ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-K 9 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 03, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-56032
Entity Registrant Name	Ares Industrial Real Estate Income Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-1592886
Entity Address, Address Line One	518 Seventeenth Street, 17th Floor
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Title of 12(g) Security	Common Stock, $0.01 Par Value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Denver, Colorado
Entity Central Index Key	0001625941
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		215,464,535
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,224,616
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,014,036

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Net investment in real estate properties	$ 4,820,892	$ 1,322,521
Investment in unconsolidated joint venture partnership(s)	101,769	324,242
Cash and cash equivalents	216,848	232,369
Restricted cash	887	530
DST Program Loans	68,772	0
Other assets	39,941	17,766
Total assets	5,249,109	1,897,428
Liabilities
Accounts payable and accrued liabilities	42,211	18,933
Debt, net	2,245,673	579,171
Intangible lease liabilities, net	76,432	11,609
Financing obligations, net	483,964	0
Distribution fees payable to affiliates	85,419	44,962
Other liabilities	116,064	46,290
Total liabilities	3,049,763	700,965
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	15,687	3,648
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	2,475,715	1,329,799
Accumulated deficit and cumulative distributions	(297,570)	(128,775)
Accumulated other comprehensive income (loss)	2,631	(9,750)
Total stockholders' equity	2,183,347	1,192,689
Noncontrolling interests	312	126
Total equity	2,183,659	1,192,815
Total liabilities and equity	5,249,109	1,897,428
Class T Shares
Stockholders' equity:
Common stock, value	2,061	1,306
Class D Shares
Stockholders' equity:
Common stock, value	136	79
Class I Shares
Stockholders' equity:
Common stock, value	$ 374	$ 30

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class T Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000	1,200,000
Common stock, shares issued	206,129	130,565
Common stock, shares outstanding	206,129	130,565
Class D Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	75,000	75,000
Common stock, shares issued	13,649	7,866
Common stock, shares outstanding	13,649	7,866
Class I Shares
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	225,000	225,000
Common stock, shares issued	37,391	3,040
Common stock, shares outstanding	37,391	3,040

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental revenues	$ 177,069	$ 79,396	$ 40,377
Total revenues	177,069	79,396	40,377
Operating expenses:
Rental expenses	42,719	19,550	9,779
Real estate-related depreciation and amortization	112,201	46,483	22,236
General and administrative expenses	8,886	6,973	4,448
Advisory fees	28,558	9,653	4,585
Performance participation allocation	81,185	9,640	2,913
Acquisition costs and reimbursements	3,735	3,166	3,068
Total operating expenses	277,284	95,465	47,029
Other (income) expenses:
Equity in (income) loss from unconsolidated joint venture partnership(s)	(54,296)	1,790	0
Interest expense	30,463	13,012	9,115
Other income	(555)	(696)	(825)
Total expenses before expense support	252,896	109,571	55,319
Total reimbursement to the Advisor, net	0	0	(7,468)
Net expenses after reimbursement	(252,896)	(109,571)	(62,787)
Net loss	(75,827)	(30,175)	(22,410)
Net loss attributable to redeemable noncontrolling interests	498	83	42
Net income attributable to noncontrolling interests	(20)	(5)	0
Net loss attributable to common stockholders	$ (75,349)	$ (30,097)	$ (22,368)
Weighted-average shares outstanding - basic	201,169	113,145	37,382
Weighted-average shares outstanding - diluted	201,169	113,145	37,382
Net loss per common share - basic	$ (0.37)	$ (0.27)	$ (0.60)
Net loss per common share - diluted	$ (0.37)	$ (0.27)	$ (0.60)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (75,827)	$ (30,175)	$ (22,410)
Change from cash flow hedging derivatives	12,462	(11,999)	2,190
Comprehensive loss	(63,365)	(42,174)	(20,220)
Comprehensive loss attributable to redeemable noncontrolling interests	417	142	4
Comprehensive loss attributable to common stockholders	$ (62,948)	$ (42,032)	$ (20,216)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2018	$ 203	$ 180,125	$ (8,556)		$ 1	$ 171,773
Beginning balance, shares at Dec. 31, 2018	20,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(22,368)			(22,368)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				$ 2,190		2,190
Issuance of common stock, shares	29,243
Issuance of common stock	$ 292	304,691				304,983
Share-based compensation		465				465
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(18,847)				(18,847)
Trailing distribution fees		(12,545)	3,535			$ (9,010)
Redemptions of common stock, shares	(233)					(233)
Redemptions of common stock	$ (3)	(2,282)				$ (2,285)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(20,341)			(20,341)
Redemption value allocation adjustment to redeemable noncontrolling interests		(81)				(81)
Ending balance at Dec. 31, 2019	$ 492	451,526	(47,730)	2,190	1	406,479
Ending balance, shares at Dec. 31, 2019	49,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(30,097)		5	(30,092)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				(11,940)		(11,940)
Issuance of common stock, shares	92,689
Issuance of common stock	$ 928	967,663				968,591
Share-based compensation		1,544				1,544
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(46,594)				(46,594)
Trailing distribution fees		(39,127)	10,634			$ (28,493)
Redemptions of common stock, shares	(493)					(493)
Redemptions of common stock	$ (5)	(4,862)				$ (4,867)
Preferred interest in Subsidiary REITs					125	125
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(61,582)		(5)	(61,587)
Redemption value allocation adjustment to redeemable noncontrolling interests		(351)				(351)
Ending balance at Dec. 31, 2020	$ 1,415	1,329,799	(128,775)	(9,750)	126	1,192,815
Ending balance, shares at Dec. 31, 2020	141,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(75,349)		20	(75,329)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				12,381		12,381
Issuance of common stock, shares	118,048
Issuance of common stock	$ 1,180	1,251,931				1,253,111
Share-based compensation		1,618				1,618
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(22,537)				(22,537)
Trailing distribution fees		(56,480)	16,022			$ (40,458)
Redemptions of common stock, shares	(2,350)					(2,350)
Redemptions of common stock	$ (24)	(25,085)				$ (25,109)
Preferred interest in Subsidiary REITs					186	186
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(109,468)		(20)	(109,488)
Redemption value allocation adjustment to redeemable noncontrolling interests		(3,531)				(3,531)
Ending balance at Dec. 31, 2021	$ 2,571	$ 2,475,715	$ (297,570)	$ 2,631	$ 312	$ 2,183,659
Ending balance, shares at Dec. 31, 2021	257,169

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interests	$ 498	$ 83	$ 42
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	81	(59)	4
Distributions to redeemable noncontrolling interest	$ 715	$ 197	$ 39

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net loss	$ (75,827)	$ (30,175)	$ (22,410)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	112,201	46,483	22,236
Equity in (income) loss from unconsolidated joint venture partnerships	(54,296)	1,790	0
Straight-line rent and amortization of above- and below-market leases	(14,719)	(7,744)	(4,420)
Other	3,762	2,553	1,416
Changes in operating assets and liabilities:
Tenant receivables and other assets	(6,456)	(140)	(825)
Accounts payable and accrued liabilities	10,579	1,177	4,417
Due from / to affiliates, net	87,342	1,632	6,039
Net cash provided by operating activities	62,586	15,576	6,453
Investing activities:
Real estate acquisitions	(2,620,937)	(473,000)	(533,027)
Incremental investment to acquire joint venture partnership portfolio	(584,809)	0	0
Deferred acquisition costs	(750)	(610)	(500)
Capital expenditures	(30,408)	(8,930)	(3,376)
Investment in unconsolidated joint venture partnerships	(7,505)	(325,890)	0
Distributions from joint venture partnerships	5,200	0	0
Net cash used in investing activities	(3,239,209)	(808,430)	(536,903)
Financing activities:
Proceeds from mortgage note	1,078,390	118,500	0
Proceeds from line of credit	1,124,000	0	377,000
Repayments of line of credit	(1,124,000)	(107,000)	(389,000)
Proceeds from term loan	600,000	107,500	307,500
Repayments of notes to shareholders	0	0	(376)
Debt issuance costs paid	(13,776)	(1,050)	(4,458)
Proceeds from issuance of common stock	1,185,844	900,810	283,803
Proceeds from financing obligations	415,192	0	0
Offering costs paid in connection with issuance of common stock and private placements	(26,205)	(10,333)	0
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(37,312)	(19,084)	(6,263)
Distribution fees paid to affiliates	(15,365)	(9,901)	(3,314)
Redemptions of common stock	(25,109)	(4,867)	(2,285)
Other	(200)	0	0
Net cash provided by financing activities	3,161,459	974,575	562,607
Net (decrease) increase in cash, cash equivalents and restricted cash	(15,164)	181,721	32,157
Cash, cash equivalents and restricted cash, at beginning of period	232,899	51,178	19,021
Cash, cash equivalents and restricted cash, at end of period	$ 217,735	$ 232,899	$ 51,178

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2021
DESCRIPTION OF BUSINESS [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Ares Industrial Real Estate Income Trust Inc. (the “Company”) is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company” and “AIREIT” refers to Ares Industrial Real Estate Income Trust Inc. and its consolidated subsidiaries, which includes AIREIT Operating Partnership LP (the “Operating Partnership”). The Company is externally managed by its advisor. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including the Company’s former advisor, BCI IV Advisors LLC (the “Former Advisor”). As a result of closing of this transaction, Ares Commercial Real Estate Management LLC became the Company’s new advisor (the “New Advisor”). Ares did not acquire the Company’s former sponsor, BCI IV Advisors Group LLC (the “Former Sponsor”), and the Company now considers the Ares real estate group (“AREG”) to be its Sponsor. See “Note 12” for additional information regarding this transaction. References to the “Advisor” throughout this report mean BCI IV Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. References to the “Sponsor” throughout this report mean BCI IV Advisors Group LLC for periods prior to July 1, 2021 and Ares real estate group for periods thereafter. The Company was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Creditworthiness does not necessarily mean investment grade and the majority of our customers do not have a public credit rating. Although the Company intends to focus investment activities primarily on distribution warehouses and other industrial properties, its charter and bylaws do not preclude it from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2021, the Company owned and managed a real estate portfolio that included 193 industrial buildings. The Company operates as one reportable segment comprised of industrial real estate. The Company currently operates and has been elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017, and the Company intends to continue to operate in accordance with the requirements for qualification as a REIT. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through the Operating Partnership, of which the Company is the sole general partner and a limited partner.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, the Company is the primary beneficiary of the Operating Partnership as it has the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within the Company’s consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Investment in Real Estate Properties The Company first determines whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities based on their relative fair value. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2021 or 2020 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Investment in Unconsolidated Joint Venture Partnerships The Company analyzes its investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners not affiliated with the Company hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s net income (loss), distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on its consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of the Company’s unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, the Company evaluates whether the loss is other than temporary. If the Company concludes it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to the Company’s investment in unconsolidated joint venture partnerships for the year ended December 31, 2021. See “Note 5” for additional information regarding the Company’s investment in unconsolidated joint venture partnerships. The Company may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of the Company’s control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 5” for additional information on the BTC II Partnership incentive fee distribution. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. Derivative Instruments The Company records its derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The Company’s interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The Company’s interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. The Company does not use derivative instruments for trading or speculative purposes. Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized debt issuance costs are written off if debt is retired before its maturity date. Accumulated amortization of debt issuance costs was approximately $5.3 million and $2.9 million as of December 31, 2021 and 2020, respectively. For the years ended December 31, 2021, 2020 and 2019, the Company’s interest expense included approximately $2.4 million, $1.2 million and $1.1 million, respectively, of amortization of financing costs. Capitalized Interest The Company capitalizes interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2021 and 2020, approximately $1.2 million and $0.6 million of interest was capitalized, respectively. No interest was capitalized for the years ended December 31, 2019. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in the primary portion of the Company’s public offerings. The Company accrues for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 12” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in an acquired subsidiary real estate investment trust (“Subsidiary REIT”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 12 to the Consolidated Financial Statements” for additional information regarding the Subsidiary REIT. Reclassifications Certain items in the Company’s consolidated balance sheets for 2020 have been reclassified to conform to the 2021 presentation. Intangible lease liabilities, net have been reclassified from other liabilities and are presented separately in the consolidated balance sheets. Straight-line and tenant receivables, deferred acquisition costs and due to affiliates have all been reclassified to other assets in the consolidated balance sheets. Due from affiliates has been reclassified to other liabilities and distributions payable has been reclassified to accounts payable and accrued expenses in the consolidated balance sheets. Certain items in the Company’s consolidated statements of operations for the year ended December 31, 2020 have been reclassified to conform to its 2021 presentation. Other income has been reclassified from interest expense and other and is presented separately in the consolidated statements of operations. Other expense reimbursements, related party has been reclassified to general and administrative expenses in the consolidated statements of operations. Additionally, the performance participation allocation and fixed component of the advisory fee are presented separately on the consolidated statements of operations, while previously presented together on the consolidated statements of operations. Redeemable Noncontrolling Interests The Former Sponsor held, either directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the fourth amended and restated advisory agreement (the “Advisory Agreement”) by and among the Company, the Operating Partnership and the Advisor. Subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. The Company has classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the limited partners who hold these OP Units have the ability to transfer or redeem its OP units at any time. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests. Rental Revenue When a lease is entered into, the Company first determines if the collectability from the tenant is probable. If the collectability is not probable the Company recognizes revenue when the payment has been received. If the collectability is determined to be probable the Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of December 31, 2021, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. The Company evaluates collectability from its tenants on an ongoing basis, if the assessment of collectability changes during the lease term, any difference between the revenue that was recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2021 and 2020, the Company has no allowance for doubtful accounts. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon the disposition of an asset, the Company will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses. Income Taxes As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Net Income (Loss) Per Common Share The Company computes net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2021, 2020 and 2019. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions. As the Company’s revenues predominantly consist of rental payments, it is dependent on its customers for its source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. As of December 31, 2021, no customers represented more than 10.0% of total annualized base rent of its properties. Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is 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. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Recently Adopted Accounting Standards In August 2020, the FASB issued Accounting Standards Updated (“ASU”) 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2020. The Company adopted this standard as of the reporting period beginning January 1, 2021. The Company’s adoption of this standard did not have a material effect on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to derivative contracts entered into after December 31, 2022. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s consolidated financial statements.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
REAL ESTATE ACQUISITIONS	3. REAL ESTATE ACQUISITIONS During the years ended December 31, 2021 and 2020, the Company acquired 100% of the following properties, which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2021 Acquisitions: ​ Gerwig Distribution Center ​ 1/8/2021 ​ 1 ​ $ 19,274 Harvill Business Center ​ 3/10/2021 ​ 1 ​ ​ 60,588 Princess Logistics Center ​ 4/12/2021 ​ 1 ​ ​ 74,075 Rancho Cucamonga Business Center ​ 5/28/2021 ​ 1 ​ ​ 24,624 Norton Distribution Center ​ 6/1/2021 ​ 1 ​ ​ 32,413 Build-To-Core Logistics Portfolio (2) ​ 6/15/2021 ​ 22 ​ ​ 876,731 Benchmark Distribution Center ​ 6/18/2021 ​ 1 ​ ​ 19,651 Key Logistics Portfolio ​ 7/14/2021 ​ 48 ​ ​ 916,766 Stonewood Logistics Center ​ 7/16/2021 ​ 1 ​ ​ 19,343 Heron Industrial Center ​ 7/21/2021 ​ 1 ​ ​ 25,999 Colony Crossing Logistics Portfolio ​ 8/17/2021 ​ 2 ​ ​ 21,569 Harvill Industrial Center Land ​ 8/23/2021 ​ — ​ ​ 7,532 Commerce Farms Logistics Center ​ 8/25/2021 ​ 1 ​ ​ 63,821 North County Commerce Center ​ 8/30/2021 ​ 5 ​ ​ 147,132 Performance Distribution Center ​ 9/7/2021 ​ 1 ​ ​ 29,532 Madison Distribution Center ​ 9/17/2021 ​ 1 ​ ​ 13,002 355 Logistics Center ​ 10/1/2021 ​ 2 ​ ​ 65,422 1 Stanley Drive ​ 10/6/2021 ​ 1 ​ ​ 22,239 Gilbert Gateway Commerce Park ​ 10/6/2021 ​ 3 ​ ​ 88,155 California Business Center ​ 10/21/2021 ​ 2 ​ ​ 31,070 Molto Portfolio ​ 11/17/2021 ​ 6 ​ ​ 204,964 Walker Mill Industrial Center ​ 11/18/2021 ​ 1 ​ ​ 17,205 Greater Boston Portfolio ​ 11/22/2021 ​ 2 ​ ​ 37,358 McDonald Portfolio ​ 12/16/2021 ​ 14 ​ ​ 395,754 Valwood Industrial Center ​ 12/17/2021 ​ 4 ​ ​ 43,132 Riggs Hill Industrial Center ​ 12/17/2021 ​ 1 ​ ​ 5,659 Port Crossing Logistics Center ​ 12/21/2021 ​ 1 ​ ​ 31,994 Hainesport Commerce Center ​ 12/21/2021 ​ 1 ​ ​ 132,810 Beltway Logistics Center ​ 12/22/2021 ​ 1 ​ ​ 28,053 Clackamas Industrial Center ​ 12/23/2021 ​ 1 ​ ​ 51,174 Total Acquisitions ​ ​ ​ 128 ​ $ 3,507,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2020 Acquisitions: ​ ​ ​ ​ ​ ​ Norcross Industrial Center ​ 3/23/2020 ​ 1 ​ $ 9,505 Port 146 Distribution Center ​ 4/14/2020 ​ 1 ​ ​ 9,571 Lima Distribution Center ​ 4/15/2020 ​ 1 ​ ​ 11,622 Valwood Crossroads ​ 5/11/2020 ​ 2 ​ ​ 69,999 Eaglepoint Logistics Center ​ 5/26/2020 ​ 1 ​ ​ 40,216 7A Distribution Center II ​ 5/27/2020 ​ 1 ​ ​ 23,218 Legacy Logistics Center ​ 6/3/2020 ​ 1 ​ ​ 39,718 Logistics Center at 33 ​ 6/4/2020 ​ 1 ​ ​ 63,285 Intermodal Logistics Center ​ 6/29/2020 ​ 1 ​ ​ 28,628 Executive Airport II & III ​ 9/3/2020 ​ 2 ​ ​ 33,200 Airpark International Logistics Center ​ 10/9/2020 ​ 2 ​ ​ 30,201 Carlstadt Industrial Center ​ 11/10/2020 ​ 2 ​ ​ 37,530 Nelson Industrial Center ​ 12/7/2020 ​ 1 ​ ​ 9,032 Miraloma Industrial Center ​ 12/10/2020 ​ 1 ​ ​ 9,498 Pennsy Logistics Center ​ 12/18/2020 ​ 2 ​ ​ 60,097 Total Acquisitions ​ ​ ​ 20 ​ $ 475,320 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2021 and 2020 acquisitions. (2) Refer to “Note 5” for further detail regarding the acquisition of the Build-To-Core Logistics Portfolio as a result of the BTC I Partnership Transaction. During the years ended December 31, 2021 and 2020, the Company allocated the purchase price of its acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 Land ​ $ 740,909 ​ $ 124,368 Building and improvements ​ 2,612,901 ​ 313,833 Intangible lease assets ​ 210,332 ​ 38,954 Above-market lease assets ​ 6,417 ​ 2,438 Construction in progress ​ ​ 8,067 ​ ​ — Below-market lease liabilities ​ (71,585) ​ (4,273) Total purchase price (1) ​ $ 3,507,041 ​ $ 475,320 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2021 and 2020 acquisitions. Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization periods for the intangible lease assets and liabilities acquired in connection with the Company’s acquisitions during the years ended December 31, 2021 and 2020, as of the respective date of each acquisition, was 4.9 years and 5.9 years, respectively.

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of December 31, 2021 and 2020, the Company’s consolidated investment in real estate properties consisted of 193 and 65 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 2020 Land ​ $ 1,127,147 ​ $ 385,988 Building and improvements ​ 3,510,401 ​ 885,489 Intangible lease assets ​ 342,538 ​ 119,765 Construction in progress ​ 27,075 ​ 4,203 Investment in real estate properties ​ 5,007,161 ​ 1,395,445 Less accumulated depreciation and amortization ​ (186,269) ​ (72,924) Net investment in real estate properties ​ $ 4,820,892 ​ $ 1,322,521 ​ Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2021 and 2020 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 ​ $ 115,821 ​ $ (32,699) ​ $ 83,122 Above-market lease assets (1) ​ 10,362 ​ (1,838) ​ 8,524 ​ 3,944 ​ (694) ​ 3,250 Below-market lease liabilities ​ (89,056) ​ 12,624 ​ (76,432) ​ (17,471) ​ 5,862 ​ (11,609) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2021, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 67,302 ​ $ 1,594 ​ $ 15,295 Year 2 ​ ​ 53,785 ​ ​ 1,490 ​ ​ 13,055 Year 3 ​ ​ 40,436 ​ ​ 1,233 ​ ​ 11,041 Year 4 ​ 29,296 ​ 1,091 ​ 9,218 Year 5 ​ ​ 19,710 ​ ​ 995 ​ ​ 6,392 Thereafter ​ 47,646 ​ 2,121 ​ 21,431 Total ​ $ 258,175 ​ $ 8,524 ​ $ 76,432 ​ Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2021, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 Year 1 ​ $ 211,739 Year 2 ​ 190,224 Year 3 ​ 166,692 Year 4 ​ 136,186 Year 5 ​ 106,054 Thereafter ​ 282,385 Total ​ $ 1,093,280 ​ Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 9,101 ​ $ 4,859 $ 2,703 Above-market lease amortization ​ ​ (1,144) ​ (483) (196) Below-market lease amortization ​ ​ 6,762 ​ 3,368 1,913 Real Estate-Related Depreciation and Amortization: ​ ​ ​ Depreciation expense ​ ​ $ 70,898 ​ $ 25,489 $ 11,952 Intangible lease asset amortization ​ ​ 41,303 ​ 20,994 10,284 ​

