Hines Global Income Trust 10-K 27 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55599
Entity Registrant Name	HINES GLOBAL INCOME TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0947092
Entity Address, Address Line One	845 Texas Avenue
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002-1656
City Area Code	888
Local Phone Number	220-6121
Title of 12(g) Security	Common Stock, par value $0.001
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Central Index Key	0001585101
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
No Trading Symbol	true
Class AX
Entity Information
Entity, Common Stock, Shares, Outstanding		33,700,000
Class JX
Entity Information
Entity, Common Stock, Shares, Outstanding		77,097
Class T
Entity Information
Entity, Common Stock, Shares, Outstanding		56,500,000
Class S
Entity Information
Entity, Common Stock, Shares, Outstanding		29,300,000
Class D
Entity Information
Entity, Common Stock, Shares, Outstanding		35,700,000
Class I
Entity Information
Entity, Common Stock, Shares, Outstanding		105,800,000

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Houston, Texas
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investment property, net	$ 3,083,595	$ 2,940,117
Investments in real estate-related securities	145,307	133,741
Cash and cash equivalents	105,580	112,149
Restricted cash	8,193	15,393
Derivative instruments	27,917	30,966
Tenant and other receivables, net	52,222	51,344
Intangible lease assets, net	285,969	300,137
Financing lease right-of-use asset, net	15,611	15,744
Deferred leasing costs, net	63,862	58,448
Deferred financing costs, net	637	925
Other assets	33,791	20,836
Total assets	3,822,684	3,679,800
Liabilities:
Accounts payable and accrued expenses	77,178	84,373
Intangible lease liabilities, net	59,074	69,079
Financing lease liability	17,429	17,383
Financing obligations	191,966	13,570
Derivative instruments	0	11
Distributions payable	12,801	12,171
Notes payable, net	1,375,046	1,301,921
Total liabilities	1,856,955	1,634,514
Commitments and contingencies (Note 13)	0	0
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of December 31, 2023 and 2022	0	0
Common shares, $0.001 par value per share (Note 8)	259	250
Additional paid-in capital	2,542,008	2,445,101
Accumulated distributions in excess of earnings	(573,316)	(382,973)
Accumulated other comprehensive income (loss)	(3,222)	(17,092)
Total stockholders’ equity	1,965,729	2,045,286
Noncontrolling interests	0	0
Total equity	1,965,729	2,045,286
Total liabilities and equity	3,822,684	3,679,800
Related party
Liabilities:
Other liabilities	65,925	90,506
Nonrelated party
Liabilities:
Other liabilities	$ 57,536	$ 45,500

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental revenue	$ 302,855	$ 251,834	$ 171,848
Other revenue	10,327	7,685	4,078
Total revenues	313,182	259,519	175,926
Expenses:
Property operating expenses	76,199	59,944	43,156
Real property taxes	38,089	31,838	19,447
Property management fees	8,725	7,484	6,054
Depreciation and amortization	130,357	124,600	88,100
Asset management fees	30,516	26,270	16,442
Performance participation allocation	0	18,787	24,790
General and administrative expenses	9,527	7,288	5,546
Impairment losses	813	0	0
Total expenses	294,226	276,211	203,535
Other income (expenses):
Gain (loss) on derivative instruments	4,255	18,146	105
Gain (loss) on investments in real estate-related securities	14,397	(26,938)	15,965
Gain on sale of real estate	0	21,098	1,432
Foreign currency gains (losses)	3,257	(2,783)	(978)
Interest expense	(90,449)	(44,286)	(24,976)
Other income and expenses	13,367	6,326	2,028
Income (loss) before benefit (provision) for income taxes	(36,217)	(45,129)	(34,033)
Benefit (provision) for income taxes	(2,370)	(1,224)	(3,988)
Provision for income taxes related to sale of real estate	0	(1,731)	(1,132)
Net income (loss)	(38,587)	(48,084)	(39,153)
Net (income) loss attributable to noncontrolling interests	(13)	(13)	(13)
Net income (loss) attributable to common stockholders	$ (38,600)	$ (48,097)	$ (39,166)
Basic income (loss) per common share (usd per share)	$ (0.15)	$ (0.23)	$ (0.31)
Diluted income (loss) per common share (usd per share)	$ (0.15)	$ (0.23)	$ (0.31)
Weighted average number of common shares outstanding, basic (in shares)	259,186	211,191	127,747
Weighted average number of common shares outstanding, diluted (in shares)	259,186	211,191	127,747
Comprehensive income (loss):
Net income (loss)	$ (38,587)	$ (48,084)	$ (39,153)
Other comprehensive income (loss):
Foreign currency translation adjustment	13,870	(24,720)	(15,201)
Comprehensive income (loss)	(24,717)	(72,804)	(54,354)
Comprehensive (income) loss attributable to noncontrolling interests	(13)	(13)	(13)
Comprehensive income (loss) attributable to common stockholders	$ (24,730)	$ (72,817)	$ (54,367)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020			103,781
Beginning balance at Dec. 31, 2020		$ 862,218	$ 104	$ 938,736	$ (99,451)	$ 22,829	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			55,407
Issuance of common shares		570,447	$ 54	570,393
Distributions declared		(73,358)			(73,358)		(13)
Redemption of common shares (in shares)			(4,382)
Redemption of common shares		(41,586)	$ (4)	(41,582)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(21,784)		(21,784)
Offering costs		(5,538)		(5,538)
Net income (loss)	$ (39,153)	(39,166)			(39,166)		13
Foreign currency translation adjustment	(15,201)	(15,201)				(15,201)
Foreign currency translation adjustment reclassified into earnings		0				0
Ending balance (in shares) at Dec. 31, 2021			154,806
Ending 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)			100,499
Issuance of common shares		1,118,066	$ 101	1,117,965
Distributions declared		(122,901)			(122,901)		(13)
Redemption of common shares (in shares)			(4,728)
Redemption of common shares		(61,002)	$ (5)	(60,997)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(45,617)		(45,617)
Offering costs		(6,475)		(6,475)
Net income (loss)	(48,084)	(48,097)			(48,097)		13
Foreign currency translation adjustment	(24,720)	(25,077)				(25,077)
Ending balance (in shares) at Dec. 31, 2022			250,577
Ending balance at Dec. 31, 2022	2,045,286	2,045,286	$ 250	2,445,101	(382,973)	(17,092)	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			35,207
Issuance of common shares		378,329	$ 36	378,293
Distributions declared		(151,743)			(151,743)		(13)
Redemption of common shares (in shares)			(24,778)
Redemption of common shares		(265,557)	$ (27)	(265,530)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(8,623)		(8,623)
Offering costs		(7,233)		(7,233)
Net income (loss)	(38,587)	(38,600)			(38,600)		13
Foreign currency translation adjustment	13,870	13,870				13,870
Foreign currency translation adjustment reclassified into earnings		0				0
Ending balance (in shares) at Dec. 31, 2023			261,006
Ending balance at Dec. 31, 2023	$ 1,965,729	$ 1,965,729	$ 259	$ 2,542,008	$ (573,316)	$ (3,222)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (38,587)	$ (48,084)	$ (39,153)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	134,864	125,201	91,556
Gain on sale of real estate	0	(21,098)	(1,432)
Foreign currency (gains) losses	(3,257)	2,783	978
Impairment losses	813	0	0
(Gain) loss on derivative instruments	(4,255)	(18,146)	(105)
(Gain) loss on investments in real estate-related securities	(14,397)	26,938	(15,965)
Changes in assets and liabilities:
Change in other assets	(7,350)	1,179	(5,322)
Change in tenant and other receivables	(3,970)	(23,479)	(3,929)
Change in deferred leasing costs	(15,621)	(25,625)	(25,455)
Change in accounts payable and accrued expenses	(7,116)	(11,140)	18,562
Change in other liabilities	6,850	8,387	5,293
Change in due to affiliates	(16,795)	(5,495)	21,031
Net cash from (used in) operating activities	31,179	11,421	46,059
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(205,682)	(1,095,876)	(690,544)
Capital expenditures at operating properties	(22,618)	(36,161)	(17,117)
Proceeds from sale of real estate	0	120,310	0
Purchases of real estate-related securities	(69,357)	(134,248)	(57,602)
Proceeds from settlement of real estate-related securities	72,188	47,825	50,449
Proceeds from settlement of interest rate contracts	29,248	2,902	0
Payments related to interest rate contracts	(22,926)	(16,414)	0
Net cash from (used in) investing activities	(219,147)	(1,111,662)	(714,814)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares	298,223	1,056,221	533,684
Redemption of common shares	(261,251)	(52,294)	(44,418)
Payment of offering costs	(9,683)	(7,853)	(6,673)
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(13,624)	(18,431)	(11,137)
Distributions paid to stockholders and noncontrolling interests	(71,376)	(56,657)	(34,116)
Proceeds from financing obligations	179,045	13,570	0
Payments on financing obligations	(586)	0	0
Proceeds from notes payable	456,504	291,281	897,115
Payments on notes payable	(401,932)	(205,502)	(524,052)
Change in security deposit liability	999	2,562	977
Deferred financing costs paid	(3,517)	(2,218)	(5,763)
Payments on derivative instruments	0	0	(159)
Net cash from (used in) financing activities	172,802	1,020,679	805,458
Effect of exchange rate changes on cash, restricted cash and cash equivalents	1,397	(4,323)	(2,839)
Net change in cash, restricted cash and cash equivalents	(13,769)	(83,885)	133,864
Cash, restricted cash and cash equivalents, beginning of year	127,542	211,427	77,563
Cash, restricted cash and cash equivalents, end of year	$ 113,773	$ 127,542	$ 211,427

Organization

Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Hines Global Income Trust, Inc. (“the Company” or “Hines Global”), is a Maryland corporation formed to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, invest in real-estate related securities. The Company is sponsored by Hines Interests Limited Partnership (“Hines”), a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for over 65 years. The Company is managed by HGIT Advisors LP (the “Advisor”), an affiliate of Hines. The Company conducts substantially all of its operations through HGIT Properties, LP (the “Operating Partnership”). An affiliate of the Advisor, Hines Global REIT II Associates LP, owns less than a 1% limited partner interest in the Operating Partnership as of December 31, 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. The Company raises capital for its investments through public offerings of its common stock and engaged Hines Securities, Inc. (the “Dealer Manager”), an affiliate of the Advisor, to serve as the dealer manager for its offerings and to market its shares. On August 20, 2014, the Company commenced its initial public offering of up to $2.5 billion of its common stock (the “Initial Offering”). On September 30, 2017, the Company suspended the sale of shares in the primary portion of the Initial Offering, while continuing to offer up to $150.0 million of its common stock pursuant to its distribution reinvestment plan. On December 6, 2017, the Company commenced a second public offering of up to $2.5 billion in shares of common stock including $500.0 million of shares offered under our distribution reinvestment plan (the “Second Offering”). As a result of the changing landscape in the non-traded REIT industry, the Second Offering reflected a restructuring (the “Restructuring”), which resulted in a reduction of many of the fees payable to the Advisor and the Dealer Manager. The Company launched its third public offering of up to $2.5 billion in shares of its common stock (the “Third Offering” or, together with the Second Offering, the “Follow-on Offerings”) on June 2, 2021 through which it is offering of up to $2.5 billion in shares of common stock including $500.0 million of shares offered under its distribution reinvestment plan. The Company terminated its second public offering immediately prior to the commencement of the Third Offering. For additional information regarding these fees, please see Note 9 — Related Party Transactions. The Company received gross offering proceeds of approximately $3.2 billion from the sale of 303.1 million shares through its public offerings from inception through December 31, 2023, including shares issued pursuant to its distribution reinvestment plan. As of December 31, 2023, the Company owned direct investments in 41 real estate properties totaling 18.1 million square feet that were 95% leased. In addition to the Company’s Third Offering, in September 2022, the Company, through its Operating Partnership, launched a program to raise capital through private placement offerings exempt from registration under the Securities Act of 1933, as amended, by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). As of December 31, 2023, the Company has raised net offering proceeds of $192.6 million through the DST Program. See “ Note 5 — DST Program” for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions. Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. Variable Interest Entities The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. Additionally, from time to time, the Company may acquire property utilizing like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchanges”) in order to defer taxable gains on properties it sells. As such, the Company may engage an exchange agent to act as a qualified intermediary regarding the 1031 Exchange by taking possession of the sales proceeds to be utilized in a pending acquisition of investment property to complete the 1031 Exchange. The Company retains essentially all of the legal and economic benefits and obligations related to the trust formed by the exchange agent, and as a result the trust and the related sales proceeds are then included in the Company’s consolidated financial statements as a VIE until the completion of the 1031 Exchange. There were no consolidated VIEs on the Company’s consolidated balance sheets relating to 1031 Exchanges as of December 31, 2023 and 2022. Correction of Immaterial Errors During the quarter ended June 30, 2021, the Company identified an immaterial error in the calculation of deferred tax assets and related valuation allowance at one of its properties. As a result of this error, “Benefit (provision) for income taxes” and “Net Income” included in the consolidated statements of operations and comprehensive income (loss) was overstated by $2.9 million for the year ended December 31, 2020. The Company corrected these errors in the quarterly period ended June 30, 2021, which increased net loss by $2.9 million for the year ended December 31, 2021. Management evaluated the effects of these out-of-period adjustments, both qualitatively and quantitatively, and concluded that the errors and the related correction were not material both individually and in the aggregate to the current period or prior periods. Investment Property and Lease Intangibles Acquisitions of properties are evaluated to determine whether they qualify as a business combination or an asset acquisition. An acquisition is classified as an asset acquisition if substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar assets and the amounts recorded are inclusive of acquisitions costs and therefore recorded using their relative fair values. If the acquisition meets the definition of a business combination, the Company records the fair value of the assets acquired and liabilities assumed and will evaluate the existence of goodwill or a bargain purchase gain. Acquisition costs are expensed for business combinations. Since January 1, 2018, all of our acquisitions were concluded to be asset acquisitions. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values were based upon a variety of valuation methodologies and assumptions that the Company believes are similar to those used by market participants. These include, but are not limited to, estimates for future cash flows that utilize discount and/or capitalization rates assuming the building was vacant, determination of market-based rental revenues, comparable land sales, and replacement costs on building, and are subsequently used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable. Real estate assets acquired are recorded at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15-20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred. Impairment of Investment Property Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation. For the year ended December 31, 2023, the Company recorded impairment charges of $0.8 million related to capitalized pre-development costs associated with a development the Company is no longer pursuing. Investments in Real Estate-Related Securities The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis. The Company earns interest and dividend income monthly related to these securities, which is recorded in other income and expenses in the Company’s consolidated statements of operations and comprehensive income (loss). The table below presents the effects of the changes in fair value of the Company’s real estate-related securities in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Year Ended December 31, 2023 2022 2021 Unrealized gain (loss) $ 25,005 $ (28,400) $ 7,946 Realized gain (loss) (10,608) 1,462 8,019 Total gain (loss) on real estate-related securities $ 14,397 $ (26,938) $ 15,965 Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Concentration of Credit Risk As of December 31, 2023, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. In addition, as of December 31, 2023, the Company had $31.0 million of cash and cash equivalents, including restricted cash, deposited in certain financial institutions located in the United Kingdom, Ireland, the Netherlands, Germany, Poland, Spain and Czech Republic. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents. As of December 31, 2023, the Company owned $145.3 million in real estate-related securities. These securities consist of common equities, preferred equities and debt securities of publicly traded REITs. International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland, the Netherlands, Germany, Spain and Czech Republic, the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom, and the Polish zloty is the functional currency for the Company’s subsidiaries operating in Poland. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated. Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements. Tenant and Other Receivables Tenant and other receivables consists primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. As of December 31, 2023 and 2022, the Company had receivables related to base rents and tenant reimbursements of $7.9 million and $8.1 million, respectively. Straight-line rent receivables were $38.0 million and $27.7 million as of December 31, 2023 and 2022, respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues. Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense. Other Assets Other assets included the following (in thousands): December 31, 2023 December 31, 2022 Prepaid insurance $ 1,158 $ 1,415 Prepaid property taxes 7,532 2,557 Deferred tax assets (1) 13,282 10,962 Operating lease right-of-use asset, net 4,112 3,678 Other 7,707 (2) 2,224 Other assets $ 33,791 $ 20,836 (1) Includes the effects of a valuation allowance of $11.3 million and $9.8 million as of December 31, 2023 and 2022, respectively. (2) Includes a $4.0 million deposit relating to the acquisition of Diridon West in January 2024. See Note 14 — Subsequent Events for additional information regarding the acquisition. Lessee Accounting The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics that the Company has currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $83,000 and $78,000 for the years ended December 31, 2023 and 2022, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $4.1 million and $3.7 million in other assets as of December 31, 2023 and 2022, respectively, and has recorded a lease liability of approximately $1.5 million and $1.4 million in other liabilities, as of December 31, 2023 and 2022, respectively, in the Company’s consolidated balance sheets. The Company also has a ground lease agreement in which the Company is the lessee for land underneath Center Place that the Company has currently accounted for as a financing lease. The lease currently ends in March 2142 and has fixed and variable payments. The rental expense associated with this lease was $99,000 and $94,000 for the years ended December 31, 2023 and 2022, respectively. The Company has recorded a right-of-use asset of approximately $15.6 million and $15.7 million in financing lease right-of-use asset, net, as of December 31, 2023 and 2022, respectively, and has recorded a lease liability of approximately $17.4 million in financing lease liability, as of December 31, 2023 and 2022, in the Company’s consolidated balance sheets. The Company’s estimate of the amount of the right-of-use assets and lease liabilities included assumptions for the discount rate, which is based on the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the term of the Łódź Urban Logistics and Center Place ground leases are much longer than a typical borrowing, the Company derived the incremental borrowing rate of 5.6% and 3.4% at lease inception for the ground leases at Łódź Urban Logistics and Center Place, respectively, as the spread in a current financing quote for the property, or its borrowing rate on its revolving credit facility if a current financing quote was not available, plus the applicable base rate corresponding to the longest term available in the base rate market. A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for its ground leases for each of the years ending December 31, 2024 through December 31, 2028 are as follows (in thousands): Lease Payments Operating Leases Financing Leases 2024 $ 89 $ 540 2025 89 540 2026 89 540 2027 89 540 2028 89 540 Thereafter 5,456 69,810 Total $ 5,901 $ 72,510 Ground Lease Liability $ 1,519 $ 17,429 Undiscounted Excess Amount $ 4,382 $ 55,081 Revenue Recognition Accounting Standards Codification (“ASC”) 606 requires the use of a five-step model to recognize revenue from contracts with customers. This model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASC 610-20 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with Topic 842. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized at the time when the performance obligation is met, under ASC 606. Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2015. The Company’s management believes that it operates in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for federal income tax purposes. Accordingly, no provision has been made for U.S. federal income taxes for the years ended December 31, 2023, 2022 and 2021 in the accompanying consolidated financial statements. During the year ended December 31, 2023, income tax expense recorded by the Company consisted of current income tax expense of $4.0 million offset by deferred tax expense of $1.6 million related to the operation of its international properties and certain of its taxable REIT subsidiaries. During the year ended December 31, 2022, income tax expense recorded by the Company consisted of current income tax expense of $3.9 million offset by deferred tax expense of $2.7 million related to the operation of its international properties. During the year ended December 31, 2021, income tax expense recorded by the Company was substantially comprised of $4.0 million in current income tax expense related to the operation of its international properties. All periods from December 31, 2016 through December 31, 2023 are open for examination by the IRS. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure. Distribution and Stockholder Servicing Fees The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the applicable class of shares on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. As of December 31, 2023 and 2022, the Company recorded a liability of $59.1 million and $64.1 million, respectively. See Note 9 — Related Party Transactions for additional information regarding the Company’s distribution and stockholder servicing fees. Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. All classes of common stock are allocated net income (loss) at the same rate per share and receive the same gross distribution per share. New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting, which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of the new standard will have on its consolidated financial statements and footnotes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which provides improvements to income tax disclosures by enhancing the transparency around rate reconciliation and income taxes paid by jurisdiction. The standard will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes.

