Hines Global Income Trust 10-K 31 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 01, 2022	Jun. 30, 2021
Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55599
Entity Registrant Name	HINES GLOBAL INCOME TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0947092
Entity Address, Address Line One	2800 Post Oak Boulevard
Entity Address, Address Line Two	Suite 5000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056-6118
City Area Code	888
Local Phone Number	220-6121
Title of 12(g) Security	Common Stock, par value $0.001
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Central Index Key	0001585101
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
No Trading Symbol Flag	true
Class AX
Entity Information
Entity, Common Stock, Shares, Outstanding		32.3
Class TX
Entity Information
Entity, Common Stock, Shares, Outstanding		4.5
Class IX
Entity Information
Entity, Common Stock, Shares, Outstanding		0.1
Class T
Entity Information
Entity, Common Stock, Shares, Outstanding		56
Class S
Entity Information
Entity, Common Stock, Shares, Outstanding		9.5
Class D
Entity Information
Entity, Common Stock, Shares, Outstanding		22.2
Class I
Entity Information
Entity, Common Stock, Shares, Outstanding		55.5

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Houston, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investment property, net	$ 2,085,122	$ 1,558,060
Investments in real estate-related securities	74,256	51,137
Cash and cash equivalents	196,630	55,998
Restricted cash	14,797	21,565
Derivative instruments	842	286
Tenant and other receivables, net	20,626	16,644
Intangible lease assets, net	232,410	121,830
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	15,875	0
Deferred leasing costs, net	38,596	17,471
Deferred financing costs, net	1,848	1,372
Other assets	23,919	19,054
Total assets	2,704,921	1,863,417
Liabilities:
Accounts payable and accrued expenses	61,819	35,549
Due to affiliates	69,430	39,295
Intangible lease liabilities, net	40,366	21,393
Other liabilities	27,422	19,235
Financing lease liability	17,340	0
Derivative instruments	167	22
Distributions payable	7,470	4,909
Notes payable, net	1,244,875	880,796
Total liabilities	1,468,889	1,001,199
Commitments and contingencies (Note 12)	0	0
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of December 31, 2021 and December 31, 2020	0	0
Common shares (Note 7)	154	104
Additional paid-in capital	1,440,225	938,736
Accumulated distributions in excess of earnings	(211,975)	(99,451)
Accumulated other comprehensive income (loss)	7,628	22,829
Total stockholders’ equity	1,236,032	862,218
Noncontrolling interests	0	0
Total equity	1,236,032	862,218
Total liabilities and equity	$ 2,704,921	$ 1,863,417

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental revenue	$ 171,848	$ 123,389	$ 101,762
Other revenue	4,078	3,226	2,121
Total revenues	175,926	126,615	103,883
Expenses:
Property operating expenses	43,156	32,875	25,198
Real property taxes	19,447	14,577	11,753
Property management fees	6,054	5,719	4,036
Depreciation and amortization	88,100	68,693	46,193
Acquisition related expenses	112	687	161
Asset management fees	16,442	11,674	7,985
Performance participation allocation	24,790	0	7,713
General and administrative expenses	5,546	4,652	3,652
Total expenses	203,647	138,877	106,691
Other income (expenses):
Gain (loss) on derivative instruments	105	7,531	(2,292)
Gain (loss) on investments in real estate-related securities	15,965	(452)	2,317
Gain on sale of real estate	1,432	130,094	0
Foreign currency gains (losses)	(978)	(809)	(617)
Interest expense	(24,976)	(20,849)	(18,608)
Interest and other income	2,140	1,693	1,480
Income (loss) before benefit (provision) for income taxes	(34,033)	104,946	(20,528)
Benefit (provision) for income taxes	(3,988)	4,380	980
Provision for income taxes related to sale of real estate	(1,132)	(7,773)	0
Net income (loss)	(39,153)	101,553	(19,548)
Net (income) loss attributable to noncontrolling interests	(13)	(13)	(13)
Net income (loss) attributable to common stockholders	$ (39,166)	$ 101,540	$ (19,561)
Basic income (loss) per share (usd per share)	$ (0.31)	$ 1.06	$ (0.31)
Diluted income (loss) per share (usd per share)	$ (0.31)	$ 1.06	$ (0.31)
Weighted average number of common shares outstanding, basic (in shares)	127,747	95,935	63,039
Weighted average number of common shares outstanding, diluted (in shares)	127,747	95,935	63,039
Comprehensive income (loss):
Net income (loss)	$ (39,153)	$ 101,553	$ (19,548)
Other comprehensive income (loss):
Foreign currency translation adjustment	(15,201)	20,106	3,597
Comprehensive income (loss)	(54,354)	121,659	(15,951)
Comprehensive (income) loss attributable to noncontrolling interests	(13)	(13)	(13)
Comprehensive income (loss) attributable to common stockholders	$ (54,367)	$ 121,646	$ (15,964)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018			43,584
Beginning balance at Dec. 31, 2018		$ 278,733	$ 44	$ 371,274	$ (91,711)	$ (874)	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			39,805
Issuance of common shares		411,321	$ 41	411,280
Distributions declared		(35,558)			(35,558)		(13)
Redemption of common shares (in shares)			(1,542)
Redemption of common shares		(16,052)	$ (2)	(16,050)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(26,514)		(26,514)
Offering costs		(4,445)		(4,445)
Net income (loss)	$ (19,548)	(19,561)			(19,561)		13
Foreign currency translation adjustment	3,597	3,597				3,597
Ending balance (in shares) at Dec. 31, 2019			81,847
Ending balance at Dec. 31, 2019		591,521	$ 83	735,545	(146,830)	2,723	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			25,145
Issuance of common shares		256,204	$ 24	256,180
Distributions declared		(54,161)			(54,161)		(13)
Redemption of common shares (in shares)			(3,211)
Redemption of common shares		(35,815)	$ (3)	(35,812)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(13,242)		(13,242)
Offering costs		(3,935)		(3,935)
Net income (loss)	101,553	101,540			101,540		13
Foreign currency translation adjustment	20,106	16,946				16,946
Foreign currency translation adjustment reclassified into earnings		3,160				3,160
Ending balance (in shares) at Dec. 31, 2020			103,781
Ending balance at Dec. 31, 2020	862,218	862,218	$ 104	938,736	(99,451)	22,829	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			55,407
Issuance of common shares		570,447	$ 54	570,393
Distributions declared		(73,358)			(73,358)		(13)
Redemption of common shares (in shares)			(4,382)
Redemption of common shares		(41,586)	$ (4)	(41,582)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(21,784)		(21,784)
Offering costs		(5,538)		(5,538)
Net income (loss)	(39,153)	(39,166)			(39,166)		13
Foreign currency translation adjustment	(15,201)	(15,201)				(15,201)
Ending balance (in shares) at Dec. 31, 2021			154,806
Ending balance at Dec. 31, 2021	$ 1,236,032	$ 1,236,032	$ 154	$ 1,440,225	$ (211,975)	$ 7,628	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (39,153)	$ 101,553	$ (19,548)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	91,556	70,474	47,341
Gain on sale of real estate	(1,432)	(130,094)	0
Foreign currency (gains) losses	978	809	617
(Gain) loss on derivative instruments	(105)	(7,531)	2,292
(Gain) loss on investments in real estate-related securities	(15,965)	452	(2,317)
Changes in assets and liabilities:
Change in other assets	(5,322)	(8,050)	(1,827)
Change in tenant and other receivables	(3,929)	(4,577)	(2,982)
Change in deferred leasing costs	(25,455)	(5,426)	(7,199)
Change in accounts payable and accrued expenses	18,562	1,444	90
Change in other liabilities	5,293	(3,218)	(2,946)
Change in due to affiliates	21,031	(5,930)	3,890
Net cash from operating activities	46,059	9,906	17,411
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(690,544)	(449,051)	(620,974)
Capital expenditures at operating properties	(17,117)	(11,456)	(8,487)
Proceeds from sale of real estate	0	340,182	0
Purchases of real estate-related securities	(57,602)	(53,096)	(45,200)
Proceeds from settlement of real estate-related securities	50,449	37,998	20,625
Net cash used in investing activities	(714,814)	(135,423)	(654,036)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	533,684	227,776	392,897
Redemption of common shares	(44,418)	(31,646)	(15,545)
Payment of offering costs	(6,673)	(5,956)	(5,684)
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(11,137)	(9,448)	(12,373)
Distributions paid to stockholders and noncontrolling interests	(34,116)	(24,764)	(15,335)
Proceeds from notes payable	897,115	446,545	327,114
Payments on notes payable	(524,052)	(382,585)	(30,996)
Proceeds from related party note payable	0	0	134,000
Payments on related party note payable	0	(75,000)	(114,000)
Change in security deposit liability	977	837	167
Deferred financing costs paid	(5,763)	(1,394)	(3,692)
Payments related to interest rate contracts	(159)	(85)	(209)
Net cash from financing activities	805,458	144,280	656,344
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(2,839)	2,362	(267)
Net change in cash, restricted cash and cash equivalents	133,864	21,125	19,452
Cash, restricted cash and cash equivalents, beginning of year	77,563	56,438	36,986
Cash, restricted cash and cash equivalents, end of year	$ 211,427	$ 77,563	$ 56,438

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Hines Global Income Trust, Inc. (“the Company” or “Hines Global”), is a Maryland corporation formed to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, invest in real-estate related securities. The Company is sponsored by Hines Interests Limited Partnership (“Hines”), a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for over 60 years. The Company is managed by HGIT Advisors LP (the “Advisor”), an affiliate of Hines. The Company conducts substantially all of its operations through HGIT Properties, LP (the “Operating Partnership”). An affiliate of the Advisor, Hines Global REIT II Associates LP, owns less than a 1% limited partner interest in the Operating Partnership as of December 31, 2021 and the Advisor also owns the special limited partnership interest in the Operating Partnership. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2015. The Company raises capital for its investments through public offerings of its common stock and engaged Hines Securities, Inc. (the “Dealer Manager”), an affiliate of the Advisor, to serve as the dealer manager for its offerings and to market its shares. On August 20, 2014, the Company commenced its initial public offering of up to $2.5 billion of its common stock (the “Initial Offering”). On September 30, 2017, the Company suspended the sale of shares in the primary portion of the Initial Offering, while continuing to offer up to $150.0 million of its common stock pursuant to its distribution reinvestment plan. On December 6, 2017, the Company commenced a second public offering of up to $2.5 billion in shares of common stock including $500.0 million of shares offered under our distribution reinvestment plan (the “Second Offering”). As a result of the changing landscape in the non-traded REIT industry, the Second Offering reflected a restructuring (the “Restructuring”), which resulted in a reduction of many of the fees payable to the Advisor and the Dealer Manager. The Company launched its third public offering of up to $2.5 billion in shares of its common stock (the “Third Offering” or, together with the Second Offering, the “Follow-on Offerings”) on June 2, 2021 through which it is offering of up to $2.5 billion in shares of common stock including $500.0 million of shares offered under its distribution reinvestment plan. The Company terminated its second public offering immediately prior to the commencement of the Third Offering. For additional information regarding these fees, please see Note 8 — Related Party Transactions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions. Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. The Company has reclassified the presentation of certain of its assets and liabilities related to its ground leases. See Lessee Accounting below for additional information. Coronavirus Outbreak The preparation of financial statements in conformity with U.S GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic (more commonly referred to as the Coronavirus pandemic), has adversely impacted and may further adversely impact the Company’s business, the businesses of the Company’s tenants and the real estate market generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. The ongoing global outbreak of the Coronavirus pandemic continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. It has disrupted global travel and supply chains, adversely impacted global commercial activity, and its long-term economic impact remains uncertain. Considerable uncertainty still surrounds the Coronavirus and its potential effects on the population, as well as the effectiveness of any responses taken on a national and local level by government authorities and businesses. The travel restrictions, limits on hours of operations and/or closures of non-essential businesses and other efforts to curb the spread of the Coronavirus have significantly disrupted business activity globally, including in the markets where the Company invests, and has had an adverse impact on the performance of certain of the Company’s investments. Many of the Company’s tenants are subject to various quarantine restrictions and these restrictions could be in place for an extended period of time. These restrictions are particularly adversely impacting many of the Company’s retail tenants (other than grocery tenants), as government instructions regarding social distancing, capacity limitations and mandated closures have reduced and, in some cases, eliminated customer foot traffic, causing many of the Company’s retail tenants to temporarily close their brick and mortar stores. As of March 31, 2022, the Company owned two retail properties in the U.S., which comprised 16% of the Company’s total revenue for the year ended December 31, 2021. The Company agreed to grant $3.8 million of rent relief to its retail tenants during the year ended December 31, 2020, as a result of their lost revenues resulting from the Coronavirus pandemic at these properties. Such rent relief consisted of rental payments that were forgiven or reduced due to the conversion of fixed rental payments to rental payments based on a percentage of the tenant’s revenues as well as rent payments that were deferred to future periods. The Company has not granted significant additional rent relief during the year ended December 31, 2021. While rent collections were adversely affected in the early months of the pandemic, consumer traffic and rent collections at these properties has recovered to pre-pandemic levels. However, rising infection rates and the potential for additional government mandated shutdowns could reduce consumer traffic at the Company’s retail properties and negatively impact future rent collections. Additionally, the Company refunded $0.9 million and $2.2 million in rent to students across its international student housing portfolio during the year ended December 31, 2021 and 2020, respectively, primarily as a result of temporary university closures. In-campus learning resumed at the start of the 2021/2022 school year, but it is difficult to predict whether additional closures may occur. The Company’s operations at its other asset types were not materially impacted by the Coronavirus pandemic to date. The Coronavirus pandemic has had an adverse impact on economic and market conditions and has triggered a period of global economic slowdown. In addition, the rapidly evolving nature of the pandemic makes it difficult to ascertain the long term impact it will have on commercial real estate markets and the Company’s investments. Nevertheless, the Coronavirus pandemic presents material uncertainty and risk with respect to the Company’s performance and financial results, such as rent concessions or reduced rental rates, the potential negative impact to occupancy at its properties, the potential closure of certain of its assets for an extended period, the potential for increased difficulty in obtaining financing, the negative impact of the Company’s ability to raise capital in its public offering at pre-pandemic rates, increased costs of operations, decrease in values of its real estate investments, the potential for increased difficulty of maintaining the current distribution rate, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The Company is unable to estimate the impact the Coronavirus pandemic will have on its results in future periods. Due to the business disruptions and challenges severely affecting the global economy caused by the Coronavirus pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842 ("Topic 842") addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the Coronavirus pandemic. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the Coronavirus pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis for the lease concessions that 1) were granted as relief due to the Coronavirus pandemic and 2) result in the cash flows remaining substantially the same or less. The application of this relief primarily related to certain leases at the Company's retail properties in which the Company agreed to defer or forgive rent payments for one or more months. The Company does not believe the election to apply this relief had a material impact on its financial statements. Correction of Immaterial Error During the quarter ended June 30, 2021, the Company identified an immaterial error in the calculation of deferred tax assets and related valuation allowance at one of its properties. As a result of this error, “Other Assets” included in the Company’s Consolidated Balance Sheet as of December 31, 2020 was overstated by $2.9 million and the “Benefit (provision) for income taxes” and “Net Income” included in the Consolidated Statements of Operations and Comprehensive Income (Loss) was overstated by $2.9 million for the year then ended. The Company corrected these errors in the quarterly period ended June 30, 2021, which increased net loss by $2.9 million for the year ended December 31, 2021. Management evaluated the effects of these out-of-period adjustments, both qualitatively and quantitatively, and concluded that the errors and the related correction were not material both individually and in the aggregate to the current period or prior periods. Investment Property and Lease Intangibles Acquisitions of properties are evaluated to determine whether they qualify as a business combination or an asset acquisition. An acquisition is classified as an asset acquisition if substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar assets and the amounts recorded are inclusive of acquisitions costs and therefore recorded using their relative fair values. If the acquisition meets the definition of a business combination, the Company records the fair value of the assets acquired and liabilities assumed and will evaluate the existence of goodwill or a bargain purchase gain. Acquisition costs are expensed for business combinations. Since January 1, 2018, all of our acquisitions were concluded to be assets acquisitions. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values were based upon estimates a variety of valuation methodologies and assumptions that the Company believes are similar to those used by market participants. These include, but are not limited to, estimates for future cash flows that utilize discount and/or capitalization rates assuming the building was vacant, determination of market-based rental revenues, comparable land sales, and replacement costs on building, and are subsequently used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable. Real estate assets acquired are recorded at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15-20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred. Impairment of Investment Property Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation. No impairment charges were recorded during the years ended December 31, 2021, 2020, and 2019. Investments in Real Estate-Related Securities The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis. The Company earns interest and dividend income monthly related to these securities, which is recorded in interest and other income in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The table below presents the effects of the changes in fair value of the Company’s real estate-related securities in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2021, 2020 and 2019 (in thousands): Gain (Loss) Recorded on Investments in Real Estate-Related Securities Year Ended December 31, 2021 2020 2019 Unrealized gain (loss) $ 7,946 $ 2,141 $ 1,283 Realized gain (loss) 8,019 (2,593) 1,034 Total gain (loss) on real estate-related securities $ 15,965 $ (452) $ 2,317 Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Concentration of Credit Risk As of December 31, 2021, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. In addition, as of December 31, 2021, the Company had $32.2 million of cash and cash equivalents, including restricted cash, deposited in certain financial institutions located in the United Kingdom, Ireland, the Netherlands, Germany, Poland, Spain and Czech Republic. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents. As of December 31, 2021, the Company owned $74.3 million in real estate-related securities. These securities consist of common equities, preferred equities and debt securities of publicly traded REITs. International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland, the Netherlands, Germany, Spain and Czech Republic, the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom, and the Polish zloty is the functional currency for the Company’s subsidiaries operating in Poland. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated. Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements. Tenant and Other Receivables Tenant and other receivables consists primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. As of December 31, 2021 and 2020, the Company had receivables related to base rents and tenant reimbursements of $3.8 million and $4.6 million, respectively. Straight-line rent receivables were $13.5 million and $9.1 million as of December 31, 2021 and 2020, respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues. Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense. Other Assets Other assets included the following (in thousands): December 31, 2021 December 31, 2020 Prepaid insurance $ 1,432 $ 1,133 Prepaid property taxes 2,363 1,845 Deferred tax assets (1) 9,016 9,478 Operating lease right-of-use asset, net 3,990 4,367 (2) Other 7,118 2,231 Other assets $ 23,919 $ 19,054 (1) Includes the effects of a valuation allowance of $11.4 million and $3.3 million as of December 31, 2021 and 2020, respectively. (2) This amount was initially recorded to right-of-use asset, net, on the Company’s Consolidated Balance Sheet as of December 31, 2020, but has been reclassified to other assets in order to be consistent with the current year presentation. See Lessee Accounting below for additional information. Lessee Accounting The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics that the Company has currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $86,000 and $87,000 for the years ended December 31, 2021 and 2020, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $4.0 million and $4.4 million in other assets as of December 31, 2021 and 2020, and has recorded a lease liability of approximately $1.5 million and $1.6 million in other liabilities, as of December 31, 2021 and 2020, in the Company’s Consolidated Balance Sheets. The right-of-use asset and lease liability recorded on the Company’s Consolidated Balance Sheet as of December 31, 2020 within the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 were recorded to right-of-use asset, net, and operating lease liability, respectively, but have been reclassified to other assets and other liabilities, respectively, as of December 31, 2020 within this Annual Report on Form 10-K in order to be consistent with the current year presentation. The Company also has a ground lease agreement in which the Company is the lessee for land underneath Center Place that the Company has currently accounted for as a financing lease. The lease currently ends in March 2142 and has fixed and variable payments. The rental expense associated with this lease was $15,000 for the year ended December 31, 2021. The Company has recorded a right-of-use asset of approximately $15.9 million in financing lease right-of-use asset, net, as of December 31, 2021, and has recorded a lease liability of approximately $17.3 million in financing lease liability, as of December 31, 2021, in the Company’s Consolidated Balance Sheets. The Company’s estimate of the amount of the right-of-use assets and lease liabilities included assumptions for the discount rate, which is based on the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the term of the Łódź Urban Logistics and Center Place ground leases are much longer than a typical borrowing, the Company derived the incremental borrowing rate of 5.6% and 3.4% for the ground leases at Łódź Urban Logistics and Center Place, respectively, as the spread in a current financing quote for the property, or its borrowing rate on its revolving credit facility if a current financing quote was not available, plus the applicable base rate corresponding to the longest term available in the base rate market. A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for its ground leases for each of the years ending December 31, 2022 through December 31, 2026 are as follows (in thousands): Lease Payments Operating Leases Financing Leases 2022 $ 87 $ 540 2023 87 540 2024 87 540 2025 87 540 2026 87 540 Thereafter 5,462 70,889 Total $ 5,897 $ 73,589 Operating Lease Liability $ 1,477 $ 17,340 Undiscounted Excess Amount $ 4,420 $ 56,249 Revenue Recognition ASC 606 requires the use of a new five-step model to recognize revenue from contracts with customers. The five-step model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASC 610-20 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with Topic 842. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized at the time when the performance obligation is met, under ASU 2014-09. Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2015. The Company’s management believes that it operates in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for federal income tax purposes. Accordingly, no provision has been made for U.S. federal income taxes for the years ended December 31, 2021, 2020 and 2019 in the accompanying consolidated financial statements. During the year ended December 31, 2021, income tax expense recorded by the Company was substantially comprised of $4.0 million in current income tax expense related to the operation of its international properties. During the years ended December 31, 2020 and 2019, income tax benefit recorded by the Company consisted of deferred tax expense of $6.3 million and $1.5 million, respectively, offset by current income tax expense of $1.9 million and $0.5 million, respectively, related to the operation of its international properties. All periods from December 31, 2015 through December 31, 2021 are open for examination by the IRS. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure. Distribution and Stockholder Servicing Fees The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the applicable class of shares on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. For the years ended December 31, 2021 and 2020, the Company recorded a liability of $36.9 million and $26.3 million, respectively. See Note 8 — Related Party Transactions for additional information regarding the Company’s distribution and stockholder servicing fees. Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. All classes of common stock are allocated net income (loss) at the same rate per share and receive the same gross distribution per share. New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).” This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in the ASU is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once the ASU is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of December 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. As of December 31, 2021, $698.2 million of the Company’s outstanding debt had a variable interest rate tied to a reference rate expected to be discontinued, although the terms of the loan agreements provide procedures for determining a replacement or alternative rate in the event that the reference rate is unavailable.

