Hines Global Income Trust 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-55599
Entity Registrant Name	Hines Global Income Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0947092
Entity Address, Address Line One	845 Texas Avenue
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002-1656
City Area Code	888
Local Phone Number	220-6121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001585101
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Class AX
Entity Information
Entity Common Stock, Shares Outstanding		33,400,000
Common Class JX
Entity Information
Entity Common Stock, Shares Outstanding		77,545
Common Class T
Entity Information
Entity Common Stock, Shares Outstanding		53,200,000
Common Class S
Entity Information
Entity Common Stock, Shares Outstanding		261,900,000
Common Class D
Entity Information
Entity Common Stock, Shares Outstanding		35,800,000
Common Class I
Entity Information
Entity Common Stock, Shares Outstanding		110,000,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Investment property, net	$ 3,196,325	$ 3,083,595
Investments in real estate-related securities	153,262	145,307
Cash and cash equivalents	90,059	105,580
Restricted cash	7,455	8,193
Derivative instruments	33,688	27,917
Tenant and other receivables, net	54,965	52,222
Intangible lease assets, net	275,762	285,969
Financing lease right-of-use asset, net	15,578	15,611
Deferred leasing costs, net	63,792	63,862
Deferred financing costs, net	478	637
Other assets	30,627	33,791
Total assets	3,921,991	3,822,684
Liabilities:
Accounts payable and accrued expenses	79,497	77,178
Intangible lease liabilities, net	56,838	59,074
Financing lease liability	17,440	17,429
Financing obligations	248,405	191,966
Distributions payable	12,860	12,801
Notes payable, net	1,493,320	1,375,046
Total liabilities	2,020,911	1,856,955
Commitments and contingencies (Note 12)	0	0
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of March 31, 2024 and December 31, 2023	0	0
Common shares, $0.001 par value per share (Note 7)	259	259
Additional paid-in capital	2,536,864	2,542,008
Accumulated distributions in excess of earnings	(627,613)	(573,316)
Accumulated other comprehensive income (loss)	(8,430)	(3,222)
Total stockholders’ equity	1,901,080	1,965,729
Noncontrolling interests	0	0
Total equity	1,901,080	1,965,729
Total liabilities and equity	3,921,991	3,822,684
Related Party
Liabilities:
Other liabilities	62,621	65,925
Nonrelated Party
Liabilities:
Other liabilities	$ 49,930	$ 57,536

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental revenue	$ 82,418	$ 73,562
Other revenue	3,073	2,555
Total revenues	85,491	76,117
Expenses:
Property operating expenses	20,517	17,446
Real property taxes	10,502	9,540
Property management fees	2,699	2,099
Depreciation and amortization	32,971	35,391
Asset management fees	8,282	7,503
General and administrative expenses	2,445	2,329
Total expenses	77,416	74,308
Other income (expenses):
Gain (loss) on derivative instruments	3,676	(101)
Gain (loss) on investments in real estate-related securities	(1,411)	2,063
Foreign currency gains (losses)	(389)	587
Interest expense	(29,760)	(19,015)
Other income and expenses	4,416	3,381
Income (loss) before benefit (provision) for income taxes	(15,393)	(11,276)
Benefit (provision) for income taxes	(360)	160
Net income (loss)	(15,753)	(11,116)
Net (income) loss attributable to noncontrolling interests	(3)	(3)
Net income (loss) attributable to common stockholders	$ (15,756)	$ (11,119)
Basic income (loss) per common share (in dollars per share)	$ (0.06)	$ (0.04)
Diluted income (loss) per common share (in dollars per share)	$ (0.06)	$ (0.04)
Weighted average number of common shares outstanding, basic (in shares)	261,153	256,013
Weighted average number of common shares outstanding, diluted (in shares)	261,153	256,013
Comprehensive income (loss):
Net income (loss)	$ (15,753)	$ (11,116)
Other comprehensive income (loss):
Foreign currency translation adjustment	(5,208)	6,330
Comprehensive income (loss)	(20,961)	(4,786)
Comprehensive (income) loss attributable to noncontrolling interests	(3)	(3)
Comprehensive income (loss) attributable to common stockholders	$ (20,964)	$ (4,789)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			250,577
Beginning balance at Dec. 31, 2022		$ 2,045,286	$ 250	$ 2,445,101	$ (382,973)	$ (17,092)	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			11,362
Issuance of common shares		126,107	$ 10	126,097
Distributions declared		(37,366)			(37,366)		(3)
Redemption of common shares (in shares)			(4,014)
Redemption of common shares		(53,027)	$ (4)	(53,023)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(3,807)		(3,807)
Offering costs		(1,314)		(1,314)
Net income (loss)	$ (11,116)	(11,119)			(11,119)		3
Foreign currency translation adjustment	6,330	6,330				6,330
Ending balance (in shares) at Mar. 31, 2023			257,925
Ending balance at Mar. 31, 2023		2,071,090	$ 256	2,513,054	(431,458)	(10,762)	0
Beginning balance (in shares) at Dec. 31, 2023			261,006
Beginning balance at Dec. 31, 2023	1,965,729	1,965,729	$ 259	2,542,008	(573,316)	(3,222)	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares (in shares)			6,844
Issuance of common shares		69,375	$ 7	69,368
Distributions declared		(38,541)			(38,541)		(3)
Redemption of common shares (in shares)			(6,782)
Redemption of common shares		(72,531)	$ (7)	(72,524)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees		(247)		(247)
Offering costs		(1,741)		(1,741)
Net income (loss)	(15,753)	(15,756)			(15,756)		3
Foreign currency translation adjustment	(5,208)	(5,208)				(5,208)
Ending balance (in shares) at Mar. 31, 2024			261,068
Ending balance at Mar. 31, 2024	$ 1,901,080	$ 1,901,080	$ 259	$ 2,536,864	$ (627,613)	$ (8,430)	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (15,753)	$ (11,116)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	34,566	36,601
Foreign currency (gains) losses	389	(587)
(Gain) loss on derivative instruments	(3,676)	101
(Gain) loss on investments in real estate-related securities	1,411	(2,063)
Changes in assets and liabilities:
Change in other assets	(1,145)	(3,325)
Change in tenant and other receivables	(2,926)	(2,116)
Change in deferred leasing costs	(3,144)	(2,765)
Change in accounts payable and accrued expenses	(4,522)	(4,701)
Change in other liabilities	(6,315)	(984)
Change in due to affiliates	(940)	(17,554)
Net cash from (used in) operating activities	(2,055)	(8,509)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(137,829)	0
Capital expenditures at operating properties	(4,278)	(5,982)
Purchases of real estate-related securities	(40,201)	(19,480)
Proceeds from settlement of real estate-related securities	30,836	23,915
Proceeds from settlement of interest rate contracts	9,457	4,606
Payments related to interest rate contracts	(12,013)	(5,115)
Net cash from (used in) investing activities	(154,028)	(2,056)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares	48,813	106,597
Redemption of common shares	(68,274)	(43,931)
Payment of offering costs	(1,447)	(2,574)
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(2,712)	(3,833)
Distributions paid to stockholders and noncontrolling interests	(17,981)	(17,557)
Proceeds from financing obligations	56,710	23,864
Payments on financing obligations	(269)	0
Proceeds from notes payable	233,776	19,000
Payments on notes payable	(107,431)	(85,972)
Change in security deposit liability	(233)	101
Deferred financing costs paid	(423)	(221)
Net cash from (used in) financing activities	140,529	(4,526)
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(705)	677
Net change in cash, restricted cash and cash equivalents	(16,259)	(14,414)
Cash, restricted cash and cash equivalents, beginning of period	113,773	127,542
Cash, restricted cash and cash equivalents, end of period	$ 97,514	$ 113,128

