Hines Global Income Trust 10-K 30 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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	845 Texas Avenue
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002-1656
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	2022
Document Fiscal Period Focus	FY
No Trading Symbol	true
Class AX
Entity Information
Entity, Common Stock, Shares, Outstanding		35,700,000
Class TX
Entity Information
Entity, Common Stock, Shares, Outstanding		25,031
Class IX
Entity Information
Entity, Common Stock, Shares, Outstanding		21,790
Class JX
Entity Information
Entity, Common Stock, Shares, Outstanding		64,953
Class T
Entity Information
Entity, Common Stock, Shares, Outstanding		67,000,000
Class S
Entity Information
Entity, Common Stock, Shares, Outstanding		26,600,000
Class D
Entity Information
Entity, Common Stock, Shares, Outstanding		33,600,000
Class I
Entity Information
Entity, Common Stock, Shares, Outstanding		94,900,000

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021
ASSETS
Investment property, net	$ 2,940,117	$ 2,085,122
Investments in real estate-related securities	133,741	74,256
Cash and cash equivalents	112,149	196,630
Restricted cash	15,393	14,797
Derivative instruments	30,966	842
Tenant and other receivables, net	51,344	20,626
Intangible lease assets, net	300,137	232,410
Financing lease right-of-use asset, net	15,744	15,875
Deferred leasing costs, net	58,448	38,596
Deferred financing costs, net	925	1,848
Other assets	20,836	23,919
Total assets	3,679,800	2,704,921
Liabilities:
Accounts payable and accrued expenses	84,373	61,819
Due to affiliates	90,506	69,430
Intangible lease liabilities, net	69,079	40,366
Other liabilities	45,500	27,422
Ground Lease Liability	17,383	17,340
Financing obligations	13,570	0
Derivative instruments	11	167
Distributions payable	12,171	7,470
Notes payable, net	1,301,921	1,244,875
Total liabilities	1,634,514	1,468,889
Commitments and contingencies (Note 13)	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, 2022 and 2021	0	0
Common shares, $0.001 par value per share (Note 8)	250	154
Additional paid-in capital	2,445,101	1,440,225
Accumulated distributions in excess of earnings	(382,973)	(211,975)
Accumulated other comprehensive income (loss)	(17,092)	7,628
Total stockholders’ equity	2,045,286	1,236,032
Noncontrolling interests	0	0
Total equity	2,045,286	1,236,032
Total liabilities and equity	$ 3,679,800	$ 2,704,921

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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
Common stock par value (in dollars per share)	$ 0.001	$ 0.001

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental revenue	$ 251,834	$ 171,848	$ 123,389
Other revenue	7,685	4,078	3,226
Total revenues	259,519	175,926	126,615
Expenses:
Property operating expenses	59,944	43,156	32,875
Real property taxes	31,838	19,447	14,577
Property management fees	7,484	6,054	5,719
Depreciation and amortization	124,600	88,100	68,693
Asset management fees	26,270	16,442	11,674
Performance participation allocation	18,787	24,790	0
General and administrative expenses	7,288	5,546	4,652
Total expenses	276,211	203,535	138,190
Other income (expenses):
Gain (loss) on derivative instruments	18,146	105	7,531
Gain (loss) on investments in real estate-related securities	(26,938)	15,965	(452)
Gain on sale of real estate	21,098	1,432	130,094
Foreign currency gains (losses)	(2,783)	(978)	(809)
Interest expense	(44,286)	(24,976)	(20,849)
Other income and expenses	6,326	2,028	1,006
Income (loss) before benefit (provision) for income taxes	(45,129)	(34,033)	104,946
Benefit (provision) for income taxes	(1,224)	(3,988)	4,380
Provision for income taxes related to sale of real estate	(1,731)	(1,132)	(7,773)
Net income (loss)	(48,084)	(39,153)	101,553
Net (income) loss attributable to noncontrolling interests	(13)	(13)	(13)
Net income (loss) attributable to common stockholders	$ (48,097)	$ (39,166)	$ 101,540
Basic income (loss) per share (usd per share)	$ (0.23)	$ (0.31)	$ 1.06
Diluted income (loss) per share (usd per share)	$ (0.23)	$ (0.31)	$ 1.06
Weighted average number of common shares outstanding, basic (in shares)	211,191	127,747	95,935
Weighted average number of common shares outstanding, diluted (in shares)	211,191	127,747	95,935
Comprehensive income (loss):
Net income (loss)	$ (48,084)	$ (39,153)	$ 101,553
Other comprehensive income (loss):
Foreign currency translation adjustment	(24,720)	(15,201)	20,106
Comprehensive income (loss)	(72,804)	(54,354)	121,659
Comprehensive (income) loss attributable to noncontrolling interests	(13)	(13)	(13)
Comprehensive income (loss) attributable to common stockholders	$ (72,817)	$ (54,367)	$ 121,646

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, 2019			81,847
Beginning balance at Dec. 31, 2019		$ 591,521	$ 83	$ 735,545	$ (146,830)	$ 2,723
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	$ 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
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			100,499
Issuance of common shares		1,118,066	$ 101	1,117,965
Distributions declared		(122,901)			(122,901)		(13)
Redemption of common shares (in shares)			(4,728)
Redemption of common shares		(61,002)	$ (5)	(60,997)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(45,617)		(45,617)
Offering costs		(6,475)		(6,475)
Net income (loss)	(48,084)	(48,097)			(48,097)		13
Foreign currency translation adjustment	(24,720)	(25,077)				(25,077)
Foreign currency translation adjustment reclassified into earnings		357				357
Ending balance (in shares) at Dec. 31, 2022			250,577
Ending balance at Dec. 31, 2022	$ 2,045,286	$ 2,045,286	$ 250	$ 2,445,101	$ (382,973)	$ (17,092)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (48,084)	$ (39,153)	$ 101,553
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	125,201	91,556	70,474
Gain on sale of real estate	(21,098)	(1,432)	(130,094)
Foreign currency (gains) losses	2,783	978	809
(Gain) loss on derivative instruments	(18,146)	(105)	(7,531)
(Gain) loss on investments in real estate-related securities	26,938	(15,965)	452
Changes in assets and liabilities:
Change in other assets	1,179	(5,322)	(8,050)
Change in tenant and other receivables	(23,479)	(3,929)	(4,577)
Change in deferred leasing costs	(25,625)	(25,455)	(5,426)
Change in accounts payable and accrued expenses	(11,140)	18,562	1,444
Change in other liabilities	8,387	5,293	(3,218)
Change in due to affiliates	(5,495)	21,031	(5,930)
Net cash from (used in) operating activities	11,421	46,059	9,906
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(1,095,876)	(690,544)	(449,051)
Capital expenditures at operating properties	(36,161)	(17,117)	(11,456)
Proceeds from sale of real estate	120,310	0	340,182
Purchases of real estate-related securities	(134,248)	(57,602)	(53,096)
Proceeds from settlement of real estate-related securities	47,825	50,449	37,998
Proceeds from settlement of interest rate contracts	2,902	0	0
Payments related to interest rate contracts	(16,414)	0	0
Net cash from (used in) investing activities	(1,111,662)	(714,814)	(135,423)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares	1,056,221	533,684	227,776
Redemption of common shares	(52,294)	(44,418)	(31,646)
Payment of offering costs	(7,853)	(6,673)	(5,956)
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(18,431)	(11,137)	(9,448)
Distributions paid to stockholders and noncontrolling interests	(56,657)	(34,116)	(24,764)
Proceeds from financing obligations	13,570	0	0
Proceeds from notes payable	291,281	897,115	446,545
Payments on notes payable	(205,502)	(524,052)	(382,585)
Payments on related party note payable	0	0	(75,000)
Change in security deposit liability	2,562	977	837
Deferred financing costs paid	(2,218)	(5,763)	(1,394)
Payments on derivative instruments	0	(159)	(85)
Net cash from (used in) financing activities	1,020,679	805,458	144,280
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(4,323)	(2,839)	2,362
Net change in cash, restricted cash and cash equivalents	(83,885)	133,864	21,125
Cash, restricted cash and cash equivalents, beginning of year	211,427	77,563	56,438
Cash, restricted cash and cash equivalents, end of year	$ 127,542	$ 211,427	$ 77,563

Organization

Organization	12 Months Ended
	Dec. 31, 2022
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 65 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, 2022 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 9 — Related Party Transactions. The Company received gross offering proceeds of approximately $2.8 billion from the sale of 267.9 million shares through its public offerings from inception through December 31, 2022, including shares issued pursuant to its distribution reinvestment plan. As of December 31, 2022, the Company owned direct investments in 38 real estate properties totaling 16.4 million square feet that were 95% leased. In addition to the Company’s Third Offering, in September 2022, the Company, through its Operating Partnership, launched a program to raise capital through private placement offerings exempt from registration under the Securities Act of 1933, as amended, by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). As of December 31, 2022, the Company has raised net offering proceeds of $13.7 million through the DST Program. See “ Note 5 — DST Program” for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
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 reclassified the presentation of its acquisition related expenses within its consolidated statements of operations and comprehensive income (loss). The amount of acquisition related expenses recorded on the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2021 and 2020 was recorded to acquisition related expenses, but has been reclassified to other income and expenses for the years ended December 31, 2021 and 2020 within this Annual Report on Form 10-K in order to be consistent with the current year presentation. Variable Interest Entities 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. Additionally, from time to time, the Company may acquire property utilizing like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchanges”) in order to defer taxable gains on properties it sells. As such, the Company may engage an exchange agent to act as a qualified intermediary regarding the 1031 Exchange by taking possession of the sales proceeds to be utilized in a pending acquisition of investment property to complete the 1031 Exchange. The Company retains essentially all of the legal and economic benefits and obligations related to the trust formed by the exchange agent, and as a result the trust and the related sales proceeds are then included in the Company’s consolidated financial statements as a VIE until the completion of the 1031 Exchange. There were no consolidated VIEs on the Company’s consolidated balance sheets relating to 1031 Exchanges as of December 31, 2022 and 2021. Correction of Immaterial Errors 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, “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 ended December 31, 2020. 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 asset 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 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 have been recorded from inception through December 31, 2022. 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 other income and expenses 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 years ended December 31, 2022, 2021 and 2020 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Year Ended December 31, 2022 2021 2020 Unrealized gain (loss) $ (28,400) $ 7,946 $ 2,141 Realized gain (loss) 1,462 8,019 (2,593) Total gain (loss) on real estate-related securities $ (26,938) $ 15,965 $ (452) 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, 2022, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. In addition, as of December 31, 2022, the Company had $34.1 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, 2022, the Company owned $133.7 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, 2022 and 2021, the Company had receivables related to base rents and tenant reimbursements of $8.1 million and $3.8 million, respectively. Straight-line rent receivables were $27.7 million and $13.5 million as of December 31, 2022 and 2021, 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, 2022 December 31, 2021 Prepaid insurance $ 1,415 $ 1,432 Prepaid property taxes 2,557 2,363 Deferred tax assets (1) 10,962 9,016 Operating lease right-of-use asset, net 3,678 3,990 Other 2,224 7,118 Other assets $ 20,836 $ 23,919 (1) Includes the effects of a valuation allowance of $9.8 million and $11.4 million as of December 31, 2022 and 2021, respectively. 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 $78,000 and $86,000 for the years ended December 31, 2022 and 2021, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $3.7 million and $4.0 million in other assets as of December 31, 2022 and 2021, respectively, and has recorded a lease liability of approximately $1.4 million and $1.5 million in other liabilities, as of December 31, 2022 and 2021, respectively, in the Company’s consolidated balance sheets. 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 $94,000 and $15,000 for the years ended December 31, 2022 and 2021, respectively. The Company has recorded a right-of-use asset of approximately $15.7 million and $15.9 million in financing lease right-of-use asset, net, as of December 31, 2022 and 2021, respectively, and has recorded a lease liability of approximately $17.4 million and $17.3 million in financing lease liability, as of December 31, 2022 and 2021, respectively, 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, 2023 through December 31, 2027 are as follows (in thousands): Lease Payments Operating Leases Financing Leases 2023 $ 80 $ 540 2024 80 540 2025 80 540 2026 80 540 2027 80 540 Thereafter 4,958 70,350 Total $ 5,358 $ 73,050 Ground Lease Liability $ 1,361 $ 17,383 Undiscounted Excess Amount $ 3,997 $ 55,667 Revenue Recognition Accounting Standards Codification (“ASC”) 606 requires the use of a five-step model to recognize revenue from contracts with customers. This 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 ASC 606. 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, 2022, 2021 and 2020 in the accompanying consolidated financial statements. During the year ended December 31, 2022, income tax expense recorded by the Company consisted of current income tax expense of $3.9 million offset by deferred tax expense of $2.7 million related to the operation of its international properties. 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 year ended December 31, 2020, income tax benefit recorded by the Company consisted of deferred tax expense of $6.3 million offset by current income tax expense of $1.9 million related to the operation of its international properties. All periods from December 31, 2016 through December 31, 2022 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. As of December 31, 2022 and 2021, the Company recorded a liability of $64.1 million and $36.9 million, respectively. See Note 9 — 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.

