,900,000
Credit facility		478,000,000			478,000,000
Amount remaining available but undrawn		39,900,000			39,900,000
Debt covenant cash and borrowing availability required		$ 60,000,000			$ 60,000,000
Revolving credit facility | Credit Facility | Four Consecutive Fiscal Quarters
Debt Instrument [Line Items]
Dividends as percent of modified FFO maximum in rolling four quarter period					95%
Revolving credit facility | Credit Facility | Two Consecutive Fiscal Quarters
Debt Instrument [Line Items]
Dividends as percent fo modified FFO maximum in individual quarter over two consecutive quarters					105%
Revolving credit facility | Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on interest rate	0.45%
Revolving credit facility | Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on interest rate	1.05%
Revolving credit facility | Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on interest rate	1.45%
Revolving credit facility | Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on interest rate	2.05%
Revolving credit facility | Credit Facility | London Interbank Offered Rate (LIBOR) Floor
Debt Instrument [Line Items]
Basis spread on interest rate	0%
Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Bridge Loan | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 55,000,000

Senior Notes, Net (Details)

Senior Notes, Net (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Oct. 07, 2021
Debt Instrument [Line Items]
Senior notes, net	$ 491,983,000	$ 491,015,000
Deferred costs, net	22,176,000	25,587,000
4.500% Senior Notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000,000
Stated interest rate			4.50%
Senior notes, net	492,000,000	491,000,000
Deferred costs, net	$ 8,000,000	$ 9,000,000

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Instruments (Details) $ in Millions	Sep. 30, 2022 USD ($) investment	Dec. 31, 2021 USD ($) investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of impaired real estate investments held-for-sale | investment	4	0
Fair Value | Gross mortgage notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial instruments	$ 1,700	$ 1,500
Level 3 | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit facility, fair value disclosure	478	0
Level 3 | Carrying Amount | Gross mortgage notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial instruments	1,800	1,500
Level 3 | Carrying Amount | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial instruments	500
Level 3 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit facility, fair value disclosure	476.4
Level 3 | Fair Value | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial instruments	$ 386.9	$ 504.4

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($)		3 Months Ended			9 Months Ended
	Dec. 17, 2021	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 13, 2020
Derivative [Line Items]
Gain (loss) on derivative		$ 0			$ 0
Redeemable securities issued in acquisition					49,965,000	$ 0
Gain on embedded derivative			$ 2,300,000
CIM Portfolio Acquisition
Derivative [Line Items]
Percentage of outstanding common stock available for issuance to determine price	7.50%
Consecutive trading days needed to measure the per share volume weighted average price of common stock for price collar	10 days
Embedded derivative asset				$ 1,700,000
Embedded derivative liability				2,300,000
CIM Portfolio Acquisition | Class A
Derivative [Line Items]
Sale of stock, consideration received on transaction (up to)			$ 53,400,000		$ 53,400,000
Sale of stock, number of shares issued in transaction (in shares)			6,450,107
Consecutive trading days needed to measure the per share volume weighted average price of common stock	5 days
Sale of stock, price per share (in usd per share)	$ 8.34
Gross mortgage notes payable
Derivative [Line Items]
Effective interest rate		3.83%			3.83%
Gross mortgage notes payable | CIM Portfolio Acquisition
Derivative [Line Items]
Redeemable securities issued in acquisition			$ 50,000,000
Sanofi US I | Sanofi US I - New Loan | Gross mortgage notes payable
Derivative [Line Items]
Effective interest rate							3.27%
Interest Rate Swap
Derivative [Line Items]
Notional amount							$ 125,000,000
Interest Rate Swap | Cash Flow Hedging | Derivatives designated as hedging instruments:
Derivative [Line Items]
Proceeds from hedge, financing activities				2,100,000
Interest Rate Swap | Cash Flow Hedging | Derivatives designated as hedging instruments: | Interest Expense
Derivative [Line Items]
Reclassification from AOCI				$ 2,100,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Total amount of interest expense presented in the consolidated income statements	$ 32,402	$ 19,232	$ 84,471	$ 58,927
Cash Flow Hedging | Interest rate swaps - assets
Derivative [Line Items]
Amount of gain recognized in AOCI on interest rate derivatives	0	24	0	1,943
Cash Flow Hedging | Interest Expense | Interest rate swaps - assets
Derivative [Line Items]
Amount of (loss) reclassified from AOCI into income as interest expense	$ 0	$ (74)	$ 0	$ (208)

