ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		229,881,547
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,373,858
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,295,805

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Net investment in real estate properties	$ 6,646,196	$ 4,820,892
Investment in unconsolidated joint venture partnership(s)	19,492	101,769
Cash and cash equivalents	81,948	216,848
Restricted cash	450	887
DST Program Loans	137,299	68,772
Other assets	182,102	39,941
Total assets	7,067,487	5,249,109
Liabilities
Accounts payable and accrued liabilities	125,580	42,211
Debt, net	2,735,701	2,245,673
Intangible lease liabilities, net	96,922	76,432
Financing obligations, net	1,131,810	483,964
Distribution fees payable to affiliates	95,061	85,419
Other liabilities	188,900	116,064
Total liabilities	4,373,974	3,049,763
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	69,597	15,687
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	3,188,972	2,475,715
Accumulated deficit and distributions	(643,963)	(297,570)
Accumulated other comprehensive income	75,474	2,631
Total stockholders' equity	2,623,604	2,183,347
Noncontrolling interests	312	312
Total equity	2,623,916	2,183,659
Total liabilities and equity	7,067,487	5,249,109
Class T Shares
Stockholders' equity:
Common stock, value	2,308	2,061
Class D Shares
Stockholders' equity:
Common stock, value	197	136
Class I Shares
Stockholders' equity:
Common stock, value	$ 616	$ 374

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 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	230,832	206,129
Common stock, shares outstanding	230,832	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	19,718	13,649
Common stock, shares outstanding	19,718	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	61,595	37,391
Common stock, shares outstanding	61,595	37,391

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental revenues	$ 108,315	$ 55,854	$ 282,667	$ 108,900
Total revenues	108,315	55,854	282,667	108,900
Operating expenses:
Rental expenses	26,065	13,218	68,793	26,043
Real estate-related depreciation and amortization	73,580	36,945	192,604	67,186
General and administrative expenses	3,276	2,126	10,035	6,496
Advisory fees	18,237	8,273	48,494	17,733
Performance participation allocation	14,034	29,910	136,480	45,932
Acquisition costs and reimbursements	2,180	1,214	5,073	3,339
Total operating expenses	137,372	91,686	461,479	166,729
Other (income) expenses:
Equity in loss (income) from unconsolidated joint venture partnership(s)	68	(5,328)	33	(6,493)
Interest expense	45,905	9,001	101,450	17,296
(Gain) loss on derivative instruments	(11,310)	2	(26,149)	2
Other income and expenses	(1,356)	(276)	(2,202)	(405)
Total other (income) expenses	33,307	3,399	73,132	10,400
Net loss	(62,364)	(39,231)	(251,944)	(68,229)
Net loss attributable to redeemable noncontrolling interests	901	228	3,942	453
Net income attributable to noncontrolling interests	(9)	(6)	(28)	(14)
Net loss attributable to common stockholders	$ (61,472)	$ (39,009)	$ (248,030)	$ (67,790)
Weighted-average shares outstanding - basic	307,422	223,706	289,380	183,693
Weighted-average shares outstanding - diluted	311,954	225,017	293,912	185,004
Net loss per common share - basic	$ (0.20)	$ (0.17)	$ (0.86)	$ (0.37)
Net loss per common share - diluted	$ (0.20)	$ (0.17)	$ (0.86)	$ (0.37)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (62,364)	$ (39,231)	$ (251,944)	$ (68,229)
Change from cash flow hedging derivatives	48,329	2,849	73,961	6,047
Comprehensive loss	(14,035)	(36,382)	(177,983)	(62,182)
Comprehensive loss attributable to redeemable noncontrolling interests	202	212	2,824	410
Comprehensive loss attributable to common stockholders	$ (13,833)	$ (36,170)	$ (175,159)	$ (61,772)

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 income attributable to redeemable noncontrolling interests)			(67,790)		14	(67,776)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				6,004		6,004
Issuance of common stock	$ 973	1,015,478				1,016,451
Issuance of common stock, shares	97,284
Share-based compensation, net of cancellations		1,234				1,234
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(18,222)				(18,222)
Trailing distribution fees		(46,827)	10,876			(35,951)
Redemptions of common stock	$ (15)	(15,821)				$ (15,836)
Redemptions of common stock, shares	(1,538)					(1,538)
Preferred interest in Subsidiary REITs					61	$ 61
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(74,991)		(14)	(75,005)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,996)				(1,996)
Ending balance at Sep. 30, 2021	$ 2,373	2,263,645	(260,680)	(3,746)	187	2,001,779
Ending balance, shares at Sep. 30, 2021	237,217
Beginning balance at Jun. 30, 2021	$ 1,952	1,848,608	(195,434)	(6,579)	187	1,648,734
Beginning balance, shares at Jun. 30, 2021	195,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(39,009)		6	(39,003)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				2,833		2,833
Issuance of common stock	$ 426	451,690				452,116
Issuance of common stock, shares	42,544
Share-based compensation, net of cancellations		378				378
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(6,873)				(6,873)
Trailing distribution fees		(23,096)	4,263			(18,833)
Redemptions of common stock	$ (5)	(5,920)				(5,925)
Redemptions of common stock, shares	(566)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(30,500)		(6)	(30,506)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,142)				(1,142)
Ending balance at Sep. 30, 2021	$ 2,373	2,263,645	(260,680)	(3,746)	187	2,001,779
Ending balance, shares at Sep. 30, 2021	237,217
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 income attributable to redeemable noncontrolling interests)			(248,030)		28	(248,002)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				72,843		72,843
Issuance of common stock	$ 615	879,649				$ 880,264
Issuance of common stock, shares	61,552					61,600
Share-based compensation, net of cancellations		1,188				$ 1,188
Share-based compensation, net of cancellations (shares)	(34)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(22,589)				(22,589)
Trailing distribution fees		(29,508)	19,867			(9,641)
Redemptions of common stock	$ (65)	(97,144)				$ (97,209)
Redemptions of common stock, shares	(6,542)					(6,542)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(118,230)		(28)	$ (118,258)
Redemption value allocation adjustment to redeemable noncontrolling interests		(18,339)				(18,339)
Ending balance at Sep. 30, 2022	$ 3,121	3,188,972	(643,963)	75,474	312	2,623,916
Ending balance, shares at Sep. 30, 2022	312,145
Beginning balance at Jun. 30, 2022	$ 2,950	2,942,359	(547,956)	27,844	312	2,425,509
Beginning balance, shares at Jun. 30, 2022	295,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(61,472)		9	(61,463)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				47,630		47,630
Issuance of common stock	$ 214	334,695				334,909
Issuance of common stock, shares	21,436
Share-based compensation, net of cancellations		489				489
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,748)				(8,748)
Trailing distribution fees		(12,848)	7,359			(5,489)
Redemptions of common stock	$ (43)	(65,844)				(65,887)
Redemptions of common stock, shares	(4,323)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(41,894)		(9)	(41,903)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,131)				(1,131)
Ending balance at Sep. 30, 2022	$ 3,121	$ 3,188,972	$ (643,963)	$ 75,474	$ 312	$ 2,623,916
Ending balance, shares at Sep. 30, 2022	312,145

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interests	$ 901	$ 228	$ 3,942	$ 453
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	699	16	1,118	43
Distributions to redeemable noncontrolling interest	$ 618	$ 178	$ 1,875	$ 536