Investment Property

Investment Property	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Buildings and improvements $ 2,306,257 $ 1,641,385 Less: accumulated depreciation (137,962) (95,479) Buildings and improvements, net 2,168,295 1,545,906 Land 771,822 539,216 Investment property, net $ 2,940,117 $ 2,085,122 During the year ended December 31, 2022, the Company acquired 13 investments in real estate assets for a total net purchase price of $1.1 billion. During the same period, the Company sold two of its investment properties for an aggregate contract price of $122.5 million and recognized an aggregate gain on the sale of these assets of $21.1 million, which was recorded in the gain on sale of real estate on the consolidated statements of operations and comprehensive income (loss). During the year ended December 31, 2021, the Company acquired 11 investments in real estate assets for a total net purchase price of $709.6 million and did not sell any of its investment properties. 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 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 project was completed in August 2022 and resumed normal operations in time for the start of the 2022/2023 school year. The property was fully leased throughout the first semester, and was 99% leased as of December 31, 2022. As of December 31, 2022, the cost basis and accumulated amortization related to lease intangibles are as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Out-of-Market Cost $ 392,879 $ 25,371 $ (88,708) Less: accumulated amortization (113,221) (4,892) 19,629 Net $ 279,658 $ 20,479 $ (69,079) 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) Amortization expense of in-place leases was $70.4 million, $38.6 million and $32.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $8.6 million, $4.0 million and $2.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Anticipated amortization of the Company’s in-place leases and out-of-market leases, net, for each of the years ending December 31, 2023 through December 31, 2027 are as follows (in thousands): In-Place Lease Out-of-Market 2023 $ 60,761 $ (7,795) 2024 $ 46,608 $ (6,367) 2025 $ 38,454 $ (5,049) 2026 $ 29,415 $ (3,057) 2027 $ 25,187 $ (2,411) 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, 2022, 2021 and 2020 was $36.4 million, $24.2 million and $17.4 million, respectively, which are 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, 2022, the approximate fixed future minimum rentals for each of the years ending December 31, 2023 through 2027 and thereafter related to the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2023 $ 166,334 2024 157,992 2025 141,709 2026 123,765 2027 112,147 Thereafter 558,029 Total $ 1,259,976 During the years ended December 31, 2022, 2021 and 2020, 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, multi-family properties and self-storage 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, 2022
Business Combinations [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	RECENT ACQUISITIONS OF REAL ESTATE The Company acquired 13 real estate assets during the year ended December 31, 2022, 11 real estate assets during the year ended December 31, 2021 and seven real estate assets during the year ended December 31, 2020. 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 2022, 2021 and 2020 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) 2022 (1) Bradley Business Center (3) 1/20/2022 $ 12,254 $ 11,710 $ 4,348 $ (3,366) $ — $ 24,946 Liberty Station 1/24/2022 $ 48,400 $ 50,331 $ 21,949 $ (2,349) $ — $ 118,331 1315 N. North Branch 2/18/2022 $ 20,118 $ 14,122 $ 12,627 $ 80 $ — $ 46,947 Burbank Media Studios 2/25/2022 $ 4,246 $ 28,616 $ 1,806 $ 8,259 $ — $ 42,927 Central City Coventry 3/30/2022 $ 4,271 $ 37,958 $ 1,874 $ (1,040) $ — $ 43,063 Wells Fargo Center 4/14/2022 $ 12,149 $ 20,498 $ 8,146 $ (1,869) $ — $ 38,924 Madrid Airport Complex Land Parcel 4/22/2022 $ — $ 26,801 $ — $ — $ — $ 26,801 Waverly Place 6/15/2022 $ 60,724 $ 12,395 $ 17,129 $ (1,570) $ — $ 88,678 Fresh Park Venlo 3813 (4) 7/6/2022 $ 7,018 $ — $ 1,657 $ 209 $ — $ 8,884 Nashville Self Storage Portfolio (5) 7/7/2022 $ 90,055 $ 7,821 $ 4,784 $ — $ — $ 102,660 200 Park Place 7/21/2022 $ 97,669 $ 6,384 $ 37,544 $ — $ — $ 141,597 Gables Station 8/26/2022 $ 380,626 $ 51,282 $ 26,211 $ (28,460) $ — $ 429,659 ABC Plot M (6) 9/30/2022 $ — $ 7,970 $ — $ — $ — $ 7,970 2021 5301 Patrick Henry 2/10/2021 $ 36,651 $ 19,089 $ 15,136 $ (2,711) $ — $ 68,165 ABC Westland A3.2 (6) 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 (6) 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) (7) $ 75,238 2020 The Emerson 1/24/2020 $ 97,659 $ 17,725 $ 2,197 $ — $ — $ 117,581 Bratzler ABC Westland (6) 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 (1) For more information on acquisitions completed during the year ended December 31, 2022, 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) Represents the acquisition of the remaining three buildings of Bradley Business Center. The Company initially acquired the first of the four total buildings at the property in November 2021. (4) Fresh Park Venlo 3813 is an additional building that the Company acquired at Fresh Park Venlo, an industrial logistics property located in Venlo, Netherlands that the Company previously acquired in October 2018. (5) The Nashville Self Storage Portfolio is comprised of five self storage properties located in greater Nashville, Tennessee. (6) Represents an additional acquisition at ABC Westland, an industrial logistics property located in The Hague, Netherlands that the Company previously acquired in May 2019. ABC Plot M is a parcel of undeveloped land adjacent to the property, and ABC Westland A3.2, ABC Westland 668 and Bratzler ABC Westland are three additional buildings. (7) Amount is net of a $15.9 million financing lease right-of-use asset.

DST Program

DST Program	12 Months Ended
	Dec. 31, 2022
Statutory Trust Program [Abstract]
DST PROGRAM	DST PROGRAM In September 2022, the Company, through the Operating Partnership, launched a program to raise up to $1.0 billion in capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts (each, a “DST”) holding real properties (the “DST Program”). Under the DST Program, each private placement could offer interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are or will be leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis of up to twenty years pursuant to a master lease agreement. These master lease agreements are fully guaranteed by the Operating Partnership. As compensation for the master lease guarantee, the Operating Partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors during a 12-month period commencing two years after the closing of the applicable DST offering, in exchange for OP Units. As the Company retains the fair market value purchase option, which, if exercised, would allow the Company to acquire the real property owned by the DST, the proceeds from each private placement offering under the DST program are accounted for as a financing obligation on the consolidated balance sheets. Under the master lease, a wholly owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and is responsible for paying rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes) the sale of beneficial interests in the DST properties is being accounted for as a failed sales-leaseback transaction and as a result, the DST Properties are included in the Company’s consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. Upon the determination that it is probable that we will exercise the fair market value purchase option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. At that time, we will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our consolidated statements of operations and comprehensive income (loss). The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the specific DST and could fluctuate over time.

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of December 31, 2022 and 2021, the Company had approximately $1.3 billion and $1.3 billion of debt outstanding, respectively, with a weighted average years to maturity of 1.6 years and 2.2 years, respectively, and a weighted average interest rate of 3.51% and 1.83%, respectively. The following table describes the Company’s debt outstanding at December 31, 2022 and 2021 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of December 31, 2022 Principal Outstanding at December 31, 2022 Principal Outstanding at December 31, 2021 Fixed Rate Loans Fixed rate secured mortgage debt (1) 7/2023-6/2026 N/A 3.09% $ 201,684 $ 222,343 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,549 — Total fixed rate loans $ 209,233 $ 222,343 Variable Rate Loans Floating rate secured mortgage debt (3) 7/2023-6/2027 N/A 3.33% $ 407,724 $ 428,787 JPMorgan Chase Revolving Credit Facility 11/15/2023 $ 425,000 5.75% 90,000 — JPMorgan Chase Revolving Credit Facility - Term Loan (4) 11/15/2023 $ 300,000 3.47% 300,000 300,000 JPMorgan Chase Revolving Credit Facility - Term Loan (4) 12/20/2024 $ 300,000 3.47% 300,000 300,000 Total variable rate loans $ 1,097,724 $ 1,028,787 Total Notes Payable $ 1,306,957 $ 1,251,130 Total Principal Outstanding $ 1,306,957 $ 1,251,130 Unamortized financing fees (5) (5,036) (6,255) Total $ 1,301,921 $ 1,244,875 (1) As of December 31, 2022, 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, 2022 includes $56.5 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) Relates to a payment plan provided by the seller in relation to the Company’s acquisition of Fresh Park Venlo 3813 in July 2022. (3) As of December 31, 2022, the effective interest rates on our floating rate mortgage debt ranged from 2.15% to 5.30%. The amount of principal outstanding as of December 31, 2022 includes $329.0 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. (4) As of December 31, 2022, the effective interest rates on our JPMorgan Chase Revolving Credit Facility Term Loans were effectively capped at 3.47%, as a result of the Company entering into interest rate cap agreements as economic hedges against the variability of the future interest rate on the borrowings, which expire in the period from November 2023 through September 2024. (5) 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 $6.0 million and $8.1 million as of December 31, 2022 and 2021. 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, 2022, 2021 and 2020, $3.9 million, $4.3 million and $2.8 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, December 20, 2021 and March 24, 2023), 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 believes it is probable that these options will be exercised prior to maturity. 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. On March 24, 2023, the Credit Agreement was amended to modify the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). Hines Credit Facility On October 2, 2017, the Operating Partnership entered into an uncommitted loan agreement with Hines (as amended the “Hines Credit Facility”), which expired on December 31, 2022. During the years ended December 31, 2022 and 2021, the Company made no draws or payments under the Hines Credit Facility. 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, 2022 or the date of this report. 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, 2023 through December 31, 2027 and for the period thereafter (in thousands). Payments Due by Year 2023 2024 2025 2026 2027 Thereafter Principal payments $ 696,847 $ 433,864 $ 25,935 $ 22,768 $ 122,946 $ 4,597

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedges, Assets [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company has entered into several interest rate swap or cap contracts in connection with certain of its secured mortgage loans and its Revolving Credit Facility in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. These contracts effectively fix or cap the interest rates 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, 2022 Interest rate contracts 24 $ 985,560 $ 30,966 $ — Foreign currency forwards 3 211 — (11) Total derivative instruments 27 $ 985,771 $ 30,966 $ (11) As of December 31, 2021 Interest rate contracts 14 $ 304,771 $ 842 $ (167) Total derivative instruments 14 $ 304,771 $ 842 $ (167) 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, 2022 and 2021 (in thousands): Gain (Loss) on Derivative Instruments Year Ended December 31, 2022 2021 2020 Derivatives not designated as hedging instruments: Interest rate contracts $ 18,159 $ 218 $ 229 Foreign currency forward contracts (13) (113) 7,302 Total gain (loss) on derivatives $ 18,146 $ 105 $ 7,531