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On July 15, 2020, the Company acquired, from a subsidiary of Industrial Property Trust (“IPT”), interests in two joint venture partnerships, the Build-To-Core Industrial Partnership I LP (the “BTC I Partnership”) and the Build-To-Core Industrial Partnership II LP (the “BTC II Partnership” and, together with the BTC I Partnership, the “BTC Partnerships”). The BTC Partnerships were formed with third party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. On June 15, 2021, the Company, through two of its subsidiaries, entered into a transaction (the “BTC I Partnership Transaction”) with its joint venture partners in the BTC I Partnership, QR Master Holdings USA II LP (the “QR Limited Partner”) and Industrial Property Advisors Sub I LLC (the “BTC I SLP”). The BTC I SLP is indirectly owned by the Chairman of the Company’s board of directors. Pursuant to the BTC I Partnership Transaction, the Company, the QR Limited Partner, and the BTC I SLP agreed to split the real property portfolio of the BTC I Partnership in an equitable manner, such that following the split, the Company and the QR Limited Partner (together with certain of its affiliates), each own a 100% interest in approximately half of the portfolio of the BTC I Partnership (excluding one property that was distributed to the BTC I SLP). As a result of this transaction, the Company has a 100% interest in 22 buildings that were previously part of the BTC I Partnership (the “Build-To-Core Logistics Portfolio”). The Company and the BTC I SLP have no further interest in the BTC I Partnership as a result of the BTC I Partnership Transaction. The total cost of these properties to the Company is $876.7 million, which includes the cost of the Company’s minority joint venture interest in the BTC I Partnership and the Company’s incremental additional investment of approximately $580 million, exclusive of transaction costs, to effect the split of the BTC I Portfolio. The Company has elected the cost accumulation and allocation model to account for the BTC I Partnership Transaction, which allocates the cost of the acquisition at the carrying amount of the previously held interest, along with the incremental consideration paid and transaction costs incurred based on relative fair values. The Agreement of Limited Partnership of the BTC II Partnership, as amended (the “BTC II Partnership Agreement”) contains procedures for making incentive fee distributions to the Company and Industrial Property Advisors Sub IV LLC (“BTC II SLP”), an affiliate of the Advisor, which are subject to the achievement of certain return thresholds. The thresholds to calculate and realize the incentive fee were achieved in the fourth quarter of 2021. Prior to the incentive fee distribution, the Company, through a subsidiary, owned an 8.0% minority interest in the BTC II Partnership, as general partner and as a limited partner. A third-party institutional investor (“QR Limited Partner”), owned a 90.0% limited partner interest and an entity in which three of the Company’s affiliated directors and each of the Company’s executive officers own an interest (“BCG Limited Partner”) owned a 2.0% limited partner interest. In addition, the BTC II SLP owned a special limited partner interest in the BTC II Partnership. The BTC II SLP elected to receive a portion of its share of the incentive fee distribution as a cash payment of $84.5 million and the remainder was issued as a 7.8% interest in the BTC II Partnership. The increase in the Company’s ownership was recognized within equity in (income) loss from unconsolidated joint venture partnership(s) in the amount of $47.7 million on the consolidated statement of operations in the fourth quarter of 2021. The Company has reported its investments in the BTC Partnerships under the equity method on its consolidated balance sheets, because with respect to the BTC I Partnership, for the period prior to the BTC I Partnership Transaction, the Company had the ability to exercise significant influence but did not have control over the partnership. Similarly, with respect to the BTC II Partnership, the Company has the ability to exercise significant influence but does not have control of the partnership. The following table summarizes the Company’s investment in the BTC Partnerships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Investment in Unconsolidated ​ ​ December 31, 2021 December 31, 2020 ​ Joint Venture Partnership(s) as of ​ Ownership ​ Number of Ownership ​ Number of December 31, December 31, ($ in thousands) ​ Percentage ​ Buildings (1) ​ Percentage ​ Buildings (1) ​ 2021 ​ 2020 BTC I Partnership — % ​ — ​ 26.8 % ​ 42 ​ $ — ​ $ 279,108 BTC II Partnership 12.0 % ​ 29 ​ 8.0 % ​ 25 ​ 101,769 ​ 45,134 Total BTC Partnerships ​ ​ ​ 29 ​ ​ ​ ​ 67 ​ $ 101,769 ​ $ 324,242 (1) Represents acquired or completed buildings. As of December 31, 2021, the book value of the Company’s investment in the BTC II Partnership was $101.8 million, which includes $39.6 million of outside basis difference. The outside basis difference originated from the difference between the purchase price paid by the Company for the minority ownership interest in the BTC II Partnership, which was based on fair value, and the book value of the Company’s share of the underlying net assets and liabilities of the joint venture partnership. The difference between the fair value and book value of the Company’s additional share of underlying net assets and liabilities received as payment of the incentive fee distribution resulted in additional outside basis during the year ended December 31, 2021. See “Note 17 to the Consolidated Financial Statements” for information regarding transactions effected subsequent to December 31, 2021 with respect to the BTC II Partnership.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT	6. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its line of credit, term loans and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2021 ​ 2020 ​ Maturity Date ​ 2021 ​ 2020 Line of credit (1) 1.40 % 1.44 % November 2023 ​ $ — ​ $ — Term loan (2) 2.23 2.23 February 2024 ​ 415,000 ​ 415,000 Term loan (3) ​ 1.66 ​ — ​ May 2026 ​ ​ 600,000 ​ ​ — Fixed-rate mortgage notes (4) 2.93 3.14 August 2024 - January 2029 ​ 628,890 ​ 167,750 Floating-rate mortgage notes (5) ​ 1.74 ​ — ​ January 2025 - July 2025 ​ ​ 617,250 ​ ​ — Total principal amount / weighted-average (6) 2.14 % 2.49 % ​ ​ $ 2,261,140 ​ $ 582,750 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ $ (16,106) ​ $ (4,430) Add mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 639 ​ 851 Total debt, net ​ ​ ​ ​ ​ ​ $ 2,245,673 ​ $ 579,171 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 1,835,561 ​ $ 299,318 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10% , each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of December 31, 2021, total commitments for the line of credit were $430.0 million, and the unused and available portions under the line of credit were both $430.0 million. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The weighted- average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (3) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (4) Interest rates range from 2.85% to 3.75% . The assets and credit of each of the Company’s consolidated properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (5) The effective interest rate of the $209.3 million mortgage note is calculated based on LIBOR plus a margin of 1.50% . The effective interest rate of the $408.0 million mortgage note is calculated based on an Adjusted Secured Overnight Financing Rate (“Adjusted SOFR”) plus a margin of 1.65% . (6) The weighted-average remaining term of the Company’s consolidated debt was approximately 4.2 years as of December 31, 2021, excluding any extension options on the line of credit and the floating-rate mortgage notes. As of December 31, 2021, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total 2022 $ — ​ $ — ​ $ — ​ $ — 2023 ​ — ​ — ​ — ​ — 2024 ​ — ​ 415,000 ​ 38,000 ​ 453,000 2025 ​ — ​ — ​ 617,250 ​ 617,250 2026 ​ — ​ 600,000 ​ ​ — ​ 600,000 Thereafter ​ — ​ — ​ 590,890 ​ 590,890 Total principal payments ​ $ — ​ $ 1,015,000 ​ $ 1,246,140 ​ $ 2,261,140 (1) The line of credit matures in November 2023 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. (2) The $209.3 million mortgage note matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. The $408.0 million mortgage note matures in January 2025 and the term may be extended pursuant to two one-year extension options, subject to certain conditions. In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (“ARRC”), which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR in derivatives and other financial contracts. The Company is not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in the current form. LIBOR is expected to be phased out or modified by June 2023. As of December 31, 2021, the Company’s term loans and $209.3 million mortgage note are its only indebtedness with initial or extended maturity dates beyond 2023 that have exposure to LIBOR. The agreements governing the term loans provide procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. As of December 31, 2021, the Company has interest rate swaps in place to hedge LIBOR on $350.0 million of commitments under its $415.0 million term loan and on $225.0 million of commitments under its $600.0 million term loan. Additionally, we have one interest rate cap in place on $170.0 million of borrowings under our $209.3 million mortgage note, as of December 31, 2021. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2023 and work with its lenders to seek to ensure any transition away from LIBOR will have minimal impact on its financial condition but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants The Company’s line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. The Company was in compliance with all covenants as of December 31, 2021. Derivative Instruments To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of the Company’s variable-rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. The gain or loss on the derivative instrument is presented in the same line item on the consolidated statement of operations as the earnings effect of the hedged item. The interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value are recognized through income. During the next 12 months, the Company estimates that approximately $2.8 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on the Company’s consolidated balance sheets as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of December 31, 2021 ​ ​ Interest rate swaps 10 ​ $ 575,000 Other assets ​ $ 2,653 Interest rate caps ​ 2 ​ ​ 578,000 ​ Other assets ​ ​ 3,164 Total derivative instruments ​ 12 ​ $ 1,153,000 ​ ​ ​ $ 5,817 As of December 31, 2020 ​ ​ Interest rate swaps 7 ​ $ 350,000 Other liabilities ​ $ (9,809) ​ The following table presents the effect of the Company’s derivative instruments on the Company’s consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 8,298 ​ $ (14,140) $ 2,642 Amount reclassified from AOCI into interest expense ​ 4,164 ​ 2,141 (452) Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 30,463 ​ 13,012 9,115 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized in income ​ $ (177) ​ $ — $ — ​

DST PROGRAM

DST PROGRAM	12 Months Ended
	Dec. 31, 2021
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	7. DST PROGRAM On May 1, 2021, the Company initiated a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers 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 indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, the Company is responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and is responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in the Company’s consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, 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 item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount the Company receives from the underlying properties subject to the master lease may be more or less than the amount it pays to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that the Company has an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, the Company has made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests in the trusts holding DST Properties to potential investors. As of December 31, 2021, there were approximately $68.8 million of outstanding DST Program Loans that the Company has made to partially finance the sale of DST Interests. DST Program Loans are evidenced by promissory notes from the investor, secured by the investor’s DST Interests, and based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR, or an alternate rate in the event LIBOR is not available, and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, the Company includes its investments in DST Program Loans separately on its consolidated balance sheets in the “DST Program Loans” line item and includes approximately $0.9 million of income earned from DST Program Loans in “other income” on its statements of operations. The Company does not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. During the year ended December 31, 2021, the Company sold approximately $492.2 million in gross interests related to the DST Program, including interests financed by $68.8 million of DST Program Loans, and incurred rent obligations of approximately $6.0 million under its master lease agreements with investors who are participating in the DST Program. Refer to “Note 12” for detail relating to the fees paid to the Advisor, the Dealer Manager and their affiliates for raising capital through the DST Program.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	8. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition of its financial instruments. Fair Value Measurements on a Recurring Basis The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2021 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 2,653 ​ $ — ​ $ 2,653 Interest rate caps ​ ​ — ​ ​ 3,164 ​ ​ — ​ ​ 3,164 Total assets measured at fair value ​ $ — ​ $ 5,817 ​ $ — ​ $ 5,817 As of December 31, 2020 ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809) Total liabilities measured at fair value ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809) ​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. Nonrecurring Fair Value of Financial Measurements As of December 31, 2021 and 2020, the fair values of cash and cash equivalents, restricted cash, tenant receivables, prepaid expenses, other assets, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values due to the short-term nature of these instruments. The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 As of December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 68,772 ​ $ 68,772 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 1,015,000 ​ 1,015,000 ​ 415,000 ​ 411,787 Mortgage notes ​ 1,246,140 ​ 1,247,307 ​ 167,750 ​ 172,008 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY Public Offerings The Company intends to conduct a continuous public offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. On August 4, 2021, the SEC declared the Company’s registration statement on Form S-11 with respect to its third public offering of up to $5.0 billion of shares of its common stock effective, and the third public offering commenced the same day. The Company’s second public offering of up to $2.0 billion of shares of its common stock was terminated immediately upon the effectiveness of the registration statement for the third public offering. Under the third public offering, the Company is offering up to $3.75 billion of shares of its common stock in the primary offering and up to $1.25 billion of shares of its common stock pursuant to its distribution reinvestment plan, in any combination of Class T shares, Class D shares (formerly designated as Class W shares) and Class I shares. The Company may reallocate amounts between the primary offering and distribution reinvestment plan. The Class T shares, Class D shares, and Class I shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions paid on Class T shares and Class D shares will be lower than the per share amount of distributions paid on Class I shares because of the distribution fees payable with respect to Class T shares and Class D shares sold in the primary offering. Pursuant to its public offerings, the Company offered and continues to offer shares of its common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of the Company’s common stock most recently disclosed. The Company’s NAV per share is calculated as of the last calendar day of each month for each of its outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to the Company’s distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. The Company may update a previously disclosed transaction price in cases where the Company believes there has been a material change (positive or negative) to its NAV per share relative to the most recently disclosed monthly NAV per share. Summary of the Public Offerings A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), as of December 31, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class D Class I Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 2,126,507 ​ $ 137,799 ​ $ 382,352 ​ $ 2,646,658 DRIP ​ 82,216 ​ 4,927 ​ 5,164 ​ 92,307 Total offering ​ $ 2,208,723 ​ $ 142,726 ​ $ 387,516 ​ $ 2,738,965 Number of shares issued: ​ ​ ​ ​ Primary offering ​ 200,987 ​ 13,385 ​ 36,495 ​ 250,867 DRIP ​ 7,932 ​ 474 ​ 481 ​ 8,887 Total offering ​ 208,919 ​ 13,859 ​ 36,976 ​ 259,754 ​ As of December 31, 2021, approximately $4.6 billion in shares of common stock remained available for sale pursuant to the Company’s follow-on public offerings in any combination of Class T, Class D and Class I shares, including approximately $1.2 billion in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares (1) ​ Shares Balance as of December 31, 2018 ​ 19,759 ​ 161 ​ 345 ​ 20,265 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares ​ 24,705 ​ 2,584 ​ 935 ​ 28,224 DRIP ​ 887 ​ 36 ​ 20 ​ 943 Stock grants ​ — ​ — ​ 76 ​ 76 Redemptions ​ (111) ​ (45) ​ (77) ​ (233) Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 83,136 5,032 1,451 89,619 DRIP 2,622 155 64 2,841 Stock grants — — 229 229 Redemptions (433) (57) (3) (493) Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants — — 233 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures ​ — ​ — ​ (27) ​ (27) Balance as of December 31, 2021 206,129 13,649 37,391 257,169 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 12” for additional information. Distributions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ Declared per ​ Paid in ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Cash in Shares Fees (2) Distributions (3) 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 12,434 ​ $ 16,895 ​ $ 5,146 ​ $ 34,475 September 30 ​ ​ 0.13625 ​ ​ 11,020 ​ ​ 15,219 ​ ​ 4,263 ​ ​ 30,502 June 30 ​ ​ 0.13625 ​ ​ 8,552 ​ ​ 12,295 ​ ​ 3,373 ​ ​ 24,220 March 31 ​ ​ 0.13625 ​ ​ 6,721 ​ ​ 10,310 ​ ​ 3,240 ​ ​ 20,271 Total ​ $ 0.54500 ​ $ 38,727 ​ $ 54,719 ​ $ 16,022 ​ $ 109,468 2020 ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 6,159 ​ $ 9,315 ​ $ 3,230 ​ $ 18,704 September 30 ​ 0.13625 ​ 5,601 ​ 8,451 ​ 2,952 ​ 17,004 June 30 ​ 0.13625 ​ 5,194 ​ 7,812 ​ 2,710 ​ 15,716 March 31 ​ 0.13625 ​ 3,339 ​ 5,077 ​ 1,742 ​ 10,158 Total ​ $ 0.54500 ​ $ 20,293 ​ $ 30,655 ​ $ 10,634 ​ $ 61,582 2019 ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 2,058 ​ $ 3,242 ​ $ 1,105 ​ $ 6,405 September 30 ​ 0.13625 ​ 1,841 ​ 2,866 ​ 992 ​ 5,699 June 30 ​ 0.13625 ​ 1,558 ​ 2,319 ​ 818 ​ 4,695 March 31 ​ 0.13625 ​ 1,178 ​ 1,744 ​ 620 ​ 3,542 ​ ​ $ 0.54500 ​ $ 6,635 ​ $ 10,171 ​ $ 3,535 ​ $ 20,341 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class D share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class D shares. (2) Distribution fees are paid monthly to the Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC, the “Dealer Manager”) with respect to Class T shares and Class D shares issued in the primary portion of the Company’s public offerings only. Refer to “Note 12” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of the Company’s public offerings. Redemptions Subject to certain restrictions and limitations, a stockholder may redeem shares of the Company’s common stock, regardless of share class, for cash at a price equal to the transaction price in effect as of the last calendar day of that month, except that shares of the Company’s common stock that have not been outstanding for at least one year will be redeemed at 95.0% of the transaction price. The “transaction price” generally will be equal to the NAV per share of the Company’s common stock most recently disclosed by the Company. Redemptions are limited by the Company in accordance with a monthly and quarterly cap. While the Company is not obligated to redeem shares of its common stock under its share redemption program, it intends to redeem shares under its share redemption program on a monthly basis. However, the Company’s board of directors may determine from time to time to adjust the timing of redemptions or suspend or otherwise modify the Company’s share redemption program. The following table summarizes the Company’s redemption activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2021 ​ 2020 2019 Number of eligible shares redeemed ​ ​ 2,350 ​ ​ 493 ​ 233 Aggregate dollar amount of shares redeemed ​ $ 25,109 ​ $ 4,867 $ 2,285 Average redemption price per share ​ $ 10.68 ​ $ 9.87 $ 9.81 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2021
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	10. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership issued OP Units to the Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the Advisory Agreement. The Former Sponsor subsequently transferred these OP Units to its members or their affiliates. The Company has classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets because, as provided in the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), the limited partners who hold these OP Units have the ability to tender the OP Units at any time, irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of the Company’s common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) ​ 2021 ​ 2020 Balance at beginning of year ​ $ 3,648 ​ $ 723 Settlement of prior year performance participation allocation (1) ​ ​ 9,640 ​ ​ 2,913 Distributions to redeemable noncontrolling interests ​ ​ (715) ​ ​ (197) Net loss attributable to redeemable noncontrolling interests ​ ​ (498) ​ ​ (83) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 81 ​ ​ (59) Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 3,531 ​ ​ 351 Balance at end of year ​ $ 15,687 ​ $ 3,648 (1) The 2020 performance participation allocation in the amount of $9.6 million became payable to the Former Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $9.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. The 2019 performance participation allocation in the amount of $2.9 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $2.9 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2020 and subsequently transferred to its members or their affiliates.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed the Company’s current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. For taxable years beginning before January 1, 2026, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. At the beginning of each year, the Company notifies its stockholders of the taxability of the distributions paid during the preceding year. The unaudited preliminary taxability of the Company’s 2021, 2020 and 2019 distributions were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2021 2020 2019 ​ Ordinary income ​ 11.6 % 7.1 % — % Non-taxable return of capital ​ 34.8 92.9 100.0 ​ Long-term capital gain ​ 53.6 — — ​ Total distribution ​ 100.0 % 100.0 % 100.0 % Our overall taxability increased in 2021 as compared to 2020 primarily due to increased capital gain taxability, which was driven by the BTC I Transaction and the sale of assets to the taxable REIT subsidiary (“TRS”) associated with the initiation of the AIREX DST Program during 2021. Additionally, the increase in ordinary income taxability was primarily driven by the significant growth of the Company during 2021.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS The Company relies on the Advisor, a related party, to manage the Company’s day-to-day operating and acquisition activities and to implement the Company’s investment strategy pursuant to the terms of the Advisory Agreement. The current term of the Advisory Agreement ends May 1, 2022, subject to renewals by the Company’s board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the third public offering pursuant to the terms of the dealer manager agreement, dated as of February 11, 2022 (the “Dealer Manager Agreement”), by and among the Company, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including the Company’s Former Advisor (the “Transaction”). On the same date, the Company’s Former Advisor assigned the then-current advisory agreement to the Company’s New Advisor. Ares did not acquire the Former Sponsor, and the Company now considers Ares real estate group to be the Company’s sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates and the Former Sponsor and the Former Advisor were jointly controlled by the estate of Mr. Blumberg, Messrs Mulvihill and Zucker and/or their respective affiliates. The Advisor, the Sponsor and the Dealer Manager receive compensation in the form of fees and expense reimbursements for services relating to the public offerings and for the investment and management of the Company’s assets. The following is a description of the fees and expense reimbursements payable to the Advisor, the Sponsor, and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement, the Dealer Manager Agreement, and the tenth amended and restated limited partnership agreement of the Operating Partnership. Selling Commissions, Dealer Manager Fees and Distribution Fees. ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Selling commissions (as % of offering price) up to 2.0 % — % — % Dealer manager fees (as % of offering price) up to 2.5 % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.50 % — % ​ The Company will cease paying the distribution fees with respect to individual Class T shares and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T share or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of the Company’s common stock on a national securities exchange; (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with the Company’s transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.5% of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in the primary portion of the offerings. Advisory Fee. th th ​ The performance participation allocation, which will be paid to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), is a performance based amount in the form of an allocation and distribution. This amount will be paid to the holder of the Special Units, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, all or a portion of this amount will be paid instead to the Special Unit Holder in the form of a cash fee, as described in the Advisory Agreement. The performance participation allocation is calculated as the lesser of: (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward; and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5.0% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the performance participation allocation will be equal to 100.0% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from the Company’s payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., the Company’s ongoing class-specific fees). If the performance participation allocation is being calculated with respect to a year in which the Company completes a liquidity event, for purposes of determining the annual total return amount, the change in NAV per Fund Interest will be deemed to equal the difference between the NAV per Fund Interest as of the end of the prior calendar year and the value per Fund Interest determined in connection with such liquidity event, as described in the Advisory Agreement. The “loss carryforward” referred to above tracks any negative annual total return amounts from prior years and offsets the positive annual total return amount for purposes of the calculation of the performance participation allocation. The loss carryforward was zero as of December 31, 2021. Organization and Offering Expenses. Development Fees. that will be equal to 4.0% of total project cost of the development property (or the Company’s proportional interest therein with respect to real property held in joint ventures or other entities that are co-owned). If the Advisor engages a third party to provide development services, the third party will be compensated directly by the Company, and the Advisor will receive the development fee if it provides development oversight services. Fees from Other Services. Acquisition Expense Reimbursements. Property-Level Accounting Services. DST Program DST Program Dealer Manager Fees. AIREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. AIREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or AIREX will pay the Dealer Manager ongoing fees in amounts up to 1.0% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by AIREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement and Operating Partnership Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, AIREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the DST Interests to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of (in thousands) 2021 2020 ​ 2019 December 31, 2021 December 31, 2020 Selling commissions and dealer manager fees (1) ​ $ 15,046 ​ $ 39,190 ​ $ 11,697 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 16,022 ​ 10,634 ​ 3,535 ​ 1,779 ​ 1,122 Advisory fee—fixed component ​ ​ 28,558 ​ ​ 9,653 ​ ​ 4,585 ​ ​ 3,864 ​ ​ 1,345 Performance participation allocation ​ ​ 81,185 ​ ​ 9,640 ​ 2,913 ​ ​ 81,185 ​ ​ 9,640 Other expense reimbursements (3)(4) ​ ​ 11,434 ​ ​ 9,928 ​ 8,706 ​ ​ 707 ​ ​ 2,706 Property accounting fee (5) ​ ​ 1,262 ​ ​ 603 ​ ​ 313 ​ ​ 166 ​ ​ 59 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 3,527 ​ ​ — ​ ​ — ​ ​ 190 ​ ​ — Other DST Program related costs (4) ​ ​ 5,925 ​ ​ — ​ ​ — ​ ​ 61 ​ ​ — Development fees (6) ​ ​ 937 ​ ​ 24 ​ ​ — ​ ​ 78 ​ ​ 24 Total ​ $ 163,896 ​ $ 79,672 ​ $ 31,749 ​ $ 88,030 ​ $ 14,896 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, the Company accrues for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $85.4 million and $45.0 million as of December 31, 2021 and 2020, respectively. (3) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to the Company or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, the Company may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (6) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on the Company’s consolidated balance sheets . Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers, including a portion of the salary, bonus and benefits of certain of the Company’s named executive officers, as well as employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $10.1 million, $8.3 million and $7.0 million for the years ended December 31, 2021, 2020 and 2019 respectively, for such compensation expenses. As of December 31, 2020, $17.1 million of organization and offering costs that the Advisor had incurred on the Company’s behalf through December 31, 2019, remained payable to the Advisor. The Company paid this amount to the Advisor in full in January 2021. The Company now pays offering costs directly as and when incurred. Transactions with Affiliates The Operating Partnership issued 100 Special Units to the Former Sponsor for consideration of $1,000. The Special Units are classified as noncontrolling interests. On July 1, 2021, the initial 20,000 shares were assigned to the Advisor. On July 1, 2021, the 100 Special Units were assigned to the Advisor and in December 2021, the Advisor assigned the 100 Special Units to its subsidiary, BCI IV Incentive Fee LP (the “Special Unit Holder”). Performance Participation Allocation The 2021 performance participation allocation in the amount of $81.2 million became payable on December 31, 2021, and was issued as 6,494,463 Class I OP units in January 2022 to the Special Unit Holder. At the direction of the Advisor and in light of our former sponsor having been the holder of the Special Units for the first six months of 2021, the Special Unit Holder designated 1,610,730 of these Class I OP Units to an entity owned indirectly by the Company’s Chairman, Mr. Zucker, and 1,610,730 of these Class I OP Units to an entity owned indirectly by a member of our former sponsor. The Special Unit Holder transferred 3,273,003 Class I OP Units to the Advisor thereafter and, at the request of the Advisor, the Operating Partnership subsequently redeemed all such Class I OP Units for $40.9 million. The 2020 performance participation allocation in the amount of $9.6 million became payable to the Former Sponsor, as the former holder of the Special Units, on December 31, 2020, and was issued as 950,358 Class I OP units in January 2021 and subsequently transferred to its members, which included Mr. Zucker. Such Class I OP Units were issued at the NAV per unit as of December 31 st Class I OP Units. Joint Venture Partnerships For the year ended December 31, 2021, the BTC Partnerships (as described in “Note 5”) incurred in aggregate approximately $10.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements, as compared to $6.2 million for the period from July 16, 2020 (the date the Company acquired an interest in the BTC Partnerships) through December 31, 2020. The BTC I Partnership incurred these amounts for periods in 2021 prior to the BTC I Partnership Transaction only. The Company had amounts due to the BTC II Partnership of approximately $0.2 million as of December 31, 2021, which were recorded in other liabilities on the consolidated balance sheets, and had amounts due from the BTC Partnerships in aggregate of approximately $25,000 , as of December 31, 2020, which were recorded in other assets on the consolidated balance sheets. As of December 31, 2020, the BTC I Partnership owed the Company $3.2 million for the Company’s overpayment of the required contributions associated with the BTC I Partnership incentive distribution, which was recorded in accounts payable and accrued expenses on the consolidated balance sheets. The BTC I Partnership returned the overpayment of the required contributions to the Company in January 2021. In addition, see “Note 5 to the Consolidated Financial Statements” for information about the BTC II Partnership Transaction and see “Note 17 to the Consolidated Financial Statements” for information regarding transactions effected subsequent to December 31, 2021 with respect to the BTC II Partnership. Expense Support Agreement On January 1, 2019, the Company, the Advisor and the Operating Partnership entered into the Second Amended and Restated Expense Support Agreement (the “Expense Support Agreement”). The Expense Support Agreement amended and restated the agreement that had been entered into by the Company, the Operating Partnership and the Advisor in October 2016, which was subsequently amended and restated as of July 1, 2017. Pursuant to the Expense Support Agreement, the Advisor agreed to defer certain fees and fund certain of the Company’s expenses, subject to the terms of the agreement. The Expense Support Agreement was not renewed after the expiration of its effective term on December 31, 2020 and the Company does not expect to receive any additional expense support from the Advisor in the future. The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the Expense Support Agreement. The Expense Support Agreement was not renewed after the expiration of its effective term on December 31, 2020. The total aggregate amount paid by the Advisor pursuant to the Expense Support Agreement was $27.1 million, and as of December 31, 2020, all reimbursable amounts had been paid in their entirety, and no amounts remain to be reimbursed to the Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Fees deferred ​ $ — ​ $ 3,896 ​ $ 3,895 Other expenses supported ​ — ​ 9,609 ​ 2,243 Total expense support from Advisor ​ $ — ​ $ 13,505 ​ $ 6,138 Reimbursement of previously deferred fees and other expenses supported ​ — ​ (13,505) ​ (13,606) Total expense support from Advisor, net (1) ​ $ — ​ $ — ​ $ (7,468) (1) As of December 31, 2021 and 2020, no amounts related to expense support were payable to or receivable from the Advisor. As of December 31, 2019, approximately $5.4 million was payable to the Advisor by the Company and was included in other liabilities on the consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Interest paid, net of capitalized interest ​ $ 23,529 ​ $ 12,180 $ 7,810 Distributions payable ​ ​ 11,747 ​ ​ 6,450 ​ 2,241 Distributions reinvested in common stock ​ 52,223 ​ 28,590 9,482 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 68,772 ​ ​ — ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 9,640 ​ 2,913 723 Non-cash redemption of minority ownership interest in BTC I Partnership ​ ​ 279,340 ​ ​ — ​ — Change in accrued future ongoing distribution fees ​ ​ 40,458 ​ ​ 28,493 ​ 9,010 Non-cash settlement of incentive fee income included in equity in (income) loss from unconsolidated joint venture partnership(s) ​ ​ 47,678 ​ ​ — ​ — Non-cash selling commissions and dealer manager fees ​ 15,046 ​ 39,190 11,697 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts, as well as utility deposits. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 ​ 2019 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 232,369 ​ $ 51,178 ​ $ 19,016 Restricted cash ​ 530 ​ — ​ 5 Cash, cash equivalents and restricted cash ​ $ 232,899 ​ $ 51,178 ​ $ 19,021 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 216,848 ​ $ 232,369 ​ $ 51,178 Restricted cash ​ 887 ​ 530 ​ — Cash, cash equivalents and restricted cash ​ $ 217,735 ​ $ 232,899 ​ $ 51,178 ​

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	14. NONCONTROLLING INTERESTS Special Units In November 2014, the Operating Partnership issued 100 Special Units to the parent of the Former Advisor for consideration of $1,000. On July 1, 2021, the 100 Special Units were assigned to the Advisor. In December 2021, the Special Units were assigned by the Advisor to the Special Unit Holder. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. The holder of the Special Units will be paid a performance participation allocation. Refer to “Note 10” for details regarding the performance participation allocation and Class I OP Units issued as payment for the performance participation allocation. This amount will be paid to the Special Unit Holder, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, will be paid instead to the Advisor in the form of a cash fee, as described in the Advisory Agreement. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Subsidiary REITs As of December 31, 2021, the Company indirectly owns and controls the managing member of three subsidiary REITs. Noncontrolling interests represent the portion of equity in the subsidiary REIT that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as of December 31, 2021 as noncontrolling interests within permanent equity. The preferred shares are non-voting and have no rights to income or loss. The preferred shares are redeemable by the respective subsidiary REIT at the discretion of the Company, through its ownership and control of the managing member. The following table includes details for each Subsidiary REIT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2021 (1) ​ ​ 2020 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on the Company’s consolidated balance sheets.