Mezzanine Equity and Total Eq_3

Mezzanine Equity and Total Equity - Mezzanine Equity and Total Equity/Common Stock (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	May 31, 2019	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, outstanding (in shares)		134,244,502			134,244,502		123,783,060
Class A
Class of Stock [Line Items]
Gross consideration received		$ 8		$ 49.9	$ 33	$ 128.2
Commissions paid		0.1		0.8	0.5	2.1
Class A Common Stock ATM Program | Class A
Class of Stock [Line Items]
Sale of stock, consideration received on transaction (up to)		$ 7.9		$ 49.1	32.5	$ 126.1
Sale of stock, maximum offering amount	$ 450
CIM Portfolio Acquisition | Class A
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			6,450,107
Sale of stock, number of shares issued in transaction, value			$ 50
Sale of stock, consideration received on transaction (up to)			$ 53.4		$ 53.4
Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)		134,200,000			134,200,000		123,800,000
Issuance of Stock, net (in shares)		997,230		5,822,614	3,762,559	14,456,837

Mezzanine Equity and Total Eq_4

Mezzanine Equity and Total Equity - Preferred Stock (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Apr. 30, 2020
Class of Stock [Line Items]
Preferred stock, authorized (in shares)		50,000,000
7.50% Series A Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)		12,796,000		12,796,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, issued (in shares)		7,933,711		7,933,711
Preferred stock, outstanding (in shares)		7,933,711		7,933,711
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)		120,000		120,000	1
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, issued (in shares)		0		0
Preferred stock, outstanding (in shares)		0		0
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Class of Stock [Line Items]
Preferred stock, authorized (in shares)		11,536,000		11,536,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, issued (in shares)		4,595,175		4,594,498
Preferred stock, outstanding (in shares)		4,595,175		4,594,498
7.375% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | Series C Preferred Stock ATM Program
Class of Stock [Line Items]
Sale of stock, maximum offering amount	$ 200,000,000
Sale of stock, number of shares issued in transaction (in shares)			1,058,798
Gross consideration received			$ 26,500,000
Sale of stock, consideration received on transaction (up to)			25,600,000
Commissions paid			$ 900,000
Series A Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)		7,933,711		7,933,711
Preferred stock, outstanding (in shares)		7,933,711		7,933,711
Series A Cumulative Redeemable Perpetual Preferred Stock | Series A Preferred Stock ATM Program
Class of Stock [Line Items]
Sale of stock, maximum offering amount	$ 200,000,000
Sale of stock, number of shares issued in transaction (in shares)		0	91,703
Gross consideration received			$ 2,300,000
Sale of stock, consideration received on transaction (up to)			2,300,000
Commissions paid			$ 35,000

Mezzanine Equity and Total Eq_5

Mezzanine Equity and Total Equity - Stockholder Rights Plan (Details) - $ / shares	1 Months Ended
	Apr. 30, 2020	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Percentage of ownership after transaction	4.90%
Preferred stock, authorized (in shares)		50,000,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	1	120,000	120,000
Preferred stock, exercise price (in dollars per share)	$ 0.035

Mezzanine Equity and Total Eq_6

Mezzanine Equity and Total Equity - Non-Controlling Interest (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 19,546	$ 10,424
LTIP Units
Noncontrolling Interest [Line Items]
Non-controlling interests	17,896	8,368
Class A Units
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 1,650	$ 2,056

