ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	One Tabor Center
Entity Address, Address Line Two	1200 Seventeenth Street, Suite 2900
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001625941
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		230,625,983
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,121,134
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,405,039
Former Address
Document Information [Line Items]
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Net investment in real estate properties	$ 6,542,911	$ 4,820,892
Investment in unconsolidated joint venture partnership(s)	19,560	101,769
Cash and cash equivalents	113,665	216,848
Restricted cash	403	887
DST Program Loans	102,359	68,772
Other assets	109,833	39,941
Total assets	6,888,731	5,249,109
Liabilities
Accounts payable and accrued liabilities	92,612	42,211
Debt, net	3,043,341	2,245,673
Intangible lease liabilities, net	102,544	76,432
Financing obligations, net	897,258	483,964
Distribution fees payable to affiliates	89,571	85,419
Other liabilities	168,610	116,064
Total liabilities	4,393,936	3,049,763
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	69,286	15,687
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	2,942,359	2,475,715
Accumulated deficit and distributions	(547,956)	(297,570)
Accumulated other comprehensive income	27,844	2,631
Total stockholders' equity	2,425,197	2,183,347
Noncontrolling interests	312	312
Total equity	2,425,509	2,183,659
Total liabilities and equity	6,888,731	5,249,109
Class T Shares
Stockholders' equity:
Common stock, value	2,237	2,061
Class D Shares
Stockholders' equity:
Common stock, value	176	136
Class I Shares
Stockholders' equity:
Common stock, value	$ 537	$ 374

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
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	223,734	206,129
Common stock, shares outstanding	223,734	206,129
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	17,582	13,649
Common stock, shares outstanding	17,582	13,649
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	53,716	37,391
Common stock, shares outstanding	53,716	37,391

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental revenues	$ 92,794	$ 28,978	$ 174,352	$ 53,046
Total revenues	92,794	28,978	174,352	53,046
Operating expenses:
Rental expenses	22,040	7,250	42,728	12,825
Real estate-related depreciation and amortization	63,279	16,382	119,024	30,241
General and administrative expenses	3,645	2,121	6,759	4,370
Advisory fees	16,641	5,525	30,257	9,460
Performance participation allocation	39,146	11,842	122,446	16,022
Acquisition costs and reimbursements	1,689	1,148	2,893	2,125
Total operating expenses	146,440	44,268	324,107	75,043
Other (income) expenses:
Equity in loss (income) from unconsolidated joint venture partnership(s)	76	404	(35)	(1,165)
Interest expense	33,078	4,571	55,545	8,295
Gain on derivative instruments	(3,937)		(14,839)
Other income and expenses	(572)	(93)	(846)	(129)
Total expenses	175,085	49,150	363,932	82,044
Net loss	(82,291)	(20,172)	(189,580)	(28,998)
Net loss attributable to redeemable noncontrolling interests	1,273	148	3,041	225
Net income attributable to noncontrolling interests	(10)	(4)	(19)	(8)
Net loss attributable to common stockholders	$ (81,028)	$ (20,028)	$ (186,558)	$ (28,781)
Weighted-average shares outstanding - basic	289,797	177,754	280,185	163,355
Weighted-average shares outstanding - diluted	289,797	177,754	280,185	163,355
Net loss per common share - basic	$ (0.28)	$ (0.11)	$ (0.67)	$ (0.18)
Net loss per common share - diluted	$ (0.28)	$ (0.11)	$ (0.67)	$ (0.18)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (82,291)	$ (20,172)	$ (189,580)	$ (28,998)
Change from cash flow hedging derivatives	6,448	836	25,632	3,198
Comprehensive loss	(75,843)	(19,336)	(163,948)	(25,800)
Comprehensive loss attributable to redeemable noncontrolling interests	1,170	142	2,622	198
Comprehensive loss attributable to common stockholders	$ (74,673)	$ (19,194)	$ (161,326)	$ (25,602)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED 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, 2020	$ 1,415	$ 1,329,799	$ (128,775)	$ (9,750)	$ 126	$ 1,192,815
Beginning balance, shares at Dec. 31, 2020	141,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(28,781)		8	(28,773)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				3,171		3,171
Issuance of common stock	$ 547	563,788				564,335
Issuance of common stock, shares	54,740
Share-based compensation, net of cancellations		856				856
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(11,349)				(11,349)
Trailing distribution fees		(23,731)	6,613			(17,118)
Redemptions of common stock	$ (10)	(9,901)				$ (9,911)
Redemptions of common stock, shares	(972)					(972)
Preferred interest in Subsidiary REITs					61	$ 61
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(44,491)		(8)	(44,499)
Redemption value allocation adjustment to redeemable noncontrolling interests		(854)				(854)
Ending balance at Jun. 30, 2021	$ 1,952	1,848,608	(195,434)	(6,579)	187	1,648,734
Ending balance, shares at Jun. 30, 2021	195,239
Beginning balance at Mar. 31, 2021	$ 1,523	1,431,279	(154,559)	(7,409)	126	1,270,960
Beginning balance, shares at Mar. 31, 2021	152,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(20,028)		4	(20,024)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				830		830
Issuance of common stock	$ 436	449,699				450,135
Issuance of common stock, shares	43,653
Share-based compensation, net of cancellations		371				371
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(5,659)				(5,659)
Trailing distribution fees		(19,277)	3,373			(15,904)
Redemptions of common stock	$ (7)	(7,259)				(7,266)
Redemptions of common stock, shares	(709)
Preferred interest in Subsidiary REITs					61	61
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(24,220)		(4)	(24,224)
Redemption value allocation adjustment to redeemable noncontrolling interests		(546)				(546)
Ending balance at Jun. 30, 2021	$ 1,952	1,848,608	(195,434)	(6,579)	187	1,648,734
Ending balance, shares at Jun. 30, 2021	195,239
Beginning balance at Dec. 31, 2021	$ 2,571	2,475,715	(297,570)	2,631	312	2,183,659
Beginning balance, shares at Dec. 31, 2021	257,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(186,558)		19	(186,539)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				25,213		25,213
Issuance of common stock	$ 401	544,954				$ 545,355
Issuance of common stock, shares	40,116					40,100
Share-based compensation, net of cancellations		699				$ 699
Share-based compensation, net of cancellations (shares)	(34)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(13,841)				(13,841)
Trailing distribution fees		(16,660)	12,508			(4,152)
Redemptions of common stock	$ (22)	(31,300)				$ (31,322)
Redemptions of common stock, shares	(2,219)					(2,219)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(76,336)		(19)	$ (76,355)
Redemption value allocation adjustment to redeemable noncontrolling interests		(17,208)				(17,208)
Ending balance at Jun. 30, 2022	$ 2,950	2,942,359	(547,956)	27,844	312	2,425,509
Ending balance, shares at Jun. 30, 2022	295,032
Beginning balance at Mar. 31, 2022	$ 2,766	2,699,713	(434,301)	21,499	312	2,289,989
Beginning balance, shares at Mar. 31, 2022	276,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes attributable to redeemable noncontrolling interests)			(81,028)		10	(81,018)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				6,345		6,345
Issuance of common stock	$ 199	292,360				292,559
Issuance of common stock, shares	19,935
Share-based compensation, net of cancellations		450				450
Share-based compensation, net of cancellations (shares)	(1)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,124)				(8,124)
Trailing distribution fees		(9,764)	6,852			(2,912)
Redemptions of common stock	$ (15)	(22,719)				(22,734)
Redemptions of common stock, shares	(1,536)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(39,479)		(10)	(39,489)
Redemption value allocation adjustment to redeemable noncontrolling interests		(9,557)				(9,557)
Ending balance at Jun. 30, 2022	$ 2,950	$ 2,942,359	$ (547,956)	$ 27,844	$ 312	$ 2,425,509
Ending balance, shares at Jun. 30, 2022	295,032

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interests	$ 1,273	$ 148	$ 3,041	$ 225
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	103	6	419	27
Distributions to redeemable noncontrolling interest	$ 618	$ 179	$ 1,257	$ 358