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2022 December 31, 2021 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 36,221 40,000 29,377 Class TX common stock, $0.001 par value per share 40,000 142 40,000 7,606 Class IX common stock, $0.001 par value per share 10,000 22 10,000 87 Class JX common stock, $0.001 par value per share 10,000 64 10,000 — Class T common stock, $0.001 par value per share 350,000 65,845 350,000 53,176 Class S common stock, $0.001 par value per share 350,000 24,806 350,000 3,299 Class D common stock, $0.001 par value per share 350,000 32,553 350,000 19,000 Class I common stock, $0.001 par value per share 350,000 90,924 350,000 42,261 The tables below provide information regarding the issuances and redemptions of each class of the Company’s common stock during the year ended December 31, 2022, 2021 and 2020 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the years ended December 31, 2021 and 2020. Class AX Class TX Class IX Class JX 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 Shares Amount Balance as of January 1, 2022 29,377 $ 28 7,606 $ 11 87 $ — — — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 Issuance of common shares 939 1 44 — 3 — (1) — 15,028 15 21,580 22 13,930 14 48,976 49 100,499 101 Conversion of common shares (1) 7,425 7 (7,425) (7) (65) — 65 — (780) (1) — — — — 780 1 — — Redemption of common shares (1,520) (2) (83) — (3) — — — (1,579) (2) (73) — (377) — (1,093) (1) (4,728) (5) Balance as of December 31, 2022 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 (1) The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares, Class IX shares are converted into Class JX shares and Class T, S and D shares are converted into Class I shares. 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 certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares and Class T shares are converted into Class I shares. 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 (1) The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares. Distributions With the authorization of the Company’s board of directors, the Company declared distributions monthly from January 2019 through March 31, 2023 at a gross distribution rate of $0.05208 per month for each share class, (represents an annualized rate of $0.625 per share per year if this rate is declared for an entire year), 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, 2022, 2021 and 2020, 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, 2022 $ 58,795 $ 64,106 $ 122,901 December 31, 2021 $ 35,327 $ 38,031 $ 73,358 December 31, 2020 $ 25,398 $ 28,762 $ 54,161 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2022, 2021 and 2020. 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 9 — Related Party Transactions. 2022 2021 2020 Distributions declared per Class AX share, net $ 0.63 $ 0.63 $ 0.63 Distributions declared per Class TX share, net $ 0.51 $ 0.52 $ 0.53 Distributions declared per Class IX share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class JX share, net $ 0.31 $ — $ — Distributions declared per Class T share, net $ 0.51 $ 0.52 $ 0.53 Distributions declared per Class S share, net $ 0.53 $ 0.53 $ 0.53 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, 2022
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, 2022, 2021 and 2020 and amounts unpaid as of December 31, 2022 and 2021 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2022 2021 2020 12/31/2022 12/31/2021 Selling Commissions- Dealer Manager (1) $ 8,798 $ 4,218 $ 3,182 $ — $ — Dealer Manager Fee- Dealer Manager (1) 764 700 576 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 36,055 16,866 9,484 64,104 36,918 Organization and Offering Costs- the Advisor 6,475 5,016 4,457 3,228 4,606 Asset Management Fees- the Advisor 26,270 16,442 11,674 1,626 1,135 Other- the Advisor (2) 6,679 4,028 1,005 2,352 1,528 Performance Participation Allocation- the Advisor (3) 18,787 24,790 — 18,787 24,790 Interest Expense- Hines and its affiliates (4) — — 362 — — Property Management Fees- Hines and its affiliates 4,944 3,168 2,249 413 149 Development and Construction Management Fees- Hines and its affiliates (5) 2,281 788 657 769 703 Leasing Fees- Hines and its affiliates (6) 1,516 1,055 877 616 457 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) (7) 12,477 8,472 8,157 (1,389) (8) (856) Total $ 125,046 $ 85,543 $ 42,680 $ 90,506 $ 69,430 (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’s agreement of limited partnership (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) Development and construction management fees are included in the total project costs of the respective properties and are capitalized in construction in progress, which is included in investment property, net, on the Company’s consolidated balance sheets. (6) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s consolidated balance sheets and amortized over the life of the lease. (7) Includes certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described above, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. 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. (8) As of December 31, 2022 and 2021, the balance included $2.8 million and $1.3 million, respectively, in receivables related to rents collected by the Hines-affiliated property managers at the international student housing properties and UK industrial 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, 2022 and 2021, the Company has recorded a liability of $64.1 million and $36.9 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 a) 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 to 0.0625% per month of the most recently determined value of such real estate investments at the end of each month, and b) the aggregate proceeds received by the Company or its affiliate for selling interests in properties in the DST Program to third party investors, net of up-front fees and expense reimbursements payable out of the gross sale proceeds from the sale of such interests (the “DST Proceeds”) at the end of each month. 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. Our total operating expenses did not exceed the 2%/25% Limitation as of the four fiscal quarters ended December 31, 2022. 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, 2022
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 7 — 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, 2022 and 2021, 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 7 — 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 volatility. 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, 2022 Investments in real estate-related securities $ 133,741 $ 133,741 $ — $ — December 31, 2021 Investments in real estate-related securities $ 74,256 $ 74,256 $ — $ — Financial Instruments Fair Value Disclosures

Reportable Segments

Reportable Segments	12 Months Ended
	Dec. 31, 2022
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 made previously as of December 31, 2021, and accordingly information presented for the year ended December 31, 2020 is presented consistently with the current 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, 2022 2021 2020 Revenues Office investments $ 56,070 $ 27,000 $ 18,271 Industrial investments 93,215 82,339 52,280 Residential/Living investments 51,922 32,869 29,181 Retail investments 31,508 27,795 26,883 Other investments 26,804 5,923 — Total revenues $ 259,519 $ 175,926 $ 126,615 For the years ended December 31, 2022, 2021 and 2020, the Company’s total revenues were attributable to the following countries: Years Ended December 31, 2022 2021 2020 Total revenues United States 69 % 61 % 51 % The Netherlands 15 % 18 % 23 % United Kingdom 8 % 12 % 12 % Poland 2 % 4 % 5 % Spain 2 % 3 % 2 % Czech Republic 2 % — % — % Germany 1 % 2 % 3 % Ireland 1 % — % * 4 % * Amount is less than 1% For the years ended December 31, 2022, 2021 and 2020, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Revenues in excess of property expenses (1) Office investments $ 34,030 $ 16,774 $ 11,095 Industrial investments 61,193 54,202 32,689 Residential/Living investments 27,615 14,995 14,413 Retail investments 18,195 16,699 15,247 Other investments 19,220 4,599 — Total revenues in excess of property expenses $ 160,253 $ 107,269 $ 73,444 (1) Revenues less property operating expenses, real property taxes and property management fees. As of December 31, 2022 and 2021, the Company’s total assets by segment were as follows (in thousands): December 31, 2022 December 31, 2021 Assets Office investments $ 730,789 $ 412,359 Industrial investments 1,025,938 1,022,522 Residential/Living investments 942,548 568,151 Retail investments 379,187 290,820 Other investments 392,269 176,772 Corporate-level accounts 209,069 234,297 Total assets $ 3,679,800 $ 2,704,921 As of December 31, 2022 and 2021, the Company’s total assets were attributable to the following countries: December 31, 2022 December 31, 2021 Total assets United States 76 % 69 % United Kingdom 9 % 12 % The Netherlands 9 % 11 % Spain 2 % 1 % Czech Republic 1 % 2 % Poland 1 % 2 % Germany 1 % 2 % Ireland 1 % 1 % For the years ended December 31, 2022, 2021 and 2020, the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2022 2021 2020 Reconciliation to revenues in excess of property expenses Net income (loss) $ (48,084) $ (39,153) $ 101,553 Depreciation and amortization 124,600 88,100 68,693 Asset management fees 26,270 16,442 11,674 Performance participation allocation 18,787 24,790 — General and administrative expenses 7,288 5,546 4,652 (Gain) loss on derivative instruments (18,146) (105) (7,531) (Gain) loss on investments in real estate-related securities 26,938 (15,965) 452 Gain on sale of real estate (21,098) (1,432) (130,094) Foreign currency (gains) losses 2,783 978 809 Interest expense 44,286 24,976 20,849 Other income and expenses (6,326) (2,028) (1,006) (Benefit) provision for income taxes 1,224 3,988 (4,380) Provision for income taxes related to sale of real estate 1,731 1,132 7,773 Total revenues in excess of property expenses $ 160,253 $ 107,269 $ 73,444

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 34,030 $ 20,644 $ 18,269 Cash paid for income taxes $ 1,970 $ 2,270 $ 1,340 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 $ 12,171 $ 7,470 $ 4,909 Distributions reinvested $ 61,568 $ 36,700 $ 28,335 Shares tendered for redemption $ 11,726 $ 3,019 $ 5,850 Non-cash net liabilities (assets) assumed $ 25,425 $ 11,450 $ 6,094 Assumption of mortgage upon acquisition of property $ — $ 17,342 $ — Offering costs payable to the Advisor $ 6,474 $ 5,015 $ 4,456 Distribution and stockholder servicing fees payable to the Dealer Manager $ 36,055 $ 16,865 $ 9,483 Accrued capital additions $ 7,600 $ 3,923 $ 1,276 Accrued acquisition costs $ 421 $ 856 $ 678 Seller-financed debt $ 6,912 $ — $ — Recognition of financing ground lease liability $ — $ 17,340 $ — Revision of Quarterly Cash Flow Statements (unaudited)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The 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. *****

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2022
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, 2022 $ 11,415 $ 2,843 $ (4,466) $ 9,792 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

