Hines Global Income Trust 10-Q11 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 01, 2023
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001585101
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Class AX
Entity Information
Entity Common Stock, Shares Outstanding		34,800,000
Common Class JX
Entity Information
Entity Common Stock, Shares Outstanding		78,087
Common Class T
Entity Information
Entity Common Stock, Shares Outstanding		65,900,000
Common Class S
Entity Information
Entity Common Stock, Shares Outstanding		28,700,000
Common Class D
Entity Information
Entity Common Stock, Shares Outstanding		34,900,000
Common Class I
Entity Information
Entity Common Stock, Shares Outstanding		95,000,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Investment property, net	$ 3,014,475	$ 2,940,117
Investments in real estate-related securities	138,503	133,741
Cash and cash equivalents	124,636	112,149
Restricted cash	8,778	15,393
Derivative instruments	46,369	30,966
Tenant and other receivables, net	52,245	51,344
Intangible lease assets, net	267,358	300,137
Financing lease right-of-use asset, net	15,677	15,744
Deferred leasing costs, net	58,901	58,448
Deferred financing costs, net	464	925
Other assets	25,264	20,836
Total assets	3,752,670	3,679,800
Liabilities:
Accounts payable and accrued expenses	114,537	84,373
Intangible lease liabilities, net	64,132	69,079
Financing lease liability	17,406	17,383
Financing obligations	64,919	13,570
Derivative instruments	6	11
Distributions payable	12,727	12,171
Notes payable, net	1,322,160	1,301,921
Total liabilities	1,713,570	1,634,514
Commitments and contingencies (Note 11)	0	0
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of June 30, 2023 and December 31, 2022	0	0
Common shares, $0.001 par value per share (Note 6)	260	250
Additional paid-in capital	2,511,633	2,445,101
Accumulated distributions in excess of earnings	(466,012)	(382,973)
Accumulated other comprehensive income (loss)	(6,781)	(17,092)
Total stockholders’ equity	2,039,100	2,045,286
Noncontrolling interests	0	0
Total equity	2,039,100	2,045,286
Total liabilities and equity	3,752,670	3,679,800
Related Party
Liabilities:
Due to affiliates	66,307	90,506
Nonrelated Party
Liabilities:
Due to affiliates	$ 51,376	$ 45,500

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental revenue	$ 73,219	$ 57,858	$ 146,781	$ 115,481
Other revenue	2,498	1,430	5,053	2,978
Total revenues	75,717	59,288	151,834	118,459
Expenses:
Property operating expenses	16,807	12,512	34,253	26,626
Real property taxes	9,522	7,143	19,062	14,045
Property management fees	2,186	1,742	4,286	3,500
Depreciation and amortization	31,600	27,364	66,991	54,590
Asset management fees	7,498	5,981	15,001	11,609
Performance participation allocation	0	11,765	0	22,296
General and administrative expenses	2,280	1,663	4,609	3,256
Total expenses	69,893	68,170	144,202	135,922
Other income (expenses):
Gain (loss) on derivative instruments	10,359	3,005	10,258	5,792
Gain (loss) on investments in real estate-related securities	4,030	(17,532)	6,093	(20,126)
Gain (loss) on sale of real estate	0	26	0	21,022
Foreign currency gains (losses)	1,571	(1,875)	2,158	(3,469)
Interest expense	(20,742)	(8,485)	(39,757)	(15,492)
Other income and expenses	3,156	1,231	6,539	1,832
Income (loss) before benefit (provision) for income taxes	4,198	(32,512)	(7,077)	(27,904)
Benefit (provision) for income taxes	(688)	(551)	(529)	(2,272)
Provision for income taxes related to sale of real estate	0	0	0	(1,731)
Net income (loss)	3,510	(33,063)	(7,606)	(31,907)
Net (income) loss attributable to noncontrolling interests	(4)	(4)	(7)	(7)
Net income (loss) attributable to common stockholders	$ 3,506	$ (33,067)	$ (7,613)	$ (31,914)
Basic income (loss) per common share (in dollars per share)	$ 0.01	$ (0.17)	$ (0.03)	$ (0.17)
Diluted income (loss) per common share (in dollars per share)	$ 0.01	$ (0.17)	$ (0.03)	$ (0.17)
Weighted average number of common shares outstanding, basic (in shares)	260,380	199,470	258,208	185,198
Weighted average number of common shares outstanding, diluted (in shares)	260,380	199,470	258,208	185,198
Comprehensive income (loss):
Net income (loss)	$ 3,510	$ (33,063)	$ (7,606)	$ (31,907)
Other comprehensive income (loss):
Foreign currency translation adjustment	3,981	(22,345)	10,311	(29,580)
Comprehensive income (loss)	7,491	(55,408)	2,705	(61,487)
Comprehensive (income) loss attributable to noncontrolling interests	(4)	(4)	(7)	(7)
Comprehensive income (loss) attributable to common stockholders	$ 7,487	$ (55,412)	$ 2,698	$ (61,494)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) - 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, 2021			154,806
Beginning balance at Dec. 31, 2021		$ 1,236,032	$ 154	$ 1,440,225	$ (211,975)	$ 7,628	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			26,159
Issuance of common shares		282,365	$ 25	282,340
Distributions declared		(24,753)			(24,753)		(3)
Redemption of common shares (in shares)			(886)
Redemption of common shares	$ 0	(9,760)		(9,760)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(11,202)		(11,202)
Offering costs		(1,041)		(1,041)
Net income (loss)		1,153			1,153		3
Foreign currency translation adjustment		(7,592)				(7,592)
Foreign currency translation adjustment reclassified into earnings		357				357
Ending balance (in shares) at Mar. 31, 2022			180,079
Ending balance at Mar. 31, 2022		1,465,559	$ 179	1,700,562	(235,575)	393	0
Beginning balance (in shares) at Dec. 31, 2021			154,806
Beginning balance at Dec. 31, 2021		1,236,032	$ 154	1,440,225	(211,975)	7,628	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(31,907)
Foreign currency translation adjustment	(29,580)
Ending balance (in shares) at Jun. 30, 2022			210,241
Ending balance at Jun. 30, 2022		1,698,816	$ 208	2,018,385	(297,825)	(21,952)	0
Beginning balance (in shares) at Mar. 31, 2022			180,079
Beginning balance at Mar. 31, 2022		1,465,559	$ 179	1,700,562	(235,575)	393	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			31,165
Issuance of common shares		345,832	$ 31	345,801
Distributions declared		(29,183)			(29,183)		(4)
Redemption of common shares (in shares)			(1,003)
Redemption of common shares		(12,348)	$ (2)	(12,346)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(13,709)		(13,709)
Offering costs		(1,923)		(1,923)
Net income (loss)	(33,063)	(33,067)			(33,067)		4
Foreign currency translation adjustment	(22,345)	(22,345)				(22,345)
Ending balance (in shares) at Jun. 30, 2022			210,241
Ending balance at Jun. 30, 2022		1,698,816	$ 208	2,018,385	(297,825)	(21,952)	0
Beginning balance (in shares) at Dec. 31, 2022			250,577
Beginning balance at Dec. 31, 2022	2,045,286	2,045,286	$ 250	2,445,101	(382,973)	(17,092)	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			11,362
Issuance of common shares		126,107	$ 10	126,097
Distributions declared		(37,366)			(37,366)		(3)
Redemption of common shares (in shares)			(4,014)
Redemption of common shares		(53,027)	$ (4)	(53,023)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(3,807)		(3,807)
Offering costs		(1,314)		(1,314)
Net income (loss)		(11,119)			(11,119)		3
Foreign currency translation adjustment		6,330				6,330
Ending balance (in shares) at Mar. 31, 2023			257,925
Ending balance at Mar. 31, 2023		2,071,090	$ 256	2,513,054	(431,458)	(10,762)	0
Beginning balance (in shares) at Dec. 31, 2022			250,577
Beginning balance at Dec. 31, 2022	2,045,286	2,045,286	$ 250	2,445,101	(382,973)	(17,092)	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(7,606)
Foreign currency translation adjustment	10,311
Ending balance (in shares) at Jun. 30, 2023			261,116
Ending balance at Jun. 30, 2023	2,039,100	2,039,100	$ 260	2,511,633	(466,012)	(6,781)	0
Beginning balance (in shares) at Mar. 31, 2023			257,925
Beginning balance at Mar. 31, 2023		2,071,090	$ 256	2,513,054	(431,458)	(10,762)	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			9,836
Issuance of common shares		106,022	$ 6	106,016
Distributions declared		(38,060)			(38,060)		(4)
Redemption of common shares (in shares)			(6,645)
Redemption of common shares		(101,862)	$ (2)	(101,860)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(2,878)		(2,878)
Offering costs		(2,699)		(2,699)
Net income (loss)	3,510	3,506			3,506		4
Foreign currency translation adjustment	3,981	3,981				3,981
Ending balance (in shares) at Jun. 30, 2023			261,116
Ending balance at Jun. 30, 2023	$ 2,039,100	$ 2,039,100	$ 260	$ 2,511,633	$ (466,012)	$ (6,781)	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (7,606)	$ (31,907)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	69,394	54,198
Gain on sale of real estate	0	(21,022)
Foreign currency (gains) losses	(2,158)	3,469
(Gain) loss on derivative instruments	(10,258)	(5,792)
(Gain) loss on investments in real estate-related securities	(6,093)	20,126
Changes in assets and liabilities:
Change in other assets	(3,363)	(5,592)
Change in tenant and other receivables	923	(7,596)
Change in deferred leasing costs	(5,481)	(17,687)
Change in accounts payable and accrued expenses	(8,529)	(7,598)
Change in other liabilities	2,504	5,265
Change in due to affiliates	(22,998)	(7,316)
Net cash from (used in) operating activities	6,335	(21,452)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(74,199)	(414,969)
Capital expenditures at operating properties	(9,748)	(22,424)
Proceeds from sale of real estate	0	120,175
Purchases of real estate-related securities	(27,165)	(74,583)
Proceeds from settlement of real estate-related securities	28,496	27,086
Proceeds from settlement of interest rate contracts	11,346	0
Payments related to interest rate contracts	(17,320)	(3,290)
Net cash from (used in) investing activities	(88,590)	(368,005)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares	192,708	601,496
Redemption of common shares	(114,754)	(20,497)
Payment of offering costs	(4,488)	(3,978)
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(7,464)	(8,597)
Distributions paid to stockholders and noncontrolling interests	(35,607)	(24,685)
Proceeds from financing obligations	51,349	0
Proceeds from notes payable	215,504	41,281
Payments on notes payable	(209,391)	(36,897)
Change in security deposit liability	482	1,205
Deferred financing costs paid	(653)	(1,833)
Net cash from (used in) financing activities	87,686	547,495
Effect of exchange rate changes on cash, restricted cash and cash equivalents	441	(5,264)
Net change in cash, restricted cash and cash equivalents	5,872	152,774
Cash, restricted cash and cash equivalents, beginning of period	127,542	211,427
Cash, restricted cash and cash equivalents, end of period	$ 133,414	$ 364,201