SIGNIFICANT RISKS AND UNCERTAIN

SIGNIFICANT RISKS AND UNCERTAINTIES	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
SIGNIFICANT RISKS AND UNCERTAINTIES	15. SIGNIFICANT RISKS AND UNCERTAINTIES Significant Risks and Uncertainties One of the most significant risks and uncertainties is the adverse effect of the current novel coronavirus (“COVID-19”) pandemic. The extent of the impact from COVID-19 on the commercial real estate sector continues to vary dramatically across real estate property types and markets, with certain property segments such as hospitality, gaming, shopping malls, senior housing, and student living being impacted particularly hard. While not immune to the effects of COVID-19, the industrial property sector in which the Company invests continues to remain relatively resilient; however, during 2020 the Company had customers request rent deferral or rent abatement. These rent deferrals did not have a material effect on the Company’s results of operations for the years ended December 31, 2020 and the Company did not receive requests for rent deferral or rent abatement during the year ended December 31, 2021. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how it will impact its customers and business partners, however the Company did not incur significant disruptions during the years ended December 31, 2020 and 2021 from the COVID-19 pandemic. While it is unable to predict the impact that the COVID-19 pandemic will have on its future financial condition, results of operations and cash flows due to numerous uncertainties, there have not been any indications of future economic disruptions to the Company related to the COVID-19 pandemic. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of the Company’s customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company and its subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2021, the Company and its subsidiaries were not involved in any material legal proceedings. Environmental Matters A majority of the properties the Company acquires have been or will be subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of December 31, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS BTC II Portfolio Split Immediately prior to February 15, 2022, the Company, through a subsidiary, owned an 12.0% minority interest in the BTC II Partnership, as general partner and as a limited partner. In addition, a third-party institutional investor (“QR Limited Partner”), owned a 78.5% limited partner interest. In addition, the BTC II SLP, an entity in which the Chairman of the board of directors holds an interest, owned a 7.8% special limited partner interest in the BTC II Partnership. An entity in which three of our affiliated directors and each of our executive officers own an interest, or the “BCG Limited Partner,” owned a 1.7% interest in the BTC II Partnership. Similar to the BTC I Partnership Transaction (as described in “Note 5 to the Consolidated Financial Statements”), the BTC II Partnership Agreement provided procedures whereby the partners may split the real property portfolio in an equitable manner, such that certain partners will own a 100% interest in certain of the properties as a result of the split. On February 15, 2022, in accordance with the terms of the BTC II Partnership Agreement, the Company, along with the other joint venture partners in the BTC II Partnership, entered into a transaction to split the majority of the properties in the BTC II Portfolio amongst the joint venture partners, other than the BCG Limited Partner, whose respective interest in such properties was redeemed for $24.9 million (the “BTC II Partnership Transaction”). As a result of the BTC II Partnership Transaction, the Company owns a 100% interest in 11 properties, that were previously part of the BTC II Portfolio, the BTC II SLP owns a 100% interest in seven properties that were previously part of the BTC II Portfolio and the QR Limited Partner owns a 100% interest in the remaining 14 properties that were part of the BTC II Partnership Transaction. The properties acquired by the Company consist of a total of approximately 1.7 million square feet and the properties acquired by the BTC II SLP consist of a total of approximately 1.0 million square feet. Concurrently with the BTC II Partnership Transaction, the Company and the joint venture partners formed a new joint venture partnership, through which the Company co-owns five properties that were part of the original BTC II Portfolio and were not part of the BTC II Partnership Transaction. The partners own the same relative interests in the new partnership as they did in the BTC II Partnership prior to the incentive fee distribution that was settled in the fourth quarter of 2021, such that the Company owns an 8.0% interest as general partner and as a limited partner, the BTC II SLP owns a special limited partner interest, the BCG Limited Partner owns a 2.0% limited partner interest and the QR Limited Partner owns a 90.0% limited partner interest. The terms of the new partnership agreement are substantially the same as the terms of the BTC II Partnership Agreement, including, without limitation, the rights of the parties to incentive distributions. As of the date of this 10-K, an affiliate of the Advisor continues to provide the BTC II Advisory Services with respect to the five properties not included in the BTC II Partnership transaction, as well as the 14 remaining properties owned by the QR Limited Partner.