Investment Property

Investment Property	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 Buildings and improvements $ 1,641,385 $ 1,216,004 Less: accumulated depreciation (95,479) (60,019) Buildings and improvements, net 1,545,906 1,155,985 Land 539,216 402,075 Investment property, net $ 2,085,122 $ 1,558,060 During the year ended December 31, 2021, the Company acquired eleven investments in real estate assets for a total net purchase price of $709.6 million and did not sell any of its investment properties. During the year ended December 31, 2020, the Company acquired seven investments in real estate assets for a total net purchase price of $447.1 million. During the same period, the Company sold three of its investment properties for an aggregate contract price of $350.1 million and recognized an aggregate gain on the sale of these assets of $130.1 million, which was recorded in gain on sale of real estate on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company proactively closed residential accommodations at Montrose Student Residences in August 2020 to more efficiently perform renovations including the replacement of certain building safety equipment systems. In conjunction with the renovation, the Company recorded accelerated depreciation of $11.0 million to Depreciation and amortization on the Consolidated statements of Operations and Comprehensive Income (loss) during the first half of 2021 related to portions of the building that were taken out of service. The Company expects the renovation to be completed in the third quarter of 2022. See Note 4 — Recent Acquisitions of Real Estate for additional information regarding the Company’s real estate portfolio. As of December 31, 2021, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Out-of-Market Cost $ 279,340 $ 15,766 $ (52,306) Less: accumulated amortization (59,819) (2,877) 11,940 Net $ 219,521 $ 12,889 $ (40,366) As of December 31, 2020, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Out-of-Market Cost $ 153,358 $ 12,362 $ (27,792) Less: accumulated amortization (41,998) (1,892) 6,399 Net $ 111,360 $ 10,470 $ (21,393) Amortization expense of in-place leases was $38.6 million, $32.0 million and $20.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $4.0 million, $2.4 million and $1.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Anticipated amortization of the Company’s in-place leases and out-of-market lease liabilities, net, for each of the years ending December 31, 2022 through December 31, 2026 are as follows (in thousands): In-Place Lease Out-of-Market 2022 $ 50,035 $ (7,204) 2023 $ 40,899 $ (5,331) 2024 $ 33,773 $ (4,375) 2025 $ 27,659 $ (3,254) 2026 $ 19,731 $ (1,662) Commercial Leases The Company’s commercial leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time. Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the year ended December 31, 2021, 2020 and 2019 was $24.2 million, $17.4 million and $15.4 million, respectively, which is included in Rental revenue on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2021, the approximate fixed future minimum rentals for each of the years ending December 31, 2022 through 2026 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2022 $ 145,013 2023 121,579 2024 107,789 2025 95,477 2026 77,821 Thereafter 265,959 Total $ 813,638 During the years ended December 31, 2021, 2020 and 2019, the Company did not earn more than 10% of its revenue from any individual tenant. The Company also enters into leases with tenants at its student housing properties and multi-family properties. These leases generally have terms less than one year and do not contain options to extend, terminate or purchase, escalation clauses, or other such terms, which are common in the Company’s commercial leases.

Recent Acquisitions of Real Est

Recent Acquisitions of Real Estate	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	RECENT ACQUISITIONS OF REAL ESTATE The Company acquired eleven real estate assets during the year ended December 31, 2021, seven real estate assets during the year ended December 31, 2020 and nine real estate assets during the year ended December 31, 2019. The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price, which includes transaction costs beginning January 1, 2018 as further described below, of each property acquired in 2021, 2020 and 2019 as follows (in thousands): Property Name Acquisition Building and (2) Land (2) In-place Lease Intangibles (2) Out-of- (2) Right of Use Asset (Liability), net Total (2) 2021 (1) 5301 Patrick Henry 2/10/2021 $ 36,651 $ 19,089 $ 15,136 $ (2,711) $ — $ 68,165 ABC Westland A3.2 (3) 4/30/2021 $ 8,400 $ — $ 678 $ — $ — $ 9,078 900 Patrol Road 5/17/2021 $ 79,242 $ 7,977 $ 11,656 $ — $ — $ 98,875 1015 Half Street 5/19/2021 $ 131,745 $ 32,884 $ 81,861 $ (17,391) $ — $ 229,099 Miramar Activity Business Center 6/30/2021 $ 17,007 $ 19,573 $ 4,411 $ 34 $ — $ 41,025 Eastgate Park 10/26/2021 $ 24,399 $ 18,558 $ 3,887 $ (1,260) $ — $ 45,584 ABC Westland 668 (3) 10/26/2021 $ 2,615 $ 1,729 $ 275 $ — $ — $ 4,619 Bradley Business Center 11/16/2021 $ 43,146 $ 17,025 $ 9,256 $ 3,900 $ — $ 73,327 WGN Studios 11/30/2021 $ 12,469 $ 13,020 $ 8,776 $ (3,367) $ — $ 30,898 Waypoint 12/10/2021 $ 15,256 $ 18,009 $ 8,692 $ (2) $ — $ 41,955 Center Place 12/22/2021 $ 72,811 $ — $ 4,023 $ — $ (1,596) (5) $ 75,238 2020 The Emerson 1/24/2020 $ 97,659 $ 17,725 $ 2,197 $ — $ — $ 117,581 Bratzler ABC Westland (3) 2/28/2020 $ 7,181 $ 5,704 $ 816 $ — $ — $ 13,701 Madrid Airport Complex 6/19/2020 $ 3,807 $ 20,469 $ 9,787 $ — $ — $ 34,063 Wakefield Logistics 7/2/2020 $ 14,830 $ 9,085 $ 4,078 $ (701) $ — $ 27,292 Advanced Manufacturing Portfolio 8/31/2020 $ 34,826 $ 53,636 $ 23,648 $ (5,006) $ — $ 107,104 6100 Schertz Parkway 12/11/2020 $ 103,404 $ 3,880 $ 16,058 $ 5,988 $ — $ 129,330 5100 Cross Point 12/22/2020 $ 10,606 $ 12,327 $ 1,817 $ (313) $ — $ 24,437 2019 ABC Westland 5/3/2019 $ 74,054 (4) $ 59,664 $ 6,902 $ (1,124) $ — $ 139,496 Promenade Shops at Briargate 9/13/2019 $ 55,425 $ 19,199 $ 20,017 $ (1,047) $ — $ 93,594 Gdańsk PL II 9/24/2019 $ 18,707 $ 6,174 $ 5,013 $ 449 $ — $ 30,343 Łódź Urban Logistics 9/26/2019 $ 19,298 $ — $ 3,684 $ (134) $ 2,777 (6) $ 25,625 Glasgow West End 9/27/2019 $ 66,255 $ 22,276 $ 3,170 $ — $ — $ 91,701 Charles Tyrwhitt DC 11/8/2019 $ 11,207 $ 7,013 $ 3,587 $ (489) $ — $ 21,318 The Alloy 11/12/2019 $ 81,956 $ 14,194 $ 3,291 $ — $ — $ 99,441 DSG Bristol 11/18/2019 $ 22,503 $ 17,713 $ 8,319 $ 1,507 $ — $ 50,042 Royal Mail 12/12/2019 $ 23,735 $ 6,170 $ 5,536 $ — $ — $ 35,441 (1) For more information on acquisitions completed during the year ended December 31, 2021, refer to Note 3 — Investment Property. (2) For acquisitions denominated in a foreign currency, amounts have been translated to U.S. dollars at a rate based on the exchange rate in effect on the acquisition date. (3) ABC Westland A3.2, ABC Westland 668 and Bratzler ABC Westland are three additional buildings that the Company acquired at ABC Westland, an industrial logistics property located in The Hague, Netherlands that the Company previously acquired in May 2019. (4) Amount includes approximately €14.1 million (approximately $15.8 million assuming a rate of $1.12 per EUR as of the acquisition date) of solar panels at date of acquisition, which are to be depreciated using the straight-line method assuming a useful life of 25 years. (5) Amount is net of a $15.9 million financing lease right-of-use asset. (6) Amount is net of a $1.6 million right of use lease liability presented in other liabilities.

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of December 31, 2021 and 2020, the Company had approximately $1.3 billion and $0.9 billion of debt outstanding, respectively, with a weighted average years to maturity of 2.2 years and 2.4 years, and a weighted average interest rate of 1.83% and 2.08%, respectively. The following table describes the Company’s debt outstanding at December 31, 2021 and 2020 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of December 31, 2021 Principal Outstanding at December 31, 2021 Principal Outstanding at December 31, 2020 Fixed Rate Loans Fixed rate secured mortgage debt (1) 06/2023-06/2026 N/A 2.98% $ 222,343 $ 208,277 Total fixed rate loans $ 222,343 $ 208,277 Variable Rate Loans Floating rate secured mortgage debt (2) 12/2022-12/2025 N/A 1.75% 428,787 437,257 JPMorgan Chase Revolving Credit Facility 11/15/2023 $ 425,000 N/A — 140,000 JPMorgan Chase Revolving Credit Facility - Term Loan 11/15/2023 $ 300,000 1.45% 300,000 100,000 JPMorgan Chase Revolving Credit Facility - Term Loan 12/20/2024 $ 300,000 1.45% 300,000 — Total variable rate loans $ 1,028,787 $ 677,257 Total Notes Payable $ 1,251,130 $ 885,534 Note Payable to Affiliates Credit Facility with Hines 12/31/2022 $ 75,000 N/A — — Total Note Payable to Affiliate $ — $ — Total Principal Outstanding $ 1,251,130 $ 885,534 Unamortized financing fees (3) (6,255) (4,738) Total $ 1,244,875 $ 880,796 (1) As of December 31, 2021, the effective interest rates on our fixed rate mortgage debt ranged from 1.05% to 4.25%. The amount of principal outstanding as of December 31, 2021 includes $62.5 million that has been effectively fixed for the full term of the facilities using interest rate swap agreements as an economic hedge against the variability of future interest rates on the borrowing. (2) As of December 31, 2021, the effective interest rates on our floating rate mortgage debt ranged from 1.10% to 2.50%. The amount of principal outstanding as of December 31, 2021 includes $242.3 million that is subject to interest rate cap agreements as an economic hedge against the variability of future interest rates on the borrowing for the full term of the facilities. (3) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $8.1 million and $6.1 million as of December 31, 2021 and 2020. These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2021, 2020 and 2019, $4.3 million, $2.8 million and $1.4 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively. The Company often enters into mortgage agreements to provide secured financing for its acquisitions of real estate investments. These mortgage agreements are subject to certain conditions and contain customary covenants and events of default. Refer below for additional discussion on Financial Covenants relating to the Company’s mortgage-level debt. JPMorgan Debt Facilities On September 13, 2019 (as amended on November 15, 2019, November 13, 2020, July 30, 2021 and December 20, 2021), the Operating Partnership entered into a credit agreement, which we refer to as the “Credit Agreement”, with JPMorgan Chase Bank, N.A. (“Chase”), as administrative agent for itself and various lenders named in the Credit Agreement, which provides for borrowings up to a maximum aggregate principal amount of $1.025 billion, which consists of $425.0 million available under a revolving loan commitment (the “Revolving Credit Facility”), $300.0 million under an initial term loan commitment (the “Initial Term Loan Facility”) and $300.0 million under a second term loan commitment (the “Second Term Loan Facility”). The Revolving Credit Facility and Initial Term Loan Facility each have a maturity date of November 15, 2023, and the Second Term Loan Facility has a maturity date of December 20, 2024. The Revolving Credit Facility, Initial Term Loan Facility and Second Term Loan Facility are each subject to two one-year extensions at the Company’s option. The Company entered into a $108.0 million bridge loan facility with Chase in May 2021, to provide funding for the Company’s May 2021 acquisitions. This bridge loan was fully repaid in July 2021 using proceeds from the Revolving Credit Facility and the bridge loan facility was terminated in accordance with its terms. During the year ended December 31, 2021, the Company made draws of approximately $221.1 million on its Revolving Credit Facility, drew the remaining $200.0 million capacity on its Initial Term Loan Facility and drew the maximum capacity of $300.0 million available under its Second Term Loan Facility. During the same period, the Company made payments of $361.1 million to pay off its remaining outstanding balance on the Revolving Credit Facility in full using proceeds from its term loan commitments. As of December 31, 2021, the Company had no outstanding balance on its Revolving Credit Facility, an outstanding balance of $300.0 million on its Initial Term Loan Facility and an outstanding balance of $300.0 million on its Second Term Loan Facility. From January 1, 2022 through March 31, 2022, the Company did not make any additional draws or additional payments under the Revolving Credit Facility, and had no outstanding balance as of March 31, 2022. Interest on our borrowings under the Credit Agreement will be payable based on either (a) the Alternate Base Rate plus the Applicable Rate or (b) the Adjusted LIBO Rate plus the Applicable Rate, subject to our election; provided, however, for revolving loans denominated in Australian dollars, Canadian dollars, Euros, or Japanese Yen, the Australian Bill Rate, the CDOR Rate, the EURIBOR Screen Rate or the Yen Rate, respectively, will be referred to in lieu of the Adjusted LIBO Rate. The Alternate Base Rate is equal to the greater of: (a) the Prime Rate, (b) Federal Funds Effective Rate plus 0.5%, or (c) an adjusted LIBOR rate for a one month period plus 1.0%. The Adjusted LIBO Rate is equal to the LIBO rate, which is derived from the London interbank offered rate (“LIBOR”), for the applicable interest period, as determined by JPMorgan, multiplied by the Statutory Reserve Rate determined by the Board of Governors of the Federal Reserve System of the United States of America, provided that, with respect to borrowings denominated in a foreign currency, the Adjusted LIBO Rate will be equal to the LIBO Rate. Customary fall-back provisions apply if LIBOR is unavailable. The Applicable Rate is based on our ratio of indebtedness to total asset value and will be determined as set forth in the Credit Agreement. The Applicable Rate for loans bearing interest determined by reference to the Alternative Base Rate will range from 0.45% to 1.20%, and the Applicable Rate for loans bearing interest determined by reference to the Adjusted LIBO Rate will range from 1.45% to 2.20%, in each case depending on the ratio and whether it is a revolving loan or a term loan. Hines Credit Facility On October 2, 2017, the Operating Partnership entered into an uncommitted loan agreement (as amended the “Hines Credit Facility”) with Hines for a maximum principal amount of $240.0 million. On November 30, 2017, the Operating Partnership amended the Hines Credit Facility to reduce the maximum principal amount to $75.0 million and further amended it in December 2018 and 2019 to extend the maturity date as described below. Interest on each advance under the Hines Credit Facility is charged monthly at a variable rate, which is (i) Hines’ then-current borrowing rate under its revolving credit facility or (ii) if the Operating Partnership enters into a revolving credit facility (“the OP Facility”), the rate under such facility. Each advance under the Hines Credit Facility must be repaid within six months, subject to one six-month extension at the option of the Operating Partnership and subject to the satisfaction of certain conditions. Effective as of December 20, 2021, the Hines Credit Facility will terminate on the earlier of (a) the termination of the availability period as determined by Hines at its discretion (which will not impact the maturity date of any outstanding or previously approved advance under the loan agreement); (b) December 31, 2022; and (c) the date Hines accelerates the repayment of the loan agreement pursuant to any event of default. Notwithstanding that each advance under the Hines Credit Facility matures six months after it is made, the Operating Partnership is required to repay each advance with any capital raised, unless the Operating Partnership enters into a revolving credit facility, at which point the Operating Partnership may use such proceeds from its public offering to repay the OP Facility, if any, prior to repaying any advances under the Hines Credit Facility. The Hines Credit Facility also permits voluntary prepayment of principal and accrued interest. During the year ended December 31, 2021, the Company made no draws or payments under the Hines Credit Facility and had no outstanding balance as of December 31, 2021 or the date of this report. Financial Covenants The Company’s mortgage agreements and other loan documents for the debt described in the table above contain customary events of default, with corresponding grace periods, including payment defaults, bankruptcy-related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instances of noncompliance with financial covenants on any of its loans as of December 31, 2021 or the date of this report. The Company’s continued compliance with these and other covenants depends on many factors and could be impacted by current or future economic conditions associated with the Coronavirus pandemic. Failure to comply with any covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment obligations and impact the liquidity of the Company. Principal Payments on Debt The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2022 through December 31, 2026 and for the period thereafter (in thousands). Payments Due by Year 2022 2023 2024 2025 2026 Thereafter Principal payments $ 45,784 $ 648,090 $ 507,429 $ 26,869 $ 22,958 $ — LIBOR is expected to be phased out or modified by June 2023, and the writing of new contracts using LIBOR has effectively ended. As of December 31, 2021, $698.2 million of the Company’s outstanding debt had a variable interest rate tied to LIBOR. The loan agreements provide procedures for determining a replacement or alternative rate in the event that LIBOR is unavailable. However, there can be no assurances as to whether such replacement or alternative rate will be more or less favorable than LIBOR. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with its lenders to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedges, Assets [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company has entered into several interest rate swap contracts and interest rate cap contracts in connection with certain of its secured mortgage loans in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. The Company’s interest rate swaps effectively fixed the interest rates on each of the loans to which they relate and the interest rate cap agreements have limited the interest rate on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instruments. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes. The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of December 31, 2021 Interest rate swaps 3 $ 62,495 $ 284 $ (167) Interest rate caps 11 242,276 558 — Total derivative instruments 14 $ 304,771 $ 842 $ (167) As of December 31, 2020 Interest rate swaps 2 $ 37,283 $ 224 $ — Interest rate caps 10 316,804 62 — Foreign currency forwards 1 12,284 — (22) Total derivative instruments 13 $ 366,371 $ 286 $ (22) The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2021 and 2020 (in thousands): Gain (Loss) Recorded on Derivative Instruments Year Ended 12/31/2021 12/31/2020 12/31/2019 Derivatives not designated as hedging instruments: Interest rate swaps $ (102) $ 424 $ (149) Interest rate caps 320 (195) (454) Foreign currency forward contracts (113) 7,302 (1,689) Total gain (loss) on derivatives $ 105 $ 7,531 $ (2,292)