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net loss	$ (189,580)	$ (28,998)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	119,024	30,241
Amortization of debt and financing obligation costs	12,230	844
Equity in income from unconsolidated joint venture partnerships	(35)	(1,165)
Gain on changes in fair value of interest rate caps	(14,839)	0
Performance participation allocation	122,446	16,022
Straight-line rent and amortization of above- and below-market leases	(17,207)	(3,007)
Other	1,208	751
Changes in operating assets and liabilities	17,155	5,289
Net cash provided by operating activities	50,402	19,977
Investing activities:
Real estate acquisitions	(1,323,118)	(229,520)
Incremental investment to acquire joint venture partnership portfolio	(259,526)	(580,559)
Deferred acquisition costs	(31,325)	(101,700)
Capital expenditures	(79,046)	(7,587)
Investment in unconsolidated joint venture partnerships	(8,782)	(3,700)
Distributions from joint venture partnerships	0	5,200
Net cash used in investing activities	(1,701,797)	(917,866)
Financing activities:
Proceeds from line of credit	925,000	92,000
Repayments of line of credit	(255,000)	0
Proceeds from term loan	135,000	200,000
Debt issuance costs paid	(10,416)	(5,181)
Interest rate cap premium	(2,963)	0
Proceeds from issuance of common stock, net	497,266	535,359
Proceeds from financing obligations, net	372,978	57,007
Offering costs paid in connection with issuance of common stock and private placements	(2,574)	(22,420)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(27,376)	(14,480)
Distribution fees paid to affiliates	(11,950)	(6,541)
Redemptions of common stock	(31,322)	(9,911)
Redemptions of redeemable noncontrolling interests	(40,915)	0
Net cash provided by financing activities	1,547,728	825,833
Net decrease in cash, cash equivalents and restricted cash	(103,667)	(72,056)
Cash, cash equivalents and restricted cash, at beginning of period	217,735	232,899
Cash, cash equivalents and restricted cash, at end of period	$ 114,068	$ 160,843

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION 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 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. 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 accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 9, 2022 (“2021 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
REAL ESTATE ACQUISITIONS	2. REAL ESTATE ACQUISITIONS ​ During the six months ended June 30, 2022, 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) Build-to-Core Logistics Portfolio II (2)(3) ​ 2/15/2022 ​ 9 ​ $ 359,202 Northlake Logistics Crossing ​ 2/17/2022 ​ — ​ ​ 21,569 Tampa Commerce Center ​ 4/1/2022 & 5/25/22 ​ — ​ ​ 6,270 Medley 104 Industrial Center ​ 4/18/2022 ​ 1 ​ ​ 53,670 IDI U.S. Logistics Portfolio ​ 4/28/2022 ​ 6 ​ ​ 317,092 Chicago Growth Portfolio ​ 5/9/2022 ​ 14 ​ ​ 182,135 4 Studebaker ​ 5/12/2022 ​ 1 ​ ​ 33,188 Southeast Orlando Portfolio ​ 5/19/2022 ​ 5 ​ ​ 138,803 I-465 East Logistics Center ​ 5/26/2022 ​ 1 ​ ​ 18,923 Industry Corporate Center ​ 6/2/2022 ​ 1 ​ ​ 52,086 Countyline Commerce Center ​ 6/8/2022 ​ — ​ ​ 62,080 Robbinsville Distribution Center ​ 6/10/2022 ​ — ​ ​ 364 Innovation I & II Corporate Center ​ 6/17/2022 ​ 2 ​ ​ 63,939 IDI 2022 National Portfolio ​ 6/22/2022 ​ 6 ​ ​ 246,773 I-80 Logistics Park I-II ​ 6/29/2022 ​ 1 ​ ​ 138,530 Commonwealth Logistics Center ​ 6/30/2022 ​ — ​ ​ 8,927 Total Acquisitions ​ ​ ​ 47 ​ $ 1,703,551 (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 2022 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisition of the Build-To-Core Logistics Portfolio II as a result of the BTC II Partnership Transaction (as defined below). During the six months ended June 30, 2022, the Company allocated the purchase price of its acquisitions to land, building and improvements, construction in progress, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended (in thousands) June 30, 2022 Land ​ $ 403,694 Building and improvements ​ 1,188,076 Intangible lease assets ​ 110,877 Above-market lease assets ​ 2,282 Construction in progress ​ ​ 33,371 Below-market lease liabilities ​ (34,749) Total purchase price (1) ​ $ 1,703,551 (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 2022 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 period for the intangible lease assets and liabilities acquired in connection with the Company’s acquisitions during the six months ended June 30, 2022, as of the respective date of each acquisition, was 4.8 years.

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	3. INVESTMENT IN REAL ESTATE As of June 30, 2022 and December 31, 2021, the Company’s consolidated investment in real estate properties consisted of 240 and 193 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) June 30, 2022 December 31, 2021 Land ​ $ 1,530,840 ​ $ 1,127,147 Building and improvements ​ 4,715,986 ​ 3,510,401 Intangible lease assets ​ 461,749 ​ 342,538 Construction in progress ​ 140,534 ​ 27,075 Investment in real estate properties ​ 6,849,109 ​ 5,007,161 Less accumulated depreciation and amortization ​ (306,198) ​ (186,269) Net investment in real estate properties ​ $ 6,542,911 ​ $ 4,820,892 ​ Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of June 30, 2022 and December 31, 2021 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 449,105 ​ $ (112,975) ​ $ 336,130 ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 Above-market lease assets (1) ​ 12,644 ​ (2,743) ​ 9,901 ​ 10,362 ​ (1,838) ​ 8,524 Below-market lease liabilities ​ (123,805) ​ 21,261 ​ (102,544) ​ (89,056) ​ 12,624 ​ (76,432) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. 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 Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2022 2021 2022 2021 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 4,757 ​ $ 1,225 ​ $ 9,476 ​ $ 1,536 Above-market lease amortization ​ (500) ​ (207) ​ (905) ​ (391) Below-market lease amortization ​ 4,660 ​ 965 ​ 8,636 ​ 1,862 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ Depreciation expense ​ $ 42,581 ​ $ 10,132 ​ $ 80,050 ​ $ 18,290 Intangible lease asset amortization ​ 20,698 ​ 6,250 ​ 38,974 ​ 11,951 ​

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. 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. 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, the 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 (the “BCG Limited Partner”) owned a 1.7% interest in the BTC II Partnership. Similar to the BTC I Partnership Transaction, the BTC II Partnership Agreement (as defined below) 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 Agreement of Limited Partnership of the BTC II Partnership (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 and 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 aggregate cost of these properties to the Company was $359.2 million. The incremental additional cash investment to effect the split of the BTC II Portfolio was $259.5 million as of June 30, 2022. Concurrently with the BTC II Partnership Transaction, the Company and the joint venture partners formed a new joint venture partnership (the “BTC II B 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 BTC II B 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 Company has elected the cost accumulation and allocation model to account for the BTC I Partnership Transaction and the BTC II Partnership Transaction, which allocates the cost of the acquisition at the carrying amount of the previously held interests, along with the incremental consideration paid and transaction costs incurred based on relative fair values. The Company has reported its investments in the BTC Partnerships and the BTC II B Partnership under the equity method on its condensed consolidated balance sheets, because with respect to the BTC Partnerships, for the periods prior to the BTC I Partnership Transaction and the BTC II Partnership Transaction, the Company had the ability to exercise significant influence but did not have control over the partnerships. Similarly, with respect to the BTC II B Partnership, the Company has the ability to exercise significant influence but does not have control of the partnership. As of June 30, 2022, the Company had an 8.0% interest in the BTC II B Partnership, which includes five properties, with a book value of the Company’s investment in the BTC II B Partnership of $19.6 million, which includes $5.3 million of outside basis difference. The outside basis difference originated from the difference between the contributions made by the Company for the minority ownership interest in the joint venture partnership, which was based on fair value, and the book value of the Company’s share of the underlying net assets and liabilities for the BTC II B Partnership.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	5. 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 ​ June 30, December 31, ​ June 30, December 31, ($ in thousands) ​ 2022 ​ 2021 ​ Maturity Date ​ 2022 ​ 2021 Line of credit (1) 3.08 % 1.40 % March 2025 ​ $ 670,000 ​ $ — Term loan (2) 2.87 2.23 March 2027 ​ 550,000 ​ 415,000 Term loan (3) ​ 3.32 ​ 1.66 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 2.93 2.93 August 2024 - ​ 628,890 ​ 628,890 Floating-rate mortgage notes (5) ​ 3.41 ​ 1.74 ​ January 2025 - ​ ​ 617,250 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.13 % 2.14 % ​ ​ $ 3,066,140 ​ $ 2,261,140 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (23,332) ​ ​ (16,106) Add unamortized mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 533 ​ 639 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,043,341 ​ $ 2,245,673 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,381,583 ​ $ 1,835,561 (1) The effective interest rate is calculated based on either (i) the Term Secured Overnight Financing Rate (“Term SOFR”) plus a 10 basis point adjustment (“Adjusted Term SOFR”) plus a margin ranging from 1.25% to 2.00% ; or (ii) an alternative base rate plus a margin of 0.25% to 1.0% , depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if Term SOFR 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 June 30, 2022, total commitments for the line of credit were $1.0 billion and the unused and available portions under the line of credit were both $330.0 million. (2) The effective interest rate is calculated based on either (i) Adjusted Term SOFR plus a margin ranging from 1.20% to 1.90% ; or (ii) an alternative base rate plus a margin of 0.20% to 0.90% , 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 which fix Term SOFR for the term loan. As of June 30, 2022, total commitments for the term loan were $550.0 million. 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 Term SOFR plus a 11.448 basis point adjustment (“Term Loan Adjusted Term SOFR”) 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 which fix Term SOFR for the term loan. As of June 30, 2022, total commitments for the term loan were $600.0 million. 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 Adjusted Term SOFR plus a margin of 1.65% . (6) The weighted-average remaining term of the Company’s consolidated debt was approximately 4.0 years as of June 30, 2022, excluding any extension options on the line of credit and the floating-rate mortgage notes. As of June 30, 2022, 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 Remainder of 2022 $ — ​ $ — ​ $ — ​ $ — 2023 ​ — ​ — ​ — ​ — 2024 ​ — ​ — ​ 38,000 ​ 38,000 2025 ​ 670,000 ​ — ​ 617,250 ​ 1,287,250 2026 ​ — ​ 600,000 ​ ​ — ​ 600,000 Thereafter ​ — ​ 550,000 ​ 590,890 ​ 1,140,890 Total principal payments ​ $ 670,000 ​ $ 1,150,000 ​ $ 1,246,140 ​ $ 3,066,140 (1) The line of credit term may be extended pursuant to two one-year extension options, subject to certain conditions. (2) The $209.3 million mortgage note term may be extended pursuant to a one-year extension option, subject to certain conditions. The $408.0 million mortgage note 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 ARRC, which identified the SOFR as its preferred alternative rate for LIBOR in derivatives and other financial contracts. 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 June 30, 2022, the Company’s $209.3 million mortgage note is the only indebtedness with initial or extended maturity dates beyond 2023 that has exposure to LIBOR. As of June 30, 2022, the Company has one interest rate cap in place on $170.0 million of borrowings under our $209.3 million mortgage note. The Company intends to monitor the developments with respect to the 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 June 30, 2022. 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 condensed 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 condensed 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. As a result, in periods with high interest rate volatility, the Company may experience significant fluctuations in our net income (loss). During the next 12 months, the Company estimates that approximately $13.2 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on the Company’s condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of June 30, 2022 ​ ​ Interest rate swaps 16 ​ $ 1,075,000 Other assets ​ $ 28,280 Interest rate caps ​ 2 ​ ​ 578,000 ​ Other assets ​ ​ 18,002 Total derivative instruments ​ 18 ​ $ 1,653,000 ​ ​ ​ $ 46,282 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 ​ The following table presents the effect of the Company’s derivative instruments on the Company’s condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 5,902 ​ $ (81) ​ $ 23,940 ​ $ 1,394 Amount reclassified from AOCI into interest expense ​ 546 ​ 917 ​ 1,692 ​ 1,804 Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 33,078 ​ 4,571 ​ 55,545 ​ 8,295 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized in income ​ $ 3,937 ​ $ — ​ $ 14,839 ​ $ — ​