Mezzanine Equity and Total Eq_7

Mezzanine Equity and Total Equity - Non-controlling Interest Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 20, 2021	Sep. 30, 2021	Sep. 30, 2021
Class of Stock [Line Items]
Forfeiture of LTIP units		$ 0	$ 0
Additional Paid-in Capital
Class of Stock [Line Items]
Forfeiture of LTIP units		(34,826)	(34,826)
Non-controlling Interests
Class of Stock [Line Items]
Forfeiture of LTIP units		$ 34,826	$ 34,826
LTIP Units
Class of Stock [Line Items]
Forfeited (in shares)	4,496,796
LTIP Units | Additional Paid-in Capital
Class of Stock [Line Items]
Forfeiture of LTIP units	$ 34,800
LTIP Units | Non-controlling Interests
Class of Stock [Line Items]
Forfeiture of LTIP units	$ (34,800)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Operating lease right-of-use assets	$ 17,964,000		$ 17,964,000		$ 18,194,000
Operating lease liabilities	$ 19,153,000		$ 19,153,000		$ 19,195,000
Weighted average remaining lease term	7 years		7 years
Legal fees	$ 0	$ 0	$ 0	$ 30,000
Insurance recoveries	$ 0	0	$ 0	0
Land
Loss Contingencies [Line Items]
Number of ground leases | property			7
Weighted average remaining lease term	26 years 3 months 18 days		26 years 3 months 18 days
Weighted average discount rate	7.50%		7.50%
Operating lease payments	$ 500,000	1,200,000	$ 500,000	1,200,000
Operating lease cost	$ 500,000	$ 1,400,000	$ 500,000	$ 1,400,000
Land | Minimum
Loss Contingencies [Line Items]
Term of contract	15 years 3 months 18 days		15 years 3 months 18 days
Land | Maximum
Loss Contingencies [Line Items]
Term of contract	32 years 10 months 24 days		32 years 10 months 24 days

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Future Base Rent Payments
2022 (remainder)	$ 352
2023	1,549
2024	1,560
2025	1,598
2026	1,628
Thereafter	42,730
Total lease payments	49,417
Less: Effects of discounting	(30,264)
Total present value of lease payments	$ 19,153	$ 19,195

Related Party Transactions an_3

Related Party Transactions and Arrangements - Narrative (Details)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 30, 2020 $ / shares

Jul. 03, 2018 $ / shares

Sep. 06, 2016 USD ($)

Jun. 30, 2021

Dec. 31, 2019 agreement

Sep. 30, 2022 USD ($)

Sep. 30, 2021 USD ($)

Sep. 30, 2022 USD ($) $ / shares

Sep. 30, 2021 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2019 USD ($) quarter agreement

Dec. 31, 2017 USD ($) property agreement

Related Party Transaction [Line Items]

Termination notice period

60 days

Total commissions and fees from the Dealer Manager

$ 7,939,000

$ 9,880,000

$ 24,061,000

$ 25,123,000

Renewal term

1 year

1 year

Ineligible termination period

60 days

Percentage of gross rental receipts to calculate management fee

4%

Percentage of gross rental receipts to calculate administrative charge

15%

Percentage of construction costs incurred to calculate construction fee

6%

Compensation charge for termination

$ 400,000

$ 400,000

General and administrative

$ 8,499,000

5,589,000

$ 23,722,000

15,578,000

Advisor

Related Party Transaction [Line Items]

Advisory agreement, renewal term

20 years

Percentage of independent directors approval needed to terminate agreement

67%

Internalization fee, percentage payable in equity

10%

Advisor | American Realty Capital Advisors | Contract Purchase Price

Related Party Transaction [Line Items]

Expected third party acquisition costs reimbursable

0.50%

0.50%

Advisor | American Realty Capital Advisors | Advance on Loan or Other Investment

Related Party Transaction [Line Items]

Expected third party acquisition costs reimbursable

0.50%

0.50%

Advisor | American Realty Capital Advisors | Contact Purchase Price, All Of Portfolio Costs

Related Party Transaction [Line Items]

Acquisition fees and acquisition related expenses

4.50%

4.50%

Advisor | American Realty Capital Advisors | Contract Purchase Price, All Assets Acquired

Related Party Transaction [Line Items]

Acquisition fees and acquisition related expenses

4.50%

4.50%

Termination Fees for Agreement | Advisor

Related Party Transaction [Line Items]

Equity issued fair value

$ 15,000,000

Subject Fees | Advisor

Related Party Transaction [Line Items]

Transaction multiplier

4.5

Subject Fees - Applicable if Internalization Occurs On or After January 1, 2029 | Advisor

Related Party Transaction [Line Items]

Transaction multiplier

3.5

Basis Spread - Purchase Price | Advisor

Related Party Transaction [Line Items]