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net loss	$ (251,944)	$ (68,229)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	192,604	67,186
Amortization of debt and financing obligation costs	5,460	1,570
Financing obligation liability appreciation	17,882	0
Equity in income from unconsolidated joint venture partnership(s)	33	(6,493)
(Gain) loss on changes in fair value of interest rate caps	(25,546)	2
Performance participation allocation	136,480	45,932
Straight-line rent and amortization of above- and below-market leases	(26,568)	(7,969)
Other	2,072	1,073
Changes in operating assets and liabilities	29,978	11,726
Net cash provided by operating activities	80,451	44,798
Investing activities:
Real estate acquisitions	(1,460,868)	(1,476,938)
Incremental investment to acquire joint venture partnership portfolio	(259,526)	(585,021)
Capital expenditures	(133,115)	(16,362)
Investment in unconsolidated joint venture partnership(s)	(8,782)	(4,402)
Distributions from joint venture partnerships	0	5,200
Other	129	0
Net cash used in investing activities	(1,862,162)	(2,077,523)
Financing activities:
Proceeds from mortgage note	367,830	209,250
Proceeds from line of credit	945,000	640,000
Repayments of line of credit	(945,000)	(566,000)
Proceeds from term loan	135,000	600,000
Debt issuance costs paid	(17,857)	(7,239)
Interest rate cap premium	(2,963)	0
Proceeds from issuance of common stock, net	805,070	969,035
Proceeds from financing obligations, net	562,889	166,911
Offering costs paid in connection with issuance of common stock and private placements	(4,033)	(23,343)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(42,275)	(24,945)
Distribution fees paid to affiliates	(19,163)	(10,515)
Redemptions of common stock	(97,209)	(15,836)
Redemptions of redeemable noncontrolling interests	(40,915)	(3,588)
Net cash provided by financing activities	1,646,374	1,933,730
Net decrease in cash, cash equivalents and restricted cash	(135,337)	(98,995)
Cash, cash equivalents and restricted cash, at beginning of period	217,735	232,899
Cash, cash equivalents and restricted cash, at end of period	$ 82,398	$ 133,904

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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,” “we,” “our” or “us”) is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company,” “we,” “our,” “us” and “AIREIT” refers to Ares Industrial Real Estate Income Trust Inc. and our consolidated subsidiaries, which includes AIREIT Operating Partnership LP (the “Operating Partnership”). We are externally managed by our 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 our former advisor, BCI IV Advisors LLC (the “Former Advisor”). As a result of this transaction, Ares Commercial Real Estate Management LLC became our new advisor (the “New Advisor”). Ares did not acquire our former sponsor, BCI IV Advisors Group LLC (the “Former Sponsor”), and we now consider the Ares real estate group (“AREG”) to be our 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 our 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”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the war in Ukraine and the ongoing effects of the novel coronavirus pandemic, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reclassifications Certain items in our condensed consolidated statement of cash flows for the nine months ended September 30, 2022 have been reclassified to conform to 2022 presentation. Performance participation allocation has been reclassified from other and is presented separately in the condensed consolidated statement of cash flows. Amortization of debt and financing obligation costs has been reclassified from changes in operating assets and liabilities and is presented separately in the condensed consolidated statement of cash flows. Deferred acquisition costs have been reclassified to real estate acquisitions in the condensed consolidated statement of cash flows.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
REAL ESTATE ACQUISITIONS	3. REAL ESTATE ACQUISITIONS ​ During the nine months ended September 30, 2022, we 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 & 5/25/2022 ​ — ​ ​ 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 Bluff Road Logistics Center ​ 7/6/2022 ​ 1 ​ ​ 102,878 Total Acquisitions ​ ​ ​ 48 ​ $ 1,806,429 (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 5” 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 nine months ended September 30, 2022, we allocated the purchase price of our acquisitions to land, building and improvements, construction in progress, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended (in thousands) September 30, 2022 Land ​ $ 422,870 Building and improvements ​ 1,266,672 Intangible lease assets ​ 115,759 Above-market lease assets ​ 2,507 Construction in progress ​ ​ 33,370 Below-market lease liabilities ​ (34,749) Total purchase price (1) ​ $ 1,806,429 (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 our acquisitions during the nine months ended September 30, 2022, as of the respective date of each acquisition, was 4.9

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of September 30, 2022 and December 31, 2021, our consolidated investment in real estate properties consisted of 241 and 193 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2022 December 31, 2021 Land ​ $ 1,549,884 ​ $ 1,127,147 Building and improvements ​ 4,810,786 ​ 3,510,401 Intangible lease assets ​ 470,788 ​ 342,538 Construction in progress ​ 195,075 ​ 27,075 Investment in real estate properties ​ 7,026,533 ​ 5,007,161 Less accumulated depreciation and amortization ​ (380,337) ​ (186,269) Net investment in real estate properties ​ $ 6,646,196 ​ $ 4,820,892 ​ Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2022 and December 31, 2021 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 457,918 ​ $ (136,123) ​ $ 321,795 ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 Above-market lease assets (1) ​ 12,870 ​ (3,302) ​ 9,568 ​ 10,362 ​ (1,838) ​ 8,524 Below-market lease liabilities ​ (123,805) ​ 26,883 ​ (96,922) ​ (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 Nine Months Ended ​ ​ September 30, ​ September 30, (in thousands) 2022 2021 2022 2021 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 4,298 ​ $ 3,298 ​ $ 13,774 ​ $ 4,834 Above-market lease amortization ​ (559) ​ (374) ​ (1,464) ​ (765) Below-market lease amortization ​ 5,622 ​ 2,038 ​ 14,258 ​ 3,900 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ Depreciation expense ​ $ 50,433 ​ $ 23,438 ​ $ 130,483 ​ $ 41,728 Intangible lease asset amortization ​ 23,147 ​ 13,507 ​ 62,121 ​ 25,458 ​