SCHEDULE III-REAL ESTATE AND AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2021 (5) ​ and ​ ​ ​ Depreciable ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Amortization ​ Acquisition ​ Life ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (5) ​ Costs ​ Acquisition ​ Land ​ Improvements (5) ​ Costs (7) ​ (7) ​ Date ​ (Years) Consolidated Industrial Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ontario Industrial Center in Ontario, CA ​ 1 ​ $ — (1) $ 5,225 ​ $ 5,370 ​ $ 10,595 ​ $ 1,004 ​ $ 5,226 ​ $ 6,373 ​ $ 11,599 ​ $ (1,552) ​ 2/26/2018 ​ 1 - 20 Medley Industrial Center in Medley, FL ​ 1 ​ — ​ 2,864 ​ 4,559 ​ 7,423 ​ 309 ​ 2,864 ​ 4,868 ​ 7,732 ​ (921) ​ 4/11/2018 ​ 1 - 30 Ontario Distribution Center in Ontario, CA ​ 1 ​ — (2) 14,657 ​ 16,101 ​ 30,758 ​ 122 ​ 14,657 ​ 16,223 ​ 30,880 ​ (4,310) ​ 5/17/2018 ​ 1 - 20 Park 429 Logistics Center in Ocoee, FL ​ 2 ​ — ​ 7,963 ​ 36,919 ​ 44,882 ​ 319 ​ 7,963 ​ 37,238 ​ 45,201 ​ (4,578) ​ 6/7/2018 ​ 1 - 40 Pescadero Distribution Center in Tracy, CA ​ 1 ​ — (1) 5,602 ​ 40,021 ​ 45,623 ​ 59 ​ 5,602 ​ 40,080 ​ 45,682 ​ (5,602) ​ 6/20/2018 ​ 1 - 40 Gothard Industrial Center in Huntington Beach, CA ​ 1 ​ — (1) 5,325 ​ 4,771 ​ 10,096 ​ 400 ​ 5,325 ​ 5,171 ​ 10,496 ​ (1,079) ​ 6/25/2018 ​ 1 - 20 Midway Industrial Center in Odenton, MD ​ 1 ​ — ​ 4,579 ​ 3,548 ​ 8,127 ​ 438 ​ 4,579 ​ 3,986 ​ 8,565 ​ (1,240) ​ 10/22/2018 ​ 1 - 20 Executive Airport Distribution Center I in Henderson, NV ​ 1 ​ — ​ 10,360 ​ 40,710 ​ 51,070 ​ 215 ​ 10,360 ​ 40,925 ​ 51,285 ​ (5,969) ​ 11/20/2018 ​ 1 - 40 Iron Run Distribution Center in Allentown, PA ​ 1 ​ — ​ 5,483 ​ 10,039 ​ 15,522 ​ 161 ​ 5,483 ​ 10,200 ​ 15,683 ​ (2,036) ​ 12/04/2018 ​ 1 - 20 Elgin Distribution Center in Elgin, IL ​ 1 ​ — ​ 4,032 ​ 16,951 ​ 20,983 ​ 71 ​ 4,032 ​ 17,022 ​ 21,054 ​ (1,668) ​ 12/11/2018 ​ 1 - 40 Addison Distribution Center II in Addison, IL ​ 1 ​ — ​ 4,439 ​ 8,009 ​ 12,448 ​ 849 ​ 4,439 ​ 8,858 ​ 13,297 ​ (1,598) ​ 12/21/2018 ​ 1 - 30 Fontana Distribution Center in Fontana, CA ​ 1 ​ — (2) 20,558 ​ 21,943 ​ 42,501 ​ 958 ​ 20,558 ​ 22,901 ​ 43,459 ​ (6,077) ​ 12/28/2018 ​ 1 - 20 Airport Industrial Center in Ontario, CA ​ 1 ​ — ​ 4,085 ​ 4,051 ​ 8,136 ​ 524 ​ 4,085 ​ 4,575 ​ 8,660 ​ (1,245) ​ 01/08/2019 ​ 1 - 20 Kelly Trade Center in Austin, TX ​ 1 ​ — ​ 2,686 ​ 12,654 ​ 15,340 ​ 566 ​ 2,686 ​ 13,220 ​ 15,906 ​ (2,340) ​ 01/31/2019 ​ 1 - 30 7A Distribution Center in Robbinsville, NJ ​ 1 ​ — ​ 4,874 ​ 7,277 ​ 12,151 ​ 1,657 ​ 4,874 ​ 8,934 ​ 13,808 ​ (1,944) ​ 02/11/2019 ​ 1 - 20 Quakerbridge Distribution Center in Hamilton, NJ ​ 1 ​ — ​ 2,334 ​ 6,260 ​ 8,594 ​ 939 ​ 2,334 ​ 7,199 ​ 9,533 ​ (1,736) ​ 03/11/2019 ​ 1 - 40 Hebron Airpark Logistics Center in Hebron, KY ​ 1 ​ — ​ 2,228 ​ 9,572 ​ 11,800 ​ 41 ​ 2,228 ​ 9,613 ​ 11,841 ​ (1,342) ​ 05/30/2019 ​ 1 - 40 Las Vegas Light Industrial Portfolio in Las Vegas, NV ​ 4 ​ — ​ 19,872 ​ 39,399 ​ 59,271 ​ 532 ​ 19,872 ​ 39,931 ​ 59,803 ​ (6,529) ​ 05/30/2019 ​ 1 - 30 Monte Vista Industrial Center in Chino, CA ​ 1 ​ — ​ 7,947 ​ 7,592 ​ 15,539 ​ 363 ​ 7,947 ​ 7,955 ​ 15,902 ​ (1,822) ​ 06/07/2019 ​ 1 - 20 King of Prussia Core Infill Portfolio in King of Prussia, PA ​ 5 ​ — ​ 14,791 ​ 17,187 ​ 31,978 ​ 1,283 ​ 14,791 ​ 18,470 ​ 33,261 ​ (4,043) ​ 06/21/2019 ​ 1 - 20 Dallas Infill Industrial Portfolio in Arlington, TX ​ 3 ​ 38,000 ​ 17,159 ​ 74,981 ​ 92,140 ​ 1,920 ​ 17,159 ​ 76,901 ​ 94,060 ​ (11,130) ​ 06/28/2019 ​ 1 - 30 Dallas Infill Industrial Portfolio in Garland, TX ​ 2 ​ 11,250 ​ 3,545 ​ 20,370 ​ 23,915 ​ — ​ 3,545 ​ 20,370 ​ 23,915 ​ (2,134) ​ 06/28/2019 ​ 1 - 40 Edison Distribution Center in Edison, NJ ​ 1 ​ — ​ 11,519 ​ 16,079 ​ 27,598 ​ 32 ​ 11,519 ​ 16,111 ​ 27,630 ​ (2,735) ​ 06/28/2019 ​ 1 - 20 395 Distribution Center in Reno, NV ​ 2 ​ — (2) 8,904 ​ 45,114 ​ 54,018 ​ 438 ​ 8,904 ​ 45,552 ​ 54,456 ​ (4,870) ​ 08/05/2019 ​ 1 - 40 I-80 Distribution Center in Reno, NV ​ 4 ​ — (1) 18,742 ​ 53,267 ​ 72,009 ​ 1,889 ​ 18,742 ​ 55,156 ​ 73,898 ​ (6,937) ​ 09/04/2019 ​ 1 - 40 Avenue B Industrial Center in Bethlehem, PA ​ 1 ​ — ​ 2,461 ​ 4,652 ​ 7,113 ​ 84 ​ 2,461 ​ 4,736 ​ 7,197 ​ (933) ​ 09/11/2019 ​ 1 - 20 485 Distribution Center in Shiremanstown, PA ​ 1 ​ — (3) 8,427 ​ 34,632 ​ 43,059 ​ 204 ​ 8,427 ​ 34,836 ​ 43,263 ​ (3,763) ​ 09/13/2019 ​ 1 - 40 Weston Business Center in Weston, FL ​ 1 ​ — ​ 15,661 ​ 16,750 ​ 32,411 ​ 155 ​ 15,661 ​ 16,905 ​ 32,566 ​ (2,366) ​ 12/10/2019 ​ 1 - 20 Marigold Distribution Center in Redlands, CA ​ 1 ​ — ​ 17,230 ​ 22,505 ​ 39,735 ​ 114 ​ 17,230 ​ 22,619 ​ 39,849 ​ (4,228) ​ 12/20/2019 ​ 1 - 30 Bishops Gate Distribution Center in Mount Laurel, NJ ​ 1 ​ — ​ 8,068 ​ 24,158 ​ 32,226 ​ 107 ​ 8,068 ​ 24,265 ​ 32,333 ​ (3,652) ​ 12/31/2019 ​ 1 - 20 Norcross Industrial Center in Peachtree Corner, GA ​ 1 ​ ​ — ​ ​ 4,086 ​ ​ 5,419 ​ ​ 9,505 ​ ​ 5,460 ​ ​ 4,086 ​ ​ 10,879 ​ ​ 14,965 ​ ​ (482) ​ 3/23/2020 ​ 1 - 20 Port 146 Distribution Center in LaPorte, TX ​ 1 ​ ​ — ​ ​ 2,577 ​ ​ 6,994 ​ ​ 9,571 ​ ​ 2,012 ​ ​ 2,577 ​ ​ 9,006 ​ ​ 11,583 ​ ​ (202) ​ 4/14/2020 ​ 1 - 40 Lima Distribution Center in Denver, CO ​ 1 ​ ​ — ​ ​ 2,313 ​ ​ 9,309 ​ ​ 11,622 ​ ​ 115 ​ ​ 2,313 ​ ​ 9,424 ​ ​ 11,737 ​ ​ (1,247) ​ 4/15/2020 ​ 1 - 20 Valwood Crossroads in Carrollton, TX ​ 2 ​ ​ — (3) ​ 21,312 ​ ​ 48,687 ​ ​ 69,999 ​ ​ 98 ​ ​ 21,312 ​ ​ 48,785 ​ ​ 70,097 ​ ​ (4,467) ​ 5/11/2020 ​ 1 - 40 Eaglepoint LC in Brownsburg, IN ​ 1 ​ ​ — ​ ​ 6,875 ​ ​ 33,341 ​ ​ 40,216 ​ ​ 51 ​ ​ 6,875 ​ ​ 33,392 ​ ​ 40,267 ​ ​ (3,115) ​ 5/26/2020 ​ 1 - 40 7A DC II in Robbinsville Township, NJ ​ 1 ​ ​ — ​ ​ 7,887 ​ ​ 15,331 ​ ​ 23,218 ​ ​ 510 ​ ​ 7,887 ​ ​ 15,841 ​ ​ 23,728 ​ ​ (1,719) ​ 5/27/2020 ​ 1 - 20 Legacy Logistics Center in Salt Lake City, UT ​ 1 ​ ​ — (1) ​ 8,223 ​ ​ 31,495 ​ ​ 39,718 ​ ​ 1,982 ​ ​ 8,223 ​ ​ 33,477 ​ ​ 41,700 ​ ​ (2,727) ​ 6/3/2020 ​ 1 - 40 Logistics Center at 33 in Easton, PA ​ 1 ​ ​ — (3) ​ 13,157 ​ ​ 50,128 ​ ​ 63,285 ​ ​ 48 ​ ​ 13,157 ​ ​ 50,176 ​ ​ 63,333 ​ ​ (4,264) ​ 6/4/2020 ​ 1 - 40 Intermodal Logistics Center in Fort Worth, TX ​ 1 ​ ​ — ​ ​ 7,531 ​ ​ 21,097 ​ ​ 28,628 ​ ​ 148 ​ ​ 7,531 ​ ​ 21,245 ​ ​ 28,776 ​ ​ (1,498) ​ 6/29/2020 ​ 1 - 40 Executive Airport Distribution Center II, III in Henderson, NV ​ 2 ​ ​ — ​ ​ 9,490 ​ ​ 23,710 ​ ​ 33,200 ​ ​ 4,433 ​ ​ 9,490 ​ ​ 28,143 ​ ​ 37,633 ​ ​ (451) ​ 9/3/2020 ​ 1 - 40 Airpark International Logistics Center in Hebron, KY ​ 2 ​ ​ — ​ ​ 4,410 ​ ​ 25,791 ​ ​ 30,201 ​ ​ 362 ​ ​ 4,410 ​ ​ 26,153 ​ ​ 30,563 ​ ​ (1,425) ​ 10/9/2020 ​ 1 - 40 Carlstadt Industrial Center in Carlstadt, NJ ​ 2 ​ ​ — ​ ​ 17,616 ​ ​ 19,914 ​ ​ 37,530 ​ ​ 111 ​ ​ 17,616 ​ ​ 20,025 ​ ​ 37,641 ​ ​ (2,310) ​ 11/10/2020 ​ 1 - 20 Nelson Industrial Center in La Puente, CA ​ 1 ​ ​ — ​ ​ 4,233 ​ ​ 4,799 ​ ​ 9,032 ​ ​ 38 ​ ​ 4,233 ​ ​ 4,837 ​ ​ 9,070 ​ ​ (625) ​ 12/7/2020 ​ 1 - 40 Miraloma Industrial Center in Placentia, CA ​ 1 ​ ​ — ​ ​ 5,113 ​ ​ 4,385 ​ ​ 9,498 ​ ​ 34 ​ ​ 5,113 ​ ​ 4,419 ​ ​ 9,532 ​ ​ (482) ​ 12/10/2020 ​ 1 - 20 Pennsy Logistics Center in Landover, MD ​ 2 ​ ​ — ​ ​ 9,545 ​ ​ 50,552 ​ ​ 60,097 ​ ​ 96 ​ ​ 9,545 ​ ​ 50,648 ​ ​ 60,193 ​ ​ (2,717) ​ 12/18/2020 ​ 1 - 30 Gerwig Distribution Center in Columbia, MD ​ 1 ​ ​ — ​ ​ 8,493 ​ ​ 10,781 ​ ​ 19,274 ​ ​ 326 ​ ​ 8,493 ​ ​ 11,107 ​ ​ 19,600 ​ ​ (713) ​ 1/8/2021 ​ 1 - 20 Harvill Business Center in Perris, CA ​ 1 ​ ​ — (3) ​ 17,065 ​ ​ 43,523 ​ ​ 60,588 ​ ​ 41 ​ ​ 17,065 ​ ​ 43,564 ​ ​ 60,629 ​ ​ (1,675) ​ 3/10/2021 ​ 1 - 40 Princess Logistics Center in Lawrenceville, NJ ​ 1 ​ ​ — (3) ​ 14,595 ​ ​ 59,480 ​ ​ 74,075 ​ ​ 1,232 ​ ​ 14,595 ​ ​ 60,712 ​ ​ 75,307 ​ ​ (1,590) ​ 4/12/2021 ​ 1 - 40 Rancho Cucamonga Business Center in Rancho Cucamonga, CA ​ 1 ​ ​ — ​ ​ 8,825 ​ ​ 15,799 ​ ​ 24,624 ​ ​ 50 ​ ​ 8,825 ​ ​ 15,849 ​ ​ 24,674 ​ ​ (661) ​ 5/28/2021 ​ 1 - 30 Norton Distribution Center in Norton, MA ​ 1 ​ ​ — ​ ​ 6,495 ​ ​ 25,918 ​ ​ 32,413 ​ ​ 163 ​ ​ 6,495 ​ ​ 26,081 ​ ​ 32,576 ​ ​ (1,074) ​ 6/1/2021 ​ 1 - 20 Build-To-Core Logistics Portfolio in Austin, TX ​ 5 ​ ​ — (4) ​ 15,142 ​ ​ 39,222 ​ ​ 54,364 ​ ​ 503 ​ ​ 15,142 ​ ​ 39,725 ​ ​ 54,867 ​ ​ (1,757) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Hayward, CA ​ 1 ​ ​ — (4) ​ 41,746 ​ ​ 88,728 ​ ​ 130,474 ​ ​ (247) ​ ​ 41,746 ​ ​ 88,481 ​ ​ 130,227 ​ ​ (1,697) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in LaPorte, TX ​ 1 ​ ​ — ​ ​ 3,301 ​ ​ 13,958 ​ ​ 17,259 ​ ​ 50 ​ ​ 3,301 ​ ​ 14,008 ​ ​ 17,309 ​ ​ (502) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Lehigh Valley, PA ​ 1 ​ ​ — ​ ​ 17,094 ​ ​ 46,504 ​ ​ 63,598 ​ ​ 27 ​ ​ 17,094 ​ ​ 46,531 ​ ​ 63,625 ​ ​ (1,050) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Lodi, NJ ​ 2 ​ ​ — (3) ​ 21,612 ​ ​ 75,424 ​ ​ 97,036 ​ ​ 521 ​ ​ 21,612 ​ ​ 75,945 ​ ​ 97,557 ​ ​ (1,409) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA ​ 1 ​ ​ — (3) ​ 29,703 ​ ​ 67,808 ​ ​ 97,511 ​ ​ — ​ ​ 29,703 ​ ​ 67,808 ​ ​ 97,511 ​ ​ (1,874) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Richmond, CA ​ 1 ​ ​ — ​ ​ 8,343 ​ ​ 32,473 ​ ​ 40,816 ​ ​ 1,341 ​ ​ 8,343 ​ ​ 33,814 ​ ​ 42,157 ​ ​ (514) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in San Diego, CA ​ 2 ​ ​ — (4) ​ 11,146 ​ ​ 31,741 ​ ​ 42,887 ​ ​ 35 ​ ​ 11,146 ​ ​ 31,776 ​ ​ 42,922 ​ ​ (793) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in San Jose, CA ​ 1 ​ ​ — ​ ​ 11,404 ​ ​ 21,862 ​ ​ 33,266 ​ ​ — ​ ​ 11,404 ​ ​ 21,862 ​ ​ 33,266 ​ ​ (438) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Suwanee, GA ​ 4 ​ ​ — (4) ​ 9,566 ​ ​ 61,538 ​ ​ 71,104 ​ ​ 209 ​ ​ 9,566 ​ ​ 61,747 ​ ​ 71,313 ​ ​ (2,818) ​ 6/15/2021 ​ 1 - 20 Build-To-Core Logistics Portfolio in Tacoma, WA ​ 2 ​ ​ — (2) ​ 36,309 ​ ​ 138,347 ​ ​ 174,656 ​ ​ 1,617 ​ ​ 36,309 ​ ​ 139,964 ​ ​ 176,273 ​ ​ (3,130) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Tracy, CA ​ 1 ​ ​ — (4) ​ 6,289 ​ ​ 47,471 ​ ​ 53,760 ​ ​ — ​ ​ 6,289 ​ ​ 47,471 ​ ​ 53,760 ​ ​ (1,001) ​ 6/15/2021 ​ 1 - 40 Benchmark Distribution Center in Houston, TX ​ 1 ​ ​ — ​ ​ 6,452 ​ ​ 13,199 ​ ​ 19,651 ​ ​ 1,186 ​ ​ 6,452 ​ ​ 14,385 ​ ​ 20,837 ​ ​ (392) ​ 6/18/2021 ​ 1 - 40 Key Logistics Portfolio in Allentown, PA ​ 1 ​ ​ — ​ ​ 3,733 ​ ​ 14,351 ​ ​ 18,084 ​ ​ 234 ​ ​ 3,733 ​ ​ 14,585 ​ ​ 18,318 ​ ​ (514) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Auburn, WA ​ 3 ​ ​ — ​ ​ 8,663 ​ ​ 33,248 ​ ​ 41,911 ​ ​ 294 ​ ​ 8,663 ​ ​ 33,542 ​ ​ 42,205 ​ ​ (927) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Aurora, CO ​ 1 ​ ​ — ​ ​ 2,123 ​ ​ 8,842 ​ ​ 10,965 ​ ​ 4 ​ ​ 2,123 ​ ​ 8,846 ​ ​ 10,969 ​ ​ (290) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Boca Raton, FL ​ 1 ​ ​ — ​ ​ 5,236 ​ ​ 8,309 ​ ​ 13,545 ​ ​ 6 ​ ​ 5,236 ​ ​ 8,315 ​ ​ 13,551 ​ ​ (374) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Glen Burnie, MD ​ 1 ​ ​ — ​ ​ 4,265 ​ ​ 16,256 ​ ​ 20,521 ​ ​ 5 ​ ​ 4,265 ​ ​ 16,261 ​ ​ 20,526 ​ ​ (679) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Kent, WA ​ 4 ​ ​ — ​ ​ 12,325 ​ ​ 26,758 ​ ​ 39,083 ​ ​ 127 ​ ​ 12,325 ​ ​ 26,885 ​ ​ 39,210 ​ ​ (1,066) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in King of Prussia, PA ​ 2 ​ ​ — ​ ​ 4,901 ​ ​ 17,203 ​ ​ 22,104 ​ ​ 21 ​ ​ 4,901 ​ ​ 17,224 ​ ​ 22,125 ​ ​ (650) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Lanham, MD ​ 1 ​ ​ — ​ ​ 5,523 ​ ​ 16,603 ​ ​ 22,126 ​ ​ 695 ​ ​ 5,523 ​ ​ 17,298 ​ ​ 22,821 ​ ​ (390) ​ 7/14/2021 ​ 1 - 40 Key Logistics Portfolio in Lincolnshire, IL ​ 1 ​ ​ — ​ ​ 2,516 ​ ​ 11,118 ​ ​ 13,634 ​ ​ (158) ​ ​ 2,516 ​ ​ 10,960 ​ ​ 13,476 ​ ​ (274) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Louisville, KY ​ 5 ​ ​ — ​ ​ 16,463 ​ ​ 109,692 ​ ​ 126,155 ​ ​ 46 ​ ​ 16,463 ​ ​ 109,738 ​ ​ 126,201 ​ ​ (3,585) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Mechanicsburg, PA ​ 1 ​ ​ — ​ ​ 2,445 ​ ​ 11,642 ​ ​ 14,087 ​ ​ 10 ​ ​ 2,445 ​ ​ 11,652 ​ ​ 14,097 ​ ​ (383) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Memphis, TN ​ 6 ​ ​ — ​ ​ 12,760 ​ ​ 97,828 ​ ​ 110,588 ​ ​ 492 ​ ​ 12,760 ​ ​ 98,320 ​ ​ 111,080 ​ ​ (4,120) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Olive Branch, MS ​ 1 ​ ​ — ​ ​ 3,939 ​ ​ 28,170 ​ ​ 32,109 ​ ​ 7 ​ ​ 3,939 ​ ​ 28,177 ​ ​ 32,116 ​ ​ (690) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Ontario, CA ​ 3 ​ ​ — ​ ​ 14,668 ​ ​ 37,715 ​ ​ 52,383 ​ ​ 125 ​ ​ 14,668 ​ ​ 37,840 ​ ​ 52,508 ​ ​ (1,332) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Pompano Beach, FL ​ 2 ​ ​ — ​ ​ 5,160 ​ ​ 10,263 ​ ​ 15,423 ​ ​ 98 ​ ​ 5,160 ​ ​ 10,361 ​ ​ 15,521 ​ ​ (281) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Renton, WA ​ 1 ​ ​ — ​ ​ 4,992 ​ ​ 13,365 ​ ​ 18,357 ​ ​ 5 ​ ​ 4,992 ​ ​ 13,370 ​ ​ 18,362 ​ ​ (445) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 8,336 ​ ​ 51,350 ​ ​ 59,686 ​ ​ 200 ​ ​ 8,336 ​ ​ 51,550 ​ ​ 59,886 ​ ​ (1,676) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Stockton, CA ​ 4 ​ ​ — (3) ​ 18,255 ​ ​ 70,528 ​ ​ 88,783 ​ ​ 27 ​ ​ 18,255 ​ ​ 70,555 ​ ​ 88,810 ​ ​ (2,905) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Tacoma, WA ​ 1 ​ ​ — ​ ​ 4,329 ​ ​ 5,869 ​ ​ 10,198 ​ ​ 4 ​ ​ 4,329 ​ ​ 5,873 ​ ​ 10,202 ​ ​ (182) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Totowa, NJ ​ 1 ​ ​ — ​ ​ 13,152 ​ ​ 45,050 ​ ​ 58,202 ​ ​ 703 ​ ​ 13,152 ​ ​ 45,753 ​ ​ 58,905 ​ ​ (1,313) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Tracy, CA ​ 2 ​ ​ — ​ ​ 12,916 ​ ​ 45,919 ​ ​ 58,835 ​ ​ 587 ​ ​ 12,916 ​ ​ 46,506 ​ ​ 59,422 ​ ​ (1,514) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Upper Marlboro, MD ​ 1 ​ ​ — ​ ​ 2,663 ​ ​ 4,469 ​ ​ 7,132 ​ ​ 4 ​ ​ 2,663 ​ ​ 4,473 ​ ​ 7,136 ​ ​ (141) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Valencia, CA ​ 1 ​ ​ — ​ ​ 7,080 ​ ​ 11,094 ​ ​ 18,174 ​ ​ 4 ​ ​ 7,080 ​ ​ 11,098 ​ ​ 18,178 ​ ​ (246) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Wayne, NJ ​ 1 ​ ​ — ​ ​ 6,583 ​ ​ 12,987 ​ ​ 19,570 ​ ​ 5 ​ ​ 6,583 ​ ​ 12,992 ​ ​ 19,575 ​ ​ (368) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in York, PA ​ 1 ​ ​ — (3) ​ 5,150 ​ ​ 19,961 ​ ​ 25,111 ​ ​ 14 ​ ​ 5,150 ​ ​ 19,975 ​ ​ 25,125 ​ ​ (722) ​ 7/14/2021 ​ 1 - 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2021 (2) ​ and ​ ​ ​ Depreciable ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Amortization ​ Acquisition ​ Life ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (2) ​ Costs ​ Acquisition ​ Land ​ Improvements (2) ​ Costs (4) ​ (4) ​ Date ​ (Years) Stonewood Logistics Center in York, PA ​ 1 ​ ​ — ​ ​ 2,653 ​ ​ 16,690 ​ ​ 19,343 ​ ​ 413 ​ ​ 2,653 ​ ​ 17,103 ​ ​ 19,756 ​ ​ — ​ 7/16/2021 ​ 1 - 40 Heron Industrial Center in Swedesboro, NJ ​ 1 ​ ​ — ​ ​ 7,670 ​ ​ 18,329 ​ ​ 25,999 ​ ​ — ​ ​ 7,670 ​ ​ 18,329 ​ ​ 25,999 ​ ​ (758) ​ 7/21/2021 ​ 1 - 20 Colony Crossing Logistics Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 6,433 ​ ​ 15,136 ​ ​ 21,569 ​ ​ 240 ​ ​ 6,433 ​ ​ 15,376 ​ ​ 21,809 ​ ​ (473) ​ 8/17/2021 ​ 1 - 30 Harvill Industrial Center in Riverside, CA ​ — ​ ​ — ​ ​ 7,532 ​ ​ — ​ ​ 7,532 ​ ​ 491 ​ ​ 7,782 ​ ​ 241 ​ ​ 8,023 ​ ​ — ​ 8/23/2021 ​ 1 - 40 Commerce Farms Logistics Center in Lebanon, TN ​ 1 ​ ​ — ​ ​ 7,109 ​ ​ 56,712 ​ ​ 63,821 ​ ​ — ​ ​ 7,109 ​ ​ 56,712 ​ ​ 63,821 ​ ​ (1,346) ​ 8/25/2021 ​ 1 - 40 North County Commerce Center in Vista, CA ​ 5 ​ ​ — (2) ​ 46,958 ​ ​ 100,174 ​ ​ 147,132 ​ ​ — ​ ​ 46,958 ​ ​ 100,174 ​ ​ 147,132 ​ ​ (2,313) ​ 8/30/2021 ​ 1 - 20 Performance Distribution Center in Stockton, CA ​ 1 ​ ​ — (2) ​ 11,115 ​ ​ 18,417 ​ ​ 29,532 ​ ​ — ​ ​ 11,115 ​ ​ 18,417 ​ ​ 29,532 ​ ​ (263) ​ 9/7/2021 ​ 1 - 40 Madison Distribution Center in Tampa, FL ​ 1 ​ ​ — ​ ​ 1,572 ​ ​ 11,430 ​ ​ 13,002 ​ ​ — ​ ​ 1,572 ​ ​ 11,430 ​ ​ 13,002 ​ ​ (167) ​ 9/17/2021 ​ 1 - 30 355 Logistics Center in Lockport, IL ​ 2 ​ ​ — ​ ​ 7,157 ​ ​ 58,265 ​ ​ 65,422 ​ ​ — ​ ​ 7,157 ​ ​ 58,265 ​ ​ 65,422 ​ ​ (750) ​ 10/1/2021 ​ 1 - 40 1 Stanley Drive in Aston, PA ​ 1 ​ ​ — (3) ​ 3,048 ​ ​ 19,191 ​ ​ 22,239 ​ ​ — ​ ​ 3,048 ​ ​ 19,191 ​ ​ 22,239 ​ ​ (223) ​ 10/6/2021 ​ 1 - 30 Gilbert Gateway Commerce Park in Gilbert, AZ ​ 3 ​ ​ — (2) ​ 13,018 ​ ​ 75,137 ​ ​ 88,155 ​ ​ 2,051 ​ ​ 13,018 ​ ​ 77,188 ​ ​ 90,206 ​ ​ (742) ​ 10/6/2021 ​ 1 - 40 California Business Center in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 6,072 ​ ​ 24,998 ​ ​ 31,070 ​ ​ — ​ ​ 6,072 ​ ​ 24,998 ​ ​ 31,070 ​ ​ (452) ​ 10/21/2021 ​ 1 - 20 Molto Portfolio in Aurora, IL ​ 1 ​ ​ — ​ ​ 6,391 ​ ​ 31,210 ​ ​ 37,601 ​ ​ 786 ​ ​ 6,391 ​ ​ 31,996 ​ ​ 38,387 ​ ​ (187) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in Hebron, KY ​ 1 ​ ​ — ​ ​ 3,311 ​ ​ 19,220 ​ ​ 22,531 ​ ​ — ​ ​ 3,311 ​ ​ 19,220 ​ ​ 22,531 ​ ​ (91) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 14,669 ​ ​ 62,797 ​ ​ 77,466 ​ ​ 289 ​ ​ 14,669 ​ ​ 63,086 ​ ​ 77,755 ​ ​ (333) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in La Vergne, TN ​ 1 ​ ​ — ​ ​ 5,081 ​ ​ 22,335 ​ ​ 27,416 ​ ​ — ​ ​ 5,081 ​ ​ 22,335 ​ ​ 27,416 ​ ​ (121) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in Louisville, KY ​ 1 ​ ​ — ​ ​ 6,947 ​ ​ 33,003 ​ ​ 39,950 ​ ​ — ​ ​ 6,947 ​ ​ 33,003 ​ ​ 39,950 ​ ​ (183) ​ 11/17/2021 ​ 1 - 40 Walker Mill Industrial Center in Capitol Heights, MD ​ 1 ​ ​ — ​ ​ 3,632 ​ ​ 13,573 ​ ​ 17,205 ​ ​ — ​ ​ 3,632 ​ ​ 13,573 ​ ​ 17,205 ​ ​ (102) ​ 11/18/2021 ​ 1 - 20 Greater Boston Portfolio in Franklin, MA ​ 1 ​ ​ — ​ ​ 5,903 ​ ​ 14,442 ​ ​ 20,345 ​ ​ — ​ ​ 5,903 ​ ​ 14,442 ​ ​ 20,345 ​ ​ (132) ​ 11/22/2021 ​ 1 - 20 Greater Boston Portfolio in Danvers, MA ​ 1 ​ ​ — ​ ​ 3,969 ​ ​ 13,044 ​ ​ 17,013 ​ ​ — ​ ​ 3,969 ​ ​ 13,044 ​ ​ 17,013 ​ ​ (120) ​ 11/22/2021 ​ 1 - 20 McDonald Portfolio in Alpharetta, GA ​ 4 ​ ​ — ​ ​ 8,049 ​ ​ 45,952 ​ ​ 54,001 ​ ​ 104 ​ ​ 8,049 ​ ​ 46,056 ​ ​ 54,105 ​ ​ (139) ​ 12/16/2021 ​ 1 - 20 McDonald Portfolio in Atlanta, GA ​ 6 ​ ​ — ​ ​ 21,625 ​ ​ 180,883 ​ ​ 202,508 ​ ​ 242 ​ ​ 21,625 ​ ​ 181,125 ​ ​ 202,750 ​ ​ (471) ​ 12/16/2021 ​ 1 - 40 McDonald Portfolio in Ellenwood, GA ​ 2 ​ ​ — ​ ​ 8,137 ​ ​ 68,813 ​ ​ 76,950 ​ ​ 93 ​ ​ 8,137 ​ ​ 68,906 ​ ​ 77,043 ​ ​ (165) ​ 12/16/2021 ​ 1 - 30 McDonald Portfolio in Savannah, GA ​ 2 ​ ​ — ​ ​ 9,316 ​ ​ 52,979 ​ ​ 62,295 ​ ​ 60 ​ ​ 9,316 ​ ​ 53,039 ​ ​ 62,355 ​ ​ (122) ​ 12/16/2021 ​ 1 - 30 Riggs Hill Industrial Center in Jessup, MD ​ 1 ​ ​ — ​ ​ 1,251 ​ ​ 4,408 ​ ​ 5,659 ​ ​ — ​ ​ 1,251 ​ ​ 4,408 ​ ​ 5,659 ​ ​ (16) ​ 12/17/2021 ​ 1 - 20 Valwood Industrial Center in Carrollton, TX ​ 4 ​ ​ — ​ ​ 14,508 ​ ​ 28,624 ​ ​ 43,132 ​ ​ — ​ ​ 14,508 ​ ​ 28,624 ​ ​ 43,132 ​ ​ (84) ​ 12/17/2021 ​ 1 - 20 Port Crossing Logistics Center in LaPorte, TX ​ 1 ​ ​ — ​ ​ 3,476 ​ ​ 28,518 ​ ​ 31,994 ​ ​ — ​ ​ 3,476 ​ ​ 28,518 ​ ​ 31,994 ​ ​ (35) ​ 12/21/2021 ​ 1 - 30 Hainesport Commerce Center in Hainesport, NJ ​ 1 ​ ​ — ​ ​ 25,311 ​ ​ 107,499 ​ ​ 132,810 ​ ​ — ​ ​ 25,311 ​ ​ 107,499 ​ ​ 132,810 ​ ​ (109) ​ 12/21/2021 ​ 1 - 40 Beltway Logistics Center in Charlotte, NC ​ 1 ​ ​ — ​ ​ 5,938 ​ ​ 22,115 ​ ​ 28,053 ​ ​ — ​ ​ 5,938 ​ ​ 22,115 ​ ​ 28,053 ​ ​ (20) ​ 12/22/2021 ​ 1 - 40 Clackamas Industrial Center in Clackamas, OR ​ 1 ​ ​ — ​ ​ 11,301 ​ ​ 39,873 ​ ​ 51,174 ​ ​ — ​ ​ 11,301 ​ ​ 39,873 ​ ​ 51,174 ​ ​ (87) ​ 12/23/2021 ​ 1 - 20 Total ​ 193 ​ $ 167,750 ​ $ 1,126,896 ​ $ 3,742,526 ​ $ 4,869,422 ​ $ 46,633 ​ $ 1,127,147 ​ $ 3,788,908 ​ $ 4,916,055 ​ $ (186,269) ​ ​ (1) These properties include a $118.5 million mortgage note as of December 31, 2021. This borrowing is non-recourse and secured by deeds of trust for the eight collateralized buildings. The mortgage note has a maturity date of November 1, 2027 and an interest rate of 2.90% . See “Note 6 to the Consolidated Financial Statements” for more detail. (2) These properties include a $408.0 million mortgage note as of December 31, 2021. This borrowing is non-recourse and secured by deeds of trust for the 15 collateralized buildings. The mortgage note has a maturity date of January 5, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.65% . See “Note 6 to the Consolidated Financial Statements” for more detail. (3) These properties include a $461.4 million mortgage note as of December 31, 2021. This borrowing is non-recourse and secured by deeds of trust for the 12 collateralized buildings. The mortgage note has a maturity date of January 1, 2029 and an interest rate of 2.85% . See “Note 6 to the Consolidated Financial Statements” for more detail. (4) These properties include a $209.3 million mortgage note as of December 31, 2021. This borrowing is non-recourse and secured by deeds of trust for the 13 collateralized buildings. The mortgage note has a maturity date of July 16, 2025 and the interest rate is calculated based on LIBOR plus a margin of 1.50% . See “Note 6 to the Consolidated Financial Statements” for more detail. (5) Includes gross intangible lease assets of $342.5 million and gross intangible lease liabilities of ( $89.1 ) million. (6) As of December 31, 2021, the aggregate cost for federal income tax purposes of investments in property was $3.7 billion (unaudited). (7) A summary of activity for investment in real estate properties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Investment in real estate properties: ​ ​ Balance at beginning of period ​ $ 1,377,912 ​ $ 891,170 Acquisition of properties ​ 3,507,041 ​ 475,320 Improvements ​ 31,102 ​ 11,451 Write-off of intangibles and customer leasing costs ​ ​ — ​ ​ (29) Balance at end of period ​ $ 4,916,055 ​ $ 1,377,912 Accumulated depreciation and amortization: ​ ​ Balance at beginning of period ​ $ (72,924) ​ $ (25,988) Additions charged to costs and expenses ​ ​ (113,345) ​ ​ (46,965) Write-off of intangibles and customer leasing costs ​ — ​ 29 Balance at end of period ​ $ (186,269) ​ $ (72,924)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, the Company is the primary beneficiary of the Operating Partnership as it has the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within the Company’s consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Investment in Real Estate Properties	Investment in Real Estate Properties The Company first determines whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities based on their relative fair value. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2021 or 2020 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, the Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value.
Investment in Unconsolidated Joint Venture Partnerships	Investment in Unconsolidated Joint Venture Partnerships The Company analyzes its investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners not affiliated with the Company hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s net income (loss), distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on its consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of the Company’s unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, the Company evaluates whether the loss is other than temporary. If the Company concludes it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to the Company’s investment in unconsolidated joint venture partnerships for the year ended December 31, 2021. See “Note 5” for additional information regarding the Company’s investment in unconsolidated joint venture partnerships. The Company may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of the Company’s control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 5” for additional information on the BTC II Partnership incentive fee distribution.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Derivative Instruments	Derivative Instruments The Company records its derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The Company’s interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The Company’s interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. The Company does not use derivative instruments for trading or speculative purposes.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized debt issuance costs are written off if debt is retired before its maturity date. Accumulated amortization of debt issuance costs was approximately $5.3 million and $2.9 million as of December 31, 2021 and 2020, respectively. For the years ended December 31, 2021, 2020 and 2019, the Company’s interest expense included approximately $2.4 million, $1.2 million and $1.1 million, respectively, of amortization of financing costs.
Capitalized Interest	Capitalized Interest The Company capitalizes interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2021 and 2020, approximately $1.2 million and $0.6 million of interest was capitalized, respectively. No interest was capitalized for the years ended December 31, 2019.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in the primary portion of the Company’s public offerings. The Company accrues for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 12” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in an acquired subsidiary real estate investment trust (“Subsidiary REIT”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 12 to the Consolidated Financial Statements” for additional information regarding the Subsidiary REIT.
Reclassifications	Reclassifications Certain items in the Company’s consolidated balance sheets for 2020 have been reclassified to conform to the 2021 presentation. Intangible lease liabilities, net have been reclassified from other liabilities and are presented separately in the consolidated balance sheets. Straight-line and tenant receivables, deferred acquisition costs and due to affiliates have all been reclassified to other assets in the consolidated balance sheets. Due from affiliates has been reclassified to other liabilities and distributions payable has been reclassified to accounts payable and accrued expenses in the consolidated balance sheets. Certain items in the Company’s consolidated statements of operations for the year ended December 31, 2020 have been reclassified to conform to its 2021 presentation. Other income has been reclassified from interest expense and other and is presented separately in the consolidated statements of operations. Other expense reimbursements, related party has been reclassified to general and administrative expenses in the consolidated statements of operations. Additionally, the performance participation allocation and fixed component of the advisory fee are presented separately on the consolidated statements of operations, while previously presented together on the consolidated statements of operations.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interests The Former Sponsor held, either directly or indirectly, partnership units in the Operating Partnership (“OP Units”), which were issued as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the fourth amended and restated advisory agreement (the “Advisory Agreement”) by and among the Company, the Operating Partnership and the Advisor. Subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. The Company has classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the limited partners who hold these OP Units have the ability to transfer or redeem its OP units at any time. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests.
Rental Revenue	Rental Revenue When a lease is entered into, the Company first determines if the collectability from the tenant is probable. If the collectability is not probable the Company recognizes revenue when the payment has been received. If the collectability is determined to be probable the Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, including the impact of the outbreak of the current novel coronavirus (COVID-19) pandemic on customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. As of December 31, 2021, the impact of COVID-19 on customer collectability has been minimal and has not had a material impact on the consolidated financial statements. The Company evaluates collectability from its tenants on an ongoing basis, if the assessment of collectability changes during the lease term, any difference between the revenue that was recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2021 and 2020, the Company has no allowance for doubtful accounts. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon the disposition of an asset, the Company will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses.
Income Taxes	Income Taxes As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share The Company computes net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2021, 2020 and 2019.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions. As the Company’s revenues predominantly consist of rental payments, it is dependent on its customers for its source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. As of December 31, 2021, no customers represented more than 10.0% of total annualized base rent of its properties.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is 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. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2020, the FASB issued Accounting Standards Updated (“ASU”) 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which updates various codification topics to simplify the accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible instruments and the derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2020. The Company adopted this standard as of the reporting period beginning January 1, 2021. The Company’s adoption of this standard did not have a material effect on its consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) to refine the scope of ASU 2020-04 and clarify the guidance as part of FASB’s ongoing monitoring of global reference rate reform activities. The ASU extends the guidance to provide optional expedients and exceptions for applying GAAP to derivative contracts if certain criteria are met. The amendments only apply to derivative contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2021-01 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to derivative contracts entered into after December 31, 2022. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisitions	During the years ended December 31, 2021 and 2020, the Company acquired 100% of the following properties, which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2021 Acquisitions: ​ Gerwig Distribution Center ​ 1/8/2021 ​ 1 ​ $ 19,274 Harvill Business Center ​ 3/10/2021 ​ 1 ​ ​ 60,588 Princess Logistics Center ​ 4/12/2021 ​ 1 ​ ​ 74,075 Rancho Cucamonga Business Center ​ 5/28/2021 ​ 1 ​ ​ 24,624 Norton Distribution Center ​ 6/1/2021 ​ 1 ​ ​ 32,413 Build-To-Core Logistics Portfolio (2) ​ 6/15/2021 ​ 22 ​ ​ 876,731 Benchmark Distribution Center ​ 6/18/2021 ​ 1 ​ ​ 19,651 Key Logistics Portfolio ​ 7/14/2021 ​ 48 ​ ​ 916,766 Stonewood Logistics Center ​ 7/16/2021 ​ 1 ​ ​ 19,343 Heron Industrial Center ​ 7/21/2021 ​ 1 ​ ​ 25,999 Colony Crossing Logistics Portfolio ​ 8/17/2021 ​ 2 ​ ​ 21,569 Harvill Industrial Center Land ​ 8/23/2021 ​ — ​ ​ 7,532 Commerce Farms Logistics Center ​ 8/25/2021 ​ 1 ​ ​ 63,821 North County Commerce Center ​ 8/30/2021 ​ 5 ​ ​ 147,132 Performance Distribution Center ​ 9/7/2021 ​ 1 ​ ​ 29,532 Madison Distribution Center ​ 9/17/2021 ​ 1 ​ ​ 13,002 355 Logistics Center ​ 10/1/2021 ​ 2 ​ ​ 65,422 1 Stanley Drive ​ 10/6/2021 ​ 1 ​ ​ 22,239 Gilbert Gateway Commerce Park ​ 10/6/2021 ​ 3 ​ ​ 88,155 California Business Center ​ 10/21/2021 ​ 2 ​ ​ 31,070 Molto Portfolio ​ 11/17/2021 ​ 6 ​ ​ 204,964 Walker Mill Industrial Center ​ 11/18/2021 ​ 1 ​ ​ 17,205 Greater Boston Portfolio ​ 11/22/2021 ​ 2 ​ ​ 37,358 McDonald Portfolio ​ 12/16/2021 ​ 14 ​ ​ 395,754 Valwood Industrial Center ​ 12/17/2021 ​ 4 ​ ​ 43,132 Riggs Hill Industrial Center ​ 12/17/2021 ​ 1 ​ ​ 5,659 Port Crossing Logistics Center ​ 12/21/2021 ​ 1 ​ ​ 31,994 Hainesport Commerce Center ​ 12/21/2021 ​ 1 ​ ​ 132,810 Beltway Logistics Center ​ 12/22/2021 ​ 1 ​ ​ 28,053 Clackamas Industrial Center ​ 12/23/2021 ​ 1 ​ ​ 51,174 Total Acquisitions ​ ​ ​ 128 ​ $ 3,507,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2020 Acquisitions: ​ ​ ​ ​ ​ ​ Norcross Industrial Center ​ 3/23/2020 ​ 1 ​ $ 9,505 Port 146 Distribution Center ​ 4/14/2020 ​ 1 ​ ​ 9,571 Lima Distribution Center ​ 4/15/2020 ​ 1 ​ ​ 11,622 Valwood Crossroads ​ 5/11/2020 ​ 2 ​ ​ 69,999 Eaglepoint Logistics Center ​ 5/26/2020 ​ 1 ​ ​ 40,216 7A Distribution Center II ​ 5/27/2020 ​ 1 ​ ​ 23,218 Legacy Logistics Center ​ 6/3/2020 ​ 1 ​ ​ 39,718 Logistics Center at 33 ​ 6/4/2020 ​ 1 ​ ​ 63,285 Intermodal Logistics Center ​ 6/29/2020 ​ 1 ​ ​ 28,628 Executive Airport II & III ​ 9/3/2020 ​ 2 ​ ​ 33,200 Airpark International Logistics Center ​ 10/9/2020 ​ 2 ​ ​ 30,201 Carlstadt Industrial Center ​ 11/10/2020 ​ 2 ​ ​ 37,530 Nelson Industrial Center ​ 12/7/2020 ​ 1 ​ ​ 9,032 Miraloma Industrial Center ​ 12/10/2020 ​ 1 ​ ​ 9,498 Pennsy Logistics Center ​ 12/18/2020 ​ 2 ​ ​ 60,097 Total Acquisitions ​ ​ ​ 20 ​ $ 475,320 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2021 and 2020 acquisitions. (2) Refer to “Note 5” for further detail regarding the acquisition of the Build-To-Core Logistics Portfolio as a result of the BTC I Partnership Transaction.
Allocation of Purchase Price of Acquisitions	During the years ended December 31, 2021 and 2020, the Company allocated the purchase price of its acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 Land ​ $ 740,909 ​ $ 124,368 Building and improvements ​ 2,612,901 ​ 313,833 Intangible lease assets ​ 210,332 ​ 38,954 Above-market lease assets ​ 6,417 ​ 2,438 Construction in progress ​ ​ 8,067 ​ ​ — Below-market lease liabilities ​ (71,585) ​ (4,273) Total purchase price (1) ​ $ 3,507,041 ​ $ 475,320 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2021 and 2020 acquisitions.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of December 31, 2021 and 2020, the Company’s consolidated investment in real estate properties consisted of 193 and 65 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 2020 Land ​ $ 1,127,147 ​ $ 385,988 Building and improvements ​ 3,510,401 ​ 885,489 Intangible lease assets ​ 342,538 ​ 119,765 Construction in progress ​ 27,075 ​ 4,203 Investment in real estate properties ​ 5,007,161 ​ 1,395,445 Less accumulated depreciation and amortization ​ (186,269) ​ (72,924) Net investment in real estate properties ​ $ 4,820,892 ​ $ 1,322,521
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of December 31, 2021 and 2020 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 ​ $ 115,821 ​ $ (32,699) ​ $ 83,122 Above-market lease assets (1) ​ 10,362 ​ (1,838) ​ 8,524 ​ 3,944 ​ (694) ​ 3,250 Below-market lease liabilities ​ (89,056) ​ 12,624 ​ (76,432) ​ (17,471) ​ 5,862 ​ (11,609) (1) Included in net investment in real estate properties on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2021, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 67,302 ​ $ 1,594 ​ $ 15,295 Year 2 ​ ​ 53,785 ​ ​ 1,490 ​ ​ 13,055 Year 3 ​ ​ 40,436 ​ ​ 1,233 ​ ​ 11,041 Year 4 ​ 29,296 ​ 1,091 ​ 9,218 Year 5 ​ ​ 19,710 ​ ​ 995 ​ ​ 6,392 Thereafter ​ 47,646 ​ 2,121 ​ 21,431 Total ​ $ 258,175 ​ $ 8,524 ​ $ 76,432
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2021, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2021 Year 1 ​ $ 211,739 Year 2 ​ 190,224 Year 3 ​ 166,692 Year 4 ​ 136,186 Year 5 ​ 106,054 Thereafter ​ 282,385 Total ​ $ 1,093,280 ​
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 9,101 ​ $ 4,859 $ 2,703 Above-market lease amortization ​ ​ (1,144) ​ (483) (196) Below-market lease amortization ​ ​ 6,762 ​ 3,368 1,913 Real Estate-Related Depreciation and Amortization: ​ ​ ​ Depreciation expense ​ ​ $ 70,898 ​ $ 25,489 $ 11,952 Intangible lease asset amortization ​ ​ 41,303 ​ 20,994 10,284