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION The accompanying interim unaudited condensed consolidated financial information has been prepared according to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly and in conformity with accounting principles generally accepted in the United States of America (“ GAAP ”) the financial position of Hines Global Income Trust, Inc. as of June 30, 2023 and December 31, 2022, and the results of operations for the three and six months ended June 30, 2023 and 2022, the changes in stockholders’ equity for each of the quarterly periods in the six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022 have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations. For further information, refer to the financial statements and footnotes included in Hines Global Income Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022. Hines Global Income Trust, Inc. (the “Company”), 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 June 30, 2023 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. As of June 30, 2023, the Company owned direct real estate investments in 39 properties totaling 16.6 million square feet that were 95% leased. The Company raises capital for its investments through continuous public offerings of its common stock. The Company launched its third public offering of up to $2.5 billion in shares of its common stock (the “Third Offering”) on June 2, 2021 through which it is offering up to $2.5 billion in shares of common stock including $500.0 million of shares offered under its distribution reinvestment plan. As of June 30, 2023, the Company had received gross offering proceeds of approximately $3.0 billion from the sale of 289.1 million shares through its public offerings, including shares issued pursuant to its distribution reinvestment plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements of the Company included in this Quarterly Report on Form 10-Q 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. Immaterial Restatement of Prior Period Financial Statements Subsequent to the issuance of the condensed consolidated financial statements for the six months ended June 30, 2022, we identified an error in the classification of amounts related to interest rate contracts on the condensed consolidated statement of cash flows. The correction of the error resulted in an increase in net cash used in investing activities and an increase in net cash from financing activities of approximately $3.3 million from the previously reported amounts for the period ended June 30, 2022. There was no other effect on previously reported amounts. 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. 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 condensed 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 condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Unrealized gain (loss) $ 4,689 $ (18,701) $ 10,886 $ (23,334) Realized gain (loss) (659) 1,169 (4,793) 3,208 Total gain (loss) on real estate-related securities $ 4,030 $ (17,532) $ 6,093 $ (20,126) 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. 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. Straight-line rent receivables were $31.2 million and $27.7 million as of June 30, 2023 and December 31, 2022, respectively. Other Assets Other assets included the following (in thousands): June 30, 2023 December 31, 2022 Prepaid insurance $ 1,444 $ 1,415 Prepaid taxes 5,259 2,557 Deferred tax assets (1) 12,405 10,962 Operating lease right-of-use asset, net 3,941 3,678 Other 2,215 2,224 Other assets $ 25,264 $ 20,836 (1) Includes the effects of a valuation allowance of $10.6 million and $9.8 million as of June 30, 2023 and December 31, 2022, 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 Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $3.9 million and $3.7 million in other assets as of June 30, 2023 and December 31, 2022, respectively, and has recorded a lease liability of approximately $1.5 million and $1.4 million in other liabilities, as of June 30, 2023 and December 31, 2022, respectively, in the Company’s condensed 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 Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $15.7 million and $15.7 million in financing lease right-of-use asset, net, as of June 30, 2023 and December 31, 2022, respectively, and has recorded a lease liability of approximately $17.4 million and $17.4 million in financing lease liability, as of June 30, 2023 and December 31, 2022, respectively, in the Company’s condensed 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 the JPMorgan 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 the period from July 1, 2023 through December 31, 2023 and for each of the years ending December 31, 2024 through December 31, 2028 and thereafter are as follows (in thousands): Lease Payments Operating Leases Financing Leases July 1, 2023 through December 31, 2023 $ — $ 270 2024 86 540 2025 86 540 2026 86 540 2027 86 540 2028 86 540 Thereafter 5,228 69,810 Total $ 5,658 $ 72,780 Ground Lease Liability $ 1,457 $ 17,406 Undiscounted Excess Amount $ 4,201 $ 55,374

Investment Property

Investment Property	6 Months Ended
Investment Property	Jun. 30, 2023
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Buildings and improvements $ 2,387,848 $ 2,306,257 Less: accumulated depreciation (171,299) (137,962) Buildings and improvements, net 2,216,549 2,168,295 Land 797,926 771,822 Investment property, net $ 3,014,475 $ 2,940,117 Recent Acquisitions of Investment Property During the six months ended June 30, 2023, the Company acquired EMME, a multifamily property located in Chicago, Illinois, for a net purchase price of $73.8 million, exclusive of transaction costs and working capital reserves. The amounts recognized for the asset acquisition as of the acquisition date were determined by allocating the net purchase price as follows (in thousands): Property Name Acquisition Date Building and Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net Total EMME 6/21/2023 $ 55,571 $ 17,694 $ 1,274 $ — $ 74,539 As of June 30, 2023, 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 $ 389,925 $ 25,424 $ (88,533) Less: accumulated amortization (141,818) (6,173) 24,401 Net $ 248,107 $ 19,251 $ (64,132) As of December 31, 2022, 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 $ 392,879 $ 25,371 $ (88,708) Less: accumulated amortization (113,221) (4,892) 19,629 Net $ 279,658 $ 20,479 $ (69,079) Amortization expense of in-place leases was $14.8 million and $15.3 million for the three months ended June 30, 2023 and 2022, respectively, which was recorded to depreciation and amortization on the condensed consolidated statements of operations and comprehensive income (loss). Net amortization of out-of-market leases resulted in an increase to rental revenue of $1.9 million and $1.8 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense of in-place leases was $33.8 million and $30.3 million for the six months ended June 30, 2023 and 2022, respectively, which was recorded to depreciation and amortization on the condensed consolidated statements of operations and comprehensive income (loss). Net amortization of out-of-market leases resulted in an increase to rental revenue of $3.8 million and $4.6 million for the six months ended June 30, 2023 and 2022, respectively. Anticipated amortization of the Company’s in-place leases and out-of-market leases, net for the period from July 1, 2023 through December 31, 2023 and for each of the years ending December 31, 2024 through December 31, 2028 are as follows (in thousands): In-Place Lease Out-of-Market July 1, 2023 through December 31, 2023 $ 27,438 $ (3,779) 2024 $ 46,650 $ (6,328) 2025 $ 38,608 $ (4,991) 2026 $ 29,523 $ (2,995) 2027 $ 25,215 $ (2,357) 2028 $ 19,384 $ (2,314) 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 three and six months ended June 30, 2023 were $10.1 million and $21.4 million, respectively, and for the three and six months ended June 30, 2022 were $8.3 million and $16.5 million, respectively, which are included in rental revenue on the condensed consolidated statements of operations and comprehensive income (loss). The Company has entered into non-cancelable lease agreements with tenants for space. As of June 30, 2023, the approximate fixed future minimum rentals for the period from July 1, 2023 through December 31, 2023, for each of the years ending December 31, 2024 through 2028 and thereafter related to the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals July 1, 2023 through December 31, 2023 $ 91,447 2024 170,588 2025 152,598 2026 133,779 2027 120,499 2028 102,185 Thereafter 477,901 Total $ 1,248,997 During the six months ended June 30, 2023 and 2022, the Company did not earn more than 10% of its revenue from any individual tenant.

Debt Financing

Debt Financing	6 Months Ended
Debt Financing	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of June 30, 2023 and December 31, 2022, the Company had approximately $1.3 billion and $1.3 billion of debt outstanding, respectively, with a weighted average years to maturity of 1.3 years and 1.6 years, respectively, and a weighted average interest rate of 3.67% and 3.51%, respectively. The following table provides additional information regarding the Company’s debt outstanding at June 30, 2023 and December 31, 2022 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of June 30, 2023 Principal Outstanding at June 30, 2023 Principal Outstanding at December 31, 2022 Fixed Rate Loans Fixed rate secured mortgage debt 8/2023-6/2026 N/A 2.25% (1) $ 122,445 $ 201,684 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,679 7,549 Total fixed rate loans $ 130,124 $ 209,233 Variable Rate Loans Floating rate secured mortgage debt 8/2023-6/2027 N/A 3.42% (3) $ 426,132 $ 407,724 JPMorgan Chase Credit Facility - Revolver 11/15/2023 (4) $ 425,000 6.60% 170,000 90,000 JPMorgan Chase Credit Facility - Term Loan 11/15/2023 (4) $ 300,000 3.35% (5) 300,000 300,000 JPMorgan Chase Credit Facility - Term Loan 12/20/2024 (4) $ 300,000 3.35% (5) 300,000 300,000 Total variable rate loans $ 1,196,132 $ 1,097,724 Total Notes Payable $ 1,326,256 $ 1,306,957 Total Principal Outstanding $ 1,326,256 $ 1,306,957 Unamortized financing fees (4,096) (5,036) Total $ 1,322,160 $ 1,301,921 (1) As of June 30, 2023, the effective interest rates on our fixed rate mortgage debt ranged from 1.05% to 2.98%. The amount of principal outstanding as of June 30, 2023 includes $57.1 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 June 30, 2023, the effective interest rates on our floating rate mortgage debt ranged from 2.15% to 6.03%. The amount of principal outstanding as of June 30, 2023 includes $375.9 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) The Company has two one-year extension options contingent on the Company’s compliance with certain loan covenants. The Company believes it is probable that these options will be exercised prior to maturity. (5) As of June 30, 2023, the effective interest rates related to these loans were effectively capped at 3.35%, as a result of the Company’s 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. Additionally, on March 24, 2023, the Company amended its credit facility with JPMorgan Chase Bank, N.A., (the “JPMorgan Credit Facility”) to modify the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). 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 June 30, 2023 and as of 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 the period from July 1, 2023 through December 31, 2023, for each of the years ending December 31, 2024 through December 31, 2027 and for the period thereafter (in thousands). Payments Due by Year July 1, 2023 through December 31, 2023 2024 2025 2026 2027 Thereafter Principal payments $ 629,832 (1) $ 436,172 (2) $ 26,383 $ 101,200 $ 127,997 $ 4,672 (1) Included in this amount are the following outstanding balances: • $470.0 million relating to the JPMorgan Credit Facility. The Company has two one-year extension options contingent on the Company’s compliance with certain loan covenants. The Company believes it is probable that these options will be exercised prior to maturity. • $87.3 million relating to the Company’s mortgage debt secured by Fresh Park Venlo, which was amended by the Company in July 2023 to extend the maturity date from July 2023 to February 2024. • $65.8 million relating to the Company’s mortgage debt secured by Cottonwood Corporate Center, which was repaid by the Company in August 2023, using proceeds from the Company’s credit facility with JPMorgan Chase. (2) Included in this amount is $300.0 million relating to the outstanding balance of the JPMorgan Credit Facility. The Company has two one-year extension options contingent on the Company’s compliance with certain loan covenants. The Company believes it is probable that these options will be exercised prior to maturity.