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On July 15, 2020, we 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, we, through two of our subsidiaries, entered into a transaction (the “BTC I Partnership Transaction”) with our 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 our board of directors. Pursuant to the BTC I Partnership Transaction, we, along with 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, we and the QR Limited Partner (together with certain of our 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, we have a 100% interest in 22 buildings that were previously part of the BTC I Partnership (the “Build-To-Core Logistics Portfolio”). We 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 us was $876.7 million, which includes the cost of our minority joint venture interest in the BTC I Partnership and our 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, we, 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”), we, 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, we own 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 us was $359.2 million. The incremental additional cash investment to effect the split of the BTC II Portfolio was $259.5 million as of September 30, 2022. Concurrently with the BTC II Partnership Transaction, we and the joint venture partners formed a new joint venture partnership (the “BTC II B Partnership”), through which we co-own 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 we own 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. We have 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. We have reported our investments in the BTC Partnerships and the BTC II B Partnership under the equity method on our 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, we had the ability to exercise significant influence but did not have control over the partnerships. Similarly, with respect to the BTC II B Partnership, we have the ability to exercise significant influence but do not have control of the partnership. As of September 30, 2022, we had an 8.0% interest in the BTC II B Partnership, which includes five properties, with a book value of our investment in the BTC II B Partnership of $19.5 million, which includes $5.3 million of outside basis difference. The outside basis difference originated from the difference between the contributions we made for the minority ownership interest in the joint venture partnership, which was based on fair value, and the book value of our share of the underlying net assets and liabilities for the BTC II B Partnership.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	6. DEBT Our consolidated indebtedness is currently comprised of borrowings under our 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 our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ September 30, December 31, ​ September 30, December 31, ($ in thousands) ​ 2022 ​ 2021 ​ Maturity Date ​ 2022 ​ 2021 Line of credit (1) 4.39 % 1.40 % March 2025 ​ $ — ​ $ — Term loan (2) 2.87 2.23 March 2027 ​ 550,000 ​ 415,000 Term loan (3) ​ 3.48 ​ 1.66 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 3.58 2.93 August 2024 - ​ 996,720 ​ 628,890 Floating-rate mortgage notes (5) ​ 3.57 ​ 1.74 ​ January 2025 - ​ ​ 617,250 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.42 % 2.14 % ​ ​ $ 2,763,970 ​ $ 2,261,140 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (28,749) ​ ​ (16,106) Add unamortized mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 480 ​ 639 Total debt, net ​ ​ ​ ​ ​ ​ $ 2,735,701 ​ $ 2,245,673 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,385,202 ​ $ 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 our 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, our acquisition and operation of permitted investments. As of September 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 $1.0 billion. (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 our 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 September 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, our acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on Term SOFR plus a 11.448 basis point adjustment 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 our 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 September 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, our acquisition and operation of permitted investments. (4) Interest rates range from 2.85% to 4.71% . The assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our other debt and obligations, unless we first satisfy 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 our consolidated debt was approximately 3.9 years as of September 30, 2022, excluding any extension options on the line of credit and the floating-rate mortgage notes. As of September 30, 2022, the principal payments due on our 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 ​ — ​ — ​ 985,080 ​ 985,080 2026 ​ — ​ 600,000 ​ ​ — ​ 600,000 Thereafter ​ — ​ 550,000 ​ 590,890 ​ 1,140,890 Total principal payments ​ $ — ​ $ 1,150,000 ​ $ 1,613,970 ​ $ 2,763,970 (1) The line of credit matures in March 2025 and the term may be extended pursuant to two one-year extension options, subject to certain conditions. (2) The $209.3 million mortgage note matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. The $408.0 million mortgage note matures in January 2025 and the $367.8 million mortgage note matures in July 2025 and the terms of both may be extended pursuant to two one-year extension options, subject to certain conditions. In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (“ARRC”), which identified the 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 September 30, 2022, our $209.3 million mortgage note is the only indebtedness with initial or extended maturity dates beyond 2023 that has exposure to LIBOR. As of September 30, 2022, we have one interest rate cap in place on $170.0 million of borrowings under our $209.3 million mortgage note. We intend to monitor the developments with respect to the phasing out of LIBOR after 2023 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants Our 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. We were in compliance with all covenants as of September 30, 2022. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable 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 us 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 our variable-rate borrowings are not hedged, and therefore, to an extent, we have 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, we may experience significant fluctuations in our net income (loss). During the next 12 months, we estimate that approximately $31.1 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of September 30, 2022 ​ ​ Interest rate swaps 17 ​ $ 1,442,830 Other assets ​ $ 76,614 Interest rate caps ​ 2 ​ ​ 578,000 ​ Other assets ​ ​ 28,710 Total derivative instruments ​ 19 ​ $ 2,020,830 ​ ​ ​ $ 105,324 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 our derivative instruments on our condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 49,192 ​ $ 1,752 ​ $ 73,132 ​ $ 3,146 Amount reclassified from AOCI into interest expense ​ (863) ​ 1,097 ​ 829 ​ 2,901 Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 45,905 ​ 9,001 ​ 101,450 ​ 17,296 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in other income and expenses ​ $ 11,310 ​ $ (2) ​ $ 26,149 ​ $ (2) ​