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of the investment in BTC Partnerships and certain balance sheet and operating data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Investment in Unconsolidated ​ ​ December 31, 2021 December 31, 2020 ​ Joint Venture Partnership(s) as of ​ Ownership ​ Number of Ownership ​ Number of December 31, December 31, ($ in thousands) ​ Percentage ​ Buildings (1) ​ Percentage ​ Buildings (1) ​ 2021 ​ 2020 BTC I Partnership — % ​ — ​ 26.8 % ​ 42 ​ $ — ​ $ 279,108 BTC II Partnership 12.0 % ​ 29 ​ 8.0 % ​ 25 ​ 101,769 ​ 45,134 Total BTC Partnerships ​ ​ ​ 29 ​ ​ ​ ​ 67 ​ $ 101,769 ​ $ 324,242 (1) Represents acquired or completed buildings.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2021 ​ 2020 ​ Maturity Date ​ 2021 ​ 2020 Line of credit (1) 1.40 % 1.44 % November 2023 ​ $ — ​ $ — Term loan (2) 2.23 2.23 February 2024 ​ 415,000 ​ 415,000 Term loan (3) ​ 1.66 ​ — ​ May 2026 ​ ​ 600,000 ​ ​ — Fixed-rate mortgage notes (4) 2.93 3.14 August 2024 - January 2029 ​ 628,890 ​ 167,750 Floating-rate mortgage notes (5) ​ 1.74 ​ — ​ January 2025 - July 2025 ​ ​ 617,250 ​ ​ — Total principal amount / weighted-average (6) 2.14 % 2.49 % ​ ​ $ 2,261,140 ​ $ 582,750 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ $ (16,106) ​ $ (4,430) Add mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 639 ​ 851 Total debt, net ​ ​ ​ ​ ​ ​ $ 2,245,673 ​ $ 579,171 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 1,835,561 ​ $ 299,318 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10% , each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of December 31, 2021, total commitments for the line of credit were $430.0 million, and the unused and available portions under the line of credit were both $430.0 million. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The weighted- average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (3) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.35% to 2.20% ; or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (4) Interest rates range from 2.85% to 3.75% . The assets and credit of each of the Company’s consolidated properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (5) The effective interest rate of the $209.3 million mortgage note is calculated based on LIBOR plus a margin of 1.50% . The effective interest rate of the $408.0 million mortgage note is calculated based on an Adjusted Secured Overnight Financing Rate (“Adjusted SOFR”) plus a margin of 1.65% . (6) The weighted-average remaining term of the Company’s consolidated debt was approximately 4.2 years as of December 31, 2021, excluding any extension options on the line of credit and the floating-rate mortgage notes.
Schedule of Maturities of Long-term Debt	As of December 31, 2021, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total 2022 $ — ​ $ — ​ $ — ​ $ — 2023 ​ — ​ — ​ — ​ — 2024 ​ — ​ 415,000 ​ 38,000 ​ 453,000 2025 ​ — ​ — ​ 617,250 ​ 617,250 2026 ​ — ​ 600,000 ​ ​ — ​ 600,000 Thereafter ​ — ​ — ​ 590,890 ​ 590,890 Total principal payments ​ $ — ​ $ 1,015,000 ​ $ 1,246,140 ​ $ 2,261,140 (1) The line of credit matures in November 2023 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. (2) The $209.3 million mortgage note matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. The $408.0 million mortgage note matures in January 2025 and the term may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on the Company’s consolidated balance sheets as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of December 31, 2021 ​ ​ Interest rate swaps 10 ​ $ 575,000 Other assets ​ $ 2,653 Interest rate caps ​ 2 ​ ​ 578,000 ​ Other assets ​ ​ 3,164 Total derivative instruments ​ 12 ​ $ 1,153,000 ​ ​ ​ $ 5,817 As of December 31, 2020 ​ ​ Interest rate swaps 7 ​ $ 350,000 Other liabilities ​ $ (9,809) ​
Derivative Instruments, Gain (Loss)	The following table presents the effect of the Company’s derivative instruments on the Company’s consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 8,298 ​ $ (14,140) $ 2,642 Amount reclassified from AOCI into interest expense ​ 4,164 ​ 2,141 (452) Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 30,463 ​ 13,012 9,115 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized in income ​ $ (177) ​ $ — $ —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2021 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 2,653 ​ $ — ​ $ 2,653 Interest rate caps ​ ​ — ​ ​ 3,164 ​ ​ — ​ ​ 3,164 Total assets measured at fair value ​ $ — ​ $ 5,817 ​ $ — ​ $ 5,817 As of December 31, 2020 ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809) Total liabilities measured at fair value ​ $ — ​ $ (9,809) ​ $ — ​ $ (9,809)
Fair value of instruments measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 As of December 31, 2020 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 68,772 ​ $ 68,772 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 1,015,000 ​ 1,015,000 ​ 415,000 ​ 411,787 Mortgage notes ​ 1,246,140 ​ 1,247,307 ​ 167,750 ​ 172,008 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Summary of Public Offerings	A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), as of December 31, 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Class T Class D Class I Total Amount of gross proceeds raised: ​ ​ ​ ​ ​ ​ ​ ​ Primary offering ​ $ 2,126,507 ​ $ 137,799 ​ $ 382,352 ​ $ 2,646,658 DRIP ​ 82,216 ​ 4,927 ​ 5,164 ​ 92,307 Total offering ​ $ 2,208,723 ​ $ 142,726 ​ $ 387,516 ​ $ 2,738,965 Number of shares issued: ​ ​ ​ ​ Primary offering ​ 200,987 ​ 13,385 ​ 36,495 ​ 250,867 DRIP ​ 7,932 ​ 474 ​ 481 ​ 8,887 Total offering ​ 208,919 ​ 13,859 ​ 36,976 ​ 259,754
Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares (1) ​ Shares Balance as of December 31, 2018 ​ 19,759 ​ 161 ​ 345 ​ 20,265 Issuance of common stock: ​ ​ ​ ​ ​ ​ ​ ​ Primary shares ​ 24,705 ​ 2,584 ​ 935 ​ 28,224 DRIP ​ 887 ​ 36 ​ 20 ​ 943 Stock grants ​ — ​ — ​ 76 ​ 76 Redemptions ​ (111) ​ (45) ​ (77) ​ (233) Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 83,136 5,032 1,451 89,619 DRIP 2,622 155 64 2,841 Stock grants — — 229 229 Redemptions (433) (57) (3) (493) Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants — — 233 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures ​ — ​ — ​ (27) ​ (27) Balance as of December 31, 2021 206,129 13,649 37,391 257,169 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 12” for additional information.
Summary of Distribution Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ Declared per ​ Paid in ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Cash in Shares Fees (2) Distributions (3) 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 12,434 ​ $ 16,895 ​ $ 5,146 ​ $ 34,475 September 30 ​ ​ 0.13625 ​ ​ 11,020 ​ ​ 15,219 ​ ​ 4,263 ​ ​ 30,502 June 30 ​ ​ 0.13625 ​ ​ 8,552 ​ ​ 12,295 ​ ​ 3,373 ​ ​ 24,220 March 31 ​ ​ 0.13625 ​ ​ 6,721 ​ ​ 10,310 ​ ​ 3,240 ​ ​ 20,271 Total ​ $ 0.54500 ​ $ 38,727 ​ $ 54,719 ​ $ 16,022 ​ $ 109,468 2020 ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 6,159 ​ $ 9,315 ​ $ 3,230 ​ $ 18,704 September 30 ​ 0.13625 ​ 5,601 ​ 8,451 ​ 2,952 ​ 17,004 June 30 ​ 0.13625 ​ 5,194 ​ 7,812 ​ 2,710 ​ 15,716 March 31 ​ 0.13625 ​ 3,339 ​ 5,077 ​ 1,742 ​ 10,158 Total ​ $ 0.54500 ​ $ 20,293 ​ $ 30,655 ​ $ 10,634 ​ $ 61,582 2019 ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 2,058 ​ $ 3,242 ​ $ 1,105 ​ $ 6,405 September 30 ​ 0.13625 ​ 1,841 ​ 2,866 ​ 992 ​ 5,699 June 30 ​ 0.13625 ​ 1,558 ​ 2,319 ​ 818 ​ 4,695 March 31 ​ 0.13625 ​ 1,178 ​ 1,744 ​ 620 ​ 3,542 ​ ​ $ 0.54500 ​ $ 6,635 ​ $ 10,171 ​ $ 3,535 ​ $ 20,341 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class D share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class D shares. (2) Distribution fees are paid monthly to the Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC, the “Dealer Manager”) with respect to Class T shares and Class D shares issued in the primary portion of the Company’s public offerings only. Refer to “Note 12” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of the Company’s public offerings.
Share Redemption Activity	The following table summarizes the Company’s redemption activity for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2021 ​ 2020 2019 Number of eligible shares redeemed ​ ​ 2,350 ​ ​ 493 ​ 233 Aggregate dollar amount of shares redeemed ​ $ 25,109 ​ $ 4,867 $ 2,285 Average redemption price per share ​ $ 10.68 ​ $ 9.87 $ 9.81

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2021
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ in thousands) ​ 2021 ​ 2020 Balance at beginning of year ​ $ 3,648 ​ $ 723 Settlement of prior year performance participation allocation (1) ​ ​ 9,640 ​ ​ 2,913 Distributions to redeemable noncontrolling interests ​ ​ (715) ​ ​ (197) Net loss attributable to redeemable noncontrolling interests ​ ​ (498) ​ ​ (83) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 81 ​ ​ (59) Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 3,531 ​ ​ 351 Balance at end of year ​ $ 15,687 ​ $ 3,648 (1) The 2020 performance participation allocation in the amount of $9.6 million became payable to the Former Sponsor on December 31, 2020. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $9.6 million (based on the NAV per unit as of December 31, 2020), which were issued to the Former Sponsor in January 2021 and subsequently transferred to its members or their affiliates. The 2019 performance participation allocation in the amount of $2.9 million became payable to the Former Sponsor on December 31, 2019. At the Advisor’s election, it was paid in the form of Class I OP Units valued at $2.9 million (based on the NAV per unit as of December 31, 2019), which were issued to the Former Sponsor in January 2020 and subsequently transferred to its members or their affiliates.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2021 2020 2019 ​ Ordinary income ​ 11.6 % 7.1 % — % Non-taxable return of capital ​ 34.8 92.9 100.0 ​ Long-term capital gain ​ 53.6 — — ​ Total distribution ​ 100.0 % 100.0 % 100.0 %

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Dealer Manager Fees	​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Selling commissions (as % of offering price) up to 2.0 % — % — % Dealer manager fees (as % of offering price) up to 2.5 % — % — % Distribution fees (as % of NAV per annum) 0.85 % 0.50 % — %
Summary of Fees and Expenses Incurred by Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of (in thousands) 2021 2020 ​ 2019 December 31, 2021 December 31, 2020 Selling commissions and dealer manager fees (1) ​ $ 15,046 ​ $ 39,190 ​ $ 11,697 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 16,022 ​ 10,634 ​ 3,535 ​ 1,779 ​ 1,122 Advisory fee—fixed component ​ ​ 28,558 ​ ​ 9,653 ​ ​ 4,585 ​ ​ 3,864 ​ ​ 1,345 Performance participation allocation ​ ​ 81,185 ​ ​ 9,640 ​ 2,913 ​ ​ 81,185 ​ ​ 9,640 Other expense reimbursements (3)(4) ​ ​ 11,434 ​ ​ 9,928 ​ 8,706 ​ ​ 707 ​ ​ 2,706 Property accounting fee (5) ​ ​ 1,262 ​ ​ 603 ​ ​ 313 ​ ​ 166 ​ ​ 59 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 3,527 ​ ​ — ​ ​ — ​ ​ 190 ​ ​ — Other DST Program related costs (4) ​ ​ 5,925 ​ ​ — ​ ​ — ​ ​ 61 ​ ​ — Development fees (6) ​ ​ 937 ​ ​ 24 ​ ​ — ​ ​ 78 ​ ​ 24 Total ​ $ 163,896 ​ $ 79,672 ​ $ 31,749 ​ $ 88,030 ​ $ 14,896 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) The distribution fees are payable monthly in arrears. Additionally, the Company accrues for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $85.4 million and $45.0 million as of December 31, 2021 and 2020, respectively. (3) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition and general administrative services provided to us under the advisory agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to the Company or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, the Company may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (6) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on the Company’s consolidated balance sheets .
Schedule Fees and Expenses to the Advisor and Its Affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Fees deferred ​ $ — ​ $ 3,896 ​ $ 3,895 Other expenses supported ​ — ​ 9,609 ​ 2,243 Total expense support from Advisor ​ $ — ​ $ 13,505 ​ $ 6,138 Reimbursement of previously deferred fees and other expenses supported ​ — ​ (13,505) ​ (13,606) Total expense support from Advisor, net (1) ​ $ — ​ $ — ​ $ (7,468) (1) As of December 31, 2021 and 2020, no amounts related to expense support were payable to or receivable from the Advisor. As of December 31, 2019, approximately $5.4 million was payable to the Advisor by the Company and was included in other liabilities on the consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 2019 Interest paid, net of capitalized interest ​ $ 23,529 ​ $ 12,180 $ 7,810 Distributions payable ​ ​ 11,747 ​ ​ 6,450 ​ 2,241 Distributions reinvested in common stock ​ 52,223 ​ 28,590 9,482 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 68,772 ​ ​ — ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 9,640 ​ 2,913 723 Non-cash redemption of minority ownership interest in BTC I Partnership ​ ​ 279,340 ​ ​ — ​ — Change in accrued future ongoing distribution fees ​ ​ 40,458 ​ ​ 28,493 ​ 9,010 Non-cash settlement of incentive fee income included in equity in (income) loss from unconsolidated joint venture partnership(s) ​ ​ 47,678 ​ ​ — ​ — Non-cash selling commissions and dealer manager fees ​ 15,046 ​ 39,190 11,697
Reconciliation of Cash, Cash Equivalents and Restricted Cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2021 2020 ​ 2019 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 232,369 ​ $ 51,178 ​ $ 19,016 Restricted cash ​ 530 ​ — ​ 5 Cash, cash equivalents and restricted cash ​ $ 232,899 ​ $ 51,178 ​ $ 19,021 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 216,848 ​ $ 232,369 ​ $ 51,178 Restricted cash ​ 887 ​ 530 ​ — Cash, cash equivalents and restricted cash ​ $ 217,735 ​ $ 232,899 ​ $ 51,178

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of Subsidiaries REIT owned by the company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2021 (1) ​ ​ 2020 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on the Company’s consolidated balance sheets.

DESCRIPTION OF BUSINESS (Additi

DESCRIPTION OF BUSINESS (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2021buildingsegment	Dec. 31, 2020building
Real Estate Properties [Line Items]
Number of real estate properties	193
Number of reportable segments | segment	1
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	193	65

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Fair value of debt assumed in asset acquisitions	$ 0	$ 0
Joint venture impairment losses	0
Accumulated amortization of debt issuance costs	5,300,000	2,900,000
Amortization of debt issuance costs	2,400,000	1,200,000	$ 1,100,000
Capitalized interest	1,200,000	600,000	$ 0
Allowance for doubtful accounts	$ 0	$ 0
Dilutive shares	0	0	0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2021
Building | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Building and land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Building and land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years

REAL ESTATE ACQUISITIONS (Sched

REAL ESTATE ACQUISITIONS (Schedule of Asset Acquisitions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)building	Dec. 31, 2020USD ($)building
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	193
Debt assumed at fair value	$ 0	$ 0
Percentage of assets acquired	100.00%
Asset Acquisition [Member]
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	128	20
Total Purchase Price	$ 3,507,041	$ 475,320
Debt assumed at fair value	$ 0	$ 0
Norcross Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 9,505
Gerwig Distribution Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 19,274
Harvill Business Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 60,588
Port 146 Distribution Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 9,571
Lima Distribution Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 11,622
Valwood Crossroads
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		2
Total Purchase Price		$ 69,999
Eaglepoint Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 40,216
7A Distribution Center II
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 23,218
Legacy Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 39,718
Logistics Center at 33
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 63,285
Intermodal Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 28,628
Executive Airport II & III
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		2
Total Purchase Price		$ 33,200
Airpark International Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		2
Total Purchase Price		$ 30,201
Carlstadt Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		2
Total Purchase Price		$ 37,530
Nelson Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 9,032
Miraloma Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		1
Total Purchase Price		$ 9,498
Pennsy Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building		2
Total Purchase Price		$ 60,097
Princess Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 74,075
Rancho Cucamonga Business Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 24,624
Norton Distribution Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 32,413
Build-To-Core Logistics Portfolio.
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	22
Total Purchase Price	$ 876,731
Benchmark Distribution Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 19,651
Key Logistics Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	48
Total Purchase Price	$ 916,766
Stonewood Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 19,343
Heron Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 25,999
Colony Crossing Logistics Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	2
Total Purchase Price	$ 21,569
Harvill Industrial Center
Asset Acquisition [Line Items]
Total Purchase Price	$ 7,532
Commerce Farms Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 63,821
North County Commerce Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	5
Total Purchase Price	$ 147,132
Performance Distribution Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 29,532
Madison Distribution Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 13,002
355 Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	2
Total Purchase Price	$ 65,422
Beltway Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 28,053
Stanley Drive
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 22,239
Clackamas Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 51,174
Port Crossing Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 31,994
Riggs HilI Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 5,659
Haine Sport Commerce Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 132,810
McDonald Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	14
Total Purchase Price	$ 395,754
Walker Mill Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 17,205
Valwood Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	4
Total Purchase Price	$ 43,132
Greater Boston Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	2
Total Purchase Price	$ 37,358
Molto Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	6
Total Purchase Price	$ 204,964
California Business Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	2
Total Purchase Price	$ 31,070
Gilbert Gateway Commerce Park [Member]
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	3
Total Purchase Price	$ 88,155

REAL ESTATE ACQUISITIONS (Purch

REAL ESTATE ACQUISITIONS (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Land	$ 740,909	$ 124,368
Building and improvements	2,612,901	313,833
Intangible lease assets	210,332	38,954
Above-market lease assets	6,417	2,438
Construction in progress	8,067
Below-market lease liabilities	(71,585)	(4,273)
Total Purchase Price	3,507,041	475,320
Debt assumed at fair value	0	0
Asset Acquisition [Member]
Asset Acquisition [Line Items]
Debt assumed at fair value	$ 0	$ 0

REAL ESTATE ACQUISITIONS (Narra

REAL ESTATE ACQUISITIONS (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible lease assets
Asset Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 10 months 24 days	5 years 10 months 24 days

INVESTMENT IN REAL ESTATE (Narr

INVESTMENT IN REAL ESTATE (Narrative) (Details) - building	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Number of industrial properties	193
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of industrial properties	193	65

INVESTMENT IN REAL ESTATE (Inve

INVESTMENT IN REAL ESTATE (Investment in Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 1,127,147	$ 385,988
Building and improvements	3,510,401	885,489
Intangible lease assets	342,538	119,765
Construction in progress	27,075	4,203
Investment in real estate properties	5,007,161	1,395,445
Less accumulated depreciation and amortization	(186,269)	(72,924)	$ (25,988)
Net investment in real estate properties	$ 4,820,892	$ 1,322,521

INVESTMENT IN REAL ESTATE (Summ

INVESTMENT IN REAL ESTATE (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 342,538	$ 119,765
Below Market Lease [Roll Forward]
Gross	(89,056)	(17,471)
Accumulated Amortization	12,624	5,862
Net	(76,432)	(11,609)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	332,176	115,821
Accumulated Amortization	(74,001)	(32,699)
Total	258,175	83,122
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	10,362	3,944
Accumulated Amortization	(1,838)	(694)
Total	$ 8,524	$ 3,250

INVESTMENT IN REAL ESTATE (Esti

INVESTMENT IN REAL ESTATE (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	$ 15,295
Year 2	13,055
Year 3	11,041
Year 4	9,218
Year 5	6,392
Thereafter	21,431
Total	76,432	$ 11,609
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	67,302
Year 2	53,785
Year 3	40,436
Year 4	29,296
Year 5	19,710
Thereafter	47,646
Total	258,175	83,122
Above-market lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	1,594
Year 2	1,490
Year 3	1,233
Year 4	1,091
Year 5	995
Thereafter	2,121
Total	$ 8,524	$ 3,250

INVESTMENT IN REAL ESTATE (Futu

INVESTMENT IN REAL ESTATE (Future Minimum Rents) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Real Estate [Abstract]
Year 1	$ 211,739
Year 2	190,224
Year 3	166,692
Year 4	136,186
Year 5	106,054
Thereafter	282,385
Total	$ 1,093,280

INVESTMENT IN REAL ESTATE (Su_2

INVESTMENT IN REAL ESTATE (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ (9,101)	$ (4,859)	$ (2,703)
Real Estate-Related Depreciation and Amortization:
Depreciation expense	70,898	25,489	11,952
Intangible lease asset amortization	41,303	20,994	10,284
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(1,144)	(483)	(196)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 6,762	$ 3,368	$ 1,913

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Details) $ in Thousands	Dec. 31, 2021USD ($)building	Sep. 30, 2021	Jun. 15, 2021	Dec. 31, 2020USD ($)building
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Ownership Percentage		2.00%
Investment in Partnerships	$ 101,769			$ 324,242
BTC I and BTC II Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Number of Buildings | building	29			67
Investment in Partnerships	$ 101,769			$ 324,242
BTC I Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Ownership Percentage			0.00%	26.80%
Number of Buildings | building				42
Investment in Partnerships				$ 279,108
BTC II Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS
Ownership Percentage	12.00%	8.00%		8.00%
Number of Buildings | building	29			25
Investment in Partnerships	$ 101,769			$ 45,134

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) $ in Thousands	Jul. 15, 2020USD ($)buildingpropertyitem	Dec. 31, 2021USD ($)	Sep. 30, 2021	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 15, 2021
Schedule of Equity Method Investments [Line Items]
Number of joint venture partnerships | item	2
Investment in Partnerships		$ 101,769		$ 101,769	$ 324,242
Ownership Percentage			2.00%
Equity in (income) loss from unconsolidated joint venture partnerships				$ (54,296)	1,790	$ 0
BTC II Partnership Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Interest in unconsolidated joint venture properties	100.00%
Number of properties | building	22
Incremental additional investment	$ 580,000
Purchase price of properties	$ 876,700
BTC II Partnership | BTC II Partnership Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in half of portfolio	100.00%
Number of excluded properties | property	1
QR Limited Partner | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Limited partner ownership percentage			90.00%
BTC II SLP | BTC II Partnership | BTC II Partnership Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage		7.80%		7.80%
Proceeds from Equity Method Investment, Distribution		$ 84,500
BTC I and BTC II Partnerships
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships		101,769		$ 101,769	324,242
BTC I Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships					$ 279,108
Ownership Percentage					26.80%		0.00%
BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships		101,769		101,769	$ 45,134
Outside basis difference		$ 39,600		$ 39,600
Ownership Percentage		12.00%	8.00%	12.00%	8.00%
Equity in (income) loss from unconsolidated joint venture partnerships		$ (47,700)
BTC II Partnership | BTC II Partnership Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage		12.00%	8.00%	12.00%

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.14%	2.49%
Principal amount	$ 2,261,140	$ 582,750
Less unamortized debt issuance costs	(16,106)	(4,430)
Add mark-to-market adjustment on assumed debt, net	639	851
Total debt, net	2,245,673	579,171
Gross book value of properties encumbered by debt	$ 1,835,561	$ 299,318
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	4 years 2 months 12 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.40%	1.44%
Total commitments for the line of credit	$ 430,000
Unused and available portion under the line of credit	$ 430,000
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%	1.30%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%	2.10%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.30%	0.30%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%	1.10%
Term Loan
Debt Instrument [Line Items]
Principal amount	$ 1,015,000
Term Loan (Maturity date February 2024)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.23%	2.23%
Principal amount	$ 415,000	$ 415,000
Term Loan (Maturity date February 2024) | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Term Loan (Maturity date February 2024) | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.05%
Term Loan (Maturity date February 2024) | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Term Loan (Maturity date February 2024) | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Term Loan (Maturity date May 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.66%
Principal amount	$ 600,000
Commitments	$ 600,000
Term Loan (Maturity date May 2026) | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%	1.35%
Term Loan (Maturity date May 2026) | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%	2.20%
Term Loan (Maturity date May 2026) | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.35%	0.35%
Term Loan (Maturity date May 2026) | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%	1.20%
Mortgage Notes
Debt Instrument [Line Items]
Principal amount	$ 1,246,140
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.93%	3.14%
Principal amount	$ 628,890	$ 167,750
Fixed-rate mortgage notes | Minimum
Debt Instrument [Line Items]
Interest rates (as a percent)	2.85%	2.85%
Fixed-rate mortgage notes | Maximum
Debt Instrument [Line Items]
Interest rates (as a percent)	3.75%	3.75%
Floating-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	1.74%
Principal amount	$ 617,250
Variable Rate Secured Mortgage Note Maturity July 2025
Debt Instrument [Line Items]
Principal amount	$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Variable Rate Secured Mortgage Note Maturity January 2025
Debt Instrument [Line Items]
Principal amount	$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%