DST PROGRAM

DST PROGRAM	6 Months Ended
	Jun. 30, 2022
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	efcond 6. DST PROGRAM The Company has 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”). 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 June 30, 2022 and December 31, 2021, there were approximately $102.4 million and $68.8 million, respectively, of outstanding DST Program Loans that the Company has made to partially finance the sale of DST Interests. The Company does not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. The following table presents the Company’s DST Program activity for the three and six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ ​ For the Six Months Ended June 30, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 257,042 ​ $ 82,440 ​ $ 414,163 ​ $ 82,440 DST Interests financed by DST Program Loans (1) ​ ​ 20,917 ​ ​ 24,561 ​ ​ 33,587 ​ ​ 24,561 Income earned from DST Program Loans (2) ​ ​ 968 ​ ​ 36 ​ ​ 1,756 ​ ​ 36 Rent obligation incurred under master lease agreements (3) ​ ​ 9,318 ​ ​ 128 ​ ​ 16,097 ​ ​ 128 (1) DST Program Loans are presented net of repayments. (2) Included in other income and expenses on condensed consolidated statements of operations. (3) Included in interest expense on condensed consolidated statements of operations. ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	7. 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 June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of June 30, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 28,280 ​ $ — ​ $ 28,280 Interest rate caps ​ ​ — ​ ​ 18,002 ​ ​ — ​ ​ 18,002 Total assets measured at fair value ​ $ — ​ $ 46,282 ​ $ — ​ $ 46,282 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 ​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. Nonrecurring Fair Value Measurements As of June 30, 2022 and December 31, 2021, 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 June 30, 2022 As of December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 102,359 ​ $ 101,422 ​ $ 68,772 ​ $ 68,772 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ $ 670,000 ​ $ 670,000 ​ $ — ​ $ — Term loans ​ 1,150,000 ​ 1,150,000 ​ 1,015,000 ​ 1,015,000 Mortgage notes ​ 1,246,140 ​ 1,176,043 ​ 1,246,140 ​ 1,247,307 (1) The carrying value reflects the principal amount outstanding.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
EQUITY	8. EQUITY Public Offering 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. 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. During the six months ended June 30, 2022, we raised gross proceeds of approximately $545.4 million from the sale of approximately 40.1 million shares of our common stock in our ongoing public offering, including proceeds from our distribution reinvestment plan of approximately $36.4 million. ​ 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 ​ Shares FOR THE THREE MONTHS ENDED JUNE 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2021 138,967 9,121 4,207 152,295 Issuance of common stock: Primary shares 25,192 1,358 15,993 42,543 DRIP 990 68 56 1,114 Stock grants ​ — ​ — ​ — ​ — Redemptions (662) (43) (4) (709) Forfeitures — — (4) (4) Balance as of June 30, 2021 ​ 164,487 ​ 10,504 ​ 20,248 ​ 195,239 FOR THE THREE MONTHS ENDED JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2022 214,973 15,223 46,438 276,634 Issuance of common stock: Primary shares 11,127 2,325 5,200 18,652 DRIP 982 84 236 1,302 Stock grants, net of cancellations — — — — Redemptions (951) (50) (535) (1,536) Conversions ​ (2,397) ​ — ​ 2,397 ​ — Forfeitures ​ — ​ — ​ (20) ​ (20) Balance as of June 30, 2022 223,734 17,582 53,716 295,032 FOR THE SIX MONTHS ENDED JUNE 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 32,937 2,563 16,962 52,462 DRIP 1,887 129 81 2,097 Stock grants ​ — ​ — ​ 204 ​ 204 Redemptions (902) (54) (16) (972) Forfeitures — — (23) (23) Balance as of June 30, 2021 164,487 10,504 20,248 195,239 FOR THE SIX MONTHS ENDED JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ 206,129 ​ 13,649 ​ 37,391 ​ 257,169 Issuance of common stock: Primary shares 20,291 3,956 12,959 37,206 DRIP 2,117 168 441 2,726 Stock grants, net of cancellations — — 172 172 Redemptions (1,482) (191) (546) (2,219) Conversions ​ (3,321) ​ — ​ 3,321 ​ — Forfeitures ​ — ​ — ​ (22) ​ (22) Balance as of June 30, 2022 223,734 17,582 53,716 295,032 ​ Distributions The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for each of the quarters ended below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ $ 0.13625 ​ $ 13,688 ​ $ 618 ​ $ 18,939 ​ $ 6,852 ​ $ 40,097 March 31 ​ ​ 0.13625 ​ ​ 13,043 ​ ​ 639 ​ ​ 18,158 ​ ​ 5,656 ​ ​ 37,496 Total ​ $ 0.27250 ​ $ 26,731 ​ $ 1,257 ​ $ 37,097 ​ $ 12,508 ​ $ 77,593 2021 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 12,429 ​ $ 179 ​ $ 16,900 ​ $ 5,146 ​ $ 34,654 September 30 ​ 0.13625 ​ 11,020 ​ ​ 178 ​ 15,219 ​ 4,263 ​ 30,680 June 30 ​ 0.13625 ​ 8,552 ​ ​ 179 ​ 12,295 ​ 3,373 ​ 24,399 March 31 ​ 0.13625 ​ 6,721 ​ ​ 179 ​ 10,310 ​ 3,240 ​ 20,450 Total ​ $ 0.54500 ​ $ 38,722 ​ $ 715 ​ $ 54,724 ​ $ 16,022 ​ $ 110,183 (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) Consists of distributions paid to holders of OP Units for redeemable noncontrolling interests. (3) Distribution fees are paid monthly to the Ares Wealth Management Solutions, 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. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (4) 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 Below is a summary of redemptions and repurchases pursuant to the Company’s share redemption program for the six months ended June 30, 2022 and 2021. The Company’s board of directors may modify or suspend its current share redemption programs if it deems such action to be in the best interest of its stockholders: ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands, except per share data) ​ 2022 ​ 2021 Number of eligible shares redeemed ​ ​ 2,219 ​ ​ 972 Aggregate dollar amount of shares redeemed ​ $ 31,322 ​ $ 9,911 Average redemption price per share ​ $ 14.12 ​ $ 10.20 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2022
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	9. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to that certain advisory agreement by and among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”). The Company has classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the condensed 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 six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ($ in thousands) ​ 2022 ​ 2021 Balance at beginning of the year ​ $ 15,687 ​ $ 3,648 Settlement of prior year performance participation allocation (1) ​ ​ 81,185 ​ ​ 9,640 Distributions to redeemable noncontrolling interests ​ ​ (1,257) ​ ​ (358) Redemptions of redeemable noncontrolling interests (2) ​ ​ (40,915) ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (3,041) ​ ​ (225) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 419 ​ ​ 27 Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 17,208 ​ ​ 854 Ending balance ​ $ 69,286 ​ $ 13,586 (1) 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 AIREIT Incentive Fee LP (the “Special Unit Holder”). At the direction of the Advisor, and in light of our Former Sponsor having been the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (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. 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. At the Former 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. (2) At the request of the Advisor, the Operating Partnership redeemed all Class I OP Units issued to the Advisor in January 2022 for $40.9 million .