Margin on multiplier

1%

Base Subject Fees Spread | Advisor

Related Party Transaction [Line Items]

Transaction multiplier

4

Acquisition cost reimbursements

Related Party Transaction [Line Items]

Total commissions and fees from the Dealer Manager

$ 7,000

23,000

$ 378,000

42,000

Base Management Fee - Thereafter | Advisor

Related Party Transaction [Line Items]

Equity issued fair value

$ 24,000,000

Transaction multiplier

0.0062

Base Management Fee - First Year following Effective Time | Advisor

Related Party Transaction [Line Items]

Transaction multiplier

0.0031

Base Management Fee - Second Year following Effective Time | Advisor

Related Party Transaction [Line Items]

Transaction multiplier

0.0047

Base management fee | Advisor

Related Party Transaction [Line Items]

Management fee expense

7,900,000

9,900,000

$ 24,100,000

25,100,000

Annual Subordinated Performance Fee | Advisor

Related Party Transaction [Line Items]

Related party fee, percent of earnings in excess of benchmark one

15%

Related party fee, earnings per share used in calculation, benchmark one (in dollars per share) | $ / shares

$ 0.23

$ 0.275

$ 0.275

Related party fee, percent of earnings in excess of benchmark two

10%

Related party fee, earnings per share used in calculation, benchmark two (in dollars per share) | $ / shares

$ 0.27

$ 0.3125

$ 0.3125

Variable Management Fee | Advisor

Related Party Transaction [Line Items]

Equity issued fair value

0

2,300,000

$ 400,000

3,000,000

Property Management Fee

Related Party Transaction [Line Items]

Number of property management agreements | agreement

4

4

Property Management Fee | Property Manager

Related Party Transaction [Line Items]

Number of property management agreements | agreement

12

Percentage of gross rental receipts

4%

Percentage of reimbursable administrative charges

15%

Percentage of Allocated Loan Not Related to Specially Service Properties

0.02083%

Percentage of loan amount recovered

0.50%

Percentage of Allocated Loan Including Amount Related to Specially Service Properties

0.0625%

Property Management Fee | Property Manager | Secured Debt

Related Party Transaction [Line Items]

Debt instrument, face amount

$ 210,000,000

Number of properties securing mortgage loan | property

12

Transition Fees | Property Manager

Related Party Transaction [Line Items]

Equity issued fair value

$ 2,500

Construction fee percentage

6%

3%

Administrative Services | Advisor | American Realty Capital Advisors

Related Party Transaction [Line Items]

Total commissions and fees from the Dealer Manager

3,900,000

2,000,000

10,600,000

6,200,000

Salaries, Wages, Benefits and Overhead | Advisor | American Realty Capital Advisors

Related Party Transaction [Line Items]

Equity issued fair value

$ 7,700,000

$ 7,400,000

$ 7,000,000

Reimbursement of executive salary annual cost of living adjustment

3%

Reimbursement of executive salary variable component, number of quarters | quarter

4

Reimbursement of executive salary variable component, multiplier

0.20%

Reimbursement of executive salary reduction of real estate cost

25%

Reimbursement of executive salary reinvestment period

12 months

Reimbursement of executive salary negotiation period

90 days

Base Management Monthly Fee | Advisor

Related Party Transaction [Line Items]

Related party fee, quarterly payments, percent of net proceeds from equity financing

0.10417%

Property management and leasing fees

Related Party Transaction [Line Items]

Total commissions and fees from the Dealer Manager

4,729,000

2,172,000

$ 9,685,000

7,023,000

Capitalized leasing fees

$ 2,000,000

$ 1,100,000

$ 2,800,000

2,800,000

Professional fee credit due from Advisor and its affiliates

Related Party Transaction [Line Items]