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
STOCKHOLDER'S EQUITY	STOCKHOLDERS’ EQUITY Public Offering The Company raises capital for its investments primarily through public offerings of its common stock. In connection with the launch of the Company’s Second Offering, on November 30, 2017, the Company (i) redesignated its issued and outstanding Class A shares of common stock, Class T shares of common stock, Class I shares of common stock and Class J shares of common stock as “Class AX shares,” “Class TX shares,” “Class IX shares” and “Class JX shares,” (collectively, the “IPO Shares”) respectively, and (ii) reclassified the authorized but unissued portion of its common stock into four additional classes of shares of common stock: “Class T shares,” “Class S shares,” “Class D shares,” and “Class I shares.” The Company is offering its shares of common stock in the Third Offering in any combination of Class T shares, Class S shares, Class D shares and Class I shares. All shares of the Company’s common stock have the same voting rights and rights upon liquidation, although distributions received by the Company’s stockholders are expected to differ due to the distribution and stockholder servicing fees payable with respect to the applicable share classes, which reduce distributions. The Company complies with the FASB ASC 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When shares are tendered for redemption and approved by the board of directors, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values and redeem those shares in the subsequent month pursuant to the Company’s current share redemption program. The Company’s board of directors may amend or suspend the share redemption program at any time without stockholder approval. Additionally, the board of directors has complete discretion to determine whether the Company has sufficient funds to satisfy redemption requests. Common Stock As of December 31, 2021 and 2020, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2021 December 31, 2020 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 29,377 40,000 19,990 Class TX common stock, $0.001 par value per share 40,000 7,606 40,000 18,152 Class IX common stock, $0.001 par value per share 10,000 87 10,000 95 Class JX common stock, $0.001 par value per share 10,000 — 10,000 — Class T common stock, $0.001 par value per share 350,000 53,176 350,000 40,036 Class S common stock, $0.001 par value per share 350,000 3,299 350,000 — Class D common stock, $0.001 par value per share 350,000 19,000 350,000 10,217 Class I common stock, $0.001 par value per share 350,000 42,261 350,000 15,291 The tables below provide information regarding the issuances and redemptions of each class of shares of the Company’s common stock during the year ended December 31, 2021, 2020 and 2019 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the year ended December 31, 2021. Class AX Class TX Class IX Class T Class S Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2021 19,990 $ 20 18,152 $ 21 95 $ — 40,036 $ 39 — $ — 10,217 $ 9 15,291 $ 15 103,781 $ 104 Issuance of common shares 768 — 295 — 4 — 14,622 16 3,299 3 9,078 9 27,341 26 55,407 54 Conversion of common shares (1) 10,144 10 (10,144) (10) — — (67) — — — — — 67 — — — Redemption of common shares (1,525) (2) (697) — (12) — (1,415) (2) — — (295) — (438) — (4,382) (4) Balance as of December 31, 2021 29,377 $ 28 7,606 $ 11 87 $ — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 (1) The Company will cease paying distribution and stockholder servicing fees with respect to Class TX shares when the total of such fees reach certain thresholds, as described further in Note 8 —Related Party Transactions. Once these thresholds are reached, Class TX shares are converted into Class AX shares, as indicated in the table above. Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2020 18,885 $ 19 19,901 $ 22 91 $ — 28,837 $ 29 6,927 $ 6 7,206 $ 7 81,847 $ 83 Issuance of common shares 546 1 557 1 4 — 12,171 11 3,553 3 8,314 8 25,145 24 Conversion of common shares (1) 1,458 1 (1,458) (1) — — — — — — — — — — Redemption of common shares (899) (1) (848) (1) — — (972) (1) (263) — (229) — (3,211) (3) Balance as of December 31, 2020 19,990 $ 20 18,152 $ 21 95 $ — 40,036 $ 39 10,217 $ 9 15,291 $ 15 103,781 $ 104 Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2019 19,123 $ 19 19,969 $ 21 96 $ — 2,858 $ 3 1,479 $ 1 59 $ — 43,584 $ 44 Issuance of common shares 532 1 611 2 4 — 26,008 26 5,471 5 7,179 7 39,805 41 Redemption of common shares (770) (1) (679) (1) (9) — (29) — (23) — (32) — (1,542) (2) Balance as of December 31, 2019 18,885 $ 19 19,901 $ 22 91 $ — 28,837 $ 29 6,927 $ 6 7,206 $ 7 81,847 $ 83 Distributions With the authorization of the Company’s board of directors, the Company declared distributions monthly from January 2019 through March 31, 2022 at a gross distribution rate of $0.05208 per month ($0.625 annualized) for each share class, less any applicable distribution and stockholder servicing fees. Distributions will be made on all classes of the Company’s common stock at the same time. All distributions were paid in cash or reinvested in shares of the Company’s common stock for those participating in the Company’s distribution reinvestment plan and have been paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the Company’s distribution reinvestment plan were reinvested in shares of the same class as the shares on which the distributions were made. Some or all of the cash distributions may be paid from sources other than cash flows from operations. The following table outlines the Company’s total distributions declared to stockholders for the years ended December 31, 2021, 2020 and 2019, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2021 $ 35,327 $ 38,031 $ 73,358 December 31, 2020 $ 25,398 $ 28,762 $ 54,161 December 31, 2019 $ 16,112 $ 19,446 $ 35,558 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2021, 2020 and 2019. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 8 — Related Party Transactions. 2021 2020 2019 Distributions declared per Class AX share, net $ 0.63 $ 0.63 $ 0.63 Distributions declared per Class TX share, net $ 0.52 $ 0.53 $ 0.52 Distributions declared per Class IX share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class T share, net $ 0.52 $ 0.53 $ 0.52 Distributions declared per Class S share, net $ 0.53 $ 0.53 $ 0.52 Distributions declared per Class D share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class I share, net $ 0.63 $ 0.63 $ 0.63

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The table below outlines fees and expense reimbursements incurred that are payable by the Company to the Advisor and Hines Securities, Inc. (the “Dealer Manager”), Hines and its affiliates for the years ended December 31, 2021, 2020 and 2019 and amounts unpaid as of December 31, 2021 and 2020 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2021 2020 2019 12/31/2021 12/31/2020 Selling Commissions- Dealer Manager (1) $ 4,218 $ 3,182 $ 7,481 $ — $ — Dealer Manager Fee- Dealer Manager (1) 700 576 1,337 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 16,866 9,484 17,696 36,918 26,271 Organization and Offering Costs- the Advisor 5,016 4,457 4,445 4,606 6,263 Asset Management Fees- the Advisor 16,442 11,674 7,985 1,135 2,672 Other- the Advisor (2) 4,028 1,005 2,846 1,528 1,249 Performance Participation Allocation- the Advisor (3) 24,790 — 7,713 24,790 — Interest Expense- Hines and its affiliates (4) — 362 1,288 — — Property Management Fees- Hines and its affiliates 3,168 2,249 1,866 149 91 Development and Construction Management Fees- Hines and its affiliates 788 657 413 703 650 Leasing Fees- Hines and its affiliates 1,055 877 601 457 230 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) (5) 8,472 8,157 4,506 (856) (6) 1,869 Total $ 85,543 $ 42,680 $ 58,177 $ 69,430 $ 39,295 (1) Some or all of these fees may be reallowed to participating broker dealers rather than being retained by the Dealer Manager. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (3) Through its ownership of the special limited partner interest in the Operating Partnership, the Advisor is entitled to an annual performance participation allocation of 12.5% of the Operating Partnership’s total return. Total return is defined as distributions paid or accrued plus the change in net asset value of the Company’s shares of common stock for the applicable period. This performance participation allocation is subject to the Company earning a 5% total return annually (as defined above), after considering the effect of any losses carried forward from the prior period (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. (4) Includes amounts paid related to the Hines Credit Facility. (5) Includes amounts with respect to the management and operation of the Company’s properties. These amounts are generally reimbursed to Hines and its affiliates during the month following the period in which they are incurred. Reimbursement of third party costs are not included in the incurred amounts. (6) As of December 31, 2021, the balance included $1.3 million in receivables related to rents collected by the Hines-affiliated property manager at the international student housing properties, which were being held in the property manager controlled bank accounts. As described more fully in Note 1 — Organization, the Company commenced its Initial Offering in August 2014, its Second Offering in December 2017 and its Third Offering in June 2021. Described below are the fees payable to Hines and its affiliates in connection with the Initial Offering and the Follow-on Offerings. Dealer Manager Agreement Initial Offering The Dealer Manager receives annual distribution and stockholder servicing fees of 1.0% or 0.25% of the most recently determined NAV per share for the Class TX shares and Class IX shares purchased and outstanding. The Company will cease paying the distribution and stockholder servicing fees with respect to any particular Class TX share or Class IX share and that Class TX share or Class IX share will convert into a number of Class AX shares or Class JX shares, respectively, on the occurrence of earlier of: (i) a listing of the Class A shares on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) the end of the month in which the Dealer Manager determines that total underwriting compensation paid in the Initial Offering including the distribution and stockholder servicing fees paid on all IPO Shares sold in the Initial Offering is equal to 10.0% of the gross proceeds of the Offering from the sale of the IPO Shares; (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class TX shares or Class IX shares held by a stockholder within his or her particular account equals 10.0% of the gross offering price at the time of investment of the Class TX shares or Class IX shares held in such account; and (v) on any Class TX share or Class IX share that is redeemed or repurchased. Follow-on Offerings As previously discussed, the Company launched its Second Offering on December 6, 2017. Upon the expiration of the Second Offering, the Company launched its Third Offering on June 2, 2021. The table below summarizes the fees payable to the Dealer Manager with respect to the sale of shares in the Follow-on Offerings. The upfront selling commissions and dealer manager fees are based on a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees are payable with respect to shares issued under the Company’s distribution reinvestment plan. Class T shares (1) Class S shares (1) Class D shares Class I shares Upfront Selling Commission and Dealer Manager Fee 3.5% 3.5% None None Ongoing Distribution and Stockholder Servicing Fee (per annum, as a percentage of NAV) (2) 1.0% 0.85% 0.25% None (1) With respect to Class T Shares, there is a maximum upfront sales load of up to 3.5% of the gross offering proceeds from the sale of such shares in the primary offering, consisting of any combination of selling commissions and dealer manager fees. With respect to Class S shares, the upfront sales load of up to 3.5% of the gross proceeds from the sale of such shares in the primary offering consists solely of selling commissions. (2) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. As of December 31, 2021 and 2020, the Company has recorded a liability of $36.9 million and $26.3 million, respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets. Prior to August 20, 2021, the distribution and stockholder servicing fee was paid at a rate of 1.0% of NAV per annum with respect to Class S shares. The Company will cease paying distribution and stockholder servicing fees with respect to any Class T share, Class S share or Class D share at the end of the month in which the transfer agent, on the Company’s behalf, determines that the total upfront selling commissions, dealer manager fees and distribution and stockholder servicing fees paid with respect to such Class T shares, Class S shares or Class D shares, as applicable, held by a stockholder within his or her particular account equals 8.75% (or, in the case of shares sold through certain participating broker dealers, a lower limit as set forth in any applicable agreement between our Dealer Manager and a participating broker dealer) of the gross proceeds from the sale of such Class T shares, Class S shares or Class D shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). In addition, the Company will cease paying distribution and stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares issued in a particular offering on the earlier to occur of the following: (i) a listing of the Company’s common shares, (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of such offering on which, in the aggregate, underwriting compensation from all sources in connection with such offering, including upfront selling commissions, dealer manager fees, distribution and stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from such Offering. Advisory Agreement Pursuant to the Advisory Agreement and the Operating Partnership Agreement, the Company is required to pay the following fees and expense reimbursements: Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. As of the effective date of the Restructuring, the asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. Performance Participation Allocation The Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to achievement of a 5% total return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Acquisition Expense Reimbursements The Company reimburses the Advisor and its affiliates for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, origination, financing and development of properties and real estate-related securities, whether or not such investments are acquired. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended December 31, 2021, the Company’s total operating expenses did not exceed the 2%/25% Limitation. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Second Offering through December 31, 2018. In January 2019, the Company began reimbursing the Advisor for all such advanced expenses and expects to continue to reimburse the Advisor for such expenses ratably through December 31, 2023 to the extent cumulative organization and offering costs do not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings. In addition, commencing in January 2019, the Company reimburses the Advisor for any new organization and offering costs that it incurs on its behalf, as and when incurred, to the extent that aggregate reimbursements to the Advisor for cumulative organization and offering costs do not exceed an amount equal to 2.5% of the gross offering proceeds from the Company’s public offerings. The total reimbursement related to organization and offering costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering. The Company has recorded a liability equal to all unreimbursed organization and offering costs that have been incurred to date to reflect its expectation that all of these amounts will be reimbursed to the Advisor in the future. Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease. Fees for Other Services The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or operations, which may include corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures) and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the asset management fee otherwise payable to the Advisor. Any such arrangements will be at market rates.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial Instruments Measured on a Recurring Basis As described in Note 6 — Derivative Instruments, the Company entered into several interest rate contracts as hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including 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, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 2021 and 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy. Additionally, as described in Note 6 — Derivative Instruments, the Company has entered into foreign currency forward contracts as hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including 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, and uses observable market-based inputs, including currency exchange rate curves and implied volatilities. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets. The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. The following table summarizes activity for the Company’s real estate-related securities measured at fair value on a recurring basis. Basis of Fair Value Measurements During the year ended Description Fair Value of Assets Quoted Prices in Significant Significant December 31, 2021 Investments in real estate-related securities $ 74,256 $ 74,256 $ — $ — December 31, 2020 Investments in real estate-related securities $ 51,137 $ 51,137 $ — $ — Financial Instruments Fair Value Disclosures As of December 31, 2021, the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $1,251.1 million, was $1,250.6 million. As of December 31, 2020, the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $885.5 million, was $884.7 million. Management has utilized available market information such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. Although the Company has determined that the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of the fair market value of its notes payable and has determined they are not significant. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments.

Reportable Segments

Reportable Segments	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets, and all of the Company’s consolidated revenues and property expenses are from these real estate properties. Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into five reportable segments: office investments, industrial investments, residential/living investments, retail investments, and other investments. This aggregation represents a change in presentation from the prior year, and now no longer includes the additional bifurcation based on geography. Information presented for the years ended December 31, 2020 and 2019 and as of December 31, 2020 is presented consistent with current year reportable segment aggregation. The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Years Ended December 31, 2021 2020 2019 Total Revenue Office investments $ 27,000 $ 18,271 $ 25,469 Industrial investments 82,339 52,280 33,405 Residential/Living investments 32,869 29,181 21,867 Retail investments 27,795 26,883 23,142 Other investments 5,923 — — Total Revenue $ 175,926 $ 126,615 $ 103,883 For the years ended December 31, 2021, 2020 and 2019, the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2021 2020 2019 Total Revenue United States 61 % 51 % 55 % The Netherlands 18 % 23 % 21 % United Kingdom 12 % 12 % 7 % Poland 4 % 5 % 2 % Spain 3 % 2 % — % Germany 2 % 3 % 3 % Ireland — % 4 % 12 % Czech Republic — % — % — % For the years ended December 31, 2021, 2020 and 2019, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Revenues in excess of property expenses (1) Office investments $ 16,774 $ 11,095 $ 17,257 Industrial investments 54,202 32,689 19,561 Residential/Living investments 14,995 14,413 12,673 Retail investments 16,699 15,247 13,405 Other investments 4,599 — — Total revenues in excess of property expenses $ 107,269 $ 73,444 $ 62,896 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2021 and 2020, the Company’s total assets by segment were as follows (in thousands): December 31, 2021 December 31, 2020 Total Assets Office investments $ 412,359 $ 134,863 Industrial investments 1,022,522 873,614 Residential/Living investments 568,151 496,182 Retail investments 290,820 282,550 Other investments 176,772 — Corporate-level accounts 234,297 76,208 Total Assets $ 2,704,921 $ 1,863,417 For the years ended December 31, 2021 and 2020, the Company’s total assets were attributable to the following countries: December 31, 2021 December 31, 2020 Total Assets United States 69 % 54 % United Kingdom 12 % 18 % The Netherlands 11 % 17 % Czech Republic 2 % — % Poland 2 % 3 % Germany 2 % 3 % Spain 1 % 2 % Ireland 1 % 3 % For the years ended December 31, 2021, 2020 and 2019, the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Reconciliation to revenues in excess of property expenses Net income (loss) $ (39,153) $ 101,553 $ (19,548) Depreciation and amortization 88,100 68,693 46,193 Acquisition related expenses 112 687 161 Asset management fees 16,442 11,674 7,985 Performance participation allocation 24,790 — 7,713 General and administrative expenses 5,546 4,652 3,652 (Gain) loss on derivative instruments (105) (7,531) 2,292 (Gain) loss on real estate-related securities (15,965) 452 (2,317) Gain on sale of real estate (1,432) (130,094) — Foreign currency (gains) losses 978 809 617 Interest expense 24,976 20,849 18,608 Interest and other income (2,140) (1,693) (1,480) (Benefit) provision for income taxes 3,988 (4,380) (980) Provision for income taxes related to sale of real estate 1,132 7,773 — Total revenues in excess of property expenses $ 107,269 $ 73,444 $ 62,896

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): 2021 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 20,644 $ 18,269 $ 15,966 Cash paid for income taxes $ 2,270 $ 1,340 $ 288 Cash paid for income taxes related to sale of real estate $ 1,132 $ 7,773 $ — Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 7,470 $ 4,909 $ 3,837 Distributions reinvested $ 36,700 $ 28,335 $ 18,426 Shares tendered for redemption $ 3,019 $ 5,850 $ 1,680 Non-cash net liabilities assumed $ 11,450 $ 6,094 $ 11,412 Assumption of mortgage upon acquisition of property $ 17,342 $ — $ — Offering costs payable to the Advisor $ 5,015 $ 4,456 $ 4,445 Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager $ 16,865 $ 9,483 $ 17,696 Accrued capital additions $ 3,923 $ 1,276 $ 2,615 Accrued acquisition costs $ 856 $ 678 $ 2,256 Recognition of financing ground lease liability $ 17,340 $ — $ — Recognition of operating ground lease liability $ — $ — $ 1,583