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses 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 the Dealer Manager provided in connection with the Company’s public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, For the Six Months Ended June 30, Payable as of (in thousands) 2022 2021 2022 2021 ​ June 30, 2022 December 31, 2021 Selling commissions and dealer manager fees (1) ​ $ 7,032 ​ $ 3,932 ​ $ 11,671 ​ $ 7,627 ​ ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 6,852 ​ 3,373 ​ 12,508 ​ 6,613 ​ ​ 2,337 ​ 1,779 Advisory fee—fixed component ​ $ 16,641 ​ $ 5,525 ​ ​ 30,257 ​ ​ 9,460 ​ ​ ​ 5,699 ​ ​ 3,864 Performance participation allocation ​ 39,146 ​ 11,842 ​ ​ 122,446 ​ ​ 16,022 ​ ​ ​ 122,446 ​ ​ 81,185 Other expense reimbursements (3)(4) ​ 3,504 ​ 3,092 ​ ​ 6,724 ​ ​ 6,265 ​ ​ ​ 3,138 ​ ​ 707 Property accounting fee (5) ​ ​ 638 ​ ​ 223 ​ ​ 1,200 ​ ​ 418 ​ ​ ​ 228 ​ ​ 166 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 2,695 ​ ​ 227 ​ ​ 4,207 ​ ​ 227 ​ ​ ​ 435 ​ ​ 190 Other DST Program related costs (4) ​ ​ 3,383 ​ ​ 908 ​ ​ 5,399 ​ ​ 908 ​ ​ ​ 133 ​ ​ 61 Development fees (6) ​ ​ 1,568 ​ ​ 324 ​ ​ 2,383 ​ ​ 714 ​ ​ ​ 574 ​ ​ 78 Total ​ $ 81,459 ​ $ 29,446 ​ $ 196,795 ​ $ 48,254 ​ ​ $ 134,990 ​ $ 88,030 (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 $89.6 million and $85.4 million as of June 30, 2022 and December 31, 2021, 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 condensed 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 condensed 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 compensation (whether paid in cash, stock, or other forms), benefits and other overhead costs 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 incurred approximately $3.3 million and $2.6 million for the three months ended June 30, 2022 and 2021, respectively, and $6.2 million and $5.3 million for the six months ended June 30, 2022 and 2021, respectively, for such compensation expenses reimbursable to the Advisor. Performance Participation Allocation As used below, “Fund Interests” means our outstanding shares of common stock, along with the OP Units, which may be or were held directly or indirectly by the Advisor, our Former Sponsor, members or affiliates or our Former Sponsor, and third parties. The performance participation allocation, which will be paid to the Special Unit Holder, is a performance based amount in the form of an allocation and distribution. 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 allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I OP units or cash, at the election of the Advisor. As the performance hurdle was achieved as of both June 30, 2022 and 2021, the Company recognized approximately $39.1 million and $11.8 million for the three months ended June 30, 2022 and 2021, respectively, and $122.4 million and $16.0 million for the six months ended June 30, 2022 and 2021, respectively, of performance participation allocation expense in the Company’s condensed consolidated statements of operations. Joint Venture Partnerships From the beginning of the first quarter of 2022 until the completion of the BTC II Partnership Transaction, the BTC II Partnership incurred approximately $ 1.8 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. For the three and six months ended June 30, 2021, the BTC Partnerships incurred in aggregate approximately $ 3.3 million and $6.4 million, respectively, in acquisition and asset management fees. 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 condensed consolidated balance sheets. After the completion of the BTC II Partnership Transaction until June 30, 2022 and for the three months ended June 30, 2022, the BTC II B Partnership incurred approximately $0.4 million and $0.3 million, respectively, 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.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) 2022 2021 Distributions payable ​ ​ 13,609 ​ ​ 8,931 Distributions reinvested in common stock ​ 36,418 ​ 21,349 Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 33,587 ​ ​ 24,561 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 81,185 ​ 9,640 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ 91,028 ​ ​ 279,340 Change in accrued future ongoing distribution fees ​ ​ 4,152 ​ ​ 17,118 Change in non-cash capital expenditures ​ ​ 24,107 ​ ​ 213 Non-cash selling commissions and dealer manager fees ​ 11,671 ​ 7,627 ​ 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 condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) 2022 2021 ​ Beginning of period: ​ ​ ​ Cash and cash equivalents ​ $ 216,848 ​ $ 232,369 ​ Restricted cash ​ 887 ​ 530 ​ Cash, cash equivalents and restricted cash ​ $ 217,735 ​ $ 232,899 ​ End of period: ​ ​ ​ Cash and cash equivalents ​ $ 113,665 ​ $ 159,248 ​ Restricted cash ​ 403 ​ 1,595 ​ Cash, cash equivalents and restricted cash ​ $ 114,068 ​ $ 160,843 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. 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 June 30, 2022, 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 June 30, 2022.

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisitions	During the six months ended June 30, 2022, 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) Build-to-Core Logistics Portfolio II (2)(3) ​ 2/15/2022 ​ 9 ​ $ 359,202 Northlake Logistics Crossing ​ 2/17/2022 ​ — ​ ​ 21,569 Tampa Commerce Center ​ 4/1/2022 & 5/25/22 ​ — ​ ​ 6,270 Medley 104 Industrial Center ​ 4/18/2022 ​ 1 ​ ​ 53,670 IDI U.S. Logistics Portfolio ​ 4/28/2022 ​ 6 ​ ​ 317,092 Chicago Growth Portfolio ​ 5/9/2022 ​ 14 ​ ​ 182,135 4 Studebaker ​ 5/12/2022 ​ 1 ​ ​ 33,188 Southeast Orlando Portfolio ​ 5/19/2022 ​ 5 ​ ​ 138,803 I-465 East Logistics Center ​ 5/26/2022 ​ 1 ​ ​ 18,923 Industry Corporate Center ​ 6/2/2022 ​ 1 ​ ​ 52,086 Countyline Commerce Center ​ 6/8/2022 ​ — ​ ​ 62,080 Robbinsville Distribution Center ​ 6/10/2022 ​ — ​ ​ 364 Innovation I & II Corporate Center ​ 6/17/2022 ​ 2 ​ ​ 63,939 IDI 2022 National Portfolio ​ 6/22/2022 ​ 6 ​ ​ 246,773 I-80 Logistics Park I-II ​ 6/29/2022 ​ 1 ​ ​ 138,530 Commonwealth Logistics Center ​ 6/30/2022 ​ — ​ ​ 8,927 Total Acquisitions ​ ​ ​ 47 ​ $ 1,703,551 (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 2022 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisition of the Build-To-Core Logistics Portfolio II as a result of the BTC II Partnership Transaction (as defined below).
Allocation of Purchase Price of Acquisitions	​ ​ ​ ​ ​ ​ ​ For the Six Months Ended (in thousands) June 30, 2022 Land ​ $ 403,694 Building and improvements ​ 1,188,076 Intangible lease assets ​ 110,877 Above-market lease assets ​ 2,282 Construction in progress ​ ​ 33,371 Below-market lease liabilities ​ (34,749) Total purchase price (1) ​ $ 1,703,551 (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 2022 acquisitions.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of June 30, 2022 and December 31, 2021, the Company’s consolidated investment in real estate properties consisted of 240 and 193 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) June 30, 2022 December 31, 2021 Land ​ $ 1,530,840 ​ $ 1,127,147 Building and improvements ​ 4,715,986 ​ 3,510,401 Intangible lease assets ​ 461,749 ​ 342,538 Construction in progress ​ 140,534 ​ 27,075 Investment in real estate properties ​ 6,849,109 ​ 5,007,161 Less accumulated depreciation and amortization ​ (306,198) ​ (186,269) Net investment in real estate properties ​ $ 6,542,911 ​ $ 4,820,892
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of June 30, 2022 and December 31, 2021 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 449,105 ​ $ (112,975) ​ $ 336,130 ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 Above-market lease assets (1) ​ 12,644 ​ (2,743) ​ 9,901 ​ 10,362 ​ (1,838) ​ 8,524 Below-market lease liabilities ​ (123,805) ​ 21,261 ​ (102,544) ​ (89,056) ​ 12,624 ​ (76,432) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets.
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 Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, (in thousands) 2022 2021 2022 2021 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 4,757 ​ $ 1,225 ​ $ 9,476 ​ $ 1,536 Above-market lease amortization ​ (500) ​ (207) ​ (905) ​ (391) Below-market lease amortization ​ 4,660 ​ 965 ​ 8,636 ​ 1,862 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ Depreciation expense ​ $ 42,581 ​ $ 10,132 ​ $ 80,050 ​ $ 18,290 Intangible lease asset amortization ​ 20,698 ​ 6,250 ​ 38,974 ​ 11,951