DST PROGRAM

DST PROGRAM	9 Months Ended
	Sep. 30, 2022
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	efcond 7. DST PROGRAM We have 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, we have 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 September 30, 2022 and December 31, 2021, there were approximately $137.3 million and $68.8 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. The following table presents our DST Program activity for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ For the Nine Months Ended September 30, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 229,604 ​ $ 117,545 ​ $ 643,767 ​ $ 199,985 DST Interests financed by DST Program Loans (1) ​ ​ 34,940 ​ ​ 8,513 ​ ​ 68,527 ​ ​ 33,074 Income earned from DST Program Loans (2) ​ ​ 1,343 ​ ​ 301 ​ ​ 3,099 ​ ​ 337 Financing obligation liability appreciation (3) ​ ​ 8,872 ​ ​ — ​ ​ 17,882 ​ ​ — Rent obligation incurred under master lease agreements (3) ​ ​ 11,779 ​ ​ 1,629 ​ ​ 27,876 ​ ​ 1,757 (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	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	8. FAIR VALUE OF FINANCIAL INSTRUMENTS We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe 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 we would realize upon disposition of our financial instruments. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of September 30, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 76,614 ​ $ — ​ $ 76,614 Interest rate caps ​ ​ — ​ ​ 28,710 ​ ​ — ​ ​ 28,710 Total assets measured at fair value ​ $ — ​ $ 105,324 ​ $ — ​ $ 105,324 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 September 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 our 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 September 30, 2022 As of December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 137,299 ​ $ 130,764 ​ $ 68,772 ​ $ 68,772 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 1,150,000 ​ 1,150,000 ​ 1,015,000 ​ 1,015,000 Mortgage notes ​ 1,613,970 ​ 1,516,428 ​ 1,246,140 ​ 1,247,307 (1) The carrying value reflects the principal amount outstanding.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	9. EQUITY Public Offering We intend 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 our registration statement on Form S-11 with respect to our third public offering of up to $5.0 billion of shares of our common stock effective, and the third public offering commenced the same day. Our second public offering of up to $2.0 billion of shares of our common stock was terminated immediately upon the effectiveness of the registration statement for the third public offering. Under the third public offering, we are offering up to $3.75 billion of shares of our common stock in the primary offering and up to $1.25 billion of shares of our common stock pursuant to our distribution reinvestment plan, in any combination of Class T shares, Class D shares (formerly designated as Class W shares) and Class I shares. We may reallocate amounts between the primary offering and distribution reinvestment plan. Pursuant to our public offerings, we offered and continue to offer shares of our 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 our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the nine months ended September 30, 2022, we raised gross proceeds of approximately $880.3 million from the sale of approximately 61.6 million shares of our common stock in our ongoing public offering, including proceeds from our distribution reinvestment plan of approximately $56.0 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 SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 164,487 10,504 20,248 195,239 Issuance of common stock: Primary shares 28,833 1,338 10,988 41,159 DRIP 1,150 75 132 1,357 Stock grants ​ — ​ — ​ 29 ​ 29 Redemptions (520) (45) (1) (566) Forfeitures — — (1) (1) Balance as of September 30, 2021 ​ 193,950 ​ 11,872 ​ 31,395 ​ 237,217 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 223,734 17,582 53,716 295,032 Issuance of common stock: Primary shares 13,850 2,257 4,027 20,134 DRIP 937 91 254 1,282 Stock grants, net of cancellations — — 21 21 Redemptions (3,280) (212) (831) (4,323) Conversions ​ (4,409) ​ — ​ 4,409 ​ — Forfeitures ​ — ​ — ​ (1) ​ (1) Balance as of September 30, 2022 230,832 19,718 61,595 312,145 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 61,769 3,900 27,951 93,620 DRIP 3,037 205 213 3,455 Stock grants ​ — ​ — ​ 233 ​ 233 Redemptions (1,421) (99) (18) (1,538) Forfeitures — — (24) (24) Balance as of September 30, 2021 193,950 11,872 31,395 237,217 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ 206,129 ​ 13,649 ​ 37,391 ​ 257,169 Issuance of common stock: Primary shares 34,141 6,213 16,986 57,340 DRIP 3,054 259 695 4,008 Stock grants, net of cancellations — — 193 193 Redemptions (4,762) (403) (1,377) (6,542) Conversions ​ (7,730) ​ — ​ 7,730 ​ — Forfeitures ​ — ​ — ​ (23) ​ (23) Balance as of September 30, 2022 230,832 19,718 61,595 312,145 ​ Distributions The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ $ 0.13625 ​ $ 14,599 ​ $ 618 ​ $ 19,936 ​ $ 7,359 ​ $ 42,512 June 30 ​ ​ 0.13625 ​ ​ 13,674 ​ ​ 618 ​ ​ 18,953 ​ ​ 6,852 ​ ​ 40,097 March 31 ​ ​ 0.13625 ​ ​ 13,043 ​ ​ 639 ​ ​ 18,158 ​ ​ 5,656 ​ ​ 37,496 Total ​ $ 0.40875 ​ $ 41,316 ​ $ 1,875 ​ $ 57,047 ​ $ 19,867 ​ $ 120,105 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 our 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 our 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 our public offerings. Redemptions Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 2022 and 2021. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) ​ 2022 ​ 2021 Number of eligible shares redeemed ​ ​ 6,542 ​ ​ 1,538 Aggregate dollar amount of shares redeemed ​ $ 97,209 ​ $ 15,836 Average redemption price per share ​ $ 14.86 ​ $ 10.30 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2022
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	10. 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”). We have 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 nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 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 ​ ​ (1,875) ​ ​ (536) Redemptions of redeemable noncontrolling interests (2) ​ ​ (40,915) ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (3,942) ​ ​ (453) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 1,118 ​ ​ 43 Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 18,339 ​ ​ 1,996 Ending balance ​ $ 69,597 ​ $ 14,338 (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 our 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	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us 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 our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2022 2021 2022 2021 ​ September 30, 2022 December 31, 2021 Selling commissions and dealer manager fees (1) ​ $ 7,533 ​ $ 4,110 ​ $ 19,204 ​ $ 11,737 ​ ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 7,359 ​ 4,263 ​ 19,867 ​ 10,876 ​ ​ 2,483 ​ 1,779 Advisory fee—fixed component ​ ​ 18,237 ​ ​ 8,273 ​ ​ 48,494 ​ ​ 17,733 ​ ​ ​ 6,248 ​ ​ 3,864 Performance participation allocation ​ 14,034 ​ 29,910 ​ ​ 136,480 ​ ​ 45,932 ​ ​ ​ 136,480 ​ ​ 81,185 Other expense reimbursements (3)(4) ​ 3,494 ​ 2,927 ​ ​ 10,218 ​ ​ 9,192 ​ ​ ​ 3,125 ​ ​ 707 Property accounting fee (5) ​ ​ 743 ​ ​ 368 ​ ​ 1,943 ​ ​ 786 ​ ​ ​ 277 ​ ​ 166 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 2,501 ​ ​ 1,051 ​ ​ 6,708 ​ ​ 1,278 ​ ​ ​ 576 ​ ​ 190 Other DST Program related costs (4) ​ ​ 2,876 ​ ​ 1,492 ​ ​ 8,275 ​ ​ 2,400 ​ ​ ​ 145 ​ ​ 61 Development fees (6) ​ ​ 4,673 ​ ​ 116 ​ ​ 7,056 ​ ​ 830 ​ ​ ​ 671 ​ ​ 78 Total ​ $ 61,450 ​ $ 52,510 ​ $ 258,245 ​ $ 100,764 ​ ​ $ 150,005 ​ $ 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, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $95.1 million and $85.4 million as of September 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 us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we 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 our condensed consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our 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 our 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. We incurred approximately $3.3 million and $2.7 million for the three months ended September 30, 2022 and 2021, respectively, and $9.5 million and $8.0 million for the nine months ended September 30, 2022, 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 September 30, 2022 and 2021, we recognized approximately $14.0 million and $29.9 million for the three months ended September 30, 2022 and 2021, respectively, and $136.5 million and $45.9 million for the nine months ended September 30, 2022 and 2021, respectively, of performance participation allocation expense in our 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 nine months ended September 30, 2021, the BTC Partnerships incurred in aggregate approximately $ 2.1 million and $8.5 million, respectively, in acquisition and asset management fees. We 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 September 30, 2022 and for the three months ended September 30, 2022, the BTC II B Partnership incurred approximately $0.7 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.

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2022
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE	12. NET LOSS PER COMMON SHARE The computation of our basic and diluted net loss per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2022 2021 ​ 2022 2021 Net loss attributable to common stockholders—basic ​ $ (61,472) ​ $ (39,009) ​ $ (248,030) ​ $ (67,790) Net loss attributable to redeemable noncontrolling interests ​ ​ (901) ​ ​ (228) ​ ​ (3,942) ​ ​ (453) Net loss attributable to noncontrolling interests ​ ​ 9 ​ ​ 6 ​ ​ 28 ​ ​ 14 Net loss attributable to common stockholders—diluted ​ $ (62,364) ​ $ (39,231) ​ $ (251,944) ​ $ (68,229) Weighted-average shares outstanding—basic ​ ​ 307,422 ​ ​ 223,706 ​ ​ 289,380 ​ ​ 183,693 Incremental weighted-average shares outstanding—diluted ​ ​ 4,532 ​ ​ 1,311 ​ ​ 4,532 ​ ​ 1,311 Weighted-average shares outstanding—diluted ​ ​ 311,954 ​ ​ 225,017 ​ ​ 293,912 ​ ​ 185,004 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.20) ​ $ (0.17) ​ $ (0.86) ​ $ (0.37) Diluted ​ $ (0.20) ​ $ (0.17) ​ $ (0.86) ​ $ (0.37) ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2022 2021 Distributions payable ​ ​ 14,451 ​ ​ 10,842 Distributions reinvested in common stock ​ 55,990 ​ 35,679 Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 68,527 ​ ​ 33,074 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 ​ ​ 9,641 ​ ​ 35,951 Change in non-cash capital expenditures ​ ​ 44,618 ​ ​ 3,348 Non-cash selling commissions and dealer manager fees ​ 19,204 ​ 11,737 ​ 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 Nine Months Ended September 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 ​ $ 81,948 ​ $ 132,070 ​ Restricted cash ​ 450 ​ 1,834 ​ Cash, cash equivalents and restricted cash ​ $ 82,398 ​ $ 133,904 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we and our subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2022, we and our subsidiaries were not involved in any material legal proceedings. Environmental Matters A majority of the properties we acquire have been or will be subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. We have 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. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of September 30, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain items in our condensed consolidated statement of cash flows for the nine months ended September 30, 2022 have been reclassified to conform to 2022 presentation. Performance participation allocation has been reclassified from other and is presented separately in the condensed consolidated statement of cash flows. Amortization of debt and financing obligation costs has been reclassified from changes in operating assets and liabilities and is presented separately in the condensed consolidated statement of cash flows. Deferred acquisition costs have been reclassified to real estate acquisitions in the condensed consolidated statement of cash flows.