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2023
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 JPMorgan 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 condensed 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 condensed consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of June 30, 2023 Interest rate contracts 32 $ 1,033,003 $ 46,369 $ — Foreign currency forwards 1 72 — (6) Total derivative instruments 33 $ 1,033,075 $ 46,369 $ (6) 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) The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) on Derivative Instruments Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Derivatives not designated as hedging instruments: Interest rate contracts $ 10,357 $ 3,005 $ 10,262 $ 5,792 Foreign currency forward contracts 2 — (4) — Total gain (loss) on derivatives $ 10,359 $ 3,005 $ 10,258 $ 5,792

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS' 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 public 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 June 30, 2023 and December 31, 2022, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): June 30, 2023 December 31, 2022 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 35,248 40,000 36,221 Class TX common stock, $0.001 par value per share 40,000 — (1) 40,000 142 Class IX common stock, $0.001 par value per share 10,000 13 10,000 22 Class JX common stock, $0.001 par value per share 10,000 65 10,000 64 Class T common stock, $0.001 par value per share 350,000 66,643 350,000 65,845 Class S common stock, $0.001 par value per share 350,000 27,949 350,000 24,806 Class D common stock, $0.001 par value per share 350,000 34,460 350,000 32,553 Class I common stock, $0.001 par value per share 350,000 96,738 350,000 90,924 (1) All remaining Class TX shares previously issued and outstanding have been converted to Class AX shares in accordance with the Company’s charter. The tables below provide information regarding the issuances and redemptions of each class of the Company’s common stock during the six months ended June 30, 2023 and 2022 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the six months ended June 30, 2022. 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, 2023 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 Issuance of common shares 244 — — — — — 1 — 2,211 2 2,017 2 1,458 1 5,431 5 11,362 10 Conversion of common shares (1) 117 — (117) — — — — — (439) — — — — — 439 — — — Redemption of common shares (839) (1) — — — — — — (799) (1) (253) — (419) — (1,704) (2) (4,014) (4) Balance as of March 31, 2023 35,743 $ 33 25 $ 4 22 $ — 65 $ — 66,818 $ 66 26,570 $ 27 33,592 $ 33 95,090 $ 93 257,925 $ 256 Issuance of common shares 248 — — — — — 1 — 2,081 2 1,594 2 1,312 1 4,600 1 9,836 6 Conversion of common shares (1) 25 4 (25) (4) (9) — 9 — (860) (1) — — — — 860 1 — — Redemption of common shares (768) (1) — — — — (10) — (1,396) (1) (215) — (444) — (3,812) — (6,645) (2) Balance as of June 30, 2023 35,248 $ 36 — $ — 13 $ — 65 $ — 66,643 $ 66 27,949 $ 29 34,460 $ 34 96,738 $ 95 261,116 $ 260 (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, 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 221 — 33 — 1 — 3,205 3 6,158 6 3,207 3 13,334 13 26,159 25 Conversion of common shares (1) 3,099 3 (3,099) (3) — — (67) — — — — — 67 — — — Redemption of common shares (390) — (58) — — — (251) — — — (39) — (148) — (886) — Balance as of March 31, 2022 32,307 $ 31 4,482 $ 8 88 $ — 56,063 $ 56 9,457 $ 9 22,168 $ 21 55,514 $ 54 180,079 $ 179 Issuance of common shares 238 — 11 — — — 3,846 4 7,038 7 4,058 4 15,974 16 31,165 31 Conversion of common shares (1) 1,878 2 (1,878) (2) — — (236) — — — — — 236 — — — Redemption of common shares (353) (1) (2) — (1) — (308) (1) (1) — (151) — (187) — (1,003) (2) Balance as of June 30, 2022 34,070 $ 32 2,613 $ 6 87 $ — 59,365 $ 59 16,494 $ 16 26,075 $ 25 71,537 $ 70 210,241 $ 208 (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. Distributions With the authorization of the Company’s board of directors, the Company declared distributions monthly from January 2022 through July 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 each of the quarters ended during 2023 and 2022, 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 Three Months Ended Cash Distributions Distributions Reinvested Total Declared 2023 June 30, 2023 $ 18,131 $ 19,929 $ 38,060 March 31, 2023 17,752 19,615 37,366 Total $ 35,883 $ 39,544 $ 75,426 2022 December 31, 2022 $ 16,988 $ 18,878 $ 35,865 September 30, 2022 15,829 17,270 33,100 June 30, 2022 14,087 15,096 29,183 March 31, 2022 11,891 12,862 24,753 Total $ 58,795 $ 64,106 $ 122,901 The table below outlines the net distributions declared for each class of shares for the three and six months ended June 30, 2023 and 2022, respectively. 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 (rounded to the nearest cent). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Distributions declared per Class AX share, net $ 0.16 $ 0.16 $ 0.31 $ 0.31 Distributions declared per Class TX share, net $ 0.13 $ 0.13 $ 0.26 $ 0.26 Distributions declared per Class IX share, net $ 0.15 $ 0.15 $ 0.30 $ 0.30 Distributions declared per Class JX share, net $ 0.16 $ — $ 0.31 $ — Distributions declared per Class T share, net $ 0.13 $ 0.13 $ 0.26 $ 0.26 Distributions declared per Class S share, net $ 0.13 $ 0.13 $ 0.27 $ 0.27 Distributions declared per Class D share, net $ 0.15 $ 0.15 $ 0.30 $ 0.30 Distributions declared per Class I share, net $ 0.16 $ 0.16 $ 0.31 $ 0.31

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
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 periods indicated below (in thousands): Incurred Three Months Ended June 30, Six Months Ended June 30, Unpaid as of Type and Recipient 2023 2022 2023 2022 June 30, 2023 December 31, 2022 Selling Commissions- Dealer Manager (1) $ 848 $ 2,490 $ 1,958 $ 4,365 $ — $ — Dealer Manager Fee- Dealer Manager (1) 90 191 190 349 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 1,940 11,028 4,537 20,197 63,324 64,104 Organization and Offering Costs- the Advisor 2,699 1,924 4,013 2,964 2,753 3,228 Asset Management Fees- the Advisor 7,498 5,981 15,001 11,609 2,056 1,626 Other- the Advisor (2) 1,110 1,112 2,160 3,195 1,413 2,352 Performance Participation Allocation- the Advisor (3) — 11,765 — 22,296 — 18,787 Property Management Fees- Hines and its affiliates 1,631 1,118 3,219 2,205 345 413 Development and Construction Management Fees- Hines and its affiliates (4) 505 591 612 981 467 769 Leasing Fees- Hines and its affiliates (5) 354 165 631 1,087 895 616 Expense Reimbursement- Hines and its affiliates (with respect to management and operations of the Company's properties) (6) 3,648 2,829 7,404 5,823 (4,946) (7) (1,389) (7) Total $ 20,323 $ 39,194 $ 39,725 $ 75,071 $ 66,307 $ 90,506 (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) 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 condensed consolidated balance sheets. (5) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s condensed consolidated balance sheets and amortized over the life of the lease. (6) 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. (7) As of June 30, 2023 and December 31, 2022, the balance included $6.6 million and $2.8 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
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 5 —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 June 30, 2023 and 2022, 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 5 —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 As of Description Fair Value of Assets Quoted Prices Significant Significant June 30, 2023 Investments in real estate-related securities $ 138,503 $ 138,503 $ — $ — December 31, 2022 Investments in real estate-related securities $ 133,741 $ 133,741 $ — $ —

Reportable Segments

Reportable Segments	6 Months Ended
Reportable Segments	Jun. 30, 2023
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. 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. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Office investments $ 17,889 $ 13,641 $ 35,908 $ 25,099 Industrial investments 22,550 23,793 45,146 49,485 Residential/Living investments 18,586 9,864 36,919 20,879 Retail investments 8,883 7,184 18,215 13,883 Other investments 7,809 4,806 15,646 9,113 Total revenues $ 75,717 $ 59,288 $ 151,834 $ 118,459 For the three and six months ended June 30, 2023 and 2022, the Company’s total revenues were attributable to the following countries: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total revenues United States 76 % 68 % 76 % 66 % The Netherlands 10 % 16 % 10 % 17 % United Kingdom 8 % 9 % 8 % 9 % Poland 2 % 2 % 2 % 3 % Spain 2 % 2 % 2 % 2 % Czech Republic 1 % 2 % 1 % 2 % Ireland 1 % — % * 1 % — % * Germany — % * 1 % — % * 1 % * Amount is less than 1% For the three and six months ended June 30, 2023 and 2022, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues in excess of property expenses (1) Office investments $ 11,455 $ 8,663 $ 22,762 $ 15,514 Industrial investments 14,500 15,912 28,728 33,024 Residential/Living investments 10,144 5,574 20,220 11,199 Retail investments 5,484 4,111 11,326 7,763 Other investments 5,619 3,631 11,197 6,788 Total revenues in excess of property expenses $ 47,202 $ 37,891 $ 94,233 $ 74,288 (1) Revenues less property operating expenses, real property taxes and property management fees. As of June 30, 2023 and December 31, 2022, the Company’s total assets by segment were as follows (in thousands): June 30, 2023 December 31, 2022 Assets Office investments $ 710,692 $ 730,789 Industrial investments 1,039,245 1,025,938 Residential/Living investments 1,011,164 942,548 Retail investments 368,957 379,187 Other investments 381,389 392,269 Corporate-level accounts 241,223 209,069 Total assets $ 3,752,670 $ 3,679,800 As of June 30, 2023 and December 31, 2022, the Company’s total assets were attributable to the following countries: June 30, 2023 December 31, 2022 Total assets United States 77 % 76 % United Kingdom 9 % 9 % The Netherlands 8 % 9 % Spain 2 % 2 % Poland 1 % 1 % Germany 1 % 1 % Czech Republic 1 % 1 % Ireland 1 % 1 % For the three and six months ended June 30, 2023 and 2022 the Company’s reconciliation of the Company’s property revenue in excess of expenses is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reconciliation to revenues in excess of property expenses Net income (loss) $ 3,510 $ (33,063) $ (7,606) $ (31,907) Depreciation and amortization 31,600 27,364 66,991 54,590 Asset management fees 7,498 5,981 15,001 11,609 Performance participation allocation — 11,765 — 22,296 General and administrative expenses 2,280 1,663 4,609 3,256 (Gain) loss on derivative instruments (10,359) (3,005) (10,258) (5,792) (Gain) loss on investments in real estate-related securities (4,030) 17,532 (6,093) 20,126 Gain on sale of real estate — (26) — (21,022) Foreign currency (gains) losses (1,571) 1,875 (2,158) 3,469 Interest expense 20,742 8,485 39,757 15,492 Other income and expenses (3,156) (1,231) (6,539) (1,832) (Benefit) provision for income taxes 688 551 529 2,272 Provision for income taxes related to sale of real estate — — — 1,731 Total revenues in excess of property expenses $ 47,202 $ 37,891 $ 94,233 $ 74,288