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ June 30, December 31, ​ June 30, December 31, ($ in thousands) ​ 2022 ​ 2021 ​ Maturity Date ​ 2022 ​ 2021 Line of credit (1) 3.08 % 1.40 % March 2025 ​ $ 670,000 ​ $ — Term loan (2) 2.87 2.23 March 2027 ​ 550,000 ​ 415,000 Term loan (3) ​ 3.32 ​ 1.66 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 2.93 2.93 August 2024 - ​ 628,890 ​ 628,890 Floating-rate mortgage notes (5) ​ 3.41 ​ 1.74 ​ January 2025 - ​ ​ 617,250 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.13 % 2.14 % ​ ​ $ 3,066,140 ​ $ 2,261,140 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (23,332) ​ ​ (16,106) Add unamortized mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 533 ​ 639 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,043,341 ​ $ 2,245,673 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,381,583 ​ $ 1,835,561 (1) The effective interest rate is calculated based on either (i) the Term Secured Overnight Financing Rate (“Term SOFR”) plus a 10 basis point adjustment (“Adjusted Term SOFR”) plus a margin ranging from 1.25% to 2.00% ; or (ii) an alternative base rate plus a margin of 0.25% to 1.0% , depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if Term SOFR 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 June 30, 2022, total commitments for the line of credit were $1.0 billion and the unused and available portions under the line of credit were both $330.0 million. (2) The effective interest rate is calculated based on either (i) Adjusted Term SOFR plus a margin ranging from 1.20% to 1.90% ; or (ii) an alternative base rate plus a margin of 0.20% to 0.90% , 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 which fix Term SOFR for the term loan. As of June 30, 2022, total commitments for the term loan were $550.0 million. 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 Term SOFR plus a 11.448 basis point adjustment (“Term Loan Adjusted Term SOFR”) 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 which fix Term SOFR for the term loan. As of June 30, 2022, total commitments for the term loan were $600.0 million. 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 Adjusted Term SOFR plus a margin of 1.65% . (6) The weighted-average remaining term of the Company’s consolidated debt was approximately 4.0 years as of June 30, 2022, excluding any extension options on the line of credit and the floating-rate mortgage notes.
Schedule of Maturities of Long-term Debt	As of June 30, 2022, 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 Remainder of 2022 $ — ​ $ — ​ $ — ​ $ — 2023 ​ — ​ — ​ — ​ — 2024 ​ — ​ — ​ 38,000 ​ 38,000 2025 ​ 670,000 ​ — ​ 617,250 ​ 1,287,250 2026 ​ — ​ 600,000 ​ ​ — ​ 600,000 Thereafter ​ — ​ 550,000 ​ 590,890 ​ 1,140,890 Total principal payments ​ $ 670,000 ​ $ 1,150,000 ​ $ 1,246,140 ​ $ 3,066,140 (1) The line of credit term may be extended pursuant to two one-year extension options, subject to certain conditions. (2) The $209.3 million mortgage note term may be extended pursuant to a one-year extension option, subject to certain conditions. The $408.0 million mortgage note term may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on the Company’s condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of June 30, 2022 ​ ​ Interest rate swaps 16 ​ $ 1,075,000 Other assets ​ $ 28,280 Interest rate caps ​ 2 ​ ​ 578,000 ​ Other assets ​ ​ 18,002 Total derivative instruments ​ 18 ​ $ 1,653,000 ​ ​ ​ $ 46,282 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
Derivative Instruments, Gain (Loss)	The following table presents the effect of the Company’s derivative instruments on the Company’s condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 5,902 ​ $ (81) ​ $ 23,940 ​ $ 1,394 Amount reclassified from AOCI into interest expense ​ 546 ​ 917 ​ 1,692 ​ 1,804 Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 33,078 ​ 4,571 ​ 55,545 ​ 8,295 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized in income ​ $ 3,937 ​ $ — ​ $ 14,839 ​ $ —

DST PROGRAM (Tables)

DST PROGRAM (Tables)	6 Months Ended
	Jun. 30, 2022
Delaware Statutory Trust Program [Abstract]
Schedule Of DST Program activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, ​ ​ For the Six Months Ended June 30, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 257,042 ​ $ 82,440 ​ $ 414,163 ​ $ 82,440 DST Interests financed by DST Program Loans (1) ​ ​ 20,917 ​ ​ 24,561 ​ ​ 33,587 ​ ​ 24,561 Income earned from DST Program Loans (2) ​ ​ 968 ​ ​ 36 ​ ​ 1,756 ​ ​ 36 Rent obligation incurred under master lease agreements (3) ​ ​ 9,318 ​ ​ 128 ​ ​ 16,097 ​ ​ 128 (1) DST Program Loans are presented net of repayments. (2) Included in other income and expenses on condensed consolidated statements of operations. (3) Included in interest expense on condensed consolidated statements of operations.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of June 30, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 28,280 ​ $ — ​ $ 28,280 Interest rate caps ​ ​ — ​ ​ 18,002 ​ ​ — ​ ​ 18,002 Total assets measured at fair value ​ $ — ​ $ 46,282 ​ $ — ​ $ 46,282 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
Fair value of instruments measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 As of December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 102,359 ​ $ 101,422 ​ $ 68,772 ​ $ 68,772 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ $ 670,000 ​ $ 670,000 ​ $ — ​ $ — Term loans ​ 1,150,000 ​ 1,150,000 ​ 1,015,000 ​ 1,015,000 Mortgage notes ​ 1,246,140 ​ 1,176,043 ​ 1,246,140 ​ 1,247,307 (1) The carrying value reflects the principal amount outstanding.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Summary of Changes in Shares Outstanding 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 ​ Shares FOR THE THREE MONTHS ENDED JUNE 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2021 138,967 9,121 4,207 152,295 Issuance of common stock: Primary shares 25,192 1,358 15,993 42,543 DRIP 990 68 56 1,114 Stock grants ​ — ​ — ​ — ​ — Redemptions (662) (43) (4) (709) Forfeitures — — (4) (4) Balance as of June 30, 2021 ​ 164,487 ​ 10,504 ​ 20,248 ​ 195,239 FOR THE THREE MONTHS ENDED JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of March 31, 2022 214,973 15,223 46,438 276,634 Issuance of common stock: Primary shares 11,127 2,325 5,200 18,652 DRIP 982 84 236 1,302 Stock grants, net of cancellations — — — — Redemptions (951) (50) (535) (1,536) Conversions ​ (2,397) ​ — ​ 2,397 ​ — Forfeitures ​ — ​ — ​ (20) ​ (20) Balance as of June 30, 2022 223,734 17,582 53,716 295,032 FOR THE SIX MONTHS ENDED JUNE 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 32,937 2,563 16,962 52,462 DRIP 1,887 129 81 2,097 Stock grants ​ — ​ — ​ 204 ​ 204 Redemptions (902) (54) (16) (972) Forfeitures — — (23) (23) Balance as of June 30, 2021 164,487 10,504 20,248 195,239 FOR THE SIX MONTHS ENDED JUNE 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ 206,129 ​ 13,649 ​ 37,391 ​ 257,169 Issuance of common stock: Primary shares 20,291 3,956 12,959 37,206 DRIP 2,117 168 441 2,726 Stock grants, net of cancellations — — 172 172 Redemptions (1,482) (191) (546) (2,219) Conversions ​ (3,321) ​ — ​ 3,321 ​ — Forfeitures ​ — ​ — ​ (22) ​ (22) Balance as of June 30, 2022 223,734 17,582 53,716 295,032
Summary of Distribution Activity	The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for each of the quarters ended below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ $ 0.13625 ​ $ 13,688 ​ $ 618 ​ $ 18,939 ​ $ 6,852 ​ $ 40,097 March 31 ​ ​ 0.13625 ​ ​ 13,043 ​ ​ 639 ​ ​ 18,158 ​ ​ 5,656 ​ ​ 37,496 Total ​ $ 0.27250 ​ $ 26,731 ​ $ 1,257 ​ $ 37,097 ​ $ 12,508 ​ $ 77,593 2021 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 12,429 ​ $ 179 ​ $ 16,900 ​ $ 5,146 ​ $ 34,654 September 30 ​ 0.13625 ​ 11,020 ​ ​ 178 ​ 15,219 ​ 4,263 ​ 30,680 June 30 ​ 0.13625 ​ 8,552 ​ ​ 179 ​ 12,295 ​ 3,373 ​ 24,399 March 31 ​ 0.13625 ​ 6,721 ​ ​ 179 ​ 10,310 ​ 3,240 ​ 20,450 Total ​ $ 0.54500 ​ $ 38,722 ​ $ 715 ​ $ 54,724 ​ $ 16,022 ​ $ 110,183 (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) Consists of distributions paid to holders of OP Units for redeemable noncontrolling interests. (3) Distribution fees are paid monthly to the Ares Wealth Management Solutions, 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. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (4) 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	Below is a summary of redemptions and repurchases pursuant to the Company’s share redemption program for the six months ended June 30, 2022 and 2021. The Company’s board of directors may modify or suspend its current share redemption programs if it deems such action to be in the best interest of its stockholders: ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands, except per share data) ​ 2022 ​ 2021 Number of eligible shares redeemed ​ ​ 2,219 ​ ​ 972 Aggregate dollar amount of shares redeemed ​ $ 31,322 ​ $ 9,911 Average redemption price per share ​ $ 14.12 ​ $ 10.20