Investment Property

Investment Property	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Buildings and improvements $ 2,457,264 $ 2,306,257 Less: accumulated depreciation (199,641) (137,962) Buildings and improvements, net 2,257,623 2,168,295 Land 825,972 771,822 Investment property, net $ 3,083,595 $ 2,940,117 During the year ended December 31, 2023, the Company acquired three investments in real estate assets for a total net purchase price of $206.4 million. During the year ended December 31, 2022, the Company acquired 13 investments in real estate assets for a total net purchase price of $1.1 billion. During the year ended December 31, 2022, the Company sold two of its investment properties for an aggregate contract price of $122.5 million and recognized an aggregate gain on the sale of these assets of $21.1 million, which was recorded in the gain on sale of real estate on the consolidated statements of operations and comprehensive income (loss). As of December 31, 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 $ 413,171 $ 25,419 $ (84,014) Less: accumulated amortization (145,221) (7,400) 24,940 Net $ 267,950 $ 18,019 $ (59,074) 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 $62.5 million, $70.4 million and $38.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $7.7 million, $8.6 million and $4.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Anticipated amortization of the Company’s in-place leases and out-of-market leases, net, for each of the years ending December 31, 2024 through December 31, 2028 are as follows (in thousands): In-Place Lease Out-of-Market 2024 $ 55,941 $ (6,103) 2025 $ 48,224 $ (4,900) 2026 $ 39,155 $ (2,903) 2027 $ 34,892 $ (2,265) 2028 $ 28,228 $ (2,947) Commercial Leases The Company’s commercial leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time. Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the year ended December 31, 2023, 2022 and 2021 was $42.4 million, $36.4 million and $24.2 million, respectively, which are included in rental revenue on the consolidated statements of operations and comprehensive income (loss). The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2023, the approximate fixed future minimum rentals 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 2024 $ 197,098 2025 183,692 2026 166,151 2027 153,092 2028 132,361 Thereafter 505,601 Total $ 1,337,995 During the years ended December 31, 2023, 2022 and 2021, the Company did not earn more than 10% of its revenue from any individual tenant. The Company also enters into leases with tenants at its student housing properties, multi-family properties and self-storage properties. These leases generally have terms less than one year and do not contain options to extend, terminate or purchase, escalation clauses, or other such terms, which are common in the Company’s commercial leases.

Recent Acquisitions of Real Est

Recent Acquisitions of Real Estate	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	RECENT ACQUISITIONS OF REAL ESTATE The Company acquired three real estate assets during the year ended December 31, 2023, 13 real estate assets during the year ended December 31, 2022 and 11 real estate assets during the year ended December 31, 2021. The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price, which includes transaction costs beginning January 1, 2018 as further described below, of each property acquired in 2023, 2022 and 2021 as follows (in thousands): Property Name Acquisition Building and (2) Land (2) In-place Lease Intangibles (2) Out-of- (2) Right of Use Asset (Liability), net Total (2) 2023 (1) EMME 6/21/2023 $ 55,571 $ 17,694 $ 1,274 $ — $ — $ 74,539 I-70 Logistics Center 8/16/2023 $ 57,767 $ 3,655 $ 5,577 $ — $ — $ 66,999 IBM 500 Campus 12/14/2023 $ 2,491 $ 21,295 $ 42,715 $ — $ — $ 66,501 2022 Bradley Business Center (3) 1/20/2022 $ 12,254 $ 11,710 $ 4,348 $ (3,366) $ — $ 24,946 Liberty Station 1/24/2022 $ 48,400 $ 50,331 $ 21,949 $ (2,349) $ — $ 118,331 1315 N. North Branch 2/18/2022 $ 20,118 $ 14,122 $ 12,627 $ 80 $ — $ 46,947 Burbank Media Studios 2/25/2022 $ 4,246 $ 28,616 $ 1,806 $ 8,259 $ — $ 42,927 Central City Coventry 3/30/2022 $ 4,271 $ 37,958 $ 1,874 $ (1,040) $ — $ 43,063 Wells Fargo Center 4/14/2022 $ 12,149 $ 20,498 $ 8,146 $ (1,869) $ — $ 38,924 Madrid Airport Complex Land Parcel 4/22/2022 $ — $ 26,801 $ — $ — $ — $ 26,801 Waverly Place 6/15/2022 $ 60,724 $ 12,395 $ 17,129 $ (1,570) $ — $ 88,678 Fresh Park Venlo 3813 (4) 7/6/2022 $ 7,018 $ — $ 1,657 $ 209 $ — $ 8,884 Nashville Self Storage Portfolio (5) 7/7/2022 $ 90,055 $ 7,821 $ 4,784 $ — $ — $ 102,660 200 Park Place 7/21/2022 $ 97,669 $ 6,384 $ 37,544 $ — $ — $ 141,597 Gables Station 8/26/2022 $ 380,626 $ 51,282 $ 26,211 $ (28,460) $ — $ 429,659 ABC Plot M (6) 9/30/2022 $ — $ 7,970 $ — $ — $ — $ 7,970 2021 5301 Patrick Henry 2/10/2021 $ 36,651 $ 19,089 $ 15,136 $ (2,711) $ — $ 68,165 ABC Westland A3.2 (6) 4/30/2021 $ 8,400 $ — $ 678 $ — $ — $ 9,078 900 Patrol Road 5/17/2021 $ 79,242 $ 7,977 $ 11,656 $ — $ — $ 98,875 1015 Half Street 5/19/2021 $ 131,745 $ 32,884 $ 81,861 $ (17,391) $ — $ 229,099 Miramar Activity Business Center 6/30/2021 $ 17,007 $ 19,573 $ 4,411 $ 34 $ — $ 41,025 Eastgate Park 10/26/2021 $ 24,399 $ 18,558 $ 3,887 $ (1,260) $ — $ 45,584 ABC Westland 668 (6) 10/26/2021 $ 2,615 $ 1,729 $ 275 $ — $ — $ 4,619 Bradley Business Center 11/16/2021 $ 43,146 $ 17,025 $ 9,256 $ 3,900 $ — $ 73,327 WGN Studios 11/30/2021 $ 12,469 $ 13,020 $ 8,776 $ (3,367) $ — $ 30,898 Waypoint 12/10/2021 $ 15,256 $ 18,009 $ 8,692 $ (2) $ — $ 41,955 Center Place 12/22/2021 $ 72,811 $ — $ 4,023 $ — $ (1,596) (7) $ 75,238 (1) For more information on acquisitions completed during the year ended December 31, 2023, refer to Note 3 — Investment Property. (2) For acquisitions denominated in a foreign currency, amounts have been translated to U.S. dollars at a rate based on the exchange rate in effect on the acquisition date. (3) Represents the acquisition of the remaining three buildings of Bradley Business Center. The Company initially acquired the first of the four total buildings at the property in November 2021. (4) Fresh Park Venlo 3813 is an additional building that the Company acquired at Fresh Park Venlo, an industrial logistics property located in Venlo, Netherlands that the Company previously acquired in October 2018. (5) The Nashville Self Storage Portfolio is comprised of five self storage properties located in greater Nashville, Tennessee. (6) Represents an additional acquisition at ABC Westland, an industrial logistics property located in The Hague, Netherlands that the Company previously acquired in May 2019. ABC Plot M is a parcel of undeveloped land adjacent to the property, ABC Westland A3.2 and ABC Westland 668 are two additional buildings. (7) Amount is net of a $15.9 million financing lease right-of-use asset.

DST Program

DST Program	12 Months Ended
	Dec. 31, 2023
Statutory Trust Program [Abstract]
DST PROGRAM	DST PROGRAM In September 2022, the Company, through the Operating Partnership, launched a program to raise up to $1.0 billion in capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts (each, a “DST”) holding real properties (the “DST Program”). Under the DST Program, each private placement could offer interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are or will be leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis of up to twenty years pursuant to a master lease agreement. These master lease agreements are fully guaranteed by the Operating Partnership. As compensation for the master lease guarantee, the Operating Partnership will retain a fair market value purchase option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors during a 12-month period commencing two years after the closing of the applicable DST offering, in exchange for OP Units. As the Company retains the fair market value purchase option, which, if exercised, would allow the Company to acquire the real property owned by the DST, the proceeds from each private placement offering under the DST program are accounted for as a financing obligation on the consolidated balance sheets. Under the master lease, a wholly owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and is responsible for paying rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes) the sale of beneficial interests in the DST properties is being accounted for as a failed sales-leaseback transaction and as a result, the DST Properties are included in the Company’s consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. Upon the determination that it is probable that we will exercise the fair market value purchase option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. At that time, we will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our consolidated statements of operations and comprehensive income (loss). The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the specific DST and could fluctuate over time. The master lease agreements are triple-net leases, pursuant to which the Master Tenant will pay the stated rent and will be responsible for paying leasing costs, operating expenses, real estate taxes, special assessments, sales and use taxes, utilities, insurance and repairs for maintenance related to the Property.

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of December 31, 2023 and 2022, the Company had approximately $1.4 billion and $1.3 billion of debt outstanding, respectively, with a weighted average years to maturity of 1.6 years and 1.6 years, respectively, and a weighted average interest rate of 3.55% and 3.51%, respectively. The following table describes the Company’s debt outstanding at December 31, 2023 and 2022 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of December 31, 2023 Principal Outstanding at December 31, 2023 Principal Outstanding at December 31, 2022 Fixed Rate Loans Fixed rate secured mortgage debt 9/20/2024 N/A 1.05% (1) $ 32,159 $ 201,684 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,199 7,549 Total fixed rate loans $ 39,358 $ 209,233 Variable Rate Loans Floating rate secured mortgage debt 2/2024-6/2027 N/A 3.77% (3) $ 449,738 $ 407,724 JPMorgan Chase - Revolving Credit Facility 11/15/2024 (4) $ 425,000 3.97% (5) 291,000 90,000 JPMorgan Chase Credit Facility - First Term Loan 11/15/2024 (4) $ 300,000 3.35% (6) 300,000 300,000 JPMorgan Chase Credit Facility - Second Term Loan 12/20/2024 (4) $ 300,000 3.35% (6) 300,000 300,000 Total variable rate loans $ 1,340,738 $ 1,097,724 Total Notes Payable $ 1,380,096 $ 1,306,957 Total Principal Outstanding $ 1,380,096 $ 1,306,957 Unamortized financing fees (7) (5,050) (5,036) Total $ 1,375,046 $ 1,301,921 (1) As of December 31, 2023, the effective interest rates on our fixed rate mortgage debt have been effectively fixed for the full term of the facilities using interest rate swap agreements as an economic hedge against the variability of future interest rates on the borrowing. (2) Relates to a payment plan provided by the seller in relation to the Company’s acquisition of Fresh Park Venlo 3813 in July 2022. (3) As of December 31, 2023, the effective interest rates on our floating rate mortgage debt ranged from 1.84% to 5.86%. The amount of principal outstanding as of December 31, 2023 includes $327.6 million that has been effectively fixed for the full term of the facilities by effective interest rate cap agreements or interest rate swap agreements as economic hedges against the variability of future interest rates on the borrowing. (4) The Company has two one-year extension options with respect to the Revolving Credit Facility and the First Term Loan as well as with respect to the Second Term Loan, contingent on the Company’s compliance with certain loan covenants. In November 2023, the Company exercised one such option on the Revolving Credit Facility and the First Term Loan, extending the maturity dates of each to November 15, 2024. The Company believes it is probable that its one remaining option on the Revolving Credit Facility and First Term Loan and two remaining options on the Second Term Loan will be exercised prior to maturity. (5) As of December 31, 2023, the outstanding balance includes $250.0 million with an effective interest rate that is effectively capped at 3.50% as a result of the Company entering into an interest rate cap agreement as an economic hedge against the variability of the future interest rate on the borrowings. (6) As of December 31, 2023, the effective interest rates related to these loans were effectively capped at 3.35%, as a result of the Company entering into interest rate cap agreements as economic hedges against the variability of the future interest rate on the borrowings. (7) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $5.7 million and $6.0 million as of December 31, 2023 and 2022. These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2023, 2022 and 2021, $3.9 million, $3.9 million and $4.3 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively. The Company often enters into mortgage agreements to provide secured financing for its acquisitions of real estate investments. These mortgage agreements are subject to certain conditions and contain customary covenants and events of default. Refer below for additional discussion on Financial Covenants relating to the Company’s mortgage-level debt. JPMorgan Debt Facilities On September 13, 2019 (as amended on November 15, 2019, November 13, 2020, July 30, 2021, December 20, 2021 and March 24, 2023), the Operating Partnership entered into a credit agreement, which we refer to as the “Credit Agreement”, with JPMorgan Chase Bank, N.A. (“Chase”), as administrative agent for itself and various lenders named in the Credit Agreement, which provides for borrowings up to a maximum aggregate principal amount of $1.025 billion, which consists of $425.0 million available under a revolving loan commitment (the “Revolving Credit Facility”), $300.0 million under an initial term loan commitment (the “First Term Loan Facility”) and $300.0 million under a second term loan commitment (the “Second Term Loan Facility”). The Company has one-year extension options with respect to the Revolving Credit Facility and the First Term Loan Facility and two one-year extension options with respect to the Second Term Loan Facility, contingent on the Company’s compliance with certain loan covenants. The Company believes it is probable that these extension options will be exercised prior to maturity. On March 24, 2023, the Company amended the Credit Agreement 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 December 31, 2023 or the date of this report. Principal Payments on Debt The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2024 through December 31, 2028 and for the period thereafter (in thousands). Payments Due by Year 2024 2025 2026 2027 2028 Thereafter Principal payments $ 942,143 (1) $ 26,752 $ 101,943 $ 304,520 $ 643 $ 4,095 (1)

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 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 Revolving Credit Facility in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. These contracts effectively fix or cap the interest rates on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instruments. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes. The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of December 31, 2023 Interest rate contracts 24 $ 1,210,493 $ 27,917 $ — Total derivative instruments 24 $ 1,210,493 $ 27,917 $ — 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 instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023 and 2022 (in thousands): Gain (Loss) on Derivative Instruments Year Ended December 31, 2023 2022 2021 Derivatives not designated as hedging instruments: Interest rate contracts $ 4,261 $ 18,159 $ 218 Foreign currency forward contracts (6) (13) (113) Total gain (loss) on derivatives $ 4,255 $ 18,146 $ 105