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Bradley Business Center In January 2022, the Company acquired the remaining three buildings of Bradley Business Center, a mixed-use campus located in Chicago, Illinois. It is comprised of four buildings totaling approximately 467,000 square feet and is currently 97% leased to 21 tenants. The net purchase price of the Bradley Business Center is approximately $97.3 million exclusive of transaction costs and closing prorations. Liberty Station In January 2022, the Company acquired Liberty Station, an office property located in San Diego, California. The net purchase price was approximately $120.0 million exclusive of transaction costs and closing prorations. The property consists of approximately 187,000 square feet and is 93% leased. 1315 N. North Branch In February 2022, the Company acquired 1315 N. Branch, an office property located in Chicago, Illinois. It consists of 157,450 square feet and is currently 100% leased. The net purchase price of 1315 N. Branch is approximately $47.0 million exclusive of transaction costs and closing prorations. Burbank Media Studios In February 2022, the Company acquired Burbank Media Studios, a studio building located in Burbank, California. The net purchase price was approximately $42.5 million exclusive of transaction costs and closing prorations. The property consists of approximately 30,000 square feet of net rentable area that is 100% leased through a long-term ground lease with the tenant. Royal Mail In March 2022, the Company sold Royal Mail for a contract price of £34.7 million (approximately $46.5 million assuming a rate of $1.34 per GBP as of the date of transaction) and repaid the associated mortgage loan in full. The Company acquired Royal Mail in December 2019 for a purchase price of $33.4 million, excluding transaction costs and working capital reserves. The purchaser is not affiliated with the Company or their affiliates. Venue Museum District In March 2022, the Company sold Venue Museum District for a contract price of $76.0 million. The Company acquired Venue Museum District in September 2018 for a purchase price of $72.9 million, excluding transaction costs and working capital reserves. The purchaser is not affiliated with the Company or their affiliates. Central City Coventry In March 2022, the Company acquired Central City Coventry, an industrial property located in Coventry, United Kingdom. The net purchase price was approximately £31.0 million (approximately $40.6 million assuming a rate of $1.31 per GBP as of the acquisition date), exclusive of transaction costs and closing prorations. The property consists of approximately 400,000 square feet and is 100% leased.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II — Valuation and Qualifying Accounts Description Balance at the Beginning of the Period Charged to Costs and Expenses Deductions Balance at the End of the Period (amounts in thousands) Deferred Tax Asset Valuation Allowance as of December 31, 2021 $ 3,279 $ 10,736 $ (2,600) $ 11,415 Deferred Tax Asset Valuation Allowance as of December 31, 2020 $ 1,752 $ 2,474 $ (947) $ 3,279 Deferred Tax Asset Valuation Allowance as of December 31, 2019 $ 820 $ 1,442 $ (510) $ 1,752

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Schedule III — Real Estate Assets and Accumulated Depreciation December 31, 2021 Initial Cost (b) Gross Amount at Which Carried at 12/31/2021 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition (c) Land Buildings and Improvements Total (d) Accumulated Depreciation (e) Date of Construction Date Acquired (In thousands) Cottonwood Corporate Center Salt Lake City, Utah $ 68,696 $ 13,600 $ 98,758 $ 112,358 $ 4,545 $ 13,600 $ 103,303 $ 116,903 $ (14,263) 1997, 2000 7/5/2016 Rookwood Cincinnati, Ohio 78,500 45,320 132,466 177,786 759 45,320 133,225 178,545 (16,696) 1993, 2000 1/6/2017 Montrose Student Residences Dublin, Ireland 25,639 5,986 35,455 41,441 (8,726) (f) 5,986 26,729 32,715 (289) (f) 1964, 2013-2015 3/24/2017 Queen's Court Student Residences Reading, United Kingdom 39,855 14,334 51,634 65,968 4,057 14,334 55,691 70,025 (6,397) 2016 10/11/2017 Venue Museum District Houston, Texas — 17,409 52,538 69,947 636 17,409 53,174 70,583 (4,614) 2009 9/21/2018 Fresh Park Venlo Venlo, The Netherlands 90,959 — 126,108 126,108 10,104 — 136,212 136,212 (11,024) 1960-2018 10/5/2018 Maintal Logistics Maintal, Germany 25,899 14,954 30,021 44,975 2,314 14,954 32,335 47,289 (2,351) 1974, 2001-2002 12/31/2018 ABC Westland The Hague, Netherlands 89,523 68,041 92,831 160,872 (1,670) 68,041 91,161 159,202 (6,317) 1969-2018 5/3/2019 Promenade Shops at Briargate Colorado Springs, Colorado — 19,199 55,425 74,624 2,203 19,199 57,628 76,827 (3,200) 2003 9/13/2019 Gdańsk PL II Gdańsk, Poland 18,603 5,940 17,997 23,937 — 5,940 17,997 23,937 (1,022) 2013, 2015 9/24/2019 Łódź Urban Logistics Łódź , Poland 15,060 — 18,326 18,326 (38) — 18,288 18,288 (1,034) 2018-2019 9/26/2019 Glasgow West End Glasgow, United Kingdom 58,363 24,209 72,005 96,214 172 24,209 72,177 96,386 (4,348) 2017 9/27/2019 The Alloy College Park, Maryland — 14,194 81,956 96,150 30 14,194 81,986 96,180 (4,486) 2019 11/12/2019 Charles Tyrwhitt Distribution Centre Milton Keynes, United Kingdom 13,626 7,368 11,774 19,142 (21) 7,367 11,754 19,121 (631) 2010 11/8/2019 DSG Bristol Bristol, United Kingdom 30,219 18,610 23,642 42,252 (17) 18,609 23,626 42,235 (1,252) 2006 11/18/2019 Royal Mail Edinburgh, United Kingdom 21,244 6,340 24,389 30,729 12 6,344 24,397 30,741 (1,251) 1995 12/12/2019 The Emerson Centreville, Virginia — 17,725 97,659 115,384 9 17,725 97,668 115,393 (4,863) 2019 1/24/2020 Madrid Airport Complex Madrid, Spain 13,755 20,445 3,803 24,248 101 20,445 3,904 24,349 (2,004) 1991 6/19/2020 Wakefield Logistics Wakefield, United Kingdom 18,314 9,898 16,157 26,055 1 9,898 16,158 26,056 (605) 1991, 2019 7/2/2020 Advanced Manufacturing Portfolio Santa Clara, California — 53,636 34,826 88,462 530 53,636 35,356 88,992 (1,165) 1970, 1983, 1998 8/31/2020 6100 Schertz Parkway Schertz, Texas — 3,880 103,404 107,284 — 3,880 103,404 107,284 (2,734) 2013 12/11/2020 5100 Cross Point Coventry, United Kingdom 15,146 12,475 10,733 23,208 (52) 12,475 10,681 23,156 (274) 1994, 2015 12/22/2020 5301 Patrick Henry Santa Clara, California — 19,089 36,651 55,740 431 19,089 37,082 56,171 (817) 1982, 2016 2/10/2021 900 Patrol Road Jeffersonville, Indiana — 7,977 79,242 87,219 — 7,976 79,243 87,219 (1,235) 2012 5/17/2021 1015 Half Street Washington, D.C. — 32,884 131,745 164,629 1,842 32,884 133,587 166,471 (2,052) 2011 5/19/2021 Miramar Activity Business Center San Diego, California — 19,573 17,007 36,580 (85) 19,573 16,922 36,495 (212) 1987, 2018 6/30/2021 Initial Cost (b) Gross Amount at Which Carried at 12/31/2021 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition (c) Land Buildings and Improvements Total (d) Accumulated Depreciation (e) Date of Construction Date Acquired Eastgate Park Prague, Czech Republic 27,729 18,075 23,764 41,839 177 18,075 23,941 42,016 (108) 1980, 2019, 2021 10/26/2021 Bradley Business Center Chicago, Illinois — 17,025 43,146 60,171 44 17,025 43,190 60,215 (135) 1956, 1989, 2012, 2014 11/16/2021 WGN Studios Chicago, Illinois — 13,020 12,469 25,489 30 13,020 12,499 25,519 (27) 1960 11/30/2021 Waypoint Torrance, California — 18,009 15,256 33,265 — 18,009 15,256 33,265 (23) 1963, 2014 12/10/2021 Center Place Providence, Rhode Island — — 72,811 72,811 — — 72,811 72,811 (50) 1991 12/22/2021 $ 651,130 $ 539,215 $ 1,623,998 $ 2,163,213 $ 17,388 $ 539,216 $ 1,641,385 $ 2,180,601 $ (95,479) (a) Assets consist of quality office, retail, industrial and residential/living properties. (b) Components of initial cost for the property acquired using a foreign currency were converted using the December 31, 2021 balance sheet rate. (c) Costs capitalized subsequent to addition are presented net of any write-offs. (d) The aggregate cost for federal income tax purposes is $2.2 billion as of December 31, 2021. (e) Real estate assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15-20 years for electrical and mechanical installations and 40 years for buildings. (f) The Company proactively closed the residential accommodations at Montrose Student Residences in August 2020 to more efficiently perform renovations including the replacement of certain building safety equipment systems. In conjunction with the renovation, the Company determined that €9.3 million (approximately $11.4 million assuming a rate of $1.23 per EUR as of the date of write-off) of the building assets were taken out of service and written off as of December 31, 2020, and an additional €9.3 million (approximately $11.0 million assuming a rate of $1.18 per EUR as of the date of write-off) of the building assets were taken out of service and written off during the first half of 2021. For more information on the renovation project at Montrose Student Residences, refer to Item 2. Properties . The changes in total real estate assets for the years ended December 31, 2021 2020 2019 Gross real estate assets Balance, beginning of period $ 1,618,079 $ 1,355,846 $ 817,763 Additions during the period: Acquisitions 591,136 397,073 524,638 Other additions 21,773 11,741 11,258 Write-Offs/Cost of real estate sold (11,052) (193,921) (3,766) Effect of changes in foreign currency exchange rates (39,335) 47,340 5,953 Balance, end of period $ 2,180,601 $ 1,618,079 $ 1,355,846 Accumulated Depreciation Balance, beginning of period $ (60,019) $ (51,719) $ (30,574) Depreciation (48,461) (35,958) (24,873) Effect of changes in foreign currency exchange rates 13,001 9,320 (38) Retirement or sales of assets — 18,338 3,766 Balance, end of period $ (95,479) $ (60,019) $ (51,719)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions.
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest.
Coronavirus Outbreak	Coronavirus Outbreak The preparation of financial statements in conformity with U.S GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic (more commonly referred to as the Coronavirus pandemic), has adversely impacted and may further adversely impact the Company’s business, the businesses of the Company’s tenants and the real estate market generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. The ongoing global outbreak of the Coronavirus pandemic continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. It has disrupted global travel and supply chains, adversely impacted global commercial activity, and its long-term economic impact remains uncertain. Considerable uncertainty still surrounds the Coronavirus and its potential effects on the population, as well as the effectiveness of any responses taken on a national and local level by government authorities and businesses. The travel restrictions, limits on hours of operations and/or closures of non-essential businesses and other efforts to curb the spread of the Coronavirus have significantly disrupted business activity globally, including in the markets where the Company invests, and has had an adverse impact on the performance of certain of the Company’s investments. Many of the Company’s tenants are subject to various quarantine restrictions and these restrictions could be in place for an extended period of time. These restrictions are particularly adversely impacting many of the Company’s retail tenants (other than grocery tenants), as government instructions regarding social distancing, capacity limitations and mandated closures have reduced and, in some cases, eliminated customer foot traffic, causing many of the Company’s retail tenants to temporarily close their brick and mortar stores. As of March 31, 2022, the Company owned two retail properties in the U.S., which comprised 16% of the Company’s total revenue for the year ended December 31, 2021. The Company agreed to grant $3.8 million of rent relief to its retail tenants during the year ended December 31, 2020, as a result of their lost revenues resulting from the Coronavirus pandemic at these properties. Such rent relief consisted of rental payments that were forgiven or reduced due to the conversion of fixed rental payments to rental payments based on a percentage of the tenant’s revenues as well as rent payments that were deferred to future periods. The Company has not granted significant additional rent relief during the year ended December 31, 2021. While rent collections were adversely affected in the early months of the pandemic, consumer traffic and rent collections at these properties has recovered to pre-pandemic levels. However, rising infection rates and the potential for additional government mandated shutdowns could reduce consumer traffic at the Company’s retail properties and negatively impact future rent collections. Additionally, the Company refunded $0.9 million and $2.2 million in rent to students across its international student housing portfolio during the year ended December 31, 2021 and 2020, respectively, primarily as a result of temporary university closures. In-campus learning resumed at the start of the 2021/2022 school year, but it is difficult to predict whether additional closures may occur. The Company’s operations at its other asset types were not materially impacted by the Coronavirus pandemic to date. The Coronavirus pandemic has had an adverse impact on economic and market conditions and has triggered a period of global economic slowdown. In addition, the rapidly evolving nature of the pandemic makes it difficult to ascertain the long term impact it will have on commercial real estate markets and the Company’s investments. Nevertheless, the Coronavirus pandemic presents material uncertainty and risk with respect to the Company’s performance and financial results, such as rent concessions or reduced rental rates, the potential negative impact to occupancy at its properties, the potential closure of certain of its assets for an extended period, the potential for increased difficulty in obtaining financing, the negative impact of the Company’s ability to raise capital in its public offering at pre-pandemic rates, increased costs of operations, decrease in values of its real estate investments, the potential for increased difficulty of maintaining the current distribution rate, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The Company is unable to estimate the impact the Coronavirus pandemic will have on its results in future periods. Due to the business disruptions and challenges severely affecting the global economy caused by the Coronavirus pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification
Investment Property and Lease Intangibles	Investment Property and Lease Intangibles Acquisitions of properties are evaluated to determine whether they qualify as a business combination or an asset acquisition. An acquisition is classified as an asset acquisition if substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar assets and the amounts recorded are inclusive of acquisitions costs and therefore recorded using their relative fair values. If the acquisition meets the definition of a business combination, the Company records the fair value of the assets acquired and liabilities assumed and will evaluate the existence of goodwill or a bargain purchase gain. Acquisition costs are expensed for business combinations. Since January 1, 2018, all of our acquisitions were concluded to be assets acquisitions. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values were based upon estimates a variety of valuation methodologies and assumptions that the Company believes are similar to those used by market participants. These include, but are not limited to, estimates for future cash flows that utilize discount and/or capitalization rates assuming the building was vacant, determination of market-based rental revenues, comparable land sales, and replacement costs on building, and are subsequently used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable.
Impairment of Investment Property	Impairment of Investment PropertyReal estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property.  If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related SecuritiesThe Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis. The Company earns interest and dividend income monthly related to these securities, which is recorded in interest and other income in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk As of December 31, 2021, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. In addition, as of December 31, 2021, the Company had $32.2 million of cash and cash equivalents, including restricted cash, deposited in certain financial institutions located in the United Kingdom, Ireland, the Netherlands, Germany, Poland, Spain and Czech Republic. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents.
International Operations	International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland, the Netherlands, Germany, Spain and Czech Republic, the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom, and the Polish zloty is the functional currency for the Company’s subsidiaries operating in Poland. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated.
Restricted Cash	Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements.
Tenant and Other Receivables	Tenant and Other Receivables Tenant and other receivables consists primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. As of December 31, 2021 and 2020, the Company had receivables related to base rents and tenant reimbursements of $3.8 million and $4.6 million, respectively. Straight-line rent receivables were $13.5 million and $9.1 million as of December 31, 2021 and 2020, respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues.
Deferred Leasing Costs	Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense.
Lessee Accounting	Lessee Accounting The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics that the Company has currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $86,000 and $87,000 for the years ended December 31, 2021 and 2020, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $4.0 million and $4.4 million in other assets as of December 31, 2021 and 2020, and has recorded a lease liability of approximately $1.5 million and $1.6 million in other liabilities, as of December 31, 2021 and 2020, in the Company’s Consolidated Balance Sheets. The right-of-use asset and lease liability recorded on the Company’s Consolidated Balance Sheet as of December 31, 2020 within the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 were recorded to right-of-use asset, net, and operating lease liability, respectively, but have been reclassified to other assets and other liabilities, respectively, as of December 31, 2020 within this Annual Report on Form 10-K in order to be consistent with the current year presentation. The Company also has a ground lease agreement in which the Company is the lessee for land underneath Center Place that the Company has currently accounted for as a financing lease. The lease currently ends in March 2142 and has fixed and variable payments. The rental expense associated with this lease was $15,000 for the year ended December 31, 2021. The Company has recorded a right-of-use asset of approximately $15.9 million in financing lease right-of-use asset, net, as of December 31, 2021, and has recorded a lease liability of approximately $17.3 million in financing lease liability, as of December 31, 2021, in the Company’s Consolidated Balance Sheets.
Revenue Recognition	Revenue Recognition ASC 606 requires the use of a new five-step model to recognize revenue from contracts with customers. The five-step model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASC 610-20 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with Topic 842. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized at the time when the performance obligation is met, under ASU 2014-09.
Income Taxes	Income TaxesThe Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2015. The Company’s management believes that it operates in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for federal income tax purposes. Accordingly, no provision has been made for U.S. federal income taxes for the years ended December 31, 2021, 2020 and 2019 in the accompanying consolidated financial statements. During the year ended December 31, 2021, income tax expense recorded by the Company was substantially comprised of $4.0 million in current income tax expense related to the operation of its international properties. During the years ended December 31, 2020 and 2019, income tax benefit recorded by the Company consisted of deferred tax expense of $6.3 million and $1.5 million, respectively, offset by current income tax expense of $1.9 million and $0.5 million, respectively, related to the operation of its international properties. All periods from December 31, 2015 through December 31, 2021 are open for examination by the IRS. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure.
Distribution and Stockholder Servicing Fees	Distribution and Stockholder Servicing FeesThe Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the applicable class of shares on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable.
Per Share Data	Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. All classes of common stock are allocated net income (loss) at the same rate per share and receive the same gross distribution per share.
Recent Accounting Pronouncements	New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).” This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in the ASU is optional and may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once the ASU is elected, the guidance must be applied prospectively for all eligible contract modifications. The Company has not adopted any of the optional expedients or exceptions as of December 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. As of December 31, 2021, $698.2 million of the Company’s outstanding debt had a variable interest rate tied to a reference rate expected to be discontinued, although the terms of the loan agreements provide procedures for determining a replacement or alternative rate in the event that the reference rate is unavailable.
Derivative Instruments	The Company has entered into several interest rate swap contracts and interest rate cap contracts in connection with certain of its secured mortgage loans in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. The Company’s interest rate swaps effectively fixed the interest rates on each of the loans to which they relate and the interest rate cap agreements have limited the interest rate on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instruments. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes.
Fees and Expense Reimbursements	Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. As of the effective date of the Restructuring, the asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. Performance Participation Allocation The Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to achievement of a 5% total return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Acquisition Expense Reimbursements The Company reimburses the Advisor and its affiliates for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, origination, financing and development of properties and real estate-related securities, whether or not such investments are acquired. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended December 31, 2021, the Company’s total operating expenses did not exceed the 2%/25% Limitation. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Second Offering through December 31, 2018. In January 2019, the Company began reimbursing the Advisor for all such advanced expenses and expects to continue to reimburse the Advisor for such expenses ratably through December 31, 2023 to the extent cumulative organization and offering costs do not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings. In addition, commencing in January 2019, the Company reimburses the Advisor for any
Property Management and Leasing Fees	Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease. Fees for Other Services The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or operations, which may include corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures) and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the asset management fee otherwise payable to the Advisor. Any such arrangements will be at market rates.
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial Instruments Measured on a Recurring Basis As described in Note 6 — Derivative Instruments, the Company entered into several interest rate contracts as hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including 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, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 2021 and 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy. Additionally, as described in Note 6 — Derivative Instruments, the Company has entered into foreign currency forward contracts as hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including 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, and uses observable market-based inputs, including currency exchange rate curves and implied volatilities. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets.
Reportable Segments	As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets, and all of the Company’s consolidated revenues and property expenses are from these real estate properties.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Gain (Loss) on Investments in Real Estate-Related Securities	The table below presents the effects of the changes in fair value of the Company’s real estate-related securities in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2021, 2020 and 2019 (in thousands): Gain (Loss) Recorded on Investments in Real Estate-Related Securities Year Ended December 31, 2021 2020 2019 Unrealized gain (loss) $ 7,946 $ 2,141 $ 1,283 Realized gain (loss) 8,019 (2,593) 1,034 Total gain (loss) on real estate-related securities $ 15,965 $ (452) $ 2,317
Schedule of Other Assets	Other assets included the following (in thousands): December 31, 2021 December 31, 2020 Prepaid insurance $ 1,432 $ 1,133 Prepaid property taxes 2,363 1,845 Deferred tax assets (1) 9,016 9,478 Operating lease right-of-use asset, net 3,990 4,367 (2) Other 7,118 2,231 Other assets $ 23,919 $ 19,054 (1) Includes the effects of a valuation allowance of $11.4 million and $3.3 million as of December 31, 2021 and 2020, respectively.
Schedule of Lease Maturity	A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for its ground leases for each of the years ending December 31, 2022 through December 31, 2026 are as follows (in thousands): Lease Payments Operating Leases Financing Leases 2022 $ 87 $ 540 2023 87 540 2024 87 540 2025 87 540 2026 87 540 Thereafter 5,462 70,889 Total $ 5,897 $ 73,589 Operating Lease Liability $ 1,477 $ 17,340 Undiscounted Excess Amount $ 4,420 $ 56,249