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION The accompanying interim unaudited condensed consolidated financial information has been prepared according to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly and in conformity with accounting principles generally accepted in the United States of America (“ GAAP ”) the financial position of Hines Global Income Trust, Inc. as of March 31, 2024 and December 31, 2023, and the results of operations, changes in stockholders’ equity, and cash flows for the three months ended March 31, 2024 and 2023, have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations. For further information, refer to the financial statements and footnotes included in Hines Global Income Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023. Hines Global Income Trust, Inc. (the “Company”), is a Maryland corporation formed to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, invest in real-estate related securities. The Company is sponsored by Hines Interests Limited Partnership (“Hines”), a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for over 65 years. The Company is managed by HGIT Advisors LP (the “Advisor”), an affiliate of Hines. The Company conducts substantially all of its operations through HGIT Properties, LP (the “Operating Partnership”). An affiliate of the Advisor, Hines Global REIT II Associates LP, owns less than a 1% limited partner interest in the Operating Partnership as of March 31, 2024 and the Advisor also owns the special limited partnership interest in the Operating Partnership. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2015. As of March 31, 2024, the Company owned direct real estate investments in 42 properties totaling 18.0 million square feet that were 96% leased. The Company raises capital for its investments through continuous public offerings of its common stock. The Company launched its third public offering of up to $2.5 billion in shares of its common stock (the “Third Offering”) on June 2, 2021 through which it is offering up to $2.5 billion in shares of common stock including $500.0 million of shares offered under its distribution reinvestment plan. As of March 31, 2024, the Company had received gross offering proceeds of approximately $3.3 billion from the sale of 309.9 million shares through its public offerings, including shares issued pursuant to its distribution reinvestment plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company’s condensed consolidated financial statements have been prepared in accordance with GAAP. The preparation of the condensed 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 condensed 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. Investments in Real Estate-Related Securities The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis. The Company earns interest and dividend income monthly related to these securities, which is recorded in other income and expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss). The table below presents the effects of the changes in fair value of the Company’s real estate-related securities in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Three months ended March 31, 2024 2023 Unrealized gain (loss) $ (1,826) $ 6,197 Realized gain (loss) 415 (4,134) Total gain (loss) on real estate-related securities $ (1,411) $ 2,063 Tenant and Other Receivables Tenant and other receivables consists primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. Straight-line rent receivables were $40.1 million and $38.0 million as of March 31, 2024 and December 31, 2023, 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 condensed 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. Other Assets Other assets included the following (in thousands): March 31, 2024 December 31, 2023 Prepaid insurance $ 1,570 $ 1,158 Prepaid property taxes 8,422 7,532 Deferred tax assets (1) 13,661 13,282 Operating lease right-of-use asset, net 4,056 4,112 Other 2,918 7,707 (2) Other assets $ 30,627 $ 33,791 (1) Includes the effects of a valuation allowance of $11.5 million and $11.3 million as of March 31, 2024 and December 31, 2023, respectively. (2) As of December 31, 2023, this included a $4.0 million deposit relating to the acquisition of Diridon West. See Note 3 —Investment Property for additional details. Lessee Accounting The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics, which is being accounted for as an operating lease. The lease ends in December 2089 and has fixed payments. The rental expense associated with this lease was $22,000, and $20,000, for the three months ended March 31, 2024 and 2023, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $4.1 million in other assets as of both March 31, 2024 and December 31, 2023, and has recorded a lease liability of approximately $1.5 million in other liabilities, as of both March 31, 2024 and December 31, 2023, in the Company’s condensed consolidated balance sheets. The Company also has a ground lease agreement in which the Company is the lessee for land underneath Center Place, which is being accounted for as a financing lease. The lease ends in March 2142 and has fixed and variable payments. The rental expense associated with this lease was $25,000, and $23,000, for the three months ended March 31, 2024 and 2023, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $15.6 million in financing lease right-of-use asset, net, as of both March 31, 2024 and December 31, 2023, and has recorded a lease liability of approximately $17.4 million in financing lease liability, as of both March 31, 2024 and December 31, 2023, in the Company’s condensed consolidated balance sheets. The Company’s estimate of the amount of the right-of-use assets and lease liabilities included assumptions for the discount rate, which is based on the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the term of the Łódź Urban Logistics and Center Place ground leases are much longer than a typical borrowing, the Company derived the incremental borrowing rate of 5.6% and 3.4% 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. The tables below provide additional information regarding the Company’s lease liabilities for the period from April 1, 2024 through December 31, 2024 and for each of the years ending December 31, 2025 through December 31, 2029 and for the period thereafter (in thousands): Lease Payments Operating Leases Financing Leases April 1, 2024 through December 31, 2024 $ — $ 405 2025 88 540 2026 88 540 2027 88 540 2028 88 540 2029 88 540 Thereafter 5,295 69,271 Total $ 5,735 $ 72,376 Ground Lease Liability $ 1,499 $ 17,440 Undiscounted Excess Amount $ 4,236 $ 54,936

Investment Property

Investment Property	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Buildings and improvements $ 2,573,178 $ 2,457,264 Less: accumulated depreciation (215,340) (199,641) Buildings and improvements, net 2,357,838 2,257,623 Land 838,487 825,972 Investment property, net $ 3,196,325 $ 3,083,595 Recent Acquisitions of Investment Property During the three months ended March 31, 2024, the Company acquired two investments for an aggregate net purchase price of $138.7 million, exclusive of transaction costs and working capital reserves. The amounts recognized for the asset acquisitions as of the acquisition dates were determined by allocating the net purchase price as follows (in thousands): Property Name Acquisition Date Building and Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net Total Diridon West 1/19/2024 $ 109,160 $ 8,357 $ 1,177 $ — $ 118,693 Floralaan (1) 3/25/2024 $ 10,554 $ 8,849 $ 3,381 $ 1,014 $ 23,798 (1) Floralaan is an addition to the Company’s existing ownership interest in Fresh Park Venlo, an industrial logistics property located in Venlo, Netherlands. As of March 31, 2024, 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 $ 407,248 $ 26,372 $ (82,173) Less: accumulated amortization (149,893) (7,965) 25,335 Net $ 257,355 $ 18,407 $ (56,838) As of December 31, 2023, 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 $ 413,171 $ 25,419 $ (84,014) Less: accumulated amortization (145,221) (7,400) 24,940 Net $ 267,950 $ 18,019 $ (59,074) Amortization expense of in-place leases was $14.9 million and $19.0 million for the three months ended March 31, 2024 and 2023, respectively, which was recorded to depreciation and amortization on the condensed consolidated statements of operations and comprehensive income (loss). Net amortization of out-of-market leases resulted in an increase to rental revenue of $1.6 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. Anticipated amortization of the Company’s in-place leases and out-of-market leases, net for the period from April 1, 2024 through December 31, 2024 and for each of the years ending December 31, 2025 through December 31, 2029 are as follows (in thousands): In-Place Lease Out-of-Market April 1, 2024 through December 31, 2024 $ 41,683 $ (4,297) 2025 $ 48,654 $ (4,728) 2026 $ 39,705 $ (2,745) 2027 $ 35,535 $ (2,108) 2028 $ 30,429 $ (2,213) 2029 $ 15,780 $ (2,368) Commercial Leases The Company’s commercial leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time. Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the three months ended March 31, 2024 and 2023 were $12.1 million and $11.3 million, respectively, which are included in rental revenue on the condensed consolidated statements of operations and comprehensive income (loss). The Company has entered into non-cancelable lease agreements with tenants for space. As of March 31, 2024, the approximate fixed future minimum rentals for the period from April 1, 2024 through December 31, 2024, for each of the years ending December 31, 2025 through 2029 and thereafter related to the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals April 1, 2024 through December 31, 2024 $ 153,044 2025 189,248 2026 172,364 2027 159,133 2028 137,944 2029 97,697 Thereafter 418,669 Total $ 1,328,099 During the three months ended March 31, 2024 and 2023, the Company did not earn more than 10% of its revenue from any individual tenant.

DST Program

DST Program	3 Months Ended
	Mar. 31, 2024
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 (the “Master Tenant”) 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 condensed consolidated balance sheets. Under the master lease, the Master Tenant is responsible for subleasing the property to occupying tenants 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 the Company will exercise the fair market value purchase option, the Company 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, the Company 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 the Company elects to repurchase the property prior to the maturity date of the master lease, the Company 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 the Company’s condensed consolidated statements of operations and comprehensive income (loss). The net amount the Company receives from the underlying DST Properties may be more or less than the amount the Company pays 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 DST Property.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of March 31, 2024 and December 31, 2023, the Company had approximately $1.5 billion and $1.4 billion of debt outstanding, respectively, with a weighted average years to maturity of 1.3 years and 1.6 years, respectively, and a weighted average interest rate of 3.64% and 3.55%, respectively. The following table describes the Company’s debt outstanding at March 31, 2024 and December 31, 2023 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of March 31, 2024 Principal Outstanding at March 31, 2024 Principal Outstanding at December 31, 2023 Fixed Rate Loans Fixed rate secured mortgage debt 9/20/2024 N/A 1.05% (1) $ 31,303 $ 32,159 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,039 7,199 Total fixed rate loans $ 38,342 $ 39,358 Variable Rate Loans Floating rate secured mortgage debt 2/2025-6/2027 N/A 3.42% (3) $ 478,386 $ 449,738 JPMorgan Chase Credit Facility - Revolver 11/15/2024 (4) $ 425,000 4.64% (5) 381,000 291,000 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 $ 1,459,386 $ 1,340,738 Total Notes Payable $ 1,497,728 $ 1,380,096 Total Principal Outstanding $ 1,497,728 $ 1,380,096 Unamortized financing fees (7) (4,408) (5,050) Total $ 1,493,320 $ 1,375,046 (1) As of March 31, 2024, 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 March 31, 2024, the effective interest rates on our floating rate mortgage debt ranged from 1.84% to 5.78%. The amount of principal outstanding as of March 31, 2024 includes $466.2 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 Revolver 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 Revolver 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 Revolver and First Term Loan and two remaining options on the Second Term Loan will be exercised prior to maturity. (5) As of March 31, 2024, 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 March 31, 2024, 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 $4.9 million and $5.7 million as of March 31, 2024 and December 31, 2023, respectively. 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 three months ended March 31, 2024 and 2023, $0.8 million and $1.1 million of deferred financing costs were amortized into interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss), respectively. 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 March 31, 2024 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 the period from April 1, 2024 through December 31, 2024, for each of the years ending December 31, 2025 through December 31, 2028 and for the period thereafter (in thousands). Payments Due by Year April 1, 2024 through December 31, 2024 2025 2026 2027 2028 Thereafter Principal payments $ 1,013,940 (1) $ 42,736 $ 100,731 $ 335,687 $ 629 $ 4,005 (1) Included in this amount is $681.0 million relating to the outstanding balance of the Revolver and the First Term Loan under the JPMorgan Credit Facility and $300.0 million relating to the outstanding balance of the Second Term Loan under the JPMorgan Credit Facility. The Company believes it is probable that its one remaining extension option relating to the Revolver and First Term Loan and two remaining extension options relating to the Second Term Loan will be exercised prior to maturity.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company has entered into several interest rate swap or cap contracts in connection with certain of its secured mortgage loans and its JPMorgan Credit Facility in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. These contracts effectively fix or cap the interest rates on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its condensed consolidated balance sheets the fair value amount recorded for its derivative instruments. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes. The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our condensed consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of March 31, 2024 Interest rate contracts 24 $ 1,347,544 $ 33,688 $ — Total derivative instruments 24 $ 1,347,544 $ 33,688 $ — As of December 31, 2023 Interest rate contracts 24 $ 1,210,493 $ 27,917 $ — Total derivative instruments 24 $ 1,210,493 $ 27,917 $ — The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Gain (Loss) on Derivative Instruments Three months ended March 31, 2024 2023 Derivatives not designated as hedging instruments: Interest rate contracts $ 3,676 $ (95) Foreign currency forward contracts — (6) Total gain (loss) on derivatives $ 3,676 $ (101)