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 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 Offering, on November 30, 2017, the Company (i) redesignated its issued and outstanding Class A shares of common stock, Class T shares of common stock, Class I shares of common stock and Class J shares of common stock as “Class AX shares,” “Class TX shares,” “Class IX shares” and “Class JX shares,” (collectively, the “IPO Shares”) respectively, and (ii) reclassified the authorized but unissued portion of its common stock into four additional classes of shares of common stock: “Class T shares,” “Class S shares,” “Class D shares,” and “Class I shares.” The Company is offering its shares of common stock in the Third Offering in any combination of Class T shares, Class S shares, Class D shares and Class I shares. All shares of the Company’s common stock have the same voting rights and rights upon liquidation, although distributions received by the Company’s stockholders are expected to differ due to the distribution and stockholder servicing fees payable with respect to the applicable share classes, which reduce distributions. The Company complies with the FASB ASC 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When shares are tendered for redemption and approved by the board of directors, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values and redeem those shares in the subsequent month pursuant to the Company’s current share redemption program. The Company’s board of directors may amend or suspend the share redemption program at any time without stockholder approval. Additionally, the board of directors has complete discretion to determine whether the Company has sufficient funds to satisfy redemption requests. Common Stock As of December 31, 2023 and 2022, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 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 34,153 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 — (1) 10,000 22 Class JX common stock, $0.001 par value per share 10,000 76 10,000 64 Class T common stock, $0.001 par value per share 350,000 60,538 350,000 65,845 Class S common stock, $0.001 par value per share 350,000 28,962 350,000 24,806 Class D common stock, $0.001 par value per share 350,000 35,492 350,000 32,553 Class I common stock, $0.001 par value per share 350,000 101,785 350,000 90,924 (1) All remaining Class TX and IX shares previously issued and outstanding have been converted to Class AX and JX shares, respectively, 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 year ended December 31, 2023, 2022 and 2021 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the year ended December 31, 2021. Class AX Class TX Class IX Class 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 986 1 — — — — 3 — 6,713 7 5,766 7 4,864 5 16,875 16 35,207 36 Conversion of common shares (1) 142 4 (142) (4) (22) — 22 — (7,167) (7) — — — — 7,167 7 — — Redemption of common shares (3,196) (5) — — — — (13) — (4,853) (4) (1,610) (2) (1,925) (3) (13,181) (13) (24,778) (27) Balance as of December 31, 2023 34,153 $ 34 — $ — — $ — 76 $ — 60,538 $ 61 28,962 $ 30 35,492 $ 34 101,785 $ 100 261,006 $ 259 Class AX Class TX Class IX Class JX Class T Class S Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2022 29,377 $ 28 7,606 $ 11 87 $ — — $ — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 Issuance of common shares 939 1 44 — 3 — (1) — 15,028 15 21,580 22 13,930 14 48,976 49 100,499 101 Conversion of common shares (1) 7,425 7 (7,425) (7) (65) — 65 — (780) (1) — — — — 780 1 — — Redemption of common shares (1,520) (2) (83) — (3) — — — (1,579) (2) (73) — (377) — (1,093) (1) (4,728) (5) Balance as of December 31, 2022 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 Class AX Class TX Class IX Class T Class S Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2021 19,990 $ 20 18,152 $ 21 95 $ — 40,036 $ 39 — $ — 10,217 $ 9 15,291 $ 15 103,781 $ 104 Issuance of common shares 768 — 295 — 4 — 14,622 16 3,299 3 9,078 9 27,341 26 55,407 54 Conversion of common shares (1) 10,144 10 (10,144) (10) — — (67) — — — — — 67 — — — Redemption of common shares (1,525) (2) (697) — (12) — (1,415) (2) — — (295) — (438) — (4,382) (4) Balance as of December 31, 2021 29,377 $ 28 7,606 $ 11 87 $ — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 (1) The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares, 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 2021 through March 31, 2024 at a gross distribution rate of $0.05208 per month for each share class, (represents an annualized rate of $0.625 per share per year if this rate is declared for an entire year), less any applicable distribution and stockholder servicing fees. Distributions will be made on all classes of the Company’s common stock at the same time. All distributions were paid in cash or reinvested in shares of the Company’s common stock for those participating in the Company’s distribution reinvestment plan and have been paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the Company’s distribution reinvestment plan were reinvested in shares of the same class as the shares on which the distributions were made. Some or all of the cash distributions may be paid from sources other than cash flows from operations. The following table outlines the Company’s total distributions declared to stockholders for the years ended December 31, 2023, 2022 and 2021, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2023 $ 71,491 $ 80,252 $ 151,743 December 31, 2022 $ 58,795 $ 64,106 $ 122,901 December 31, 2021 $ 35,327 $ 38,031 $ 73,358 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2023, 2022 and 2021. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 9 — Related Party Transactions. 2023 2022 2021 Distributions declared per Class AX share, net $ 0.63 $ 0.63 $ 0.63 Distributions declared per Class TX share, net $ 0.26 (1) $ 0.51 $ 0.52 Distributions declared per Class IX share, net $ 0.45 (2) $ 0.60 $ 0.60 Distributions declared per Class JX share, net $ 0.63 $ 0.31 (3) $ — Distributions declared per Class T share, net $ 0.52 $ 0.51 $ 0.52 Distributions declared per Class S share, net $ 0.54 $ 0.53 $ 0.53 Distributions declared per Class D share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class I share, net $ 0.63 $ 0.63 $ 0.63 (1) There were no Class TX shares outstanding as of June 30, 2023, as all previously issued and outstanding shares were redeemed or converted to Class AX shares prior to that date. As a result, no distributions were declared on Class TX shares after June 30, 2023. (2) There were no Class IX shares outstanding as of September 30, 2023, as all previously issued and outstanding shares were redeemed or converted to Class JX shares prior to that date. As a result, no distributions were declared on Class IX shares after September 30, 2023.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 and amounts unpaid as of December 31, 2023 and 2022 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2023 2022 2021 12/31/2023 12/31/2022 Selling Commissions- Dealer Manager (1) $ 2,877 $ 8,798 $ 4,218 $ — $ — Dealer Manager Fee- Dealer Manager (1) 273 764 700 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 5,473 36,055 16,866 59,103 64,104 Organization and Offering Costs- the Advisor 7,233 6,475 5,016 778 3,228 Asset Management Fees- the Advisor 30,516 26,270 16,442 2,860 1,626 Other- the Advisor (2) 6,211 6,679 4,028 2,688 2,352 Performance Participation Allocation- the Advisor (3) — 18,787 24,790 — 18,787 Property Management Fees- Hines and its affiliates 6,572 4,944 3,168 440 413 Development and Construction Management Fees- Hines and its affiliates (4) 956 2,281 788 424 769 Leasing Fees- Hines and its affiliates (5) 1,565 1,516 1,055 1,488 616 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) (6) 14,920 12,477 8,472 (1,856) (7) (1,389) Total $ 76,596 $ 125,046 $ 85,543 $ 65,925 $ 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 consolidated balance sheets. (5) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s 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 December 31, 2023 and 2022, the balance included $3.3 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. As described more fully in Note 1 — Organization, the Company commenced its Initial Offering in August 2014, its Second Offering in December 2017 and its Third Offering in June 2021. Described below are the fees payable to Hines and its affiliates in connection with the Initial Offering and the Follow-on Offerings. Dealer Manager Agreement Initial Offering The Dealer Manager received annual distribution and stockholder servicing fees of 1.0% or 0.25% of the most recently determined NAV per share for the Class TX shares and Class IX shares purchased and outstanding. The Company ceased paying the distribution and stockholder servicing fees with respect to any particular Class TX share or Class IX share and converted that Class TX share or Class IX share into a number of Class AX shares or Class JX shares, respectively, on the occurrence of earlier of: (i) the end of the month in which the transfer agent, on behalf of the Company, determined that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class TX shares or Class IX shares held by a stockholder within his or her particular account equaled 10.0% of the gross offering price at the time of investment of the Class TX shares or Class IX shares held in such account; and (ii) on any Class TX share or Class IX share that was redeemed or repurchased. As of December 31, 2023, there were no Class TX shares or Class IX shares outstanding. Follow-on Offerings As previously discussed, the Company launched its Second Offering on December 6, 2017. Upon the expiration of the Second Offering, the Company launched its Third Offering on June 2, 2021. The table below summarizes the fees payable to the Dealer Manager with respect to the sale of shares in the Follow-on Offerings. The upfront selling commissions and dealer manager fees are based on a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees are payable with respect to shares issued under the Company’s distribution reinvestment plan. Class T shares (1) Class S shares (1) Class D shares Class I shares Upfront Selling Commission and Dealer Manager Fee 3.5% 3.5% None None Ongoing Distribution and Stockholder Servicing Fee (per annum, as a percentage of NAV) (2) 1.0% 0.85% 0.25% None (1) With respect to Class T Shares, there is a maximum upfront sales load of up to 3.5% of the gross offering proceeds from the sale of such shares in the primary offering, consisting of any combination of selling commissions and dealer manager fees. With respect to Class S shares, the upfront sales load of up to 3.5% of the gross proceeds from the sale of such shares in the primary offering consists solely of selling commissions. (2) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. As of December 31, 2023 and 2022, the Company has recorded a liability of $59.1 million and $64.1 million, respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets. Prior to August 20, 2021, the distribution and stockholder servicing fee was paid at a rate of 1.0% of NAV per annum with respect to Class S shares. The Company will cease paying distribution and stockholder servicing fees with respect to any Class T share, Class S share or Class D share at the end of the month in which the transfer agent, on the Company’s behalf, determines that the total upfront selling commissions, dealer manager fees and distribution and stockholder servicing fees paid with respect to such Class T shares, Class S shares or Class D shares, as applicable, held by a stockholder within his or her particular account equals 8.75% (or, in the case of shares sold through certain participating broker dealers, a lower limit as set forth in any applicable agreement between our Dealer Manager and a participating broker dealer) of the gross proceeds from the sale of such Class T shares, Class S shares or Class D shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). In addition, the Company will cease paying distribution and stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares issued in a particular offering on the earlier to occur of the following: (i) a listing of the Company’s common shares, (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of such offering on which, in the aggregate, underwriting compensation from all sources in connection with such offering, including upfront selling commissions, dealer manager fees, distribution and stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from such Offering. Advisory Agreement Pursuant to the Advisory Agreement and the Operating Partnership Agreement, the Company is required to pay the following fees and expense reimbursements: Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of a) the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal to 0.0625% per month of the most recently determined value of such real estate investments at the end of each month, and b) the aggregate proceeds received by the Company or its affiliate for selling interests in properties in the DST Program to third party investors, net of up-front fees and expense reimbursements payable out of the gross sale proceeds from the sale of such interests (the “DST Proceeds”) at the end of each month. The asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. Performance Participation Allocation The Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to achievement of a 5% total return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Acquisition Expense Reimbursements The Company reimburses the Advisor and its affiliates for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, origination, financing and development of properties and real estate-related securities, whether or not such investments are acquired. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. Our total operating expenses did not exceed the 2%/25% Limitation for the four fiscal quarters ended December 31, 2023. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Second Offering through December 31, 2018. In January 2019, the Company began reimbursing the Advisor for all such advanced expenses and expects to continue to reimburse the Advisor for such expenses ratably through December 31, 2023 to the extent cumulative organization and offering costs did not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings. In addition, commencing in January 2019, the Company reimbursed the Advisor for any new organization and offering costs that it incurs on its behalf, as and when incurred, to the extent that aggregate reimbursements to the Advisor for cumulative organization and offering costs did not exceed an amount equal to 2.5% of the gross offering proceeds from the Company’s public offerings. The total reimbursement related to organization and offering costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering. As of December 31, 2023, there were no unpaid amounts remaining related to the Advisor’s advancement of organization and offering costs related to the Second Offering. Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease. Fees for Other Services The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or operations, which may include corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures) and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the asset management fee otherwise payable to the Advisor. Any such arrangements will be at market rates. DST Program Fees In connection with the DST Program described in Note 5 – DST Program, Hines Real Estate Exchange LLC (“HREX), a wholly-owned subsidiary of the Operating Partnership, entered into a dealer manager agreement with the Dealer Manager, pursuant to which the Dealer Manager agreed to conduct the private placements for interests reflecting an indirect ownership of up to $1.0 billion of interests. As compensations for conducting these private placements, HREX will pay the Dealer Manager upfront selling commissions, upfront dealer manager fees and O&O fees of up to 5.0%, 1.0% and 1.25%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. In addition, with respect to Class S DST interests, HREX will pay the Dealer Manager ongoing fees in amounts up to 0.25% of the equity investment per year. All of these fees are funded by the private investors in the DST Program at the time of their investment or through deductions from distributions paid to such investors. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. These fees totaled $6.6 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 7 — Derivative Instruments, the Company entered into several interest rate contracts as hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 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 7 — Derivative Instruments, the Company has entered into foreign currency forward contracts as hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatility. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets. The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. The following table summarizes activity for the Company’s real estate-related securities measured at fair value on a recurring basis. Basis of Fair Value Measurements During the year ended Description Fair Value of Assets Quoted Prices In Significant Significant December 31, 2023 Investments in real estate-related securities $ 145,307 $ 145,307 $ — $ — December 31, 2022 Investments in real estate-related securities $ 133,741 $ 133,741 $ — $ — Financial Instruments Fair Value Disclosures

Reportable Segments

Reportable Segments	12 Months Ended
	Dec. 31, 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. Years Ended December 31, 2023 2022 2021 Revenues Office investments $ 72,069 $ 56,070 $ 27,000 Industrial investments 94,447 93,215 82,339 Residential/Living investments 78,775 51,922 32,869 Retail investments 36,504 31,508 27,795 Other investments 31,387 26,804 5,923 Total revenues $ 313,182 $ 259,519 $ 175,926 For the years ended December 31, 2023, 2022 and 2021, the Company’s total revenues were attributable to the following countries: Years Ended December 31, 2023 2022 2021 Total revenues United States 75 % 69 % 61 % The Netherlands 11 % 15 % 18 % United Kingdom 8 % 8 % 12 % Poland 2 % 2 % 4 % Spain 2 % 2 % 3 % Czech Republic 1 % 2 % — % * Ireland 1 % 1 % — % * Germany — % * 1 % 2 % * Amount is less than 1% For the years ended December 31, 2023, 2022 and 2021, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Revenues in excess of property expenses (1) Office investments $ 45,632 $ 34,030 $ 16,774 Industrial investments 59,333 61,193 54,202 Residential/Living investments 39,646 27,615 14,995 Retail investments 22,960 18,195 16,699 Other investments 22,598 19,220 4,599 Total revenues in excess of property expenses $ 190,169 $ 160,253 $ 107,269 (1) Revenues less property operating expenses, real property taxes and property management fees. As of December 31, 2023 and 2022, the Company’s total assets by segment were as follows (in thousands): December 31, 2023 December 31, 2022 Assets Office investments $ 757,975 $ 730,789 Industrial investments 1,089,817 1,025,938 Residential/Living investments 1,005,255 942,548 Retail investments 368,023 379,187 Other investments 374,555 392,269 Corporate-level accounts 227,059 209,069 Total assets $ 3,822,684 $ 3,679,800 As of December 31, 2023 and 2022, the Company’s total assets were attributable to the following countries: December 31, 2023 December 31, 2022 Total assets United States 77 % 76 % United Kingdom 9 % 9 % The Netherlands 8 % 9 % Spain 2 % 2 % Czech Republic 1 % 1 % Poland 1 % 1 % Germany 1 % 1 % Ireland 1 % 1 % For the years ended December 31, 2023, 2022 and 2021, the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Reconciliation to revenues in excess of property expenses Net income (loss) $ (38,587) $ (48,084) $ (39,153) Depreciation and amortization 130,357 124,600 88,100 Asset management fees 30,516 26,270 16,442 Performance participation allocation — 18,787 24,790 General and administrative expenses 9,527 7,288 5,546 Impairment losses 813 — — (Gain) loss on derivative instruments (4,255) (18,146) (105) (Gain) loss on investments in real estate-related securities (14,397) 26,938 (15,965) Gain on sale of real estate — (21,098) (1,432) Foreign currency (gains) losses (3,257) 2,783 978 Interest expense 90,449 44,286 24,976 Other income and expenses (13,367) (6,326) (2,028) (Benefit) provision for income taxes 2,370 1,224 3,988 Provision for income taxes related to sale of real estate — 1,731 1,132 Total revenues in excess of property expenses $ 190,169 $ 160,253 $ 107,269

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 76,132 $ 34,030 $ 20,644 Cash paid for income taxes $ 4,789 $ 1,970 $ 2,270 Cash paid for income taxes related to sale of real estate $ — $ — $ 1,132 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 12,801 $ 12,171 $ 7,470 Distributions reinvested $ 79,823 $ 61,568 $ 36,700 Shares tendered for redemption $ 16,030 $ 11,726 $ 3,019 Non-cash net liabilities (assets) assumed $ 1,810 $ 25,425 $ 11,450 Assumption of mortgage upon acquisition of property $ — $ — $ 17,342 Offering costs payable to the Advisor $ 7,232 $ 6,474 $ 5,015 Distribution and stockholder servicing fees payable to the Dealer Manager $ 5,473 $ 36,055 $ 16,865 Accrued capital additions $ 1,440 $ 7,600 $ 3,923 Accrued acquisition costs $ 30 $ 421 $ 856 Seller-financed debt $ — $ 6,912 $ — Recognition of financing ground lease liability $ — $ — $ 17,340

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Diridon West In January 2024, the Company acquired Diridon West. The contract purchase price for Diridon West was approximately $117.5 million. Diridon West is an apartment property located in San Jose, California consisting of 249 units. The newly acquired property currently has an 95% occupancy rate. The seller is not affiliated with the Company or its affiliates. Floralaan In March 2024, the Company acquired Floralaan for a contract price of €19.7 million (approximately $21.2 million assuming a rate of $1.08 per Euro as of the acquisition date), excluding transaction costs and working capital reserves. Floralaan is an industrial logistics property located in Venlo, Netherlands. Floralaan is an addition to the Company’s existing ownership interest in Fresh Park Venlo, an industrial logistics property located in Venlo, Netherlands, previously acquired in October 2018. The seller is not affiliated with the Company or their affiliates.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II — Valuation and Qualifying Accounts Description Balance at the Beginning of the Period Charged to Costs and Expenses Deductions Balance at the End of the Period (amounts in thousands) Deferred Tax Asset Valuation Allowance as of December 31, 2023 $ 9,792 $ 2,160 $ (676) $ 11,276 Deferred Tax Asset Valuation Allowance as of December 31, 2022 $ 11,415 $ 2,843 $ (4,466) $ 9,792 Deferred Tax Asset Valuation Allowance as of December 31, 2021 $ 3,279 $ 10,736 $ (2,600) $ 11,415