Investment Property (Tables)

Investment Property (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule Of Property Subject To Or Available For Operating Lease	Investment property consisted of the following amounts as of December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 December 31, 2020 Buildings and improvements $ 1,641,385 $ 1,216,004 Less: accumulated depreciation (95,479) (60,019) Buildings and improvements, net 1,545,906 1,155,985 Land 539,216 402,075 Investment property, net $ 2,085,122 $ 1,558,060
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of December 31, 2021, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Out-of-Market Cost $ 279,340 $ 15,766 $ (52,306) Less: accumulated amortization (59,819) (2,877) 11,940 Net $ 219,521 $ 12,889 $ (40,366) As of December 31, 2020, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Out-of-Market Cost $ 153,358 $ 12,362 $ (27,792) Less: accumulated amortization (41,998) (1,892) 6,399 Net $ 111,360 $ 10,470 $ (21,393)
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Anticipated amortization of the Company’s in-place leases and out-of-market lease liabilities, net, for each of the years ending December 31, 2022 through December 31, 2026 are as follows (in thousands): In-Place Lease Out-of-Market 2022 $ 50,035 $ (7,204) 2023 $ 40,899 $ (5,331) 2024 $ 33,773 $ (4,375) 2025 $ 27,659 $ (3,254) 2026 $ 19,731 $ (1,662)
Schedule Of Future Minimum Rental Income For Operating Leases	The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2021, the approximate fixed future minimum rentals for each of the years ending December 31, 2022 through 2026 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2022 $ 145,013 2023 121,579 2024 107,789 2025 95,477 2026 77,821 Thereafter 265,959 Total $ 813,638

Recent Acquisitions of Real E_2

Recent Acquisitions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed	The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price, which includes transaction costs beginning January 1, 2018 as further described below, of each property acquired in 2021, 2020 and 2019 as follows (in thousands): Property Name Acquisition Building and (2) Land (2) In-place Lease Intangibles (2) Out-of- (2) Right of Use Asset (Liability), net Total (2) 2021 (1) 5301 Patrick Henry 2/10/2021 $ 36,651 $ 19,089 $ 15,136 $ (2,711) $ — $ 68,165 ABC Westland A3.2 (3) 4/30/2021 $ 8,400 $ — $ 678 $ — $ — $ 9,078 900 Patrol Road 5/17/2021 $ 79,242 $ 7,977 $ 11,656 $ — $ — $ 98,875 1015 Half Street 5/19/2021 $ 131,745 $ 32,884 $ 81,861 $ (17,391) $ — $ 229,099 Miramar Activity Business Center 6/30/2021 $ 17,007 $ 19,573 $ 4,411 $ 34 $ — $ 41,025 Eastgate Park 10/26/2021 $ 24,399 $ 18,558 $ 3,887 $ (1,260) $ — $ 45,584 ABC Westland 668 (3) 10/26/2021 $ 2,615 $ 1,729 $ 275 $ — $ — $ 4,619 Bradley Business Center 11/16/2021 $ 43,146 $ 17,025 $ 9,256 $ 3,900 $ — $ 73,327 WGN Studios 11/30/2021 $ 12,469 $ 13,020 $ 8,776 $ (3,367) $ — $ 30,898 Waypoint 12/10/2021 $ 15,256 $ 18,009 $ 8,692 $ (2) $ — $ 41,955 Center Place 12/22/2021 $ 72,811 $ — $ 4,023 $ — $ (1,596) (5) $ 75,238 2020 The Emerson 1/24/2020 $ 97,659 $ 17,725 $ 2,197 $ — $ — $ 117,581 Bratzler ABC Westland (3) 2/28/2020 $ 7,181 $ 5,704 $ 816 $ — $ — $ 13,701 Madrid Airport Complex 6/19/2020 $ 3,807 $ 20,469 $ 9,787 $ — $ — $ 34,063 Wakefield Logistics 7/2/2020 $ 14,830 $ 9,085 $ 4,078 $ (701) $ — $ 27,292 Advanced Manufacturing Portfolio 8/31/2020 $ 34,826 $ 53,636 $ 23,648 $ (5,006) $ — $ 107,104 6100 Schertz Parkway 12/11/2020 $ 103,404 $ 3,880 $ 16,058 $ 5,988 $ — $ 129,330 5100 Cross Point 12/22/2020 $ 10,606 $ 12,327 $ 1,817 $ (313) $ — $ 24,437 2019 ABC Westland 5/3/2019 $ 74,054 (4) $ 59,664 $ 6,902 $ (1,124) $ — $ 139,496 Promenade Shops at Briargate 9/13/2019 $ 55,425 $ 19,199 $ 20,017 $ (1,047) $ — $ 93,594 Gdańsk PL II 9/24/2019 $ 18,707 $ 6,174 $ 5,013 $ 449 $ — $ 30,343 Łódź Urban Logistics 9/26/2019 $ 19,298 $ — $ 3,684 $ (134) $ 2,777 (6) $ 25,625 Glasgow West End 9/27/2019 $ 66,255 $ 22,276 $ 3,170 $ — $ — $ 91,701 Charles Tyrwhitt DC 11/8/2019 $ 11,207 $ 7,013 $ 3,587 $ (489) $ — $ 21,318 The Alloy 11/12/2019 $ 81,956 $ 14,194 $ 3,291 $ — $ — $ 99,441 DSG Bristol 11/18/2019 $ 22,503 $ 17,713 $ 8,319 $ 1,507 $ — $ 50,042 Royal Mail 12/12/2019 $ 23,735 $ 6,170 $ 5,536 $ — $ — $ 35,441 (1) For more information on acquisitions completed during the year ended December 31, 2021, refer to Note 3 — Investment Property. (2) For acquisitions denominated in a foreign currency, amounts have been translated to U.S. dollars at a rate based on the exchange rate in effect on the acquisition date. (3) ABC Westland A3.2, ABC Westland 668 and Bratzler ABC Westland are three additional buildings that the Company acquired at ABC Westland, an industrial logistics property located in The Hague, Netherlands that the Company previously acquired in May 2019. (4) Amount includes approximately €14.1 million (approximately $15.8 million assuming a rate of $1.12 per EUR as of the acquisition date) of solar panels at date of acquisition, which are to be depreciated using the straight-line method assuming a useful life of 25 years. (5) Amount is net of a $15.9 million financing lease right-of-use asset. (6) Amount is net of a $1.6 million right of use lease liability presented in other liabilities.

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule Of Debt	The following table describes the Company’s debt outstanding at December 31, 2021 and 2020 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of December 31, 2021 Principal Outstanding at December 31, 2021 Principal Outstanding at December 31, 2020 Fixed Rate Loans Fixed rate secured mortgage debt (1) 06/2023-06/2026 N/A 2.98% $ 222,343 $ 208,277 Total fixed rate loans $ 222,343 $ 208,277 Variable Rate Loans Floating rate secured mortgage debt (2) 12/2022-12/2025 N/A 1.75% 428,787 437,257 JPMorgan Chase Revolving Credit Facility 11/15/2023 $ 425,000 N/A — 140,000 JPMorgan Chase Revolving Credit Facility - Term Loan 11/15/2023 $ 300,000 1.45% 300,000 100,000 JPMorgan Chase Revolving Credit Facility - Term Loan 12/20/2024 $ 300,000 1.45% 300,000 — Total variable rate loans $ 1,028,787 $ 677,257 Total Notes Payable $ 1,251,130 $ 885,534 Note Payable to Affiliates Credit Facility with Hines 12/31/2022 $ 75,000 N/A — — Total Note Payable to Affiliate $ — $ — Total Principal Outstanding $ 1,251,130 $ 885,534 Unamortized financing fees (3) (6,255) (4,738) Total $ 1,244,875 $ 880,796 (1) As of December 31, 2021, the effective interest rates on our fixed rate mortgage debt ranged from 1.05% to 4.25%. The amount of principal outstanding as of December 31, 2021 includes $62.5 million that has been effectively fixed for the full term of the facilities using interest rate swap agreements as an economic hedge against the variability of future interest rates on the borrowing. (2) As of December 31, 2021, the effective interest rates on our floating rate mortgage debt ranged from 1.10% to 2.50%. The amount of principal outstanding as of December 31, 2021 includes $242.3 million that is subject to interest rate cap agreements as an economic hedge against the variability of future interest rates on the borrowing for the full term of the facilities. (3) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $8.1 million and $6.1 million as of December 31, 2021 and 2020. These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2021, 2020 and 2019, $4.3 million, $2.8 million and $1.4 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively.
Schedule Of Maturities Of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2022 through December 31, 2026 and for the period thereafter (in thousands). Payments Due by Year 2022 2023 2024 2025 2026 Thereafter Principal payments $ 45,784 $ 648,090 $ 507,429 $ 26,869 $ 22,958 $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Interest Rate Derivatives	The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of December 31, 2021 Interest rate swaps 3 $ 62,495 $ 284 $ (167) Interest rate caps 11 242,276 558 — Total derivative instruments 14 $ 304,771 $ 842 $ (167) As of December 31, 2020 Interest rate swaps 2 $ 37,283 $ 224 $ — Interest rate caps 10 316,804 62 — Foreign currency forwards 1 12,284 — (22) Total derivative instruments 13 $ 366,371 $ 286 $ (22)
Schedule of Gain (Loss) on Derivative Instruments	The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2021 and 2020 (in thousands): Gain (Loss) Recorded on Derivative Instruments Year Ended 12/31/2021 12/31/2020 12/31/2019 Derivatives not designated as hedging instruments: Interest rate swaps $ (102) $ 424 $ (149) Interest rate caps 320 (195) (454) Foreign currency forward contracts (113) 7,302 (1,689) Total gain (loss) on derivatives $ 105 $ 7,531 $ (2,292)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Stock by Class	As of December 31, 2021 and 2020, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2021 December 31, 2020 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 29,377 40,000 19,990 Class TX common stock, $0.001 par value per share 40,000 7,606 40,000 18,152 Class IX common stock, $0.001 par value per share 10,000 87 10,000 95 Class JX common stock, $0.001 par value per share 10,000 — 10,000 — Class T common stock, $0.001 par value per share 350,000 53,176 350,000 40,036 Class S common stock, $0.001 par value per share 350,000 3,299 350,000 — Class D common stock, $0.001 par value per share 350,000 19,000 350,000 10,217 Class I common stock, $0.001 par value per share 350,000 42,261 350,000 15,291 The tables below provide information regarding the issuances and redemptions of each class of shares of the Company’s common stock during the year ended December 31, 2021, 2020 and 2019 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the year ended December 31, 2021. Class AX Class TX Class IX Class T Class S Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2021 19,990 $ 20 18,152 $ 21 95 $ — 40,036 $ 39 — $ — 10,217 $ 9 15,291 $ 15 103,781 $ 104 Issuance of common shares 768 — 295 — 4 — 14,622 16 3,299 3 9,078 9 27,341 26 55,407 54 Conversion of common shares (1) 10,144 10 (10,144) (10) — — (67) — — — — — 67 — — — Redemption of common shares (1,525) (2) (697) — (12) — (1,415) (2) — — (295) — (438) — (4,382) (4) Balance as of December 31, 2021 29,377 $ 28 7,606 $ 11 87 $ — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 (1) The Company will cease paying distribution and stockholder servicing fees with respect to Class TX shares when the total of such fees reach certain thresholds, as described further in Note 8 —Related Party Transactions. Once these thresholds are reached, Class TX shares are converted into Class AX shares, as indicated in the table above. Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2020 18,885 $ 19 19,901 $ 22 91 $ — 28,837 $ 29 6,927 $ 6 7,206 $ 7 81,847 $ 83 Issuance of common shares 546 1 557 1 4 — 12,171 11 3,553 3 8,314 8 25,145 24 Conversion of common shares (1) 1,458 1 (1,458) (1) — — — — — — — — — — Redemption of common shares (899) (1) (848) (1) — — (972) (1) (263) — (229) — (3,211) (3) Balance as of December 31, 2020 19,990 $ 20 18,152 $ 21 95 $ — 40,036 $ 39 10,217 $ 9 15,291 $ 15 103,781 $ 104 Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2019 19,123 $ 19 19,969 $ 21 96 $ — 2,858 $ 3 1,479 $ 1 59 $ — 43,584 $ 44 Issuance of common shares 532 1 611 2 4 — 26,008 26 5,471 5 7,179 7 39,805 41 Redemption of common shares (770) (1) (679) (1) (9) — (29) — (23) — (32) — (1,542) (2) Balance as of December 31, 2019 18,885 $ 19 19,901 $ 22 91 $ — 28,837 $ 29 6,927 $ 6 7,206 $ 7 81,847 $ 83
Schedule of Distributions	The following table outlines the Company’s total distributions declared to stockholders for the years ended December 31, 2021, 2020 and 2019, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2021 $ 35,327 $ 38,031 $ 73,358 December 31, 2020 $ 25,398 $ 28,762 $ 54,161 December 31, 2019 $ 16,112 $ 19,446 $ 35,558 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2021, 2020 and 2019. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 8 — Related Party Transactions. 2021 2020 2019 Distributions declared per Class AX share, net $ 0.63 $ 0.63 $ 0.63 Distributions declared per Class TX share, net $ 0.52 $ 0.53 $ 0.52 Distributions declared per Class IX share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class T share, net $ 0.52 $ 0.53 $ 0.52 Distributions declared per Class S share, net $ 0.53 $ 0.53 $ 0.52 Distributions declared per Class D share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class I share, net $ 0.63 $ 0.63 $ 0.63

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below outlines fees and expense reimbursements incurred that are payable by the Company to the Advisor and Hines Securities, Inc. (the “Dealer Manager”), Hines and its affiliates for the years ended December 31, 2021, 2020 and 2019 and amounts unpaid as of December 31, 2021 and 2020 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2021 2020 2019 12/31/2021 12/31/2020 Selling Commissions- Dealer Manager (1) $ 4,218 $ 3,182 $ 7,481 $ — $ — Dealer Manager Fee- Dealer Manager (1) 700 576 1,337 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 16,866 9,484 17,696 36,918 26,271 Organization and Offering Costs- the Advisor 5,016 4,457 4,445 4,606 6,263 Asset Management Fees- the Advisor 16,442 11,674 7,985 1,135 2,672 Other- the Advisor (2) 4,028 1,005 2,846 1,528 1,249 Performance Participation Allocation- the Advisor (3) 24,790 — 7,713 24,790 — Interest Expense- Hines and its affiliates (4) — 362 1,288 — — Property Management Fees- Hines and its affiliates 3,168 2,249 1,866 149 91 Development and Construction Management Fees- Hines and its affiliates 788 657 413 703 650 Leasing Fees- Hines and its affiliates 1,055 877 601 457 230 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) (5) 8,472 8,157 4,506 (856) (6) 1,869 Total $ 85,543 $ 42,680 $ 58,177 $ 69,430 $ 39,295 (1) Some or all of these fees may be reallowed to participating broker dealers rather than being retained by the Dealer Manager. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (3) Through its ownership of the special limited partner interest in the Operating Partnership, the Advisor is entitled to an annual performance participation allocation of 12.5% of the Operating Partnership’s total return. Total return is defined as distributions paid or accrued plus the change in net asset value of the Company’s shares of common stock for the applicable period. This performance participation allocation is subject to the Company earning a 5% total return annually (as defined above), after considering the effect of any losses carried forward from the prior period (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. (4) Includes amounts paid related to the Hines Credit Facility. (5) Includes amounts with respect to the management and operation of the Company’s properties. These amounts are generally reimbursed to Hines and its affiliates during the month following the period in which they are incurred. Reimbursement of third party costs are not included in the incurred amounts. (6) As of December 31, 2021, the balance included $1.3 million in receivables related to rents collected by the Hines-affiliated property manager at the international student housing properties, which were being held in the property manager controlled bank accounts.
Summary of Fees Related to Offering	Class T shares (1) Class S shares (1) Class D shares Class I shares Upfront Selling Commission and Dealer Manager Fee 3.5% 3.5% None None Ongoing Distribution and Stockholder Servicing Fee (per annum, as a percentage of NAV) (2) 1.0% 0.85% 0.25% None (1) With respect to Class T Shares, there is a maximum upfront sales load of up to 3.5% of the gross offering proceeds from the sale of such shares in the primary offering, consisting of any combination of selling commissions and dealer manager fees. With respect to Class S shares, the upfront sales load of up to 3.5% of the gross proceeds from the sale of such shares in the primary offering consists solely of selling commissions. (2) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. As of December 31, 2021 and 2020, the Company has recorded a liability of $36.9 million and $26.3 million, respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets. Prior to August 20, 2021, the distribution and stockholder servicing fee was paid at a rate of 1.0% of NAV per annum with respect to Class S shares.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table summarizes activity for the Company’s real estate-related securities measured at fair value on a recurring basis. Basis of Fair Value Measurements During the year ended Description Fair Value of Assets Quoted Prices in Significant Significant December 31, 2021 Investments in real estate-related securities $ 74,256 $ 74,256 $ — $ — December 31, 2020 Investments in real estate-related securities $ 51,137 $ 51,137 $ — $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Years Ended December 31, 2021 2020 2019 Total Revenue Office investments $ 27,000 $ 18,271 $ 25,469 Industrial investments 82,339 52,280 33,405 Residential/Living investments 32,869 29,181 21,867 Retail investments 27,795 26,883 23,142 Other investments 5,923 — — Total Revenue $ 175,926 $ 126,615 $ 103,883 For the years ended December 31, 2021, 2020 and 2019, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2021 2020 2019 Revenues in excess of property expenses (1) Office investments $ 16,774 $ 11,095 $ 17,257 Industrial investments 54,202 32,689 19,561 Residential/Living investments 14,995 14,413 12,673 Retail investments 16,699 15,247 13,405 Other investments 4,599 — — Total revenues in excess of property expenses $ 107,269 $ 73,444 $ 62,896 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2021 and 2020, the Company’s total assets by segment were as follows (in thousands): December 31, 2021 December 31, 2020 Total Assets Office investments $ 412,359 $ 134,863 Industrial investments 1,022,522 873,614 Residential/Living investments 568,151 496,182 Retail investments 290,820 282,550 Other investments 176,772 — Corporate-level accounts 234,297 76,208 Total Assets $ 2,704,921 $ 1,863,417
Schedules Of Revenue And Assets, by Geographical Areas	For the years ended December 31, 2021, 2020 and 2019, the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2021 2020 2019 Total Revenue United States 61 % 51 % 55 % The Netherlands 18 % 23 % 21 % United Kingdom 12 % 12 % 7 % Poland 4 % 5 % 2 % Spain 3 % 2 % — % Germany 2 % 3 % 3 % Ireland — % 4 % 12 % Czech Republic — % — % — % For the years ended December 31, 2021 and 2020, the Company’s total assets were attributable to the following countries: December 31, 2021 December 31, 2020 Total Assets United States 69 % 54 % United Kingdom 12 % 18 % The Netherlands 11 % 17 % Czech Republic 2 % — % Poland 2 % 3 % Germany 2 % 3 % Spain 1 % 2 % Ireland 1 % 3 %
Schedule of Reconciliation of Property Revenue in Excess of Expenses	For the years ended December 31, 2021, 2020 and 2019, the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Reconciliation to revenues in excess of property expenses Net income (loss) $ (39,153) $ 101,553 $ (19,548) Depreciation and amortization 88,100 68,693 46,193 Acquisition related expenses 112 687 161 Asset management fees 16,442 11,674 7,985 Performance participation allocation 24,790 — 7,713 General and administrative expenses 5,546 4,652 3,652 (Gain) loss on derivative instruments (105) (7,531) 2,292 (Gain) loss on real estate-related securities (15,965) 452 (2,317) Gain on sale of real estate (1,432) (130,094) — Foreign currency (gains) losses 978 809 617 Interest expense 24,976 20,849 18,608 Interest and other income (2,140) (1,693) (1,480) (Benefit) provision for income taxes 3,988 (4,380) (980) Provision for income taxes related to sale of real estate 1,132 7,773 — Total revenues in excess of property expenses $ 107,269 $ 73,444 $ 62,896