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Public Offering The Company raises capital for its investments primarily through public offerings of its common stock. In connection with the launch of the Company’s second public offering, on November 30, 2017, the Company (i) redesignated its issued and outstanding Class A shares of common stock, Class T shares of common stock, Class I shares of common stock and Class J shares of common stock as “Class AX shares,” “Class TX shares,” “Class IX shares” and “Class JX shares,” (collectively, the “IPO Shares”) respectively, and (ii) reclassified the authorized but unissued portion of its common stock into four additional classes of shares of common stock: “Class T shares,” “Class S shares,” “Class D shares,” and “Class I shares.” The Company is offering its shares of common stock in the Third Offering in any combination of Class T shares, Class S shares, Class D shares and Class I shares. All shares of the Company’s common stock have the same voting rights and rights upon liquidation, although distributions received by the Company’s stockholders are expected to differ due to the distribution and stockholder servicing fees payable with respect to the applicable share classes, which reduce distributions. The Company complies with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When shares are tendered for redemption and approved by the board of directors, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values and redeem those shares in the subsequent month pursuant to the Company’s current share redemption program. The Company’s board of directors may amend or suspend the share redemption program at any time without stockholder approval. Additionally, the board of directors has complete discretion to determine whether the Company has sufficient funds to satisfy redemption requests. Common Stock As of March 31, 2024 and December 31, 2023, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): March 31, 2024 December 31, 2023 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 33,707 40,000 34,153 Class TX common stock, $0.001 par value per share 40,000 — (1) 40,000 — Class IX common stock, $0.001 par value per share 10,000 — (1) 10,000 — Class JX common stock, $0.001 par value per share 10,000 77 10,000 76 Class T common stock, $0.001 par value per share 350,000 54,661 350,000 60,538 Class S common stock, $0.001 par value per share 350,000 29,291 350,000 28,962 Class D common stock, $0.001 par value per share 350,000 35,732 350,000 35,492 Class I common stock, $0.001 par value per share 350,000 107,600 350,000 101,785 (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 three months ended March 31, 2024 and 2023 (in thousands). 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, 2024 34,153 $ 34 — $ — — $ — 76 $ — 60,538 $ 61 28,962 $ 30 35,492 $ 34 101,785 $ 100 261,006 $ 259 Issuance of common shares 246 — — — — — 1 — 843 1 1,029 1 946 1 3,779 4 6,844 7 Conversion of common shares (1) — — — — — — — — (5,288) (5) — — — — 5,288 5 — — Redemption of common shares (692) (1) — — — — — — (1,432) (1) (700) (1) (706) (1) (3,252) (3) (6,782) (7) Balance as of March 31, 2024 33,707 $ 33 — $ — — $ — 77 $ — 54,661 $ 56 29,291 $ 30 35,732 $ 34 107,600 $ 106 261,068 $ 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 Balance as of January 1, 2023 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 Issuance of common shares 244 — — — — — 1 — 2,211 2 2,017 2 1,458 1 5,431 5 11,362 10 Conversion of common shares (1) 117 — (117) — — — — — (439) — — — — — 439 — — — Redemption of common shares (839) (1) — — — — — — (799) (1) (253) — (419) — (1,704) (2) (4,014) (4) Balance as of March 31, 2023 35,743 $ 33 25 $ 4 22 $ — 65 $ — 66,818 $ 66 26,570 $ 27 33,592 $ 33 95,090 $ 93 257,925 $ 256 (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 2023 through April 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 each of the quarters ended during 2024 and 2023, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Three Months Ended Cash Distributions Distributions Reinvested Total Declared 2024 March 31, 2024 $ 17,994 $ 20,547 $ 38,541 Total $ 17,994 $ 20,547 $ 38,541 2023 December 31, 2023 $ 17,878 $ 20,458 $ 38,336 September 30, 2023 17,731 20,250 37,981 June 30, 2023 18,131 19,929 38,060 March 31, 2023 17,752 19,615 37,366 Total $ 71,492 $ 80,252 $ 151,743 The table below outlines the net distributions declared for each class of shares for the three months ended March 31, 2024 and 2023, respectively. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors, less any applicable ongoing distribution and stockholder servicing fees (rounded to the nearest cent). Three Months Ended March 31, 2024 2023 Distributions declared per Class AX share, net $ 0.16 $ 0.16 Distributions declared per Class TX share, net N/A (1) $ 0.13 Distributions declared per Class IX share, net N/A (2) $ 0.15 Distributions declared per Class JX share, net $ 0.16 $ 0.16 Distributions declared per Class T share, net $ 0.13 $ 0.13 Distributions declared per Class S share, net $ 0.14 $ 0.13 Distributions declared per Class D share, net $ 0.15 $ 0.15 Distributions declared per Class I share, net $ 0.16 $ 0.16 (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	3 Months Ended
	Mar. 31, 2024
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 Private Wealth Solutions LLC. (the "Dealer Manager"), Hines and its affiliates for the periods indicated below (in thousands): Incurred Three Months Ended March 31, Unpaid as of Type and Recipient 2024 2023 March 31, 2024 December 31, 2023 Selling Commissions- Dealer Manager (1) $ 345 $ 1,109 $ — $ — Dealer Manager Fee- Dealer Manager (1) 24 101 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) (122) 2,597 56,638 59,103 Organization and Offering Costs- the Advisor 1,741 1,314 1,072 778 Asset Management Fees- the Advisor (2) 8,282 7,503 2,595 2,860 Other- the Advisor (3) 1,610 1,050 1,766 2,688 Property Management Fees- Hines and its affiliates 1,789 1,588 591 440 Development and Construction Management Fees- Hines and its affiliates (4) 349 107 477 424 Leasing Fees- Hines and its affiliates (5) 303 277 867 1,488 Expense Reimbursement- Hines and its affiliates (with respect to management and operations of the Company's properties) (6) 4,151 3,758 (1,385) (7) (1,856) (7) Total $ 18,472 $ 19,404 $ 62,621 $ 65,925 (1) Some or all of these fees may be reallowed to participating broker dealers rather than being retained by the Dealer Manager. (2) The Advisor is paid an asset management fee equal to 0.0625% per month of (a) the value of the Company’s real estate investments and (b) the aggregate proceeds received by the Company or its subsidiary 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 DST Proceeds at the end of each month. The Advisor waived 50% of the asset management fee payable with respect to the DST Program through December 31, 2024. The Advisor is under no obligation to continue this waiver beyond that date. In no event will the asset management fee exceed an amount equal to 1/12th of 1.25% of the Company's net asset value. (3) 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. (4) Development and construction management fees are included in the total project costs of the respective properties and are capitalized in construction in progress, which is included in investment property, net, on the Company’s condensed consolidated balance sheets. (5) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s condensed consolidated balance sheets and amortized over the life of the lease. (6) Includes amounts with respect to the management and operation of the Company’s properties, such as allocated rent paid to 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 March 31, 2024 and December 31, 2023, the balance included $2.8 million and $3.3 million, respectively, in receivables related to rents collected by the Hines-affiliated property managers at the international student housing properties and UK industrial properties, which were being held in the property manager controlled bank accounts. 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 of up to $1.0 billion of beneficial interests in specific DSTs. As compensation 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 $2.4 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial Instruments Measured on a Recurring Basis As described in Note 6 —Derivative Instruments, the Company entered into several interest rate contracts as hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of March 31, 2024 and 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy. Additionally, as described in Note 6 —Derivative Instruments, the Company has entered into foreign currency forward contracts as hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatility. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets. The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. The following table summarizes activity for the Company’s real estate-related securities measured at fair value on a recurring basis. Basis of Fair Value Measurements As of Description Fair Value of Assets Quoted Prices Significant Significant March 31, 2024 Investments in real estate-related securities $ 153,262 $ 153,262 $ — $ — December 31, 2023 Investments in real estate-related securities $ 145,307 $ 145,307 $ — $ — Financial Instruments Fair Value Disclosures