DEBT (Principal Payments on Deb

DEBT (Principal Payments on Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2024	$ 453,000
2025	617,250
2026	600,000
Thereafter	590,890
Total principal payments	$ 2,261,140	$ 582,750
Line of Credit
Debt Instrument [Line Items]
Term of extension option	1 year
Term Loan
Debt Instrument [Line Items]
2024	$ 415,000
2026	600,000
Total principal payments	1,015,000
Mortgage Notes
Debt Instrument [Line Items]
2024	38,000
2025	617,250
Thereafter	590,890
Total principal payments	1,246,140
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Total principal payments	628,890	$ 167,750
Floating-rate mortgage notes
Debt Instrument [Line Items]
Total principal payments	617,250
Variable Rate Secured Mortgage Note Maturity July 2025
Debt Instrument [Line Items]
Total principal payments	$ 209,300
Term of extension option	1 year
Variable Rate Secured Mortgage Note Maturity January 2025
Debt Instrument [Line Items]
Total principal payments	$ 408,000
Term of extension option	1 year
Number of extension options for extension term | item	2

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Dec. 31, 2021USD ($)contractitem	Dec. 31, 2020USD ($)contract
Debt Instrument [Line Items]
Cash flow hedge to be reclassified in next twelve months	$ 2,800
Number of Contracts | contract	12
Notional Amount	$ 1,153,000
Derivative instruments	5,817
Principal amount	$ 2,261,140	$ 582,750
Interest Rate Swap | Other liabilities.
Debt Instrument [Line Items]
Number of Contracts | contract	10	7
Notional Amount	$ 575,000	$ 350,000
Derivative instruments	$ 2,653	(9,809)
Interest Rate Caps | Other Assets
Debt Instrument [Line Items]
Number of Contracts | contract	2
Notional Amount	$ 578,000
Derivative instruments	3,164
Term Loan
Debt Instrument [Line Items]
Principal amount	1,015,000
Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Amount of hedged item	350,000
Principal amount	415,000
Term Loan (Maturity date May 2026)
Debt Instrument [Line Items]
Amount of hedged item	225,000
Principal amount	600,000
Mortgage Notes
Debt Instrument [Line Items]
Principal amount	1,246,140
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Principal amount	628,890	$ 167,750
Floating-rate mortgage notes
Debt Instrument [Line Items]
Principal amount	617,250
Variable Rate Secured Mortgage Note Maturity July 2025
Debt Instrument [Line Items]
Principal amount	$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | Interest Rate Caps
Debt Instrument [Line Items]
Number of Contracts | item	1
Amount of hedged item	$ 170,000
Principal amount	209,300
Variable Rate Secured Mortgage Note Maturity January 2025
Debt Instrument [Line Items]
Principal amount	$ 408,000

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 30,463	$ 13,012	$ 9,115
Designated as Hedging Instrument
Debt Instrument [Line Items]
Total interest expense presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	30,463	13,012	9,115
Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Loss recognized in income	(177)
Cash Flow Hedges | Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain (loss) recognized in AOCI	8,298	(14,140)	2,642
Amount reclassified from AOCI into interest expense	$ 4,164	$ 2,141	$ (452)

DST PROGRAM (Narrative) (Detail

DST PROGRAM (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Rent obligations	$ 42,719	$ 19,550	$ 9,779
DST Program loans outstanding	68,772	$ 0
D S T Program
Sale of gross interests related to the DST Program	492,200
Rent obligations	6,000
Beneficial interest receivables	900
DST Program loans outstanding	$ 68,800

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 5,817
Total liabilities measured at fair value		$ (9,809)
Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	3,164
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	2,653
Derivative instruments, liabilities		(9,809)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	5,817
Total liabilities measured at fair value		(9,809)
Level 2 | Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	3,164
Level 2 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 2,653
Derivative instruments, liabilities		$ (9,809)

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Assets:
DST Program Loans	$ 68,772
Carrying Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,015,000	$ 415,000
Carrying Value | Mortgage Notes
Liabilities:
Debt instruments, fair value disclosure	1,246,140	167,750
Fair Value
Assets:
DST Program Loans	68,772
Fair Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,015,000	411,787
Fair Value | Mortgage Notes
Liabilities:
Debt instruments, fair value disclosure	$ 1,247,307	$ 172,008

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Aug. 04, 2021
Class of Stock [Line Items]
Redemption percentage of common stock that's been outstanding less than one year	95.00%
Second Public Offering
Class of Stock [Line Items]
Dollar value of primary shares of common stock in offering		$ 2,000
Third Public Offering
Class of Stock [Line Items]
Dollar value of shares issued		5,000
Dollar value of primary shares of common stock in offering		3,750
Dollar Value Of Shares In Offering Pursuant To Distribution Reinvestment Plan		$ 1,250
Primary Offering
Class of Stock [Line Items]
Total amount of common stock remaining available for sale	$ 4,600
DRIP
Class of Stock [Line Items]
Total amount of common stock remaining available for sale	$ 1,200

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Company's Public Offerings) (Details) shares in Thousands, $ in Thousands	Dec. 31, 2021USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,738,965
Number of shares issued (in shares) | shares	259,754
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,208,723
Number of shares issued (in shares) | shares	208,919
Class D Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 142,726
Number of shares issued (in shares) | shares	13,859
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 387,516
Number of shares issued (in shares) | shares	36,976
Primary Offering
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,646,658
Number of shares issued (in shares) | shares	250,867
Primary Offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,126,507
Number of shares issued (in shares) | shares	200,987
Primary Offering | Class D Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 137,799
Number of shares issued (in shares) | shares	13,385
Primary Offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 382,352
Number of shares issued (in shares) | shares	36,495
DRIP
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 92,307
Number of shares issued (in shares) | shares	8,887
DRIP | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 82,216
Number of shares issued (in shares) | shares	7,932
DRIP | Class D Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,927
Number of shares issued (in shares) | shares	474
DRIP | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,164
Number of shares issued (in shares) | shares	481

STOCKHOLDERS' EQUITY (Summary_2

STOCKHOLDERS' EQUITY (Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock) (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions	(2,350,000)	(493,000)	(233,000)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	130,565,000
Ending balance, shares	206,129,000	130,565,000
Common stock, shares issued	206,129,000	130,565,000
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	7,866,000
Ending balance, shares	13,649,000	7,866,000
Common stock, shares issued	13,649,000	7,866,000
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	3,040,000
Ending balance, shares	37,391,000	3,040,000
Common stock, shares issued	37,391,000	3,040,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	141,471,000	49,275,000	20,265,000
Primary shares	112,938,000	89,619,000	28,224,000
DRIP	4,904,000	2,841,000	943,000
Stock grants	233,000	229,000	76,000
Redemptions	(2,350,000)	(493,000)	(233,000)
Forfeitures	(27,000)
Ending balance, shares	257,169,000	141,471,000	49,275,000
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	130,565,000	45,240,000	19,759,000
Primary shares	73,534,000	83,136,000	24,705,000
DRIP	4,234,000	2,622,000	887,000
Redemptions	(2,204,000)	(433,000)	(111,000)
Ending balance, shares	206,129,000	130,565,000	45,240,000
Common Stock | Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	7,866,000	2,736,000	161,000
Primary shares	5,614,000	5,032,000	2,584,000
DRIP	283,000	155,000	36,000
Redemptions	(114,000)	(57,000)	(45,000)
Ending balance, shares	13,649,000	7,866,000	2,736,000
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	3,040,000	1,299,000	345,000
Primary shares	33,790,000	1,451,000	935,000
DRIP	387,000	64,000	20,000
Stock grants	233,000	229,000	76,000
Redemptions	(32,000)	(3,000)	(77,000)
Forfeitures	(27,000)
Ending balance, shares	37,391,000	3,040,000	1,299,000
Common Stock | Class I Shares | Advisor
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued				20,000

STOCKHOLDERS' EQUITY (Summary_3

STOCKHOLDERS' EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.54500	$ 0.54500	$ 0.54500
Paid in Cash	$ 12,434	$ 11,020	$ 8,552	$ 6,721	$ 6,159	$ 5,601	$ 5,194	$ 3,339	$ 2,058	$ 1,841	$ 1,558	$ 1,178	$ 38,727	$ 20,293	$ 6,635
Reinvested in Shares	16,895	15,219	12,295	10,310	9,315	8,451	7,812	5,077	3,242	2,866	2,319	1,744	54,719	30,655	10,171
Distribution Fees	5,146	4,263	3,373	3,240	3,230	2,952	2,710	1,742	1,105	992	818	620	16,022	10,634	3,535
Gross Distributions	$ 34,475	$ 30,502	$ 24,220	$ 20,271	$ 18,704	$ 17,004	$ 15,716	$ 10,158	$ 6,405	$ 5,699	$ 4,695	$ 3,542	$ 109,468	$ 61,582	$ 20,341

STOCKHOLDERS' EQUITY (Share Red

STOCKHOLDERS' EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Number of eligible shares redeemed (in shares)	2,350	493	233
Aggregate dollar amount of shares redeemed	$ 25,109	$ 4,867	$ 2,285
Average redemption price per share (in dollars per share)	$ 10.68	$ 9.87	$ 9.81

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 3,648	$ 723
Settlement of performance participation allocation	9,640	2,913
Distributions to redeemable noncontrolling interests	(715)	(197)	$ (39)
Net loss attributable to redeemable noncontrolling interests	(498)	(83)	(42)
Change from cash flow hedging activities attributable to redeemable noncontrolling interests	81	(59)	4
Redemption value allocation adjustment to redeemable noncontrolling interests	3,531	351
Ending balance	15,687	3,648	723
Advisor
Redeemable Noncontrolling Interest [Line Items]
Due to Related Parties	$ 88,030	14,896
Advisor | Advisory Fee, Performance Component [Member]
Redeemable Noncontrolling Interest [Line Items]
Settlement of performance participation allocation		9,600	2,900
Due to Related Parties		$ 9,600	$ 2,900

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary income	11.60%	7.10%
Non-taxable return of capital	34.80%	92.90%	100.00%
Long-term capital Gain	53.60%
Total distribution	100.00%	100.00%	100.00%

RELATED PARTY TRANSACTIONS (Sel

RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details)	Jan. 01, 2022	Feb. 28, 2021	Dec. 31, 2021
Advisor
Related Party Transaction [Line Items]
Advisory agreement period			1 year
Advisor | Selling Commissions And Dealer Manager [Member]
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment			8.50%
Class T Shares | Advisor | Selling Commissions And Dealer Manager [Member]
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent			2.00%
Dealer manager fees (as % of offering price), up to this percent			2.50%
Distribution fees (as % of NAV per annum)			0.85%
Class T Shares | Dealer Manager | Selling Commissions And Dealer Manager [Member]
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)		1.00%
Class D Shares | Advisor | Selling Commissions And Dealer Manager [Member]
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent			0.00%
Dealer manager fees (as % of offering price), up to this percent			0.00%
Distribution fees (as % of NAV per annum)			0.50%
Class I Shares | Advisor | Selling Commissions And Dealer Manager [Member]
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent			0.00%
Dealer manager fees (as % of offering price), up to this percent			0.00%
Distribution fees (as % of NAV per annum)			0.00%
Subsequent Event | Class D Shares | Dealer Manager | Selling Commissions And Dealer Manager [Member]
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)	0.25%

RELATED PARTY TRANSACTIONS (Adv

RELATED PARTY TRANSACTIONS (Advisory Fee) (Details) - Advisor - Advisory Fees - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 15, 2021
Related Party Transaction [Line Items]
Related Party Transaction Fixed Component Percentage Of Advisory Fee	1.25%	0.80%
Threshold for performance component of advisory fee	12.50%
Threshold of annual total return as % of NAV	5.00%
Performance component earned for excess return over the hurdle amount	100.00%
Maximum performance component limited to % of total annual return	12.50%
Loss carryforward	$ 0

RELATED PARTY TRANSACTIONS (Org

RELATED PARTY TRANSACTIONS (Organization and Offering Expenses, Development fees) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Advisor
Related Party Transaction [Line Items]
Due to Related Parties	$ 88,030,000	$ 14,896,000
Other Expense Reimbursements [Member] | Advisor
Related Party Transaction [Line Items]
Due to Related Parties	$ 707,000	$ 2,706,000
Organization and Offering Expenses [Member]
Related Party Transaction [Line Items]
Threshold criteria of organization and offering expenses	15.00%	15.00%
Organization and Offering Expenses [Member] | Advisor
Related Party Transaction [Line Items]
Period of reimbursement of advisor advanced expenses	60 months
Due to Related Parties	$ 0	$ 17,100,000
Development Fees [Member]
Related Party Transaction [Line Items]
Development fee percentage	4.00%
Development Fees [Member] | Advisor
Related Party Transaction [Line Items]
Due to Related Parties	$ 78,000	$ 24,000

RELATED PARTY TRANSACTIONS (DST

RELATED PARTY TRANSACTIONS (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Distribution fees payable to affiliates	$ 85,419	$ 44,962
Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	163,896	79,672	$ 31,749
Distribution fees payable to affiliates	85,400	45,000
Due to Related Parties	88,030	14,896
Amount reimbursed for services	10,100	8,300	7,000
Selling Commissions And Dealer Manager [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	15,046	39,190	11,697
Due to Related Parties	0	0
Ongoing Distribution Fees [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	16,022	10,634	3,535
Due to Related Parties	1,779	1,122
Advisory Fee, Fixed Component [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	28,558	9,653	4,585
Due to Related Parties	3,864	1,345
Performance Participation Allocation [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	81,185	9,640	2,913
Due to Related Parties	81,185	9,640
Other Expense Reimbursements [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	11,434	9,928	8,706
Due to Related Parties	707	2,706
Property Accounting Fee [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	1,262	603	$ 313
Due to Related Parties	166	59
D S T Program Selling Commissions, Dealer Manager And Distribution Fees [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	3,527
Due to Related Parties	190
D S T Program Dealer Manager Fees [Member] | Affiliated Entity | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, amount of interests placed with dealer	$ 1,500,000
D S T Program Dealer Manager Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds	1.50%
D S T Program Dealer Manager Fees [Member] | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, commission, percent of gross equity proceeds	5.00%
Private placement, dealer fee, percent of gross equity proceeds	1.50%
Private placement, dealer manager fees	1.00%
D S T Program Manager Fees [Member]
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties	100.00%
D S T Program Manager Fees [Member] | Affiliated Entity
Related Party Transaction [Line Items]
Maximum percentage of purchase price paid by investor	50.00%
Percentage of origination fee	1.00%
D S T Program Manager Fees [Member] | DST Manager | DST Manager
Related Party Transaction [Line Items]
Redemption Fee Receivable, Percent Of Amount Receivable	1.00%
D S T Program Manager Fees [Member] | DST Manager | DST Advisor
Related Party Transaction [Line Items]
Management Compensation Fee Receivable, Percent Of Gross Rents	1.00%
Management Loan Fee Receivable, Percent Of Financing Arranged	1.00%
Management fee, percent of equity proceeds	1.00%
Other D S T Program Related Costs [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 5,925
Due to Related Parties	61
Development Fees [Member] | Advisor
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	937	24
Due to Related Parties	$ 78	$ 24

RELATED PARTY TRANSACTIONS (Tra

RELATED PARTY TRANSACTIONS (Transactions with Affiliates and Performance Fee OP Units) (Details) - USD ($)	Feb. 01, 2022	Jul. 01, 2021	Dec. 31, 2021	Nov. 30, 2014	Dec. 31, 2021	Dec. 31, 2020
Advisor
Related Party Transaction [Line Items]
Due to affiliates			$ 88,030,000		$ 88,030,000	$ 14,896,000
Advisor | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Due to affiliates			707,000		707,000	2,706,000
Advisor | Organization and Offering Expenses [Member]
Related Party Transaction [Line Items]
Due to affiliates			$ 0		$ 0	$ 17,100,000
Advisor | BCI IV Operating Partnership LP (Operating Partnership) [Member]
Related Party Transaction [Line Items]
Sale of Stock, Consideration Received Per Transaction				$ 1,000
Sale of Stock, Number of Shares Issued in Transaction		100		100
Advisor | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		100
Affiliated Entity | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Consideration Received Per Transaction				$ 1,000
Sale of Stock, Number of Shares Issued in Transaction				100
Special Unit Holder | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction			100
Class A | Advisor | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Common stock, shares issued		20,000
Class I Shares
Related Party Transaction [Line Items]
Common stock, shares issued			37,391,000		37,391,000	3,040,000
Class I Shares | Operating Partnership Units [Member]
Related Party Transaction [Line Items]
Value of units redeemed					$ 40,900,000
Class I Shares | Operating Partnership Units [Member] | Sponsor
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction					1,610,730	950,358
Class I Shares | Operating Partnership Units [Member] | Performance Fee OP Units 2020 [Member] | Sponsor | Advisory Fees
Related Party Transaction [Line Items]
Due to affiliates						$ 9,600,000
Class I Shares | Operating Partnership Units [Member] | Advisor
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction					3,273,003
Class I Shares | Operating Partnership Units [Member] | Advisor | Performance Fee Op Units 2021 [Member] | Advisory Fees
Related Party Transaction [Line Items]
Due to affiliates			$ 81,200,000		$ 81,200,000
Class I Shares | Operating Partnership Units [Member] | Special Unit Holder
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction					6,494,463
Class I Shares | Operating Partnership Units [Member] | Chairman, Mr. Zucker
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	2,047,831				1,610,730

RELATED PARTY TRANSACTIONS (Joi

RELATED PARTY TRANSACTIONS (Joint Venture Partnerships and Ares Acquisition) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
BTC I and BTC II Partnerships
Related Party Transaction [Line Items]
Payment of Joint Venture Partnership Fees	$ 6,200,000	$ 10,100,000	$ 25,000
BTC I Partnership
Related Party Transaction [Line Items]
Due from Affiliates	$ 3,200,000		$ 3,200,000
BTC II Partnership
Related Party Transaction [Line Items]
Due to Related Parties		$ 200,000

RELATED PARTY TRANSACTIONS (Exp

RELATED PARTY TRANSACTIONS (Expense Support Agreement) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total expense support from Former Advisor, net	$ 0	$ 0	$ (7,468)
Advisor
Related Party Transaction [Line Items]
Due to affiliates	88,030	14,896
Advisor | Expense Support Agreement
Related Party Transaction [Line Items]
Aggregate amount paid by the Former Advisor		27,100
Available balance to be reimbursed		0
Due to affiliates	$ 0	0	5,400
Fees deferred		3,896	3,895
Other expenses supported		9,609	2,243
Total expense support from Former Advisor		13,505	6,138
Reimbursement of previously deferred fees and other expenses supported		$ (13,505)	(13,606)
Total expense support from Former Advisor, net			$ (7,468)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 23,529	$ 12,180	$ 7,810
Distributions payable	11,747	6,450	2,241
Distributions reinvested in common stock	52,223	28,590	9,482
Increase in DST Program Loans receivable through DST Program capital raising	68,772
Redeemable noncontrolling interests issued as settlement of performance participation allocation	9,640	2,913	723
Non-cash redemption of minority ownership interest in BTC I Partnership	279,340
Change in accrued future ongoing distribution fees	40,458	28,493	9,010
Non-cash settlement of incentive fee income included in equity in (income) loss from unconsolidated joint venture partnership(s)	47,678
Non-cash selling commissions and dealer manager fees	$ 15,046	$ 39,190	$ 11,697

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 216,848	$ 232,369	$ 51,178	$ 19,016
Restricted cash	887	530		5
Cash, cash equivalents and restricted cash	$ 217,735	$ 232,899	$ 51,178	$ 19,021

NONCONTROLLING INTERESTS (Addit

NONCONTROLLING INTERESTS (Additional Information) (Details)	Jul. 01, 2021shares	Nov. 30, 2014USD ($)shares	Dec. 31, 2021subsidiary
Noncontrolling Interest [Line Items]
Number Of Subsidiaries Owned | subsidiary			3
BCI IV Operating Partnership LP (Operating Partnership) [Member] | Advisor
Noncontrolling Interest [Line Items]
Sale of Stock, Consideration Received Per Transaction | $		$ 1,000
Sale of Stock, Number of Shares Issued in Transaction | shares	100	100

NONCONTROLLING INTERESTS (Subsi

NONCONTROLLING INTERESTS (Subsidiary REITs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	0	0
Preferred stock, par value per share	$ 0.01	$ 0.01
Dividends Payable	$ 11,747,000	$ 6,450,000	$ 2,241,000
Subsidiaries [Member] | Executive Airport II
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	125
Preferred stock, par value per share	$ 1,000
Preferred Stock, Dividend Rate, Percentage	12.50%
Dividends Payable	$ 7,812	$ 7,812
Subsidiaries [Member] | Build-To-Core Logistics Portfolio
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	122
Preferred stock, par value per share	$ 500
Preferred Stock, Dividend Rate, Percentage	12.00%
Subsidiaries [Member] | Haine Sport Commerce Center
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	125
Preferred stock, par value per share	$ 1,000
Preferred Stock, Dividend Rate, Percentage	12.00%

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) ft² in Millions, $ in Millions	Mar. 09, 2022property	Feb. 15, 2022USD ($)ft²property	Feb. 14, 2022	Jul. 15, 2020building	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Ownership Percentage					2.00%
BTC II Partnership Agreement [Member]
Subsequent Event [Line Items]
Interest in unconsolidated joint venture properties				100.00%
Number of properties | building				22
BTC II Partnership | BTC II Partnership Agreement [Member]
Subsequent Event [Line Items]
Ownership interest in half of portfolio				100.00%
BTC II Partnership
Subsequent Event [Line Items]
Ownership Percentage					8.00%	12.00%	8.00%
BTC II Partnership | BTC II Partnership Agreement [Member]
Subsequent Event [Line Items]
Ownership Percentage					8.00%	12.00%
BTC II Partnership | QR Limited Partner
Subsequent Event [Line Items]
Limited partner ownership percentage					90.00%
BTC II Partnership | BTC II Partnership Agreement [Member] | BTC II SLP
Subsequent Event [Line Items]
Ownership Percentage						7.80%
Subsequent Event | BTC II Partnership Agreement [Member]
Subsequent Event [Line Items]
Interest in unconsolidated joint venture properties		100.00%
Number of properties		11
Area Of Property Owned | ft²		1.7
Number of properties co-owned		5
Subsequent Event | BTC II Partnership Agreement [Member] | QR Limited Partner
Subsequent Event [Line Items]
Interest in unconsolidated joint venture properties		100.00%
Number of properties		14
Subsequent Event | BTC II Partnership Agreement [Member] | BTC II SLP
Subsequent Event [Line Items]
Interest in unconsolidated joint venture properties		100.00%
Number of properties		7
Subsequent Event | Affiliated Entity
Subsequent Event [Line Items]
Number Of Properties, Related Party Services	5
Subsequent Event | Affiliated Entity | QR Limited Partner
Subsequent Event [Line Items]
Number Of Properties, Related Party Services	14
Subsequent Event | BTC II Partnership | BTC II Partnership Agreement [Member]
Subsequent Event [Line Items]
Ownership interest percentage in the portfolio			100.00%
Subsequent Event | BTC II SLP | BTC II Partnership Agreement [Member]
Subsequent Event [Line Items]
Area Of Property Owned | ft²		1
Subsequent Event | BTC II Partnership
Subsequent Event [Line Items]
Ownership Percentage			12.00%
Subsequent Event | BTC II Partnership | BTC II Partnership Agreement [Member]
Subsequent Event [Line Items]
Ownership Percentage		8.00%
Subsequent Event | BTC II Partnership | QR Limited Partner
Subsequent Event [Line Items]
Limited partner ownership percentage			78.50%
Subsequent Event | BTC II Partnership | BTC II SLP
Subsequent Event [Line Items]
Limited partner ownership percentage			7.80%
Subsequent Event | BTC II Partnership | BCG Limited Partner
Subsequent Event [Line Items]
Ownership Percentage			1.70%
Redemption value | $		$ 24.9
Subsequent Event | BTC II Partnership | BTC II Partnership Agreement [Member] | QR Limited Partner
Subsequent Event [Line Items]
Limited partner ownership percentage		90.00%
Subsequent Event | BTC II Partnership | BTC II Partnership Agreement [Member] | BCG Limited Partner
Subsequent Event [Line Items]
Ownership Percentage		2.00%