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2022
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ($ in thousands) ​ 2022 ​ 2021 Balance at beginning of the year ​ $ 15,687 ​ $ 3,648 Settlement of prior year performance participation allocation (1) ​ ​ 81,185 ​ ​ 9,640 Distributions to redeemable noncontrolling interests ​ ​ (1,257) ​ ​ (358) Redemptions of redeemable noncontrolling interests (2) ​ ​ (40,915) ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (3,041) ​ ​ (225) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 419 ​ ​ 27 Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 17,208 ​ ​ 854 Ending balance ​ $ 69,286 ​ $ 13,586 (1) 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 AIREIT Incentive Fee LP (the “Special Unit Holder”). At the direction of the Advisor, and in light of our Former Sponsor having been the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (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. 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. At the Former 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. (2) At the request of the Advisor, the Operating Partnership redeemed all Class I OP Units issued to the Advisor in January 2022 for $40.9 million .

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	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 the Dealer Manager provided in connection with the Company’s public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, For the Six Months Ended June 30, Payable as of (in thousands) 2022 2021 2022 2021 ​ June 30, 2022 December 31, 2021 Selling commissions and dealer manager fees (1) ​ $ 7,032 ​ $ 3,932 ​ $ 11,671 ​ $ 7,627 ​ ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 6,852 ​ 3,373 ​ 12,508 ​ 6,613 ​ ​ 2,337 ​ 1,779 Advisory fee—fixed component ​ $ 16,641 ​ $ 5,525 ​ ​ 30,257 ​ ​ 9,460 ​ ​ ​ 5,699 ​ ​ 3,864 Performance participation allocation ​ 39,146 ​ 11,842 ​ ​ 122,446 ​ ​ 16,022 ​ ​ ​ 122,446 ​ ​ 81,185 Other expense reimbursements (3)(4) ​ 3,504 ​ 3,092 ​ ​ 6,724 ​ ​ 6,265 ​ ​ ​ 3,138 ​ ​ 707 Property accounting fee (5) ​ ​ 638 ​ ​ 223 ​ ​ 1,200 ​ ​ 418 ​ ​ ​ 228 ​ ​ 166 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 2,695 ​ ​ 227 ​ ​ 4,207 ​ ​ 227 ​ ​ ​ 435 ​ ​ 190 Other DST Program related costs (4) ​ ​ 3,383 ​ ​ 908 ​ ​ 5,399 ​ ​ 908 ​ ​ ​ 133 ​ ​ 61 Development fees (6) ​ ​ 1,568 ​ ​ 324 ​ ​ 2,383 ​ ​ 714 ​ ​ ​ 574 ​ ​ 78 Total ​ $ 81,459 ​ $ 29,446 ​ $ 196,795 ​ $ 48,254 ​ ​ $ 134,990 ​ $ 88,030 (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 $89.6 million and $85.4 million as of June 30, 2022 and December 31, 2021, 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 condensed 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 condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended June 30, (in thousands) 2022 2021 Distributions payable ​ ​ 13,609 ​ ​ 8,931 Distributions reinvested in common stock ​ 36,418 ​ 21,349 Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 33,587 ​ ​ 24,561 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 81,185 ​ 9,640 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ 91,028 ​ ​ 279,340 Change in accrued future ongoing distribution fees ​ ​ 4,152 ​ ​ 17,118 Change in non-cash capital expenditures ​ ​ 24,107 ​ ​ 213 Non-cash selling commissions and dealer manager fees ​ 11,671 ​ 7,627
Reconciliation of Cash, Cash Equivalents and Restricted Cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, (in thousands) 2022 2021 ​ Beginning of period: ​ ​ ​ Cash and cash equivalents ​ $ 216,848 ​ $ 232,369 ​ Restricted cash ​ 887 ​ 530 ​ Cash, cash equivalents and restricted cash ​ $ 217,735 ​ $ 232,899 ​ End of period: ​ ​ ​ Cash and cash equivalents ​ $ 113,665 ​ $ 159,248 ​ Restricted cash ​ 403 ​ 1,595 ​ Cash, cash equivalents and restricted cash ​ $ 114,068 ​ $ 160,843 ​

REAL ESTATE ACQUISITIONS (Sched

REAL ESTATE ACQUISITIONS (Schedule of Asset Acquisitions) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) building property
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Asset Acquisition [Member]
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	47
Total Purchase Price	$ 1,703,551
Debt assumed at fair value	$ 0
Build-to-Core Logistics Portfolio II
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	9
Total Purchase Price	$ 359,202
Build-to-Core Logistics Portfolio II | Land Parcels
Asset Acquisition [Line Items]
Number of Real Estate Properties | property	2
Northlake Logistics Crossing
Asset Acquisition [Line Items]
Total Purchase Price	$ 21,569
Tampa Commerce Center
Asset Acquisition [Line Items]
Total Purchase Price	$ 6,270
Medley 104 Industrial Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 53,670
IDI U.S. Logistics Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	6
Total Purchase Price	$ 317,092
Chicago Growth Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	14
Total Purchase Price	$ 182,135
4 Studebaker
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 33,188
Southeast Orlando Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	5
Total Purchase Price	$ 138,803
I-465 East Logistics Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 18,923
Industry Corporate Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 52,086
Countyline Commerce Center
Asset Acquisition [Line Items]
Total Purchase Price	62,080
Robbinsville Distribution Center
Asset Acquisition [Line Items]
Total Purchase Price	$ 364
Innovation I & II Corporate Center
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	2
Total Purchase Price	$ 63,939
IDI 2022 National Portfolio
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	6
Total Purchase Price	$ 246,773
I-80 Logistics Park I-II
Asset Acquisition [Line Items]
Number of Real Estate Properties | building	1
Total Purchase Price	$ 138,530
Commonwealth Logistics Center
Asset Acquisition [Line Items]
Total Purchase Price	$ 8,927

REAL ESTATE ACQUISITIONS (Purch

REAL ESTATE ACQUISITIONS (Purchase Price Allocation) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Asset Acquisition [Line Items]
Land	$ 403,694
Building and improvements	1,188,076
Intangible lease assets	110,877
Above-market lease assets	2,282
Construction in progress	33,371
Below-market lease liabilities	(34,749)
Total Purchase Price	1,703,551
Asset Acquisition [Member]
Asset Acquisition [Line Items]
Debt assumed at fair value	$ 0

REAL ESTATE ACQUISITIONS (Narra

REAL ESTATE ACQUISITIONS (Narrative) (Details)	6 Months Ended
	Jun. 30, 2022
Intangible lease assets
Asset Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 9 months 18 days

INVESTMENT IN REAL ESTATE (Narr

INVESTMENT IN REAL ESTATE (Narrative) (Details) - building	Jun. 30, 2022	Dec. 31, 2021
Consolidated Properties
Real Estate Properties [Line Items]
Number of industrial properties	240	193

INVESTMENT IN REAL ESTATE (Inve

INVESTMENT IN REAL ESTATE (Investment in Properties) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 1,530,840	$ 1,127,147
Building and improvements	4,715,986	3,510,401
Intangible lease assets	461,749	342,538
Construction in progress	140,534	27,075
Investment in real estate properties	6,849,109	5,007,161
Less accumulated depreciation and amortization	(306,198)	(186,269)
Net investment in real estate properties	$ 6,542,911	$ 4,820,892