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets and all of the Company’s consolidated revenues and property expenses are from these real estate properties. Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into five reportable segments: office investments, industrial investments, residential/living investments, retail investments, and other investments. The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Three Months Ended March 31, 2024 2023 Revenues Office investments $ 21,297 $ 18,020 Industrial investments 23,553 22,595 Residential/Living investments 24,042 18,333 Retail investments 8,855 9,332 Other investments 7,744 7,837 Total revenues $ 85,491 $ 76,117 For the three months ended March 31, 2024 and 2023, the Company’s total revenues were attributable to the following countries: Three Months Ended March 31, 2024 2023 Total revenues United States 76 % 75 % The Netherlands 10 % 10 % United Kingdom 8 % 8 % Poland 2 % 2 % Spain 1 % 2 % Czech Republic 1 % 2 % Ireland 1 % 1 % Germany 1 % — % * * Amount is less than 1% For the three months ended March 31, 2024 and 2023, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenues in excess of property expenses (1) Office investments $ 14,455 $ 11,315 Industrial investments 13,785 14,220 Residential/Living investments 12,815 10,075 Retail investments 5,267 5,843 Other investments 5,451 5,579 Total revenues in excess of property expenses $ 51,773 $ 47,032 (1) Revenues less property operating expenses, real property taxes and property management fees. As of March 31, 2024 and December 31, 2023, the Company’s total assets by segment were as follows (in thousands): March 31, 2024 December 31, 2023 Assets Office investments $ 747,153 $ 757,975 Industrial investments 1,108,605 1,089,817 Residential/Living investments 1,112,257 1,005,255 Retail investments 360,804 368,023 Other investments 370,811 374,555 Corporate-level accounts 222,361 227,059 Total assets $ 3,921,991 $ 3,822,684 As of March 31, 2024 and December 31, 2023, the Company’s total assets were attributable to the following countries: March 31, 2024 December 31, 2023 Total assets United States 77 % 77 % The Netherlands 9 % 8 % United Kingdom 8 % 9 % Spain 2 % 2 % Poland 1 % 1 % Germany 1 % 1 % Czech Republic 1 % 1 % Ireland 1 % 1 % 3 For the three months ended March 31, 2024 and 2023 the Company’s reconciliation of the Company’s property revenue in excess of expenses is as follows (in thousands): Three Months Ended March 31, 2024 2023 Reconciliation to revenues in excess of property expenses Net income (loss) $ (15,753) $ (11,116) Depreciation and amortization 32,971 35,391 Asset management fees 8,282 7,503 General and administrative expenses 2,445 2,329 (Gain) loss on derivative instruments (3,676) 101 (Gain) loss on investments in real estate-related securities 1,411 (2,063) Foreign currency (gains) losses 389 (587) Interest expense 29,760 19,015 Other income and expenses (4,416) (3,381) (Benefit) provision for income taxes 360 (160) Total revenues in excess of property expenses $ 51,773 $ 47,032

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 28,854 $ 16,213 Cash paid for income taxes $ 205 $ 995 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 12,860 $ 12,547 Distributions reinvested $ 20,506 $ 19,436 Shares tendered for redemption $ 20,287 $ 20,822 Non-cash net liabilities (assets) assumed $ 907 $ — Offering costs payable to the Advisor $ 1,741 $ 1,314 Distribution and stockholder servicing fees payable to the Dealer Manager $ (123) $ 2,597 Accrued capital additions $ 5,535 $ 1,229

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 condensed consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to common stockholders	$ (15,756)	$ (11,119)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s condensed consolidated financial statements have been prepared in accordance with GAAP. The preparation of the condensed 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.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities
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. Straight-line rent receivables were $40.1 million and $38.0 million as of March 31, 2024 and December 31, 2023, 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 condensed 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.
Lessee Accounting	Lessee Accounting The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics, which is being accounted for as an operating lease. The lease ends in December 2089 and has fixed payments. The rental expense associated with this lease was $22,000, and $20,000, for the three months ended March 31, 2024 and 2023, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $4.1 million in other assets as of both March 31, 2024 and December 31, 2023, and has recorded a lease liability of approximately $1.5 million in other liabilities, as of both March 31, 2024 and December 31, 2023, in the Company’s condensed consolidated balance sheets. The Company also has a ground lease agreement in which the Company is the lessee for land underneath Center Place, which is being accounted for as a financing lease. The lease ends in March 2142 and has fixed and variable payments. The rental expense associated with this lease was $25,000, and $23,000, for the three months ended March 31, 2024 and 2023, respectively. The Company has recorded a right-of-use asset, net of accumulated amortization, of approximately $15.6 million in financing lease right-of-use asset, net, as of both March 31, 2024 and December 31, 2023, and has recorded a lease liability of approximately $17.4 million in financing lease liability, as of both March 31, 2024 and December 31, 2023, in the Company’s condensed consolidated balance sheets.
Derivative Instruments	The Company has entered into several interest rate swap or cap contracts in connection with certain of its secured mortgage loans and its JPMorgan Credit Facility in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. These contracts effectively fix or cap the interest rates on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its condensed consolidated balance sheets the fair value amount recorded for its derivative instruments.
Fair Value Measurements	Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Financial Instruments Measured on a Recurring Basis As described in Note 6 —Derivative Instruments, the Company entered into several interest rate contracts as hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of March 31, 2024 and 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy. Additionally, as described in Note 6 —Derivative Instruments, the Company has entered into foreign currency forward contracts as hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatility. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets.
Reportable Segments	The Company’s business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets and all of the Company’s consolidated revenues and property expenses are from these real estate properties. Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into five reportable segments: office investments, industrial investments, residential/living investments, retail investments, and other investments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Gain (Loss) on Investments in Real Estate-Related Securities	The table below presents the effects of the changes in fair value of the Company’s real estate-related securities in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Gain (Loss) on Investments in Real Estate-Related Securities Three months ended March 31, 2024 2023 Unrealized gain (loss) $ (1,826) $ 6,197 Realized gain (loss) 415 (4,134) Total gain (loss) on real estate-related securities $ (1,411) $ 2,063
Schedule of Other Assets	Other assets included the following (in thousands): March 31, 2024 December 31, 2023 Prepaid insurance $ 1,570 $ 1,158 Prepaid property taxes 8,422 7,532 Deferred tax assets (1) 13,661 13,282 Operating lease right-of-use asset, net 4,056 4,112 Other 2,918 7,707 (2) Other assets $ 30,627 $ 33,791 (1) Includes the effects of a valuation allowance of $11.5 million and $11.3 million as of March 31, 2024 and December 31, 2023, respectively. (2) As of December 31, 2023, this included a $4.0 million deposit relating to the acquisition of Diridon West. See Note 3
Schedule of Lease Maturity	The tables below provide additional information regarding the Company’s lease liabilities for the period from April 1, 2024 through December 31, 2024 and for each of the years ending December 31, 2025 through December 31, 2029 and for the period thereafter (in thousands): Lease Payments Operating Leases Financing Leases April 1, 2024 through December 31, 2024 $ — $ 405 2025 88 540 2026 88 540 2027 88 540 2028 88 540 2029 88 540 Thereafter 5,295 69,271 Total $ 5,735 $ 72,376 Ground Lease Liability $ 1,499 $ 17,440 Undiscounted Excess Amount $ 4,236 $ 54,936

Investment Property (Tables)

Investment Property (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment property consisted of the following amounts as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Buildings and improvements $ 2,573,178 $ 2,457,264 Less: accumulated depreciation (215,340) (199,641) Buildings and improvements, net 2,357,838 2,257,623 Land 838,487 825,972 Investment property, net $ 3,196,325 $ 3,083,595
Schedule of Asset Acquisition	The amounts recognized for the asset acquisitions as of the acquisition dates were determined by allocating the net purchase price as follows (in thousands): Property Name Acquisition Date Building and Land In-place Lease Intangibles Out-of-Market Lease Intangibles, Net Total Diridon West 1/19/2024 $ 109,160 $ 8,357 $ 1,177 $ — $ 118,693 Floralaan (1) 3/25/2024 $ 10,554 $ 8,849 $ 3,381 $ 1,014 $ 23,798 (1) Floralaan is an addition to the Company’s existing ownership interest in Fresh Park Venlo, an industrial logistics property located in Venlo, Netherlands.
Schedule of Acquired Finite-Lived Intangible Assets By Major Class	As of March 31, 2024, 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 $ 407,248 $ 26,372 $ (82,173) Less: accumulated amortization (149,893) (7,965) 25,335 Net $ 257,355 $ 18,407 $ (56,838) As of December 31, 2023, 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 $ 413,171 $ 25,419 $ (84,014) Less: accumulated amortization (145,221) (7,400) 24,940 Net $ 267,950 $ 18,019 $ (59,074)
Schedule of Finite Lived Intangible Assets Future Amortization Expense	Anticipated amortization of the Company’s in-place leases and out-of-market leases, net for the period from April 1, 2024 through December 31, 2024 and for each of the years ending December 31, 2025 through December 31, 2029 are as follows (in thousands): In-Place Lease Out-of-Market April 1, 2024 through December 31, 2024 $ 41,683 $ (4,297) 2025 $ 48,654 $ (4,728) 2026 $ 39,705 $ (2,745) 2027 $ 35,535 $ (2,108) 2028 $ 30,429 $ (2,213) 2029 $ 15,780 $ (2,368)
Schedule of Operating Lease Payments to be Received	The Company has entered into non-cancelable lease agreements with tenants for space. As of March 31, 2024, the approximate fixed future minimum rentals for the period from April 1, 2024 through December 31, 2024, for each of the years ending December 31, 2025 through 2029 and thereafter related to the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals April 1, 2024 through December 31, 2024 $ 153,044 2025 189,248 2026 172,364 2027 159,133 2028 137,944 2029 97,697 Thereafter 418,669 Total $ 1,328,099