General and administrative

$ 1,400,000

Related Party Transactions an_4

Related Party Transactions and Arrangements - Summary of Fees, Expenses and Related Payables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Total related party operating fees and reimbursements	$ 7,939	$ 9,880	$ 24,061	$ 25,123
Total related party operating fees and reimbursements
Related Party Transaction [Line Items]
Total related party operating fees and reimbursements	17,141	14,546	46,252	38,382
Related party payable (receivable)	2,864		2,864		$ 1,016
Acquisition cost reimbursements
Related Party Transaction [Line Items]
Total related party operating fees and reimbursements	7	23	378	42
Related party payable (receivable)	7		7		32
Asset management fees to related party
Related Party Transaction [Line Items]
Total related party operating fees and reimbursements	7,939	9,880	24,061	25,123
Related party payable (receivable)	0		0		0
Property management and leasing fees
Related Party Transaction [Line Items]
Total related party operating fees and reimbursements	4,729	2,172	9,685	7,023
Related party payable (receivable)	1,969		1,969		901
Capitalized leasing fees	2,000	1,100	2,800	2,800
Professional fees and other reimbursements
Related Party Transaction [Line Items]
Total related party operating fees and reimbursements	4,466	2,471	12,128	7,638
Related party payable (receivable)	888		888		83
Professional fee credit due from Advisor and its affiliates
Related Party Transaction [Line Items]
Related party payable (receivable)	0		0		$ 0
Professional fee credit due from Advisor and its affiliates	$ 0	$ 0	$ 0	$ (1,444)

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details)

3 Months Ended

9 Months Ended

12 Months Ended

Jul. 21, 2021 USD ($) $ / shares shares

Jul. 20, 2021 USD ($)

Jul. 19, 2021 shares

May 04, 2021 USD ($) day

Feb. 26, 2021 shares

Aug. 30, 2018 USD ($) day $ / shares

Jul. 03, 2018

Sep. 30, 2022 USD ($)

Sep. 30, 2021 USD ($)

Sep. 30, 2022 USD ($) shares

Sep. 30, 2021 USD ($) shares

Dec. 31, 2021 USD ($) shares

Dec. 31, 2020 shares

Mar. 04, 2019 USD ($)

Mar. 03, 2019 USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Maximum authorized amount as a percentage of shares authorized

10%

Equity-based compensation

$ 3,857,000

$ 4,149,000

$ 10,878,000

$ 13,779,000

Ten-day trailing average closing price (in dollars per share) | $ / shares

$ 16.0114

Percentage of aggregate distributions that is subject to priority catch-up distribution on each earned share-based arrangement unit

90%

Share-based payment arrangement, converted instrument, rate

1

Distributions on LTIP Units and Class A Units

$ (655,000)

(320,000)

Distributions to non-controlling interest holders

218,000

201,000

655,000

$ 464,000

Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Director compensation annual cash retainer

$ 60,000

Common stock issued in lieu of cash compensation (in shares) | shares

0

0

Lead Independent Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Director compensation annual cash retainer

$ 100,000

Chair of Audit Committee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Director compensation annual cash retainer

30,000

Other Audit Committee Members

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Director compensation annual cash retainer

15,000

Chair of Compensation Committee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Director compensation annual cash retainer

15,000

Other Compensation Committee or NCG Committee Member

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Director compensation annual cash retainer

$ 10,000

Share-based Compensation - Restricted Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted (in shares) | shares

278,278

309,475

Award vesting period

4 years

Percentage of LTIP Units Earned

25%

Share-based Compensation - Restricted Shares | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

1 year

Share-based Compensation - Restricted Shares | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

5 years

Share-based Compensation - Restricted Shares | Share-based Payment Arrangement, Employee

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of LTIP Units Earned

50%

Share-based Compensation - Restricted Shares | Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted (in shares) | shares

42,872

Award vesting period

1 year

Director compensation, restricted stock

$ 85,000

Employee Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted (in shares) | shares

309,068

2021 OPP | Advisor | American Realty Capital Advisors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted (in shares) | shares

8,528,885

Director compensation, restricted stock

$ 72,000,000

Ten-day trailing average closing price (in dollars per share) | $ / shares

$ 8.4419

Fair value of equity award

$ 40,800,000

2018 LTIP Unit Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity-based compensation

3,200,000

3,800,000

$ 9,500,000

$ 11,700,000

Forfeited (in shares) | shares

4,496,796

Consecutive trading days | day

10

10

Share-based compensation — restricted shares

$ 32,000,000

$ 10,900,000

$ 8,100,000

Requisite service period (in years)

3 years

Performance period

3 years

2018 LTIP Unit Award | Advisor | American Realty Capital Advisors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Director compensation, restricted stock