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisitions	During the nine months ended September 30, 2022, we 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 & 5/25/2022 ​ — ​ ​ 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 Bluff Road Logistics Center ​ 7/6/2022 ​ 1 ​ ​ 102,878 Total Acquisitions ​ ​ ​ 48 ​ $ 1,806,429 (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 5” 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 Nine Months Ended (in thousands) September 30, 2022 Land ​ $ 422,870 Building and improvements ​ 1,266,672 Intangible lease assets ​ 115,759 Above-market lease assets ​ 2,507 Construction in progress ​ ​ 33,370 Below-market lease liabilities ​ (34,749) Total purchase price (1) ​ $ 1,806,429 (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)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of September 30, 2022 and December 31, 2021, our consolidated investment in real estate properties consisted of 241 and 193 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2022 December 31, 2021 Land ​ $ 1,549,884 ​ $ 1,127,147 Building and improvements ​ 4,810,786 ​ 3,510,401 Intangible lease assets ​ 470,788 ​ 342,538 Construction in progress ​ 195,075 ​ 27,075 Investment in real estate properties ​ 7,026,533 ​ 5,007,161 Less accumulated depreciation and amortization ​ (380,337) ​ (186,269) Net investment in real estate properties ​ $ 6,646,196 ​ $ 4,820,892
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of September 30, 2022 and December 31, 2021 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 457,918 ​ $ (136,123) ​ $ 321,795 ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 Above-market lease assets (1) ​ 12,870 ​ (3,302) ​ 9,568 ​ 10,362 ​ (1,838) ​ 8,524 Below-market lease liabilities ​ (123,805) ​ 26,883 ​ (96,922) ​ (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 Nine Months Ended ​ ​ September 30, ​ September 30, (in thousands) 2022 2021 2022 2021 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 4,298 ​ $ 3,298 ​ $ 13,774 ​ $ 4,834 Above-market lease amortization ​ (559) ​ (374) ​ (1,464) ​ (765) Below-market lease amortization ​ 5,622 ​ 2,038 ​ 14,258 ​ 3,900 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ Depreciation expense ​ $ 50,433 ​ $ 23,438 ​ $ 130,483 ​ $ 41,728 Intangible lease asset amortization ​ 23,147 ​ 13,507 ​ 62,121 ​ 25,458

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ September 30, December 31, ​ September 30, December 31, ($ in thousands) ​ 2022 ​ 2021 ​ Maturity Date ​ 2022 ​ 2021 Line of credit (1) 4.39 % 1.40 % March 2025 ​ $ — ​ $ — Term loan (2) 2.87 2.23 March 2027 ​ 550,000 ​ 415,000 Term loan (3) ​ 3.48 ​ 1.66 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 3.58 2.93 August 2024 - ​ 996,720 ​ 628,890 Floating-rate mortgage notes (5) ​ 3.57 ​ 1.74 ​ January 2025 - ​ ​ 617,250 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.42 % 2.14 % ​ ​ $ 2,763,970 ​ $ 2,261,140 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (28,749) ​ ​ (16,106) Add unamortized mark-to-market adjustment on assumed debt, net ​ ​ ​ ​ ​ ​ 480 ​ 639 Total debt, net ​ ​ ​ ​ ​ ​ $ 2,735,701 ​ $ 2,245,673 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,385,202 ​ $ 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 our 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, our acquisition and operation of permitted investments. As of September 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 $1.0 billion. (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 our 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 September 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, our acquisition and operation of permitted investments. (3) The effective interest rate is calculated based on Term SOFR plus a 11.448 basis point adjustment 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 our 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 September 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, our acquisition and operation of permitted investments. (4) Interest rates range from 2.85% to 4.71% . The assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our other debt and obligations, unless we first satisfy 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 our consolidated debt was approximately 3.9 years as of September 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 September 30, 2022, the principal payments due on our 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 ​ — ​ — ​ 985,080 ​ 985,080 2026 ​ — ​ 600,000 ​ ​ — ​ 600,000 Thereafter ​ — ​ 550,000 ​ 590,890 ​ 1,140,890 Total principal payments ​ $ — ​ $ 1,150,000 ​ $ 1,613,970 ​ $ 2,763,970 (1) The line of credit matures in March 2025 and the term may be extended pursuant to two one-year extension options, subject to certain conditions. (2) The $209.3 million mortgage note matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions. The $408.0 million mortgage note matures in January 2025 and the $367.8 million mortgage note matures in July 2025 and the terms of both may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of September 30, 2022 ​ ​ Interest rate swaps 17 ​ $ 1,442,830 Other assets ​ $ 76,614 Interest rate caps ​ 2 ​ ​ 578,000 ​ Other assets ​ ​ 28,710 Total derivative instruments ​ 19 ​ $ 2,020,830 ​ ​ ​ $ 105,324 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 our derivative instruments on our condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 49,192 ​ $ 1,752 ​ $ 73,132 ​ $ 3,146 Amount reclassified from AOCI into interest expense ​ (863) ​ 1,097 ​ 829 ​ 2,901 Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 45,905 ​ 9,001 ​ 101,450 ​ 17,296 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in other income and expenses ​ $ 11,310 ​ $ (2) ​ $ 26,149 ​ $ (2)

DST PROGRAM (Tables)