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table describes the Company’s debt outstanding at March 31, 2024 and December 31, 2023 (in thousands, except interest rates): Description Maturity Date Maximum Capacity in Functional Currency Weighted Average Effective Interest Rate as of March 31, 2024 Principal Outstanding at March 31, 2024 Principal Outstanding at December 31, 2023 Fixed Rate Loans Fixed rate secured mortgage debt 9/20/2024 N/A 1.05% (1) $ 31,303 $ 32,159 Seller-financed debt (2) 7/1/2034 N/A 1.55% 7,039 7,199 Total fixed rate loans $ 38,342 $ 39,358 Variable Rate Loans Floating rate secured mortgage debt 2/2025-6/2027 N/A 3.42% (3) $ 478,386 $ 449,738 JPMorgan Chase Credit Facility - Revolver 11/15/2024 (4) $ 425,000 4.64% (5) 381,000 291,000 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 $ 1,459,386 $ 1,340,738 Total Notes Payable $ 1,497,728 $ 1,380,096 Total Principal Outstanding $ 1,497,728 $ 1,380,096 Unamortized financing fees (7) (4,408) (5,050) Total $ 1,493,320 $ 1,375,046 (1) As of March 31, 2024, 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 March 31, 2024, the effective interest rates on our floating rate mortgage debt ranged from 1.84% to 5.78%. The amount of principal outstanding as of March 31, 2024 includes $466.2 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 Revolver 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 Revolver 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 Revolver and First Term Loan and two remaining options on the Second Term Loan will be exercised prior to maturity. (5) As of March 31, 2024, 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 March 31, 2024, 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 $4.9 million and $5.7 million as of March 31, 2024 and December 31, 2023, respectively. 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 three months ended March 31, 2024 and 2023, $0.8 million and $1.1 million of deferred financing costs were amortized into interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss), respectively.
Schedule of Maturities of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for the period from April 1, 2024 through December 31, 2024, for each of the years ending December 31, 2025 through December 31, 2028 and for the period thereafter (in thousands). Payments Due by Year April 1, 2024 through December 31, 2024 2025 2026 2027 2028 Thereafter Principal payments $ 1,013,940 (1) $ 42,736 $ 100,731 $ 335,687 $ 629 $ 4,005 (1) Included in this amount is $681.0 million relating to the outstanding balance of the Revolver and the First Term Loan under the JPMorgan Credit Facility and $300.0 million relating to the outstanding balance of the Second Term Loan under the JPMorgan Credit Facility. The Company believes it is probable that its one remaining extension option relating to the Revolver and First Term Loan and two remaining extension options relating to the Second Term Loan will be exercised prior to maturity.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Contracts	The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our condensed consolidated balance sheets (in thousands, except number of contracts): Fair Value Derivative Instruments Type Number of Contracts Notional Amount Assets Liabilities As of March 31, 2024 Interest rate contracts 24 $ 1,347,544 $ 33,688 $ — Total derivative instruments 24 $ 1,347,544 $ 33,688 $ — As of December 31, 2023 Interest rate contracts 24 $ 1,210,493 $ 27,917 $ — Total derivative instruments 24 $ 1,210,493 $ 27,917 $ —
Schedule of Gain (Loss) on Derivative Instruments	The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Gain (Loss) on Derivative Instruments Three months ended March 31, 2024 2023 Derivatives not designated as hedging instruments: Interest rate contracts $ 3,676 $ (95) Foreign currency forward contracts — (6) Total gain (loss) on derivatives $ 3,676 $ (101)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Stock by Class	As of March 31, 2024 and December 31, 2023, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): March 31, 2024 December 31, 2023 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 33,707 40,000 34,153 Class TX common stock, $0.001 par value per share 40,000 — (1) 40,000 — Class IX common stock, $0.001 par value per share 10,000 — (1) 10,000 — Class JX common stock, $0.001 par value per share 10,000 77 10,000 76 Class T common stock, $0.001 par value per share 350,000 54,661 350,000 60,538 Class S common stock, $0.001 par value per share 350,000 29,291 350,000 28,962 Class D common stock, $0.001 par value per share 350,000 35,732 350,000 35,492 Class I common stock, $0.001 par value per share 350,000 107,600 350,000 101,785 (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.
Schedule of Common Stock Outstanding Roll Forward	The tables below provide information regarding the issuances and redemptions of each class of the Company’s common stock during the three months ended March 31, 2024 and 2023 (in thousands). 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, 2024 34,153 $ 34 — $ — — $ — 76 $ — 60,538 $ 61 28,962 $ 30 35,492 $ 34 101,785 $ 100 261,006 $ 259 Issuance of common shares 246 — — — — — 1 — 843 1 1,029 1 946 1 3,779 4 6,844 7 Conversion of common shares (1) — — — — — — — — (5,288) (5) — — — — 5,288 5 — — Redemption of common shares (692) (1) — — — — — — (1,432) (1) (700) (1) (706) (1) (3,252) (3) (6,782) (7) Balance as of March 31, 2024 33,707 $ 33 — $ — — $ — 77 $ — 54,661 $ 56 29,291 $ 30 35,732 $ 34 107,600 $ 106 261,068 $ 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 Balance as of January 1, 2023 36,221 $ 34 142 $ 4 22 $ — 64 $ — 65,845 $ 65 24,806 $ 25 32,553 $ 32 90,924 $ 90 250,577 $ 250 Issuance of common shares 244 — — — — — 1 — 2,211 2 2,017 2 1,458 1 5,431 5 11,362 10 Conversion of common shares (1) 117 — (117) — — — — — (439) — — — — — 439 — — — Redemption of common shares (839) (1) — — — — — — (799) (1) (253) — (419) — (1,704) (2) (4,014) (4) Balance as of March 31, 2023 35,743 $ 33 25 $ 4 22 $ — 65 $ — 66,818 $ 66 26,570 $ 27 33,592 $ 33 95,090 $ 93 257,925 $ 256 (1) The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class TX shares are converted into Class AX shares, Class IX shares are converted into Class JX shares and Class T, S and D shares are converted into Class I shares.
Schedule of Distributions	The following table outlines the Company’s total distributions declared to stockholders for each of the quarters ended during 2024 and 2023, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Three Months Ended Cash Distributions Distributions Reinvested Total Declared 2024 March 31, 2024 $ 17,994 $ 20,547 $ 38,541 Total $ 17,994 $ 20,547 $ 38,541 2023 December 31, 2023 $ 17,878 $ 20,458 $ 38,336 September 30, 2023 17,731 20,250 37,981 June 30, 2023 18,131 19,929 38,060 March 31, 2023 17,752 19,615 37,366 Total $ 71,492 $ 80,252 $ 151,743 The table below outlines the net distributions declared for each class of shares for the three months ended March 31, 2024 and 2023, respectively. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors, less any applicable ongoing distribution and stockholder servicing fees (rounded to the nearest cent). Three Months Ended March 31, 2024 2023 Distributions declared per Class AX share, net $ 0.16 $ 0.16 Distributions declared per Class TX share, net N/A (1) $ 0.13 Distributions declared per Class IX share, net N/A (2) $ 0.15 Distributions declared per Class JX share, net $ 0.16 $ 0.16 Distributions declared per Class T share, net $ 0.13 $ 0.13 Distributions declared per Class S share, net $ 0.14 $ 0.13 Distributions declared per Class D share, net $ 0.15 $ 0.15 Distributions declared per Class I share, net $ 0.16 $ 0.16 (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)	3 Months Ended
	Mar. 31, 2024
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 Private Wealth Solutions LLC. (the "Dealer Manager"), Hines and its affiliates for the periods indicated below (in thousands): Incurred Three Months Ended March 31, Unpaid as of Type and Recipient 2024 2023 March 31, 2024 December 31, 2023 Selling Commissions- Dealer Manager (1) $ 345 $ 1,109 $ — $ — Dealer Manager Fee- Dealer Manager (1) 24 101 — — Distribution & Stockholder Servicing Fees- Dealer Manager (1) (122) 2,597 56,638 59,103 Organization and Offering Costs- the Advisor 1,741 1,314 1,072 778 Asset Management Fees- the Advisor (2) 8,282 7,503 2,595 2,860 Other- the Advisor (3) 1,610 1,050 1,766 2,688 Property Management Fees- Hines and its affiliates 1,789 1,588 591 440 Development and Construction Management Fees- Hines and its affiliates (4) 349 107 477 424 Leasing Fees- Hines and its affiliates (5) 303 277 867 1,488 Expense Reimbursement- Hines and its affiliates (with respect to management and operations of the Company's properties) (6) 4,151 3,758 (1,385) (7) (1,856) (7) Total $ 18,472 $ 19,404 $ 62,621 $ 65,925 (1) Some or all of these fees may be reallowed to participating broker dealers rather than being retained by the Dealer Manager. (2) The Advisor is paid an asset management fee equal to 0.0625% per month of (a) the value of the Company’s real estate investments and (b) the aggregate proceeds received by the Company or its subsidiary 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 DST Proceeds at the end of each month. The Advisor waived 50% of the asset management fee payable with respect to the DST Program through December 31, 2024. The Advisor is under no obligation to continue this waiver beyond that date. In no event will the asset management fee exceed an amount equal to 1/12th of 1.25% of the Company's net asset value. (3) 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. (4) Development and construction management fees are included in the total project costs of the respective properties and are capitalized in construction in progress, which is included in investment property, net, on the Company’s condensed consolidated balance sheets. (5) Leasing fees are capitalized in deferred leasing costs, net, on the Company’s condensed consolidated balance sheets and amortized over the life of the lease. (6) Includes amounts with respect to the management and operation of the Company’s properties, such as allocated rent paid to 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 March 31, 2024 and December 31, 2023, the balance included $2.8 million and $3.3 million, respectively, in receivables related to rents collected by the Hines-affiliated property managers at the international student housing properties and UK industrial properties, which were being held in the property manager controlled bank accounts.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 As of Description Fair Value of Assets Quoted Prices Significant Significant March 31, 2024 Investments in real estate-related securities $ 153,262 $ 153,262 $ — $ — December 31, 2023 Investments in real estate-related securities $ 145,307 $ 145,307 $ — $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Three Months Ended March 31, 2024 2023 Revenues Office investments $ 21,297 $ 18,020 Industrial investments 23,553 22,595 Residential/Living investments 24,042 18,333 Retail investments 8,855 9,332 Other investments 7,744 7,837 Total revenues $ 85,491 $ 76,117 For the three months ended March 31, 2024 and 2023, the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenues in excess of property expenses (1) Office investments $ 14,455 $ 11,315 Industrial investments 13,785 14,220 Residential/Living investments 12,815 10,075 Retail investments 5,267 5,843 Other investments 5,451 5,579 Total revenues in excess of property expenses $ 51,773 $ 47,032 (1) Revenues less property operating expenses, real property taxes and property management fees. As of March 31, 2024 and December 31, 2023, the Company’s total assets by segment were as follows (in thousands): March 31, 2024 December 31, 2023 Assets Office investments $ 747,153 $ 757,975 Industrial investments 1,108,605 1,089,817 Residential/Living investments 1,112,257 1,005,255 Retail investments 360,804 368,023 Other investments 370,811 374,555 Corporate-level accounts 222,361 227,059 Total assets $ 3,921,991 $ 3,822,684
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	For the three months ended March 31, 2024 and 2023, the Company’s total revenues were attributable to the following countries: Three Months Ended March 31, 2024 2023 Total revenues United States 76 % 75 % The Netherlands 10 % 10 % United Kingdom 8 % 8 % Poland 2 % 2 % Spain 1 % 2 % Czech Republic 1 % 2 % Ireland 1 % 1 % Germany 1 % — % * * Amount is less than 1% As of March 31, 2024 and December 31, 2023, the Company’s total assets were attributable to the following countries: March 31, 2024 December 31, 2023 Total assets United States 77 % 77 % The Netherlands 9 % 8 % United Kingdom 8 % 9 % Spain 2 % 2 % Poland 1 % 1 % Germany 1 % 1 % Czech Republic 1 % 1 % Ireland 1 % 1 % 3
Reconciliation of Net Income (Loss) from Segments to Consolidated	For the three months ended March 31, 2024 and 2023 the Company’s reconciliation of the Company’s property revenue in excess of expenses is as follows (in thousands): Three Months Ended March 31, 2024 2023 Reconciliation to revenues in excess of property expenses Net income (loss) $ (15,753) $ (11,116) Depreciation and amortization 32,971 35,391 Asset management fees 8,282 7,503 General and administrative expenses 2,445 2,329 (Gain) loss on derivative instruments (3,676) 101 (Gain) loss on investments in real estate-related securities 1,411 (2,063) Foreign currency (gains) losses 389 (587) Interest expense 29,760 19,015 Other income and expenses (4,416) (3,381) (Benefit) provision for income taxes 360 (160) Total revenues in excess of property expenses $ 51,773 $ 47,032