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
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, 2022 Initial Cost (b) Gross Amount at Which Carried at 12/31/2022 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 $ 66,781 $ 13,600 $ 98,758 $ 112,358 $ 6,919 $ 13,600 $ 105,677 $ 119,277 $ (17,089) 1997, 2000 7/5/2016 Rookwood Cincinnati, Ohio 78,500 45,320 132,466 177,786 1,855 45,319 134,322 179,641 (20,073) 1993, 2000 1/6/2017 Montrose Student Residences Dublin, Ireland 24,185 5,647 33,445 39,092 4,699 5,647 38,144 43,791 (1,057) (f) 1964, 2013-2015 3/24/2017 Queen's Court Student Residences Reading, United Kingdom 35,666 12,827 46,207 59,034 4,102 12,827 50,309 63,136 (7,178) 2016 10/11/2017 Fresh Park Venlo Venlo, The Netherlands 93,352 — 126,231 126,231 12,476 — 138,707 138,707 (13,830) 1960-2018 10/5/2018 Maintal Logistics Maintal, Germany 17,003 14,107 28,319 42,426 2,383 14,107 30,702 44,809 (3,012) 1974, 2001-2002 12/31/2018 ABC Westland The Hague, Netherlands 84,449 72,887 87,568 160,455 4,574 72,883 92,146 165,029 (8,401) 1969-2018 5/3/2019 Promenade Shops at Briargate Colorado Springs, Colorado — 19,199 55,425 74,624 3,874 19,199 59,299 78,498 (4,888) 2003 9/13/2019 Gdańsk PL II Gdańsk, Poland 17,318 5,479 16,602 22,081 (4) 5,479 16,598 22,077 (1,357) 2013, 2015 9/24/2019 Łódź Urban Logistics Łódź , Poland 14,019 — 16,905 16,905 (15) — 16,890 16,890 (1,378) 2018-2019 9/26/2019 Glasgow West End Glasgow, United Kingdom 61,766 21,664 64,437 86,101 1,724 21,664 66,161 87,825 (5,620) 2017 9/27/2019 The Alloy College Park, Maryland — 14,194 81,956 96,150 83 14,194 82,039 96,233 (6,596) 2019 11/12/2019 Charles Tyrwhitt Distribution Centre Milton Keynes, United Kingdom 12,026 6,593 10,537 17,130 (18) 6,593 10,519 17,112 (828) 2010 11/8/2019 DSG Bristol Bristol, United Kingdom 26,671 16,654 21,157 37,811 (15) 16,653 21,143 37,796 (1,649) 2006 11/18/2019 The Emerson Centreville, Virginia — 17,725 97,659 115,384 61 17,725 97,720 115,445 (7,378) 2019 1/24/2020 Madrid Airport Complex Madrid, Spain 30,623 45,605 3,587 49,192 1,393 45,578 5,007 50,585 (3,953) 1991 6/19/2020 Wakefield Logistics Wakefield, United Kingdom 16,164 8,858 14,459 23,317 1 8,858 14,460 23,318 (903) 1991, 2019 7/2/2020 Advanced Manufacturing Portfolio Santa Clara, California — 53,636 34,826 88,462 1,735 53,636 36,561 90,197 (2,145) 1970, 1983, 1998 8/31/2020 6100 Schertz Parkway Schertz, Texas — 3,880 103,404 107,284 (1) 3,880 103,403 107,283 (5,319) 2013 12/11/2020 5100 Cross Point Coventry, United Kingdom 13,368 11,163 9,605 20,768 (47) 11,163 9,558 20,721 (484) 1994, 2015 12/22/2020 5301 Patrick Henry Santa Clara, California — 19,089 36,651 55,740 433 19,089 37,084 56,173 (1,744) 1982, 2016 2/10/2021 900 Patrol Road Jeffersonville, Indiana — 7,977 79,242 87,219 (6) 7,976 79,237 87,213 (3,216) 2012 5/17/2021 1015 Half Street Washington, D.C. — 32,884 131,745 164,629 12,670 32,884 144,415 177,299 (5,443) 2011 5/19/2021 Miramar Activity Business Center San Diego, California — 19,573 17,007 36,580 (62) 19,573 16,945 36,518 (636) 1987, 2018 6/30/2021 Eastgate Park Prague, Czech Republic 25,066 17,051 22,417 39,468 532 17,051 22,949 40,000 (715) 1980, 2019, 2021 10/26/2021 Bradley Business Center Chicago, Illinois — 28,735 55,400 84,135 163 28,735 55,563 84,298 (1,498) 1956, 1989, 2012, 2014 11/16/2021 Initial Cost (b) Gross Amount at Which Carried at 12/31/2022 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 WGN Studios Chicago, Illinois — 13,020 12,469 25,489 41 13,020 12,510 25,530 (340) 1960 11/30/2021 Waypoint Torrance, California — 18,009 15,256 33,265 213 18,009 15,469 33,478 (418) 1963, 2014 12/10/2021 Center Place Providence, Rhode Island — — 72,811 72,811 1,166 — 73,977 73,977 (1,970) 1991 12/22/2021 Liberty Station San Diego, California — 50,331 48,400 98,731 46 50,331 48,446 98,777 (1,137) 2003-2006 1/24/2022 1315 N. North Branch Chicago, Illinois — 14,122 20,118 34,240 58 14,122 20,176 34,298 (422) 1912, 2021 2/18/2022 Burbank Media Studios Burbank, California — 28,616 4,246 32,862 274 28,616 4,520 33,136 (96) 2022 2/25/2022 Central City Coventry Coventry, United Kingdom — 35,031 3,941 38,972 467 35,031 4,408 39,439 (534) 1912 3/30/2022 Wells Fargo Center Hillsboro, Oregon — 20,498 12,149 32,647 34 20,498 12,183 32,681 (219) 1978, 2009 4/14/2022 Waverly Place Cary, North Carolina — 12,395 60,724 73,119 145 12,395 60,869 73,264 (833) 1986, 2014 6/15/2022 Nashville Self Storage Portfolio Nashville, Tennessee — 7,821 90,055 97,876 — 7,821 90,055 97,876 (1,089) 2019, 2020 7/7/2022 200 Park Place Houston, Texas — 6,384 97,669 104,053 (123) 6,384 97,546 103,930 (1,088) 2020 7/21/2022 Gables Station Miami, Florida — 51,282 380,626 431,908 (86) 51,282 380,540 431,822 (3,426) 2021 8/26/2022 $ 616,957 $ 771,856 $ 2,244,479 $ 3,016,335 $ 61,744 $ 771,822 $ 2,306,257 $ 3,078,079 $ (137,962) (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, 2022 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 $3.1 billion as of December 31, 2022. (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. The changes in total real estate assets for the years ended December 31, 2022 2021 2020 Gross real estate assets Balance, beginning of period $ 2,180,601 $ 1,618,079 $ 1,355,846 Additions during the period: Acquisitions 1,014,129 591,136 397,073 Other additions 49,631 21,773 11,741 Write-Offs/Cost of real estate sold (101,323) (11,052) (193,921) Effect of changes in foreign currency exchange rates (64,959) (39,335) 47,340 Balance, end of period $ 3,078,079 $ 2,180,601 $ 1,618,079 Accumulated Depreciation Balance, beginning of period $ (95,479) $ (60,019) $ (51,719) Depreciation (52,572) (48,461) (35,958) Effect of changes in foreign currency exchange rates 3,827 13,001 9,320 Retirement or sales of assets 6,262 — 18,338 Balance, end of period $ (137,962) $ (95,479) $ (60,019)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
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.
Variable Interest Entities	Variable Interest Entities 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. Additionally, from time to time, the Company may acquire property utilizing like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchanges”) in order to defer taxable gains on properties it sells. As such, the Company may engage an exchange agent to act as a qualified intermediary regarding the 1031 Exchange by taking possession of the sales proceeds to be utilized in a pending acquisition of investment property to complete the 1031 Exchange. The Company retains essentially all of the legal and economic benefits and obligations related to the trust formed by the exchange agent, and as a result the trust and the related sales proceeds are then included in the Company’s consolidated financial statements as a VIE until the completion of the 1031 Exchange. There were no consolidated VIEs on the Company’s consolidated balance sheets relating to 1031 Exchanges as of December 31, 2022 and 2021.
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 asset 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 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 other income and expenses 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, 2022, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. In addition, as of December 31, 2022, the Company had $34.1 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, 2022, the Company owned $133.7 million in real estate-related securities. These securities consist of common equities, preferred equities and debt securities of publicly traded REITs.
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, 2022 and 2021, the Company had receivables related to base rents and tenant reimbursements of $8.1 million and $3.8 million, respectively. Straight-line rent receivables were $27.7 million and $13.5 million as of December 31, 2022 and 2021, 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 $78,000 and $86,000 for the years ended December 31, 2022 and 2021, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $3.7 million and $4.0 million in other assets as of December 31, 2022 and 2021, respectively, and has recorded a lease liability of approximately $1.4 million and $1.5 million in other liabilities, as of December 31, 2022 and 2021, respectively, in the Company’s consolidated balance sheets. 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 $94,000 and $15,000 for the years ended December 31, 2022 and 2021, respectively. The Company has recorded a right-of-use asset of approximately $15.7 million and $15.9 million in financing lease right-of-use asset, net, as of December 31, 2022 and 2021, respectively, and has recorded a lease liability of approximately $17.4 million and $17.3 million in financing lease liability, as of December 31, 2022 and 2021, respectively, in the Company’s consolidated balance sheets.
Revenue Recognition	Revenue Recognition Accounting Standards Codification (“ASC”) 606 requires the use of a five-step model to recognize revenue from contracts with customers. This 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 ASC 606.
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, 2022, 2021 and 2020 in the accompanying consolidated financial statements. During the year ended December 31, 2022, income tax expense recorded by the Company consisted of current income tax expense of $3.9 million offset by deferred tax expense of $2.7 million related to the operation of its international properties. 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 year ended December 31, 2020, income tax benefit recorded by the Company consisted of deferred tax expense of $6.3 million offset by current income tax expense of $1.9 million related to the operation of its international properties. All periods from December 31, 2016 through December 31, 2022 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.
Derivative Instruments	The Company has entered into several interest rate swap or cap contracts in connection with certain of its secured mortgage loans and its Revolving Credit Facility in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. These contracts effectively fix or cap the interest rates 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 a) 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 to 0.0625% per month of the most recently determined value of such real estate investments at the end of each month, and b) the aggregate proceeds received by the Company or its affiliate for selling interests in properties in the DST Program to third party investors, net of up-front fees and expense reimbursements payable out of the gross sale proceeds from the sale of such interests (the “DST Proceeds”) at the end of each month. 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. Our total operating expenses did not exceed the 2%/25% Limitation as of the four fiscal quarters ended December 31, 2022. 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 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 7 — 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, 2022 and 2021, 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 7 — 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 volatility. 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, 2022
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 years ended December 31, 2022, 2021 and 2020 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Year Ended December 31, 2022 2021 2020 Unrealized gain (loss) $ (28,400) $ 7,946 $ 2,141 Realized gain (loss) 1,462 8,019 (2,593) Total gain (loss) on real estate-related securities $ (26,938) $ 15,965 $ (452)
Schedule of Other Assets	Other assets included the following (in thousands): December 31, 2022 December 31, 2021 Prepaid insurance $ 1,415 $ 1,432 Prepaid property taxes 2,557 2,363 Deferred tax assets (1) 10,962 9,016 Operating lease right-of-use asset, net 3,678 3,990 Other 2,224 7,118 Other assets $ 20,836 $ 23,919 (1) Includes the effects of a valuation allowance of $9.8 million and $11.4 million as of December 31, 2022 and 2021, 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, 2023 through December 31, 2027 are as follows (in thousands): Lease Payments Operating Leases Financing Leases 2023 $ 80 $ 540 2024 80 540 2025 80 540 2026 80 540 2027 80 540 Thereafter 4,958 70,350 Total $ 5,358 $ 73,050 Ground Lease Liability $ 1,361 $ 17,383 Undiscounted Excess Amount $ 3,997 $ 55,667

Investment Property (Tables)

Investment Property (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule Of Property Subject To Or Available For Operating Lease	Investment property consisted of the following amounts as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Buildings and improvements $ 2,306,257 $ 1,641,385 Less: accumulated depreciation (137,962) (95,479) Buildings and improvements, net 2,168,295 1,545,906 Land 771,822 539,216 Investment property, net $ 2,940,117 $ 2,085,122
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of December 31, 2022, the cost basis and accumulated amortization related to lease intangibles are as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Out-of-Market Cost $ 392,879 $ 25,371 $ (88,708) Less: accumulated amortization (113,221) (4,892) 19,629 Net $ 279,658 $ 20,479 $ (69,079) 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)
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Anticipated amortization of the Company’s in-place leases and out-of-market leases, net, for each of the years ending December 31, 2023 through December 31, 2027 are as follows (in thousands): In-Place Lease Out-of-Market 2023 $ 60,761 $ (7,795) 2024 $ 46,608 $ (6,367) 2025 $ 38,454 $ (5,049) 2026 $ 29,415 $ (3,057) 2027 $ 25,187 $ (2,411)
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, 2022, the approximate fixed future minimum rentals for each of the years ending December 31, 2023 through 2027 and thereafter related to the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2023 $ 166,334 2024 157,992 2025 141,709 2026 123,765 2027 112,147 Thereafter 558,029 Total $ 1,259,976

Recent Acquisitions of Real E_2

Recent Acquisitions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022, 2021 and 2020 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) 2022 (1) Bradley Business Center (3) 1/20/2022 $ 12,254 $ 11,710 $ 4,348 $ (3,366) $ — $ 24,946 Liberty Station 1/24/2022 $ 48,400 $ 50,331 $ 21,949 $ (2,349) $ — $ 118,331 1315 N. North Branch 2/18/2022 $ 20,118 $ 14,122 $ 12,627 $ 80 $ — $ 46,947 Burbank Media Studios 2/25/2022 $ 4,246 $ 28,616 $ 1,806 $ 8,259 $ — $ 42,927 Central City Coventry 3/30/2022 $ 4,271 $ 37,958 $ 1,874 $ (1,040) $ — $ 43,063 Wells Fargo Center 4/14/2022 $ 12,149 $ 20,498 $ 8,146 $ (1,869) $ — $ 38,924 Madrid Airport Complex Land Parcel 4/22/2022 $ — $ 26,801 $ — $ — $ — $ 26,801 Waverly Place 6/15/2022 $ 60,724 $ 12,395 $ 17,129 $ (1,570) $ — $ 88,678 Fresh Park Venlo 3813 (4) 7/6/2022 $ 7,018 $ — $ 1,657 $ 209 $ — $ 8,884 Nashville Self Storage Portfolio (5) 7/7/2022 $ 90,055 $ 7,821 $ 4,784 $ — $ — $ 102,660 200 Park Place 7/21/2022 $ 97,669 $ 6,384 $ 37,544 $ — $ — $ 141,597 Gables Station 8/26/2022 $ 380,626 $ 51,282 $ 26,211 $ (28,460) $ — $ 429,659 ABC Plot M (6) 9/30/2022 $ — $ 7,970 $ — $ — $ — $ 7,970 2021 5301 Patrick Henry 2/10/2021 $ 36,651 $ 19,089 $ 15,136 $ (2,711) $ — $ 68,165 ABC Westland A3.2 (6) 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 (6) 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) (7) $ 75,238 2020 The Emerson 1/24/2020 $ 97,659 $ 17,725 $ 2,197 $ — $ — $ 117,581 Bratzler ABC Westland (6) 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 (1) For more information on acquisitions completed during the year ended December 31, 2022, 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) Represents the acquisition of the remaining three buildings of Bradley Business Center. The Company initially acquired the first of the four total buildings at the property in November 2021. (4) Fresh Park Venlo 3813 is an additional building that the Company acquired at Fresh Park Venlo, an industrial logistics property located in Venlo, Netherlands that the Company previously acquired in October 2018. (5) The Nashville Self Storage Portfolio is comprised of five self storage properties located in greater Nashville, Tennessee. (6) Represents an additional acquisition at ABC Westland, an industrial logistics property located in The Hague, Netherlands that the Company previously acquired in May 2019. ABC Plot M is a parcel of undeveloped land adjacent to the property, and ABC Westland A3.2, ABC Westland 668 and Bratzler ABC Westland are three additional buildings. (7) Amount is net of a $15.9 million financing lease right-of-use asset.

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule Of Debt	The following table describes the Company’s debt outstanding at December 31, 2022 and 2021 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of December 31, 2022 Principal Outstanding at December 31, 2022 Principal Outstanding at December 31, 2021 Fixed Rate Loans Fixed rate secured mortgage debt (1) 7/2023-6/2026 N/A 3.09% $ 201,684 $ 222,343 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,549 — Total fixed rate loans $ 209,233 $ 222,343 Variable Rate Loans Floating rate secured mortgage debt (3) 7/2023-6/2027 N/A 3.33% $ 407,724 $ 428,787 JPMorgan Chase Revolving Credit Facility 11/15/2023 $ 425,000 5.75% 90,000 — JPMorgan Chase Revolving Credit Facility - Term Loan (4) 11/15/2023 $ 300,000 3.47% 300,000 300,000 JPMorgan Chase Revolving Credit Facility - Term Loan (4) 12/20/2024 $ 300,000 3.47% 300,000 300,000 Total variable rate loans $ 1,097,724 $ 1,028,787 Total Notes Payable $ 1,306,957 $ 1,251,130 Total Principal Outstanding $ 1,306,957 $ 1,251,130 Unamortized financing fees (5) (5,036) (6,255) Total $ 1,301,921 $ 1,244,875 (1) As of December 31, 2022, 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, 2022 includes $56.5 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) Relates to a payment plan provided by the seller in relation to the Company’s acquisition of Fresh Park Venlo 3813 in July 2022. (3) As of December 31, 2022, the effective interest rates on our floating rate mortgage debt ranged from 2.15% to 5.30%. The amount of principal outstanding as of December 31, 2022 includes $329.0 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. (4) As of December 31, 2022, the effective interest rates on our JPMorgan Chase Revolving Credit Facility Term Loans were effectively capped at 3.47%, as a result of the Company entering into interest rate cap agreements as economic hedges against the variability of the future interest rate on the borrowings, which expire in the period from November 2023 through September 2024. (5) 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 $6.0 million and $8.1 million as of December 31, 2022 and 2021. 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, 2022, 2021 and 2020, $3.9 million, $4.3 million and $2.8 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, 2023 through December 31, 2027 and for the period thereafter (in thousands). Payments Due by Year 2023 2024 2025 2026 2027 Thereafter Principal payments $ 696,847 $ 433,864 $ 25,935 $ 22,768 $ 122,946 $ 4,597