DST PROGRAM (Tables)	9 Months Ended
	Sep. 30, 2022
Delaware Statutory Trust Program [Abstract]
Schedule Of DST Program activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ For the Nine Months Ended September 30, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2022 ​ ​ 2021 DST Interests sold ​ $ 229,604 ​ $ 117,545 ​ $ 643,767 ​ $ 199,985 DST Interests financed by DST Program Loans (1) ​ ​ 34,940 ​ ​ 8,513 ​ ​ 68,527 ​ ​ 33,074 Income earned from DST Program Loans (2) ​ ​ 1,343 ​ ​ 301 ​ ​ 3,099 ​ ​ 337 Financing obligation liability appreciation (3) ​ ​ 8,872 ​ ​ — ​ ​ 17,882 ​ ​ — Rent obligation incurred under master lease agreements (3) ​ ​ 11,779 ​ ​ 1,629 ​ ​ 27,876 ​ ​ 1,757 (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)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	The following table presents our financial instruments measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of September 30, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 76,614 ​ $ — ​ $ 76,614 Interest rate caps ​ ​ — ​ ​ 28,710 ​ ​ — ​ ​ 28,710 Total assets measured at fair value ​ $ — ​ $ 105,324 ​ $ — ​ $ 105,324 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 September 30, 2022 As of December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 137,299 ​ $ 130,764 ​ $ 68,772 ​ $ 68,772 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 1,150,000 ​ 1,150,000 ​ 1,015,000 ​ 1,015,000 Mortgage notes ​ 1,613,970 ​ 1,516,428 ​ 1,246,140 ​ 1,247,307 (1) The carrying value reflects the principal amount outstanding.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 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 SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2021 164,487 10,504 20,248 195,239 Issuance of common stock: Primary shares 28,833 1,338 10,988 41,159 DRIP 1,150 75 132 1,357 Stock grants ​ — ​ — ​ 29 ​ 29 Redemptions (520) (45) (1) (566) Forfeitures — — (1) (1) Balance as of September 30, 2021 ​ 193,950 ​ 11,872 ​ 31,395 ​ 237,217 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 223,734 17,582 53,716 295,032 Issuance of common stock: Primary shares 13,850 2,257 4,027 20,134 DRIP 937 91 254 1,282 Stock grants, net of cancellations — — 21 21 Redemptions (3,280) (212) (831) (4,323) Conversions ​ (4,409) ​ — ​ 4,409 ​ — Forfeitures ​ — ​ — ​ (1) ​ (1) Balance as of September 30, 2022 230,832 19,718 61,595 312,145 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 61,769 3,900 27,951 93,620 DRIP 3,037 205 213 3,455 Stock grants ​ — ​ — ​ 233 ​ 233 Redemptions (1,421) (99) (18) (1,538) Forfeitures — — (24) (24) Balance as of September 30, 2021 193,950 11,872 31,395 237,217 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ 206,129 ​ 13,649 ​ 37,391 ​ 257,169 Issuance of common stock: Primary shares 34,141 6,213 16,986 57,340 DRIP 3,054 259 695 4,008 Stock grants, net of cancellations — — 193 193 Redemptions (4,762) (403) (1,377) (6,542) Conversions ​ (7,730) ​ — ​ 7,730 ​ — Forfeitures ​ — ​ — ​ (23) ​ (23) Balance as of September 30, 2022 230,832 19,718 61,595 312,145
Summary of Distribution Activity	The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ $ 0.13625 ​ $ 14,599 ​ $ 618 ​ $ 19,936 ​ $ 7,359 ​ $ 42,512 June 30 ​ ​ 0.13625 ​ ​ 13,674 ​ ​ 618 ​ ​ 18,953 ​ ​ 6,852 ​ ​ 40,097 March 31 ​ ​ 0.13625 ​ ​ 13,043 ​ ​ 639 ​ ​ 18,158 ​ ​ 5,656 ​ ​ 37,496 Total ​ $ 0.40875 ​ $ 41,316 ​ $ 1,875 ​ $ 57,047 ​ $ 19,867 ​ $ 120,105 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 our 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 our 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 our public offerings.
Share Redemption Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 2022 and 2021. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) ​ 2022 ​ 2021 Number of eligible shares redeemed ​ ​ 6,542 ​ ​ 1,538 Aggregate dollar amount of shares redeemed ​ $ 97,209 ​ $ 15,836 Average redemption price per share ​ $ 14.86 ​ $ 10.30

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2022
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 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 ​ ​ (1,875) ​ ​ (536) Redemptions of redeemable noncontrolling interests (2) ​ ​ (40,915) ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (3,942) ​ ​ (453) Change from cash flow hedging activities attributable to redeemable noncontrolling interests ​ ​ 1,118 ​ ​ 43 Redemption value allocation adjustment to redeemable noncontrolling interests ​ ​ 18,339 ​ ​ 1,996 Ending balance ​ $ 69,597 ​ $ 14,338 (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 our 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)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by us 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 our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, Payable as of (in thousands) 2022 2021 2022 2021 ​ September 30, 2022 December 31, 2021 Selling commissions and dealer manager fees (1) ​ $ 7,533 ​ $ 4,110 ​ $ 19,204 ​ $ 11,737 ​ ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 7,359 ​ 4,263 ​ 19,867 ​ 10,876 ​ ​ 2,483 ​ 1,779 Advisory fee—fixed component ​ ​ 18,237 ​ ​ 8,273 ​ ​ 48,494 ​ ​ 17,733 ​ ​ ​ 6,248 ​ ​ 3,864 Performance participation allocation ​ 14,034 ​ 29,910 ​ ​ 136,480 ​ ​ 45,932 ​ ​ ​ 136,480 ​ ​ 81,185 Other expense reimbursements (3)(4) ​ 3,494 ​ 2,927 ​ ​ 10,218 ​ ​ 9,192 ​ ​ ​ 3,125 ​ ​ 707 Property accounting fee (5) ​ ​ 743 ​ ​ 368 ​ ​ 1,943 ​ ​ 786 ​ ​ ​ 277 ​ ​ 166 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 2,501 ​ ​ 1,051 ​ ​ 6,708 ​ ​ 1,278 ​ ​ ​ 576 ​ ​ 190 Other DST Program related costs (4) ​ ​ 2,876 ​ ​ 1,492 ​ ​ 8,275 ​ ​ 2,400 ​ ​ ​ 145 ​ ​ 61 Development fees (6) ​ ​ 4,673 ​ ​ 116 ​ ​ 7,056 ​ ​ 830 ​ ​ ​ 671 ​ ​ 78 Total ​ $ 61,450 ​ $ 52,510 ​ $ 258,245 ​ $ 100,764 ​ ​ $ 150,005 ​ $ 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, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable were approximately $95.1 million and $85.4 million as of September 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 us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we 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 our condensed consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our condensed consolidated balance sheets.

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
NET LOSS PER COMMON SHARE
Schedule of basic and diluted net loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2022 2021 ​ 2022 2021 Net loss attributable to common stockholders—basic ​ $ (61,472) ​ $ (39,009) ​ $ (248,030) ​ $ (67,790) Net loss attributable to redeemable noncontrolling interests ​ ​ (901) ​ ​ (228) ​ ​ (3,942) ​ ​ (453) Net loss attributable to noncontrolling interests ​ ​ 9 ​ ​ 6 ​ ​ 28 ​ ​ 14 Net loss attributable to common stockholders—diluted ​ $ (62,364) ​ $ (39,231) ​ $ (251,944) ​ $ (68,229) Weighted-average shares outstanding—basic ​ ​ 307,422 ​ ​ 223,706 ​ ​ 289,380 ​ ​ 183,693 Incremental weighted-average shares outstanding—diluted ​ ​ 4,532 ​ ​ 1,311 ​ ​ 4,532 ​ ​ 1,311 Weighted-average shares outstanding—diluted ​ ​ 311,954 ​ ​ 225,017 ​ ​ 293,912 ​ ​ 185,004 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.20) ​ $ (0.17) ​ $ (0.86) ​ $ (0.37) Diluted ​ $ (0.20) ​ $ (0.17) ​ $ (0.86) ​ $ (0.37)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, (in thousands) 2022 2021 Distributions payable ​ ​ 14,451 ​ ​ 10,842 Distributions reinvested in common stock ​ 55,990 ​ 35,679 Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 68,527 ​ ​ 33,074 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 ​ ​ 9,641 ​ ​ 35,951 Change in non-cash capital expenditures ​ ​ 44,618 ​ ​ 3,348 Non-cash selling commissions and dealer manager fees ​ 19,204 ​ 11,737
Reconciliation of Cash, Cash Equivalents and Restricted Cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 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 ​ $ 81,948 ​ $ 132,070 ​ Restricted cash ​ 450 ​ 1,834 ​ Cash, cash equivalents and restricted cash ​ $ 82,398 ​ $ 133,904 ​