SCHEDULE III-REAL ESTATE AND _2

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)building	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	193
Debt	$ 167,750
Initial Cost of Land	1,126,896
Initial Cost of Buildings and Improvements	3,742,526
Total Initial Costs	4,869,422
Costs Capitalized or Adjustments Subsequent to Acquisition	46,633
Gross amount carried, Land	1,127,147
Gross amount carried, Buildings and Improvements	3,788,908
Gross amount carried, Total Costs	4,916,055	$ 1,377,912	$ 891,170
Accumulated Depreciation and Amortization	(186,269)
Gross	342,538	119,765
Intangibles lease liabilities, gross	89,056	$ 17,471
Real estate federal income tax basis	$ 3,700,000
Fixed Rate Mortgage Notes Maturing November 2027
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	8
Gross amount carried, Total Costs	$ 118,500
Interest rates (as a percent)	2.90%
Variable Rate Secured Mortgage Note Maturity January 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	15
Gross amount carried, Total Costs	$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.65%
Fixed Rate Mortgage Notes Maturing January 2029
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	12
Gross amount carried, Total Costs	$ 461,400
Interest rates (as a percent)	2.85%
Variable Rate Secured Mortgage Note Maturity July 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	13
Gross amount carried, Total Costs	$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | LIBOR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.50%
Ontario Industrial Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,225
Initial Cost of Buildings and Improvements	5,370
Total Initial Costs	10,595
Costs Capitalized or Adjustments Subsequent to Acquisition	1,004
Gross amount carried, Land	5,226
Gross amount carried, Buildings and Improvements	6,373
Gross amount carried, Total Costs	11,599
Accumulated Depreciation and Amortization	$ (1,552)
Ontario Industrial Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Ontario Industrial Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Medley Industrial Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,864
Initial Cost of Buildings and Improvements	4,559
Total Initial Costs	7,423
Costs Capitalized or Adjustments Subsequent to Acquisition	309
Gross amount carried, Land	2,864
Gross amount carried, Buildings and Improvements	4,868
Gross amount carried, Total Costs	7,732
Accumulated Depreciation and Amortization	$ (921)
Medley Industrial Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Medley Industrial Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Ontario Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,657
Initial Cost of Buildings and Improvements	16,101
Total Initial Costs	30,758
Costs Capitalized or Adjustments Subsequent to Acquisition	122
Gross amount carried, Land	14,657
Gross amount carried, Buildings and Improvements	16,223
Gross amount carried, Total Costs	30,880
Accumulated Depreciation and Amortization	$ (4,310)
Ontario Distribution Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Ontario Distribution Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Park 429 Logistics Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,963
Initial Cost of Buildings and Improvements	36,919
Total Initial Costs	44,882
Costs Capitalized or Adjustments Subsequent to Acquisition	319
Gross amount carried, Land	7,963
Gross amount carried, Buildings and Improvements	37,238
Gross amount carried, Total Costs	45,201
Accumulated Depreciation and Amortization	$ (4,578)
Park 429 Logistics Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Park 429 Logistics Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Pescadero Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,602
Initial Cost of Buildings and Improvements	40,021
Total Initial Costs	45,623
Costs Capitalized or Adjustments Subsequent to Acquisition	59
Gross amount carried, Land	5,602
Gross amount carried, Buildings and Improvements	40,080
Gross amount carried, Total Costs	45,682
Accumulated Depreciation and Amortization	$ (5,602)
Pescadero Distribution Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Pescadero Distribution Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Gothard Industrial Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,325
Initial Cost of Buildings and Improvements	4,771
Total Initial Costs	10,096
Costs Capitalized or Adjustments Subsequent to Acquisition	400
Gross amount carried, Land	5,325
Gross amount carried, Buildings and Improvements	5,171
Gross amount carried, Total Costs	10,496
Accumulated Depreciation and Amortization	$ (1,079)
Gothard Industrial Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Gothard Industrial Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Midway Industrial Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,579
Initial Cost of Buildings and Improvements	3,548
Total Initial Costs	8,127
Costs Capitalized or Adjustments Subsequent to Acquisition	438
Gross amount carried, Land	4,579
Gross amount carried, Buildings and Improvements	3,986
Gross amount carried, Total Costs	8,565
Accumulated Depreciation and Amortization	$ (1,240)
Midway Industrial Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Midway Industrial Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Executive Airport Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 10,360
Initial Cost of Buildings and Improvements	40,710
Total Initial Costs	51,070
Costs Capitalized or Adjustments Subsequent to Acquisition	215
Gross amount carried, Land	10,360
Gross amount carried, Buildings and Improvements	40,925
Gross amount carried, Total Costs	51,285
Accumulated Depreciation and Amortization	$ (5,969)
Executive Airport Distribution Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Executive Airport Distribution Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Iron Run Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,483
Initial Cost of Buildings and Improvements	10,039
Total Initial Costs	15,522
Costs Capitalized or Adjustments Subsequent to Acquisition	161
Gross amount carried, Land	5,483
Gross amount carried, Buildings and Improvements	10,200
Gross amount carried, Total Costs	15,683
Accumulated Depreciation and Amortization	$ (2,036)
Iron Run Distribution Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Iron Run Distribution Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Elgin Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,032
Initial Cost of Buildings and Improvements	16,951
Total Initial Costs	20,983
Costs Capitalized or Adjustments Subsequent to Acquisition	71
Gross amount carried, Land	4,032
Gross amount carried, Buildings and Improvements	17,022
Gross amount carried, Total Costs	21,054
Accumulated Depreciation and Amortization	$ (1,668)
Elgin Distribution Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Elgin Distribution Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Addison Distribution Center II in Addison, IL [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,439
Initial Cost of Buildings and Improvements	8,009
Total Initial Costs	12,448
Costs Capitalized or Adjustments Subsequent to Acquisition	849
Gross amount carried, Land	4,439
Gross amount carried, Buildings and Improvements	8,858
Gross amount carried, Total Costs	13,297
Accumulated Depreciation and Amortization	$ (1,598)
Addison Distribution Center II in Addison, IL [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Addison Distribution Center II in Addison, IL [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Fontana Distribution Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 20,558
Initial Cost of Buildings and Improvements	21,943
Total Initial Costs	42,501
Costs Capitalized or Adjustments Subsequent to Acquisition	958
Gross amount carried, Land	20,558
Gross amount carried, Buildings and Improvements	22,901
Gross amount carried, Total Costs	43,459
Accumulated Depreciation and Amortization	$ (6,077)
Fontana Distribution Center | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Fontana Distribution Center | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Airport Industrial Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,085
Initial Cost of Buildings and Improvements	4,051
Total Initial Costs	8,136
Costs Capitalized or Adjustments Subsequent to Acquisition	524
Gross amount carried, Land	4,085
Gross amount carried, Buildings and Improvements	4,575
Gross amount carried, Total Costs	8,660
Accumulated Depreciation and Amortization	$ (1,245)
Airport Industrial Center in Ontario, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airport Industrial Center in Ontario, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Kelly Trade Center in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,686
Initial Cost of Buildings and Improvements	12,654
Total Initial Costs	15,340
Costs Capitalized or Adjustments Subsequent to Acquisition	566
Gross amount carried, Land	2,686
Gross amount carried, Buildings and Improvements	13,220
Gross amount carried, Total Costs	15,906
Accumulated Depreciation and Amortization	$ (2,340)
Kelly Trade Center in Austin, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Kelly Trade Center in Austin, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
7A Distribution Center in Robbinsville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,874
Initial Cost of Buildings and Improvements	7,277
Total Initial Costs	12,151
Costs Capitalized or Adjustments Subsequent to Acquisition	1,657
Gross amount carried, Land	4,874
Gross amount carried, Buildings and Improvements	8,934
Gross amount carried, Total Costs	13,808
Accumulated Depreciation and Amortization	$ (1,944)
7A Distribution Center in Robbinsville, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
7A Distribution Center in Robbinsville, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Quakerbridge Distribution Center in Hamilton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,334
Initial Cost of Buildings and Improvements	6,260
Total Initial Costs	8,594
Costs Capitalized or Adjustments Subsequent to Acquisition	939
Gross amount carried, Land	2,334
Gross amount carried, Buildings and Improvements	7,199
Gross amount carried, Total Costs	9,533
Accumulated Depreciation and Amortization	$ (1,736)
Quakerbridge Distribution Center in Hamilton, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Quakerbridge Distribution Center in Hamilton, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Hebron Airpark Logistics Center in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,228
Initial Cost of Buildings and Improvements	9,572
Total Initial Costs	11,800
Costs Capitalized or Adjustments Subsequent to Acquisition	41
Gross amount carried, Land	2,228
Gross amount carried, Buildings and Improvements	9,613
Gross amount carried, Total Costs	11,841
Accumulated Depreciation and Amortization	$ (1,342)
Hebron Airpark Logistics Center in Hebron, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Hebron Airpark Logistics Center in Hebron, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Las Vegas Light Industrial Portfolio in Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 19,872
Initial Cost of Buildings and Improvements	39,399
Total Initial Costs	59,271
Costs Capitalized or Adjustments Subsequent to Acquisition	532
Gross amount carried, Land	19,872
Gross amount carried, Buildings and Improvements	39,931
Gross amount carried, Total Costs	59,803
Accumulated Depreciation and Amortization	$ (6,529)
Las Vegas Light Industrial Portfolio in Las Vegas, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Las Vegas Light Industrial Portfolio in Las Vegas, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Monte Vista Industrial Center in Chino, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,947
Initial Cost of Buildings and Improvements	7,592
Total Initial Costs	15,539
Costs Capitalized or Adjustments Subsequent to Acquisition	363
Gross amount carried, Land	7,947
Gross amount carried, Buildings and Improvements	7,955
Gross amount carried, Total Costs	15,902
Accumulated Depreciation and Amortization	$ (1,822)
Monte Vista Industrial Center in Chino, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Monte Vista Industrial Center in Chino, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
King of Prussia Core Infill Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 14,791
Initial Cost of Buildings and Improvements	17,187
Total Initial Costs	31,978
Costs Capitalized or Adjustments Subsequent to Acquisition	1,283
Gross amount carried, Land	14,791
Gross amount carried, Buildings and Improvements	18,470
Gross amount carried, Total Costs	33,261
Accumulated Depreciation and Amortization	$ (4,043)
King of Prussia Core Infill Portfolio in King of Prussia, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
King of Prussia Core Infill Portfolio in King of Prussia, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Dallas Infill Industrial Portfolio in Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Debt	$ 38,000
Initial Cost of Land	17,159
Initial Cost of Buildings and Improvements	74,981
Total Initial Costs	92,140
Costs Capitalized or Adjustments Subsequent to Acquisition	1,920
Gross amount carried, Land	17,159
Gross amount carried, Buildings and Improvements	76,901
Gross amount carried, Total Costs	94,060
Accumulated Depreciation and Amortization	$ (11,130)
Dallas Infill Industrial Portfolio in Arlington, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Dallas Infill Industrial Portfolio in Arlington, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Dallas Infill Industrial Portfolio in Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Debt	$ 11,250
Initial Cost of Land	3,545
Initial Cost of Buildings and Improvements	20,370
Total Initial Costs	23,915
Gross amount carried, Land	3,545
Gross amount carried, Buildings and Improvements	20,370
Gross amount carried, Total Costs	23,915
Accumulated Depreciation and Amortization	$ (2,134)
Dallas Infill Industrial Portfolio in Garland, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Dallas Infill Industrial Portfolio in Garland, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Edison Distribution Center in Edison, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,519
Initial Cost of Buildings and Improvements	16,079
Total Initial Costs	27,598
Costs Capitalized or Adjustments Subsequent to Acquisition	32
Gross amount carried, Land	11,519
Gross amount carried, Buildings and Improvements	16,111
Gross amount carried, Total Costs	27,630
Accumulated Depreciation and Amortization	$ (2,735)
Edison Distribution Center in Edison, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Edison Distribution Center in Edison, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
395 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,904
Initial Cost of Buildings and Improvements	45,114
Total Initial Costs	54,018
Costs Capitalized or Adjustments Subsequent to Acquisition	438
Gross amount carried, Land	8,904
Gross amount carried, Buildings and Improvements	45,552
Gross amount carried, Total Costs	54,456
Accumulated Depreciation and Amortization	$ (4,870)
395 Distribution Center in Reno, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
395 Distribution Center in Reno, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
I-80 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 18,742
Initial Cost of Buildings and Improvements	53,267
Total Initial Costs	72,009
Costs Capitalized or Adjustments Subsequent to Acquisition	1,889
Gross amount carried, Land	18,742
Gross amount carried, Buildings and Improvements	55,156
Gross amount carried, Total Costs	73,898
Accumulated Depreciation and Amortization	$ (6,937)
I-80 Distribution Center in Reno, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
I-80 Distribution Center in Reno, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Avenue B Industrial Center in Bethlehem, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,461
Initial Cost of Buildings and Improvements	4,652
Total Initial Costs	7,113
Costs Capitalized or Adjustments Subsequent to Acquisition	84
Gross amount carried, Land	2,461
Gross amount carried, Buildings and Improvements	4,736
Gross amount carried, Total Costs	7,197
Accumulated Depreciation and Amortization	$ (933)
Avenue B Industrial Center in Bethlehem, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Avenue B Industrial Center in Bethlehem, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
485 Distribution Center in Shiremanstown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,427
Initial Cost of Buildings and Improvements	34,632
Total Initial Costs	43,059
Costs Capitalized or Adjustments Subsequent to Acquisition	204
Gross amount carried, Land	8,427
Gross amount carried, Buildings and Improvements	34,836
Gross amount carried, Total Costs	43,263
Accumulated Depreciation and Amortization	$ (3,763)
485 Distribution Center in Shiremanstown, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
485 Distribution Center in Shiremanstown, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Weston Business Center in Weston, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 15,661
Initial Cost of Buildings and Improvements	16,750
Total Initial Costs	32,411
Costs Capitalized or Adjustments Subsequent to Acquisition	155
Gross amount carried, Land	15,661
Gross amount carried, Buildings and Improvements	16,905
Gross amount carried, Total Costs	32,566
Accumulated Depreciation and Amortization	$ (2,366)
Weston Business Center in Weston, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Weston Business Center in Weston, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Marigold Distribution Center in Redlands, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 17,230
Initial Cost of Buildings and Improvements	22,505
Total Initial Costs	39,735
Costs Capitalized or Adjustments Subsequent to Acquisition	114
Gross amount carried, Land	17,230
Gross amount carried, Buildings and Improvements	22,619
Gross amount carried, Total Costs	39,849
Accumulated Depreciation and Amortization	$ (4,228)
Marigold Distribution Center in Redlands, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Marigold Distribution Center in Redlands, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Bishops Gate Distribution Center in Mount Laurel, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,068
Initial Cost of Buildings and Improvements	24,158
Total Initial Costs	32,226
Costs Capitalized or Adjustments Subsequent to Acquisition	107
Gross amount carried, Land	8,068
Gross amount carried, Buildings and Improvements	24,265
Gross amount carried, Total Costs	32,333
Accumulated Depreciation and Amortization	$ (3,652)
Bishops Gate Distribution Center in Mount Laurel, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Bishops Gate Distribution Center in Mount Laurel, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Norcross Industrial Center in Peachtree Corner, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,086
Initial Cost of Buildings and Improvements	5,419
Total Initial Costs	9,505
Costs Capitalized or Adjustments Subsequent to Acquisition	5,460
Gross amount carried, Land	4,086
Gross amount carried, Buildings and Improvements	10,879
Gross amount carried, Total Costs	14,965
Accumulated Depreciation and Amortization	$ (482)
Norcross Industrial Center in Peachtree Corner, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Norcross Industrial Center in Peachtree Corner, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Port 146 Distribution Center in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,577
Initial Cost of Buildings and Improvements	6,994
Total Initial Costs	9,571
Costs Capitalized or Adjustments Subsequent to Acquisition	2,012
Gross amount carried, Land	2,577
Gross amount carried, Buildings and Improvements	9,006
Gross amount carried, Total Costs	11,583
Accumulated Depreciation and Amortization	$ (202)
Port 146 Distribution Center in LaPorte, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Port 146 Distribution Center in LaPorte, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Lima Distribution Center in Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,313
Initial Cost of Buildings and Improvements	9,309
Total Initial Costs	11,622
Costs Capitalized or Adjustments Subsequent to Acquisition	115
Gross amount carried, Land	2,313
Gross amount carried, Buildings and Improvements	9,424
Gross amount carried, Total Costs	11,737
Accumulated Depreciation and Amortization	$ (1,247)
Lima Distribution Center in Denver, CO | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lima Distribution Center in Denver, CO | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Valwood Crossroads in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 21,312
Initial Cost of Buildings and Improvements	48,687
Total Initial Costs	69,999
Costs Capitalized or Adjustments Subsequent to Acquisition	98
Gross amount carried, Land	21,312
Gross amount carried, Buildings and Improvements	48,785
Gross amount carried, Total Costs	70,097
Accumulated Depreciation and Amortization	$ (4,467)
Valwood Crossroads in Carrollton, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Valwood Crossroads in Carrollton, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Eaglepoint LC in Brownsburg, IN [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,875
Initial Cost of Buildings and Improvements	33,341
Total Initial Costs	40,216
Costs Capitalized or Adjustments Subsequent to Acquisition	51
Gross amount carried, Land	6,875
Gross amount carried, Buildings and Improvements	33,392
Gross amount carried, Total Costs	40,267
Accumulated Depreciation and Amortization	$ (3,115)
Eaglepoint LC in Brownsburg, IN [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Eaglepoint LC in Brownsburg, IN [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
7A DC II in Robbinsville Township, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,887
Initial Cost of Buildings and Improvements	15,331
Total Initial Costs	23,218
Costs Capitalized or Adjustments Subsequent to Acquisition	510
Gross amount carried, Land	7,887
Gross amount carried, Buildings and Improvements	15,841
Gross amount carried, Total Costs	23,728
Accumulated Depreciation and Amortization	$ (1,719)
7A DC II in Robbinsville Township, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
7A DC II in Robbinsville Township, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Legacy Logistics Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,223
Initial Cost of Buildings and Improvements	31,495
Total Initial Costs	39,718
Costs Capitalized or Adjustments Subsequent to Acquisition	1,982
Gross amount carried, Land	8,223
Gross amount carried, Buildings and Improvements	33,477
Gross amount carried, Total Costs	41,700
Accumulated Depreciation and Amortization	$ (2,727)
Legacy Logistics Center in Salt Lake City, UT | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Legacy Logistics Center in Salt Lake City, UT | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Logistics Center at 33 in Easton, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 13,157
Initial Cost of Buildings and Improvements	50,128
Total Initial Costs	63,285
Costs Capitalized or Adjustments Subsequent to Acquisition	48
Gross amount carried, Land	13,157
Gross amount carried, Buildings and Improvements	50,176
Gross amount carried, Total Costs	63,333
Accumulated Depreciation and Amortization	$ (4,264)
Logistics Center at 33 in Easton, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Logistics Center at 33 in Easton, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Intermodal Logistics Center in Fort Worth, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,531
Initial Cost of Buildings and Improvements	21,097
Total Initial Costs	28,628
Costs Capitalized or Adjustments Subsequent to Acquisition	148
Gross amount carried, Land	7,531
Gross amount carried, Buildings and Improvements	21,245
Gross amount carried, Total Costs	28,776
Accumulated Depreciation and Amortization	$ (1,498)
Intermodal Logistics Center in Fort Worth, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Intermodal Logistics Center in Fort Worth, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Executive Airport Distribution Center II, III in Henderson, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 9,490
Initial Cost of Buildings and Improvements	23,710
Total Initial Costs	33,200
Costs Capitalized or Adjustments Subsequent to Acquisition	4,433
Gross amount carried, Land	9,490
Gross amount carried, Buildings and Improvements	28,143
Gross amount carried, Total Costs	37,633
Accumulated Depreciation and Amortization	$ (451)
Executive Airport Distribution Center II, III in Henderson, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Executive Airport Distribution Center II, III in Henderson, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Airpark International Logistics Center in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,410
Initial Cost of Buildings and Improvements	25,791
Total Initial Costs	30,201
Costs Capitalized or Adjustments Subsequent to Acquisition	362
Gross amount carried, Land	4,410
Gross amount carried, Buildings and Improvements	26,153
Gross amount carried, Total Costs	30,563
Accumulated Depreciation and Amortization	$ (1,425)
Airpark International Logistics Center in Hebron, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airpark International Logistics Center in Hebron, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Carlstadt Industrial Center in Carlstadt, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 17,616
Initial Cost of Buildings and Improvements	19,914
Total Initial Costs	37,530
Costs Capitalized or Adjustments Subsequent to Acquisition	111
Gross amount carried, Land	17,616
Gross amount carried, Buildings and Improvements	20,025
Gross amount carried, Total Costs	37,641
Accumulated Depreciation and Amortization	$ (2,310)
Carlstadt Industrial Center in Carlstadt, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Carlstadt Industrial Center in Carlstadt, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Nelson Industrial Center in La Puente, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,233
Initial Cost of Buildings and Improvements	4,799
Total Initial Costs	9,032
Costs Capitalized or Adjustments Subsequent to Acquisition	38
Gross amount carried, Land	4,233
Gross amount carried, Buildings and Improvements	4,837
Gross amount carried, Total Costs	9,070
Accumulated Depreciation and Amortization	$ (625)
Nelson Industrial Center in La Puente, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Nelson Industrial Center in La Puente, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Miraloma Industrial Center in Placentia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,113
Initial Cost of Buildings and Improvements	4,385
Total Initial Costs	9,498
Costs Capitalized or Adjustments Subsequent to Acquisition	34
Gross amount carried, Land	5,113
Gross amount carried, Buildings and Improvements	4,419
Gross amount carried, Total Costs	9,532
Accumulated Depreciation and Amortization	$ (482)
Depreciable Life (Years)	20 years
Miraloma Industrial Center in Placentia, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Pennsy Logistics Center in Landover, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 9,545
Initial Cost of Buildings and Improvements	50,552
Total Initial Costs	60,097
Costs Capitalized or Adjustments Subsequent to Acquisition	96
Gross amount carried, Land	9,545
Gross amount carried, Buildings and Improvements	50,648
Gross amount carried, Total Costs	60,193
Accumulated Depreciation and Amortization	$ (2,717)
Pennsy Logistics Center in Landover, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Pennsy Logistics Center in Landover, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Gerwig Distribution Center in Columbia, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,493
Initial Cost of Buildings and Improvements	10,781
Total Initial Costs	19,274
Costs Capitalized or Adjustments Subsequent to Acquisition	326
Gross amount carried, Land	8,493
Gross amount carried, Buildings and Improvements	11,107
Gross amount carried, Total Costs	19,600
Accumulated Depreciation and Amortization	$ (713)
Gerwig Distribution Center in Columbia, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Gerwig Distribution Center in Columbia, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Harvill Business Center in Perris, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 17,065
Initial Cost of Buildings and Improvements	43,523
Total Initial Costs	60,588
Costs Capitalized or Adjustments Subsequent to Acquisition	41
Gross amount carried, Land	17,065
Gross amount carried, Buildings and Improvements	43,564
Gross amount carried, Total Costs	60,629
Accumulated Depreciation and Amortization	$ (1,675)
Harvill Business Center in Perris, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Harvill Business Center in Perris, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Princess Logistics Center in Lawrenceville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,595
Initial Cost of Buildings and Improvements	59,480
Total Initial Costs	74,075
Costs Capitalized or Adjustments Subsequent to Acquisition	1,232
Gross amount carried, Land	14,595
Gross amount carried, Buildings and Improvements	60,712
Gross amount carried, Total Costs	75,307
Accumulated Depreciation and Amortization	$ (1,590)
Princess Logistics Center in Lawrenceville, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Princess Logistics Center in Lawrenceville, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Rancho Cucamonga Business Center in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,825
Initial Cost of Buildings and Improvements	15,799
Total Initial Costs	24,624
Costs Capitalized or Adjustments Subsequent to Acquisition	50
Gross amount carried, Land	8,825
Gross amount carried, Buildings and Improvements	15,849
Gross amount carried, Total Costs	24,674
Accumulated Depreciation and Amortization	$ (661)
Rancho Cucamonga Business Center in Rancho Cucamonga, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Rancho Cucamonga Business Center in Rancho Cucamonga, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Norton Distribution Center in Norton, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,495
Initial Cost of Buildings and Improvements	25,918
Total Initial Costs	32,413
Costs Capitalized or Adjustments Subsequent to Acquisition	163
Gross amount carried, Land	6,495
Gross amount carried, Buildings and Improvements	26,081
Gross amount carried, Total Costs	32,576
Accumulated Depreciation and Amortization	$ (1,074)
Norton Distribution Center in Norton, MA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Norton Distribution Center in Norton, MA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Build-To-Core Logistics Portfolio in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 15,142
Initial Cost of Buildings and Improvements	39,222
Total Initial Costs	54,364
Costs Capitalized or Adjustments Subsequent to Acquisition	503
Gross amount carried, Land	15,142
Gross amount carried, Buildings and Improvements	39,725
Gross amount carried, Total Costs	54,867
Accumulated Depreciation and Amortization	$ (1,757)
Build-To-Core Logistics Portfolio in Austin, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Austin, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Hayward, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 41,746
Initial Cost of Buildings and Improvements	88,728
Total Initial Costs	130,474
Costs Capitalized or Adjustments Subsequent to Acquisition	(247)
Gross amount carried, Land	41,746
Gross amount carried, Buildings and Improvements	88,481
Gross amount carried, Total Costs	130,227
Accumulated Depreciation and Amortization	$ (1,697)
Build-To-Core Logistics Portfolio in Hayward, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Hayward, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,301
Initial Cost of Buildings and Improvements	13,958
Total Initial Costs	17,259
Costs Capitalized or Adjustments Subsequent to Acquisition	50
Gross amount carried, Land	3,301
Gross amount carried, Buildings and Improvements	14,008
Gross amount carried, Total Costs	17,309
Accumulated Depreciation and Amortization	$ (502)
Build-To-Core Logistics Portfolio in LaPorte, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in LaPorte, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 17,094
Initial Cost of Buildings and Improvements	46,504
Total Initial Costs	63,598
Costs Capitalized or Adjustments Subsequent to Acquisition	27
Gross amount carried, Land	17,094
Gross amount carried, Buildings and Improvements	46,531
Gross amount carried, Total Costs	63,625
Accumulated Depreciation and Amortization	$ (1,050)
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Lodi, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 21,612
Initial Cost of Buildings and Improvements	75,424
Total Initial Costs	97,036
Costs Capitalized or Adjustments Subsequent to Acquisition	521
Gross amount carried, Land	21,612
Gross amount carried, Buildings and Improvements	75,945
Gross amount carried, Total Costs	97,557
Accumulated Depreciation and Amortization	$ (1,409)
Build-To-Core Logistics Portfolio in Lodi, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Lodi, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 29,703