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 Interest rate contracts 24 $ 985,560 $ 30,966 $ — Foreign currency forwards 3 211 — (11) Total derivative instruments 27 $ 985,771 $ 30,966 $ (11) As of December 31, 2021 Interest rate contracts 14 $ 304,771 $ 842 $ (167) Total derivative instruments 14 $ 304,771 $ 842 $ (167)
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, 2022 and 2021 (in thousands): Gain (Loss) on Derivative Instruments Year Ended December 31, 2022 2021 2020 Derivatives not designated as hedging instruments: Interest rate contracts $ 18,159 $ 218 $ 229 Foreign currency forward contracts (13) (113) 7,302 Total gain (loss) on derivatives $ 18,146 $ 105 $ 7,531

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Stock by Class	As of December 31, 2022 and 2021, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2022 December 31, 2021 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 36,221 40,000 29,377 Class TX common stock, $0.001 par value per share 40,000 142 40,000 7,606 Class IX common stock, $0.001 par value per share 10,000 22 10,000 87 Class JX common stock, $0.001 par value per share 10,000 64 10,000 — Class T common stock, $0.001 par value per share 350,000 65,845 350,000 53,176 Class S common stock, $0.001 par value per share 350,000 24,806 350,000 3,299 Class D common stock, $0.001 par value per share 350,000 32,553 350,000 19,000 Class I common stock, $0.001 par value per share 350,000 90,924 350,000 42,261 The tables below provide information regarding the issuances and redemptions of each class of the Company’s common stock during the year ended December 31, 2022, 2021 and 2020 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the years ended December 31, 2021 and 2020. Class AX Class TX Class IX Class JX 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 Shares Amount Balance as of January 1, 2022 29,377 $ 28 7,606 $ 11 87 $ — — — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 Issuance of common shares 939 1 44 — 3 — (1) — 15,028 15 21,580 22 13,930 14 48,976 49 100,499 101 Conversion of common shares (1) 7,425 7 (7,425) (7) (65) — 65 — (780) (1) — — — — 780 1 — — Redemption of common shares (1,520) (2) (83) — (3) — — — (1,579) (2) (73) — (377) — (1,093) (1) (4,728) (5) Balance as of December 31, 2022 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 (1) The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares, Class IX shares are converted into Class JX shares and Class T, S and D shares are converted into Class I shares. 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 certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares and Class T shares are converted into Class I shares. 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
Schedule of Distributions	The following table outlines the Company’s total distributions declared to stockholders for the years ended December 31, 2022, 2021 and 2020, 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, 2022 $ 58,795 $ 64,106 $ 122,901 December 31, 2021 $ 35,327 $ 38,031 $ 73,358 December 31, 2020 $ 25,398 $ 28,762 $ 54,161 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2022, 2021 and 2020. 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 9 — Related Party Transactions. 2022 2021 2020 Distributions declared per Class AX share, net $ 0.63 $ 0.63 $ 0.63 Distributions declared per Class TX share, net $ 0.51 $ 0.52 $ 0.53 Distributions declared per Class IX share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class JX share, net $ 0.31 $ — $ — Distributions declared per Class T share, net $ 0.51 $ 0.52 $ 0.53 Distributions declared per Class S share, net $ 0.53 $ 0.53 $ 0.53 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, 2022
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, 2022, 2021 and 2020 and amounts unpaid as of December 31, 2022 and 2021 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2022 2021 2020 12/31/2022 12/31/2021 Selling Commissions- Dealer Manager (1) $ 8,798 $ 4,218 $ 3,182 $ — $ — Dealer Manager Fee- Dealer Manager (1) 764 700 576 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 36,055 16,866 9,484 64,104 36,918 Organization and Offering Costs- the Advisor 6,475 5,016 4,457 3,228 4,606 Asset Management Fees- the Advisor 26,270 16,442 11,674 1,626 1,135 Other- the Advisor (2) 6,679 4,028 1,005 2,352 1,528 Performance Participation Allocation- the Advisor (3) 18,787 24,790 — 18,787 24,790 Interest Expense- Hines and its affiliates (4) — — 362 — — Property Management Fees- Hines and its affiliates 4,944 3,168 2,249 413 149 Development and Construction Management Fees- Hines and its affiliates (5) 2,281 788 657 769 703 Leasing Fees- Hines and its affiliates (6) 1,516 1,055 877 616 457 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) (7) 12,477 8,472 8,157 (1,389) (8) (856) Total $ 125,046 $ 85,543 $ 42,680 $ 90,506 $ 69,430 (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’s agreement of limited partnership (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) Development and construction management fees are included in the total project costs of the respective properties and are capitalized in construction in progress, which is included in investment property, net, on the Company’s consolidated balance sheets. (6) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s consolidated balance sheets and amortized over the life of the lease. (7) Includes certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described above, allocated rent paid to both third parties and affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. 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. (8) As of December 31, 2022 and 2021, the balance included $2.8 million and $1.3 million, respectively, in receivables related to rents collected by the Hines-affiliated property managers at the international student housing properties and UK industrial 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, 2022 and 2021, the Company has recorded a liability of $64.1 million and $36.9 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, 2022
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, 2022 Investments in real estate-related securities $ 133,741 $ 133,741 $ — $ — December 31, 2021 Investments in real estate-related securities $ 74,256 $ 74,256 $ — $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Revenues Office investments $ 56,070 $ 27,000 $ 18,271 Industrial investments 93,215 82,339 52,280 Residential/Living investments 51,922 32,869 29,181 Retail investments 31,508 27,795 26,883 Other investments 26,804 5,923 — Total revenues $ 259,519 $ 175,926 $ 126,615 For the years ended December 31, 2022, 2021 and 2020, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Revenues in excess of property expenses (1) Office investments $ 34,030 $ 16,774 $ 11,095 Industrial investments 61,193 54,202 32,689 Residential/Living investments 27,615 14,995 14,413 Retail investments 18,195 16,699 15,247 Other investments 19,220 4,599 — Total revenues in excess of property expenses $ 160,253 $ 107,269 $ 73,444 (1) Revenues less property operating expenses, real property taxes and property management fees. As of December 31, 2022 and 2021, the Company’s total assets by segment were as follows (in thousands): December 31, 2022 December 31, 2021 Assets Office investments $ 730,789 $ 412,359 Industrial investments 1,025,938 1,022,522 Residential/Living investments 942,548 568,151 Retail investments 379,187 290,820 Other investments 392,269 176,772 Corporate-level accounts 209,069 234,297 Total assets $ 3,679,800 $ 2,704,921
Schedules Of Revenue And Assets, by Geographical Areas	For the years ended December 31, 2022, 2021 and 2020, the Company’s total revenues were attributable to the following countries: Years Ended December 31, 2022 2021 2020 Total revenues United States 69 % 61 % 51 % The Netherlands 15 % 18 % 23 % United Kingdom 8 % 12 % 12 % Poland 2 % 4 % 5 % Spain 2 % 3 % 2 % Czech Republic 2 % — % — % Germany 1 % 2 % 3 % Ireland 1 % — % * 4 % * Amount is less than 1% As of December 31, 2022 and 2021, the Company’s total assets were attributable to the following countries: December 31, 2022 December 31, 2021 Total assets United States 76 % 69 % United Kingdom 9 % 12 % The Netherlands 9 % 11 % Spain 2 % 1 % Czech Republic 1 % 2 % Poland 1 % 2 % Germany 1 % 2 % Ireland 1 % 1 %
Schedule of Reconciliation of Property Revenue in Excess of Expenses	For the years ended December 31, 2022, 2021 and 2020, the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2022 2021 2020 Reconciliation to revenues in excess of property expenses Net income (loss) $ (48,084) $ (39,153) $ 101,553 Depreciation and amortization 124,600 88,100 68,693 Asset management fees 26,270 16,442 11,674 Performance participation allocation 18,787 24,790 — General and administrative expenses 7,288 5,546 4,652 (Gain) loss on derivative instruments (18,146) (105) (7,531) (Gain) loss on investments in real estate-related securities 26,938 (15,965) 452 Gain on sale of real estate (21,098) (1,432) (130,094) Foreign currency (gains) losses 2,783 978 809 Interest expense 44,286 24,976 20,849 Other income and expenses (6,326) (2,028) (1,006) (Benefit) provision for income taxes 1,224 3,988 (4,380) Provision for income taxes related to sale of real estate 1,731 1,132 7,773 Total revenues in excess of property expenses $ 160,253 $ 107,269 $ 73,444

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 34,030 $ 20,644 $ 18,269 Cash paid for income taxes $ 1,970 $ 2,270 $ 1,340 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 $ 12,171 $ 7,470 $ 4,909 Distributions reinvested $ 61,568 $ 36,700 $ 28,335 Shares tendered for redemption $ 11,726 $ 3,019 $ 5,850 Non-cash net liabilities (assets) assumed $ 25,425 $ 11,450 $ 6,094 Assumption of mortgage upon acquisition of property $ — $ 17,342 $ — Offering costs payable to the Advisor $ 6,474 $ 5,015 $ 4,456 Distribution and stockholder servicing fees payable to the Dealer Manager $ 36,055 $ 16,865 $ 9,483 Accrued capital additions $ 7,600 $ 3,923 $ 1,276 Accrued acquisition costs $ 421 $ 856 $ 678 Seller-financed debt $ 6,912 $ — $ — Recognition of financing ground lease liability $ — $ 17,340 $ —

Organization (Narrative) (Detai

Organization (Narrative) (Details) shares in Millions, ft² in Millions	12 Months Ended			100 Months Ended
	Dec. 31, 2022 USD ($) ft² Property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) ft² Property shares	Jun. 02, 2021 USD ($)	Dec. 06, 2017 USD ($)	Sep. 30, 2017 USD ($)	Aug. 20, 2014 USD ($)
Public Offering
Proceeds from issuance of common shares	$ 1,056,221,000	$ 533,684,000	$ 227,776,000
Number of real estate properties | Property	38			38
Area of real estate property | ft²	16.4			16.4
Portfolio, percentage leased	95%			95%
DST Property
Public Offering
Net offering proceeds	$ 13,700,000			$ 13,700,000
Hines Global REIT II Properties LP | Hines Global REIT II Associates LP
Public Offering
Ownership interest percentage (less than)	1%
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
Third Offering
Public Offering
Maximum proceeds authorized for public offering					$ 2,500,000,000
First And Second Offerings | First And Second Offerings
Public Offering
Proceeds from issuance of common shares				$ 2,800,000,000
Common stock sold (shares) | shares				267.9

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Additional Narratives) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Net income (loss)	$ (48,084)	$ (39,153)	$ 101,553
(Benefit) provision for income taxes	1,224	3,988	(4,380)
Impairment charges	0
Deposits in foreign financial institutions	34,100
Investments in real estate-related securities	133,741	74,256
Receivables related to base rent and tenant reimbursements	8,100	3,800
Straight-line rent receivable	27,700	13,500
Operating lease right-of-use asset, net	3,678	3,990
Financing lease right-of-use asset, net	15,744	15,875
Ground Lease Liability	17,383	17,340
Current income tax expense	3,900	4,000	1,900
Deferred tax expense	2,700		6,300
Due from related party	90,506	69,430
Distribution and Servicing Fees | Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Due from related party	64,104	36,918
Center Place
Summary of Significant Accounting Policies [Line Items]
Financing lease expense	94	15
Financing lease right-of-use asset, net	15,700	15,900
Ground Lease Liability	$ 17,383	17,300
Financing lease, incremental borrowing rate	3.40%
Łódź Urban Logistics
Summary of Significant Accounting Policies [Line Items]
Operating lease expense	$ 78	86
Operating lease right-of-use asset, net	3,700	4,000
Operating lease liability	$ 1,361	1,500
Operating lease, incremental borrowing rate	5.60%
Previously Reported
Summary of Significant Accounting Policies [Line Items]
Net income (loss)			2,900
(Benefit) provision for income taxes			$ 2,900
Revision of Prior Period, Error Correction, Adjustment
Summary of Significant Accounting Policies [Line Items]
Net income (loss)		$ (2,900)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Useful Lives of Real Estate) (Details)	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Unrealized gain (loss)	$ (28,400)	$ 7,946	$ 2,141
Realized gain (loss)	1,462	8,019	(2,593)
Total gain (loss) on real estate-related securities	$ (26,938)	$ 15,965	$ (452)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Prepaid insurance	$ 1,415	$ 1,432
Prepaid property taxes	2,557	2,363
Deferred tax assets	$ 10,962	$ 9,016
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease right-of-use asset, net	$ 3,678	$ 3,990
Other	2,224	7,118
Other assets	20,836	23,919
Valuation allowance	$ (9,800)	$ (11,400)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Lease Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Lease, Liability, Payment, Due [Abstract]
Ground Lease Liability	$ 17,383	$ 17,340
Center Place
Finance Lease, Liability, Payment, Due [Abstract]
2023	540
2024	540
2025	540
2026	540
2027	540
Thereafter	70,350
Total	73,050
Ground Lease Liability	17,383	17,300
Undiscounted Excess Amount	55,667
Łódź Urban Logistics
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	80
2024	80
2025	80
2026	80
2027	80
Thereafter	4,958
Total	5,358
Ground Lease Liability	1,361	$ 1,500
Undiscounted Excess Amount	$ 3,997