INVESTMENT IN REAL ESTATE (Summ

INVESTMENT IN REAL ESTATE (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 461,749	$ 342,538
Below Market Lease [Roll Forward]
Gross	(123,805)	(89,056)
Accumulated Amortization	21,261	12,624
Net	(102,544)	(76,432)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	449,105	332,176
Accumulated Amortization	(112,975)	(74,001)
Total	336,130	258,175
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	12,644	10,362
Accumulated Amortization	(2,743)	(1,838)
Total	$ 9,901	$ 8,524

INVESTMENT IN REAL ESTATE (Su_2

INVESTMENT IN REAL ESTATE (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 4,757	$ 1,225	$ 9,476	$ 1,536
Real Estate-Related Depreciation and Amortization:
Depreciation expense	42,581	10,132	80,050	18,290
Intangible lease asset amortization	20,698	6,250	38,974	11,951
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(500)	(207)	(905)	(391)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 4,660	$ 965	$ 8,636	$ 1,862

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Feb. 15, 2022 USD ($) property	Feb. 14, 2022	Jun. 15, 2021 USD ($) property item building	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 15, 2020 item
Schedule of Equity Method Investments [Line Items]
Number of joint venture partnerships | item			2						2
Investment in Partnerships				$ 19,560		$ 19,560		$ 101,769
Incremental additional cash investment						259,526	$ 580,559
Equity in income from unconsolidated joint venture partnerships				76	$ 404	(35)	$ (1,165)
BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships				19,600		19,600
Outside basis difference				$ 5,300		$ 5,300
BTC II Partnership | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage in the portfolio		100%
BTC II Partnership | BTC II Partnership Agreement | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage		12%
BTC II Partnership | BTC II B Partnership Agreement | BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	8%			8%		8%
QR Limited Partner | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Interest in unconsolidated joint venture properties	100%
Number of properties | property	14
QR Limited Partner | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Limited partner ownership percentage		78.50%
QR Limited Partner | BTC II B Partnership | BTC II B Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Limited partner ownership percentage	90%
BCG Limited Partner | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Redemption value	$ 24,900
BCG Limited Partner | BTC II Partnership | BCG Limited Partner | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Limited partner ownership percentage		1.70%
BCG Limited Partner | BTC II B Partnership | BTC II B Partnership Agreement | BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	2%
BTC II SLP | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Interest in unconsolidated joint venture properties	100%
Number of properties | property	7
BTC II SLP | BTC II Partnership | BTC II Partnership | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Limited partner ownership percentage		7.80%
BTC I Partnership | BTC II Partnership | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Ownership interest in half of portfolio			100%
Number of properties | building			22
Number of excluded properties | property			1
Purchase price of properties			$ 876,700
Incremental additional investment			$ 580,000
BTC II Partnership | BTC II Partnership | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Interest in unconsolidated joint venture properties	100%
Number of properties | property	11
Purchase price of properties	$ 359,200
Incremental additional cash investment						$ 259,500
BTC II B Partnership | BTC II Partnership | BTC II B Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Number of properties | property	5					5

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.13%	2.14%
Principal amount	$ 3,066,140	$ 2,261,140
Less unamortized debt issuance costs	(23,332)	(16,106)
Add unamortized mark-to-market adjustment on assumed debt, net	533	639
Total debt, net	3,043,341	2,245,673
Gross book value of properties encumbered by debt	$ 2,381,583	$ 1,835,561
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	4 years
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.08%	1.40%
Principal amount	$ 670,000
Line of Credit Facility, Commitment Fee Amount	1,000,000
Unused and available portions under the term loan	$ 330,000
Line of Credit | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	10%	10%
Line of Credit | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%	1.25%
Line of Credit | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2%	2%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%	0.25%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1%	1%
Term Loan
Debt Instrument [Line Items]
Principal amount	$ 1,150,000
Term Loan (Maturity date March 2027)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.87%	2.23%
Principal amount	$ 550,000	$ 415,000
Debt Instrument, Unused Borrowing Capacity, Fee	$ 550,000
Term Loan (Maturity date March 2027) | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%	1.20%
Term Loan (Maturity date March 2027) | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%	1.90%
Term Loan (Maturity date March 2027) | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.20%	0.20%
Term Loan (Maturity date March 2027) | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%	0.90%
Term Loan (Maturity date May 2026)
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.32%	1.66%
Principal amount	$ 600,000	$ 600,000
Debt Instrument, Unused Borrowing Capacity, Fee	$ 600,000
Term Loan (Maturity date May 2026) | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	11.448%	11.448%
Term Loan (Maturity date May 2026) | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%	1.35%
Term Loan (Maturity date May 2026) | SOFR | 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%	2.93%
Principal amount	$ 628,890	$ 628,890
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	3.41%	1.74%
Principal amount	$ 617,250	$ 617,250
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%
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%

DEBT (Principal Payments on Deb

DEBT (Principal Payments on Debt) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2024	$ 38,000
2025	1,287,250
2026	600,000
Thereafter	1,140,890
Total principal payments	3,066,140	$ 2,261,140
Line of Credit
Debt Instrument [Line Items]
2025	670,000
Total principal payments	$ 670,000
Term of extension option	1 year
Number of extension options for extension term | item	2
Term Loan
Debt Instrument [Line Items]
2026	$ 600,000
Thereafter	550,000
Total principal payments	1,150,000
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	628,890
Floating-rate mortgage notes
Debt Instrument [Line Items]
Total principal payments	617,250	$ 617,250
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
Variable Rate Secured Mortgage Note Maturity July 2025
Debt Instrument [Line Items]
Total principal payments	$ 209,300
Term of extension option	1 year

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Jun. 30, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Debt Instrument [Line Items]
Cash flow hedge to be reclassified in next twelve months	$ 13,200
Number of Contracts | contract	18	12
Notional Amount	$ 1,653,000	$ 1,153,000
Derivative instruments	46,282	5,817
Principal amount	$ 3,066,140	$ 2,261,140
Interest Rate Swap | Other Assets
Debt Instrument [Line Items]
Number of Contracts | contract	16	10
Notional Amount	$ 1,075,000	$ 575,000
Derivative instruments	$ 28,280	$ 2,653
Interest Rate Caps | Other Assets
Debt Instrument [Line Items]
Number of Contracts | contract	2	2
Notional Amount	$ 578,000	$ 578,000
Derivative instruments	18,002	3,164
Line of Credit
Debt Instrument [Line Items]
Principal amount	670,000
Term Loan
Debt Instrument [Line Items]
Principal amount	1,150,000
Term Loan (Maturity date May 2026)
Debt Instrument [Line Items]
Principal amount	600,000	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	628,890
Floating-rate mortgage notes
Debt Instrument [Line Items]
Principal amount	617,250	$ 617,250
Variable Rate Secured Mortgage Note Maturity January 2025
Debt Instrument [Line Items]
Principal amount	408,000
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 | contract	1
Amount of hedged item	$ 170,000
Principal amount	$ 209,300

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 33,078	$ 4,571	$ 55,545	$ 8,295
Designated as Hedging Instrument
Debt Instrument [Line Items]
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	33,078	4,571	55,545	8,295
Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain recognized in income	3,937		14,839
Cash Flow Hedges | Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain (loss) recognized in AOCI	5,902	(81)	23,940	1,394
Amount reclassified from AOCI into interest expense	$ 546	$ 917	$ 1,692	$ 1,804

DST PROGRAM - DST Program activ

DST PROGRAM - DST Program activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
DST Program loans outstanding	$ 102,359		$ 102,359		$ 68,772
Rent obligation incurred under master lease agreements	22,040	$ 7,250	42,728	$ 12,825
D S T Program
DST Program loans outstanding	102,400		102,400		$ 68,800
DST Interests sold	257,042	82,440	414,163	82,440
DST Interests financed by DST Program Loans	20,917	24,561	33,587	24,561
Income earned from DST Program Loans	968	36	1,756	36
Rent obligation incurred under master lease agreements	$ 9,318	$ 128	$ 16,097	$ 128

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 46,282	$ 5,817
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	28,280	2,653
Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	18,002	3,164
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	46,282	5,817
Level 2 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	28,280	2,653
Level 2 | Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 18,002	$ 3,164

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Assets:
DST Program Loans	$ 102,359	$ 68,772
Carrying Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	670,000
Carrying Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,015,000
Carrying Value | Mortgage Notes
Liabilities:
Debt instruments, fair value disclosure	1,246,140	1,246,140
Fair Value
Assets:
DST Program Loans	101,422	68,772
Fair Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	670,000
Fair Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,015,000
Fair Value | Mortgage Notes
Liabilities:
Debt instruments, fair value disclosure	$ 1,176,043	$ 1,247,307