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 28,854 $ 16,213 Cash paid for income taxes $ 205 $ 995 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 12,860 $ 12,547 Distributions reinvested $ 20,506 $ 19,436 Shares tendered for redemption $ 20,287 $ 20,822 Non-cash net liabilities (assets) assumed $ 907 $ — Offering costs payable to the Advisor $ 1,741 $ 1,314 Distribution and stockholder servicing fees payable to the Dealer Manager $ (123) $ 2,597 Accrued capital additions $ 5,535 $ 1,229

Organization (Details)

Organization (Details) shares in Millions, ft² in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) ft² property shares	Mar. 31, 2023 USD ($)	Jun. 02, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of direct real estate investments owned | property	42
Area of real estate property (square feet) | ft²	18
Asset acquisition leased percent	96%
Proceeds from issuance of common shares	$ 48,813,000	$ 106,597,000
DST Property
Subsidiary, Sale of Stock [Line Items]
Net proceeds from DST Program	249,300,000
Third Offering
Subsidiary, Sale of Stock [Line Items]
Maximum proceeds from issuance of public offering			$ 2,500,000,000
Third Offering | Dividend Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Maximum proceeds from issuance of public offering			$ 500,000,000
Public Offerings | Public Offerings
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares	$ 3,300,000,000
Issuance of common shares (in shares) | shares	309.9
Hines Global REIT II Associates LP | Ownership Partnership
Subsidiary, Sale of Stock [Line Items]
Ownership interest percentage (less than)	1%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Straight-line rent receivable	$ 40,100		$ 38,000
Operating lease right-of-use asset, net	4,056		4,112
Financing lease right-of-use asset, net	15,578		15,611
Finance lease liability	17,440		17,429
Lodz Urban Logistics
Summary of Significant Accounting Policies [Line Items]
Operating lease expense	22	$ 20
Operating lease right-of-use asset, net	4,100		4,100
Ground Lease Liability	$ 1,499		1,500
Operating lease, incremental borrowing rate (as a percent)	5.60%
Center Place
Summary of Significant Accounting Policies [Line Items]
Financing lease expense	$ 25	$ 23
Financing lease right-of-use asset, net	15,600		15,600
Finance lease liability	$ 17,400		$ 17,400
Financing lease, incremental borrowing rate (as a percent)	3.40%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Gain (Loss) Recorded on Investments in Real Estate-Related Securities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Unrealized gain (loss)	$ (1,826)	$ 6,197
Realized gain (loss)	415	(4,134)
Total gain (loss) on real estate-related securities	$ (1,411)	$ 2,063

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Prepaid insurance	$ 1,570	$ 1,158
Prepaid property taxes	8,422	7,532
Deferred tax assets	13,661	13,282
Operating lease right-of-use asset, net	4,056	4,112
Other	2,918	7,707
Other assets	30,627	33,791
Valuation allowance	$ 11,500	11,300
Diridon West
Summary of Significant Accounting Policies [Line Items]
Other		$ 4,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Lease Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Leases
Finance lease liability	$ 17,440	$ 17,429
Lodz Urban Logistics
Operating Leases
April 1, 2024 through December 31, 2024	0
2025	88
2026	88
2027	88
2028	88
2029	88
Thereafter	5,295
Total	5,735
Ground Lease Liability	1,499	1,500
Undiscounted Excess Amount	4,236
Center Place
Financing Leases
April 1, 2024 through December 31, 2024	405
2025	540
2026	540
2027	540
2028	540
2029	540
Thereafter	69,271
Total	72,376
Finance lease liability	17,400	$ 17,400
Undiscounted Excess Amount	$ 54,936

Investment Property (Schedule o

Investment Property (Schedule of Investment Property) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate Investment Property, Net
Investment property, net	$ 3,196,325	$ 3,083,595
Building and Improvements
Real Estate Investment Property, Net
Investment property, gross	2,573,178	2,457,264
Less: accumulated depreciation	(215,340)	(199,641)
Investment property, net	2,357,838	2,257,623
Land
Real Estate Investment Property, Net
Investment property, gross	$ 838,487	$ 825,972

Investment Property (Narratives

Investment Property (Narratives) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)
Business Acquisition
Number of investment properties acquired | property	2
Purchase price, net of transaction costs and working capital reserves	$ 138.7
Lease terms (in years)	15 years
Recovery revenue	$ 12.1	$ 11.3
In-Place Leases
Business Acquisition
Amortization of in-place leases	14.9	19
Out-of-Market Leases, Net
Business Acquisition
Net amortization of out-of-market leases	$ 1.6	$ 1.9

Investment Property (Asset Acqu

Investment Property (Asset Acquisition) (Details) - USD ($) $ in Thousands	Mar. 25, 2024	Jan. 19, 2024
Diridon West
Asset Acquisition [Line Items]
Total		$ 118,693
Diridon West | In-place Lease Intangibles
Asset Acquisition [Line Items]
In-place Lease Intangibles		1,177
Diridon West | Out-of-Market Lease Intangibles, Net
Asset Acquisition [Line Items]
Out-of-Market Lease Intangibles, Net		0
Diridon West | Building and Improvements
Asset Acquisition [Line Items]
Property, plant and equipment		109,160
Diridon West | Land
Asset Acquisition [Line Items]
Property, plant and equipment		$ 8,357
Floralaan
Asset Acquisition [Line Items]
Total	$ 23,798
Floralaan | In-place Lease Intangibles
Asset Acquisition [Line Items]
In-place Lease Intangibles	3,381
Floralaan | Out-of-Market Lease Intangibles, Net
Asset Acquisition [Line Items]
Out-of-Market Lease Intangibles, Net	1,014
Floralaan | Building and Improvements
Asset Acquisition [Line Items]
Property, plant and equipment	10,554
Floralaan | Land
Asset Acquisition [Line Items]
Property, plant and equipment	$ 8,849

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net
Net	$ 275,762	$ 285,969
Out-of-Market Lease Liabilities
Cost	(82,173)	(84,014)
Less: accumulated amortization	25,335	24,940
Net	(56,838)	(59,074)
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	407,248	413,171
Less: accumulated amortization	(149,893)	(145,221)
Net	257,355	267,950
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	26,372	25,419
Less: accumulated amortization	(7,965)	(7,400)
Net	$ 18,407	$ 18,019

Investment Property (Intangib_2

Investment Property (Intangible Assets Amortization) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
In-Place Leases
In-Place Lease
April 1, 2024 through December 31, 2024	$ 41,683
2025	48,654
2026	39,705
2027	35,535
2028	30,429
2029	15,780
Out-of-Market Leases, Net
Out-of-Market Leases, Net
April 1, 2024 through December 31, 2024	(4,297)
2025	(4,728)
2026	(2,745)
2027	(2,108)
2028	(2,213)
2029	$ (2,368)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Fixed Future Minimum Rentals
April 1, 2024 through December 31, 2024	$ 153,044
2025	189,248
2026	172,364
2027	159,133
2028	137,944
2029	97,697
Thereafter	418,669
Total	$ 1,328,099

DST Program (Details)

DST Program (Details) - DST Property	1 Months Ended
	Sep. 30, 2022 USD ($)	Mar. 31, 2024 USD ($) 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		4
Net proceeds from DST Program		$ 249,300,000

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details) - USD ($) $ in Billions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes payable including related party, gross	$ 1.5	$ 1.4
Debt, weighted average years to maturity (in years)	1 year 3 months 18 days	1 year 7 months 6 days
Debt, weighted average interest rate (as a percent)	3.64%	3.55%