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Schedule III — Real Estate Assets and Accumulated Depreciation December 31, 2023 Initial Cost (b) Gross Amount at Which Carried at 12/31/2023 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition (c) Land Buildings and Improvements Total (d) Accumulated Depreciation (e) Date of Construction Date Acquired (In thousands) Cottonwood Corporate Center Salt Lake City, Utah $ — $ 13,600 $ 98,758 $ 112,358 $ 7,812 $ 13,600 $ 106,570 $ 120,170 $ (19,751) 1997, 2000 7/5/2016 Rookwood Cincinnati, Ohio — 45,320 132,466 177,786 3,743 45,318 136,211 181,529 (23,515) 1993, 2000 1/6/2017 Montrose Student Residences Dublin, Ireland 24,947 5,825 34,499 40,324 4,976 5,825 39,475 45,300 (2,246) (f) 1964, 2013-2015 3/24/2017 Queen's Court Student Residences Reading, United Kingdom 37,554 13,507 48,653 62,160 3,996 13,507 52,649 66,156 (8,478) 2016 10/11/2017 Fresh Park Venlo Venlo, The Netherlands 95,705 — 130,207 130,207 13,375 — 143,582 143,582 (18,201) 1960-2018 10/5/2018 Maintal Logistics Maintal, Germany 17,214 14,551 29,211 43,762 3,177 14,551 32,388 46,939 (3,954) 1974, 2001-2002 12/31/2018 ABC Westland The Hague, Netherlands 87,106 75,183 90,326 165,509 6,527 75,174 96,862 172,036 (10,984) 1969-2018 5/3/2019 Promenade Shops at Briargate Colorado Springs, Colorado — 19,199 55,425 74,624 4,349 19,199 59,774 78,973 (6,670) 2003 9/13/2019 Gdańsk PL II Gdańsk, Poland 17,772 6,128 18,567 24,695 (3) 6,128 18,564 24,692 (1,982) 2013, 2015 9/24/2019 Łódź Urban Logistics Łódź , Poland 14,387 — 18,906 18,906 (16) — 18,890 18,890 (2,022) 2018-2019 9/26/2019 Glasgow West End Glasgow, United Kingdom 65,036 22,811 67,848 90,659 3,084 22,811 70,932 93,743 (7,948) 2017 9/27/2019 The Alloy College Park, Maryland — 14,194 81,956 96,150 344 14,194 82,300 96,494 (8,727) 2019 11/12/2019 Charles Tyrwhitt Distribution Centre Milton Keynes, United Kingdom 11,833 6,942 11,095 18,037 (20) 6,942 11,075 18,017 (1,148) 2010 11/8/2019 DSG Bristol Bristol, United Kingdom 27,481 17,536 22,277 39,813 (17) 17,534 22,262 39,796 (2,293) 2006 11/18/2019 The Emerson Centreville, Virginia — 17,725 97,659 115,384 329 17,725 97,988 115,713 (9,913) 2019 1/24/2020 Madrid Airport Complex Madrid, Spain 26,211 47,042 3,700 50,742 (2,496) 47,014 1,232 48,246 — 1991 6/19/2020 Wakefield Logistics Wakefield, United Kingdom 14,808 9,327 15,224 24,551 1 9,327 15,225 24,552 (1,331) 1991, 2019 7/2/2020 Advanced Manufacturing Portfolio Santa Clara, California — 53,636 34,826 88,462 2,126 53,636 36,952 90,588 (3,319) 1970, 1983, 1998 8/31/2020 6100 Schertz Parkway Schertz, Texas — 3,880 103,404 107,284 (1) 3,880 103,403 107,283 (7,904) 2013 12/11/2020 5100 Cross Point Coventry, United Kingdom 12,743 11,754 10,113 21,867 (49) 11,754 10,064 21,818 (762) 1994, 2015 12/22/2020 5301 Patrick Henry Santa Clara, California — 19,089 36,651 55,740 433 19,089 37,084 56,173 (2,671) 1982, 2016 2/10/2021 900 Patrol Road Jeffersonville, Indiana — 7,977 79,242 87,219 (6) 7,976 79,237 87,213 (5,197) 2012 5/17/2021 1015 Half Street Washington, D.C. — 32,884 131,745 164,629 13,915 32,884 145,660 178,544 (10,013) 2011 5/19/2021 Miramar Activity Business Center San Diego, California — 19,573 17,007 36,580 26 19,573 17,033 36,606 (1,066) 1987, 2018 6/30/2021 Eastgate Park Prague, Czech Republic 24,706 17,588 23,123 40,711 2,815 17,588 25,938 43,526 (2,004) 1980, 2019, 2021 10/26/2021 Bradley Business Center Chicago, Illinois — 28,735 55,400 84,135 237 28,735 55,637 84,372 (2,893) 1956, 1989, 2012, 2014 11/16/2021 Initial Cost (b) Gross Amount at Which Carried at 12/31/2023 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition (c) Land Buildings and Improvements Total (d) Accumulated Depreciation (e) Date of Construction Date Acquired WGN Studios Chicago, Illinois — 13,020 12,469 25,489 41 13,020 12,510 25,530 (652) 1960 11/30/2021 Waypoint Torrance, California — 18,009 15,256 33,265 221 18,009 15,477 33,486 (837) 1963, 2014 12/10/2021 Center Place Providence, Rhode Island — — 72,811 72,811 2,356 — 75,167 75,167 (4,017) 1991 12/22/2021 Liberty Station San Diego, California — 50,331 48,400 98,731 1,038 50,331 49,438 99,769 (2,418) 2003-2006 1/24/2022 1315 N. North Branch Chicago, Illinois — 14,122 20,118 34,240 20 14,122 20,138 34,260 (925) 1912, 2021 2/18/2022 Burbank Media Studios Burbank, California — 28,616 4,246 32,862 306 28,616 4,552 33,168 (210) 2022 2/25/2022 Central City Coventry Coventry, United Kingdom 11,593 36,886 4,150 41,036 511 36,886 4,661 41,547 (1,308) 1912 3/30/2022 Wells Fargo Center Hillsboro, Oregon — 20,498 12,149 32,647 34 20,498 12,183 32,681 (523) 1978, 2009 4/14/2022 Waverly Place Cary, North Carolina — 12,395 60,724 73,119 1,004 12,395 61,728 74,123 (2,357) 1986, 2014 6/15/2022 Nashville Self Storage Portfolio Nashville, Tennessee — 7,821 90,055 97,876 (2) 7,821 90,053 97,874 (3,349) 2019, 2020 7/7/2022 200 Park Place Houston, Texas — 6,384 97,669 104,053 (150) 6,384 97,519 103,903 (3,533) 2020 7/21/2022 Gables Station Miami, Florida — 51,282 380,626 431,908 306 51,282 380,932 432,214 (13,197) 2021 8/26/2022 EMME Chicago, Illinois — 17,694 55,571 73,265 38 17,694 55,609 73,303 (749) 2017 6/21/2023 I-70 Logistics Center Columbus, Ohio — 3,655 57,767 61,422 52 3,655 57,819 61,474 (550) 2023 8/15/2023 IBM 500 Campus Durham, North Carolina — 21,295 2,491 23,786 — 21,295 2,491 23,786 (24) 1986-1989, 2019 12/14/2023 $ 489,096 $ 826,014 $ 2,382,790 $ 3,208,804 $ 74,432 $ 825,972 $ 2,457,264 $ 3,283,236 $ (199,641) (a) Assets consist of quality office, retail, industrial and residential/living properties. (b) Components of initial cost for the property acquired using a foreign currency were converted using the December 31, 2023 balance sheet rate. (c) Costs capitalized subsequent to addition are presented net of any write-offs. (d) The aggregate cost for federal income tax purposes is $3.2 billion as of December 31, 2023. (e) Real estate assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15-20 years for electrical and mechanical installations and 40 years for buildings. The changes in total real estate assets for the years ended December 31, 2023 2022 2021 Gross real estate assets Balance, beginning of period $ 3,078,079 $ 2,180,601 $ 1,618,079 Additions during the period: Acquisitions 158,517 1,014,129 591,136 Other additions 11,403 49,631 21,773 Write-Offs/Cost of real estate sold — (101,323) (11,052) Effect of changes in foreign currency exchange rates 35,237 (64,959) (39,335) Balance, end of period $ 3,283,236 $ 3,078,079 $ 2,180,601 Accumulated Depreciation Balance, beginning of period $ (137,962) $ (95,479) $ (60,019) Depreciation (65,463) (52,572) (48,461) Effect of changes in foreign currency exchange rates 3,784 3,827 13,001 Retirement or sales of assets — 6,262 — Balance, end of period $ (199,641) $ (137,962) $ (95,479)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (38,600)	$ (48,097)	$ (39,166)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions.
Basis of Presentation	Basis of Presentation
Variable Interest Entities	Variable Interest Entities The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. Additionally, from time to time, the Company may acquire property utilizing like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchanges”) in order to defer taxable gains on properties it sells. As such, the Company may engage an exchange agent to act as a qualified intermediary regarding the 1031 Exchange by taking possession of the sales proceeds to be utilized in a pending acquisition of investment property to complete the 1031 Exchange. The Company retains essentially all of the legal and economic benefits and obligations related to the trust formed by the exchange agent, and as a result the trust and the related sales proceeds are then included in the Company’s consolidated financial statements as a VIE until the completion of the 1031 Exchange. There were no consolidated VIEs on the Company’s consolidated balance sheets relating to 1031 Exchanges as of December 31, 2023 and 2022.
Investment Property and Lease Intangibles	Investment Property and Lease Intangibles Acquisitions of properties are evaluated to determine whether they qualify as a business combination or an asset acquisition. An acquisition is classified as an asset acquisition if substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar assets and the amounts recorded are inclusive of acquisitions costs and therefore recorded using their relative fair values. If the acquisition meets the definition of a business combination, the Company records the fair value of the assets acquired and liabilities assumed and will evaluate the existence of goodwill or a bargain purchase gain. Acquisition costs are expensed for business combinations. Since January 1, 2018, all of our acquisitions were concluded to be asset acquisitions. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values were based upon a variety of valuation methodologies and assumptions that the Company believes are similar to those used by market participants. These include, but are not limited to, estimates for future cash flows that utilize discount and/or capitalization rates assuming the building was vacant, determination of market-based rental revenues, comparable land sales, and replacement costs on building, and are subsequently used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable.
Impairment of Investment Property	Impairment of Investment Property
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk As of December 31, 2023, the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. In addition, as of December 31, 2023, the Company had $31.0 million of cash and cash equivalents, including restricted cash, deposited in certain financial institutions located in the United Kingdom, Ireland, the Netherlands, Germany, Poland, Spain and Czech Republic. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents. As of December 31, 2023, the Company owned $145.3 million in real estate-related securities. These securities consist of common equities, preferred equities and debt securities of publicly traded REITs.
International Operations	International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland, the Netherlands, Germany, Spain and Czech Republic, the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom, and the Polish zloty is the functional currency for the Company’s subsidiaries operating in Poland. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated.
Restricted Cash	Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements.
Tenant and Other Receivables	Tenant and Other Receivables Tenant and other receivables consists primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. As of December 31, 2023 and 2022, the Company had receivables related to base rents and tenant reimbursements of $7.9 million and $8.1 million, respectively. Straight-line rent receivables were $38.0 million and $27.7 million as of December 31, 2023 and 2022, respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues.
Deferred Leasing Costs	Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense.
Lessee Accounting	Lessee Accounting The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics that the Company has currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $83,000 and $78,000 for the years ended December 31, 2023 and 2022, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $4.1 million and $3.7 million in other assets as of December 31, 2023 and 2022, respectively, and has recorded a lease liability of approximately $1.5 million and $1.4 million in other liabilities, as of December 31, 2023 and 2022, respectively, in the Company’s consolidated balance sheets. The Company also has a ground lease agreement in which the Company is the lessee for land underneath Center Place that the Company has currently accounted for as a financing lease. The lease currently ends in March 2142 and has fixed and variable payments. The rental expense associated with this lease was $99,000 and $94,000 for the years ended December 31, 2023 and 2022, respectively. The Company has recorded a right-of-use asset of approximately $15.6 million and $15.7 million in financing lease right-of-use asset, net, as of December 31, 2023 and 2022, respectively, and has recorded a lease liability of approximately $17.4 million in financing lease liability, as of December 31, 2023 and 2022, in the Company’s consolidated balance sheets.
Revenue Recognition	Revenue Recognition Accounting Standards Codification (“ASC”) 606 requires the use of a five-step model to recognize revenue from contracts with customers. This model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASC 610-20 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with Topic 842. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized at the time when the performance obligation is met, under ASC 606.
Income Taxes	Income Taxes
Distribution and Stockholder Servicing Fees	Distribution and Stockholder Servicing Fees
Per Share Data	Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. All classes of common stock are allocated net income (loss) at the same rate per share and receive the same gross distribution per share.
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting, which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard will be effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of the new standard will have on its consolidated financial statements and footnotes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which provides improvements to income tax disclosures by enhancing the transparency around rate reconciliation and income taxes paid by jurisdiction. The standard will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes.
Derivative Instruments	The Company has entered into several interest rate swap or cap contracts in connection with certain of its secured mortgage loans and its Revolving Credit Facility in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. These contracts effectively fix or cap the interest rates on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instruments. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes.
Fees and Expense Reimbursements	Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of a) the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal to 0.0625% per month of the most recently determined value of such real estate investments at the end of each month, and b) the aggregate proceeds received by the Company or its affiliate for selling interests in properties in the DST Program to third party investors, net of up-front fees and expense reimbursements payable out of the gross sale proceeds from the sale of such interests (the “DST Proceeds”) at the end of each month. The asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. Performance Participation Allocation The Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to achievement of a 5% total return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Acquisition Expense Reimbursements The Company reimburses the Advisor and its affiliates for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, origination, financing and development of properties and real estate-related securities, whether or not such investments are acquired. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. Our total operating expenses did not exceed the 2%/25% Limitation for the four fiscal quarters ended December 31, 2023. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Second Offering through December 31, 2018. In January 2019, the Company began reimbursing the Advisor for
Property Management and Leasing Fees	Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease. Fees for Other Services The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or operations, which may include corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures) and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the asset management fee otherwise payable to the Advisor. Any such arrangements will be at market rates.
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial Instruments Measured on a Recurring Basis As described in Note 7 — Derivative Instruments, the Company entered into several interest rate contracts as hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 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 7 — Derivative Instruments, the Company has entered into foreign currency forward contracts as hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatility. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets.
Reportable Segments	As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets, and all of the Company’s consolidated revenues and property expenses are from these real estate properties.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Year Ended December 31, 2023 2022 2021 Unrealized gain (loss) $ 25,005 $ (28,400) $ 7,946 Realized gain (loss) (10,608) 1,462 8,019 Total gain (loss) on real estate-related securities $ 14,397 $ (26,938) $ 15,965
Schedule of Other Assets	Other assets included the following (in thousands): December 31, 2023 December 31, 2022 Prepaid insurance $ 1,158 $ 1,415 Prepaid property taxes 7,532 2,557 Deferred tax assets (1) 13,282 10,962 Operating lease right-of-use asset, net 4,112 3,678 Other 7,707 (2) 2,224 Other assets $ 33,791 $ 20,836 (1) Includes the effects of a valuation allowance of $11.3 million and $9.8 million as of December 31, 2023 and 2022, respectively. (2) Includes a $4.0 million deposit relating to the acquisition of Diridon West in January 2024. See Note 14 — Subsequent Events for additional information regarding the acquisition.
Schedule of Lease Maturity	A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for its ground leases for each of the years ending December 31, 2024 through December 31, 2028 are as follows (in thousands): Lease Payments Operating Leases Financing Leases 2024 $ 89 $ 540 2025 89 540 2026 89 540 2027 89 540 2028 89 540 Thereafter 5,456 69,810 Total $ 5,901 $ 72,510 Ground Lease Liability $ 1,519 $ 17,429 Undiscounted Excess Amount $ 4,382 $ 55,081

Investment Property (Tables)

Investment Property (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule Of Property Subject To Or Available For Operating Lease	Investment property consisted of the following amounts as of December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Buildings and improvements $ 2,457,264 $ 2,306,257 Less: accumulated depreciation (199,641) (137,962) Buildings and improvements, net 2,257,623 2,168,295 Land 825,972 771,822 Investment property, net $ 3,083,595 $ 2,940,117
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of December 31, 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 $ 413,171 $ 25,419 $ (84,014) Less: accumulated amortization (145,221) (7,400) 24,940 Net $ 267,950 $ 18,019 $ (59,074) 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 each of the years ending December 31, 2024 through December 31, 2028 are as follows (in thousands): In-Place Lease Out-of-Market 2024 $ 55,941 $ (6,103) 2025 $ 48,224 $ (4,900) 2026 $ 39,155 $ (2,903) 2027 $ 34,892 $ (2,265) 2028 $ 28,228 $ (2,947)
Schedule Of Future Minimum Rental Income For Operating Leases	The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2023, the approximate fixed future minimum rentals 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 2024 $ 197,098 2025 183,692 2026 166,151 2027 153,092 2028 132,361 Thereafter 505,601 Total $ 1,337,995

Recent Acquisitions of Real E_2

Recent Acquisitions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed	The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price, which includes transaction costs beginning January 1, 2018 as further described below, of each property acquired in 2023, 2022 and 2021 as follows (in thousands): Property Name Acquisition Building and (2) Land (2) In-place Lease Intangibles (2) Out-of- (2) Right of Use Asset (Liability), net Total (2) 2023 (1) EMME 6/21/2023 $ 55,571 $ 17,694 $ 1,274 $ — $ — $ 74,539 I-70 Logistics Center 8/16/2023 $ 57,767 $ 3,655 $ 5,577 $ — $ — $ 66,999 IBM 500 Campus 12/14/2023 $ 2,491 $ 21,295 $ 42,715 $ — $ — $ 66,501 2022 Bradley Business Center (3) 1/20/2022 $ 12,254 $ 11,710 $ 4,348 $ (3,366) $ — $ 24,946 Liberty Station 1/24/2022 $ 48,400 $ 50,331 $ 21,949 $ (2,349) $ — $ 118,331 1315 N. North Branch 2/18/2022 $ 20,118 $ 14,122 $ 12,627 $ 80 $ — $ 46,947 Burbank Media Studios 2/25/2022 $ 4,246 $ 28,616 $ 1,806 $ 8,259 $ — $ 42,927 Central City Coventry 3/30/2022 $ 4,271 $ 37,958 $ 1,874 $ (1,040) $ — $ 43,063 Wells Fargo Center 4/14/2022 $ 12,149 $ 20,498 $ 8,146 $ (1,869) $ — $ 38,924 Madrid Airport Complex Land Parcel 4/22/2022 $ — $ 26,801 $ — $ — $ — $ 26,801 Waverly Place 6/15/2022 $ 60,724 $ 12,395 $ 17,129 $ (1,570) $ — $ 88,678 Fresh Park Venlo 3813 (4) 7/6/2022 $ 7,018 $ — $ 1,657 $ 209 $ — $ 8,884 Nashville Self Storage Portfolio (5) 7/7/2022 $ 90,055 $ 7,821 $ 4,784 $ — $ — $ 102,660 200 Park Place 7/21/2022 $ 97,669 $ 6,384 $ 37,544 $ — $ — $ 141,597 Gables Station 8/26/2022 $ 380,626 $ 51,282 $ 26,211 $ (28,460) $ — $ 429,659 ABC Plot M (6) 9/30/2022 $ — $ 7,970 $ — $ — $ — $ 7,970 2021 5301 Patrick Henry 2/10/2021 $ 36,651 $ 19,089 $ 15,136 $ (2,711) $ — $ 68,165 ABC Westland A3.2 (6) 4/30/2021 $ 8,400 $ — $ 678 $ — $ — $ 9,078 900 Patrol Road 5/17/2021 $ 79,242 $ 7,977 $ 11,656 $ — $ — $ 98,875 1015 Half Street 5/19/2021 $ 131,745 $ 32,884 $ 81,861 $ (17,391) $ — $ 229,099 Miramar Activity Business Center 6/30/2021 $ 17,007 $ 19,573 $ 4,411 $ 34 $ — $ 41,025 Eastgate Park 10/26/2021 $ 24,399 $ 18,558 $ 3,887 $ (1,260) $ — $ 45,584 ABC Westland 668 (6) 10/26/2021 $ 2,615 $ 1,729 $ 275 $ — $ — $ 4,619 Bradley Business Center 11/16/2021 $ 43,146 $ 17,025 $ 9,256 $ 3,900 $ — $ 73,327 WGN Studios 11/30/2021 $ 12,469 $ 13,020 $ 8,776 $ (3,367) $ — $ 30,898 Waypoint 12/10/2021 $ 15,256 $ 18,009 $ 8,692 $ (2) $ — $ 41,955 Center Place 12/22/2021 $ 72,811 $ — $ 4,023 $ — $ (1,596) (7) $ 75,238 (1) For more information on acquisitions completed during the year ended December 31, 2023, refer to Note 3 — Investment Property. (2) For acquisitions denominated in a foreign currency, amounts have been translated to U.S. dollars at a rate based on the exchange rate in effect on the acquisition date. (3) Represents the acquisition of the remaining three buildings of Bradley Business Center. The Company initially acquired the first of the four total buildings at the property in November 2021. (4) Fresh Park Venlo 3813 is an additional building that the Company acquired at Fresh Park Venlo, an industrial logistics property located in Venlo, Netherlands that the Company previously acquired in October 2018. (5) The Nashville Self Storage Portfolio is comprised of five self storage properties located in greater Nashville, Tennessee. (6) Represents an additional acquisition at ABC Westland, an industrial logistics property located in The Hague, Netherlands that the Company previously acquired in May 2019. ABC Plot M is a parcel of undeveloped land adjacent to the property, ABC Westland A3.2 and ABC Westland 668 are two additional buildings. (7) Amount is net of a $15.9 million financing lease right-of-use asset.