REAL ESTATE ACQUISITIONS (Sched

REAL ESTATE ACQUISITIONS (Schedule of Asset Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) building property
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Asset Acquisition
Asset Acquisition [Line Items]
Number of real estate properties | building	48
Total Purchase Price	$ 1,806,429
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
Bluff Road Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 102,878

REAL ESTATE ACQUISITIONS (Purch

REAL ESTATE ACQUISITIONS (Purchase Price Allocation) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Asset Acquisition [Line Items]
Land	$ 422,870
Building and improvements	1,266,672
Intangible lease assets	115,759
Above-market lease assets	2,507
Construction in progress	33,370
Below-market lease liabilities	(34,749)
Total purchase price	1,806,429
Asset Acquisition [Member]
Asset Acquisition [Line Items]
Debt assumed at fair value	$ 0

REAL ESTATE ACQUISITIONS (Narra

REAL ESTATE ACQUISITIONS (Narrative) (Details)	9 Months Ended
	Sep. 30, 2022
Intangible lease assets
Asset Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 10 months 25 days

INVESTMENT IN REAL ESTATE (Narr

INVESTMENT IN REAL ESTATE (Narrative) (Details) - building	Sep. 30, 2022	Dec. 31, 2021
Consolidated Properties
Real Estate Properties [Line Items]
Number of industrial properties	241	193

INVESTMENT IN REAL ESTATE (Inve

INVESTMENT IN REAL ESTATE (Investment in Properties) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 1,549,884	$ 1,127,147
Building and improvements	4,810,786	3,510,401
Intangible lease assets	470,788	342,538
Construction in progress	195,075	27,075
Investment in real estate properties	7,026,533	5,007,161
Less accumulated depreciation and amortization	(380,337)	(186,269)
Net investment in real estate properties	$ 6,646,196	$ 4,820,892

INVESTMENT IN REAL ESTATE (Summ

INVESTMENT IN REAL ESTATE (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 470,788	$ 342,538
Below Market Lease [Roll Forward]
Gross	(123,805)	(89,056)
Accumulated Amortization	26,883	12,624
Net	(96,922)	(76,432)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	457,918	332,176
Accumulated Amortization	(136,123)	(74,001)
Total	321,795	258,175
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	12,870	10,362
Accumulated Amortization	(3,302)	(1,838)
Total	$ 9,568	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 4,298	$ 3,298	$ 13,774	$ 4,834
Real Estate-Related Depreciation and Amortization:
Depreciation expense	50,433	23,438	130,483	41,728
Intangible lease asset amortization	23,147	13,507	62,121	25,458
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(559)	(374)	(1,464)	(765)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 5,622	$ 2,038	$ 14,258	$ 3,900

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) $ in Thousands				9 Months Ended
	Feb. 15, 2022 USD ($) property	Feb. 14, 2022	Jun. 15, 2021 USD ($) item property building	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	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				$ 19,492		$ 101,769
Incremental additional cash investment				259,526	$ 585,021
BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships				19,500
Outside basis difference				$ 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%
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	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.42%	2.14%
Principal amount	$ 2,763,970	$ 2,261,140
Less unamortized debt issuance costs	(28,749)	(16,106)
Add unamortized mark-to-market adjustment on assumed debt, net	480	639
Total debt, net	2,735,701	2,245,673
Gross book value of properties encumbered by debt	$ 2,385,202	$ 1,835,561
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 10 months 24 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	4.39%	1.40%
Principal amount	$ 0
Total commitments for line of credit	1,000,000
Unused and available portions under the term loan	$ 1,000,000
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	3.48%	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	$ 1,613,970
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.58%	2.93%
Principal amount	$ 996,720	$ 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)	4.71%	4.71%
Floating-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.57%	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 1.85 Percentage Secured Mortgage Note Maturity January 2025
Debt Instrument [Line Items]
Principal amount	$ 367,800
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	9 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2024	$ 38,000
2025	985,080
2026	600,000
Thereafter	1,140,890
Total principal payments	2,763,970	$ 2,261,140
Line of Credit
Debt Instrument [Line Items]
Total principal payments	$ 0
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	985,080
Thereafter	590,890
Total principal payments	1,613,970
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Total principal payments	996,720	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
Variable Rate 1.85 Percentage Secured Mortgage Note Maturity January 2025
Debt Instrument [Line Items]
Total principal payments	$ 367,800
Term of extension option	1 year
Number of extension options for extension term | item	2

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Sep. 30, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Debt Instrument [Line Items]
Cash flow hedge to be reclassified in next twelve months	$ 31,100
Number of Contracts | contract	19	12
Notional Amount	$ 2,020,830	$ 1,153,000
Derivative instruments	105,324	5,817
Principal amount	$ 2,763,970	$ 2,261,140
Interest Rate Swap | Other Assets
Debt Instrument [Line Items]
Number of Contracts | contract	17	10
Notional Amount	$ 1,442,830	$ 575,000
Derivative instruments	$ 76,614	$ 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	28,710	3,164
Line of Credit
Debt Instrument [Line Items]
Principal amount	0
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	1,613,970
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Principal amount	996,720	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ 45,905	$ 9,001	$ 101,450	$ 17,296
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	45,905	9,001	101,450	17,296
Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain (loss) recognized in other income and expenses	$ 11,310	$ (2)	$ 26,149	$ (2)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax	Gain (Loss) on Derivative Instruments, Net, Pretax
Cash Flow Hedges | Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain (loss) recognized in AOCI	$ 49,192	$ 1,752	$ 73,132	$ 3,146
Amount reclassified from AOCI into interest expense	$ (863)	$ 1,097	$ 829	$ 2,901

DST PROGRAM - DST Program activ

DST PROGRAM - DST Program activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
DST Program loans outstanding	$ 137,299		$ 137,299		$ 68,772
Financing obligation liability appreciation			(17,882)	$ 0
Rent obligation incurred under master lease agreements	26,065	$ 13,218	68,793	26,043
D S T Program
DST Program loans outstanding	137,300		137,300		$ 68,800
DST Interests sold	229,604	117,545	643,767	199,985
DST Interests financed by DST Program Loans	34,940	8,513	68,527	33,074
Income earned from DST Program Loans	1,343	301	3,099	337
Financing obligation liability appreciation	8,872		17,882
Rent obligation incurred under master lease agreements	$ 11,779	$ 1,629	$ 27,876	$ 1,757

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Total assets measured at fair value	$ 105,324	$ 5,817
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 76,614	$ 2,653
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 28,710	$ 3,164
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets.	Other Assets.
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 105,324	$ 5,817
Level 2 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	76,614	2,653
Level 2 | Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 28,710	$ 3,164

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Value
Assets:
DST Program Loans	$ 137,299	$ 68,772
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	1,613,970	1,246,140
Fair Value
Assets:
DST Program Loans	130,764	68,772
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	$ 1,516,428	$ 1,247,307

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	$ 334,909	$ 452,116	$ 880,264	$ 1,016,451
Issuance of common stock, shares			61,600
Common Stock
Class of Stock [Line Items]
Issuance of common stock	$ 214	$ 426	$ 615	$ 973
Issuance of common stock, shares	21,436	42,544	61,552	97,284
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			$ 56,000