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
Supplemental Cash Flow Disclosures	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 34,165 $ 13,152 Cash paid for income taxes $ 3,366 $ 1,023 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 12,727 $ 10,182 Distributions reinvested $ 39,276 $ 26,549 Shares tendered for redemption $ 51,866 $ 4,629 Non-cash net liabilities (assets) assumed $ 1,545 $ 16,607 Offering costs payable to the Advisor $ 4,013 $ 2,964 Distribution and stockholder servicing fees payable to the Dealer Manager $ 4,670 $ 20,198 Accrued capital additions $ 1,109 $ 7,334 Accrued acquisition costs $ 71 $ 1,934

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS I-70 Logistics Center In July 2023, the Company entered into a purchase and sale agreement to purchase I-70 Logistics Center, an industrial property located in Etna, Ohio. The contract purchase price for I-70 Logistics Center is expected to be approximately $67.1 million, exclusive of transaction costs and closing prorations. The Company expects the closing of this acquisition to occur in August 2023, subject to a number of closing conditions. However, the Company can provide no assurance that this acquisition will close on the expected timeline or at all.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to common stockholders	$ 3,506	$ (33,067)	$ (7,613)	$ (31,914)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe condensed consolidated financial statements of the Company included in this Quarterly Report on Form 10-Q 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.
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.
Tenant and Other Receivables	Tenant and Other ReceivablesTenant and other receivables consists primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. 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.
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 Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $3.9 million and $3.7 million in other assets as of June 30, 2023 and December 31, 2022, respectively, and has recorded a lease liability of approximately $1.5 million and $1.4 million in other liabilities, as of June 30, 2023 and December 31, 2022, respectively, in the Company’s condensed 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 Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $15.7 million and $15.7 million in financing lease right-of-use asset, net, as of June 30, 2023 and December 31, 2022, respectively, and has recorded a lease liability of approximately $17.4 million and $17.4 million in financing lease liability, as of June 30, 2023 and December 31, 2022, respectively, in the Company’s condensed consolidated balance sheets.
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 JPMorgan 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 condensed 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.
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 5 —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 June 30, 2023 and 2022, 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 5 —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	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:

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of 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 condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Unrealized gain (loss) $ 4,689 $ (18,701) $ 10,886 $ (23,334) Realized gain (loss) (659) 1,169 (4,793) 3,208 Total gain (loss) on real estate-related securities $ 4,030 $ (17,532) $ 6,093 $ (20,126)
Schedule of Other Assets	Other assets included the following (in thousands): June 30, 2023 December 31, 2022 Prepaid insurance $ 1,444 $ 1,415 Prepaid taxes 5,259 2,557 Deferred tax assets (1) 12,405 10,962 Operating lease right-of-use asset, net 3,941 3,678 Other 2,215 2,224 Other assets $ 25,264 $ 20,836 (1) Includes the effects of a valuation allowance of $10.6 million and $9.8 million as of June 30, 2023 and December 31, 2022, respectively.
Schedule of Lease Maturity	A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for its ground leases for the period from July 1, 2023 through December 31, 2023 and for each of the years ending December 31, 2024 through December 31, 2028 and thereafter are as follows (in thousands): Lease Payments Operating Leases Financing Leases July 1, 2023 through December 31, 2023 $ — $ 270 2024 86 540 2025 86 540 2026 86 540 2027 86 540 2028 86 540 Thereafter 5,228 69,810 Total $ 5,658 $ 72,780 Ground Lease Liability $ 1,457 $ 17,406 Undiscounted Excess Amount $ 4,201 $ 55,374

Investment Property (Tables)

Investment Property (Tables)	6 Months Ended
Investment Property (Tables)	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment property consisted of the following amounts as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Buildings and improvements $ 2,387,848 $ 2,306,257 Less: accumulated depreciation (171,299) (137,962) Buildings and improvements, net 2,216,549 2,168,295 Land 797,926 771,822 Investment property, net $ 3,014,475 $ 2,940,117
Asset Acquisition	The amounts recognized for the asset acquisition as of the acquisition date were determined by allocating the net purchase price as follows (in thousands): Property Name Acquisition Date Building and Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net Total EMME 6/21/2023 $ 55,571 $ 17,694 $ 1,274 $ — $ 74,539
Schedule of Acquired Finite-Lived Intangible Assets By Major Class	As of June 30, 2023, 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 $ 389,925 $ 25,424 $ (88,533) Less: accumulated amortization (141,818) (6,173) 24,401 Net $ 248,107 $ 19,251 $ (64,132) As of December 31, 2022, 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 $ 392,879 $ 25,371 $ (88,708) Less: accumulated amortization (113,221) (4,892) 19,629 Net $ 279,658 $ 20,479 $ (69,079)
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 the period from July 1, 2023 through December 31, 2023 and for each of the years ending December 31, 2024 through December 31, 2028 are as follows (in thousands): In-Place Lease Out-of-Market July 1, 2023 through December 31, 2023 $ 27,438 $ (3,779) 2024 $ 46,650 $ (6,328) 2025 $ 38,608 $ (4,991) 2026 $ 29,523 $ (2,995) 2027 $ 25,215 $ (2,357) 2028 $ 19,384 $ (2,314)
Schedule of Operating Lease Payments to be Received	The Company has entered into non-cancelable lease agreements with tenants for space. As of June 30, 2023, the approximate fixed future minimum rentals for the period from July 1, 2023 through December 31, 2023, for each of the years ending December 31, 2024 through 2028 and thereafter related to the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals July 1, 2023 through December 31, 2023 $ 91,447 2024 170,588 2025 152,598 2026 133,779 2027 120,499 2028 102,185 Thereafter 477,901 Total $ 1,248,997

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
Debt Financing (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule Of Debt	The following table provides additional information regarding the Company’s debt outstanding at June 30, 2023 and December 31, 2022 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of June 30, 2023 Principal Outstanding at June 30, 2023 Principal Outstanding at December 31, 2022 Fixed Rate Loans Fixed rate secured mortgage debt 8/2023-6/2026 N/A 2.25% (1) $ 122,445 $ 201,684 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,679 7,549 Total fixed rate loans $ 130,124 $ 209,233 Variable Rate Loans Floating rate secured mortgage debt 8/2023-6/2027 N/A 3.42% (3) $ 426,132 $ 407,724 JPMorgan Chase Credit Facility - Revolver 11/15/2023 (4) $ 425,000 6.60% 170,000 90,000 JPMorgan Chase Credit Facility - Term Loan 11/15/2023 (4) $ 300,000 3.35% (5) 300,000 300,000 JPMorgan Chase Credit Facility - Term Loan 12/20/2024 (4) $ 300,000 3.35% (5) 300,000 300,000 Total variable rate loans $ 1,196,132 $ 1,097,724 Total Notes Payable $ 1,326,256 $ 1,306,957 Total Principal Outstanding $ 1,326,256 $ 1,306,957 Unamortized financing fees (4,096) (5,036) Total $ 1,322,160 $ 1,301,921 (1) As of June 30, 2023, the effective interest rates on our fixed rate mortgage debt ranged from 1.05% to 2.98%. The amount of principal outstanding as of June 30, 2023 includes $57.1 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 June 30, 2023, the effective interest rates on our floating rate mortgage debt ranged from 2.15% to 6.03%. The amount of principal outstanding as of June 30, 2023 includes $375.9 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) The Company has two one-year extension options contingent on the Company’s compliance with certain loan covenants. The Company believes it is probable that these options will be exercised prior to maturity.
Schedule Of Maturities Of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for the period from July 1, 2023 through December 31, 2023, for each of the years ending December 31, 2024 through December 31, 2027 and for the period thereafter (in thousands). Payments Due by Year July 1, 2023 through December 31, 2023 2024 2025 2026 2027 Thereafter Principal payments $ 629,832 (1) $ 436,172 (2) $ 26,383 $ 101,200 $ 127,997 $ 4,672 (1) Included in this amount are the following outstanding balances: • $470.0 million relating to the JPMorgan Credit Facility. The Company has two one-year extension options contingent on the Company’s compliance with certain loan covenants. The Company believes it is probable that these options will be exercised prior to maturity. • $87.3 million relating to the Company’s mortgage debt secured by Fresh Park Venlo, which was amended by the Company in July 2023 to extend the maturity date from July 2023 to February 2024. • $65.8 million relating to the Company’s mortgage debt secured by Cottonwood Corporate Center, which was repaid by the Company in August 2023, using proceeds from the Company’s credit facility with JPMorgan Chase. (2) Included in this amount is $300.0 million relating to the outstanding balance of the JPMorgan Credit Facility. The Company has two one-year extension options contingent on the Company’s compliance with certain loan covenants. The Company believes it is probable that these options will be exercised prior to maturity.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2023
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Interest Rate Contracts	The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our condensed consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of June 30, 2023 Interest rate contracts 32 $ 1,033,003 $ 46,369 $ — Foreign currency forwards 1 72 — (6) Total derivative instruments 33 $ 1,033,075 $ 46,369 $ (6) 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)
Derivative Instruments, Gain (Loss)	The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) on Derivative Instruments Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Derivatives not designated as hedging instruments: Interest rate contracts $ 10,357 $ 3,005 $ 10,262 $ 5,792 Foreign currency forward contracts 2 — (4) — Total gain (loss) on derivatives $ 10,359 $ 3,005 $ 10,258 $ 5,792

