ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-K 20 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 14, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Title of 12(g) Security	Common Stock, $0.01 Par Value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Denver, Colorado
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		216,220,465
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,784,544
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		75,484,080

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Net investment in real estate properties	$ 6,733,878	$ 4,820,892
Investment in unconsolidated joint venture partnership(s)	19,668	101,769
Cash and cash equivalents	79,524	216,848
Restricted cash	499	887
Investment in available-for-sale debt securities, at fair value	60,033	0
Derivative instruments	99,333	5,817
DST Program Loans	152,402	68,772
Other assets	78,138	34,124
Total assets	7,223,475	5,249,109
Liabilities
Accounts payable and accrued liabilities	125,930	42,211
Debt, net	2,827,613	2,245,673
Intangible lease liabilities, net	97,399	76,432
Financing obligations, net	1,262,666	483,964
Distribution fees payable to affiliates	92,145	85,419
Other liabilities	194,822	116,064
Total liabilities	4,600,575	3,049,763
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	69,553	15,687
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	3,219,132	2,475,715
Accumulated deficit and distributions	(739,497)	(297,570)
Accumulated other comprehensive income	70,255	2,631
Total stockholders' equity	2,553,035	2,183,347
Noncontrolling interests	312	312
Total equity	2,553,347	2,183,659
Total liabilities and equity	7,223,475	5,249,109
Class T Shares
Stockholders' equity:
Common stock, value	2,272	2,061
Class D Shares
Stockholders' equity:
Common stock, value	206	136
Class I Shares
Stockholders' equity:
Common stock, value	$ 667	$ 374

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 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	227,265	206,129
Common stock, shares outstanding	227,265	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	20,577	13,649
Common stock, shares outstanding	20,577	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	66,702	37,391
Common stock, shares outstanding	66,702	37,391

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental revenues	$ 391,605	$ 177,069	$ 79,396
Debt-related income	420	0	0
Total revenues	392,025	177,069	79,396
Operating expenses:
Rental expenses	94,276	42,719	19,550
Real estate-related depreciation and amortization	265,970	112,201	46,483
General and administrative expenses	13,265	8,886	6,973
Advisory fees	67,561	28,558	9,653
Performance participation allocation	140,505	81,185	9,640
Acquisition costs and reimbursements	5,322	3,735	3,166
Total operating expenses	586,899	277,284	95,465
Other (income) expenses:
Equity in loss (income) from unconsolidated joint venture partnership(s)	97	(54,296)	1,790
Interest expense	150,824	30,463	13,012
(Gain) loss on derivative instruments	(28,628)	177	0
Other income and expenses	(4,252)	(732)	(696)
Total other (income) expenses	118,041	(24,388)	14,106
Net loss	(312,915)	(75,827)	(30,175)
Net loss attributable to redeemable noncontrolling interests	4,874	498	83
Net income attributable to noncontrolling interests	(38)	(20)	(5)
Net loss attributable to common stockholders	$ (308,079)	$ (75,349)	$ (30,097)
Weighted-average shares outstanding - basic	295,683	201,169	113,145
Weighted-average shares outstanding - diluted	300,216	202,480	113,506
Net loss per common share - basic	$ (1.04)	$ (0.37)	$ (0.27)
Net loss per common share - diluted	$ (1.04)	$ (0.37)	$ (0.27)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (312,915)	$ (75,827)	$ (30,175)
Change from cash flow hedging activities	68,341	12,462	(11,999)
Change from activities related to available-for-sale securities	326
Comprehensive loss	(244,248)	(63,365)	(42,174)
Comprehensive loss attributable to redeemable noncontrolling interests	3,831	417	142
Comprehensive loss attributable to common stockholders	$ (240,417)	$ (62,948)	$ (42,032)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2019	$ 492	$ 451,526	$ (47,730)	$ 2,190	$ 1	$ 406,479
Beginning balance, shares at Dec. 31, 2019	49,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(30,097)		5	(30,092)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				(11,940)		(11,940)
Issuance of common stock	$ 928	967,663				968,591
Issuance of common stock, shares	92,689
Share-based compensation, net of cancellations		1,544				1,544
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(46,594)				(46,594)