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 04, 2021	Aug. 03, 2021
Class of Stock [Line Items]
Dollar value of primary shares of common stock in offering					$ 5,000,000	$ 2,000,000
Issuance of common stock	$ 292,559	$ 450,135	$ 545,355	$ 564,335
Issuance of common stock, shares			40,100
Common Stock
Class of Stock [Line Items]
Issuance of common stock	$ 199	$ 436	$ 401	$ 547
Issuance of common stock, shares	19,935	43,653	40,116	54,740
Primary Offering
Class of Stock [Line Items]
Dollar value of primary shares of common stock in offering					3,750,000
DRIP
Class of Stock [Line Items]
Dollar value of primary shares of common stock in offering					$ 1,250,000
Issuance of common stock			$ 36,400

EQUITY (Summary of Changes in S

EQUITY (Summary of Changes in Shares Outstanding for Each Class of Common Stock) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions			(2,219)	(972)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			206,129
Ending balance, shares	223,734		223,734
Common stock, shares issued	223,734		223,734		206,129
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			13,649
Ending balance, shares	17,582		17,582
Common stock, shares issued	17,582		17,582		13,649
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			37,391
Ending balance, shares	53,716		53,716
Common stock, shares issued	53,716		53,716		37,391
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	276,634	152,295	257,169	141,471
Primary shares	18,652	42,543	37,206	52,462
DRIP	1,302	1,114	2,726	2,097
Stock grants, net of cancellations			172	204
Redemptions	(1,536)	(709)	(2,219)	(972)
Forfeitures	(20)	(4)	(22)	(23)
Ending balance, shares	295,032	195,239	295,032	195,239
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	214,973	138,967	206,129	130,565
Primary shares	11,127	25,192	20,291	32,937
DRIP	982	990	2,117	1,887
Redemptions	(951)	(662)	(1,482)	(902)
Conversions	(2,397)		(3,321)
Ending balance, shares	223,734	164,487	223,734	164,487
Common Stock | Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	15,223	9,121	13,649	7,866
Primary shares	2,325	1,358	3,956	2,563
DRIP	84	68	168	129
Redemptions	(50)	(43)	(191)	(54)
Ending balance, shares	17,582	10,504	17,582	10,504
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	46,438	4,207	37,391	3,040
Primary shares	5,200	15,993	12,959	16,962
DRIP	236	56	441	81
Stock grants, net of cancellations			172	204
Redemptions	(535)	(4)	(546)	(16)
Conversions	2,397		3,321
Forfeitures	(20)	(4)	(22)	(23)
Ending balance, shares	53,716	20,248	53,716	20,248

EQUITY (Summary of Company's Ca

EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.27250	$ 0.54500
Common Stock Distributions Paid in Cash	$ 13,688	$ 13,043	$ 12,429	$ 11,020	$ 8,552	$ 6,721	$ 26,731	$ 38,722
Other Cash Distributions	618	639	179	178	179	179	1,257	715
Reinvested in Shares	18,939	18,158	16,900	15,219	12,295	10,310	37,097	54,724
Distribution Fees	6,852	5,656	5,146	4,263	3,373	3,240	12,508	16,022
Gross Distributions	$ 40,097	$ 37,496	$ 34,654	$ 30,680	$ 24,399	$ 20,450	$ 77,593	$ 110,183

EQUITY (Share Redemption Activi

EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Number of eligible shares redeemed (in shares)			2,219	972
Aggregate dollar amount of shares redeemed	$ 22,734	$ 7,266	$ 31,322	$ 9,911
Average redemption price per share (in dollars per share)			$ 14.12	$ 10.20

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 15,687			$ 15,687	$ 3,648	$ 3,648
Settlement of prior year performance participation allocation				81,185	9,640
Distributions to redeemable noncontrolling interests		$ (618)	$ (179)	(1,257)	(358)
Redemptions of redeemable noncontrolling interests				(40,915)
Net loss attributable to redeemable noncontrolling interests		(1,273)	(148)	(3,041)	(225)
Change from cash flow hedging activities attributable to redeemable noncontrolling interests		103	6	419	27
Redemption value allocation adjustment to redeemable noncontrolling interests				17,208	854
Ending balance		69,286	$ 13,586	69,286	$ 13,586	15,687	$ 3,648
Due to Related Parties		134,990		134,990		$ 88,030
Performance Participation Allocation [Member] | AIREIT Incentive Fee LP [Member] | Operating Partnership Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	6,494,463
Ares Commercial Real Estate Management | Advisory Fee, Performance Component | Operating Partnership Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Redemptions of redeemable noncontrolling interests	$ (40,900)
Issuance of OP Units (in shares)						3,273,003
Ares Commercial Real Estate Management | Performance Participation Allocation [Member]
Redeemable Noncontrolling Interest [Line Items]
Settlement of prior year performance participation allocation							9,600
Due to Related Parties		$ 122,446		$ 122,446		$ 81,185	$ 9,600
Ares Commercial Real Estate Management | Performance Participation Allocation [Member] | Operating Partnership Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)						1,610,730
Chairman, Mr. Zucker | Performance Participation Allocation [Member] | Operating Partnership Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)						1,610,730

RELATED PARTY TRANSACTIONS (DST

RELATED PARTY TRANSACTIONS (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 81,459	$ 29,446	$ 196,795	$ 48,254
Distribution fees payable to affiliates	89,571		89,571		$ 85,419
Due to Related Parties	134,990		134,990		88,030
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Amount reimbursed for services	3,300	2,600	6,200	5,300
Selling Commissions And Dealer Manager [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	7,032	3,932	11,671	7,627
Ongoing Distribution Fees [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Distribution fees payable to affiliates	89,600		89,600		85,400
Ongoing Distribution Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	6,852	3,373	12,508	6,613
Due to Related Parties	2,337		2,337		1,779
Advisory Fee, Fixed Component [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	16,641	5,525	30,257	9,460
Due to Related Parties	5,699		5,699		3,864
Performance Participation Allocation [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	39,146	11,842	122,446	16,022
Due to Related Parties	122,446		122,446		81,185	$ 9,600
Other Expense Reimbursements [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	3,504	3,092	6,724	6,265
Due to Related Parties	3,138		3,138		707
Property Accounting Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	638	223	1,200	418
Due to Related Parties	228		228		166
D S T Program Selling Commissions, Dealer Manager And Distribution Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	2,695	227	4,207	227
Due to Related Parties	435		435		190
Other D S T Program Related Costs [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	3,383	908	5,399	908
Due to Related Parties	133		133		61
Development Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	1,568	$ 324	2,383	$ 714
Due to Related Parties	$ 574		$ 574		$ 78

RELATED PARTY TRANSACTIONS (Per

RELATED PARTY TRANSACTIONS (Performance Participation Allocation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 81,459	$ 29,446	$ 196,795	$ 48,254
Ares Commercial Real Estate Management | Performance Participation Allocation [Member]
Related Party Transaction [Line Items]
Threshold for performance component of advisory fee			12.50%
Threshold of annual total return as % of NAV			5%
Performance component earned for excess return over the hurdle amount			100%
Maximum performance component limited to % of total annual return			12.50%
Related Party Transaction, Expenses from Transactions with Related Party	$ 39,146	$ 11,842	$ 122,446	$ 16,022

RELATED PARTY TRANSACTIONS (Joi

RELATED PARTY TRANSACTIONS (Joint Venture Partnerships) (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 15, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 81,459	$ 29,446		$ 196,795	$ 48,254
Due to Related Parties		134,990		$ 134,990	$ 134,990		$ 88,030
BTC II Partnership | BTC II Partnership | BTC II Partnership Agreement
Related Party Transaction [Line Items]
Payment of Joint Venture Partnership Fees	$ 1,800
Related Party Transaction, Expenses from Transactions with Related Party			$ 3,300			$ 6,400
Due to Related Parties							$ 200
BTC II Partnership | BTC II B Partnership | BTC II B Partnership Agreement
Related Party Transaction [Line Items]
Payment of Joint Venture Partnership Fees		$ 300		$ 400

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 13,609	$ 8,931
Distributions reinvested in common stock	36,418	21,349
Net increase in DST Program Loans receivable through DST Program capital raising	33,587	24,561
Redeemable noncontrolling interests issued as settlement of performance participation allocation	81,185	9,640
Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership	91,028	279,340
Change in accrued future ongoing distribution fees	4,152	17,118
Change in non-cash capital expenditures	24,107	213
Non-cash selling commissions and dealer manager fees	$ 11,671	$ 7,627

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 113,665	$ 216,848	$ 159,248	$ 232,369
Restricted cash	403	887	1,595	530
Cash, cash equivalents and restricted cash	$ 114,068	$ 217,735	$ 160,843	$ 232,899