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule Of Debt Outstanding	The following table describes the Company’s debt outstanding at December 31, 2023 and 2022 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of December 31, 2023 Principal Outstanding at December 31, 2023 Principal Outstanding at December 31, 2022 Fixed Rate Loans Fixed rate secured mortgage debt 9/20/2024 N/A 1.05% (1) $ 32,159 $ 201,684 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,199 7,549 Total fixed rate loans $ 39,358 $ 209,233 Variable Rate Loans Floating rate secured mortgage debt 2/2024-6/2027 N/A 3.77% (3) $ 449,738 $ 407,724 JPMorgan Chase - Revolving Credit Facility 11/15/2024 (4) $ 425,000 3.97% (5) 291,000 90,000 JPMorgan Chase Credit Facility - First Term Loan 11/15/2024 (4) $ 300,000 3.35% (6) 300,000 300,000 JPMorgan Chase Credit Facility - Second Term Loan 12/20/2024 (4) $ 300,000 3.35% (6) 300,000 300,000 Total variable rate loans $ 1,340,738 $ 1,097,724 Total Notes Payable $ 1,380,096 $ 1,306,957 Total Principal Outstanding $ 1,380,096 $ 1,306,957 Unamortized financing fees (7) (5,050) (5,036) Total $ 1,375,046 $ 1,301,921 (1) As of December 31, 2023, the effective interest rates on our fixed rate mortgage debt have been effectively fixed for the full term of the facilities using interest rate swap agreements as an economic hedge against the variability of future interest rates on the borrowing. (2) Relates to a payment plan provided by the seller in relation to the Company’s acquisition of Fresh Park Venlo 3813 in July 2022. (3) As of December 31, 2023, the effective interest rates on our floating rate mortgage debt ranged from 1.84% to 5.86%. The amount of principal outstanding as of December 31, 2023 includes $327.6 million that has been effectively fixed for the full term of the facilities by effective interest rate cap agreements or interest rate swap agreements as economic hedges against the variability of future interest rates on the borrowing. (4) The Company has two one-year extension options with respect to the Revolving Credit Facility and the First Term Loan as well as with respect to the Second Term Loan, contingent on the Company’s compliance with certain loan covenants. In November 2023, the Company exercised one such option on the Revolving Credit Facility and the First Term Loan, extending the maturity dates of each to November 15, 2024. The Company believes it is probable that its one remaining option on the Revolving Credit Facility and First Term Loan and two remaining options on the Second Term Loan will be exercised prior to maturity. (5) As of December 31, 2023, the outstanding balance includes $250.0 million with an effective interest rate that is effectively capped at 3.50% as a result of the Company entering into an interest rate cap agreement as an economic hedge against the variability of the future interest rate on the borrowings. (6) As of December 31, 2023, the effective interest rates related to these loans were effectively capped at 3.35%, as a result of the Company entering into interest rate cap agreements as economic hedges against the variability of the future interest rate on the borrowings. (7) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $5.7 million and $6.0 million as of December 31, 2023 and 2022. These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2023, 2022 and 2021, $3.9 million, $3.9 million and $4.3 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively.
Schedule Of Maturities Of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2024 through December 31, 2028 and for the period thereafter (in thousands). Payments Due by Year 2024 2025 2026 2027 2028 Thereafter Principal payments $ 942,143 (1) $ 26,752 $ 101,943 $ 304,520 $ 643 $ 4,095 (1)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Interest Rate Derivatives	The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of December 31, 2023 Interest rate contracts 24 $ 1,210,493 $ 27,917 $ — Total derivative instruments 24 $ 1,210,493 $ 27,917 $ — 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)
Schedule of Gain (Loss) on Derivative Instruments	The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023 and 2022 (in thousands): Gain (Loss) on Derivative Instruments Year Ended December 31, 2023 2022 2021 Derivatives not designated as hedging instruments: Interest rate contracts $ 4,261 $ 18,159 $ 218 Foreign currency forward contracts (6) (13) (113) Total gain (loss) on derivatives $ 4,255 $ 18,146 $ 105

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Stock by Class	As of December 31, 2023 and 2022, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 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 34,153 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 — (1) 10,000 22 Class JX common stock, $0.001 par value per share 10,000 76 10,000 64 Class T common stock, $0.001 par value per share 350,000 60,538 350,000 65,845 Class S common stock, $0.001 par value per share 350,000 28,962 350,000 24,806 Class D common stock, $0.001 par value per share 350,000 35,492 350,000 32,553 Class I common stock, $0.001 par value per share 350,000 101,785 350,000 90,924 (1) All remaining Class TX and IX shares previously issued and outstanding have been converted to Class AX and JX shares, respectively, 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 year ended December 31, 2023, 2022 and 2021 (in thousands). There were no Class JX shares issued, redeemed or outstanding during the year ended December 31, 2021. Class AX Class TX Class IX Class 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 986 1 — — — — 3 — 6,713 7 5,766 7 4,864 5 16,875 16 35,207 36 Conversion of common shares (1) 142 4 (142) (4) (22) — 22 — (7,167) (7) — — — — 7,167 7 — — Redemption of common shares (3,196) (5) — — — — (13) — (4,853) (4) (1,610) (2) (1,925) (3) (13,181) (13) (24,778) (27) Balance as of December 31, 2023 34,153 $ 34 — $ — — $ — 76 $ — 60,538 $ 61 28,962 $ 30 35,492 $ 34 101,785 $ 100 261,006 $ 259 Class AX Class TX Class IX Class JX Class T Class S Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2022 29,377 $ 28 7,606 $ 11 87 $ — — $ — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 Issuance of common shares 939 1 44 — 3 — (1) — 15,028 15 21,580 22 13,930 14 48,976 49 100,499 101 Conversion of common shares (1) 7,425 7 (7,425) (7) (65) — 65 — (780) (1) — — — — 780 1 — — Redemption of common shares (1,520) (2) (83) — (3) — — — (1,579) (2) (73) — (377) — (1,093) (1) (4,728) (5) Balance as of December 31, 2022 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 Class AX Class TX Class IX Class T Class S Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2021 19,990 $ 20 18,152 $ 21 95 $ — 40,036 $ 39 — $ — 10,217 $ 9 15,291 $ 15 103,781 $ 104 Issuance of common shares 768 — 295 — 4 — 14,622 16 3,299 3 9,078 9 27,341 26 55,407 54 Conversion of common shares (1) 10,144 10 (10,144) (10) — — (67) — — — — — 67 — — — Redemption of common shares (1,525) (2) (697) — (12) — (1,415) (2) — — (295) — (438) — (4,382) (4) Balance as of December 31, 2021 29,377 $ 28 7,606 $ 11 87 $ — 53,176 $ 53 3,299 $ 3 19,000 $ 18 42,261 $ 41 154,806 $ 154 (1) The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares, 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 the years ended December 31, 2023, 2022 and 2021, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2023 $ 71,491 $ 80,252 $ 151,743 December 31, 2022 $ 58,795 $ 64,106 $ 122,901 December 31, 2021 $ 35,327 $ 38,031 $ 73,358 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2023, 2022 and 2021. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 9 — Related Party Transactions. 2023 2022 2021 Distributions declared per Class AX share, net $ 0.63 $ 0.63 $ 0.63 Distributions declared per Class TX share, net $ 0.26 (1) $ 0.51 $ 0.52 Distributions declared per Class IX share, net $ 0.45 (2) $ 0.60 $ 0.60 Distributions declared per Class JX share, net $ 0.63 $ 0.31 (3) $ — Distributions declared per Class T share, net $ 0.52 $ 0.51 $ 0.52 Distributions declared per Class S share, net $ 0.54 $ 0.53 $ 0.53 Distributions declared per Class D share, net $ 0.60 $ 0.60 $ 0.60 Distributions declared per Class I share, net $ 0.63 $ 0.63 $ 0.63 (1) There were no Class TX shares outstanding as of June 30, 2023, as all previously issued and outstanding shares were redeemed or converted to Class AX shares prior to that date. As a result, no distributions were declared on Class TX shares after June 30, 2023. (2) There were no Class IX shares outstanding as of September 30, 2023, as all previously issued and outstanding shares were redeemed or converted to Class JX shares prior to that date. As a result, no distributions were declared on Class IX shares after September 30, 2023.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023, 2022 and 2021 and amounts unpaid as of December 31, 2023 and 2022 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2023 2022 2021 12/31/2023 12/31/2022 Selling Commissions- Dealer Manager (1) $ 2,877 $ 8,798 $ 4,218 $ — $ — Dealer Manager Fee- Dealer Manager (1) 273 764 700 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) 5,473 36,055 16,866 59,103 64,104 Organization and Offering Costs- the Advisor 7,233 6,475 5,016 778 3,228 Asset Management Fees- the Advisor 30,516 26,270 16,442 2,860 1,626 Other- the Advisor (2) 6,211 6,679 4,028 2,688 2,352 Performance Participation Allocation- the Advisor (3) — 18,787 24,790 — 18,787 Property Management Fees- Hines and its affiliates 6,572 4,944 3,168 440 413 Development and Construction Management Fees- Hines and its affiliates (4) 956 2,281 788 424 769 Leasing Fees- Hines and its affiliates (5) 1,565 1,516 1,055 1,488 616 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) (6) 14,920 12,477 8,472 (1,856) (7) (1,389) Total $ 76,596 $ 125,046 $ 85,543 $ 65,925 $ 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 consolidated balance sheets. (5) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s 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 December 31, 2023 and 2022, the balance included $3.3 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.
Schedule of Fees Related to Offering	The table below summarizes the fees payable to the Dealer Manager with respect to the sale of shares in the Follow-on Offerings. The upfront selling commissions and dealer manager fees are based on a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees are payable with respect to shares issued under the Company’s distribution reinvestment plan. Class T shares (1) Class S shares (1) Class D shares Class I shares Upfront Selling Commission and Dealer Manager Fee 3.5% 3.5% None None Ongoing Distribution and Stockholder Servicing Fee (per annum, as a percentage of NAV) (2) 1.0% 0.85% 0.25% None (1) With respect to Class T Shares, there is a maximum upfront sales load of up to 3.5% of the gross offering proceeds from the sale of such shares in the primary offering, consisting of any combination of selling commissions and dealer manager fees. With respect to Class S shares, the upfront sales load of up to 3.5% of the gross proceeds from the sale of such shares in the primary offering consists solely of selling commissions. (2) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. As of December 31, 2023 and 2022, the Company has recorded a liability of $59.1 million and $64.1 million, respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets. Prior to August 20, 2021, the distribution and stockholder servicing fee was paid at a rate of 1.0% of NAV per annum with respect to Class S shares.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table summarizes activity for the Company’s real estate-related securities measured at fair value on a recurring basis. Basis of Fair Value Measurements During the year ended Description Fair Value of Assets Quoted Prices In Significant Significant December 31, 2023 Investments in real estate-related securities $ 145,307 $ 145,307 $ — $ — December 31, 2022 Investments in real estate-related securities $ 133,741 $ 133,741 $ — $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	12 Months Ended
	Dec. 31, 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. Years Ended December 31, 2023 2022 2021 Revenues Office investments $ 72,069 $ 56,070 $ 27,000 Industrial investments 94,447 93,215 82,339 Residential/Living investments 78,775 51,922 32,869 Retail investments 36,504 31,508 27,795 Other investments 31,387 26,804 5,923 Total revenues $ 313,182 $ 259,519 $ 175,926 For the years ended December 31, 2023, 2022 and 2021, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Revenues in excess of property expenses (1) Office investments $ 45,632 $ 34,030 $ 16,774 Industrial investments 59,333 61,193 54,202 Residential/Living investments 39,646 27,615 14,995 Retail investments 22,960 18,195 16,699 Other investments 22,598 19,220 4,599 Total revenues in excess of property expenses $ 190,169 $ 160,253 $ 107,269 (1) Revenues less property operating expenses, real property taxes and property management fees. As of December 31, 2023 and 2022, the Company’s total assets by segment were as follows (in thousands): December 31, 2023 December 31, 2022 Assets Office investments $ 757,975 $ 730,789 Industrial investments 1,089,817 1,025,938 Residential/Living investments 1,005,255 942,548 Retail investments 368,023 379,187 Other investments 374,555 392,269 Corporate-level accounts 227,059 209,069 Total assets $ 3,822,684 $ 3,679,800
Schedules Of Revenue And Assets, by Geographical Areas	For the years ended December 31, 2023, 2022 and 2021, the Company’s total revenues were attributable to the following countries: Years Ended December 31, 2023 2022 2021 Total revenues United States 75 % 69 % 61 % The Netherlands 11 % 15 % 18 % United Kingdom 8 % 8 % 12 % Poland 2 % 2 % 4 % Spain 2 % 2 % 3 % Czech Republic 1 % 2 % — % * Ireland 1 % 1 % — % * Germany — % * 1 % 2 % * Amount is less than 1% As of December 31, 2023 and 2022, the Company’s total assets were attributable to the following countries: December 31, 2023 December 31, 2022 Total assets United States 77 % 76 % United Kingdom 9 % 9 % The Netherlands 8 % 9 % Spain 2 % 2 % Czech Republic 1 % 1 % Poland 1 % 1 % Germany 1 % 1 % Ireland 1 % 1 %
Schedule of Reconciliation of Property Revenue in Excess of Expenses	For the years ended December 31, 2023, 2022 and 2021, the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Reconciliation to revenues in excess of property expenses Net income (loss) $ (38,587) $ (48,084) $ (39,153) Depreciation and amortization 130,357 124,600 88,100 Asset management fees 30,516 26,270 16,442 Performance participation allocation — 18,787 24,790 General and administrative expenses 9,527 7,288 5,546 Impairment losses 813 — — (Gain) loss on derivative instruments (4,255) (18,146) (105) (Gain) loss on investments in real estate-related securities (14,397) 26,938 (15,965) Gain on sale of real estate — (21,098) (1,432) Foreign currency (gains) losses (3,257) 2,783 978 Interest expense 90,449 44,286 24,976 Other income and expenses (13,367) (6,326) (2,028) (Benefit) provision for income taxes 2,370 1,224 3,988 Provision for income taxes related to sale of real estate — 1,731 1,132 Total revenues in excess of property expenses $ 190,169 $ 160,253 $ 107,269

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 76,132 $ 34,030 $ 20,644 Cash paid for income taxes $ 4,789 $ 1,970 $ 2,270 Cash paid for income taxes related to sale of real estate $ — $ — $ 1,132 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 12,801 $ 12,171 $ 7,470 Distributions reinvested $ 79,823 $ 61,568 $ 36,700 Shares tendered for redemption $ 16,030 $ 11,726 $ 3,019 Non-cash net liabilities (assets) assumed $ 1,810 $ 25,425 $ 11,450 Assumption of mortgage upon acquisition of property $ — $ — $ 17,342 Offering costs payable to the Advisor $ 7,232 $ 6,474 $ 5,015 Distribution and stockholder servicing fees payable to the Dealer Manager $ 5,473 $ 36,055 $ 16,865 Accrued capital additions $ 1,440 $ 7,600 $ 3,923 Accrued acquisition costs $ 30 $ 421 $ 856 Seller-financed debt $ — $ 6,912 $ — Recognition of financing ground lease liability $ — $ — $ 17,340

Organization (Details)