Trailing distribution fees		(39,127)	10,634			(28,493)
Redemptions of common stock	$ (5)	(4,862)				$ (4,867)
Redemptions of common stock, shares	(493)					(493)
Preferred interest in Subsidiary REITs					125	$ 125
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(61,582)		(5)	(61,587)
Redemption value allocation adjustment to redeemable noncontrolling interests		(351)				(351)
Ending balance at Dec. 31, 2020	$ 1,415	1,329,799	(128,775)	(9,750)	126	1,192,815
Ending balance, shares at Dec. 31, 2020	141,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(75,349)		20	(75,329)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				12,381		12,381
Issuance of common stock	$ 1,180	1,251,931				1,253,111
Issuance of common stock, shares	118,048
Share-based compensation, net of cancellations		1,618				1,618
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(22,537)				(22,537)
Trailing distribution fees		(56,480)	16,022			(40,458)
Redemptions of common stock	$ (24)	(25,085)				$ (25,109)
Redemptions of common stock, shares	(2,350)					(2,350)
Preferred interest in Subsidiary REITs					186	$ 186
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(109,468)		(20)	(109,488)
Redemption value allocation adjustment to redeemable noncontrolling interests		(3,531)				(3,531)
Ending balance at Dec. 31, 2021	$ 2,571	2,475,715	(297,570)	2,631	312	2,183,659
Ending balance, shares at Dec. 31, 2021	257,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(308,079)		38	(308,041)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				67,624		67,624
Issuance of common stock	$ 715	1,036,312				$ 1,037,027
Issuance of common stock, shares	71,518					71,300
Share-based compensation, net of cancellations		1,676				$ 1,676
Share-based compensation, net of cancellations (shares)	(34)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(27,447)				(27,447)
Trailing distribution fees		(33,901)	27,175			(6,726)
Redemptions of common stock	$ (141)	(213,303)				$ (213,444)
Redemptions of common stock, shares	(14,109)					(14,109)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(161,023)		(38)	$ (161,061)
Redemption value allocation adjustment to redeemable noncontrolling interests		(19,920)				(19,920)
Ending balance at Dec. 31, 2022	$ 3,145	$ 3,219,132	$ (739,497)	$ 70,255	$ 312	$ 2,553,347
Ending balance, shares at Dec. 31, 2022	314,544

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interests	$ 4,874	$ 498	$ 83
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	1,043	81	(59)
Distributions to redeemable noncontrolling interest	$ 2,493	$ 715	$ 197

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net loss	$ (312,915)	$ (75,827)	$ (30,175)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	265,970	112,201	46,483
Amortization of deferred financing costs	7,863	2,354	1,221
Financing obligation liability appreciation	26,568	0	0
Equity in loss (income) from unconsolidated joint venture partnership(s)	97	(54,296)	1,790
(Gain) loss on changes in fair value of interest rate caps	(25,175)	177	0
Performance participation allocation	140,505	81,185	9,640
Straight-line rent and amortization of above- and below-market leases	(34,448)	(14,719)	(7,744)
Other	2,205	1,408	1,332
Changes in operating assets and liabilities
Tenant receivables and other assets	1,298	(6,633)	(140)
Accounts payable and accrued liabilities	27,018	10,579	1,177
Due from / to affiliates, net	2,587	6,157	(8,008)
Net cash provided by operating activities	101,573	62,586	15,576
Investing activities:
Real estate acquisitions	(1,549,477)	(2,621,687)	(473,610)
Incremental investment to acquire joint venture partnership portfolio	(259,526)	(584,809)	0
Capital expenditures	(199,238)	(30,408)	(8,930)
Investment in unconsolidated joint venture partnership(s)	(9,022)	(7,505)	(325,890)
Distributions from joint venture partnership	0	5,200	0
Purchases of available-for-sale debt securities	(59,650)	0	0
Other	129	0	0
Net cash used in investing activities	(2,076,784)	(3,239,209)	(808,430)
Financing activities:
Proceeds from mortgage note	367,830	1,078,390	118,500
Net (repayments of) proceeds from line of credit	90,000	0	(107,000)
Proceeds from term loan	135,000	600,000	107,500
Debt issuance costs paid	(18,000)	(13,776)	(1,050)
Interest rate cap premium	(2,963)	(200)	0
Proceeds from issuance of common stock, net	937,777	1,185,844	900,810
Proceeds from financing obligations, net	672,045	415,192	0
Offering costs paid in connection with issuance of common stock and private placements	(5,464)	(26,205)	(10,333)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(57,872)	(37,312)	(19,084)
Distribution fees paid to affiliates	(26,495)	(15,365)	(9,901)