Debt Financing (Schedule of Deb

Debt Financing (Schedule of Debt) (Details)	1 Months Ended	3 Months Ended
	Nov. 30, 2023 extension	Mar. 31, 2024 USD ($) extension	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument
Notes payable		$ 1,497,728,000		$ 1,380,096,000
Unamortized financing fees		(4,408,000)		(5,050,000)
Total		1,493,320,000		1,375,046,000
Deferred financing costs, net		4,900,000		5,700,000
Amortization of deferred financing costs		800,000	$ 1,100,000
Notes Payable to Banks
Debt Instrument
Notes payable		1,497,728,000		1,380,096,000
Fixed Rate Loans
Debt Instrument
Notes payable		$ 38,342,000		39,358,000
Fixed Rate Loans | Fixed Rate Secured Mortgage Debt
Debt Instrument
Weighted average effective interest rate		1.05%
Notes payable		$ 31,303,000		32,159,000
Fixed Rate Loans | Seller Financed Debt
Debt Instrument
Weighted average effective interest rate		1.55%
Notes payable		$ 7,039,000		7,199,000
Variable Rate Loans
Debt Instrument
Notes payable		$ 1,459,386,000		1,340,738,000
Mortgages | Floating Rate Secured Mortgage Debt
Debt Instrument
Weighted average effective interest rate		3.42%
Notes payable		$ 478,386,000		449,738,000
Mortgages | Floating Rate Secured Mortgage Debt | Minimum
Debt Instrument
Weighted average effective interest rate		1.84%
Mortgages | Floating Rate Secured Mortgage Debt | Maximum
Debt Instrument
Weighted average effective interest rate		5.78%
Mortgages | Floating Rate Secured Mortgage Debt In Hedge
Debt Instrument
Notes payable		$ 466,200,000
Line of Credit | Credit Agreement, Maturing November 15, 2024
Debt Instrument
Number of extension options | extension		2
Notes payable period of extension options		1 year
Revolving Credit Facility | Line of Credit | Credit Agreement, Maturing November 15, 2024
Debt Instrument
Maximum Capacity in Functional Currency		$ 425,000,000
Weighted average effective interest rate		4.64%
Notes payable		$ 381,000,000		291,000,000
Number of extension options | extension		1
Number of extension options exercised | extension	1
Revolving Credit Facility | Line of Credit | Credit Agreement, Economic Hedge
Debt Instrument
Weighted average effective interest rate		3.50%
Notes payable		$ 250,000,000
First Term Loan Facility | Term Loan | Credit Agreement, Maturing November 15, 2024
Debt Instrument
Maximum Capacity in Functional Currency		$ 300,000,000
Weighted average effective interest rate		3.35%
Notes payable		$ 300,000,000		300,000,000
Number of extension options | extension		1
Number of extension options exercised | extension	1
Second Term Loan Facility | Term Loan | Credit Agreement, Maturing December 20, 2024
Debt Instrument
Maximum Capacity in Functional Currency		$ 300,000,000
Weighted average effective interest rate		3.35%
Notes payable		$ 300,000,000		$ 300,000,000
Number of extension options | extension		2

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) extension
Debt Instrument
April 1, 2024 through December 31, 2024	$ 1,013,940
2025	42,736
2026	100,731
2027	335,687
2028	629
Thereafter	4,005
Line Of Credit And Term Loan | Revolving Credit Facility and First Term Loan | Credit Agreement, Maturing November 15, 2024
Debt Instrument
April 1, 2024 through December 31, 2024	681,000
Term Loan | Second Term Loan Facility | Credit Agreement, Maturing December 20, 2024
Debt Instrument
April 1, 2024 through December 31, 2024	$ 300,000
Number of extension options | extension	2
Term Loan | First Term Loan Facility | Credit Agreement, Maturing November 15, 2024
Debt Instrument
Number of extension options | extension	1
Line of Credit | Credit Agreement, Maturing November 15, 2024
Debt Instrument
Number of extension options | extension	2
Line of Credit | Revolving Credit Facility | Credit Agreement, Maturing November 15, 2024
Debt Instrument
Number of extension options | extension	1

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Contracts) (Details) $ in Thousands	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Derivative [Line Items]
Number of Contracts | instrument	24	24
Notional Amount	$ 1,347,544	$ 1,210,493
Fair value derivative instrument, assets	33,688	27,917
Fair value derivative instrument, liabilities	$ 0	$ 0
Interest rate contracts
Derivative [Line Items]
Number of Contracts | instrument	24	24
Notional Amount	$ 1,347,544	$ 1,210,493
Fair value derivative instrument, assets	33,688	27,917
Fair value derivative instrument, liabilities	$ 0	$ 0

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ 3,676	$ (101)
Interest rate contracts
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	3,676	(95)
Foreign currency forwards
Derivative, Gain (Loss) on Derivative, Net
Total gain (loss) on derivatives	$ 0	$ (6)

Stockholders' Equity (Public Of

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

Stockholders' Equity (Classes o

Stockholders' Equity (Classes of Shares of Common Stock Authorized, Issued and Outstanding) (Details) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Class AX
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000	40,000
Common stock, shares issued (in shares)	33,707	34,153
Common stock, shares outstanding (in shares)	33,707	34,153
Common Class TX
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000	40,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Common Class IX
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000	10,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Common Class JX
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000	10,000
Common stock, shares issued (in shares)	77	76
Common stock, shares outstanding (in shares)	77	76
Common Class T
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	54,661	60,538
Common stock, shares outstanding (in shares)	54,661	60,538
Common Class S
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	29,291	28,962
Common stock, shares outstanding (in shares)	29,291	28,962
Common Class D
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	35,732	35,492
Common stock, shares outstanding (in shares)	35,732	35,492
Common Class I
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	107,600	101,785
Common stock, shares outstanding (in shares)	107,600	101,785

Stockholders' Equity (Issuances

Stockholders' Equity (Issuances and Redemptions of Each Class of Common Stock) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 1,965,729
Ending balance	$ 1,901,080
Common Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	34,153
Ending balance (in shares)	33,707
Common Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0
Ending balance (in shares)	0
Common Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0
Ending balance (in shares)	0
Common Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	76
Ending balance (in shares)	77
Common Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	60,538
Ending balance (in shares)	54,661
Common Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	28,962
Ending balance (in shares)	29,291
Common Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	35,492
Ending balance (in shares)	35,732
Common Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	101,785
Ending balance (in shares)	107,600
Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	261,006	250,577
Beginning balance	$ 259	$ 250
Issuance of common shares (in shares)	6,844	11,362
Issuance of common shares	$ 7	$ 10
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(6,782)	(4,014)
Redemption of common shares	$ (7)	$ (4)
Ending balance (in shares)	261,068	257,925
Ending balance	$ 259	$ 256
Common Shares | Common Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	34,153	36,221
Beginning balance	$ 34	$ 34
Issuance of common shares (in shares)	246	244
Issuance of common shares	$ 0	$ 0
Conversion of common shares (in shares)	0	117
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(692)	(839)
Redemption of common shares	$ (1)	$ (1)
Ending balance (in shares)	33,707	35,743
Ending balance	$ 33	$ 33
Common Shares | Common Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0	142
Beginning balance	$ 0	$ 4
Issuance of common shares (in shares)	0	0
Issuance of common shares	$ 0	$ 0
Conversion of common shares (in shares)	0	(117)
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	0	0
Redemption of common shares	$ 0	$ 0
Ending balance (in shares)	0	25
Ending balance	$ 0	$ 4
Common Shares | Common Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	0	22
Beginning balance	$ 0	$ 0
Issuance of common shares (in shares)	0	0
Issuance of common shares	$ 0	$ 0
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	0	0
Redemption of common shares	$ 0	$ 0
Ending balance (in shares)	0	22
Ending balance	$ 0	$ 0
Common Shares | Common Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	76	64
Beginning balance	$ 0	$ 0
Issuance of common shares (in shares)	1	1
Issuance of common shares	$ 0	$ 0
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	0	0
Redemption of common shares	$ 0	$ 0
Ending balance (in shares)	77	65
Ending balance	$ 0	$ 0
Common Shares | Common Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	60,538	65,845
Beginning balance	$ 61	$ 65
Issuance of common shares (in shares)	843	2,211
Issuance of common shares	$ 1	$ 2
Conversion of common shares (in shares)	(5,288)	(439)
Conversion of common shares	$ (5)	$ 0
Redemption of common shares (in shares)	(1,432)	(799)
Redemption of common shares	$ (1)	$ (1)
Ending balance (in shares)	54,661	66,818
Ending balance	$ 56	$ 66
Common Shares | Common Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	28,962	24,806
Beginning balance	$ 30	$ 25
Issuance of common shares (in shares)	1,029	2,017
Issuance of common shares	$ 1	$ 2
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(700)	(253)
Redemption of common shares	$ (1)	$ 0
Ending balance (in shares)	29,291	26,570
Ending balance	$ 30	$ 27
Common Shares | Common Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	35,492	32,553
Beginning balance	$ 34	$ 32
Issuance of common shares (in shares)	946	1,458
Issuance of common shares	$ 1	$ 1
Conversion of common shares (in shares)	0	0
Conversion of common shares	$ 0	$ 0
Redemption of common shares (in shares)	(706)	(419)
Redemption of common shares	$ (1)	$ 0
Ending balance (in shares)	35,732	33,592
Ending balance	$ 34	$ 33
Common Shares | Common Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	101,785	90,924
Beginning balance	$ 100	$ 90
Issuance of common shares (in shares)	3,779	5,431
Issuance of common shares	$ 4	$ 5
Conversion of common shares (in shares)	5,288	439
Conversion of common shares	$ 5	$ 0
Redemption of common shares (in shares)	(3,252)	(1,704)
Redemption of common shares	$ (3)	$ (2)
Ending balance (in shares)	107,600	95,090
Ending balance	$ 106	$ 93