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Stock by Class	As of June 30, 2023 and December 31, 2022, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): June 30, 2023 December 31, 2022 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 35,248 40,000 36,221 Class TX common stock, $0.001 par value per share 40,000 — (1) 40,000 142 Class IX common stock, $0.001 par value per share 10,000 13 10,000 22 Class JX common stock, $0.001 par value per share 10,000 65 10,000 64 Class T common stock, $0.001 par value per share 350,000 66,643 350,000 65,845 Class S common stock, $0.001 par value per share 350,000 27,949 350,000 24,806 Class D common stock, $0.001 par value per share 350,000 34,460 350,000 32,553 Class I common stock, $0.001 par value per share 350,000 96,738 350,000 90,924 (1) All remaining Class TX shares previously issued and outstanding have been converted to Class AX shares in accordance with the Company’s charter.
Schedule of Common Stock Outstanding Roll Forward	The tables below provide information regarding the issuances and redemptions of each class of the Company’s common stock during the six months ended June 30, 2023 and 2022 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the six months ended June 30, 2022. 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, 2023 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 Issuance of common shares 244 — — — — — 1 — 2,211 2 2,017 2 1,458 1 5,431 5 11,362 10 Conversion of common shares (1) 117 — (117) — — — — — (439) — — — — — 439 — — — Redemption of common shares (839) (1) — — — — — — (799) (1) (253) — (419) — (1,704) (2) (4,014) (4) Balance as of March 31, 2023 35,743 $ 33 25 $ 4 22 $ — 65 $ — 66,818 $ 66 26,570 $ 27 33,592 $ 33 95,090 $ 93 257,925 $ 256 Issuance of common shares 248 — — — — — 1 — 2,081 2 1,594 2 1,312 1 4,600 1 9,836 6 Conversion of common shares (1) 25 4 (25) (4) (9) — 9 — (860) (1) — — — — 860 1 — — Redemption of common shares (768) (1) — — — — (10) — (1,396) (1) (215) — (444) — (3,812) — (6,645) (2) Balance as of June 30, 2023 35,248 $ 36 — $ — 13 $ — 65 $ — 66,643 $ 66 27,949 $ 29 34,460 $ 34 96,738 $ 95 261,116 $ 260 (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, 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 221 — 33 — 1 — 3,205 3 6,158 6 3,207 3 13,334 13 26,159 25 Conversion of common shares (1) 3,099 3 (3,099) (3) — — (67) — — — — — 67 — — — Redemption of common shares (390) — (58) — — — (251) — — — (39) — (148) — (886) — Balance as of March 31, 2022 32,307 $ 31 4,482 $ 8 88 $ — 56,063 $ 56 9,457 $ 9 22,168 $ 21 55,514 $ 54 180,079 $ 179 Issuance of common shares 238 — 11 — — — 3,846 4 7,038 7 4,058 4 15,974 16 31,165 31 Conversion of common shares (1) 1,878 2 (1,878) (2) — — (236) — — — — — 236 — — — Redemption of common shares (353) (1) (2) — (1) — (308) (1) (1) — (151) — (187) — (1,003) (2) Balance as of June 30, 2022 34,070 $ 32 2,613 $ 6 87 $ — 59,365 $ 59 16,494 $ 16 26,075 $ 25 71,537 $ 70 210,241 $ 208 (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.
Schedule of Distributions	The following table outlines the Company’s total distributions declared to stockholders for each of the quarters ended during 2023 and 2022, 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 Three Months Ended Cash Distributions Distributions Reinvested Total Declared 2023 June 30, 2023 $ 18,131 $ 19,929 $ 38,060 March 31, 2023 17,752 19,615 37,366 Total $ 35,883 $ 39,544 $ 75,426 2022 December 31, 2022 $ 16,988 $ 18,878 $ 35,865 September 30, 2022 15,829 17,270 33,100 June 30, 2022 14,087 15,096 29,183 March 31, 2022 11,891 12,862 24,753 Total $ 58,795 $ 64,106 $ 122,901 The table below outlines the net distributions declared for each class of shares for the three and six months ended June 30, 2023 and 2022, respectively. 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 (rounded to the nearest cent). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Distributions declared per Class AX share, net $ 0.16 $ 0.16 $ 0.31 $ 0.31 Distributions declared per Class TX share, net $ 0.13 $ 0.13 $ 0.26 $ 0.26 Distributions declared per Class IX share, net $ 0.15 $ 0.15 $ 0.30 $ 0.30 Distributions declared per Class JX share, net $ 0.16 $ — $ 0.31 $ — Distributions declared per Class T share, net $ 0.13 $ 0.13 $ 0.26 $ 0.26 Distributions declared per Class S share, net $ 0.13 $ 0.13 $ 0.27 $ 0.27 Distributions declared per Class D share, net $ 0.15 $ 0.15 $ 0.30 $ 0.30 Distributions declared per Class I share, net $ 0.16 $ 0.16 $ 0.31 $ 0.31

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2023
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 periods indicated below (in thousands): Incurred Three Months Ended June 30, Six Months Ended June 30, Unpaid as of Type and Recipient 2023 2022 2023 2022 June 30, 2023 December 31, 2022 Selling Commissions- Dealer Manager (1) $ 848 $ 2,490 $ 1,958 $ 4,365 $ — $ — Dealer Manager Fee- Dealer Manager (1) 90 191 190 349 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 1,940 11,028 4,537 20,197 63,324 64,104 Organization and Offering Costs- the Advisor 2,699 1,924 4,013 2,964 2,753 3,228 Asset Management Fees- the Advisor 7,498 5,981 15,001 11,609 2,056 1,626 Other- the Advisor (2) 1,110 1,112 2,160 3,195 1,413 2,352 Performance Participation Allocation- the Advisor (3) — 11,765 — 22,296 — 18,787 Property Management Fees- Hines and its affiliates 1,631 1,118 3,219 2,205 345 413 Development and Construction Management Fees- Hines and its affiliates (4) 505 591 612 981 467 769 Leasing Fees- Hines and its affiliates (5) 354 165 631 1,087 895 616 Expense Reimbursement- Hines and its affiliates (with respect to management and operations of the Company's properties) (6) 3,648 2,829 7,404 5,823 (4,946) (7) (1,389) (7) Total $ 20,323 $ 39,194 $ 39,725 $ 75,071 $ 66,307 $ 90,506 (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) 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 condensed consolidated balance sheets. (5) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s condensed consolidated balance sheets and amortized over the life of the lease. (6) 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. (7) As of June 30, 2023 and December 31, 2022, the balance included $6.6 million and $2.8 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
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 As of Description Fair Value of Assets Quoted Prices Significant Significant June 30, 2023 Investments in real estate-related securities $ 138,503 $ 138,503 $ — $ — December 31, 2022 Investments in real estate-related securities $ 133,741 $ 133,741 $ — $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
Reportable Segments (Tables)	Jun. 30, 2023
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. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues Office investments $ 17,889 $ 13,641 $ 35,908 $ 25,099 Industrial investments 22,550 23,793 45,146 49,485 Residential/Living investments 18,586 9,864 36,919 20,879 Retail investments 8,883 7,184 18,215 13,883 Other investments 7,809 4,806 15,646 9,113 Total revenues $ 75,717 $ 59,288 $ 151,834 $ 118,459 For the three and six months ended June 30, 2023 and 2022, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues in excess of property expenses (1) Office investments $ 11,455 $ 8,663 $ 22,762 $ 15,514 Industrial investments 14,500 15,912 28,728 33,024 Residential/Living investments 10,144 5,574 20,220 11,199 Retail investments 5,484 4,111 11,326 7,763 Other investments 5,619 3,631 11,197 6,788 Total revenues in excess of property expenses $ 47,202 $ 37,891 $ 94,233 $ 74,288 (1) Revenues less property operating expenses, real property taxes and property management fees. As of June 30, 2023 and December 31, 2022, the Company’s total assets by segment were as follows (in thousands): June 30, 2023 December 31, 2022 Assets Office investments $ 710,692 $ 730,789 Industrial investments 1,039,245 1,025,938 Residential/Living investments 1,011,164 942,548 Retail investments 368,957 379,187 Other investments 381,389 392,269 Corporate-level accounts 241,223 209,069 Total assets $ 3,752,670 $ 3,679,800
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	For the three and six months ended June 30, 2023 and 2022, the Company’s total revenues were attributable to the following countries: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total revenues United States 76 % 68 % 76 % 66 % The Netherlands 10 % 16 % 10 % 17 % United Kingdom 8 % 9 % 8 % 9 % Poland 2 % 2 % 2 % 3 % Spain 2 % 2 % 2 % 2 % Czech Republic 1 % 2 % 1 % 2 % Ireland 1 % — % * 1 % — % * Germany — % * 1 % — % * 1 % * Amount is less than 1% As of June 30, 2023 and December 31, 2022, the Company’s total assets were attributable to the following countries: June 30, 2023 December 31, 2022 Total assets United States 77 % 76 % United Kingdom 9 % 9 % The Netherlands 8 % 9 % Spain 2 % 2 % Poland 1 % 1 % Germany 1 % 1 % Czech Republic 1 % 1 % Ireland 1 % 1 %
Reconciliation of Net Income (Loss) from Segments to Consolidated	For the three and six months ended June 30, 2023 and 2022 the Company’s reconciliation of the Company’s property revenue in excess of expenses is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reconciliation to revenues in excess of property expenses Net income (loss) $ 3,510 $ (33,063) $ (7,606) $ (31,907) Depreciation and amortization 31,600 27,364 66,991 54,590 Asset management fees 7,498 5,981 15,001 11,609 Performance participation allocation — 11,765 — 22,296 General and administrative expenses 2,280 1,663 4,609 3,256 (Gain) loss on derivative instruments (10,359) (3,005) (10,258) (5,792) (Gain) loss on investments in real estate-related securities (4,030) 17,532 (6,093) 20,126 Gain on sale of real estate — (26) — (21,022) Foreign currency (gains) losses (1,571) 1,875 (2,158) 3,469 Interest expense 20,742 8,485 39,757 15,492 Other income and expenses (3,156) (1,231) (6,539) (1,832) (Benefit) provision for income taxes 688 551 529 2,272 Provision for income taxes related to sale of real estate — — — 1,731 Total revenues in excess of property expenses $ 47,202 $ 37,891 $ 94,233 $ 74,288