Redemptions of common stock	(213,444)	(25,109)	(4,867)
Redemptions of redeemable noncontrolling interests	(40,915)	0	0
Net cash provided by financing activities	1,837,499	3,161,459	974,575
Net (decrease) increase in cash, cash equivalents and restricted cash	(137,712)	(15,164)	181,721
Cash, cash equivalents and restricted cash, at beginning of period	217,735	232,899	51,178
Cash, cash equivalents and restricted cash, at end of period	$ 80,023	$ 217,735	$ 232,899

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Ares Industrial Real Estate Income Trust Inc. 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. See “Note 11” for additional information regarding this transaction. References to the “Advisor” throughout this report mean BCI IV Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. References to the “Sponsor” throughout this report mean BCI IV Advisors Group LLC for periods prior to July 1, 2021 and Ares real estate group for periods thereafter. AIREIT was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Creditworthiness does not necessarily mean investment grade and the majority of our customers do not have a public credit rating. Although we intend to focus investment activities primarily on distribution warehouses and other industrial properties, its charter and bylaws do not preclude it from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2022, we owned and managed a real estate portfolio that included 243 industrial buildings. AIREIT operates as one reportable segment comprised of industrial real estate. We currently operate and have been elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through the Operating Partnership, of which we are the sole general partner and a limited partner.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2022 or 2021 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Investment in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investment in unconsolidated joint venture partnerships for the year ended December 31, 2022. See “Note 4” for additional information regarding our investment in unconsolidated joint venture partnerships. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 4” for additional information on the BTC II Partnership incentive fee distribution. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2022, our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2022, our interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as a component of gain (loss) on derivative instruments on the consolidated statements of income. We do not use derivative instruments for trading or speculative purposes. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the year ended December 31, 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021 and 2020. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. As of December 31, 2022, we had five debt security investments designated as available-for-sale debt securities. The following table summarizes our investments in available-for-sale debt securities as of December, 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net ​ Fair Value Available-for-sale debt securities ​ $ 62,420 ​ $ 59,708 ​ $ 2,712 ​ $ 326 ​ $ 60,033 ​ Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $11.9 million and $5.3 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $7.1 million, $2.4 million and $1.2 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $0.8 million as of December 31, 2022. Our interest expense for the year ended December 31, 2022 included $0.8 million of amortization of financing costs associated with financing obligations. As of December 31, 2021, we had no accumulated amortization of financing costs associated with financing obligations and no amortization expense was incurred for the years ended December 31, 2021 and 2020. Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2022, 2021 and 2020, approximately $7.3 million, $1.2 million and $0.6 million of interest was capitalized, respectively. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in the primary portion of our public offerings. We accrue for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 11” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in an acquired subsidiary real estate investment trust (“Subsidiary REIT”), that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 11” for additional information regarding the Subsidiary REIT. Reclassifications Certain items in our consolidated balance sheets, statements of operations, cash flows and certain tables in our footnotes for the years ended December 31, 2021 and 2020 have been reclassified to conform to the 2022 presentation. Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Sponsor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the Amended and Restated Advisory Agreement (2022), effective as of May 1, 2022 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 11”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their 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 our 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 the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 9” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable we recognize revenue when the payment has been received. If the collectability is determined to be probable we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2022, we have a $0.5 million allowance for doubtful accounts. These amounts are included in our other assets on the consolidated balance sheets. As of December 31, 2021, we had no allowance for doubtful accounts. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income is accrued based on the outstanding principal amount and the contractual terms of each debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method. Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 11” for additional information regarding organization and offering expenses. Income Taxes As a REIT, we generally are not subject to federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 12” for additional information regarding net income (loss) per share. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe it mitigates this risk by investing our cash with high-credit quality financial institutions. As our revenues predominantly consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. As of December 31, 2022, no customers represented more than 10.0% of total annualized base rent of its properties. Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. ​

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES As of December 31, 2022 and 2021, our consolidated investments in real estate properties consisted of 243 and 193 industrial buildings, respectively. Additionally, investment in real estate properties includes nine buildings under construction, two buildings in the pre-construction phase as of December 31, 2022 and one building in the pre-construction phase as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2022 2021 Land ​ $ 1,284,003 ​ $ 918,000 Building and improvements (1) ​ 5,139,402 ​ 3,719,548 Intangible lease assets ​ 479,532 ​ 342,538 Construction in progress ​ 285,214 ​ 27,075 Investment in real estate properties ​ 7,188,151 ​ 5,007,161 Less accumulated depreciation and amortization ​ (454,273) ​ (186,269) Net investment in real estate properties ​ $ 6,733,878 ​ $ 4,820,892 (1) Includes site improvements. Depreciable site improvement amounts as of December 31, 2021 been reclassified from land to building and improvements to conform to 2022 presentation. This reclassification had no impact on depreciation amounts. ​ Acquisitions During the years ended December 31, 2022 and 2021, 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 & 7/6/2022 ​ 7 ​ ​ 419,970 Chicago Growth Portfolio ​ 5/9/2022 ​ 14 ​ ​ 182,135 4 Studebaker ​ 5/12/2022 ​ 1 ​ ​ 33,188 Southeast Orlando Portfolio ​ 5/19/2022 ​ 5 ​ ​ 138,540 I-465 East Logistics Center ​ 5/26/2022 ​ 1 ​ ​ 18,923 Industry Corporate Center ​ 6/2/2022 ​ 1 ​ ​ 52,086 County Line Corporate Park ​ 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 County Line Corporate Park II (4) ​ 12/28/2022 ​ 1 ​ ​ 82,478 Total Acquisitions ​ ​ ​ 49 ​ $ 1,888,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2021 Acquisitions: ​ ​ ​ ​ ​ ​ Gerwig Distribution Center ​ 1/8/2021 ​ 1 ​ $ 19,274 Harvill Business Center ​ 3/10/2021 ​ 1 ​ ​ 60,588 Princess Logistics Center ​ 4/12/2021 ​ 1 ​ ​ 74,075 Rancho Cucamonga Business Center ​ 5/28/2021 ​ 1 ​ ​ 24,624 Norton Distribution Center ​ 6/1/2021 ​ 1 ​ ​ 32,413 Build-To-Core Logistics Portfolio (3) ​ 6/15/2021 ​ 22 ​ ​ 876,731 Benchmark Distribution Center ​ 6/18/2021 ​ 1 ​ ​ 19,651 Key Logistics Portfolio ​ 7/14/2021 ​ 48 ​ ​ 916,766 Stonewood Logistics Center ​ 7/16/2021 ​ 1 ​ ​ 19,343 Heron Industrial Center ​ 7/21/2021 ​ 1 ​ ​ 25,999 Colony Crossing Logistics Portfolio ​ 8/17/2021 ​ 2 ​ ​ 21,569 Harvill Industrial Center Land ​ 8/23/2021 ​ — ​ ​ 7,532 Commerce Farms Logistics Center ​ 8/25/2021 ​ 1 ​ ​ 63,821 North County Commerce Center ​ 8/30/2021 ​ 5 ​ ​ 147,132 Performance Distribution Center ​ 9/7/2021 ​ 1 ​ ​ 29,532 Madison Distribution Center ​ 9/17/2021 ​ 1 ​ ​ 13,002 355 Logistics Center ​ 10/1/2021 ​ 2 ​ ​ 65,422 1 Stanley