Investment Property (Summary of

Investment Property (Summary of Investment Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate Investment Property, Net
Investment property, net	$ 2,940,117	$ 2,085,122
Buildings and improvements
Real Estate Investment Property, Net
Investment property, gross	2,306,257	1,641,385
Less: accumulated depreciation	(137,962)	(95,479)
Investment property, net	2,168,295	1,545,906
Land
Real Estate Investment Property, Net
Investment property, gross	$ 771,822	$ 539,216

Investment Property (Narrative)

Investment Property (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property
Acquired Finite-Lived Intangible Assets [Line Items]
Number of real estate properties acquired | Property		13	11	7
Purchase price of investment properties		$ 1,100,000	$ 709,600
Number of investment properties sold | Property		2
Proceeds from investment properties sold		$ 122,500
Gain on sale of real estate		21,098	1,432	$ 130,094
Depreciation and amortization		$ 124,600	88,100	68,693
Term of contract		15 years
Recovery of direct costs		$ 36,400	24,200	17,400
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		70,400	38,600	32,000
Out-of-Market Leases, Net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases		$ 8,600	$ 4,000	$ 2,400
Montrose
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 11,000
Percentage of property acquired leased to other parties		99%

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net
Net	$ 300,137	$ 232,410
Out-of-Market Lease Liabilities
Cost	(88,708)	(52,306)
Less: accumulated amortization	19,629	11,940
Net	(69,079)	(40,366)
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	392,879	279,340
Less: accumulated amortization	(113,221)	(59,819)
Net	279,658	219,521
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	25,371	15,766
Less: accumulated amortization	(4,892)	(2,877)
Net	$ 20,479	$ 12,889

Investment Property (Intangib_2

Investment Property (Intangible Assets Amortization) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
In-Place Leases
In-Place Lease
2023	$ 60,761
2024	46,608
2025	38,454
2026	29,415
2027	25,187
Out-of-Market Leases, Net
Out-of-Market Leases, Net
2023	(7,795)
2024	(6,367)
2025	(5,049)
2026	(3,057)
2027	$ (2,411)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fixed Future Minimum Rentals
2023	$ 166,334
2024	157,992
2025	141,709
2026	123,765
2027	112,147
Thereafter	558,029
Total	$ 1,259,976

Recent Acquisitions of Real E_3

Recent Acquisitions of Real Estate (Narrative) (Details) - Property	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Combinations [Abstract]
Number of real estate properties acquired	13	11	7

Recent Acquisitions of Real E_4

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

12 Months Ended

Sep. 30, 2022 USD ($)

Aug. 26, 2022 USD ($)

Jul. 21, 2022 USD ($)

Jul. 07, 2022 USD ($) property

Jul. 06, 2022 USD ($)

Jun. 15, 2022 USD ($)

Apr. 22, 2022 USD ($)

Apr. 14, 2022 USD ($)

Mar. 30, 2022 USD ($)

Feb. 25, 2022 USD ($)

Feb. 18, 2022 USD ($)

Jan. 24, 2022 USD ($)

Jan. 20, 2022 USD ($)

Dec. 22, 2021 USD ($)

Dec. 10, 2021 USD ($)

Nov. 30, 2021 USD ($) property

Nov. 16, 2021 USD ($)

Oct. 26, 2021 USD ($)

Jun. 30, 2021 USD ($)

May 19, 2021 USD ($)

May 17, 2021 USD ($)

Apr. 30, 2021 USD ($)

Feb. 10, 2021 USD ($)

Dec. 22, 2020 USD ($)

Dec. 11, 2020 USD ($)

Aug. 31, 2020 USD ($)

Jul. 02, 2020 USD ($)

Jun. 19, 2020 USD ($)

Feb. 28, 2020 USD ($)

Jan. 24, 2020 USD ($)

Dec. 31, 2022 USD ($) building

Dec. 31, 2021 USD ($)

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Financing lease right-of-use asset, net

$ 15,744

$ 15,875

Liberty Station

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 118,331

Liberty Station | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

48,400

Liberty Station | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

50,331

Liberty Station | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

21,949

Liberty Station | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (2,349)

1315 N. North Branch

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 46,947

1315 N. North Branch | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

20,118

1315 N. North Branch | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

14,122

1315 N. North Branch | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

12,627

1315 N. North Branch | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 80

Burbank Media Studios

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 42,927

Burbank Media Studios | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

4,246

Burbank Media Studios | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

28,616

Burbank Media Studios | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,806

Burbank Media Studios | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 8,259

Central City Coventry

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 43,063

Central City Coventry | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

4,271

Central City Coventry | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

37,958

Central City Coventry | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,874

Central City Coventry | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (1,040)

Wells Fargo Center

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 38,924

Wells Fargo Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

12,149

Wells Fargo Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

20,498

Wells Fargo Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,146

Wells Fargo Center | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (1,869)

Madrid Airport Complex

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 26,801

Madrid Airport Complex | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

$ 3,807

Madrid Airport Complex | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

26,801

20,469

Madrid Airport Complex | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

0

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

0

Total net purchase price

$ 34,063

Waverly Place

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 88,678

Waverly Place | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

60,724

Waverly Place | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

12,395

Waverly Place | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

17,129

Waverly Place | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (1,570)

Fresh Park Venlo 3813

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 8,884

Fresh Park Venlo 3813 | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

7,018

Fresh Park Venlo 3813 | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

Fresh Park Venlo 3813 | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,657

Fresh Park Venlo 3813 | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 209

Nashville Self Storage Portfolio

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 102,660

Number of assets in an investment property | property

5

Nashville Self Storage Portfolio | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 90,055

Nashville Self Storage Portfolio | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

7,821

Nashville Self Storage Portfolio | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

4,784

Nashville Self Storage Portfolio | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

200 Park Place

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 141,597

200 Park Place | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

97,669

200 Park Place | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

6,384

200 Park Place | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

37,544

200 Park Place | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

Gables Station

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 429,659

Gables Station | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

380,626

Gables Station | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

51,282

Gables Station | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

26,211

Gables Station | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (28,460)

ABC Plot M

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 7,970

ABC Plot M | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

ABC Plot M | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

7,970

ABC Plot M | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

0

ABC Plot M | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 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

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 24,946

Number of buildings at a real estate investment property | property

4

Bradley Business Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

12,254

$ 43,146

Bradley Business Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

11,710

17,025

Bradley Business Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

4,348

9,256

Bradley Business Center | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (3,366)

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]

Right of Use Asset (Liability), Net

$ (1,596)

Financing lease right-of-use asset, net

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

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]

Number of acquired buildings | building

3

DST Program (Details)

DST Program (Details) - DST Property	1 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property
Statutory Trust Program [Line Items]
Maximum allotted capital under private placement offering	$ 1,000,000,000
Property lease term	20 years
Period to acquire interest on program (in months)	12 months
Length of agreement prior to closing of offering (in years)	2 years
Number of properties held under program | property		1
Net offering proceeds		$ 13,700,000

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details)		12 Months Ended
	Sep. 13, 2019 USD ($)	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Notes payable including related party, gross		$ 1,300,000,000	$ 1,300,000,000
Debt, weighted average years to maturity		1 year 7 months 6 days	2 years 2 months 12 days
Debt, weighted average interest rate		3.51%	1.83%
Note payable		$ 1,306,957,000	$ 1,251,130,000
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
Credit Facility | Hines and Affiliates
Debt Instrument [Line Items]
Draws from revolving loan commitment		$ 0	0
Repayments of revolving loan commitment		0	0
Secured Debt | LIBOR
Debt Instrument [Line Items]
Note payable		690,000,000
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		90,000,000	0
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 | Credit Agreement, Maturing November 15, 2023 | Adjusted LIBO Rate
Debt Instrument [Line Items]
Basic spread on variable rate debt	1%
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
Note payable		300,000,000	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	$ 300,000,000

Debt Financing (Debt Disclosure

Debt Financing (Debt Disclosure Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 13, 2019
Debt Instrument [Line Items]
Note payable	$ 1,306,957,000	$ 1,251,130,000
Unamortized financing fees	(5,036,000)	(6,255,000)
Notes payable including related party, net	1,301,921,000	1,244,875,000
Deferred financing costs, net	6,000,000	8,100,000
Amortization of deferred financing costs	3,900,000	4,300,000	$ 2,800,000
Notes Payable to Banks
Debt Instrument [Line Items]
Note payable	1,306,957,000	1,251,130,000
Fixed Rate Loans
Debt Instrument [Line Items]
Note payable	$ 209,233,000	222,343,000
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt
Debt Instrument [Line Items]
Interest rate at period end	3.09%
Note payable	$ 201,684,000	222,343,000
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 | Seller-Financed Debt
Debt Instrument [Line Items]
Interest rate at period end	1.55%
Note payable	$ 7,549,000	0
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt In Hedge
Debt Instrument [Line Items]
Note payable	56,500,000
Variable Rate Loans
Debt Instrument [Line Items]
Note payable	$ 1,097,724,000	1,028,787,000
Variable Rate Loans | Floating Rate Secured Mortgage Debt
Debt Instrument [Line Items]
Interest rate at period end	3.33%
Note payable	$ 407,724,000	428,787,000
Variable Rate Loans | Floating Rate Secured Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate at period end	2.15%
Variable Rate Loans | Floating Rate Secured Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate at period end	5.30%
Variable Rate Loans | Floating Rate Secured Mortgage Debt In Hedge
Debt Instrument [Line Items]
Note payable	$ 329,000,000
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
Interest rate at period end	5.75%
Note payable	$ 90,000,000	0
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	3.47%
Note payable	$ 300,000,000	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
Interest rate at period end	3.47%
Note payable	$ 300,000,000	$ 300,000,000

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Maturities Of Long Term Debt
2023	$ 696,847
2024	433,864
2025	25,935
2026	22,768
2027	122,946
Thereafter	$ 4,597

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Contracts) (Details) $ in Thousands	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Derivative Contract Details
Number of Contracts | contract	27	14
Notional Amount	$ 985,771	$ 304,771
Fair value, derivative instrument, assets	30,966	842
Fair value, derivative instrument, liability	$ (11)	$ (167)
Interest Rate Contract
Derivative Contract Details
Number of Contracts | contract	24	14
Notional Amount	$ 985,560	$ 304,771
Fair value, derivative instrument, assets	30,966	842
Fair value, derivative instrument, liability	$ 0	$ (167)
Foreign currency forward contracts
Derivative Contract Details
Number of Contracts | contract	3
Notional Amount	$ 211
Fair value, derivative instrument, assets	0
Fair value, derivative instrument, liability	$ (11)

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	$ 18,146	$ 105	$ 7,531
Interest Rate Contract
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	18,159	218	229
Foreign currency forward contracts
Derivative, Gain (Loss) on Derivative, Net
Derivative, Gain (Loss) on Derivative, Net	$ (13)	$ (113)	$ 7,302

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	51 Months Ended
	Mar. 31, 2023 $ / shares	Nov. 30, 2017 class
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, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
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)	36,221,000	29,377,000
Common stock, shares outstanding (in shares)	36,221,000	29,377,000
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)	142,000	7,606,000
Common stock, shares outstanding (in shares)	142,000	7,606,000
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)	22,000	87,000
Common stock, shares outstanding (in shares)	22,000	87,000
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)	64,000	0
Common stock, shares outstanding (in shares)	64,000	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)	65,845,000	53,176,000
Common stock, shares outstanding (in shares)	65,845,000	53,176,000
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)	24,806,000	3,299,000
Common stock, shares outstanding (in shares)	24,806,000	3,299,000
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)	32,553,000	19,000,000
Common stock, shares outstanding (in shares)	32,553,000	19,000,000
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)	90,924,000	42,261,000
Common stock, shares outstanding (in shares)	90,924,000	42,261,000