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): 2021 2020 2019 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 20,644 $ 18,269 $ 15,966 Cash paid for income taxes $ 2,270 $ 1,340 $ 288 Cash paid for income taxes related to sale of real estate $ 1,132 $ 7,773 $ — Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 7,470 $ 4,909 $ 3,837 Distributions reinvested $ 36,700 $ 28,335 $ 18,426 Shares tendered for redemption $ 3,019 $ 5,850 $ 1,680 Non-cash net liabilities assumed $ 11,450 $ 6,094 $ 11,412 Assumption of mortgage upon acquisition of property $ 17,342 $ — $ — Offering costs payable to the Advisor $ 5,015 $ 4,456 $ 4,445 Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager $ 16,865 $ 9,483 $ 17,696 Accrued capital additions $ 3,923 $ 1,276 $ 2,615 Accrued acquisition costs $ 856 $ 678 $ 2,256 Recognition of financing ground lease liability $ 17,340 $ — $ — Recognition of operating ground lease liability $ — $ — $ 1,583

Organization (Public Offering)

Organization (Public Offering) (Details) shares in Millions, ft² in Millions	12 Months Ended			91 Months Ended
	Dec. 31, 2021USD ($)ft²Property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2022USD ($)shares	Jun. 02, 2021USD ($)	Dec. 06, 2017USD ($)	Sep. 30, 2017USD ($)	Aug. 20, 2014USD ($)
Public Offering
Proceeds from issuance of common stock	$ 533,684,000	$ 227,776,000	$ 392,897,000
Number of real estate properties | Property	31
Area of real estate property | ft²	14.1
Portfolio, percentage leased	96.00%
Hines Global REIT II Properties LP | Hines Global REIT II Associates LP
Public Offering
Ownership interest percentage (less than)	1.00%
Dividend Reinvestment Plan | Initial Offering
Public Offering
Maximum proceeds authorized for public offering							$ 150,000,000
Dividend Reinvestment Plan | Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering						$ 500,000,000
Dividend Reinvestment Plan | Third Offering
Public Offering
Maximum proceeds authorized for public offering					$ 500,000,000
IPO
Public Offering
Maximum proceeds authorized for public offering								$ 2,500,000,000
Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering						$ 2,500,000,000
First And Second Offerings | First And Second Offerings | Subsequent Event
Public Offering
Proceeds from issuance of common stock				$ 2,000,000,000
Common stock sold (shares) | shares				193.5
Third Offering
Public Offering
Maximum proceeds authorized for public offering					$ 2,500,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Additional Narratives) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2022Property
Summary of Significant Accounting Policies [Line Items]
Rent relief provided to student housing tenants, by refund	$ 900	$ 2,200
Impairment charges	0	0	$ 0
Deposits in foreign financial institutions	32,200
Investments in real estate-related securities	74,256	51,137
Receivables related to base rent and tenant reimbursements	3,800	4,600
Straight-line rent receivable	13,500	9,100
Operating lease right-of-use asset, net	3,990	4,367
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	15,875	0
Financing lease liability	17,340	0
Due to (from) related party	69,430	39,295
Note payable	1,251,130	885,534
Other assets	23,919	19,054
Net income (loss)	(39,153)	101,553	(19,548)
Deferred tax expense		(6,300)	(1,500)
Current income tax expense	4,000	1,900	$ 500
Previously Reported
Summary of Significant Accounting Policies [Line Items]
Other assets		2,900
Net income (loss)		2,900
Revision of Prior Period, Error Correction, Adjustment
Summary of Significant Accounting Policies [Line Items]
Net income (loss)	(2,900)
Secured Debt | LIBOR
Summary of Significant Accounting Policies [Line Items]
Note payable	$ 698,200
Retail Site
Summary of Significant Accounting Policies [Line Items]
Rent relief provided to tenants		3,800
Retail Site | Revenue Benchmark | Customer Concentration Risk
Summary of Significant Accounting Policies [Line Items]
Concentration risk (percent)	16.00%
Retail Site | Subsequent Event
Summary of Significant Accounting Policies [Line Items]
Number of real estate properties | Property				2
Łódź Urban Logistics
Summary of Significant Accounting Policies [Line Items]
Operating lease expense	$ 86	87
Operating lease right-of-use asset, net	4,000	4,400
Operating lease liability	$ 1,477	1,600
Operating lease, incremental borrowing rate	5.60%
Center Place
Summary of Significant Accounting Policies [Line Items]
Financing lease expense	$ 15
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	15,900
Financing lease liability	$ 17,340
Financing lease, incremental borrowing rate	3.40%
Distribution and Servicing Fees | Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Due to (from) related party	$ 36,918	$ 26,271

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Useful Lives of Real Estate) (Details)	12 Months Ended
	Dec. 31, 2021
Furniture and Fixtures
Property, Plant and Equipment
Estimated useful life	10 years
Electrical and Mechanical Installations | Minimum
Property, Plant and Equipment
Estimated useful life	15 years
Electrical and Mechanical Installations | Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Building
Property, Plant and Equipment
Estimated useful life	40 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Gain (Loss) Recorded on Investments in Real Estate-Related Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Unrealized gain (loss)	$ 7,946	$ 2,141	$ 1,283
Realized gain (loss)	8,019	(2,593)	1,034
Total gain (loss) on real estate-related securities	$ 15,965	$ (452)	$ 2,317

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Prepaid insurance	$ 1,432	$ 1,133
Prepaid property taxes	2,363	1,845
Deferred tax assets	9,016	9,478
Operating lease right-of-use asset, net	3,990	4,367
Other	7,118	2,231
Other assets	23,919	19,054
Valuation allowance	$ (11,400)	$ (3,300)
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Lease Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance Lease, Liability, Payment, Due [Abstract]
Financing lease liability	$ 17,340	$ 0
Łódź Urban Logistics
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	87
2023	87
2024	87
2025	87
2026	87
Thereafter	5,462
Total	5,897
Operating Lease Liability	1,477	$ 1,600
Undiscounted Excess Amount	4,420
Center Place
Finance Lease, Liability, Payment, Due [Abstract]
2022	540
2023	540
2024	540
2025	540
2026	540
Thereafter	70,889
Total	73,589
Financing lease liability	17,340
Undiscounted Excess Amount	$ 56,249

Investment Property (Summary of

Investment Property (Summary of Investment Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Investment Property, Net
Investment property, net	$ 2,085,122	$ 1,558,060
Held for sale
Real Estate Investment Property, Net
Investment property, net	2,085,122	1,558,060
Buildings and improvements
Real Estate Investment Property, Net
Investment property, gross	1,641,385	1,216,004
Less: accumulated depreciation	(95,479)	(60,019)
Investment property, net	1,545,906	1,155,985
Land
Real Estate Investment Property, Net
Investment property, gross	$ 539,216	$ 402,075

Investment Property (Narrative)

Investment Property (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property
Acquired Finite-Lived Intangible Assets [Line Items]
Number of real estate properties acquired | Property		11	7	9
Purchase price of investment properties acquired		$ 709,600	$ 447,100
Number of investment properties sold | Property			3
Proceeds from investment properties sold			$ 350,100
Gain on sale of real estate		$ 1,432	130,094	$ 0
Term of contract		15 years
Recovery of direct costs		$ 24,200	17,400	15,400
Depreciation and amortization		88,100	68,693	46,193
Montrose
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 11,000
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		38,600	32,000	20,600
Out-of-Market Leases, Net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases		$ 4,000	$ 2,400	$ 1,800

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net
Net	$ 232,410	$ 121,830
Out-of-Market Lease Liabilities
Out-of-Market Lease Liabilities, Cost	(52,306)	(27,792)
Out-of-Market Lease Liabilities, Less: accumulated amortization	11,940	6,399
Out-of-Market Lease Liabilities, Net	(40,366)	(21,393)
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	279,340	153,358
Less: accumulated amortization	(59,819)	(41,998)
Net	219,521	111,360
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	15,766	12,362
Less: accumulated amortization	(2,877)	(1,892)
Net	$ 12,889	$ 10,470

Investment Property (Intangib_2

Investment Property (Intangible Assets Amortization) (Details) $ in Thousands	Dec. 31, 2021USD ($)
In-Place Leases
In-Place Lease
2022	$ 50,035
2023	40,899
2024	33,773
2025	27,659
2026	19,731
Out-of-Market Leases, Net
Out-of-Market Leases, Net
2022	(7,204)
2023	(5,331)
2024	(4,375)
2025	(3,254)
2026	$ (1,662)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Fixed Future Minimum Rentals
2022	$ 145,013
2023	121,579
2024	107,789
2025	95,477
2026	77,821
Thereafter	265,959
Total	$ 813,638

Recent Acquisitions of Real E_3

Recent Acquisitions of Real Estate (Narrative) (Details) - Property	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Number of real estate properties acquired	11	7	9

Recent Acquisitions of Real E_4

Recent Acquisitions of Real Estate (Asset Acquisitions) (Details) $ in Thousands, € in Millions

Dec. 22, 2021USD ($)

Dec. 10, 2021USD ($)

Nov. 30, 2021USD ($)

Nov. 16, 2021USD ($)

Oct. 26, 2021USD ($)

Jun. 30, 2021USD ($)$ / €

May 19, 2021USD ($)

May 17, 2021USD ($)

Apr. 30, 2021USD ($)

Feb. 10, 2021USD ($)

Dec. 22, 2020USD ($)

Dec. 11, 2020USD ($)

Aug. 31, 2020USD ($)

Jul. 02, 2020USD ($)

Jun. 19, 2020USD ($)

Feb. 28, 2020USD ($)

Jan. 24, 2020USD ($)

Dec. 12, 2019USD ($)

Nov. 18, 2019USD ($)

Nov. 12, 2019USD ($)

Nov. 08, 2019USD ($)

Sep. 27, 2019USD ($)

Sep. 26, 2019USD ($)

Sep. 24, 2019USD ($)

Sep. 13, 2019USD ($)

May 03, 2019USD ($)$ / €

May 03, 2019EUR (€)$ / €

Dec. 31, 2021USD ($)ft²

Dec. 31, 2020USD ($)$ / €

Dec. 31, 2019USD ($)

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Investments in acquired properties and lease intangibles

$ 690,544

$ 449,051

$ 620,974

Foreign currency exchange rate | $ / €

1.18

1.23

Financing Lease Right-of-Use Asset

$ 15,875

$ 0

5301 Patrick Henry | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 36,651

5301 Patrick Henry | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

19,089

5301 Patrick Henry | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

15,136

5301 Patrick Henry | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(2,711)

Total net purchase price

$ 68,165

ABC Westland A 3.2 | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 8,400

ABC Westland A 3.2 | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

ABC Westland A 3.2 | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

678

ABC Westland A 3.2 | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Total net purchase price

$ 9,078

900 Patrol Road | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 79,242

900 Patrol Road | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

7,977

900 Patrol Road | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

11,656

900 Patrol Road | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Total net purchase price

$ 98,875

1015 Half Street | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 131,745

1015 Half Street | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

32,884

1015 Half Street | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

81,861

1015 Half Street | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(17,391)

Total net purchase price

$ 229,099

Miramar Activity Business Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 17,007

Miramar Activity Business Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

19,573

Miramar Activity Business Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

4,411

Miramar Activity Business Center | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

34

Total net purchase price

$ 41,025

Eastgate Park | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 24,399

Eastgate Park | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

18,558

Eastgate Park | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,887

Eastgate Park | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(1,260)

Total net purchase price

45,584

ABC Westland 668 | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

2,615

ABC Westland 668 | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

1,729

ABC Westland 668 | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

275

ABC Westland 668 | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Total net purchase price

$ 4,619

Bradley Business Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 43,146

Bradley Business Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

17,025

Bradley Business Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

9,256

Bradley Business Center | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

3,900

Total net purchase price

$ 73,327

WGN Studios | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 12,469

WGN Studios | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

13,020

WGN Studios | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,776

WGN Studios | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(3,367)

Total net purchase price

$ 30,898

Waypoint | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 15,256

Waypoint | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

18,009

Waypoint | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,692

Waypoint | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(2)

Total net purchase price

$ 41,955

Center Place

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Financing Lease, Right of Use Asset (Liability), Net

$ (1,596)

Financing Lease Right-of-Use Asset

15,900

Center Place | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

72,811

Center Place | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

Center Place | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

4,023

Center Place | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Total net purchase price

$ 75,238

The Emerson | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 97,659

The Emerson | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

17,725

The Emerson | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

2,197

The Emerson | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Total net purchase price

$ 117,581

Bratzler ABC Westland | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 7,181

Bratzler ABC Westland | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

5,704

Bratzler ABC Westland | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

816

Bratzler ABC Westland | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Total net purchase price

$ 13,701

Madrid Airport Complex | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 3,807

Madrid Airport Complex | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

20,469

Madrid Airport Complex | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

9,787

Madrid Airport Complex | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Total net purchase price

$ 34,063

Wakefield Logistics | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 14,830

Wakefield Logistics | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

9,085

Wakefield Logistics | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

4,078

Wakefield Logistics | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(701)

Total net purchase price

$ 27,292

Advanced Manufacturing Portfolio | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 34,826

Advanced Manufacturing Portfolio | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

53,636

Advanced Manufacturing Portfolio | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

23,648

Advanced Manufacturing Portfolio | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(5,006)

Total net purchase price

$ 107,104

6100 Schertz Parkway | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 103,404

6100 Schertz Parkway | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

3,880

6100 Schertz Parkway | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

16,058

6100 Schertz Parkway | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

5,988

Total net purchase price

$ 129,330

5100 Cross Point | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 10,606

5100 Cross Point | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

12,327

5100 Cross Point | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,817

5100 Cross Point | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(313)

Total net purchase price

$ 24,437

ABC Westland

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 139,496

Number of acquired buildings | ft²

3

ABC Westland | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

74,054

ABC Westland | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

59,664

ABC Westland | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

6,902

ABC Westland | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(1,124)

ABC Westland | Solar Panels

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Investments in acquired properties and lease intangibles

$ 15,800

€ 14.1

Foreign currency exchange rate | $ / €

1.12

1.12

Weighted average amortization period, in-place and above-market lease assets

25 years

25 years

Promenade Shops at Briargate

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 93,594

Promenade Shops at Briargate | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

55,425

Promenade Shops at Briargate | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

19,199

Promenade Shops at Briargate | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

20,017

Promenade Shops at Briargate | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (1,047)

Gdańsk PL II

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 30,343

Gdańsk PL II | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

18,707

Gdańsk PL II | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

6,174

Gdańsk PL II | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

5,013

Gdańsk PL II | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 449

Łódź Urban Logistics

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Operating Lease, Right of Use Asset (Liability), Net

$ 2,777

Total net purchase price

25,625

Operating Lease Liability

(1,600)

Łódź Urban Logistics | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

19,298

Łódź Urban Logistics | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

Łódź Urban Logistics | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,684

Łódź Urban Logistics | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (134)

Glasgow West End

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 91,701

Glasgow West End | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

66,255

Glasgow West End | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

22,276

Glasgow West End | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,170

Glasgow West End | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

Charles Tyrwhitt DC

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 21,318

Charles Tyrwhitt DC | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

11,207

Charles Tyrwhitt DC | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

7,013

Charles Tyrwhitt DC | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,587

Charles Tyrwhitt DC | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (489)