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	6 Months Ended
Supplemental Cash Flow Disclosures (Tables)	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 34,165 $ 13,152 Cash paid for income taxes $ 3,366 $ 1,023 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 12,727 $ 10,182 Distributions reinvested $ 39,276 $ 26,549 Shares tendered for redemption $ 51,866 $ 4,629 Non-cash net liabilities (assets) assumed $ 1,545 $ 16,607 Offering costs payable to the Advisor $ 4,013 $ 2,964 Distribution and stockholder servicing fees payable to the Dealer Manager $ 4,670 $ 20,198 Accrued capital additions $ 1,109 $ 7,334 Accrued acquisition costs $ 71 $ 1,934

Organization (Public Offering)

Organization (Public Offering) (Details) shares in Millions, ft² in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) ft² Property shares	Jun. 30, 2022 USD ($)	Jun. 02, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of investment properties acquired \| Property	39
Area of real estate property (square feet) \| ft²	16.6
Asset acquisition leased percent	95%
Proceeds from issuance of common shares	$ 192,708,000	$ 601,496,000
DST Property
Subsidiary, Sale of Stock [Line Items]
Net proceeds from DST Program	65,300,000
Third Offering
Subsidiary, Sale of Stock [Line Items]
Maximum proceeds from issuance of public offering			$ 2,500,000,000
Third Offering \| Dividend Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Maximum proceeds from issuance of public offering			$ 500,000,000
Public Offerings \| Public Offerings
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares	$ 3,000,000,000
Issuance of common shares (in shares) \| shares	289.1
Hines Global REIT II Associates LP \| Ownership Partnership
Subsidiary, Sale of Stock [Line Items]
Ownership interest percentage (less than)	1%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Gain (Loss) Recorded on Investments in Real Estate-Related Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Unrealized gain (loss)	$ 4,689	$ (18,701)	$ 10,886	$ (23,334)
Realized gain (loss)	(659)	1,169	(4,793)	3,208
Total gain (loss) on real estate-related securities	$ 4,030	$ (17,532)	$ 6,093	$ (20,126)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Additional Narratives) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash from (used in) investing activities	$ (88,590)	$ (368,005)
Net cash from (used in) financing activities	87,686	$ 547,495
Straight-line rent receivable	31,200		$ 27,700
Revision of Prior Period, Error Correction, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash from (used in) investing activities	(3,300)
Net cash from (used in) financing activities	$ 3,300

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Prepaid insurance	$ 1,444	$ 1,415
Prepaid taxes	5,259	2,557
Deferred tax assets	12,405	10,962
Operating lease right-of-use asset, net	3,941	3,678
Other	2,215	2,224
Other assets	25,264	20,836
Valuation allowance	$ 10,600	$ 9,800

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Lessee Accounting) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset, net	$ 3,941	$ 3,678
Financing lease right-of-use asset, net	15,677	15,744
Financing lease liability	17,406	17,383
Lodz Urban Logistics
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset, net	3,900	3,700
Operating lease liability	$ 1,457	1,400
Operating lease, incremental borrowing rate (as a percent)	5.60%
Center Place
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing lease right-of-use asset, net	$ 15,700	15,700
Financing lease liability	$ 17,400	$ 17,400
Financing lease, incremental borrowing rate (as a percent)	3.40%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Lease Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Leases
Finance lease liability	$ 17,406	$ 17,383
Lodz Urban Logistics
Operating Leases
July 1, 2023 through December 31, 2023	0
2024	86
2025	86
2026	86
2027	86
2028	86
Thereafter	5,228
Total	5,658
Operating lease liability	1,457	1,400
Undiscounted Excess Amount	4,201
Center Place
Financing Leases
July 1, 2023 through December 31, 2023	270
2024	540
2025	540
2026	540
2027	540
2028	540
Thereafter	69,810
Total	72,780
Finance lease liability	17,400	$ 17,400
Undiscounted Excess Amount	$ 55,374

Investment Property (Schedule o

Investment Property (Schedule of Investment Property) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate Investment Property, Net
Investment property, net	$ 3,014,475	$ 2,940,117
Building and Improvements
Real Estate Investment Property, Net
Investment property, gross	2,387,848	2,306,257
Less: accumulated depreciation	(171,299)	(137,962)
Investment property, net	2,216,549	2,168,295
Land
Real Estate Investment Property, Net
Investment property, gross	$ 797,926	$ 771,822

Investment Property (Narratives

Investment Property (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition
Lease terms (in years)	15 years		15 years
Recovery revenue	$ 10,100	$ 8,300	$ 21,400	$ 16,500
Emme Investment Property
Business Acquisition
Purchase price, net of transaction costs and working capital reserves			73,800
In-Place Leases
Business Acquisition
Amortization of in-place leases	14,800	15,300	33,800	30,300
Out-of-Market Leases, Net
Business Acquisition
Amortization of above and below Market Leases	$ (1,900)	$ (1,800)	$ (3,800)	$ (4,600)

Investment Property (Asset Acqu

Investment Property (Asset Acquisition) (Details) - Emme Investment Property $ in Thousands	Jun. 21, 2023 USD ($)
Asset Acquisition [Line Items]
Asset acquisitions	$ 74,539
Building and Improvements
Asset Acquisition [Line Items]
Asset acquisitions	55,571
Land
Asset Acquisition [Line Items]
Asset acquisitions	17,694
In-Place Leases
Asset Acquisition [Line Items]
Asset acquisitions	1,274
Out-of-Market Lease Intangibles, Net
Asset Acquisition [Line Items]
Asset acquisitions	$ 0

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net
Net	$ 267,358	$ 300,137
Out-of-Market Lease Liabilities
Cost	(88,533)	(88,708)
Less: accumulated amortization	24,401	19,629
Net	(64,132)	(69,079)
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	389,925	392,879
Less: accumulated amortization	(141,818)	(113,221)
Net	248,107	279,658
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	25,424	25,371
Less: accumulated amortization	(6,173)	(4,892)
Net	$ 19,251	$ 20,479

Investment Property (Intangib_2

Investment Property (Intangible Assets Amortization) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
In-Place Leases
In-Place Lease
July 1, 2023 through December 31, 2023	$ 27,438
2024	46,650
2025	38,608
2026	29,523
2027	25,215
2028	19,384
Out-of-Market Leases, Net
Out-of-Market Leases, Net
July 1, 2023 through December 31, 2023	(3,779)
2024	(6,328)
2025	(4,991)
2026	(2,995)
2027	(2,357)
2028	$ (2,314)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Fixed Future Minimum Rentals
July 1, 2023 through December 31, 2023	$ 91,447
2024	170,588
2025	152,598
2026	133,779
2027	120,499
2028	102,185
Thereafter	477,901
Total	$ 1,248,997

Debt Financing (Schedule of Deb

Debt Financing (Schedule of Debt) (Details)	6 Months Ended	12 Months Ended
Debt Financing (Schedule of Debt) (Details)	Jun. 30, 2023 USD ($) Extension_Option extension	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Notes payable including related party, gross	$ 1,300,000,000	$ 1,300,000,000
Debt, weighted average years to maturity (in years)	1 year 3 months 18 days	1 year 7 months 6 days
Debt, weighted average interest rate (as a percent)	3.67%	3.51%
Debt Instrument
Notes payable	$ 1,326,256,000	$ 1,306,957,000
Unamortized financing fees	(4,096,000)	(5,036,000)
Notes payable including related party, net	1,322,160,000	1,301,921,000
Term Loan Facility
Debt Instrument
Notes payable	1,326,256,000	1,306,957,000
Notes Payable to Banks, Fixed Rate
Debt Instrument
Notes payable	$ 130,124,000	209,233,000
Notes Payable to Banks, Fixed Rate \| Fixed Rate Secured Mortgage Debt
Debt Instrument
Weighted average effective interest rate	2.25%
Notes payable	$ 122,445,000	201,684,000
Notes Payable to Banks, Fixed Rate \| Fixed Rate Secured Mortgage Debt \| Minimum
Debt Instrument
Weighted average effective interest rate	1.05%
Notes Payable to Banks, Fixed Rate \| Fixed Rate Secured Mortgage Debt \| Maximum
Debt Instrument
Weighted average effective interest rate	2.98%
Notes Payable to Banks, Fixed Rate \| Fixed Rate Secured Mortgage Debt In Hedge
Debt Instrument
Notes payable	$ 57,100,000
Notes Payable to Banks, Fixed Rate \| Seller Financed Debt
Debt Instrument
Weighted average effective interest rate	1.55%
Notes payable	$ 7,679,000	7,549,000
Notes Payable to Banks, Variable Rate
Debt Instrument
Notes payable	$ 1,196,132,000	1,097,724,000
Notes Payable to Banks, Variable Rate \| Floating Rate Secured Mortgage Debt
Debt Instrument
Weighted average effective interest rate	3.42%
Notes payable	$ 426,132,000	407,724,000
Notes Payable to Banks, Variable Rate \| Floating Rate Secured Mortgage Debt \| Minimum
Debt Instrument
Weighted average effective interest rate	2.15%
Notes Payable to Banks, Variable Rate \| Floating Rate Secured Mortgage Debt \| Maximum
Debt Instrument
Weighted average effective interest rate	6.03%
Notes Payable to Banks, Variable Rate \| Floating Rate Secured Mortgage Debt In Hedge
Debt Instrument
Notes payable	$ 375,900,000
Line of Credit \| JP Morgan Debt Facilities
Debt Instrument
Number of extension options \| extension	2
Notes payable period of extension options	1 year
Revolving Credit Facility \| Minimum
Debt Instrument
Weighted average effective interest rate	3.35%
Revolving Credit Facility \| Line of Credit \| Credit Agreement, Maturing November 15, 2023
Debt Instrument
Maximum facility agreement amount	$ 425,000,000
Weighted average effective interest rate	6.60%
Notes payable	$ 170,000,000	90,000,000
Initial Term Loan Facility \| Term Loan \| Credit Agreement, Maturing November 15, 2023
Debt Instrument
Maximum facility agreement amount	$ 300,000,000
Weighted average effective interest rate	3.35%
Notes payable		300,000,000
Second Term Loan Facility \| Term Loan \| Credit Agreement, Maturing December 20, 2024
Debt Instrument
Maximum facility agreement amount	$ 300,000,000
Weighted average effective interest rate	3.35%
Notes payable	$ 300,000,000	$ 300,000,000
Number of extension options \| Extension_Option	2
Notes payable period of extension options	1 year
Revolving Credit Facility and Initial Term Loan Facility \| Term Loan \| Credit Agreement, Maturing November 15, 2023
Debt Instrument
Notes payable	$ 300,000,000