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 1,236,032
Ending balance	$ 2,045,286	$ 1,236,032
Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	154,806	103,781	81,847
Beginning balance	$ 154	$ 104	$ 83
Issuance of common shares (in shares)	100,499	55,407	25,145
Issuance of common shares	$ 101	$ 54	$ 24
Conversion of common shares (in shares)	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(4,728)	(4,382)	(3,211)
Redemption of common shares	$ (5)	$ (4)	$ (3)
Ending balance (in shares)	250,577	154,806	103,781
Ending balance	$ 250	$ 154	$ 104
Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0
Ending balance (in shares)	64	0
Class JX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0
Beginning balance	$ 0
Issuance of common shares (in shares)	(1)	0
Issuance of common shares	$ 0
Conversion of common shares (in shares)	65
Conversion of common shares	$ 0
Redemption of common shares (in shares)	0	0
Redemption of common shares	$ 0
Ending balance (in shares)	64	0
Ending balance	$ 0	$ 0
Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	29,377
Ending balance (in shares)	36,221	29,377
Class AX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	29,377	19,990	18,885
Beginning balance	$ 28	$ 20	$ 19
Issuance of common shares (in shares)	939	768	546
Issuance of common shares	$ 1	$ 0	$ 1
Conversion of common shares (in shares)	7,425	10,144	1,458
Conversion of common shares	$ 7	$ 10	$ 1
Redemption of common shares (in shares)	(1,520)	(1,525)	(899)
Redemption of common shares	$ (2)	$ (2)	$ (1)
Ending balance (in shares)	36,221	29,377	19,990
Ending balance	$ 34	$ 28	$ 20
Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	7,606
Ending balance (in shares)	142	7,606
Class TX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	7,606	18,152	19,901
Beginning balance	$ 11	$ 21	$ 22
Issuance of common shares (in shares)	44	295	557
Issuance of common shares	$ 0	$ 0	$ 1
Conversion of common shares (in shares)	(7,425)	(10,144)	(1,458)
Conversion of common shares	$ (7)	$ (10)	$ (1)
Redemption of common shares (in shares)	(83)	(697)	(848)
Redemption of common shares	$ 0	$ 0	$ (1)
Ending balance (in shares)	142	7,606	18,152
Ending balance	$ 4	$ 11	$ 21
Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	87
Ending balance (in shares)	22	87
Class IX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	87	95	91
Beginning balance	$ 0	$ 0	$ 0
Issuance of common shares (in shares)	3	4	4
Issuance of common shares	$ 0	$ 0	$ 0
Conversion of common shares (in shares)	(65)	0	0
Conversion of common shares	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(3)	(12)	0
Redemption of common shares	$ 0	$ 0	$ 0
Ending balance (in shares)	22	87	95
Ending balance	$ 0	$ 0	$ 0
Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	53,176
Ending balance (in shares)	65,845	53,176
Class T | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	53,176	40,036	28,837
Beginning balance	$ 53	$ 39	$ 29
Issuance of common shares (in shares)	15,028	14,622	12,171
Issuance of common shares	$ 15	$ 16	$ 11
Conversion of common shares (in shares)	(780)	(67)	0
Conversion of common shares	$ (1)	$ 0	$ 0
Redemption of common shares (in shares)	(1,579)	(1,415)	(972)
Redemption of common shares	$ (2)	$ (2)	$ (1)
Ending balance (in shares)	65,845	53,176	40,036
Ending balance	$ 65	$ 53	$ 39
Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	3,299
Ending balance (in shares)	24,806	3,299
Class S | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	3,299	0
Beginning balance	$ 3	$ 0
Issuance of common shares (in shares)	21,580	3,299
Issuance of common shares	$ 22	$ 3
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(73)	0
Redemption of common shares	$ 0	$ 0
Ending balance (in shares)	24,806	3,299	0
Ending balance	$ 25	$ 3	$ 0
Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	19,000
Ending balance (in shares)	32,553	19,000
Class D | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	19,000	10,217	6,927
Beginning balance	$ 18	$ 9	$ 6
Issuance of common shares (in shares)	13,930	9,078	3,553
Issuance of common shares	$ 14	$ 9	$ 3
Conversion of common shares (in shares)	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(377)	(295)	(263)
Redemption of common shares	$ 0	$ 0	$ 0
Ending balance (in shares)	32,553	19,000	10,217
Ending balance	$ 32	$ 18	$ 9
Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	42,261
Ending balance (in shares)	90,924	42,261
Class I | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	42,261	15,291	7,206
Beginning balance	$ 41	$ 15	$ 7
Issuance of common shares (in shares)	48,976	27,341	8,314
Issuance of common shares	$ 49	$ 26	$ 8
Conversion of common shares (in shares)	780	67	0
Conversion of common shares	$ 1	$ 0	$ 0
Redemption of common shares (in shares)	(1,093)	(438)	(229)
Redemption of common shares	$ (1)	$ 0	$ 0
Ending balance (in shares)	90,924	42,261	15,291
Ending balance	$ 90	$ 41	$ 15

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash Distributions	$ 58,795	$ 35,327	$ 25,398
Distributions Reinvested	64,106	38,031	28,762
Dividends	$ 122,901	$ 73,358	$ 54,161
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)	0.51	0.52	0.53
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 JX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	0.31	0	0
Class T
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (in dollars per share)	0.51	0.52	0.53
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	0.53
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		12 Months Ended
	Dec. 06, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		$ 125,046	$ 85,543	$ 42,680
Due from (to) related party		$ (90,506)	(69,430)
Related party allocation percentage of annual total return (percent)		12.50%
Percentage of annual hurdle amount (percent)	5%	5%
Dealer Manager | Selling Commissions
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		$ 8,798	4,218	3,182
Due from (to) related party		0	0
Dealer Manager | Dealer Manager Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		764	700	576
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		36,055	16,866	9,484
Due from (to) related party		(64,104)	(36,918)
The Advisor
Related Party Transactions
Related party allocation percentage of annual total return (percent)	12.50%
The Advisor | Organization and Offering Costs
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		6,475	5,016	4,457
Due from (to) related party		(3,228)	(4,606)
The Advisor | Asset Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		26,270	16,442	11,674
Due from (to) related party		(1,626)	(1,135)
The Advisor | Other Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		6,679	4,028	1,005
Due from (to) related party		(2,352)	(1,528)
The Advisor | Performance Participation Allocation
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		18,787	24,790	0
Due from (to) related party		(18,787)	(24,790)
Hines and Affiliates | Interest Expense
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		0	0	362
Due from (to) related party		0	0
Hines and Affiliates | Property Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		4,944	3,168	2,249
Due from (to) related party		(413)	(149)
Hines and Affiliates | Development and Construction Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		2,281	788	657
Due from (to) related party		(769)	(703)
Hines and Affiliates | Leasing Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		1,516	1,055	877
Due from (to) related party		(616)	(457)
Hines and Affiliates | Expense Reimbursements
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred		12,477	8,472	$ 8,157
Due from (to) related party		1,389	856
Hines and Affiliates | Rent Receivables
Related Party Transactions
Due from (to) related party		$ 2,800	$ 1,300

Related Party Transactions (S_2

Related Party Transactions (Summary of Offering Fees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 19, 2021
Related Party Transaction
Due to related party	$ (90,506)	$ (69,430)
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	$ (64,104)	$ (36,918)
Initial Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds (percent)	10%
Follow On Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds (percent)	10%
Class TX | Initial Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees (percent)	1%
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 (percent)	10%
Class T | Follow On Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee (percent)	1%
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%
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 (percent)	8.75%

Related Party Transactions (Adv

Related Party Transactions (Advisory Agreement) (Details) - fiscal_quarter		1 Months Ended	12 Months Ended
	Dec. 06, 2017	Dec. 31, 2017	Dec. 31, 2022
Related Party Transactions
Related party allocation percentage of annual total return (percent)			12.50%
Percentage of annual hurdle amount (percent)	5%		5%
The Advisor
Related Party Transactions
Related party allocation percentage of annual total return (percent)	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 (percent)	15%
The Advisor | Operating Expense
Related Party Transactions
Minimum percentage of average invested assets (percent)	2%
Minimum percentage of net income (percent)	25%
The Advisor | Organizational and offering-related issuer costs
Related Party Transactions
Maximum compensation to be reimbursed, expressed as a percentage of gross offering proceeds (percent)	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, 2022	Dec. 31, 2021
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	$ 133,741	$ 74,256
Fair Value, Recurring
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	133,741	74,256
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	133,741	74,256
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, 2022	Dec. 31, 2021
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable, book value	$ 1,300	$ 1,300
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	1,300	1,300
Notes payable, fair value	$ 1,300	$ 1,300

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	12 Months Ended
	Dec. 31, 2022 segment
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Total revenues	$ 259,519	$ 175,926	$ 126,615
Office investments
Segment Reporting Information
Total revenues	56,070	27,000	18,271
Industrial investments
Segment Reporting Information
Total revenues	93,215	82,339	52,280
Residential/Living investments
Segment Reporting Information
Total revenues	51,922	32,869	29,181
Retail investments
Segment Reporting Information
Total revenues	31,508	27,795	26,883
Other investments
Segment Reporting Information
Total revenues	$ 26,804	$ 5,923	$ 0

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details) - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total Revenue | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	69%	61%	51%
Total Revenue | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	15%	18%	23%
Total Revenue | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	8%	12%	12%
Total Revenue | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	2%	4%	5%
Total Revenue | Spain
Segment Reporting Information [Line Items]
Concentration risk (percent)	2%	3%	2%
Total Revenue | Czech Republic
Segment Reporting Information [Line Items]
Concentration risk (percent)	2%	0%	0%
Total Revenue | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	2%	3%
Total Revenue | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	0%	4%
Total Assets | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	76%	69%
Total Assets | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	9%	11%
Total Assets | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	9%	12%
Total Assets | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	2%
Total Assets | Spain
Segment Reporting Information [Line Items]
Concentration risk (percent)	2%	1%
Total Assets | Czech Republic
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	2%
Total Assets | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	2%
Total Assets | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	1%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Total revenues in excess of property expenses	$ 160,253	$ 107,269	$ 73,444
Office investments
Segment Reporting Information
Total revenues in excess of property expenses	34,030	16,774	11,095
Industrial investments
Segment Reporting Information
Total revenues in excess of property expenses	61,193	54,202	32,689
Residential/Living investments
Segment Reporting Information
Total revenues in excess of property expenses	27,615	14,995	14,413
Retail investments
Segment Reporting Information
Total revenues in excess of property expenses	18,195	16,699	15,247
Other investments
Segment Reporting Information
Total revenues in excess of property expenses	$ 19,220	$ 4,599	$ 0

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Total assets	$ 3,679,800	$ 2,704,921
Operating Segments | Office investments
ASSETS
Total assets	730,789	412,359
Operating Segments | Industrial investments
ASSETS
Total assets	1,025,938	1,022,522
Operating Segments | Residential/Living investments
ASSETS
Total assets	942,548	568,151
Operating Segments | Retail investments
ASSETS
Total assets	379,187	290,820
Operating Segments | Other investments
ASSETS
Total assets	392,269	176,772
Corporate-level accounts
ASSETS
Total assets	$ 209,069	$ 234,297

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net income (loss)	$ (48,084)	$ (39,153)	$ 101,553
Depreciation and amortization	124,600	88,100	68,693
Asset management fees	26,270	16,442	11,674
Performance participation allocation	18,787	24,790	0
General and administrative expenses	7,288	5,546	4,652
(Gain) loss on investments in real estate-related securities	26,938	(15,965)	452
Gain on sale of real estate	(21,098)	(1,432)	(130,094)
Foreign currency (gains) losses	2,783	978	809
Interest expense	44,286	24,976	20,849
Other income and expenses	(6,326)	(2,028)	(1,006)
(Benefit) provision for income taxes	1,224	3,988	(4,380)
Provision for income taxes related to sale of real estate	1,731	1,132	7,773
Total revenues in excess of property expenses	160,253	107,269	73,444
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net income (loss)	(48,084)	(39,153)	101,553
Depreciation and amortization	124,600	88,100	68,693
Asset management fees	26,270	16,442	11,674
Performance participation allocation	18,787	24,790	0
General and administrative expenses	7,288	5,546	4,652
(Gain) loss on derivative instruments	(18,146)	(105)	(7,531)
(Gain) loss on investments in real estate-related securities	26,938	(15,965)	452
Gain on sale of real estate	(21,098)	(1,432)	(130,094)
Foreign currency (gains) losses	2,783	978	809
Interest expense	44,286	24,976	20,849
Other income and expenses	(6,326)	(2,028)	(1,006)
(Benefit) provision for income taxes	1,224	3,988	(4,380)
Provision for income taxes related to sale of real estate	$ 1,731	$ 1,132	$ 7,773

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 34,030	$ 20,644	$ 18,269
Cash paid for income taxes	1,970	2,270	1,340
Cash paid for income taxes related to sale of real estate	0	1,132	7,773
Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	12,171	7,470	4,909
Distributions reinvested	61,568	36,700	28,335
Shares tendered for redemption	11,726	3,019	5,850
Non-cash net liabilities (assets) assumed	25,425	11,450	6,094
Assumption of mortgage upon acquisition of property	0	17,342	0
Offering costs payable to the Advisor	6,474	5,015	4,456
Distribution and stockholder servicing fees payable to the Dealer Manager	36,055	16,865	9,483
Accrued capital additions	7,600	3,923	1,276
Accrued acquisition costs	421	856	678
Seller-financed debt	6,912	0	0
Recognition of financing ground lease liability	$ 0	$ 17,340	$ 0

Supplemental Cash Flow Disclo_4

Supplemental Cash Flow Disclosures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Net cash provided by (used in) investing activities			$ (1,111,662)	$ (714,814)	$ (135,423)
Net cash provided by (used in) financing activities			$ 1,020,679	$ 805,458	$ 144,280
Revision of Prior Period, Error Correction, Adjustment
Cash and Cash Equivalents [Line Items]
Net cash provided by (used in) investing activities		$ (3,300)
Net cash provided by (used in) financing activities	$ 16,400

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, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at the Beginning of the Period	$ 11,415	$ 3,279	$ 1,752
Charged to Costs and Expenses	2,843	10,736	2,474
Deductions	(4,466)	(2,600)	(947)
Balance at the End of the Period	$ 9,792	$ 11,415	$ 3,279