Organization (Details) shares in Millions, ft² in Millions	12 Months Ended			112 Months Ended
	Dec. 31, 2023 USD ($) ft² property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) ft² property shares	Jun. 02, 2021 USD ($)	Dec. 06, 2017 USD ($)	Sep. 30, 2017 USD ($)	Aug. 20, 2014 USD ($)
Public Offering
Proceeds from issuance of common shares	$ 298,223,000	$ 1,056,221,000	$ 533,684,000
Number of real estate properties | property	41			41
Area of real estate property (square feet) | ft²	18.1			18.1
Portfolio, percentage leased	95%			95%
DST Property
Public Offering
Net offering proceeds	$ 192,600,000			$ 192,600,000
Hines Global REIT II Properties LP | Hines Global REIT II Associates LP
Public Offering
Ownership interest percentage (less than)	1%
Dividend Reinvestment Plan | Initial Offering
Public Offering
Maximum proceeds authorized for public offering							$ 150,000,000
Dividend Reinvestment Plan | Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering						$ 500,000,000
Dividend Reinvestment Plan | Third Offering
Public Offering
Maximum proceeds authorized for public offering					$ 500,000,000
IPO
Public Offering
Maximum proceeds authorized for public offering								$ 2,500,000,000
Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering						$ 2,500,000,000
Third Offering
Public Offering
Maximum proceeds authorized for public offering					$ 2,500,000,000
Public Offerings | Public Offerings
Public Offering
Proceeds from issuance of common shares				$ 3,200,000,000
Common stock sold (shares) | shares				303.1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
(Benefit) provision for income taxes	$ 2,370	$ 1,224	$ 3,988
Net income (loss)	(38,587)	(48,084)	(39,153)
Impairment losses	813	0	0
Deposits in foreign financial institutions	31,000
Investments in real estate-related securities	145,307	133,741
Receivables related to base rent and tenant reimbursements	7,900	8,100
Straight-line rent receivable	38,000	27,700
Operating lease right-of-use asset, net	4,112	3,678
Financing lease right-of-use asset, net	15,611	15,744
Financing lease liability	17,429	17,383
Current income tax expense	4,000	3,900	4,000
Deferred tax expense	1,600	2,700
Related party
Summary of Significant Accounting Policies [Line Items]
Other liabilities	65,925	90,506
Lodz Urban Logistics
Summary of Significant Accounting Policies [Line Items]
Operating lease expense	83	78
Operating lease right-of-use asset, net	4,100	3,700
Operating lease liability	$ 1,519	1,400
Operating lease, incremental borrowing rate	5.60%
Center Place
Summary of Significant Accounting Policies [Line Items]
Financing lease expense	$ 99	94
Financing lease right-of-use asset, net	15,600	15,700
Financing lease liability	$ 17,429	$ 17,400
Financing lease, incremental borrowing rate	3.40%
Previously Reported
Summary of Significant Accounting Policies [Line Items]
(Benefit) provision for income taxes				$ 2,900
Net income (loss)				$ 2,900
Revision of Prior Period, Error Correction, Adjustment
Summary of Significant Accounting Policies [Line Items]
Net income (loss)			$ (2,900)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Useful Lives of Real Estate) (Details)	Dec. 31, 2023
Furniture and Fixtures
Property, Plant and Equipment
Estimated useful life	10 years
Electrical and Mechanical Installations | Minimum
Property, Plant and Equipment
Estimated useful life	15 years
Electrical and Mechanical Installations | Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Building
Property, Plant and Equipment
Estimated useful life	40 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Gain (Loss) Recorded on Investments in Real Estate-Related Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Unrealized gain (loss)	$ 25,005	$ (28,400)	$ 7,946
Realized gain (loss)	(10,608)	1,462	8,019
Total gain (loss) on real estate-related securities	$ 14,397	$ (26,938)	$ 15,965

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Prepaid insurance	$ 1,158	$ 1,415
Prepaid property taxes	7,532	2,557
Deferred tax assets	$ 13,282	$ 10,962
Operating lease right-of-use asset, net, location	Other assets	Other assets
Operating lease right-of-use asset, net	$ 4,112	$ 3,678
Other	7,707	2,224
Other assets	33,791	20,836
Valuation allowance	11,300	$ 9,800
Diridon West
Summary of Significant Accounting Policies [Line Items]
Other	$ 4,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Lease Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Leases
Financing lease liability	$ 17,429	$ 17,383
Lodz Urban Logistics
Operating Leases
2024	89
2025	89
2026	89
2027	89
2028	89
Thereafter	5,456
Total	5,901
Ground Lease Liability	1,519	1,400
Undiscounted Excess Amount	4,382
Center Place
Financing Leases
2024	540
2025	540
2026	540
2027	540
2028	540
Thereafter	69,810
Total	72,510
Financing lease liability	17,429	$ 17,400
Undiscounted Excess Amount	$ 55,081

Investment Property (Investment

Investment Property (Investment Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate Investment Property, Net
Investment property, net	$ 3,083,595	$ 2,940,117
Buildings and improvements
Real Estate Investment Property, Net
Investment property, gross	2,457,264	2,306,257
Less: accumulated depreciation	(199,641)	(137,962)
Investment property, net	2,257,623	2,168,295
Land
Real Estate Investment Property, Net
Investment property, gross	$ 825,972	$ 771,822

Investment Property (Narrative)

Investment Property (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Acquired Finite-Lived Intangible Assets [Line Items]
Number of real estate properties acquired | property	3	13	11
Purchase price of investment properties	$ 206,400	$ 1,100,000
Number of investment properties sold | property		2
Proceeds from investment properties sold		$ 122,500
Gain on sale of real estate	$ 0	21,098	$ 1,432
Term of contract	15 years
Recovery of direct costs	$ 42,400	36,400	24,200
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	62,500	70,400	38,600
Out-of-Market Leases, Net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of out-of-market market leases	$ 7,700	$ 8,600	$ 4,000

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net
Net	$ 285,969	$ 300,137
Out-of-Market Lease Liabilities
Cost	(84,014)	(88,708)
Less: accumulated amortization	24,940	19,629
Net	(59,074)	(69,079)
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	413,171	392,879
Less: accumulated amortization	(145,221)	(113,221)
Net	267,950	279,658
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	25,419	25,371
Less: accumulated amortization	(7,400)	(4,892)
Net	$ 18,019	$ 20,479

Investment Property (Intangib_2

Investment Property (Intangible Assets Amortization) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
In-Place Lease
In-Place Lease
2024	$ 55,941
2025	48,224
2026	39,155
2027	34,892
2028	28,228
Out-of-Market Leases, Net
Out-of-Market Leases, Net
2024	(6,103)
2025	(4,900)
2026	(2,903)
2027	(2,265)
2028	$ (2,947)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Fixed Future Minimum Rentals
2024	$ 197,098
2025	183,692
2026	166,151
2027	153,092
2028	132,361
Thereafter	505,601
Total	$ 1,337,995

Recent Acquisitions of Real E_3

Recent Acquisitions of Real Estate (Narrative) (Details) - property	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Number of real estate properties acquired	3	13	11

Recent Acquisitions of Real E_4

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

6 Months Ended

12 Months Ended

Dec. 14, 2023 USD ($)

Aug. 16, 2023 USD ($)

Jun. 21, 2023 USD ($)

Sep. 30, 2022 USD ($)

Aug. 26, 2022 USD ($)

Jul. 21, 2022 USD ($)

Jul. 07, 2022 USD ($) property

Jul. 06, 2022 USD ($)

Jun. 15, 2022 USD ($)

Apr. 22, 2022 USD ($)

Apr. 14, 2022 USD ($)

Mar. 30, 2022 USD ($)

Feb. 25, 2022 USD ($)

Feb. 18, 2022 USD ($)

Jan. 24, 2022 USD ($)

Jan. 20, 2022 USD ($) property

Dec. 22, 2021 USD ($)

Dec. 10, 2021 USD ($)

Nov. 30, 2021 USD ($) property

Nov. 16, 2021 USD ($)

Oct. 26, 2021 USD ($)

Jun. 30, 2021 USD ($)

May 19, 2021 USD ($)

May 17, 2021 USD ($)

Apr. 30, 2021 USD ($)

Feb. 10, 2021 USD ($)

Oct. 26, 2021 building

Dec. 31, 2023 USD ($) property

Dec. 31, 2022 USD ($) property

Dec. 31, 2021 property

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Number of real estate properties acquired | property

3

13

11

Financing lease right-of-use asset, net

$ 15,611

$ 15,744

EMME

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 74,539

EMME | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,274

EMME | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

EMME | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

55,571

EMME | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 17,694

I-70 Logistics Center

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 66,999

I-70 Logistics Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

5,577

I-70 Logistics Center | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

I-70 Logistics Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

57,767

I-70 Logistics Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 3,655

IBM 500 Campus

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 66,501

IBM 500 Campus | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

42,715

IBM 500 Campus | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

IBM 500 Campus | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

2,491

IBM 500 Campus | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 21,295

Bradley Business Center

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 24,946

$ 73,327

Number of real estate properties acquired | property

3

4

Bradley Business Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

$ 4,348

9,256

Bradley Business Center | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(3,366)

3,900

Right of Use Asset (Liability), net

0

0

Bradley Business Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

12,254

43,146

Bradley Business Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 11,710

$ 17,025

Liberty Station

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 118,331

Liberty Station | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

21,949

Liberty Station | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(2,349)

Right of Use Asset (Liability), net

0

Liberty Station | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

48,400

Liberty Station | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 50,331

1315 N. North Branch

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 46,947

1315 N. North Branch | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

12,627

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

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

80

Right of Use Asset (Liability), net

0

1315 N. North Branch | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

20,118

1315 N. North Branch | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 14,122

Burbank Media Studios

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 42,927

Burbank Media Studios | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,806

Burbank Media Studios | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

8,259

Right of Use Asset (Liability), net

0

Burbank Media Studios | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

4,246

Burbank Media Studios | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 28,616

Central City Coventry

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 43,063

Central City Coventry | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,874

Central City Coventry | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(1,040)

Right of Use Asset (Liability), net

0

Central City Coventry | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

4,271

Central City Coventry | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 37,958

Wells Fargo Center

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 38,924

Wells Fargo Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,146

Wells Fargo Center | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(1,869)

Right of Use Asset (Liability), net

0

Wells Fargo Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

12,149

Wells Fargo Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 20,498

Madrid Airport Complex

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 26,801

Madrid Airport Complex | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

0

Madrid Airport Complex | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

Madrid Airport Complex | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

Madrid Airport Complex | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 26,801

Waverly Place

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 88,678

Waverly Place | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

17,129

Waverly Place | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(1,570)

Right of Use Asset (Liability), net

0

Waverly Place | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

60,724

Waverly Place | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 12,395

Fresh Park Venlo 3813

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 8,884

Fresh Park Venlo 3813 | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

1,657

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

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

209

Right of Use Asset (Liability), net

0

Fresh Park Venlo 3813 | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

7,018

Fresh Park Venlo 3813 | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 0

Nashville Self Storage Portfolio

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 102,660

Number of assets in an investment property | property

5

Nashville Self Storage Portfolio | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

$ 4,784

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

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

Nashville Self Storage Portfolio | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

90,055

Nashville Self Storage Portfolio | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 7,821

200 Park Place

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 141,597

200 Park Place | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

37,544

200 Park Place | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

200 Park Place | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

97,669

200 Park Place | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 6,384

Gables Station

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 429,659

Gables Station | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

26,211

Gables Station | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(28,460)

Right of Use Asset (Liability), net

0

Gables Station | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

380,626

Gables Station | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 51,282

ABC Plot M

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 7,970

ABC Plot M | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

0

ABC Plot M | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

ABC Plot M | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

ABC Plot M | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 7,970

5301 Patrick Henry

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 68,165

5301 Patrick Henry | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

15,136

5301 Patrick Henry | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(2,711)

Right of Use Asset (Liability), net

0

5301 Patrick Henry | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

36,651

5301 Patrick Henry | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 19,089

ABC Westland A 3.2

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 9,078

ABC Westland A 3.2 | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

678

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

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

ABC Westland A 3.2 | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

8,400

ABC Westland A 3.2 | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 0

900 Patrol Road

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 98,875

900 Patrol Road | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

11,656

900 Patrol Road | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

900 Patrol Road | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

79,242

900 Patrol Road | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 7,977

1015 Half Street

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 229,099

1015 Half Street | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

81,861

1015 Half Street | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(17,391)

Right of Use Asset (Liability), net

0

1015 Half Street | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

131,745

1015 Half Street | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 32,884

Miramar Activity Business Center

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 41,025

Miramar Activity Business Center | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

4,411

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

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

34

Right of Use Asset (Liability), net

0

Miramar Activity Business Center | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

17,007

Miramar Activity Business Center | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 19,573

Eastgate Park

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 45,584

Eastgate Park | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,887

Eastgate Park | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(1,260)

Right of Use Asset (Liability), net

0

Eastgate Park | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

24,399

Eastgate Park | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

18,558

ABC Westland 668

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

4,619

ABC Westland 668 | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

275

ABC Westland 668 | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

0

ABC Westland 668 | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

2,615

ABC Westland 668 | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 1,729

WGN Studios

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 30,898

WGN Studios | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,776

WGN Studios | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(3,367)

Right of Use Asset (Liability), net

0

WGN Studios | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

12,469

WGN Studios | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 13,020

Waypoint

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 41,955

Waypoint | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,692

Waypoint | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(2)

Right of Use Asset (Liability), net

0

Waypoint | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

15,256

Waypoint | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 18,009

Center Place

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Total net purchase price

$ 75,238

Financing lease right-of-use asset, net

15,900

Center Place | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

4,023

Center Place | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

0

Right of Use Asset (Liability), net

(1,596)

Center Place | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

72,811

Center Place | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 0

ABC Westland

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Number of acquired buildings | building

2

DST Program (Details)

DST Program (Details) - DST Property	1 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) property
Statutory Trust Program [Line Items]
Maximum allotted capital under private placement offering	$ 1,000,000,000
Property lease term	20 years
Period to acquire interest on program (in months)	12 months
Length of agreement prior to closing of offering (in years)	2 years
Number of properties held under program | property		3
Net offering proceeds		$ 192,600,000

Debt Financing (Narrative) (Det

Debt Financing (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($)	Sep. 13, 2019 USD ($)
Debt Instrument [Line Items]
Notes payable including related party, gross	$ 1,400,000,000	$ 1,300,000,000
Debt, weighted average years to maturity	1 year 7 months 6 days	1 year 7 months 6 days
Debt, weighted average interest rate	3.55%	3.51%
Line of Credit | Credit Agreement, Maturing December 15, 2024
Debt Instrument [Line Items]
Maximum facility agreement amount			$ 1,025,000,000
Revolving Credit Facility and First Term Loan | Line of Credit and Term Loan | Credit Agreement, Maturing December 15, 2024
Debt Instrument [Line Items]
Extension term	1 year
Number of extension options | extension_option	1
Revolving Credit Facility | Line of Credit | Credit Agreement, Maturing December 15, 2024
Debt Instrument [Line Items]
Maximum facility agreement amount			425,000,000
First Term Loan Facility | Term Loan | Credit Agreement, Maturing December 15, 2024
Debt Instrument [Line Items]
Maximum facility agreement amount			300,000,000
Second Term Loan Facility | Line of Credit | Credit Agreement, Maturing December 20, 2024
Debt Instrument [Line Items]
Extension term	1 year
Number of extension options | extension_option	2
Second Term Loan Facility | Term Loan | Credit Agreement, Maturing December 20, 2024
Debt Instrument [Line Items]
Maximum facility agreement amount	$ 300,000,000		$ 300,000,000
Number of extension options | extension_option	2

Debt Financing (Debt Outstandin

Debt Financing (Debt Outstanding) (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2023 extension_option	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 13, 2019 USD ($)
Debt Instrument [Line Items]
Principal Outstanding		$ 1,380,096,000	$ 1,306,957,000
Unamortized financing fees		(5,050,000)	(5,036,000)
Total		1,375,046,000	1,301,921,000
Deferred financing costs, net		5,700,000	6,000,000
Amortization of deferred financing costs		3,900,000	3,900,000	$ 4,300,000
Notes Payable to Banks
Debt Instrument [Line Items]
Principal Outstanding		1,380,096,000	1,306,957,000
Fixed Rate Loans
Debt Instrument [Line Items]
Principal Outstanding		$ 39,358,000	209,233,000
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate		1.05%
Principal Outstanding		$ 32,159,000	201,684,000
Fixed Rate Loans | Seller-Financed Debt
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate		1.55%
Principal Outstanding		$ 7,199,000	7,549,000
Variable Rate Loans
Debt Instrument [Line Items]
Principal Outstanding		$ 1,340,738,000	1,097,724,000
Variable Rate Loans | Floating Rate Secured Mortgage Debt
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate		3.77%
Principal Outstanding		$ 449,738,000	407,724,000
Variable Rate Loans | Floating Rate Secured Mortgage Debt | Minimum
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate		1.84%
Variable Rate Loans | Floating Rate Secured Mortgage Debt | Maximum
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate		5.86%
Variable Rate Loans | Floating Rate Secured Mortgage Debt In Hedge
Debt Instrument [Line Items]
Principal Outstanding		$ 327,600,000
Line of Credit | Credit Agreement, Maturing November 15, 2024
Debt Instrument [Line Items]
Number of extension options | extension_option		2
Extension term		1 year
Revolving Credit Facility | Line of Credit | Credit Agreement, Maturing November 15, 2024
Debt Instrument [Line Items]
Maximum Capacity in Functional Currency		$ 425,000,000
Weighted Average Effective Interest Rate		3.97%
Principal Outstanding		$ 291,000,000	90,000,000
Number of extension options | extension_option		1
Number of extension options exercised | extension_option	1
Revolving Credit Facility | Line of Credit | Credit Agreement, Economic Hedge
Debt Instrument [Line Items]
Weighted Average Effective Interest Rate		3.50%
Principal Outstanding		$ 250,000,000
First Term Loan Facility | Term Loan | Credit Agreement, Maturing November 15, 2024
Debt Instrument [Line Items]
Maximum Capacity in Functional Currency		$ 300,000,000
Weighted Average Effective Interest Rate		3.35%
Principal Outstanding		$ 300,000,000	300,000,000
Number of extension options | extension_option		1
Number of extension options exercised | extension_option	1
Second Term Loan Facility | Line of Credit | Credit Agreement, Maturing December 20, 2024
Debt Instrument [Line Items]
Number of extension options | extension_option		2
Extension term		1 year
Second Term Loan Facility | Term Loan | Credit Agreement, Maturing December 20, 2024
Debt Instrument [Line Items]
Maximum Capacity in Functional Currency		$ 300,000,000			$ 300,000,000
Weighted Average Effective Interest Rate		3.35%
Principal Outstanding		$ 300,000,000	$ 300,000,000
Number of extension options | extension_option		2

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	Dec. 31, 2023 USD ($) extension_option
Payments Due by Year
2024	$ 942,143
2025	26,752
2026	101,943
2027	304,520
2028	643
Thereafter	4,095
Revolving Credit Facility and First Term Loan | Credit Agreement, Maturing December 15, 2024 | Line of Credit and Term Loan
Payments Due by Year
2024	$ 591,000
Number of extension options | extension_option	1
Second Term Loan Facility | Credit Agreement, Maturing December 20, 2024 | Term Loan
Payments Due by Year
2024	$ 300,000
Number of extension options | extension_option	2