Drive ​ 10/6/2021 ​ 1 ​ ​ 22,239 Gilbert Gateway Commerce Park ​ 10/6/2021 ​ 3 ​ ​ 88,155 California Business Center ​ 10/21/2021 ​ 2 ​ ​ 31,070 Molto Portfolio ​ 11/17/2021 ​ 6 ​ ​ 204,964 Walker Mill Industrial Center ​ 11/18/2021 ​ 1 ​ ​ 17,205 Greater Boston Portfolio ​ 11/22/2021 ​ 2 ​ ​ 37,358 McDonald Portfolio ​ 12/16/2021 ​ 14 ​ ​ 395,754 Valwood Industrial Center ​ 12/17/2021 ​ 4 ​ ​ 43,132 Riggs Hill Industrial Center ​ 12/17/2021 ​ 1 ​ ​ 5,659 Port Crossing Logistics Center ​ 12/21/2021 ​ 1 ​ ​ 31,994 Hainesport Commerce Center ​ 12/21/2021 ​ 1 ​ ​ 132,810 Beltway Logistics Center ​ 12/22/2021 ​ 1 ​ ​ 28,053 Clackamas Industrial Center ​ 12/23/2021 ​ 1 ​ ​ 51,174 Total Acquisitions ​ ​ ​ 128 ​ $ 3,507,041 (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 and 2021 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisitions of the Build-To-Core Logistics Portfolio and the Build-To-Core Logistics Portfolio II as a result of the BTC I Partnership Transaction and the BTC II Partnership Transaction (as defined in “Note 4”). (4) Two properties under construction included in the acquisition of County Line Corporate Park II. ​ During the years ended December 31, 2022 and 2021, 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 Year Ended December 31, (in thousands) 2022 ​ ​ 2021 Land ​ $ 366,128 ​ $ 577,291 Building and improvements (1) ​ 1,376,360 ​ 2,776,519 Intangible lease assets ​ 122,357 ​ 210,332 Above-market lease assets ​ 2,507 ​ 6,417 Construction in progress ​ ​ 62,059 ​ ​ 8,067 Below-market lease liabilities ​ (40,767) ​ (71,585) Total purchase price (2) ​ $ 1,888,644 ​ $ 3,507,041 (1) Includes site improvements. Depreciable site improvement amounts as of December 31, 2021 been reclassified from land to building and improvements to conform to 2022 presentation. This reclassification had no impact on depreciation amounts. (2) 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 and 2021 acquisitions. ​ Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization periods for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2022 and 2021, as of the respective date of each acquisition, were both 4.9 years. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2022 and 2021 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 466,663 ​ $ (158,757) ​ $ 307,906 ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 Above-market lease assets (1) ​ 12,869 ​ (3,872) ​ 8,997 ​ 10,362 ​ (1,838) ​ 8,524 Below-market lease liabilities ​ (129,823) ​ 32,424 ​ (97,399) ​ (89,056) ​ 12,624 ​ (76,432) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2022, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 85,449 ​ $ 2,066 ​ $ 23,541 Year 2 ​ ​ 65,473 ​ ​ 1,741 ​ ​ 19,159 Year 3 ​ ​ 49,214 ​ ​ 1,551 ​ ​ 16,165 Year 4 ​ 34,399 ​ 1,269 ​ 11,902 Year 5 ​ ​ 20,532 ​ ​ 813 ​ ​ 6,418 Thereafter ​ 52,839 ​ 1,557 ​ 20,214 Total ​ $ 307,906 ​ $ 8,997 ​ $ 97,399 ​ Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2022, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2022 Year 1 ​ $ 302,379 Year 2 ​ 277,661 Year 3 ​ 236,649 Year 4 ​ 188,981 Year 5 ​ 138,921 Thereafter ​ 331,273 Total ​ $ 1,475,864 ​ Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 16,682 ​ $ 9,101 ​ $ 4,859 Above-market lease amortization ​ ​ (2,034) ​ (1,144) ​ (483) Below-market lease amortization ​ ​ 19,800 ​ 6,762 ​ 3,368 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 181,214 ​ $ 70,898 ​ $ 25,489 Intangible lease asset amortization ​ ​ 84,756 ​ 41,303 ​ 20,994 ​

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On July 15, 2020, 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 entered into a transaction with our joint venture partners in the BTC I Partnership, pursuant to which we agreed to split the real property portfolio of the BTC I Partnership in an equitable manner, such that following the split, we and QR Master Holdings USA II LP, each owned a 100% interest in approximately half of the portfolio of the BTC I Partnership (the “BTC I Partnership Transaction”). We have no further interest in the BTC I Partnership as a result of the BTC I Partnership Transaction. On February 15, 2022, we, along with our joint venture partners in the BTC II Partnership, entered into a transaction to split the majority of the properties in the BTC II Partnership’s portfolio amongst three of the four joint venture partners, with the fourth joint venture partner’s respective interest in such properties having been redeemed for $24.9 million (the “BTC II Partnership Transaction”). We have no further interest in the BTC II Partnership as a result of the BTC II Partnership Transaction. Concurrently with the BTC II Partnership Transaction, we and our 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 Partnership’s portfolio and were not part of the BTC II Partnership Transaction. We own an 8.0% interest in the BTC II B Partnership as general partner and as a limited partner. 