$ 72,000,000

$ 72,000,000

LTIP Award Increase In Fair Value

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation — restricted shares

$ 2,800,000

LTIP Unit

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of entitled distributions

10%

Distributions to non-controlling interest holders

$ 500,000

200,000

Performance period

3 years

2018 Equity Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Plan term

10 years

Restricted Share Plan | Share-based Compensation - Restricted Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted (in shares) | shares

351,940

Unrecognized compensation costs

3,200,000

$ 3,200,000

Weighted average period for recognition

2 years 10 months 24 days

Equity-based compensation

700,000

$ 300,000

$ 1,300,000

2,100,000

Vested (in shares) | shares

197,771

Forfeited (in shares) | shares

64,205

Restricted Share Plan | Share-based Compensation - Restricted Shares | Former Chief Financial Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted (in shares) | shares

69,875

Award vesting period

4 years

Percentage of LTIP Units Earned

25%

Equity-based compensation

$ 1,100,000

Replacement Restricted Shares | Share-based Compensation - Restricted Shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity-based compensation

300,000

$ 300,000

Vested (in shares) | shares

59,368

Reversal of compensation cost

$ 100,000

Restricted Share Plan, Additional Award | Share-based Compensation - Restricted Shares | Former Chief Financial Officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units granted (in shares) | shares

52,778

2021 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized compensation costs

$ 22,900,000

$ 22,900,000

Weighted average period for recognition

1 year 9 months 18 days

Equity-based compensation

$ 1,900,000

Requisite service period (in years)

38 months 16 days

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Unvested Restricted Stock Activity (Details) - Share-based Compensation - Restricted Shares - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares of Common Stock
Granted (in shares)		278,278	309,475
Restricted Share Plan
Number of Shares of Common Stock
Unvested - Beginning balance (in shares)	422,869
Granted (in shares)	351,940
Vested (in shares)	(197,771)
Forfeited (in shares)	(64,205)
Unvested - Ending balance (in shares)	512,833	422,869
Weighted-Average Grant Price
Unvested - Beginning balance (in dollars per share)	$ 8.26
Granted (in dollars per share)	7.53
Vested (in dollars per share)	8.03
Forfeited (in dollars per share)	7.96
Unvested - Ending balance (in dollars per share)	$ 7.90	$ 8.26

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of LTIP Vesting Scenarios (Details) - 2021 LTIP Unit Award	May 04, 2021 shares
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	18%
Percentage of LTIP Units Earned	0%
Number of LTIP Units Earned (in shares)	0
Below Threshold | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	(6.00%)
Percentage of LTIP Units Earned	0%
Number of LTIP Units Earned (in shares)	0
Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	18%
Percentage of LTIP Units Earned	25%
Number of LTIP Units Earned (in shares)	10,661.10625
Threshold | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	(6.00%)
Percentage of LTIP Units Earned	25%
Number of LTIP Units Earned (in shares)	10,661.10625
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	24%
Percentage of LTIP Units Earned	50%
Number of LTIP Units Earned (in shares)	21,322.2125
Target | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	0%
Percentage of LTIP Units Earned	50%
Number of LTIP Units Earned (in shares)	21,322.2125
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	36%
Percentage of LTIP Units Earned	100%
Number of LTIP Units Earned (in shares)	42,644.425
Maximum | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	6%
Percentage of LTIP Units Earned	100%
Number of LTIP Units Earned (in shares)	42,644.425
Minimum | Threshold | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	(6.00%)
Minimum | Target | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	0%
Maximum | Target | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	0%
Maximum | Maximum | Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative TSR Excess	6%

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (56,466)	$ (6,406)	$ (72,791)	$ (23,222)
Adjustments to net loss for common share equivalents	(350)	(165)	(967)	(582)
Adjusted net loss attributable to common stockholders	$ (56,816)	$ (6,571)	$ (73,758)	$ (23,804)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted-average shares outstanding - Basic (in shares)	133,115,729	118,862,852	131,478,484	112,770,685
Weighted-average shares outstanding - Diluted (in shares)	133,115,729	118,862,852	131,478,484	112,770,685
Earnings Per Share [Abstract]
Net loss per share attributable to common stockholders — Basic ( in dollars per share)	$ (0.43)	$ (0.06)	$ (0.56)	$ (0.21)
Net loss per share attributable to common stockholders — Diluted ( in dollars per share)	$ (0.43)	$ (0.06)	$ (0.56)	$ (0.21)