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Contracts) (Details) $ in Thousands	Dec. 31, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
Derivative Contract Details
Number of Contracts | contract	24	27
Notional Amount	$ 1,210,493	$ 985,771
Fair value, derivative instrument, assets	27,917	30,966
Fair value, derivative instrument, liability	$ 0	$ (11)
Interest rate contracts
Derivative Contract Details
Number of Contracts | contract	24	24
Notional Amount	$ 1,210,493	$ 985,560
Fair value, derivative instrument, assets	27,917	30,966
Fair value, derivative instrument, liability	$ 0	$ 0
Foreign currency forward contracts
Derivative Contract Details
Number of Contracts | contract		3
Notional Amount		$ 211
Fair value, derivative instrument, assets		0
Fair value, derivative instrument, liability		$ (11)

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ 4,255	$ 18,146	$ 105
Interest rate contracts
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	4,261	18,159	218
Foreign currency forward contracts
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ (6)	$ (13)	$ (113)

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details)	39 Months Ended
	Mar. 31, 2024 $ / shares	Nov. 30, 2017 class
Class of Stock [Line Items]
Number of additional classes of stock | class		4
Subsequent Event
Class of Stock [Line Items]
Distribution rate per share, per month (in dollars per share)	$ 0.05208
Cash distributions declared per share (in dollars per share)	$ 0.625

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock Authorized, Issued and Outstanding) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class AX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	34,153,000	36,221,000
Common stock, shares outstanding (in shares)	34,153,000	36,221,000
Class TX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	0	142,000
Common stock, shares outstanding (in shares)	0	142,000
Class IX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	22,000
Common stock, shares outstanding (in shares)	0	22,000
Class JX
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	76,000	64,000
Common stock, shares outstanding (in shares)	76,000	64,000
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)	350,000,000	350,000,000
Common stock, shares issued (in shares)	60,538,000	65,845,000
Common stock, shares outstanding (in shares)	60,538,000	65,845,000
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)	350,000,000	350,000,000
Common stock, shares issued (in shares)	28,962,000	24,806,000
Common stock, shares outstanding (in shares)	28,962,000	24,806,000
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)	350,000,000	350,000,000
Common stock, shares issued (in shares)	35,492,000	32,553,000
Common stock, shares outstanding (in shares)	35,492,000	32,553,000
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)	350,000,000	350,000,000
Common stock, shares issued (in shares)	101,785,000	90,924,000
Common stock, shares outstanding (in shares)	101,785,000	90,924,000

Stockholders' Equity (Issuances

Stockholders' Equity (Issuances and Redemptions of Common Stock) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 2,045,286
Ending balance	$ 1,965,729	$ 2,045,286
Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	250,577	154,806	103,781
Beginning balance	$ 250	$ 154	$ 104
Issuance of common shares (in shares)	35,207	100,499	55,407
Issuance of common shares	$ 36	$ 101	$ 54
Conversion of common shares (in shares)	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(24,778)	(4,728)	(4,382)
Redemption of common shares	$ (27)	$ (5)	$ (4)
Ending balance (in shares)	261,006	250,577	154,806
Ending balance	$ 259	$ 250	$ 154
Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	36,221
Ending balance (in shares)	34,153	36,221
Class AX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	36,221	29,377	19,990
Beginning balance	$ 34	$ 28	$ 20
Issuance of common shares (in shares)	986	939	768
Issuance of common shares	$ 1	$ 1	$ 0
Conversion of common shares (in shares)	142	7,425	10,144
Conversion of common shares	$ 4	$ 7	$ 10
Redemption of common shares (in shares)	(3,196)	(1,520)	(1,525)
Redemption of common shares	$ (5)	$ (2)	$ (2)
Ending balance (in shares)	34,153	36,221	29,377
Ending balance	$ 34	$ 34	$ 28
Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	142
Ending balance (in shares)	0	142
Class TX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	142	7,606	18,152
Beginning balance	$ 4	$ 11	$ 21
Issuance of common shares (in shares)	0	44	295
Issuance of common shares	$ 0	$ 0	$ 0
Conversion of common shares (in shares)	(142)	(7,425)	(10,144)
Conversion of common shares	$ (4)	$ (7)	$ (10)
Redemption of common shares (in shares)	0	(83)	(697)
Redemption of common shares	$ 0	$ 0	$ 0
Ending balance (in shares)	0	142	7,606
Ending balance	$ 0	$ 4	$ 11
Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	22
Ending balance (in shares)	0	22
Class IX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	22	87	95
Beginning balance	$ 0	$ 0	$ 0
Issuance of common shares (in shares)	0	3	4
Issuance of common shares	$ 0	$ 0	$ 0
Conversion of common shares (in shares)	(22)	(65)	0
Conversion of common shares	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	0	(3)	(12)
Redemption of common shares	$ 0	$ 0	$ 0
Ending balance (in shares)	0	22	87
Ending balance	$ 0	$ 0	$ 0
Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	64
Ending balance (in shares)	76	64
Class JX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	64	0
Beginning balance	$ 0	$ 0
Issuance of common shares (in shares)	3	(1)	0
Issuance of common shares	$ 0	$ 0
Conversion of common shares (in shares)	22	65
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(13)	0	0
Redemption of common shares	$ 0	$ 0
Ending balance (in shares)	76	64	0
Ending balance	$ 0	$ 0	$ 0
Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	65,845
Ending balance (in shares)	60,538	65,845
Class T | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	65,845	53,176	40,036
Beginning balance	$ 65	$ 53	$ 39
Issuance of common shares (in shares)	6,713	15,028	14,622
Issuance of common shares	$ 7	$ 15	$ 16
Conversion of common shares (in shares)	(7,167)	(780)	(67)
Conversion of common shares	$ (7)	$ (1)	$ 0
Redemption of common shares (in shares)	(4,853)	(1,579)	(1,415)
Redemption of common shares	$ (4)	$ (2)	$ (2)
Ending balance (in shares)	60,538	65,845	53,176
Ending balance	$ 61	$ 65	$ 53
Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	24,806
Ending balance (in shares)	28,962	24,806
Class S | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	24,806	3,299	0
Beginning balance	$ 25	$ 3	$ 0
Issuance of common shares (in shares)	5,766	21,580	3,299
Issuance of common shares	$ 7	$ 22	$ 3
Conversion of common shares (in shares)	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(1,610)	(73)	0
Redemption of common shares	$ (2)	$ 0	$ 0
Ending balance (in shares)	28,962	24,806	3,299
Ending balance	$ 30	$ 25	$ 3
Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	32,553
Ending balance (in shares)	35,492	32,553
Class D | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	32,553	19,000	10,217
Beginning balance	$ 32	$ 18	$ 9
Issuance of common shares (in shares)	4,864	13,930	9,078
Issuance of common shares	$ 5	$ 14	$ 9
Conversion of common shares (in shares)	0	0	0
Conversion of common shares	$ 0	$ 0	$ 0
Redemption of common shares (in shares)	(1,925)	(377)	(295)
Redemption of common shares	$ (3)	$ 0	$ 0
Ending balance (in shares)	35,492	32,553	19,000
Ending balance	$ 34	$ 32	$ 18
Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	90,924
Ending balance (in shares)	101,785	90,924
Class I | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	90,924	42,261	15,291
Beginning balance	$ 90	$ 41	$ 15
Issuance of common shares (in shares)	16,875	48,976	27,341
Issuance of common shares	$ 16	$ 49	$ 26
Conversion of common shares (in shares)	7,167	780	67
Conversion of common shares	$ 7	$ 1	$ 0
Redemption of common shares (in shares)	(13,181)	(1,093)	(438)
Redemption of common shares	$ (13)	$ (1)	$ 0
Ending balance (in shares)	101,785	90,924	42,261
Ending balance	$ 100	$ 90	$ 41

Stockholders' Equity (Distribut

Stockholders' Equity (Distributions Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			18 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Dividends Payable [Line Items]
Cash Distributions	$ 71,491	$ 58,795	$ 35,327
Distributions Reinvested	80,252	64,106	38,031
Total Declared	$ 151,743	$ 122,901	$ 73,358
Class AX
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.63	$ 0.63	$ 0.63
Class TX
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	0.26	0.51	0.52
Class IX
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	0.45	0.60	0.60
Class JX
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	0.63	0.31	0
Distribution rate per share, per month (in dollars per share)				$ 0.05208
Class T
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	0.52	0.51	0.52
Class S
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	0.54	0.53	0.53
Class D
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	0.60	0.60	0.60
Class I
Dividends Payable [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.63	$ 0.63	$ 0.63

Related Party Transactions (Fee

Related Party Transactions (Fees and Expense Reimbursements Incurred) (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 06, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction
Related party allocation percentage of annual total return		12.50%
Percentage of annual hurdle amount		5%
The Advisor
Related Party Transaction
Percentage of annual hurdle amount	5%
Related party
Related Party Transaction
Related party transaction, amount		$ 76,596	$ 125,046	$ 85,543
Other liabilities		65,925	90,506
Related party | The Advisor
Related Party Transaction
Related party allocation percentage of annual total return	12.50%
Related party | Selling Commissions | Dealer Manager
Related Party Transaction
Related party transaction, amount		2,877	8,798	4,218
Other liabilities		0	0
Related party | Dealer Manager Fee | Dealer Manager
Related Party Transaction
Related party transaction, amount		273	764	700
Other liabilities		0	0
Related party | Distribution and Stockholder Servicing Fees | Dealer Manager
Related Party Transaction
Related party transaction, amount		5,473	36,055	16,866
Other liabilities		59,103	64,104
Related party | Organization and Offering Costs- the Advisor | The Advisor
Related Party Transaction
Related party transaction, amount		7,233	6,475	5,016
Other liabilities		778	3,228
Related party | Asset Management Fees- the Advisor | The Advisor
Related Party Transaction
Related party transaction, amount		30,516	26,270	16,442
Other liabilities		2,860	1,626
Related party | Other Fees | The Advisor
Related Party Transaction
Related party transaction, amount		6,211	6,679	4,028
Other liabilities		2,688	2,352
Related party | Performance Participation Allocation | The Advisor
Related Party Transaction
Related party transaction, amount		0	18,787	24,790
Other liabilities		0	18,787
Related party | Property Management Fees- Hines and its affiliates | Hines and Affiliates
Related Party Transaction
Related party transaction, amount		6,572	4,944	3,168
Other liabilities		440	413
Related party | Development and Construction Management Fees | Hines and Affiliates
Related Party Transaction
Related party transaction, amount		956	2,281	788
Other liabilities		424	769
Related party | Leasing Fees | Hines and Affiliates
Related Party Transaction
Related party transaction, amount		1,565	1,516	1,055
Other liabilities		1,488	616
Related party | Expense Reimbursements | Hines and Affiliates
Related Party Transaction
Related party transaction, amount		14,920	12,477	$ 8,472
Expense reimbursements		(1,856)	(1,389)
Related party | Rent Receivables | Hines and Affiliates
Related Party Transaction
Receivables		$ 3,300	$ 2,800

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)		1 Months Ended	12 Months Ended
	Dec. 06, 2017 fiscal_quarter	Sep. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction
Related party allocation percentage of annual total return			12.50%
Percentage of annual hurdle amount			5%
The Advisor
Related Party Transaction
Percentage of annual hurdle amount	5%
DST Property
Related Party Transaction
Maximum allotted capital under private placement offering		$ 1,000,000,000
Related party
Related Party Transaction
Related party transaction, amount			$ 76,596,000	$ 125,046,000	$ 85,543,000
Related party | The Advisor
Related Party Transaction
Related party allocation percentage of annual total return	12.50%
Number of consecutive quarters for reimbursement of excess operating expenses | fiscal_quarter	4
Maximum compensation to be reimbursed, expressed as a percentage of gross offering proceeds	15%
Related party | Upfront selling commissions | Dealer Manager
Related Party Transaction
Related party fee, percent		5%
Related party | Upfront dealer manager fees | Dealer Manager
Related Party Transaction
Related party fee, percent		1%
Related party | O&O fees | Dealer Manager
Related Party Transaction
Related party fee, percent		1.25%
Related party | Ongoing fees | Dealer Manager
Related Party Transaction
Related party fee, percent		0.25%
Related party | Asset Management Fees- the Advisor | The Advisor
Related Party Transaction
Related party transaction, amount			30,516,000	26,270,000	$ 16,442,000
Related party | Asset Management Fees- the Advisor | Cost of real estate investments per month | The Advisor
Related Party Transaction
Related party fee, percent	0.0625%
Related party | Operating expense | The Advisor
Related Party Transaction
Minimum percentage of average invested assets	2%
Minimum percentage of net income	25%
Related party | Organization and offering costs | The Advisor
Related Party Transaction
Maximum compensation to be reimbursed, expressed as a percentage of gross offering proceeds	2.50%
Related party | DST Program Fees | Dealer Manager
Related Party Transaction
Related party transaction, amount			$ 6,600,000	$ 800,000
Maximum | Related party | Asset Management Fees- the Advisor | Cost of real estate investments per month | The Advisor
Related Party Transaction
Related party fee, percent	0.1042%
Initial Offering | Class TX | Related party | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent			1%
Initial Offering | Class IX | Related party | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent			0.25%
Initial Offering | Maximum | Class TX and IX
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account			10%
Follow On Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds			10%
Follow On Offering | Maximum | Common Class T, S and D
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account			8.75%

Related Party Transactions (Off

Related Party Transactions (Offering Fees) (Details) - Related party - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Aug. 19, 2021
Related Party Transaction
Other liabilities	$ 65,925	$ 90,506
Selling Commissions | Dealer Manager
Related Party Transaction
Other liabilities	0	0
Distribution and Stockholder Servicing Fees | Dealer Manager
Related Party Transaction
Other liabilities	$ 59,103	$ 64,104
Class T | Follow On Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee (percent)	1%
Class T | Follow On Offering | Upfront Selling Commission and Dealer Manager Fee | Dealer Manager
Related Party Transaction
Related party fee, percent	3.50%
Class S | Follow On Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee (percent)	0.85%		1%
Class S | Follow On Offering | Upfront Selling Commission and Dealer Manager Fee | Dealer Manager
Related Party Transaction
Related party fee, percent	3.50%
Class S | Follow On Offering | Selling Commissions | Dealer Manager
Related Party Transaction
Related party fee, percent	3.50%
Class D | Follow On Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee (percent)	0.25%

Fair Value Measurements (Basis

Fair Value Measurements (Basis of Fair Value Measurements) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	$ 145,307	$ 133,741
Fair Value, Recurring
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	145,307	133,741
Fair Value, Recurring | Quoted Prices In Active Markets for Identical Items (Level 1)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	145,307	133,741
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Billions	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable, book value	$ 1.4	$ 1.3
Significant Other Observable Inputs (Level 2) | Fair Value Measurements Nonrecurring
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable, book value	1.4	1.3
Notes payable, fair value	$ 1.4	$ 1.3

Reportable Segments (Narrative)

Reportable Segments (Narrative) (Details)	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Total revenues	$ 313,182	$ 259,519	$ 175,926
Office investments
Segment Reporting Information
Total revenues	72,069	56,070	27,000
Industrial investments
Segment Reporting Information
Total revenues	94,447	93,215	82,339
Residential/Living investments
Segment Reporting Information
Total revenues	78,775	51,922	32,869
Retail investments
Segment Reporting Information
Total revenues	36,504	31,508	27,795
Other investments
Segment Reporting Information
Total revenues	$ 31,387	$ 26,804	$ 5,923

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details) - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total Revenue | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	75%	69%	61%
Total Revenue | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	11%	15%	18%
Total Revenue | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	8%	8%	12%
Total Revenue | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	2%	2%	4%
Total Revenue | Spain
Segment Reporting Information [Line Items]
Concentration risk (percent)	2%	2%	3%
Total Revenue | Czech Republic
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	2%	0%
Total Revenue | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	1%
Total Revenue | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	0%	1%	2%
Total Assets | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	77%	76%
Total Assets | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	8%	9%
Total Assets | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	9%	9%
Total Assets | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	1%
Total Assets | Spain
Segment Reporting Information [Line Items]
Concentration risk (percent)	2%	2%
Total Assets | Czech Republic
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	1%
Total Assets | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	1%
Total Assets | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	1%	1%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Total revenues in excess of property expenses	$ 190,169	$ 160,253	$ 107,269
Office investments
Segment Reporting Information
Total revenues in excess of property expenses	45,632	34,030	16,774
Industrial investments
Segment Reporting Information
Total revenues in excess of property expenses	59,333	61,193	54,202
Residential/Living investments
Segment Reporting Information
Total revenues in excess of property expenses	39,646	27,615	14,995
Retail investments
Segment Reporting Information
Total revenues in excess of property expenses	22,960	18,195	16,699
Other investments
Segment Reporting Information
Total revenues in excess of property expenses	$ 22,598	$ 19,220	$ 4,599

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Total assets	$ 3,822,684	$ 3,679,800
Operating Segments | Office investments
ASSETS
Total assets	757,975	730,789
Operating Segments | Industrial investments
ASSETS
Total assets	1,089,817	1,025,938
Operating Segments | Residential/Living investments
ASSETS
Total assets	1,005,255	942,548
Operating Segments | Retail investments
ASSETS
Total assets	368,023	379,187
Operating Segments | Other investments
ASSETS
Total assets	374,555	392,269
Corporate-level accounts
ASSETS
Total assets	$ 227,059	$ 209,069

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net income (loss)	$ (38,587)	$ (48,084)	$ (39,153)
Depreciation and amortization	130,357	124,600	88,100
Asset management fees	30,516	26,270	16,442
Performance participation allocation	0	18,787	24,790
General and administrative expenses	9,527	7,288	5,546
Impairment losses	813	0	0
(Gain) loss on investments in real estate-related securities	(14,397)	26,938	(15,965)
Gain on sale of real estate	0	(21,098)	(1,432)
Foreign currency (gains) losses	(3,257)	2,783	978
Interest expense	90,449	44,286	24,976
Other income and expenses	(13,367)	(6,326)	(2,028)
(Benefit) provision for income taxes	2,370	1,224	3,988
Provision for income taxes related to sale of real estate	0	1,731	1,132
Total revenues in excess of property expenses	190,169	160,253	107,269
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net income (loss)	(38,587)	(48,084)	(39,153)
Depreciation and amortization	130,357	124,600	88,100
Asset management fees	30,516	26,270	16,442
Performance participation allocation	0	18,787	24,790
General and administrative expenses	9,527	7,288	5,546
Impairment losses	813	0	0
(Gain) loss on derivative instruments	(4,255)	(18,146)	(105)
(Gain) loss on investments in real estate-related securities	(14,397)	26,938	(15,965)
Gain on sale of real estate	0	(21,098)	(1,432)
Foreign currency (gains) losses	(3,257)	2,783	978
Interest expense	90,449	44,286	24,976
Other income and expenses	(13,367)	(6,326)	(2,028)
(Benefit) provision for income taxes	2,370	1,224	3,988
Provision for income taxes related to sale of real estate	$ 0	$ 1,731	$ 1,132