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 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 December 31, 2022, we had an 8.0% interest in the BTC II B Partnership, which includes five properties that were either under construction or in the pre-construction phase, with a book value of our investment in the BTC II B Partnership of $19.7 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 of the BTC II B Partnership.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	5. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2022 ​ 2021 ​ Maturity Date ​ 2022 ​ 2021 Line of credit (1) 5.71 % 1.40 % March 2025 ​ $ 90,000 ​ $ — Term loan (2) 2.87 2.23 March 2027 ​ 550,000 ​ 415,000 Term loan (3) ​ 3.65 ​ 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) ​ 3.68 ​ 1.74 ​ January 2025 - ​ ​ 617,250 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.55 % 2.14 % ​ ​ $ 2,853,970 ​ $ 2,261,140 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (26,784) ​ ​ (16,106) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 427 ​ 639 Total debt, net ​ ​ ​ ​ ​ ​ $ 2,827,613 ​ $ 2,245,673 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,389,179 ​ $ 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 ranging from 0.25% to 1.0% , each 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 December 31, 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 $910.0 million. (2) The effective interest rate is calculated based on either (i) Adjusted Term SOFR plus a margin ranging from 1.20% to 1.90% ; or (ii) an alternative base rate plus a margin ranging from 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 December 31, 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 $525.0 million of borrowings. As of December 31, 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 Adjusted Term SOFR plus a margin of 1.50% , including the effects of an interest rate cap agreement on $170.0 million of borrowings. The effective interest rate of the $408.0 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.65% , including the effects of an interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 3.6 years as of December 31, 2022, excluding any extension options on the line of credit and the floating-rate mortgage notes. For the years ended December 31, 2022, 2021 and 2020, the amount of interest incurred related to our consolidated indebtedness was $82.2 million, $23.5 million and $12.6 million, respectively. See “Note 6” for the amount of interest incurred related to the DST Program (as defined below). ​ As of December 31, 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 2023 $ — ​ $ — ​ $ — ​ $ — 2024 ​ — ​ — ​ 38,000 ​ 38,000 2025 ​ 90,000 ​ — ​ 985,080 ​ 1,075,080 2026 ​ — ​ 600,000 ​ — ​ 600,000 2027 ​ — ​ 550,000 ​ ​ 129,750 ​ 679,750 Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 90,000 ​ $ 1,150,000 ​ $ 1,613,970 ​ $ 2,853,970 (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. ​ As of December 31, 2022, we have no indebtedness with initial or extended maturity dates beyond 2023 that has exposure to 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 December 31, 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 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. As of December 31, 2022, 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 $39.0 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of December 31, 2022 ​ ​ Interest rate swaps 17 ​ $ 1,442,830 Derivative instruments ​ $ 70,994 Interest rate caps ​ 2 ​ ​ 578,000 ​ Derivative instruments ​ ​ 28,339 Total derivative instruments ​ 19 ​ $ 2,020,830 ​ ​ ​ $ 99,333 As of December 31, 2021 ​ ​ Interest rate swaps 10 ​ $ 575,000 Derivative instruments ​ $ 2,653 Interest rate caps ​ 2 ​ ​ 578,000 ​ Derivative instruments ​ ​ 3,164 Total derivative instruments ​ 12 ​ $ 1,153,000 ​ ​ ​ $ 5,817 ​ The following table presents the effect of our derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 ​ 2020 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 73,592 ​ $ 8,298 ​ $ (14,140) Amount reclassified from AOCI (out of) into interest expense ​ (5,251) ​ 4,164 ​ 2,141 Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 150,824 ​ 30,463 ​ 13,012 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in other (income) expenses ​ $ 28,628 ​ $ (177) ​ $ — ​