The Alloy

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 99,441

The Alloy | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

81,956

The Alloy | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

14,194

The Alloy | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,291

The Alloy | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

DSG Bristol

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 50,042

DSG Bristol | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

22,503

DSG Bristol | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

17,713

DSG Bristol | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,319

DSG Bristol | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 1,507

Royal Mail

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 35,441

Royal Mail | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

23,735

Royal Mail | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

6,170

Royal Mail | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

5,536

Royal Mail | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details)	Sep. 13, 2019	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)Extension_OptionProperty	Dec. 31, 2020USD ($)	May 31, 2021USD ($)	Nov. 13, 2020USD ($)	Nov. 30, 2017USD ($)	Oct. 02, 2017USD ($)
Debt Instrument [Line Items]
Notes payable including related party, gross			$ 1,300,000,000	$ 900,000,000
Debt, weighted average years to maturity			2 years 2 months 12 days	2 years 4 months 24 days
Debt, weighted average interest rate			1.83%	2.08%
Note payable			$ 1,251,130,000	$ 885,534,000
Note payable to affiliate			$ 0	0
Line of Credit | JP Morgan Debt Facilities
Debt Instrument [Line Items]
Extensions | Property			2
Notes payable, advance, extension term			1 year
Line of Credit | Credit Agreement, Maturing November 15, 2023
Debt Instrument [Line Items]
Maximum facility agreement amount						$ 1,025,000,000
Restated Hines Credit Facility | Hines and Affiliates
Debt Instrument [Line Items]
Notes payable, advance, extension term			6 months
Note payable to affiliate							$ 75,000,000	$ 240,000,000
Notes payable, advance, term to maturity			6 months
Notes payable, advance, number of extension options | Extension_Option			1
Credit Facility | Hines and Affiliates
Debt Instrument [Line Items]
Maximum facility agreement amount			$ 75,000,000
Draws from revolving loan commitment			0
Repayments of revolving loan commitment			0
Note payable to affiliate			0	0
Credit Facility | Hines and Affiliates | Subsequent Event
Debt Instrument [Line Items]
Note payable to affiliate		$ 0
Secured Debt | LIBOR
Debt Instrument [Line Items]
Note payable			698,200,000
Notes Payable to Banks
Debt Instrument [Line Items]
Note payable			1,251,130,000	885,534,000
Bridge Loan
Debt Instrument [Line Items]
Debt instrument face amount					$ 108,000,000
Revolving Credit Facility | Line of Credit | Credit Agreement, Maturing November 15, 2023
Debt Instrument [Line Items]
Maximum facility agreement amount			425,000,000			425,000,000
Draws from revolving loan commitment			221,100,000
Repayments of revolving loan commitment			361,100,000
Note payable			0	140,000,000
Long-term line of credit			0
Revolving Credit Facility | Line of Credit | Credit Agreement, Maturing November 15, 2023 | Adjusted LIBO Rate
Debt Instrument [Line Items]
Basic spread on variable rate debt	1.00%
Revolving Credit Facility | Line of Credit | Credit Agreement, Maturing November 15, 2023 | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basic spread on variable rate debt	0.50%
Revolving Credit Facility | Line of Credit | Subsequent Event | Credit Agreement, Maturing November 15, 2023
Debt Instrument [Line Items]
Repayments of revolving loan commitment		0
Long-term line of credit		$ 0
Revolving Credit Facility | Line of Credit | Minimum | Credit Agreement, Maturing November 15, 2023 | Adjusted LIBO Rate
Debt Instrument [Line Items]
Interest rate during period	1.45%
Revolving Credit Facility | Line of Credit | Minimum | Credit Agreement, Maturing November 15, 2023 | Base Rate
Debt Instrument [Line Items]
Interest rate during period	0.45%
Revolving Credit Facility | Line of Credit | Maximum | Credit Agreement, Maturing November 15, 2023 | Adjusted LIBO Rate
Debt Instrument [Line Items]
Interest rate during period	2.20%
Revolving Credit Facility | Line of Credit | Maximum | Credit Agreement, Maturing November 15, 2023 | Base Rate
Debt Instrument [Line Items]
Interest rate during period	1.20%
Initial Term Loan Facility | Term Loan | Credit Agreement, Maturing November 15, 2023
Debt Instrument [Line Items]
Maximum facility agreement amount			300,000,000			300,000,000
Draws from revolving loan commitment			200,000,000
Note payable			300,000,000	100,000,000
Long-term line of credit			300,000,000
Second Term Loan Facility | Term Loan | Credit Agreement, Maturing December 20, 2024
Debt Instrument [Line Items]
Maximum facility agreement amount			300,000,000			$ 300,000,000
Note payable			300,000,000	$ 0
Long-term line of credit			$ 300,000,000

Debt Financing (Debt Disclosure

Debt Financing (Debt Disclosure Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 13, 2020
Debt Instrument [Line Items]
Note payable	$ 1,251,130,000	$ 885,534,000
Note payable to affiliate	0	0
Unamortized financing fees	(6,255,000)	(4,738,000)
Notes payable including related party, net	1,244,875,000	880,796,000
Amortization of deferred financing costs	4,300,000	2,800,000	$ 1,400,000
Deferred financing costs, net	8,100,000	6,100,000
Notes Payable to Banks
Debt Instrument [Line Items]
Note payable	1,251,130,000	885,534,000
Fixed Rate Loans
Debt Instrument [Line Items]
Note payable	$ 222,343,000	208,277,000
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt
Debt Instrument [Line Items]
Interest rate at period end	2.98%
Note payable	$ 222,343,000	208,277,000
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate at period end	1.05%
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate at period end	4.25%
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt In Hedge
Debt Instrument [Line Items]
Note payable	$ 62,500,000
Variable Rate Loans
Debt Instrument [Line Items]
Note payable	$ 1,028,787,000	677,257,000
Variable Rate Loans | Floating Rate Secured Mortgage Debt
Debt Instrument [Line Items]
Interest rate at period end	1.75%
Note payable	$ 428,787,000	437,257,000
Variable Rate Loans | Floating Rate Secured Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate at period end	1.10%
Variable Rate Loans | Floating Rate Secured Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate at period end	2.50%
Variable Rate Loans | Floating Rate Secured Mortgage Debt In Hedge
Debt Instrument [Line Items]
Note payable	$ 242,300,000
Line of Credit | Credit Agreement, Maturing November 15, 2023
Debt Instrument [Line Items]
Maximum facility agreement amount				$ 1,025,000,000
Revolving Credit Facility | Line of Credit | Credit Agreement, Maturing November 15, 2023
Debt Instrument [Line Items]
Maximum facility agreement amount	425,000,000			425,000,000
Note payable	0	140,000,000
Initial Term Loan Facility | Term Loan | Credit Agreement, Maturing November 15, 2023
Debt Instrument [Line Items]
Maximum facility agreement amount	$ 300,000,000			300,000,000
Interest rate at period end	1.45%
Note payable	$ 300,000,000	100,000,000
Second Term Loan Facility | Term Loan | Credit Agreement, Maturing December 20, 2024
Debt Instrument [Line Items]
Maximum facility agreement amount	$ 300,000,000			$ 300,000,000
Interest rate at period end	1.45%
Note payable	$ 300,000,000	$ 0

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Maturities Of Long Term Debt
2022	$ 45,784
2023	648,090
2024	507,429
2025	26,869
2026	22,958
Thereafter	$ 0

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Contracts) (Details) $ in Thousands	Dec. 31, 2021USD ($)derivative_contract	Dec. 31, 2020USD ($)derivative_contract
Derivative Contract Details
Number of Contracts | derivative_contract	14	13
Notional Amount	$ 304,771	$ 366,371
Fair value, derivative instrument, assets	842	286
Fair value, derivative instrument, liability	$ (167)	$ (22)
Interest rate swaps
Derivative Contract Details
Number of Contracts | derivative_contract	3	2
Notional Amount	$ 62,495	$ 37,283
Fair value, derivative instrument, assets	284	224
Fair value, derivative instrument, liability	$ (167)	$ 0
Interest rate caps
Derivative Contract Details
Number of Contracts | derivative_contract	11	10
Notional Amount	$ 242,276	$ 316,804
Fair value, derivative instrument, assets	558	62
Fair value, derivative instrument, liability	$ 0	$ 0
Foreign currency forward contracts
Derivative Contract Details
Number of Contracts | derivative_contract		1
Notional Amount		$ 12,284
Fair value, derivative instrument, assets		0
Fair value, derivative instrument, liability		$ (22)

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ 105	$ 7,531	$ (2,292)
Interest rate swaps
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	(102)	424	(149)
Interest rate caps
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	320	(195)	(454)
Foreign currency forward contracts
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ (113)	$ 7,302	$ (1,689)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	39 Months Ended
	Mar. 31, 2022$ / shares	Nov. 30, 2017class
Class of Stock [Line Items]
Number of additional classes of stock | class		4
Scenario, Forecast
Class of Stock [Line Items]
Distribution rate per share, per month (in dollars per share)	$ 0.05208
Cash distributions declared per share (in dollars per share)	$ 0.625

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Authorized, Issued and Outstanding (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Class AX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	29,377,000	19,990,000
Common stock, shares outstanding (in shares)	29,377,000	19,990,000
Class TX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	7,606,000	18,152,000
Common stock, shares outstanding (in shares)	7,606,000	18,152,000
Class IX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	87,000	95,000
Common stock, shares outstanding (in shares)	87,000	95,000
Class JX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class T
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	53,176,000	40,036,000
Common stock, shares outstanding (in shares)	53,176,000	40,036,000
Class S
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	3,299,000	0
Common stock, shares outstanding (in shares)	3,299,000	0
Class D
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	19,000,000	10,217,000
Common stock, shares outstanding (in shares)	19,000,000	10,217,000
Class I
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	42,261,000	15,291,000
Common stock, shares outstanding (in shares)	42,261,000	15,291,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Issuances and Redemptions of Common Stock (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 862,218
Ending balance	$ 1,236,032	$ 862,218
Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	103,781	81,847	43,584
Beginning balance	$ 104	$ 83	$ 44
Issuance of common shares (in shares)	55,407	25,145	39,805
Issuance of common shares	$ 54	$ 24	$ 41
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(4,382)	(3,211)	(1,542)
Redemption of common shares	$ (4)	$ (3)	$ (2)
Ending balance (in shares)	154,806	103,781	81,847
Ending balance	$ 154	$ 104	$ 83
Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0
Ending balance (in shares)	0	0
Class JX | Common Shares
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)	0
Redemption of common shares (in shares)	0
Ending balance (in shares)	0
Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	19,990
Ending balance (in shares)	29,377	19,990
Class AX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	19,990	18,885	19,123
Beginning balance	$ 20	$ 19	$ 19
Issuance of common shares (in shares)	768	546	532
Issuance of common shares	$ 0	$ 1	$ 1
Conversion of common shares (in shares)	10,144	1,458
Conversion of common shares	$ 10	$ 1
Redemption of common shares (in shares)	(1,525)	(899)	(770)
Redemption of common shares	$ (2)	$ (1)	$ (1)
Ending balance (in shares)	29,377	19,990	18,885
Ending balance	$ 28	$ 20	$ 19
Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	18,152
Ending balance (in shares)	7,606	18,152
Class TX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	18,152	19,901	19,969
Beginning balance	$ 21	$ 22	$ 21
Issuance of common shares (in shares)	295	557	611
Issuance of common shares	$ 0	$ 1	$ 2
Conversion of common shares (in shares)	(10,144)	(1,458)
Conversion of common shares	$ (10)	$ (1)
Redemption of common shares (in shares)	(697)	(848)	(679)
Redemption of common shares	$ 0	$ (1)	$ (1)
Ending balance (in shares)	7,606	18,152	19,901
Ending balance	$ 11	$ 21	$ 22
Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	95
Ending balance (in shares)	87	95
Class IX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	95	91	96
Beginning balance	$ 0	$ 0	$ 0
Issuance of common shares (in shares)	4	4	4
Issuance of common shares	$ 0	$ 0	$ 0
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(12)	0	(9)
Redemption of common shares	$ 0	$ 0	$ 0
Ending balance (in shares)	87	95	91
Ending balance	$ 0	$ 0	$ 0
Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	40,036
Ending balance (in shares)	53,176	40,036
Class T | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	40,036	28,837	2,858
Beginning balance	$ 39	$ 29	$ 3
Issuance of common shares (in shares)	14,622	12,171	26,008
Issuance of common shares	$ 16	$ 11	$ 26
Conversion of common shares (in shares)	(67)	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(1,415)	(972)	(29)
Redemption of common shares	$ (2)	$ (1)	$ 0
Ending balance (in shares)	53,176	40,036	28,837
Ending balance	$ 53	$ 39	$ 29
Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0
Ending balance (in shares)	3,299	0
Class S | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0
Beginning balance	$ 0
Issuance of common shares (in shares)	3,299
Issuance of common shares	$ 3
Conversion of common shares (in shares)	0
Conversion of common shares	$ 0
Redemption of common shares (in shares)	0
Redemption of common shares	$ 0
Ending balance (in shares)	3,299	0
Ending balance	$ 3	$ 0
Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	10,217
Ending balance (in shares)	19,000	10,217
Class D | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	10,217	6,927	1,479
Beginning balance	$ 9	$ 6	$ 1
Issuance of common shares (in shares)	9,078	3,553	5,471
Issuance of common shares	$ 9	$ 3	$ 5
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(295)	(263)	(23)
Redemption of common shares	$ 0	$ 0	$ 0
Ending balance (in shares)	19,000	10,217	6,927
Ending balance	$ 18	$ 9	$ 6
Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	15,291
Ending balance (in shares)	42,261	15,291
Class I | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	15,291	7,206	59
Beginning balance	$ 15	$ 7	$ 0
Issuance of common shares (in shares)	27,341	8,314	7,179
Issuance of common shares	$ 26	$ 8	$ 7
Conversion of common shares (in shares)	67	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(438)	(229)	(32)
Redemption of common shares	$ 0	$ 0	$ 0
Ending balance (in shares)	42,261	15,291	7,206
Ending balance	$ 41	$ 15	$ 7

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash Distributions	$ 35,327	$ 25,398	$ 16,112
Distributions Reinvested	38,031	28,762	19,446
Total Declared	$ 73,358	$ 54,161	$ 35,558
Class AX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.63	$ 0.63	$ 0.63
Class TX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	0.52	0.53	0.52
Class IX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	0.60	0.60	0.60
Class T
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	0.52	0.53	0.52
Class S
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	0.53	0.53	0.52
Class D
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	0.60	0.60	0.60
Class I
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.63	$ 0.63	$ 0.63

Related Party Transactions (Sum

Related Party Transactions (Summary of Fees and Expense Reimbursements Incurred) (Details) - USD ($) $ in Thousands	Dec. 06, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		$ 85,543	$ 42,680	$ 58,177
Due from (to) related party		$ (69,430)	(39,295)
Related party allocation percentage of annual total return		12.50%
Percentage of annual hurdle amount	5.00%	5.00%
Dealer Manager | Selling Commissions
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		$ 4,218	3,182	7,481
Due from (to) related party		0	0
Dealer Manager | Dealer Manager Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		700	576	1,337
Due from (to) related party		0	0
Dealer Manager | Distribution and Stockholder Servicing Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		16,866	9,484	17,696
Due from (to) related party		(36,918)	(26,271)
The Advisor
Related Party Transactions
Related party allocation percentage of annual total return	12.50%
The Advisor | Organization and Offering Costs
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		5,016	4,457	4,445
Due from (to) related party		(4,606)	(6,263)
The Advisor | Asset Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		16,442	11,674	7,985
Due from (to) related party		(1,135)	(2,672)
The Advisor | Other Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		4,028	1,005	2,846
Due from (to) related party		(1,528)	(1,249)
The Advisor | Performance Participation Allocation
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		24,790	0	7,713
Due from (to) related party		(24,790)	0
Hines and Affiliates | Interest Expense
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		0	362	1,288
Due from (to) related party		0	0
Hines and Affiliates | Property Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		3,168	2,249	1,866
Due from (to) related party		(149)	(91)
Hines and Affiliates | Development and Construction Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		788	657	413
Due from (to) related party		(703)	(650)
Hines and Affiliates | Leasing Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		1,055	877	601
Due from (to) related party		(457)	(230)
Hines and Affiliates | Expense Reimbursements
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		8,472	8,157	$ 4,506
Due from (to) related party		856	$ (1,869)
Hines and Affiliates | Rent Receivables
Related Party Transactions
Due from (to) related party		$ 1,300

Related Party Transactions (S_2

Related Party Transactions (Summary of Offering Fees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Aug. 20, 2021	Dec. 31, 2020
Related Party Transaction
Due to related party	$ (69,430)		$ (39,295)
Dealer Manager | Selling Commissions
Related Party Transaction
Due to related party	0		0
Dealer Manager | Distribution and Stockholder Servicing Fees
Related Party Transaction
Due to related party	$ (36,918)		$ (26,271)
Initial Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds	10.00%
Follow On Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds	10.00%
Class TX | Initial Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	1.00%
Class IX | Initial Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	0.25%
Class TX and IX | Initial Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account	10.00%
Class T | Follow On Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	1.00%
Class T | Follow On Offering | Dealer Manager | Upfront Selling Commission and Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	3.50%
Class S | Follow On Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	0.85%	1.00%
Class S | Follow On Offering | Dealer Manager | Upfront Selling Commission and Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	3.50%
Class S | Follow On Offering | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	3.50%
Class D | Follow On Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	0.25%
Common Class T, S and D | Follow On Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account	8.75%

Related Party Transactions (Adv

Related Party Transactions (Advisory Agreement) (Details) - fiscal_quarter	Dec. 06, 2017	Dec. 31, 2017	Dec. 31, 2021
Related Party Transactions
Related party allocation percentage of annual total return			12.50%
Percentage of annual hurdle amount	5.00%		5.00%
The Advisor
Related Party Transactions
Related party allocation percentage of annual total return	12.50%
Number of consecutive quarters for reimbursement of excess operating expenses			4
Maximum compensation to be reimbursed, expressed as a percentage of gross offering proceeds			15.00%
The Advisor | Operating Expense
Related Party Transactions
Minimum percentage of average invested assets			2.00%
Minimum percentage of net income			25.00%
The Advisor | Organizational and offering-related issuer costs
Related Party Transactions
Maximum compensation to be reimbursed, expressed as a percentage of gross offering proceeds	2.50%
The Advisor | Cost of real estate investments per month | Asset Management Fees
Related Party Transactions
Related party fee (percent)			0.0625%
The Advisor | Cost of real estate investments per month | Asset Management Fees | Maximum
Related Party Transactions
Related party fee (percent)		0.1042%

Fair Value Measurements (Basis

Fair Value Measurements (Basis of Fair Value Measurements) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	$ 74,256	$ 51,137
Fair Value, Recurring
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	74,256	51,137
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Items (Level 1)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	74,256	51,137
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable, book value	$ 1,300	$ 900
Significant Other Observable Inputs (Level 2) | Fair Value Measurements Nonrecurring
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable, book value	1,251.1	885.5
Notes payable, fair value	$ 1,250.6	$ 884.7

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of reportable segments	5

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Total revenues	$ 175,926	$ 126,615	$ 103,883
Office investments
Segment Reporting Information
Total revenues	27,000	18,271	25,469
Industrial investments
Segment Reporting Information
Total revenues	82,339	52,280	33,405
Residential/Living investments
Segment Reporting Information
Total revenues	32,869	29,181	21,867
Retail investments
Segment Reporting Information
Total revenues	27,795	26,883	23,142
Other investments
Segment Reporting Information
Total revenues	$ 5,923	$ 0	$ 0

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details) - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total Revenue | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	61.00%	51.00%	55.00%
Total Revenue | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	18.00%	23.00%	21.00%
Total Revenue | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	12.00%	12.00%	7.00%
Total Revenue | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	4.00%	5.00%	2.00%
Total Revenue | Spain
Segment Reporting Information [Line Items]
Concentration risk (percent)	3.00%	2.00%	0.00%
Total Revenue | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	2.00%	3.00%	3.00%
Total Revenue | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	0.00%	4.00%	12.00%
Total Revenue | Czech Republic
Segment Reporting Information [Line Items]
Concentration risk (percent)	0.00%	0.00%	0.00%
Total Assets | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	69.00%	54.00%
Total Assets | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	11.00%	17.00%
Total Assets | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	12.00%	18.00%
Total Assets | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	2.00%	3.00%
Total Assets | Spain
Segment Reporting Information [Line Items]
Concentration risk (percent)	1.00%	2.00%
Total Assets | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	2.00%	3.00%
Total Assets | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	1.00%	3.00%
Total Assets | Czech Republic
Segment Reporting Information [Line Items]
Concentration risk (percent)	2.00%	0.00%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Total revenues in excess of property expenses	$ 107,269	$ 73,444	$ 62,896
Office investments
Segment Reporting Information
Total revenues in excess of property expenses	16,774	11,095	17,257
Industrial investments
Segment Reporting Information
Total revenues in excess of property expenses	54,202	32,689	19,561
Residential/Living investments
Segment Reporting Information
Total revenues in excess of property expenses	14,995	14,413	12,673
Retail investments
Segment Reporting Information
Total revenues in excess of property expenses	16,699	15,247	13,405
Other investments
Segment Reporting Information
Total revenues in excess of property expenses	$ 4,599	$ 0	$ 0