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	9,318,168	8,344,433	9,239,058	6,172,094
Class A units outstanding (in shares)	172,921	172,921	172,921	172,921
Unvested restricted shares | Restricted Share Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares outstanding (in shares)	512,833	423,894	512,833	423,894
Unvested restricted shares (in shares)	512,833		512,833		422,869
2021 LTIP Unit Award
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted shares (in shares)	8,528,885	8,528,885	8,528,885	8,528,885
Unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	616,362	475,341	537,252	424,199
Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	172,921	172,921	172,921	172,921
2018 LTIP Unit Award
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	928,686
2021 LTIP Unit Award
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	8,528,885	6,767,485	8,528,885	2,280,618
LTIP Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)			0	3,294,356

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of the Segment Activity to Consolidated Net Income (Loss) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments | segment			2		2
Number of operating segments | segment			1
Segment Reporting Information [Line Items]
Revenue from tenants	$ 116,176	$ 91,915	$ 328,048	$ 252,679
Property operating expense	28,051	13,384	74,710	40,152
NOI	88,125	78,531	253,338	212,527
Asset management fees to related party	(7,939)	(9,880)	(24,061)	(25,123)
Impairment charges related to properties reclassified as held for sale	(30,046)	(4,554)	(94,942)	(4,645)
Acquisition, transaction and other costs	(210)	(3,426)	(695)	(3,604)
Equity-based compensation	(3,857)	(4,149)	(10,878)	(13,779)
General and administrative	(8,499)	(5,589)	(23,722)	(15,578)
Depreciation and amortization	(57,494)	(32,762)	(141,755)	(97,509)
Gain on sale of real estate investments	1,608	478	68,615	775
Interest expense	(32,402)	(19,232)	(84,471)	(58,927)
Other income	25	18	987	62
Gain on non-designated derivatives	0	0	2,250	0
Net loss (income) attributable to non-controlling interests	60	(4)	54	4
Allocation for preferred stock	(5,837)	(5,837)	(17,511)	(17,425)
Net loss attributable to common stockholders	(56,466)	(6,406)	(72,791)	(23,222)
Single-Tenant Properties | Operating Segments
Segment Reporting Information [Line Items]
Revenue from tenants	48,474	63,296	157,643	165,605
Property operating expense	3,927	2,800	11,901	7,915
NOI	44,547	60,496	145,742	157,690
Multi-Tenant Properties | Operating Segments
Segment Reporting Information [Line Items]
Revenue from tenants	67,702	28,619	170,405	87,074
Property operating expense	24,124	10,584	62,809	32,237
NOI	$ 43,578	$ 18,035	$ 107,596	$ 54,837

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total investments in real estate, net	$ 4,435,293	$ 3,206,773
Cash and cash equivalents	41,150	214,853	$ 98,989
Restricted cash	19,288	21,996	$ 15,863
Deposits for real estate investments	0	41,928
Deferred costs, net	22,176	25,587
Straight-line rent receivable	67,953	70,789
Prepaid expenses and other assets	17,964	18,194
Prepaid expenses and other assets	46,732	26,877
Assets held for sale	1,525	187,213
Total assets	4,652,081	3,814,210
Single-Tenant Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total investments in real estate, net	1,909,373	1,973,743
Multi-Tenant Properties | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total investments in real estate, net	$ 2,525,920	$ 1,233,030

Segment Reporting - Reconcili_3

Segment Reporting - Reconciliation of Capital Expenditures from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures			$ 996,551	$ 153,704
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures	$ 5,955	$ 4,878	11,174	11,689
Operating Segments | Single-Tenant Properties
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures	503	332	1,178	2,213
Operating Segments | Multi-Tenant Properties
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures	$ 5,452	$ 4,546	$ 9,996	$ 9,476

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	1 Months Ended
	Nov. 03, 2022 USD ($) property
Subsequent Event [Line Items]
Number of properties sold | property	4
Aggregate contract sale price	$ 1.6
Revolving credit facility
Subsequent Event [Line Items]
Company borrowed	$ 10