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	6 Months Ended
Debt Financing (Maturity Schedule) (Details) $ in Thousands	Jun. 30, 2023 USD ($) extension	Dec. 31, 2022 USD ($)
Debt Instrument
July 1, 2023 through December 31, 2023	$ 629,832
2024	436,172
2025	26,383
2026	101,200
2027	127,997
Thereafter	4,672
Notes payable	1,326,256	$ 1,306,957
Line of Credit and Term Loan \| Revolving Credit Facility and Initial Term Loan Facility \| Credit Agreement, Maturing November 15, 2023
Debt Instrument
Notes payable	$ 470,000
Number of extension options \| extension	2
Notes payable period of extension options	1 year
Mortgages \| Mortgage Debt Maturing February 2024 \| Fresh Park Venlo
Debt Instrument
Notes payable	$ 87,300
Mortgages \| Mortgage Debt Matured August 2023 \| Cottonwood Corporate Center
Debt Instrument
Notes payable	$ 65,800

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Contracts) (Details) $ in Thousands	Jun. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
Derivative [Line Items]
Number of Contracts \| contract	33	27
Notional Amount	$ 1,033,075	$ 985,771
Fair value derivative instrument, assets	46,369	30,966
Fair value derivative instrument, liabilities	$ (6)	$ (11)
Interest rate contracts
Derivative [Line Items]
Number of Contracts \| contract	32	24
Notional Amount	$ 1,033,003	$ 985,560
Fair value derivative instrument, assets	46,369	30,966
Fair value derivative instrument, liabilities	$ 0	$ 0
Foreign currency forwards
Derivative [Line Items]
Number of Contracts \| contract	1	3
Notional Amount	$ 72	$ 211
Fair value derivative instrument, assets	0	0
Fair value derivative instrument, liabilities	$ (6)	$ (11)

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ 10,359	$ 3,005	$ 10,258	$ 5,792
Interest rate contracts
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	10,357	3,005	10,262	5,792
Foreign currency forwards
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ 2	$ 0	$ (4)	$ 0

Stockholders' Equity (Public Of

Stockholders' Equity (Public Offering) (Details)	Nov. 30, 2017 class
Equity [Abstract]
Number of additional classes of shares of common stock	4

Stockholders' Equity (Classes o

Stockholders' Equity (Classes of Shares of Common Stock Authorized, Issued and Outstanding) (Details) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common 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	40,000
Common stock, shares issued (in shares)	35,248	36,221
Common stock, shares outstanding (in shares)	35,248	36,221
Common 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	40,000
Common stock, shares issued (in shares)	0	142
Common stock, shares outstanding (in shares)	0	142
Common 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	10,000
Common stock, shares issued (in shares)	13	22
Common stock, shares outstanding (in shares)	13	22
Common 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	10,000
Common stock, shares issued (in shares)	65	64
Common stock, shares outstanding (in shares)	65	64
Common Class T
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	66,643	65,845
Common stock, shares outstanding (in shares)	66,643	65,845
Common Class S
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	27,949	24,806
Common stock, shares outstanding (in shares)	27,949	24,806
Common Class D
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	34,460	32,553
Common stock, shares outstanding (in shares)	34,460	32,553
Common Class I
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	96,738	90,924
Common stock, shares outstanding (in shares)	96,738	90,924

Stockholders' Equity (Issuances

Stockholders' Equity (Issuances and Redemptions of Each Class of Common Stock) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity
Beginning balance		$ 2,045,286			$ 2,045,286
Redemption of common shares				$ 0
Ending balance	$ 2,039,100				$ 2,039,100
Common Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		36,221,000			36,221,000
Ending balance (in shares)	35,248,000				35,248,000
Common Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		142,000			142,000
Ending balance (in shares)	0				0
Common Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		22,000			22,000
Ending balance (in shares)	13,000				13,000
Common Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		64,000			64,000
Ending balance (in shares)	65,000				65,000
Common Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		65,845,000			65,845,000
Ending balance (in shares)	66,643,000				66,643,000
Common Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		24,806,000			24,806,000
Ending balance (in shares)	27,949,000				27,949,000
Common Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		32,553,000			32,553,000
Ending balance (in shares)	34,460,000				34,460,000
Common Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		90,924,000			90,924,000
Ending balance (in shares)	96,738,000				96,738,000
Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	257,925,000	250,577,000	180,079,000	154,806,000	250,577,000	154,806,000
Beginning balance	$ 256	$ 250	$ 179	$ 154	$ 250	$ 154
Issuance of common shares (in shares)	9,836,000	11,362,000	31,165,000	26,159,000
Issuance of common shares	$ 6	$ 10	$ 31	$ 25
Conversion of common shares (in shares)	0	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(6,645,000)	(4,014,000)	(1,003,000)	(886,000)
Redemption of common shares	$ (2)	$ (4)	$ (2)
Ending balance (in shares)	261,116,000	257,925,000	210,241,000	180,079,000	261,116,000	210,241,000
Ending balance	$ 260	$ 256	$ 208	$ 179	$ 260	$ 208
Common Shares \| Common Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	35,743,000	36,221,000	32,307,000	29,377,000	36,221,000	29,377,000
Beginning balance	$ 33	$ 34	$ 31	$ 28	$ 34	$ 28
Issuance of common shares (in shares)	248,000	244,000	238,000	221,000
Issuance of common shares	$ 0	$ 0	$ 0	$ 0
Conversion of common shares (in shares)	25,000	117,000	1,878,000	3,099,000
Conversion of common shares	$ 4	$ 0	$ 2	$ 3
Redemption of common shares (in shares)	(768,000)	(839,000)	(353,000)	(390,000)
Redemption of common shares	$ (1)	$ (1)	$ (1)	$ 0
Ending balance (in shares)	35,248,000	35,743,000	34,070,000	32,307,000	35,248,000	34,070,000
Ending balance	$ 36	$ 33	$ 32	$ 31	$ 36	$ 32
Common Shares \| Common Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	25,000	142,000	4,482,000	7,606,000	142,000	7,606,000
Beginning balance	$ 4	$ 4	$ 8	$ 11	$ 4	$ 11
Issuance of common shares (in shares)	0	0	11,000	33,000
Issuance of common shares	$ 0	$ 0	$ 0	$ 0
Conversion of common shares (in shares)	(25,000)	(117,000)	(1,878,000)	(3,099,000)
Conversion of common shares	$ (4)	$ 0	$ (2)	$ (3)
Redemption of common shares (in shares)	0	0	(2,000)	(58,000)
Redemption of common shares	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares)	0	25,000	2,613,000	4,482,000	0	2,613,000
Ending balance	$ 0	$ 4	$ 6	$ 8	$ 0	$ 6
Common Shares \| Common Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	22,000	22,000	88,000	87,000	22,000	87,000
Beginning balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Issuance of common shares (in shares)	0	0	0	1,000
Issuance of common shares	$ 0	$ 0	$ 0	$ 0
Conversion of common shares (in shares)	(9,000)	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	0	0	(1,000)	0
Redemption of common shares	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares)	13,000	22,000	87,000	88,000	13,000	87,000
Ending balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Common Shares \| Common Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	65,000	64,000			64,000
Beginning balance	$ 0	$ 0			$ 0
Issuance of common shares (in shares)	1,000	1,000				0
Issuance of common shares	$ 0	$ 0
Conversion of common shares (in shares)	9,000	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(10,000)	0				0
Redemption of common shares	$ 0	$ 0
Ending balance (in shares)	65,000	65,000	0		65,000	0
Ending balance	$ 0	$ 0			$ 0
Common Shares \| Common Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	66,818,000	65,845,000	56,063,000	53,176,000	65,845,000	53,176,000
Beginning balance	$ 66	$ 65	$ 56	$ 53	$ 65	$ 53
Issuance of common shares (in shares)	2,081,000	2,211,000	3,846,000	3,205,000
Issuance of common shares	$ 2	$ 2	$ 4	$ 3
Conversion of common shares (in shares)	(860,000)	(439,000)	(236,000)	(67,000)
Conversion of common shares	$ (1)	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(1,396,000)	(799,000)	(308,000)	(251,000)
Redemption of common shares	$ (1)	$ (1)	$ (1)	$ 0
Ending balance (in shares)	66,643,000	66,818,000	59,365,000	56,063,000	66,643,000	59,365,000
Ending balance	$ 66	$ 66	$ 59	$ 56	$ 66	$ 59
Common Shares \| Common Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	26,570,000	24,806,000	9,457,000	3,299,000	24,806,000	3,299,000
Beginning balance	$ 27	$ 25	$ 9	$ 3	$ 25	$ 3
Issuance of common shares (in shares)	1,594,000	2,017,000	7,038,000	6,158,000
Issuance of common shares	$ 2	$ 2	$ 7	$ 6
Conversion of common shares (in shares)	0	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(215,000)	(253,000)	(1,000)	0
Redemption of common shares	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares)	27,949,000	26,570,000	16,494,000	9,457,000	27,949,000	16,494,000
Ending balance	$ 29	$ 27	$ 16	$ 9	$ 29	$ 16
Common Shares \| Common Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	33,592,000	32,553,000	22,168,000	19,000,000	32,553,000	19,000,000
Beginning balance	$ 33	$ 32	$ 21	$ 18	$ 32	$ 18
Issuance of common shares (in shares)	1,312,000	1,458,000	4,058,000	3,207,000
Issuance of common shares	$ 1	$ 1	$ 4	$ 3
Conversion of common shares (in shares)	0	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(444,000)	(419,000)	(151,000)	(39,000)
Redemption of common shares	$ 0	$ 0	$ 0	$ 0
Ending balance (in shares)	34,460,000	33,592,000	26,075,000	22,168,000	34,460,000	26,075,000
Ending balance	$ 34	$ 33	$ 25	$ 21	$ 34	$ 25
Common Shares \| Common Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	95,090,000	90,924,000	55,514,000	42,261,000	90,924,000	42,261,000
Beginning balance	$ 93	$ 90	$ 54	$ 41	$ 90	$ 41
Issuance of common shares (in shares)	4,600,000	5,431,000	15,974,000	13,334,000
Issuance of common shares	$ 1	$ 5	$ 16	$ 13
Conversion of common shares (in shares)	860,000	439,000	236,000	67,000
Conversion of common shares	$ 1	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(3,812,000)	(1,704,000)	(187,000)	(148,000)
Redemption of common shares	$ 0	$ (2)	$ 0	$ 0
Ending balance (in shares)	96,738,000	95,090,000	71,537,000	55,514,000	96,738,000	71,537,000
Ending balance	$ 95	$ 93	$ 70	$ 54	$ 95	$ 70