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 76,132	$ 34,030	$ 20,644
Cash paid for income taxes	4,789	1,970	2,270
Cash paid for income taxes related to sale of real estate	0	0	1,132
Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	12,801	12,171	7,470
Distributions reinvested	79,823	61,568	36,700
Shares tendered for redemption	16,030	11,726	3,019
Non-cash net liabilities (assets) assumed	1,810	25,425	11,450
Assumption of mortgage upon acquisition of property	0	0	17,342
Offering costs payable to the Advisor	7,232	6,474	5,015
Distribution and stockholder servicing fees payable to the Dealer Manager	5,473	36,055	16,865
Accrued capital additions	1,440	7,600	3,923
Accrued acquisition costs	30	421	856
Seller-financed debt	0	6,912	0
Recognition of financing ground lease liability	$ 0	$ 0	$ 17,340

Subsequent Events (Details)

Subsequent Events (Details) € in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Mar. 27, 2024 USD ($)	Mar. 27, 2024 EUR (€)	Jan. 31, 2024 USD ($) unit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Purchase price of property				$ 206.4	$ 1,100
Diridon West | Subsequent Event
Subsequent Event [Line Items]
Purchase price of property			$ 117.5
Number of property units acquired | unit			249
Occupancy rate (percent)			95%
Floralaan | Subsequent Event
Subsequent Event [Line Items]
Purchase price of property	$ 21.2	€ 19.7
Foreign currency exchange rate	1.08	1.08

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at the Beginning of the Period	$ 9,792	$ 11,415	$ 3,279
Charged to Costs and Expenses	2,160	2,843	10,736
Deductions	(676)	(4,466)	(2,600)
Balance at the End of the Period	$ 11,276	$ 9,792	$ 11,415

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Property Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation
Encumbrances	$ 489,096
Land, Initial Cost	826,014
Buildings and Improvements, Initial Cost	2,382,790
Total, Initial Cost	3,208,804
Costs Capitalized Subsequent to Acquisition	74,432
Land, Gross Amount	825,972
Buildings and Improvements, Gross Amount	2,457,264
Total, Gross Amount	3,283,236	$ 3,078,079	$ 2,180,601	$ 1,618,079
Accumulated Depreciation	(199,641)	$ (137,962)	$ (95,479)	$ (60,019)
Cottonwood Corporate Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	13,600
Buildings and Improvements, Initial Cost	98,758
Total, Initial Cost	112,358
Costs Capitalized Subsequent to Acquisition	7,812
Land, Gross Amount	13,600
Buildings and Improvements, Gross Amount	106,570
Total, Gross Amount	120,170
Accumulated Depreciation	(19,751)
Rookwood
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	45,320
Buildings and Improvements, Initial Cost	132,466
Total, Initial Cost	177,786
Costs Capitalized Subsequent to Acquisition	3,743
Land, Gross Amount	45,318
Buildings and Improvements, Gross Amount	136,211
Total, Gross Amount	181,529
Accumulated Depreciation	(23,515)
Montrose Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	24,947
Land, Initial Cost	5,825
Buildings and Improvements, Initial Cost	34,499
Total, Initial Cost	40,324
Costs Capitalized Subsequent to Acquisition	4,976
Land, Gross Amount	5,825
Buildings and Improvements, Gross Amount	39,475
Total, Gross Amount	45,300
Accumulated Depreciation	(2,246)
Queen's Court Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	37,554
Land, Initial Cost	13,507
Buildings and Improvements, Initial Cost	48,653
Total, Initial Cost	62,160
Costs Capitalized Subsequent to Acquisition	3,996
Land, Gross Amount	13,507
Buildings and Improvements, Gross Amount	52,649
Total, Gross Amount	66,156
Accumulated Depreciation	(8,478)
Fresh Park Venlo
Real Estate and Accumulated Depreciation
Encumbrances	95,705
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	130,207
Total, Initial Cost	130,207
Costs Capitalized Subsequent to Acquisition	13,375
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	143,582
Total, Gross Amount	143,582
Accumulated Depreciation	(18,201)
Maintal Logistics
Real Estate and Accumulated Depreciation
Encumbrances	17,214
Land, Initial Cost	14,551
Buildings and Improvements, Initial Cost	29,211
Total, Initial Cost	43,762
Costs Capitalized Subsequent to Acquisition	3,177
Land, Gross Amount	14,551
Buildings and Improvements, Gross Amount	32,388
Total, Gross Amount	46,939
Accumulated Depreciation	(3,954)
ABC Westland
Real Estate and Accumulated Depreciation
Encumbrances	87,106
Land, Initial Cost	75,183
Buildings and Improvements, Initial Cost	90,326
Total, Initial Cost	165,509
Costs Capitalized Subsequent to Acquisition	6,527
Land, Gross Amount	75,174
Buildings and Improvements, Gross Amount	96,862
Total, Gross Amount	172,036
Accumulated Depreciation	(10,984)
Promenade Shops at Briargate
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	19,199
Buildings and Improvements, Initial Cost	55,425
Total, Initial Cost	74,624
Costs Capitalized Subsequent to Acquisition	4,349
Land, Gross Amount	19,199
Buildings and Improvements, Gross Amount	59,774
Total, Gross Amount	78,973
Accumulated Depreciation	(6,670)
Gdańsk PL II
Real Estate and Accumulated Depreciation
Encumbrances	17,772
Land, Initial Cost	6,128
Buildings and Improvements, Initial Cost	18,567
Total, Initial Cost	24,695
Costs Capitalized Subsequent to Acquisition	(3)
Land, Gross Amount	6,128
Buildings and Improvements, Gross Amount	18,564
Total, Gross Amount	24,692
Accumulated Depreciation	(1,982)
Łódź Urban Logistics
Real Estate and Accumulated Depreciation
Encumbrances	14,387
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	18,906
Total, Initial Cost	18,906
Costs Capitalized Subsequent to Acquisition	(16)
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	18,890
Total, Gross Amount	18,890
Accumulated Depreciation	(2,022)
Glasgow West End
Real Estate and Accumulated Depreciation
Encumbrances	65,036
Land, Initial Cost	22,811
Buildings and Improvements, Initial Cost	67,848
Total, Initial Cost	90,659
Costs Capitalized Subsequent to Acquisition	3,084
Land, Gross Amount	22,811
Buildings and Improvements, Gross Amount	70,932
Total, Gross Amount	93,743
Accumulated Depreciation	(7,948)
The Alloy
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	14,194
Buildings and Improvements, Initial Cost	81,956
Total, Initial Cost	96,150
Costs Capitalized Subsequent to Acquisition	344
Land, Gross Amount	14,194
Buildings and Improvements, Gross Amount	82,300
Total, Gross Amount	96,494
Accumulated Depreciation	(8,727)
Charles Tyrwhitt Distribution Centre
Real Estate and Accumulated Depreciation
Encumbrances	11,833
Land, Initial Cost	6,942
Buildings and Improvements, Initial Cost	11,095
Total, Initial Cost	18,037
Costs Capitalized Subsequent to Acquisition	(20)
Land, Gross Amount	6,942
Buildings and Improvements, Gross Amount	11,075
Total, Gross Amount	18,017
Accumulated Depreciation	(1,148)
DSG Bristol
Real Estate and Accumulated Depreciation
Encumbrances	27,481
Land, Initial Cost	17,536
Buildings and Improvements, Initial Cost	22,277
Total, Initial Cost	39,813
Costs Capitalized Subsequent to Acquisition	(17)
Land, Gross Amount	17,534
Buildings and Improvements, Gross Amount	22,262
Total, Gross Amount	39,796
Accumulated Depreciation	(2,293)
The Emerson
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	17,725
Buildings and Improvements, Initial Cost	97,659
Total, Initial Cost	115,384
Costs Capitalized Subsequent to Acquisition	329
Land, Gross Amount	17,725
Buildings and Improvements, Gross Amount	97,988
Total, Gross Amount	115,713
Accumulated Depreciation	(9,913)
Madrid Airport Complex
Real Estate and Accumulated Depreciation
Encumbrances	26,211
Land, Initial Cost	47,042
Buildings and Improvements, Initial Cost	3,700
Total, Initial Cost	50,742
Costs Capitalized Subsequent to Acquisition	(2,496)
Land, Gross Amount	47,014
Buildings and Improvements, Gross Amount	1,232
Total, Gross Amount	48,246
Accumulated Depreciation	0
Wakefield Logistics
Real Estate and Accumulated Depreciation
Encumbrances	14,808
Land, Initial Cost	9,327
Buildings and Improvements, Initial Cost	15,224
Total, Initial Cost	24,551
Costs Capitalized Subsequent to Acquisition	1
Land, Gross Amount	9,327
Buildings and Improvements, Gross Amount	15,225
Total, Gross Amount	24,552
Accumulated Depreciation	(1,331)
Advanced Manufacturing Portfolio
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	53,636
Buildings and Improvements, Initial Cost	34,826
Total, Initial Cost	88,462
Costs Capitalized Subsequent to Acquisition	2,126
Land, Gross Amount	53,636
Buildings and Improvements, Gross Amount	36,952
Total, Gross Amount	90,588
Accumulated Depreciation	(3,319)
6100 Schertz Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	3,880
Buildings and Improvements, Initial Cost	103,404
Total, Initial Cost	107,284
Costs Capitalized Subsequent to Acquisition	(1)
Land, Gross Amount	3,880
Buildings and Improvements, Gross Amount	103,403
Total, Gross Amount	107,283
Accumulated Depreciation	(7,904)
5100 Cross Point
Real Estate and Accumulated Depreciation
Encumbrances	12,743
Land, Initial Cost	11,754
Buildings and Improvements, Initial Cost	10,113
Total, Initial Cost	21,867
Costs Capitalized Subsequent to Acquisition	(49)
Land, Gross Amount	11,754
Buildings and Improvements, Gross Amount	10,064
Total, Gross Amount	21,818
Accumulated Depreciation	(762)
5301 Patrick Henry
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	19,089
Buildings and Improvements, Initial Cost	36,651
Total, Initial Cost	55,740
Costs Capitalized Subsequent to Acquisition	433
Land, Gross Amount	19,089
Buildings and Improvements, Gross Amount	37,084
Total, Gross Amount	56,173
Accumulated Depreciation	(2,671)
900 Patrol Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	7,977
Buildings and Improvements, Initial Cost	79,242
Total, Initial Cost	87,219
Costs Capitalized Subsequent to Acquisition	(6)
Land, Gross Amount	7,976
Buildings and Improvements, Gross Amount	79,237
Total, Gross Amount	87,213
Accumulated Depreciation	(5,197)
1015 Half Street
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	32,884
Buildings and Improvements, Initial Cost	131,745
Total, Initial Cost	164,629
Costs Capitalized Subsequent to Acquisition	13,915
Land, Gross Amount	32,884
Buildings and Improvements, Gross Amount	145,660
Total, Gross Amount	178,544
Accumulated Depreciation	(10,013)
Miramar Activity Business Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	19,573
Buildings and Improvements, Initial Cost	17,007
Total, Initial Cost	36,580
Costs Capitalized Subsequent to Acquisition	26
Land, Gross Amount	19,573
Buildings and Improvements, Gross Amount	17,033
Total, Gross Amount	36,606
Accumulated Depreciation	(1,066)
Eastgate Park
Real Estate and Accumulated Depreciation
Encumbrances	24,706
Land, Initial Cost	17,588
Buildings and Improvements, Initial Cost	23,123
Total, Initial Cost	40,711
Costs Capitalized Subsequent to Acquisition	2,815
Land, Gross Amount	17,588
Buildings and Improvements, Gross Amount	25,938
Total, Gross Amount	43,526
Accumulated Depreciation	(2,004)
Bradley Business Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	28,735
Buildings and Improvements, Initial Cost	55,400
Total, Initial Cost	84,135
Costs Capitalized Subsequent to Acquisition	237
Land, Gross Amount	28,735
Buildings and Improvements, Gross Amount	55,637
Total, Gross Amount	84,372
Accumulated Depreciation	(2,893)
WGN Studios
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	13,020
Buildings and Improvements, Initial Cost	12,469
Total, Initial Cost	25,489
Costs Capitalized Subsequent to Acquisition	41
Land, Gross Amount	13,020
Buildings and Improvements, Gross Amount	12,510
Total, Gross Amount	25,530
Accumulated Depreciation	(652)
Waypoint
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	18,009
Buildings and Improvements, Initial Cost	15,256
Total, Initial Cost	33,265
Costs Capitalized Subsequent to Acquisition	221
Land, Gross Amount	18,009
Buildings and Improvements, Gross Amount	15,477
Total, Gross Amount	33,486
Accumulated Depreciation	(837)
Center Place
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	72,811
Total, Initial Cost	72,811
Costs Capitalized Subsequent to Acquisition	2,356
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	75,167
Total, Gross Amount	75,167
Accumulated Depreciation	(4,017)
Liberty Station
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	50,331
Buildings and Improvements, Initial Cost	48,400
Total, Initial Cost	98,731
Costs Capitalized Subsequent to Acquisition	1,038
Land, Gross Amount	50,331
Buildings and Improvements, Gross Amount	49,438
Total, Gross Amount	99,769
Accumulated Depreciation	(2,418)
1315 N. North Branch
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	14,122
Buildings and Improvements, Initial Cost	20,118
Total, Initial Cost	34,240
Costs Capitalized Subsequent to Acquisition	20
Land, Gross Amount	14,122
Buildings and Improvements, Gross Amount	20,138
Total, Gross Amount	34,260
Accumulated Depreciation	(925)
Burbank Media Studios
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	28,616
Buildings and Improvements, Initial Cost	4,246
Total, Initial Cost	32,862
Costs Capitalized Subsequent to Acquisition	306
Land, Gross Amount	28,616
Buildings and Improvements, Gross Amount	4,552
Total, Gross Amount	33,168
Accumulated Depreciation	(210)
Central City Coventry
Real Estate and Accumulated Depreciation
Encumbrances	11,593
Land, Initial Cost	36,886
Buildings and Improvements, Initial Cost	4,150
Total, Initial Cost	41,036
Costs Capitalized Subsequent to Acquisition	511
Land, Gross Amount	36,886
Buildings and Improvements, Gross Amount	4,661
Total, Gross Amount	41,547
Accumulated Depreciation	(1,308)
Wells Fargo Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	20,498
Buildings and Improvements, Initial Cost	12,149
Total, Initial Cost	32,647
Costs Capitalized Subsequent to Acquisition	34
Land, Gross Amount	20,498
Buildings and Improvements, Gross Amount	12,183
Total, Gross Amount	32,681
Accumulated Depreciation	(523)
Waverly Place
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	12,395
Buildings and Improvements, Initial Cost	60,724
Total, Initial Cost	73,119
Costs Capitalized Subsequent to Acquisition	1,004
Land, Gross Amount	12,395
Buildings and Improvements, Gross Amount	61,728
Total, Gross Amount	74,123
Accumulated Depreciation	(2,357)
Nashville Self Storage Portfolio
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	7,821
Buildings and Improvements, Initial Cost	90,055
Total, Initial Cost	97,876
Costs Capitalized Subsequent to Acquisition	(2)
Land, Gross Amount	7,821
Buildings and Improvements, Gross Amount	90,053
Total, Gross Amount	97,874
Accumulated Depreciation	(3,349)
200 Park Place
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	6,384
Buildings and Improvements, Initial Cost	97,669
Total, Initial Cost	104,053
Costs Capitalized Subsequent to Acquisition	(150)
Land, Gross Amount	6,384
Buildings and Improvements, Gross Amount	97,519
Total, Gross Amount	103,903
Accumulated Depreciation	(3,533)
Gables Station
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	51,282
Buildings and Improvements, Initial Cost	380,626
Total, Initial Cost	431,908
Costs Capitalized Subsequent to Acquisition	306
Land, Gross Amount	51,282
Buildings and Improvements, Gross Amount	380,932
Total, Gross Amount	432,214
Accumulated Depreciation	(13,197)
EMME
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	17,694
Buildings and Improvements, Initial Cost	55,571
Total, Initial Cost	73,265
Costs Capitalized Subsequent to Acquisition	38
Land, Gross Amount	17,694
Buildings and Improvements, Gross Amount	55,609
Total, Gross Amount	73,303
Accumulated Depreciation	(749)
I-70 Logistics Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	3,655
Buildings and Improvements, Initial Cost	57,767
Total, Initial Cost	61,422
Costs Capitalized Subsequent to Acquisition	52
Land, Gross Amount	3,655
Buildings and Improvements, Gross Amount	57,819
Total, Gross Amount	61,474
Accumulated Depreciation	(550)
IBM 500 Campus
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	21,295
Buildings and Improvements, Initial Cost	2,491
Total, Initial Cost	23,786
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	21,295
Buildings and Improvements, Gross Amount	2,491
Total, Gross Amount	23,786
Accumulated Depreciation	$ (24)

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Narratives) (Details) $ in Billions	Dec. 31, 2023 USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost for federal income tax	$ 3.2
Furniture and Fixtures
Real Estate and Accumulated Depreciation
Estimated useful life	10 years
Building
Real Estate and Accumulated Depreciation
Estimated useful life	40 years
Minimum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	15 years
Maximum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	20 years

Schedule III - Real Estate As_4

Schedule III - Real Estate Assets and Accumulated Depreciation (Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross real estate assets
Balance, beginning of period	$ 3,078,079	$ 2,180,601	$ 1,618,079
Acquisitions	158,517	1,014,129	591,136
Other additions	11,403	49,631	21,773
Write-Offs/Cost of real estate sold	0	(101,323)	(11,052)
Effect of changes in foreign currency exchange rates	35,237	(64,959)	(39,335)
Balance, end of period	3,283,236	3,078,079	2,180,601
Accumulated Depreciation
Balance, beginning of period	(137,962)	(95,479)	(60,019)
Depreciation	(65,463)	(52,572)	(48,461)
Effect of changes in foreign currency exchange rates	3,784	3,827	13,001
Retirement or sales of assets	0	6,262	0
Balance, end of period	$ (199,641)	$ (137,962)	$ (95,479)