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Property Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation
Encumbrances	$ 616,957
Land, Initial Cost	771,856
Buildings and Improvements, Initial Cost	2,244,479
Total, Initial Cost	3,016,335
Costs Capitalized Subsequent to Acquisition	61,744
Land, Gross Amount	771,822
Buildings and Improvements, Gross Amount	2,306,257
Total, Gross Amount	3,078,079	$ 2,180,601	$ 1,618,079	$ 1,355,846
Accumulated Depreciation	(137,962)	$ (95,479)	$ (60,019)	$ (51,719)
Cottonwood Corporate Center
Real Estate and Accumulated Depreciation
Encumbrances	66,781
Land, Initial Cost	13,600
Buildings and Improvements, Initial Cost	98,758
Total, Initial Cost	112,358
Costs Capitalized Subsequent to Acquisition	6,919
Land, Gross Amount	13,600
Buildings and Improvements, Gross Amount	105,677
Total, Gross Amount	119,277
Accumulated Depreciation	(17,089)
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	1,855
Land, Gross Amount	45,319
Buildings and Improvements, Gross Amount	134,322
Total, Gross Amount	179,641
Accumulated Depreciation	(20,073)
Montrose Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	24,185
Land, Initial Cost	5,647
Buildings and Improvements, Initial Cost	33,445
Total, Initial Cost	39,092
Costs Capitalized Subsequent to Acquisition	4,699
Land, Gross Amount	5,647
Buildings and Improvements, Gross Amount	38,144
Total, Gross Amount	43,791
Accumulated Depreciation	(1,057)
Queen's Court Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	35,666
Land, Initial Cost	12,827
Buildings and Improvements, Initial Cost	46,207
Total, Initial Cost	59,034
Costs Capitalized Subsequent to Acquisition	4,102
Land, Gross Amount	12,827
Buildings and Improvements, Gross Amount	50,309
Total, Gross Amount	63,136
Accumulated Depreciation	(7,178)
Fresh Park Venlo
Real Estate and Accumulated Depreciation
Encumbrances	93,352
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	126,231
Total, Initial Cost	126,231
Costs Capitalized Subsequent to Acquisition	12,476
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	138,707
Total, Gross Amount	138,707
Accumulated Depreciation	(13,830)
Maintal Logistics
Real Estate and Accumulated Depreciation
Encumbrances	17,003
Land, Initial Cost	14,107
Buildings and Improvements, Initial Cost	28,319
Total, Initial Cost	42,426
Costs Capitalized Subsequent to Acquisition	2,383
Land, Gross Amount	14,107
Buildings and Improvements, Gross Amount	30,702
Total, Gross Amount	44,809
Accumulated Depreciation	(3,012)
ABC Westland
Real Estate and Accumulated Depreciation
Encumbrances	84,449
Land, Initial Cost	72,887
Buildings and Improvements, Initial Cost	87,568
Total, Initial Cost	160,455
Costs Capitalized Subsequent to Acquisition	4,574
Land, Gross Amount	72,883
Buildings and Improvements, Gross Amount	92,146
Total, Gross Amount	165,029
Accumulated Depreciation	(8,401)
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	3,874
Land, Gross Amount	19,199
Buildings and Improvements, Gross Amount	59,299
Total, Gross Amount	78,498
Accumulated Depreciation	(4,888)
Gdańsk PL II
Real Estate and Accumulated Depreciation
Encumbrances	17,318
Land, Initial Cost	5,479
Buildings and Improvements, Initial Cost	16,602
Total, Initial Cost	22,081
Costs Capitalized Subsequent to Acquisition	(4)
Land, Gross Amount	5,479
Buildings and Improvements, Gross Amount	16,598
Total, Gross Amount	22,077
Accumulated Depreciation	(1,357)
Łódź Urban Logistics
Real Estate and Accumulated Depreciation
Encumbrances	14,019
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	16,905
Total, Initial Cost	16,905
Costs Capitalized Subsequent to Acquisition	(15)
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	16,890
Total, Gross Amount	16,890
Accumulated Depreciation	(1,378)
Glasgow West End
Real Estate and Accumulated Depreciation
Encumbrances	61,766
Land, Initial Cost	21,664
Buildings and Improvements, Initial Cost	64,437
Total, Initial Cost	86,101
Costs Capitalized Subsequent to Acquisition	1,724
Land, Gross Amount	21,664
Buildings and Improvements, Gross Amount	66,161
Total, Gross Amount	87,825
Accumulated Depreciation	(5,620)
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	83
Land, Gross Amount	14,194
Buildings and Improvements, Gross Amount	82,039
Total, Gross Amount	96,233
Accumulated Depreciation	(6,596)
Charles Tyrwhitt Distribution Centre
Real Estate and Accumulated Depreciation
Encumbrances	12,026
Land, Initial Cost	6,593
Buildings and Improvements, Initial Cost	10,537
Total, Initial Cost	17,130
Costs Capitalized Subsequent to Acquisition	(18)
Land, Gross Amount	6,593
Buildings and Improvements, Gross Amount	10,519
Total, Gross Amount	17,112
Accumulated Depreciation	(828)
DSG Bristol
Real Estate and Accumulated Depreciation
Encumbrances	26,671
Land, Initial Cost	16,654
Buildings and Improvements, Initial Cost	21,157
Total, Initial Cost	37,811
Costs Capitalized Subsequent to Acquisition	(15)
Land, Gross Amount	16,653
Buildings and Improvements, Gross Amount	21,143
Total, Gross Amount	37,796
Accumulated Depreciation	(1,649)
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	61
Land, Gross Amount	17,725
Buildings and Improvements, Gross Amount	97,720
Total, Gross Amount	115,445
Accumulated Depreciation	(7,378)
Madrid Airport Complex
Real Estate and Accumulated Depreciation
Encumbrances	30,623
Land, Initial Cost	45,605
Buildings and Improvements, Initial Cost	3,587
Total, Initial Cost	49,192
Costs Capitalized Subsequent to Acquisition	1,393
Land, Gross Amount	45,578
Buildings and Improvements, Gross Amount	5,007
Total, Gross Amount	50,585
Accumulated Depreciation	(3,953)
Wakefield Logistics
Real Estate and Accumulated Depreciation
Encumbrances	16,164
Land, Initial Cost	8,858
Buildings and Improvements, Initial Cost	14,459
Total, Initial Cost	23,317
Costs Capitalized Subsequent to Acquisition	1
Land, Gross Amount	8,858
Buildings and Improvements, Gross Amount	14,460
Total, Gross Amount	23,318
Accumulated Depreciation	(903)
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	1,735
Land, Gross Amount	53,636
Buildings and Improvements, Gross Amount	36,561
Total, Gross Amount	90,197
Accumulated Depreciation	(2,145)
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	(1)
Land, Gross Amount	3,880
Buildings and Improvements, Gross Amount	103,403
Total, Gross Amount	107,283
Accumulated Depreciation	(5,319)
5100 Cross Point
Real Estate and Accumulated Depreciation
Encumbrances	13,368
Land, Initial Cost	11,163
Buildings and Improvements, Initial Cost	9,605
Total, Initial Cost	20,768
Costs Capitalized Subsequent to Acquisition	(47)
Land, Gross Amount	11,163
Buildings and Improvements, Gross Amount	9,558
Total, Gross Amount	20,721
Accumulated Depreciation	(484)
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	433
Land, Gross Amount	19,089
Buildings and Improvements, Gross Amount	37,084
Total, Gross Amount	56,173
Accumulated Depreciation	(1,744)
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	(6)
Land, Gross Amount	7,976
Buildings and Improvements, Gross Amount	79,237
Total, Gross Amount	87,213
Accumulated Depreciation	(3,216)
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	12,670
Land, Gross Amount	32,884
Buildings and Improvements, Gross Amount	144,415
Total, Gross Amount	177,299
Accumulated Depreciation	(5,443)
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	(62)
Land, Gross Amount	19,573
Buildings and Improvements, Gross Amount	16,945
Total, Gross Amount	36,518
Accumulated Depreciation	(636)
Eastgate Park
Real Estate and Accumulated Depreciation
Encumbrances	25,066
Land, Initial Cost	17,051
Buildings and Improvements, Initial Cost	22,417
Total, Initial Cost	39,468
Costs Capitalized Subsequent to Acquisition	532
Land, Gross Amount	17,051
Buildings and Improvements, Gross Amount	22,949
Total, Gross Amount	40,000
Accumulated Depreciation	(715)
Bradley Business Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	28,735
Buildings and Improvements, Initial Cost	55,400
Total, Initial Cost	84,135
Costs Capitalized Subsequent to Acquisition	163
Land, Gross Amount	28,735
Buildings and Improvements, Gross Amount	55,563
Total, Gross Amount	84,298
Accumulated Depreciation	(1,498)
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	41
Land, Gross Amount	13,020
Buildings and Improvements, Gross Amount	12,510
Total, Gross Amount	25,530
Accumulated Depreciation	(340)
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	213
Land, Gross Amount	18,009
Buildings and Improvements, Gross Amount	15,469
Total, Gross Amount	33,478
Accumulated Depreciation	(418)
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	1,166
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	73,977
Total, Gross Amount	73,977
Accumulated Depreciation	(1,970)
Liberty Station
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	50,331
Buildings and Improvements, Initial Cost	48,400
Total, Initial Cost	98,731
Costs Capitalized Subsequent to Acquisition	46
Land, Gross Amount	50,331
Buildings and Improvements, Gross Amount	48,446
Total, Gross Amount	98,777
Accumulated Depreciation	(1,137)
1315 N. North Branch
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	14,122
Buildings and Improvements, Initial Cost	20,118
Total, Initial Cost	34,240
Costs Capitalized Subsequent to Acquisition	58
Land, Gross Amount	14,122
Buildings and Improvements, Gross Amount	20,176
Total, Gross Amount	34,298
Accumulated Depreciation	(422)
Burbank Media Studios
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	28,616
Buildings and Improvements, Initial Cost	4,246
Total, Initial Cost	32,862
Costs Capitalized Subsequent to Acquisition	274
Land, Gross Amount	28,616
Buildings and Improvements, Gross Amount	4,520
Total, Gross Amount	33,136
Accumulated Depreciation	(96)
Central City Coventry
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	35,031
Buildings and Improvements, Initial Cost	3,941
Total, Initial Cost	38,972
Costs Capitalized Subsequent to Acquisition	467
Land, Gross Amount	35,031
Buildings and Improvements, Gross Amount	4,408
Total, Gross Amount	39,439
Accumulated Depreciation	(534)
Wells Fargo Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	20,498
Buildings and Improvements, Initial Cost	12,149
Total, Initial Cost	32,647
Costs Capitalized Subsequent to Acquisition	34
Land, Gross Amount	20,498
Buildings and Improvements, Gross Amount	12,183
Total, Gross Amount	32,681
Accumulated Depreciation	(219)
Waverly Place
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	12,395
Buildings and Improvements, Initial Cost	60,724
Total, Initial Cost	73,119
Costs Capitalized Subsequent to Acquisition	145
Land, Gross Amount	12,395
Buildings and Improvements, Gross Amount	60,869
Total, Gross Amount	73,264
Accumulated Depreciation	(833)
Nashville Self Storage Portfolio
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	7,821
Buildings and Improvements, Initial Cost	90,055
Total, Initial Cost	97,876
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	7,821
Buildings and Improvements, Gross Amount	90,055
Total, Gross Amount	97,876
Accumulated Depreciation	(1,089)
200 Park Place
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	6,384
Buildings and Improvements, Initial Cost	97,669
Total, Initial Cost	104,053
Costs Capitalized Subsequent to Acquisition	(123)
Land, Gross Amount	6,384
Buildings and Improvements, Gross Amount	97,546
Total, Gross Amount	103,930
Accumulated Depreciation	(1,088)
Gables Station
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	51,282
Buildings and Improvements, Initial Cost	380,626
Total, Initial Cost	431,908
Costs Capitalized Subsequent to Acquisition	(86)
Land, Gross Amount	51,282
Buildings and Improvements, Gross Amount	380,540
Total, Gross Amount	431,822
Accumulated Depreciation	$ (3,426)

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Narratives) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost for federal income tax	$ 3,100
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Carrying Amount of Real Estate Investments
Balance, beginning of period	$ 2,180,601	$ 1,618,079	$ 1,355,846
Acquisitions	1,014,129	591,136	397,073
Other additions	49,631	21,773	11,741
Write-Offs/Cost of real estate sold	(101,323)	(11,052)	(193,921)
Effect of changes in foreign currency exchange rates	(64,959)	(39,335)	47,340
Balance, end of period	3,078,079	2,180,601	1,618,079
Reconciliation of Real Estate Accumulated Depreciation
Balance, beginning of period	(95,479)	(60,019)	(51,719)
Depreciation	(52,572)	(48,461)	(35,958)
Effect of changes in foreign currency exchange rates	3,827	13,001	9,320
Retirement or sales of assets	6,262	0	18,338
Balance, end of period	$ (137,962)	$ (95,479)	$ (60,019)