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions			(6,542)	(1,538)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			206,129
Ending balance, shares	230,832		230,832
Common stock, shares issued	230,832		230,832		206,129
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			13,649
Ending balance, shares	19,718		19,718
Common stock, shares issued	19,718		19,718		13,649
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			37,391
Ending balance, shares	61,595		61,595
Common stock, shares issued	61,595		61,595		37,391
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	295,032	195,239	257,169	141,471
Primary shares	20,134	41,159	57,340	93,620
DRIP	1,282	1,357	4,008	3,455
Stock grants, net of cancellations	21	29	193	233
Redemptions	(4,323)	(566)	(6,542)	(1,538)
Forfeitures	(1)	(1)	(23)	(24)
Ending balance, shares	312,145	237,217	312,145	237,217
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	223,734	164,487	206,129	130,565
Primary shares	13,850	28,833	34,141	61,769
DRIP	937	1,150	3,054	3,037
Redemptions	(3,280)	(520)	(4,762)	(1,421)
Conversions	(4,409)		(7,730)
Ending balance, shares	230,832	193,950	230,832	193,950
Common Stock | Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	17,582	10,504	13,649	7,866
Primary shares	2,257	1,338	6,213	3,900
DRIP	91	75	259	205
Redemptions	(212)	(45)	(403)	(99)
Ending balance, shares	19,718	11,872	19,718	11,872
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	53,716	20,248	37,391	3,040
Primary shares	4,027	10,988	16,986	27,951
DRIP	254	132	695	213
Stock grants, net of cancellations	21	29	193	233
Redemptions	(831)	(1)	(1,377)	(18)
Conversions	4,409		7,730
Forfeitures	(1)	(1)	(23)	(24)
Ending balance, shares	61,595	31,395	61,595	31,395

EQUITY (Summary of Company's Ca

EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 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	$ 0.13625	$ 0.40875	$ 0.54500
Common Stock Distributions Paid in Cash	$ 14,599	$ 13,674	$ 13,043	$ 12,429	$ 11,020	$ 8,552	$ 6,721	$ 41,316	$ 38,722
Other Cash Distributions	618	618	639	179	178	179	179	1,875	715
Reinvested in Shares	19,936	18,953	18,158	16,900	15,219	12,295	10,310	57,047	54,724
Distribution Fees	7,359	6,852	5,656	5,146	4,263	3,373	3,240	19,867	16,022
Gross Distributions	$ 42,512	$ 40,097	$ 37,496	$ 34,654	$ 30,680	$ 24,399	$ 20,450	$ 120,105	$ 110,183

EQUITY (Share Redemption Activi

EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Number of eligible shares redeemed (in shares)			6,542	1,538
Aggregate dollar amount of shares redeemed	$ 65,887	$ 5,925	$ 97,209	$ 15,836
Average redemption price per share (in dollars per share)			$ 14.86	$ 10.30

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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)	$ (178)	(1,875)	(536)
Redemptions of redeemable noncontrolling interests				(40,915)
Net loss attributable to redeemable noncontrolling interests		(901)	(228)	(3,942)	(453)
Change from cash flow hedging activities attributable to redeemable noncontrolling interests		699	16	1,118	43
Redemption value allocation adjustment to redeemable noncontrolling interests				18,339	1,996
Ending balance		69,597	$ 14,338	69,597	$ 14,338	15,687	$ 3,648
Due to Related Parties		150,005		150,005		$ 88,030
Performance Participation Allocation. | AIREIT Incentive Fee LP | Operating Partnership Units
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
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.
Redeemable Noncontrolling Interest [Line Items]
Settlement of prior year performance participation allocation							9,600
Due to Related Parties		$ 136,480		$ 136,480		$ 81,185	$ 9,600
Ares Commercial Real Estate Management | Performance Participation Allocation. | Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)						1,610,730
Chairman, Mr. Zucker | Performance Participation Allocation. | Operating Partnership Units
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 61,450	$ 52,510	$ 258,245	$ 100,764
Distribution fees payable to affiliates	95,061		95,061		$ 85,419
Due to Related Parties	150,005		150,005		88,030
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Amount reimbursed for services	3,300	2,700	9,500	8,000
Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	7,533	4,110	19,204	11,737
Ongoing Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Distribution fees payable to affiliates	95,100		95,100		85,400
Ongoing Distribution Fees | Dealer Manager
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	7,359	4,263	19,867	10,876
Due to Related Parties	2,483		2,483		1,779
Advisory Fee, Fixed Component | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	18,237	8,273	48,494	17,733
Due to Related Parties	6,248		6,248		3,864
Performance Participation Allocation. | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	14,034	29,910	136,480	45,932
Due to Related Parties	136,480		136,480		81,185	$ 9,600
Other Expense Reimbursements | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	3,494	2,927	10,218	9,192
Due to Related Parties	3,125		3,125		707
Property Accounting Fee
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	743	368	1,943	786
Due to Related Parties	277		277		166
D S T Program Selling Commissions, Dealer Manager And Distribution Fees | Dealer Manager
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	2,501	1,051	6,708	1,278
Due to Related Parties	576		576		190
Other D S T Program Related Costs | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	2,876	1,492	8,275	2,400
Due to Related Parties	145		145		61
Development Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	4,673	$ 116	7,056	$ 830
Due to Related Parties	$ 671		$ 671		$ 78

RELATED PARTY TRANSACTIONS (Per

RELATED PARTY TRANSACTIONS (Performance Participation Allocation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 61,450	$ 52,510	$ 258,245	$ 100,764
Ares Commercial Real Estate Management | Performance Participation Allocation.
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	$ 14,034	$ 29,910	$ 136,480	$ 45,932

RELATED PARTY TRANSACTIONS (Joi

RELATED PARTY TRANSACTIONS (Joint Venture Partnerships) (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 15, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 61,450	$ 52,510		$ 258,245	$ 100,764
Due to Related Parties		150,005		$ 150,005	$ 150,005		$ 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			$ 2,100			$ 8,500
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		$ 700

NET LOSS PER COMMON SHARE (Deta

NET LOSS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
NET LOSS PER COMMON SHARE
Net loss attributable to common stockholders-basic	$ (61,472)	$ (39,009)	$ (248,030)	$ (67,790)
Net loss attributable to redeemable noncontrolling interests	(901)	(228)	(3,942)	(453)
Net income (loss) attributable to noncontrolling interests	9	6	28	14
Net loss attributable to common stockholders-diluted	$ (62,364)	$ (39,231)	$ (251,944)	$ (68,229)
Weighted-average shares outstanding - basic	307,422	223,706	289,380	183,693
Incremental weighted-average shares outstanding-diluted	4,532	1,311	4,532	1,311
Weighted-average shares outstanding - diluted	311,954	225,017	293,912	185,004
Net loss per common share - basic	$ (0.20)	$ (0.17)	$ (0.86)	$ (0.37)
Net loss per common share - diluted	$ (0.20)	$ (0.17)	$ (0.86)	$ (0.37)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 14,451	$ 10,842
Distributions reinvested in common stock	55,990	35,679
Net increase in DST Program Loans receivable through DST Program capital raising	68,527	33,074
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	9,641	35,951
Change in non-cash capital expenditures	44,618	3,348
Non-cash selling commissions and dealer manager fees	$ 19,204	$ 11,737

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 81,948	$ 216,848	$ 132,070	$ 232,369
Restricted cash	450	887	1,834	530
Cash, cash equivalents and restricted cash	$ 82,398	$ 217,735	$ 133,904	$ 232,899