Stockholders' Equity (Distribut

Stockholders' Equity (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended	16 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Apr. 30, 2024
Distributions [Line Items]
Cash Distributions	$ 17,994	$ 17,878	$ 17,731	$ 18,131	$ 17,752	$ 71,492
Distributions Reinvested	20,547	20,458	20,250	19,929	19,615	80,252
Total Declared	$ 38,541	$ 38,336	$ 37,981	$ 38,060	$ 37,366	$ 151,743
Subsequent Event
Distributions [Line Items]
Distribution rate per share, per month (in dollars per share)							$ 0.05208
Cash distributions declared per share (in dollars per share)							$ 0.625
Common Class AX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.16				$ 0.16
Common Class TX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)					0.13
Common Class IX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)					0.15
Common Class JX
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.16				0.16
Common Class T
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.13				0.13
Common Class S
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.14				0.13
Common Class D
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	0.15				0.15
Common Class I
Distributions [Line Items]
Cash distributions declared per share (in dollars per share)	$ 0.16				$ 0.16

Related Party Transactions (Fee

Related Party Transactions (Fees and Expense Reimbursements Incurred) (Details) - Related Party - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction
Related party transaction, amount	$ 18,472	$ 19,404
Other liabilities	$ 62,621		$ 65,925
The Advisor
Related Party Transaction
Asset management fee waived	50%
Selling Commissions | Dealer Manager
Related Party Transaction
Related party transaction, amount	$ 345	1,109
Other liabilities	0		0
Dealer Manager Fee | Dealer Manager
Related Party Transaction
Related party transaction, amount	24	101
Other liabilities	0		0
Distribution and Stockholder Servicing Fees | Dealer Manager
Related Party Transaction
Related party transaction, amount	(122)	2,597
Other liabilities	56,638		59,103
Organization and Offering Costs | The Advisor
Related Party Transaction
Related party transaction, amount	1,741	1,314
Other liabilities	1,072		778
Asset Management Fees | The Advisor
Related Party Transaction
Related party transaction, amount	8,282	7,503
Other liabilities	$ 2,595		2,860
Asset Management Fees | The Advisor | Cost of real estate investments per month
Related Party Transaction
Related party fee, percent	0.0625%
Asset Management Fees | The Advisor | Monthly Asset Management Fee
Related Party Transaction
Related party fee, percent	0.1042%
Other | The Advisor
Related Party Transaction
Related party transaction, amount	$ 1,610	1,050
Other liabilities	1,766		2,688
Property Management Fees | Hines and Affiliates
Related Party Transaction
Related party transaction, amount	1,789	1,588
Other liabilities	591		440
Development and Construction Management Fees | Hines and Affiliates
Related Party Transaction
Related party transaction, amount	349	107
Other liabilities	477		424
Leasing Fee | Hines and Affiliates
Related Party Transaction
Related party transaction, amount	303	277
Other liabilities	867		1,488
Expense Reimbursement | Hines and Affiliates
Related Party Transaction
Related party transaction, amount	4,151	$ 3,758
Expense reimbursements	(1,385)		(1,856)
Rent Receivables | Hines and Affiliates
Related Party Transaction
Receivables	$ 2,800		$ 3,300

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
DST Property
Related Party Transaction
Maximum allotted capital under private placement offering	$ 1,000,000,000
Related Party
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred		$ 18,472,000	$ 19,404,000
Related Party | DST Program | Dealer Manager
Related Party Transaction
Related party transaction, fees and expense reimbursements incurred		$ 2,400,000	$ 900,000
Related Party | DST Program, Upfront Selling Commissions | Dealer Manager
Related Party Transaction
Related party fee, percent		5%
Related Party | DST Program, Upfront Dealer Manager Fees | Dealer Manager
Related Party Transaction
Related party fee, percent		1%
Related Party | DST Program, Organization and Offering Fees | Dealer Manager
Related Party Transaction
Related party fee, percent		1.25%
Related Party | DST Program, Ongoing Fees | Dealer Manager
Related Party Transaction
Related party fee, percent		0.25%
Related Party | DST Property | DST Program | Dealer Manager
Related Party Transaction
Maximum allotted capital under private placement offering		$ 1,000,000,000

Fair Value Measurements (Basis

Fair Value Measurements (Basis of Fair Value Measurements) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Investments in real estate-related securities	$ 153,262	$ 145,307
Fair Value, Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Investments in real estate-related securities	153,262	145,307
Fair Value, Measurements Recurring | Quoted Prices In Active Markets for Identical Items (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Investments in real estate-related securities	153,262	145,307
Fair Value, Measurements Recurring | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Investments in real estate-related securities	0	0
Fair Value, Measurements Recurring | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Investments in real estate-related securities	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis
Notes payable, book value	$ 1.5	$ 1.4
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	1.5	1.4
Notes payable, fair value	$ 1.5	$ 1.4

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of reportable segments	5

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Total revenues	$ 85,491	$ 76,117
Office investments
Segment Reporting Information
Total revenues	21,297	18,020
Industrial investments
Segment Reporting Information
Total revenues	23,553	22,595
Residential/Living investments
Segment Reporting Information
Total revenues	24,042	18,333
Retail investments
Segment Reporting Information
Total revenues	8,855	9,332
Other investments
Segment Reporting Information
Total revenues	$ 7,744	$ 7,837

Reportable Segments (Total Reve

Reportable Segments (Total Revenue - Geographical) (Details) - Total Revenue - Geographic Concentration Risk	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
United States
Segment Reporting Information
Concentration risk (percent)	76%	75%
The Netherlands
Segment Reporting Information
Concentration risk (percent)	10%	10%
United Kingdom
Segment Reporting Information
Concentration risk (percent)	8%	8%
Poland
Segment Reporting Information
Concentration risk (percent)	2%	2%
Spain
Segment Reporting Information
Concentration risk (percent)	1%	2%
Czech Republic
Segment Reporting Information
Concentration risk (percent)	1%	2%
Ireland
Segment Reporting Information
Concentration risk (percent)	1%	1%
Germany
Segment Reporting Information
Concentration risk (percent)	1%	0%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Total revenues in excess of property expenses	$ 51,773	$ 47,032
Office investments
Segment Reporting Information
Total revenues in excess of property expenses	14,455	11,315
Industrial investments
Segment Reporting Information
Total revenues in excess of property expenses	13,785	14,220
Residential/Living investments
Segment Reporting Information
Total revenues in excess of property expenses	12,815	10,075
Retail investments
Segment Reporting Information
Total revenues in excess of property expenses	5,267	5,843
Other investments
Segment Reporting Information
Total revenues in excess of property expenses	$ 5,451	$ 5,579

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Total assets	$ 3,921,991	$ 3,822,684
Operating Segments | Office investments
ASSETS
Total assets	747,153	757,975
Operating Segments | Industrial investments
ASSETS
Total assets	1,108,605	1,089,817
Operating Segments | Residential/Living investments
ASSETS
Total assets	1,112,257	1,005,255
Operating Segments | Retail investments
ASSETS
Total assets	360,804	368,023
Operating Segments | Other investments
ASSETS
Total assets	370,811	374,555
Corporate-level accounts
ASSETS
Total assets	$ 222,361	$ 227,059

Reportable Segments (Total Asse

Reportable Segments (Total Assets - Geographical) (Details) - Total Assets - Geographic Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
United States
Segment Reporting Information
Concentration risk (percent)	77%	77%
The Netherlands
Segment Reporting Information
Concentration risk (percent)	9%	8%
United Kingdom
Segment Reporting Information
Concentration risk (percent)	8%	9%
Spain
Segment Reporting Information
Concentration risk (percent)	2%	2%
Poland
Segment Reporting Information
Concentration risk (percent)	1%	1%
Germany
Segment Reporting Information
Concentration risk (percent)	1%	1%
Czech Republic
Segment Reporting Information
Concentration risk (percent)	1%	1%
Ireland
Segment Reporting Information
Concentration risk (percent)	1%	1%

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net income (loss)	$ (15,753)	$ (11,116)
Depreciation and amortization	32,971	35,391
Asset management fees	8,282	7,503
General and administrative expenses	2,445	2,329
(Gain) loss on investments in real estate-related securities	1,411	(2,063)
Foreign currency (gains) losses	389	(587)
Interest expense	29,760	19,015
Other income and expenses	(4,416)	(3,381)
(Benefit) provision for income taxes	360	(160)
Total revenues in excess of property expenses	51,773	47,032
Segment Reconciling Items
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net income (loss)	(15,753)	(11,116)
Depreciation and amortization	32,971	35,391
Asset management fees	8,282	7,503
General and administrative expenses	2,445	2,329
(Gain) loss on derivative instruments	(3,676)	101
(Gain) loss on investments in real estate-related securities	1,411	(2,063)
Foreign currency (gains) losses	389	(587)
Interest expense	29,760	19,015
Other income and expenses	(4,416)	(3,381)
(Benefit) provision for income taxes	360	(160)
Total revenues in excess of property expenses	$ 51,773	$ 47,032

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 28,854	$ 16,213
Cash paid for income taxes	205	995
Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	12,860	12,547	$ 12,801
Distributions reinvested	20,506	19,436
Shares tendered for redemption	20,287	20,822
Non-cash net liabilities (assets) assumed	907	0
Offering costs payable to the Advisor	1,741	1,314
Distribution and stockholder servicing fees payable to the Dealer Manager	(123)	2,597
Accrued capital additions	$ 5,535	$ 1,229