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Total Assets	$ 2,704,921	$ 1,863,417
Operating Segments | Office investments
ASSETS
Total Assets	412,359	134,863
Operating Segments | Industrial investments
ASSETS
Total Assets	1,022,522	873,614
Operating Segments | Residential/Living investments
ASSETS
Total Assets	568,151	496,182
Operating Segments | Retail investments
ASSETS
Total Assets	290,820	282,550
Operating Segments | Other investments
ASSETS
Total Assets	176,772	0
Corporate-level accounts
ASSETS
Total Assets	$ 234,297	$ 76,208

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net income (loss)	$ (39,153)	$ 101,553	$ (19,548)
Depreciation and amortization	88,100	68,693	46,193
Acquisition related expenses	112	687	161
Asset management fees	16,442	11,674	7,985
Performance participation allocation	24,790	0	7,713
General and administrative expenses	5,546	4,652	3,652
(Gain) loss on investments in real estate-related securities	(15,965)	452	(2,317)
Gain on sale of real estate	(1,432)	(130,094)	0
Foreign currency (gains) losses	978	809	617
Interest expense	24,976	20,849	18,608
Interest and other income	(2,140)	(1,693)	(1,480)
(Benefit) provision for income taxes	3,988	(4,380)	(980)
Provision for income taxes related to sale of real estate	1,132	7,773	0
Total revenues in excess of property expenses	107,269	73,444	62,896
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net income (loss)	(39,153)	101,553	(19,548)
Depreciation and amortization	88,100	68,693	46,193
Acquisition related expenses	112	687	161
Asset management fees	16,442	11,674	7,985
Performance participation allocation	24,790	0	7,713
General and administrative expenses	5,546	4,652	3,652
(Gain) loss on derivative instruments	(105)	(7,531)	2,292
(Gain) loss on investments in real estate-related securities	(15,965)	452	(2,317)
Gain on sale of real estate	(1,432)	(130,094)	0
Foreign currency (gains) losses	978	809	617
Interest expense	24,976	20,849	18,608
Interest and other income	(2,140)	(1,693)	(1,480)
(Benefit) provision for income taxes	3,988	(4,380)	(980)
Provision for income taxes related to sale of real estate	$ 1,132	$ 7,773	$ 0

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 20,644	$ 18,269	$ 15,966
Cash paid for income taxes	2,270	1,340	288
Cash paid for income taxes related to sale of real estate	1,132	7,773	0
Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	7,470	4,909	3,837
Distributions reinvested	36,700	28,335	18,426
Shares tendered for redemption	3,019	5,850	1,680
Non-cash net liabilities assumed	11,450	6,094	11,412
Assumption of mortgage upon acquisition of property	17,342	0	0
Offering costs payable to the Advisor	5,015	4,456	4,445
Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager	16,865	9,483	17,696
Accrued capital additions	3,923	1,276	2,615
Accrued acquisition costs	856	678	2,256
Recognition of financing ground lease liability	17,340	0	0
Recognition of operating ground lease liability	$ 0	$ 0	$ 1,583

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands, £ in Millions	1 Months Ended					12 Months Ended			241 Months Ended
	Mar. 31, 2022USD ($)ft²$ / £	Mar. 31, 2022GBP (£)ft²$ / £	Feb. 28, 2022USD ($)ft²	Dec. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)$ / €	Dec. 31, 2019USD ($)	Jan. 31, 2022USD ($)ft²Property	Jun. 30, 2021$ / €
Subsequent Event [Line Items]
Size of location acquired (in square feet) | ft²						14,100,000
Contract purchase price						$ 690,544	$ 449,051	$ 620,974
Foreign currency exchange rate | $ / €							1.23			1.18
Proceeds from sale of real estate						$ 0	$ 340,182	$ 0
Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of real estate	$ 76,000
Bradley Business Center | Subsequent Event
Subsequent Event [Line Items]
Number of acquired buildings | ft²									3
Number of buildings | ft²									4
Size of location acquired (in square feet) | ft²									467,000
Percentage of property acquired leased to other parties									97.00%
Number of tenants on lease of property acquired | Property									21
Contract purchase price									$ 97,300
Liberty Station | Subsequent Event
Subsequent Event [Line Items]
Size of location acquired (in square feet) | ft²									187,000
Percentage of property acquired leased to other parties									93.00%
Contract purchase price									$ 120,000
1315 N. North Branch | Subsequent Event
Subsequent Event [Line Items]
Size of location acquired (in square feet) | ft²			157,450
Percentage of property acquired leased to other parties			100.00%
Contract purchase price			$ 47,000
Burbank Media Studios | Subsequent Event
Subsequent Event [Line Items]
Size of location acquired (in square feet) | ft²			30,000
Percentage of property acquired leased to other parties			100.00%
Contract purchase price			$ 42,500
Royal Mail
Subsequent Event [Line Items]
Contract purchase price				$ 33,400
Royal Mail | Subsequent Event
Subsequent Event [Line Items]
Foreign currency exchange rate | $ / £	1.34	1.34
Proceeds from sale of real estate	$ 46,500	£ 34.7
Venue Museum District
Subsequent Event [Line Items]
Contract purchase price					$ 72,900
Central City Coventry | Subsequent Event
Subsequent Event [Line Items]
Size of location acquired (in square feet) | ft²	400,000	400,000
Percentage of property acquired leased to other parties	100.00%	100.00%
Contract purchase price	$ 40,600	£ 31
Foreign currency exchange rate | $ / £	1.31	1.31

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowance, beginning balance	$ 3,279	$ 1,752	$ 820
Valuation allowance, charged to costs and expenses	10,736	2,474	1,442
Valuation allowance, deductions	(2,600)	(947)	(510)
Valuation allowance, ending balance	$ 11,415	$ 3,279	$ 1,752

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Property Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate and Accumulated Depreciation
Encumbrances	$ 651,130
Land, Initial Cost	539,215
Buildings and Improvements, Initial Cost	1,623,998
Total, Initial Cost	2,163,213
Costs Capitalized Subsequent to Acquisition	17,388
Land, Gross Amount	539,216
Buildings and Improvements, Gross Amount	1,641,385
Total, Gross Amount	2,180,601	$ 1,618,079	$ 1,355,846	$ 817,763
Accumulated Depreciation	(95,479)	$ (60,019)	$ (51,719)	$ (30,574)
Cottonwood Corporate Center
Real Estate and Accumulated Depreciation
Encumbrances	68,696
Land, Initial Cost	13,600
Buildings and Improvements, Initial Cost	98,758
Total, Initial Cost	112,358
Costs Capitalized Subsequent to Acquisition	4,545
Land, Gross Amount	13,600
Buildings and Improvements, Gross Amount	103,303
Total, Gross Amount	116,903
Accumulated Depreciation	(14,263)
Rookwood
Real Estate and Accumulated Depreciation
Encumbrances	78,500
Land, Initial Cost	45,320
Buildings and Improvements, Initial Cost	132,466
Total, Initial Cost	177,786
Costs Capitalized Subsequent to Acquisition	759
Land, Gross Amount	45,320
Buildings and Improvements, Gross Amount	133,225
Total, Gross Amount	178,545
Accumulated Depreciation	(16,696)
Montrose Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	25,639
Land, Initial Cost	5,986
Buildings and Improvements, Initial Cost	35,455
Total, Initial Cost	41,441
Costs Capitalized Subsequent to Acquisition	(8,726)
Land, Gross Amount	5,986
Buildings and Improvements, Gross Amount	26,729
Total, Gross Amount	32,715
Accumulated Depreciation	(289)
Queen's Court Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	39,855
Land, Initial Cost	14,334
Buildings and Improvements, Initial Cost	51,634
Total, Initial Cost	65,968
Costs Capitalized Subsequent to Acquisition	4,057
Land, Gross Amount	14,334
Buildings and Improvements, Gross Amount	55,691
Total, Gross Amount	70,025
Accumulated Depreciation	(6,397)
Venue Museum District
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	17,409
Buildings and Improvements, Initial Cost	52,538
Total, Initial Cost	69,947
Costs Capitalized Subsequent to Acquisition	636
Land, Gross Amount	17,409
Buildings and Improvements, Gross Amount	53,174
Total, Gross Amount	70,583
Accumulated Depreciation	(4,614)
Fresh Park Venlo
Real Estate and Accumulated Depreciation
Encumbrances	90,959
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	126,108
Total, Initial Cost	126,108
Costs Capitalized Subsequent to Acquisition	10,104
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	136,212
Total, Gross Amount	136,212
Accumulated Depreciation	(11,024)
Maintal Logistics
Real Estate and Accumulated Depreciation
Encumbrances	25,899
Land, Initial Cost	14,954
Buildings and Improvements, Initial Cost	30,021
Total, Initial Cost	44,975
Costs Capitalized Subsequent to Acquisition	2,314
Land, Gross Amount	14,954
Buildings and Improvements, Gross Amount	32,335
Total, Gross Amount	47,289
Accumulated Depreciation	(2,351)
ABC Westland
Real Estate and Accumulated Depreciation
Encumbrances	89,523
Land, Initial Cost	68,041
Buildings and Improvements, Initial Cost	92,831
Total, Initial Cost	160,872
Costs Capitalized Subsequent to Acquisition	(1,670)
Land, Gross Amount	68,041
Buildings and Improvements, Gross Amount	91,161
Total, Gross Amount	159,202
Accumulated Depreciation	(6,317)
Promenade Shops at Briargate
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	19,199
Buildings and Improvements, Initial Cost	55,425
Total, Initial Cost	74,624
Costs Capitalized Subsequent to Acquisition	2,203
Land, Gross Amount	19,199
Buildings and Improvements, Gross Amount	57,628
Total, Gross Amount	76,827
Accumulated Depreciation	(3,200)
Gdańsk PL II
Real Estate and Accumulated Depreciation
Encumbrances	18,603
Land, Initial Cost	5,940
Buildings and Improvements, Initial Cost	17,997
Total, Initial Cost	23,937
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	5,940
Buildings and Improvements, Gross Amount	17,997
Total, Gross Amount	23,937
Accumulated Depreciation	(1,022)
Łódź Urban Logistics
Real Estate and Accumulated Depreciation
Encumbrances	15,060
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	18,326
Total, Initial Cost	18,326
Costs Capitalized Subsequent to Acquisition	(38)
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	18,288
Total, Gross Amount	18,288
Accumulated Depreciation	(1,034)
Glasgow West End
Real Estate and Accumulated Depreciation
Encumbrances	58,363
Land, Initial Cost	24,209
Buildings and Improvements, Initial Cost	72,005
Total, Initial Cost	96,214
Costs Capitalized Subsequent to Acquisition	172
Land, Gross Amount	24,209
Buildings and Improvements, Gross Amount	72,177
Total, Gross Amount	96,386
Accumulated Depreciation	(4,348)
The Alloy
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	14,194
Buildings and Improvements, Initial Cost	81,956
Total, Initial Cost	96,150
Costs Capitalized Subsequent to Acquisition	30
Land, Gross Amount	14,194
Buildings and Improvements, Gross Amount	81,986
Total, Gross Amount	96,180
Accumulated Depreciation	(4,486)
Charles Tyrwhitt DC
Real Estate and Accumulated Depreciation
Encumbrances	13,626
Land, Initial Cost	7,368
Buildings and Improvements, Initial Cost	11,774
Total, Initial Cost	19,142
Costs Capitalized Subsequent to Acquisition	(21)
Land, Gross Amount	7,367
Buildings and Improvements, Gross Amount	11,754
Total, Gross Amount	19,121
Accumulated Depreciation	(631)
DSG Bristol
Real Estate and Accumulated Depreciation
Encumbrances	30,219
Land, Initial Cost	18,610
Buildings and Improvements, Initial Cost	23,642
Total, Initial Cost	42,252
Costs Capitalized Subsequent to Acquisition	(17)
Land, Gross Amount	18,609
Buildings and Improvements, Gross Amount	23,626
Total, Gross Amount	42,235
Accumulated Depreciation	(1,252)
Royal Mail
Real Estate and Accumulated Depreciation
Encumbrances	21,244
Land, Initial Cost	6,340
Buildings and Improvements, Initial Cost	24,389
Total, Initial Cost	30,729
Costs Capitalized Subsequent to Acquisition	12
Land, Gross Amount	6,344
Buildings and Improvements, Gross Amount	24,397
Total, Gross Amount	30,741
Accumulated Depreciation	(1,251)
The Emerson
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	17,725
Buildings and Improvements, Initial Cost	97,659
Total, Initial Cost	115,384
Costs Capitalized Subsequent to Acquisition	9
Land, Gross Amount	17,725
Buildings and Improvements, Gross Amount	97,668
Total, Gross Amount	115,393
Accumulated Depreciation	(4,863)
Madrid Airport Complex
Real Estate and Accumulated Depreciation
Encumbrances	13,755
Land, Initial Cost	20,445
Buildings and Improvements, Initial Cost	3,803
Total, Initial Cost	24,248
Costs Capitalized Subsequent to Acquisition	101
Land, Gross Amount	20,445
Buildings and Improvements, Gross Amount	3,904
Total, Gross Amount	24,349
Accumulated Depreciation	(2,004)
Wakefield Logistics
Real Estate and Accumulated Depreciation
Encumbrances	18,314
Land, Initial Cost	9,898
Buildings and Improvements, Initial Cost	16,157
Total, Initial Cost	26,055
Costs Capitalized Subsequent to Acquisition	1
Land, Gross Amount	9,898
Buildings and Improvements, Gross Amount	16,158
Total, Gross Amount	26,056
Accumulated Depreciation	(605)
Advanced Manufacturing Portfolio
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	53,636
Buildings and Improvements, Initial Cost	34,826
Total, Initial Cost	88,462
Costs Capitalized Subsequent to Acquisition	530
Land, Gross Amount	53,636
Buildings and Improvements, Gross Amount	35,356
Total, Gross Amount	88,992
Accumulated Depreciation	(1,165)
6100 Schertz Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	3,880
Buildings and Improvements, Initial Cost	103,404
Total, Initial Cost	107,284
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	3,880
Buildings and Improvements, Gross Amount	103,404
Total, Gross Amount	107,284
Accumulated Depreciation	(2,734)
5100 Cross Point
Real Estate and Accumulated Depreciation
Encumbrances	15,146
Land, Initial Cost	12,475
Buildings and Improvements, Initial Cost	10,733
Total, Initial Cost	23,208
Costs Capitalized Subsequent to Acquisition	(52)
Land, Gross Amount	12,475
Buildings and Improvements, Gross Amount	10,681
Total, Gross Amount	23,156
Accumulated Depreciation	(274)
5301 Patrick Henry
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	19,089
Buildings and Improvements, Initial Cost	36,651
Total, Initial Cost	55,740
Costs Capitalized Subsequent to Acquisition	431
Land, Gross Amount	19,089
Buildings and Improvements, Gross Amount	37,082
Total, Gross Amount	56,171
Accumulated Depreciation	(817)
900 Patrol Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	7,977
Buildings and Improvements, Initial Cost	79,242
Total, Initial Cost	87,219
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	7,976
Buildings and Improvements, Gross Amount	79,243
Total, Gross Amount	87,219
Accumulated Depreciation	(1,235)
1015 Half Street
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	32,884
Buildings and Improvements, Initial Cost	131,745
Total, Initial Cost	164,629
Costs Capitalized Subsequent to Acquisition	1,842
Land, Gross Amount	32,884
Buildings and Improvements, Gross Amount	133,587
Total, Gross Amount	166,471
Accumulated Depreciation	(2,052)
Miramar Activity Business Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	19,573
Buildings and Improvements, Initial Cost	17,007
Total, Initial Cost	36,580
Costs Capitalized Subsequent to Acquisition	(85)
Land, Gross Amount	19,573
Buildings and Improvements, Gross Amount	16,922
Total, Gross Amount	36,495
Accumulated Depreciation	(212)
Eastgate Park
Real Estate and Accumulated Depreciation
Encumbrances	27,729
Land, Initial Cost	18,075
Buildings and Improvements, Initial Cost	23,764
Total, Initial Cost	41,839
Costs Capitalized Subsequent to Acquisition	177
Land, Gross Amount	18,075
Buildings and Improvements, Gross Amount	23,941
Total, Gross Amount	42,016
Accumulated Depreciation	(108)
Bradley Business Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	17,025
Buildings and Improvements, Initial Cost	43,146
Total, Initial Cost	60,171
Costs Capitalized Subsequent to Acquisition	44
Land, Gross Amount	17,025
Buildings and Improvements, Gross Amount	43,190
Total, Gross Amount	60,215
Accumulated Depreciation	(135)
WGN Studios
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	13,020
Buildings and Improvements, Initial Cost	12,469
Total, Initial Cost	25,489
Costs Capitalized Subsequent to Acquisition	30
Land, Gross Amount	13,020
Buildings and Improvements, Gross Amount	12,499
Total, Gross Amount	25,519
Accumulated Depreciation	(27)
Waypoint
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	18,009
Buildings and Improvements, Initial Cost	15,256
Total, Initial Cost	33,265
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	18,009
Buildings and Improvements, Gross Amount	15,256
Total, Gross Amount	33,265
Accumulated Depreciation	(23)
Center Place
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	72,811
Total, Initial Cost	72,811
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	72,811
Total, Gross Amount	72,811
Accumulated Depreciation	$ (50)

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Narratives) (Details) € in Millions, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)$ / €	Jun. 30, 2021EUR (€)$ / €	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)$ / €	Dec. 31, 2020EUR (€)$ / €
Real Estate and Accumulated Depreciation
Aggregate cost for federal income tax | $			$ 2,200
Building assets taken out of service and written off	$ 11	€ 9.3		$ 11.4	€ 9.3
Foreign currency exchange rate | $ / €	1.18	1.18		1.23	1.23
Furniture and Fixtures
Real Estate and Accumulated Depreciation
Estimated useful life			10 years
Building
Real Estate and Accumulated Depreciation
Estimated useful life			40 years
Minimum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life			15 years
Maximum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life			20 years

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Carrying Amount of Real Estate Investments
Balance, beginning of period	$ 1,618,079	$ 1,355,846	$ 817,763
Acquisitions	591,136	397,073	524,638
Other additions	21,773	11,741	11,258
Write-Offs/Cost of real estate sold	(11,052)	(193,921)	(3,766)
Effect of changes in foreign currency exchange rates	(39,335)	47,340	5,953
Balance, end of period	2,180,601	1,618,079	1,355,846
Reconciliation of Real Estate Accumulated Depreciation
Balance, beginning of period	(60,019)	(51,719)	(30,574)
Depreciation	(48,461)	(35,958)	(24,873)
Effect of changes in foreign currency exchange rates	13,001	9,320	(38)
Retirement or sales of assets	0	18,338	3,766
Balance, end of period	$ (95,479)	$ (60,019)	$ (51,719)