Initial Cost of Buildings and Improvements	67,808
Total Initial Costs	97,511
Gross amount carried, Land	29,703
Gross amount carried, Buildings and Improvements	67,808
Gross amount carried, Total Costs	97,511
Accumulated Depreciation and Amortization	$ (1,874)
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Richmond, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,343
Initial Cost of Buildings and Improvements	32,473
Total Initial Costs	40,816
Costs Capitalized or Adjustments Subsequent to Acquisition	1,341
Gross amount carried, Land	8,343
Gross amount carried, Buildings and Improvements	33,814
Gross amount carried, Total Costs	42,157
Accumulated Depreciation and Amortization	$ (514)
Build-To-Core Logistics Portfolio in Richmond, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Richmond, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in San Diego, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 11,146
Initial Cost of Buildings and Improvements	31,741
Total Initial Costs	42,887
Costs Capitalized or Adjustments Subsequent to Acquisition	35
Gross amount carried, Land	11,146
Gross amount carried, Buildings and Improvements	31,776
Gross amount carried, Total Costs	42,922
Accumulated Depreciation and Amortization	$ (793)
Build-To-Core Logistics Portfolio in San Diego, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in San Diego, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,404
Initial Cost of Buildings and Improvements	21,862
Total Initial Costs	33,266
Gross amount carried, Land	11,404
Gross amount carried, Buildings and Improvements	21,862
Gross amount carried, Total Costs	33,266
Accumulated Depreciation and Amortization	$ (438)
Build-To-Core Logistics Portfolio in San Jose, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in San Jose, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Suwanee, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 9,566
Initial Cost of Buildings and Improvements	61,538
Total Initial Costs	71,104
Costs Capitalized or Adjustments Subsequent to Acquisition	209
Gross amount carried, Land	9,566
Gross amount carried, Buildings and Improvements	61,747
Gross amount carried, Total Costs	71,313
Accumulated Depreciation and Amortization	$ (2,818)
Build-To-Core Logistics Portfolio in Suwanee, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Suwanee, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Build-To-Core Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 36,309
Initial Cost of Buildings and Improvements	138,347
Total Initial Costs	174,656
Costs Capitalized or Adjustments Subsequent to Acquisition	1,617
Gross amount carried, Land	36,309
Gross amount carried, Buildings and Improvements	139,964
Gross amount carried, Total Costs	176,273
Accumulated Depreciation and Amortization	$ (3,130)
Build-To-Core Logistics Portfolio in Tacoma, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Tacoma, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,289
Initial Cost of Buildings and Improvements	47,471
Total Initial Costs	53,760
Gross amount carried, Land	6,289
Gross amount carried, Buildings and Improvements	47,471
Gross amount carried, Total Costs	53,760
Accumulated Depreciation and Amortization	$ (1,001)
Build-To-Core Logistics Portfolio in Tracy, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Tracy, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Benchmark Distribution Center in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,452
Initial Cost of Buildings and Improvements	13,199
Total Initial Costs	19,651
Costs Capitalized or Adjustments Subsequent to Acquisition	1,186
Gross amount carried, Land	6,452
Gross amount carried, Buildings and Improvements	14,385
Gross amount carried, Total Costs	20,837
Accumulated Depreciation and Amortization	$ (392)
Benchmark Distribution Center in Houston, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Benchmark Distribution Center in Houston, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Key Logistics Portfolio in Allentown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,733
Initial Cost of Buildings and Improvements	14,351
Total Initial Costs	18,084
Costs Capitalized or Adjustments Subsequent to Acquisition	234
Gross amount carried, Land	3,733
Gross amount carried, Buildings and Improvements	14,585
Gross amount carried, Total Costs	18,318
Accumulated Depreciation and Amortization	$ (514)
Key Logistics Portfolio in Allentown, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Allentown, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Auburn, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 8,663
Initial Cost of Buildings and Improvements	33,248
Total Initial Costs	41,911
Costs Capitalized or Adjustments Subsequent to Acquisition	294
Gross amount carried, Land	8,663
Gross amount carried, Buildings and Improvements	33,542
Gross amount carried, Total Costs	42,205
Accumulated Depreciation and Amortization	$ (927)
Key Logistics Portfolio in Auburn, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Auburn, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Aurora, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,123
Initial Cost of Buildings and Improvements	8,842
Total Initial Costs	10,965
Costs Capitalized or Adjustments Subsequent to Acquisition	4
Gross amount carried, Land	2,123
Gross amount carried, Buildings and Improvements	8,846
Gross amount carried, Total Costs	10,969
Accumulated Depreciation and Amortization	$ (290)
Key Logistics Portfolio in Aurora, CO | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Aurora, CO | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Boca Raton, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,236
Initial Cost of Buildings and Improvements	8,309
Total Initial Costs	13,545
Costs Capitalized or Adjustments Subsequent to Acquisition	6
Gross amount carried, Land	5,236
Gross amount carried, Buildings and Improvements	8,315
Gross amount carried, Total Costs	13,551
Accumulated Depreciation and Amortization	$ (374)
Key Logistics Portfolio in Boca Raton, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Boca Raton, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Glen Burnie, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,265
Initial Cost of Buildings and Improvements	16,256
Total Initial Costs	20,521
Costs Capitalized or Adjustments Subsequent to Acquisition	5
Gross amount carried, Land	4,265
Gross amount carried, Buildings and Improvements	16,261
Gross amount carried, Total Costs	20,526
Accumulated Depreciation and Amortization	$ (679)
Key Logistics Portfolio in Glen Burnie, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Glen Burnie, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Kent, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 12,325
Initial Cost of Buildings and Improvements	26,758
Total Initial Costs	39,083
Costs Capitalized or Adjustments Subsequent to Acquisition	127
Gross amount carried, Land	12,325
Gross amount carried, Buildings and Improvements	26,885
Gross amount carried, Total Costs	39,210
Accumulated Depreciation and Amortization	$ (1,066)
Key Logistics Portfolio in Kent, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Kent, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,901
Initial Cost of Buildings and Improvements	17,203
Total Initial Costs	22,104
Costs Capitalized or Adjustments Subsequent to Acquisition	21
Gross amount carried, Land	4,901
Gross amount carried, Buildings and Improvements	17,224
Gross amount carried, Total Costs	22,125
Accumulated Depreciation and Amortization	$ (650)
Key Logistics Portfolio in King of Prussia, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in King of Prussia, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Lanham, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,523
Initial Cost of Buildings and Improvements	16,603
Total Initial Costs	22,126
Costs Capitalized or Adjustments Subsequent to Acquisition	695
Gross amount carried, Land	5,523
Gross amount carried, Buildings and Improvements	17,298
Gross amount carried, Total Costs	22,821
Accumulated Depreciation and Amortization	$ (390)
Key Logistics Portfolio in Lanham, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Lanham, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Key Logistics Portfolio in Lincolnshire, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,516
Initial Cost of Buildings and Improvements	11,118
Total Initial Costs	13,634
Costs Capitalized or Adjustments Subsequent to Acquisition	(158)
Gross amount carried, Land	2,516
Gross amount carried, Buildings and Improvements	10,960
Gross amount carried, Total Costs	13,476
Accumulated Depreciation and Amortization	$ (274)
Key Logistics Portfolio in Lincolnshire, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Lincolnshire, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 16,463
Initial Cost of Buildings and Improvements	109,692
Total Initial Costs	126,155
Costs Capitalized or Adjustments Subsequent to Acquisition	46
Gross amount carried, Land	16,463
Gross amount carried, Buildings and Improvements	109,738
Gross amount carried, Total Costs	126,201
Accumulated Depreciation and Amortization	$ (3,585)
Key Logistics Portfolio in Louisville, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Louisville, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,445
Initial Cost of Buildings and Improvements	11,642
Total Initial Costs	14,087
Costs Capitalized or Adjustments Subsequent to Acquisition	10
Gross amount carried, Land	2,445
Gross amount carried, Buildings and Improvements	11,652
Gross amount carried, Total Costs	14,097
Accumulated Depreciation and Amortization	$ (383)
Key Logistics Portfolio in Mechanicsburg, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Mechanicsburg, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 12,760
Initial Cost of Buildings and Improvements	97,828
Total Initial Costs	110,588
Costs Capitalized or Adjustments Subsequent to Acquisition	492
Gross amount carried, Land	12,760
Gross amount carried, Buildings and Improvements	98,320
Gross amount carried, Total Costs	111,080
Accumulated Depreciation and Amortization	$ (4,120)
Key Logistics Portfolio in Memphis, TN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Memphis, TN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Olive Branch, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,939
Initial Cost of Buildings and Improvements	28,170
Total Initial Costs	32,109
Costs Capitalized or Adjustments Subsequent to Acquisition	7
Gross amount carried, Land	3,939
Gross amount carried, Buildings and Improvements	28,177
Gross amount carried, Total Costs	32,116
Accumulated Depreciation and Amortization	$ (690)
Key Logistics Portfolio in Olive Branch, MS | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Olive Branch, MS | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 14,668
Initial Cost of Buildings and Improvements	37,715
Total Initial Costs	52,383
Costs Capitalized or Adjustments Subsequent to Acquisition	125
Gross amount carried, Land	14,668
Gross amount carried, Buildings and Improvements	37,840
Gross amount carried, Total Costs	52,508
Accumulated Depreciation and Amortization	$ (1,332)
Key Logistics Portfolio in Ontario, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Ontario, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,160
Initial Cost of Buildings and Improvements	10,263
Total Initial Costs	15,423
Costs Capitalized or Adjustments Subsequent to Acquisition	98
Gross amount carried, Land	5,160
Gross amount carried, Buildings and Improvements	10,361
Gross amount carried, Total Costs	15,521
Accumulated Depreciation and Amortization	$ (281)
Key Logistics Portfolio in Pompano Beach, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Pompano Beach, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Renton, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,992
Initial Cost of Buildings and Improvements	13,365
Total Initial Costs	18,357
Costs Capitalized or Adjustments Subsequent to Acquisition	5
Gross amount carried, Land	4,992
Gross amount carried, Buildings and Improvements	13,370
Gross amount carried, Total Costs	18,362
Accumulated Depreciation and Amortization	$ (445)
Key Logistics Portfolio in Renton, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Renton, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,336
Initial Cost of Buildings and Improvements	51,350
Total Initial Costs	59,686
Costs Capitalized or Adjustments Subsequent to Acquisition	200
Gross amount carried, Land	8,336
Gross amount carried, Buildings and Improvements	51,550
Gross amount carried, Total Costs	59,886
Accumulated Depreciation and Amortization	$ (1,676)
Key Logistics Portfolio in Salt Lake City, UT | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Salt Lake City, UT | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 18,255
Initial Cost of Buildings and Improvements	70,528
Total Initial Costs	88,783
Costs Capitalized or Adjustments Subsequent to Acquisition	27
Gross amount carried, Land	18,255
Gross amount carried, Buildings and Improvements	70,555
Gross amount carried, Total Costs	88,810
Accumulated Depreciation and Amortization	$ (2,905)
Key Logistics Portfolio in Stockton, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Stockton, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,329
Initial Cost of Buildings and Improvements	5,869
Total Initial Costs	10,198
Costs Capitalized or Adjustments Subsequent to Acquisition	4
Gross amount carried, Land	4,329
Gross amount carried, Buildings and Improvements	5,873
Gross amount carried, Total Costs	10,202
Accumulated Depreciation and Amortization	$ (182)
Key Logistics Portfolio in Tacoma, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Tacoma, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Totowa, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 13,152
Initial Cost of Buildings and Improvements	45,050
Total Initial Costs	58,202
Costs Capitalized or Adjustments Subsequent to Acquisition	703
Gross amount carried, Land	13,152
Gross amount carried, Buildings and Improvements	45,753
Gross amount carried, Total Costs	58,905
Accumulated Depreciation and Amortization	$ (1,313)
Key Logistics Portfolio in Totowa, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Totowa, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 12,916
Initial Cost of Buildings and Improvements	45,919
Total Initial Costs	58,835
Costs Capitalized or Adjustments Subsequent to Acquisition	587
Gross amount carried, Land	12,916
Gross amount carried, Buildings and Improvements	46,506
Gross amount carried, Total Costs	59,422
Accumulated Depreciation and Amortization	$ (1,514)
Key Logistics Portfolio in Tracy, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Tracy, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Upper Marlboro, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,663
Initial Cost of Buildings and Improvements	4,469
Total Initial Costs	7,132
Costs Capitalized or Adjustments Subsequent to Acquisition	4
Gross amount carried, Land	2,663
Gross amount carried, Buildings and Improvements	4,473
Gross amount carried, Total Costs	7,136
Accumulated Depreciation and Amortization	$ (141)
Key Logistics Portfolio in Upper Marlboro, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Upper Marlboro, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Valencia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,080
Initial Cost of Buildings and Improvements	11,094
Total Initial Costs	18,174
Costs Capitalized or Adjustments Subsequent to Acquisition	4
Gross amount carried, Land	7,080
Gross amount carried, Buildings and Improvements	11,098
Gross amount carried, Total Costs	18,178
Accumulated Depreciation and Amortization	$ (246)
Key Logistics Portfolio in Valencia, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Valencia, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Wayne, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,583
Initial Cost of Buildings and Improvements	12,987
Total Initial Costs	19,570
Costs Capitalized or Adjustments Subsequent to Acquisition	5
Gross amount carried, Land	6,583
Gross amount carried, Buildings and Improvements	12,992
Gross amount carried, Total Costs	19,575
Accumulated Depreciation and Amortization	$ (368)
Key Logistics Portfolio in Wayne, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Wayne, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,150
Initial Cost of Buildings and Improvements	19,961
Total Initial Costs	25,111
Costs Capitalized or Adjustments Subsequent to Acquisition	14
Gross amount carried, Land	5,150
Gross amount carried, Buildings and Improvements	19,975
Gross amount carried, Total Costs	25,125
Accumulated Depreciation and Amortization	$ (722)
Key Logistics Portfolio in York, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in York, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Stonewood Logistics Center in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,653
Initial Cost of Buildings and Improvements	16,690
Total Initial Costs	19,343
Costs Capitalized or Adjustments Subsequent to Acquisition	413
Gross amount carried, Land	2,653
Gross amount carried, Buildings and Improvements	17,103
Gross amount carried, Total Costs	$ 19,756
Stonewood Logistics Center in York, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Stonewood Logistics Center in York, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Heron Industrial Center in Swedesboro, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,670
Initial Cost of Buildings and Improvements	18,329
Total Initial Costs	25,999
Gross amount carried, Land	7,670
Gross amount carried, Buildings and Improvements	18,329
Gross amount carried, Total Costs	25,999
Accumulated Depreciation and Amortization	$ (758)
Heron Industrial Center in Swedesboro, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Heron Industrial Center in Swedesboro, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Colony Crossing Logistics Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 6,433
Initial Cost of Buildings and Improvements	15,136
Total Initial Costs	21,569
Costs Capitalized or Adjustments Subsequent to Acquisition	240
Gross amount carried, Land	6,433
Gross amount carried, Buildings and Improvements	15,376
Gross amount carried, Total Costs	21,809
Accumulated Depreciation and Amortization	$ (473)
Colony Crossing Logistics Portfolio in Houston, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Colony Crossing Logistics Portfolio in Houston, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Harvill Industrial Center in Riverside, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 7,532
Total Initial Costs	7,532
Costs Capitalized or Adjustments Subsequent to Acquisition	491
Gross amount carried, Land	7,782
Gross amount carried, Buildings and Improvements	241
Gross amount carried, Total Costs	$ 8,023
Harvill Industrial Center in Riverside, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Harvill Industrial Center in Riverside, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Commerce Farms Logistics Center in Lebanon, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,109
Initial Cost of Buildings and Improvements	56,712
Total Initial Costs	63,821
Gross amount carried, Land	7,109
Gross amount carried, Buildings and Improvements	56,712
Gross amount carried, Total Costs	63,821
Accumulated Depreciation and Amortization	$ (1,346)
Commerce Farms Logistics Center in Lebanon, TN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Commerce Farms Logistics Center in Lebanon, TN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
North County Commerce Center in Vista, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 46,958
Initial Cost of Buildings and Improvements	100,174
Total Initial Costs	147,132
Gross amount carried, Land	46,958
Gross amount carried, Buildings and Improvements	100,174
Gross amount carried, Total Costs	147,132
Accumulated Depreciation and Amortization	$ (2,313)
North County Commerce Center in Vista, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
North County Commerce Center in Vista, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Performance Distribution Center in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,115
Initial Cost of Buildings and Improvements	18,417
Total Initial Costs	29,532
Gross amount carried, Land	11,115
Gross amount carried, Buildings and Improvements	18,417
Gross amount carried, Total Costs	29,532
Accumulated Depreciation and Amortization	$ (263)
Performance Distribution Center in Stockton, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Performance Distribution Center in Stockton, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Madison Distribution Center in Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,572
Initial Cost of Buildings and Improvements	11,430
Total Initial Costs	13,002
Gross amount carried, Land	1,572
Gross amount carried, Buildings and Improvements	11,430
Gross amount carried, Total Costs	13,002
Accumulated Depreciation and Amortization	$ (167)
Madison Distribution Center in Tampa, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Madison Distribution Center in Tampa, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
355 Logistics Center in Lockport, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,157
Initial Cost of Buildings and Improvements	58,265
Total Initial Costs	65,422
Gross amount carried, Land	7,157
Gross amount carried, Buildings and Improvements	58,265
Gross amount carried, Total Costs	65,422
Accumulated Depreciation and Amortization	$ (750)
355 Logistics Center in Lockport, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
355 Logistics Center in Lockport, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
1 Stanley Drive in Aston, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,048
Initial Cost of Buildings and Improvements	19,191
Total Initial Costs	22,239
Gross amount carried, Land	3,048
Gross amount carried, Buildings and Improvements	19,191
Gross amount carried, Total Costs	22,239
Accumulated Depreciation and Amortization	$ (223)
1 Stanley Drive in Aston, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
1 Stanley Drive in Aston, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Gilbert Gateway Commerce Park in Gilbert, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 13,018
Initial Cost of Buildings and Improvements	75,137
Total Initial Costs	88,155
Costs Capitalized or Adjustments Subsequent to Acquisition	2,051
Gross amount carried, Land	13,018
Gross amount carried, Buildings and Improvements	77,188
Gross amount carried, Total Costs	90,206
Accumulated Depreciation and Amortization	$ (742)
Gilbert Gateway Commerce Park in Gilbert, AZ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Gilbert Gateway Commerce Park in Gilbert, AZ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
California Business Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 6,072
Initial Cost of Buildings and Improvements	24,998
Total Initial Costs	31,070
Gross amount carried, Land	6,072
Gross amount carried, Buildings and Improvements	24,998
Gross amount carried, Total Costs	31,070
Accumulated Depreciation and Amortization	$ (452)
California Business Center in Salt Lake City, UT | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
California Business Center in Salt Lake City, UT | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Molto Portfolio in Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,391
Initial Cost of Buildings and Improvements	31,210
Total Initial Costs	37,601
Costs Capitalized or Adjustments Subsequent to Acquisition	786
Gross amount carried, Land	6,391
Gross amount carried, Buildings and Improvements	31,996
Gross amount carried, Total Costs	38,387
Accumulated Depreciation and Amortization	$ (187)
Molto Portfolio in Aurora, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Aurora, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,311
Initial Cost of Buildings and Improvements	19,220
Total Initial Costs	22,531
Gross amount carried, Land	3,311
Gross amount carried, Buildings and Improvements	19,220
Gross amount carried, Total Costs	22,531
Accumulated Depreciation and Amortization	$ (91)
Molto Portfolio in Hebron, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Hebron, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 14,669
Initial Cost of Buildings and Improvements	62,797
Total Initial Costs	77,466
Costs Capitalized or Adjustments Subsequent to Acquisition	289
Gross amount carried, Land	14,669
Gross amount carried, Buildings and Improvements	63,086
Gross amount carried, Total Costs	77,755
Accumulated Depreciation and Amortization	$ (333)
Molto Portfolio in Houston, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Houston, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in La Vergne, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,081
Initial Cost of Buildings and Improvements	22,335
Total Initial Costs	27,416
Gross amount carried, Land	5,081
Gross amount carried, Buildings and Improvements	22,335
Gross amount carried, Total Costs	27,416
Accumulated Depreciation and Amortization	$ (121)
Molto Portfolio in La Vergne, TN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in La Vergne, TN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,947
Initial Cost of Buildings and Improvements	33,003
Total Initial Costs	39,950
Gross amount carried, Land	6,947
Gross amount carried, Buildings and Improvements	33,003
Gross amount carried, Total Costs	39,950
Accumulated Depreciation and Amortization	$ (183)
Molto Portfolio in Louisville, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Louisville, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Walker Mill Industrial Center in Capitol Heights, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,632
Initial Cost of Buildings and Improvements	13,573
Total Initial Costs	17,205
Gross amount carried, Land	3,632
Gross amount carried, Buildings and Improvements	13,573
Gross amount carried, Total Costs	17,205
Accumulated Depreciation and Amortization	$ (102)
Walker Mill Industrial Center in Capitol Heights, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Walker Mill Industrial Center in Capitol Heights, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Greater Boston Portfolio in Franklin, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,903
Initial Cost of Buildings and Improvements	14,442
Total Initial Costs	20,345
Gross amount carried, Land	5,903
Gross amount carried, Buildings and Improvements	14,442
Gross amount carried, Total Costs	20,345
Accumulated Depreciation and Amortization	$ (132)
Greater Boston Portfolio in Franklin, MA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Greater Boston Portfolio in Franklin, MA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Greater Boston Portfolio in Danvers, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,969
Initial Cost of Buildings and Improvements	13,044
Total Initial Costs	17,013
Gross amount carried, Land	3,969
Gross amount carried, Buildings and Improvements	13,044
Gross amount carried, Total Costs	17,013
Accumulated Depreciation and Amortization	$ (120)
Greater Boston Portfolio in Danvers, MA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Greater Boston Portfolio in Danvers, MA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
McDonald Portfolio in Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 8,049
Initial Cost of Buildings and Improvements	45,952
Total Initial Costs	54,001
Costs Capitalized or Adjustments Subsequent to Acquisition	104
Gross amount carried, Land	8,049
Gross amount carried, Buildings and Improvements	46,056
Gross amount carried, Total Costs	54,105
Accumulated Depreciation and Amortization	$ (139)
McDonald Portfolio in Alpharetta, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Alpharetta, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
McDonald Portfolio in Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 21,625
Initial Cost of Buildings and Improvements	180,883
Total Initial Costs	202,508
Costs Capitalized or Adjustments Subsequent to Acquisition	242
Gross amount carried, Land	21,625
Gross amount carried, Buildings and Improvements	181,125
Gross amount carried, Total Costs	202,750
Accumulated Depreciation and Amortization	$ (471)
McDonald Portfolio in Atlanta, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Atlanta, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
McDonald Portfolio in Ellenwood, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,137
Initial Cost of Buildings and Improvements	68,813
Total Initial Costs	76,950
Costs Capitalized or Adjustments Subsequent to Acquisition	93
Gross amount carried, Land	8,137
Gross amount carried, Buildings and Improvements	68,906
Gross amount carried, Total Costs	77,043
Accumulated Depreciation and Amortization	$ (165)
McDonald Portfolio in Ellenwood, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Ellenwood, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
McDonald Portfolio in Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 9,316
Initial Cost of Buildings and Improvements	52,979
Total Initial Costs	62,295
Costs Capitalized or Adjustments Subsequent to Acquisition	60
Gross amount carried, Land	9,316
Gross amount carried, Buildings and Improvements	53,039
Gross amount carried, Total Costs	62,355
Accumulated Depreciation and Amortization	$ (122)
McDonald Portfolio in Savannah, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Savannah, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Riggs Hill Industrial Center in Jessup, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,251
Initial Cost of Buildings and Improvements	4,408
Total Initial Costs	5,659
Gross amount carried, Land	1,251
Gross amount carried, Buildings and Improvements	4,408
Gross amount carried, Total Costs	5,659
Accumulated Depreciation and Amortization	$ (16)
Riggs Hill Industrial Center in Jessup, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Riggs Hill Industrial Center in Jessup, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Valwood Industrial Center in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 14,508
Initial Cost of Buildings and Improvements	28,624
Total Initial Costs	43,132
Gross amount carried, Land	14,508
Gross amount carried, Buildings and Improvements	28,624
Gross amount carried, Total Costs	43,132
Accumulated Depreciation and Amortization	$ (84)
Valwood Industrial Center in Carrollton, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Valwood Industrial Center in Carrollton, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Port Crossing Logistics Center in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,476
Initial Cost of Buildings and Improvements	28,518
Total Initial Costs	31,994
Gross amount carried, Land	3,476
Gross amount carried, Buildings and Improvements	28,518
Gross amount carried, Total Costs	31,994
Accumulated Depreciation and Amortization	$ (35)
Port Crossing Logistics Center in LaPorte, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Port Crossing Logistics Center in LaPorte, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Hainesport Commerce Center in Hainesport, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 25,311
Initial Cost of Buildings and Improvements	107,499
Total Initial Costs	132,810
Gross amount carried, Land	25,311
Gross amount carried, Buildings and Improvements	107,499
Gross amount carried, Total Costs	132,810
Accumulated Depreciation and Amortization	$ (109)
Hainesport Commerce Center in Hainesport, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Hainesport Commerce Center in Hainesport, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Beltway Logistics Center in Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,938
Initial Cost of Buildings and Improvements	22,115
Total Initial Costs	28,053
Gross amount carried, Land	5,938
Gross amount carried, Buildings and Improvements	22,115
Gross amount carried, Total Costs	28,053
Accumulated Depreciation and Amortization	$ (20)
Beltway Logistics Center in Charlotte, NC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Beltway Logistics Center in Charlotte, NC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Clackamas Industrial Center in Clackamas, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,301
Initial Cost of Buildings and Improvements	39,873
Total Initial Costs	51,174
Gross amount carried, Land	11,301
Gross amount carried, Buildings and Improvements	39,873
Gross amount carried, Total Costs	51,174
Accumulated Depreciation and Amortization	$ (87)
Clackamas Industrial Center in Clackamas, OR | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Clackamas Industrial Center in Clackamas, OR | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years

SCHEDULE III-REAL ESTATE AND _3

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Summary of Activity for Investment in Real Estate Properties) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Investment Properties Beginning Balance	$ 1,377,912	$ 891,170
Acquisition of properties	3,507,041	475,320
Improvements	31,102	11,451
Write-off of intangibles and customer leasing costs	0	(29)
Investment Properties Ending Balance	4,916,055	1,377,912
Accumulated Depreciation and Amortization Beginning Balance	(72,924)	(25,988)
Additions charged to costs and expenses	(113,345)	(46,965)
Write-off of intangibles and customer leasing costs	0	29
Accumulated Depreciation and Amortization Ending Balance	$ (186,269)	$ (72,924)