Stockholders' Equity (Distribut

Stockholders' Equity (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		12 Months Ended	19 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 31, 2023
Distributions [Line Items]
Cash Distributions	$ 18,131	$ 17,752	$ 16,988	$ 15,829	$ 14,087	$ 11,891	$ 35,883		$ 58,795
Distributions Reinvested	19,929	19,615	18,878	17,270	15,096	12,862	39,544		64,106
Total Declared	$ 38,060	$ 37,366	$ 35,865	$ 33,100	$ 29,183	$ 24,753	$ 75,426		$ 122,901
Subsequent Event
Distributions [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
Common Class AX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.16				$ 0.16		$ 0.31	$ 0.31
Common Class TX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.13				0.13		0.26	0.26
Common Class IX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.15				0.15		0.30	0.30
Common Class JX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.16				0		0.31	0
Common Class T
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.13				0.13		0.26	0.26
Common Class S
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.13				0.13		0.27	0.27
Common Class D
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.15				0.15		0.30	0.30
Common Class I
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.16				$ 0.16		$ 0.31	$ 0.31

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction
Related party allocation percentage of annual total return (as a percent)			12.50%
Percentage of annual hurdle amount (as a percent)			5%
Related Party
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	$ 20,323	$ 39,194	$ 39,725	$ 75,071
Due to affiliates	66,307		66,307		$ 90,506
Dealer Manager \| Selling Commissions
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	848	2,490	1,958	4,365
Due to affiliates	0		0		0
Dealer Manager \| Dealer Manager Fee
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	90	191	190	349
Due to affiliates	0		0		0
Dealer Manager \| Distribution and Stockholder Servicing Fees
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	1,940	11,028	4,537	20,197
Due to affiliates	63,324		63,324		64,104
The Advisor \| Organization and Offering Costs
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	2,699	1,924	4,013	2,964
Due to affiliates	2,753		2,753		3,228
The Advisor \| Asset Management Fee
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	7,498	5,981	15,001	11,609
Due to affiliates	2,056		2,056		1,626
The Advisor \| Other Fees
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	1,110	1,112	2,160	3,195
Due to affiliates	1,413		1,413		2,352
The Advisor \| Performance Participation Allocation
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	0	11,765	0	22,296
Due to affiliates	0		0		18,787
Hines \| Property Management Fees
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	1,631	1,118	3,219	2,205
Due to affiliates	345		345		413
Hines \| Development and Construction Management Fees
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	505	591	612	981
Due to affiliates	467		467		769
Hines \| Leasing Fee
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	354	165	631	1,087
Due to affiliates	895		895		616
Hines \| Expense Reimbursements
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred	3,648	$ 2,829	7,404	$ 5,823
Due to affiliates, net of receivable	(4,946)		(4,946)		(1,389)
Hines \| Rent
Related Party Transaction
Receivables related to rents	$ 6,600		$ 6,600		$ 2,800

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Investments in real estate-related securities	$ 138,503	$ 133,741
Financial Liabilities Fair Value Disclosure
Notes payable, book value	1,300,000	1,300,000
Fair Value, Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Investments in real estate-related securities	138,503	133,741
Fair Value, Measurements 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	138,503	133,741
Fair Value, Measurements 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, Measurements 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 Nonrecurring \| Significant Other Observable Inputs (Level 2)
Financial Liabilities Fair Value Disclosure
Notes payable, book value	1,300,000	1,300,000
Notes payable, fair value	$ 1,300,000	$ 1,300,000

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	6 Months Ended
Reportable Segments (Narratives) (Details)	Jun. 30, 2023 segment
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of reportable segments	5

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Total revenues	$ 75,717	$ 59,288	$ 151,834	$ 118,459
Office investments
Segment Reporting Information
Total revenues	17,889	13,641	35,908	25,099
Industrial investments
Segment Reporting Information
Total revenues	22,550	23,793	45,146	49,485
Residential/Living investments
Segment Reporting Information
Total revenues	18,586	9,864	36,919	20,879
Retail investments
Segment Reporting Information
Total revenues	8,883	7,184	18,215	13,883
Other investments
Segment Reporting Information
Total revenues	$ 7,809	$ 4,806	$ 15,646	$ 9,113

Reportable Segments (Total Reve

Reportable Segments (Total Revenue - Geographical) (Details) - Total Revenue - Geographic Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
United States
Segment Reporting Information
Concentration risk (percent)	76%	68%	76%	66%
The Netherlands
Segment Reporting Information
Concentration risk (percent)	10%	16%	10%	17%
United Kingdom
Segment Reporting Information
Concentration risk (percent)	8%	9%	8%	9%
Poland
Segment Reporting Information
Concentration risk (percent)	2%	2%	2%	3%
Spain
Segment Reporting Information
Concentration risk (percent)	2%	2%	2%	2%
Czech Republic
Segment Reporting Information
Concentration risk (percent)	1%	2%	1%	2%
Ireland
Segment Reporting Information
Concentration risk (percent)	1%	0%	1%	0%
Germany
Segment Reporting Information
Concentration risk (percent)	0%	1%	0%	1%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Total revenues in excess of property expenses	$ 47,202	$ 37,891	$ 94,233	$ 74,288
Office investments
Segment Reporting Information
Total revenues in excess of property expenses	11,455	8,663	22,762	15,514
Industrial investments
Segment Reporting Information
Total revenues in excess of property expenses	14,500	15,912	28,728	33,024
Residential/Living investments
Segment Reporting Information
Total revenues in excess of property expenses	10,144	5,574	20,220	11,199
Retail investments
Segment Reporting Information
Total revenues in excess of property expenses	5,484	4,111	11,326	7,763
Other investments
Segment Reporting Information
Total revenues in excess of property expenses	$ 5,619	$ 3,631	$ 11,197	$ 6,788

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Total assets	$ 3,752,670	$ 3,679,800
Operating Segments \| Office investments
ASSETS
Total assets	710,692	730,789
Operating Segments \| Industrial investments
ASSETS
Total assets	1,039,245	1,025,938
Operating Segments \| Residential/Living investments
ASSETS
Total assets	1,011,164	942,548
Operating Segments \| Retail investments
ASSETS
Total assets	368,957	379,187
Operating Segments \| Other investments
ASSETS
Total assets	381,389	392,269
Corporate-level accounts
ASSETS
Total assets	$ 241,223	$ 209,069

Reportable Segments (Total Asse

Reportable Segments (Total Assets - Geographical) (Details) - Total Assets - Geographic Concentration Risk	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
United States
Segment Reporting Information
Concentration risk (percent)	77%	76%
United Kingdom
Segment Reporting Information
Concentration risk (percent)	9%	9%
The Netherlands
Segment Reporting Information
Concentration risk (percent)	8%	9%
Spain
Segment Reporting Information
Concentration risk (percent)	2%	2%
Poland
Segment Reporting Information
Concentration risk (percent)	1%	1%
Germany
Segment Reporting Information
Concentration risk (percent)	1%	1%
Czech Republic
Segment Reporting Information
Concentration risk (percent)	1%	1%
Ireland
Segment Reporting Information
Concentration risk (percent)	1%	1%

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net income (loss)	$ 3,510	$ (33,063)	$ (7,606)	$ (31,907)
Depreciation and amortization	31,600	27,364	66,991	54,590
Asset management fees	7,498	5,981	15,001	11,609
Performance participation allocation	0	11,765	0	22,296
General and administrative expenses	2,280	1,663	4,609	3,256
(Gain) loss on investments in real estate-related securities	(4,030)	17,532	(6,093)	20,126
Gain on sale of real estate	0	(26)	0	(21,022)
Foreign currency (gains) losses	(1,571)	1,875	(2,158)	3,469
Interest expense	20,742	8,485	39,757	15,492
Other income and expenses	(3,156)	(1,231)	(6,539)	(1,832)
(Benefit) provision for income taxes	688	551	529	2,272
Provision for income taxes related to sale of real estate	0	0	0	1,731
Total revenues in excess of property expenses	47,202	37,891	94,233	74,288
Segment Reconciling Items
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net income (loss)	3,510	(33,063)	(7,606)	(31,907)
Depreciation and amortization	31,600	27,364	66,991	54,590
Asset management fees	7,498	5,981	15,001	11,609
Performance participation allocation	0	11,765	0	22,296
General and administrative expenses	2,280	1,663	4,609	3,256
(Gain) loss on derivative instruments	(10,359)	(3,005)	(10,258)	(5,792)
(Gain) loss on investments in real estate-related securities	(4,030)	17,532	(6,093)	20,126
Gain on sale of real estate	0	(26)	0	(21,022)
Foreign currency (gains) losses	(1,571)	1,875	(2,158)	3,469
Interest expense	20,742	8,485	39,757	15,492
Other income and expenses	(3,156)	(1,231)	(6,539)	(1,832)
(Benefit) provision for income taxes	688	551	529	2,272
Provision for income taxes related to sale of real estate	0	0	0	1,731
Total revenues in excess of property expenses	$ 47,202	$ 37,891	$ 94,233	$ 74,288

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures - Schedule (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 34,165	$ 13,152
Cash paid for income taxes	3,366	1,023
Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	12,727	10,182
Distributions reinvested	39,276	26,549
Shares tendered for redemption	51,866	4,629
Non-cash net liabilities (assets) assumed	1,545	16,607
Offering costs payable to the Advisor	4,013	2,964
Distribution and stockholder servicing fees payable to the Dealer Manager	4,670	20,198
Accrued capital additions	1,109	7,334
Accrued acquisition costs	$ 71	$ 1,934

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Contract purchase price		$ 74,199	$ 414,969
Subsequent Event \| I-70 Logistics Center \| Forecast
Subsequent Event [Line Items]
Contract purchase price	$ 67,100