DST PROGRAM

DST PROGRAM	12 Months Ended
	Dec. 31, 2022
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	6. 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”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and is responsible for paying rent to the Delaware statutory trust that owns such property. As such, for financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements, with the master lease rent payment obligations taking the place of the cost of equity and debt capital. Accordingly, for financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program are accounted for as deferred financing costs and are netted against the financing obligation. 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 December 31, 2022 and 2021, there were approximately $152.4 million and $68.8 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. The following table presents our DST Program activity for the years ended December 31, 2022, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 (1) DST Interests sold ​ $ 768,639 ​ $ 492,168 ​ $ — DST Interests financed by DST Program Loans (2) ​ ​ 83,630 ​ ​ 68,772 ​ ​ — Income earned from DST Program Loans (3) ​ ​ 4,811 ​ ​ 861 ​ ​ — Financing obligation liability appreciation (4) ​ ​ 26,568 ​ ​ — ​ ​ — Rent obligation incurred under master lease agreements (4) ​ ​ 41,702 ​ ​ 6,039 ​ ​ — (1) The DST Program was not in place during the year ended December 31, 2020. (2) DST Program Loans are presented net of repayments. (3) Included in other income and expenses on consolidated statements of operations. (4) Included in interest expense on consolidated statements of operations. ​ Refer to “Note 11” for detail relating to the fees paid to the Advisor, the Dealer Manager and their affiliates for raising capital through the DST Program.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	7. 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 December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 70,994 ​ $ — ​ $ 70,994 Interest rate caps ​ ​ — ​ ​ 28,339 ​ ​ — ​ ​ 28,339 Available-for-sale debt securities ​ ​ — ​ ​ 60,033 ​ ​ — ​ ​ 60,033 Total assets measured at fair value ​ $ — ​ $ 159,366 ​ $ — ​ $ 159,366 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. Available-for-Sale Debt Securities. Nonrecurring Fair Value Measurements As of December 31, 2022 and 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 December 31, 2022 As of December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 152,402 ​ $ 146,728 ​ $ 68,772 ​ $ 68,772 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 1,150,000 ​ 1,150,000 ​ 1,015,000 ​ 1,015,000 Mortgage notes ​ 1,613,970 ​ 1,521,046 ​ 1,246,140 ​ 1,247,307 (1) The carrying value reflects the principal amount outstanding. ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ 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. 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 and Class I shares. We may reallocate amounts between the primary offering and distribution reinvestment plan. The Class T shares, Class D shares, and Class I shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions paid on Class T shares and Class D shares will be lower than the per share amount of distributions paid on Class I shares because of the distribution fees payable with respect to Class T shares and Class D shares sold in the primary offering. Pursuant to our public offering, 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 year ended December 31, 2022, we raised gross proceeds of approximately $1.0 billion from the sale of approximately 71.3 million shares of our common stock in our ongoing public offering, including proceeds from our distribution reinvestment plan of approximately $76.4 million. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares (1) ​ Shares Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 83,136 5,032 1,451 89,619 DRIP 2,622 155 64 2,841 Stock grants ​ — ​ — ​ 229 ​ 229 Redemptions (433) (57) (3) (493) Balance as of December 31, 2020 ​ 130,565 ​ 7,866 ​ 3,040 ​ 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants, net of cancellations — — 233 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures ​ — ​ — ​ (27) ​ (27) Balance as of December 31, 2021 206,129 13,649 37,391 257,169 Issuance of common stock: Primary shares 40,034 7,308 18,636 65,978 DRIP 4,002 355 981 5,338 Stock grants, net of cancellations — — 193 193 Redemptions (9,120) (735) (4,254) (14,109) Conversions ​ (13,780) ​ — ​ 13,780 ​ — Forfeitures ​ — ​ — ​ (25) ​ (25) Balance as of December 31, 2022 227,265 20,577 66,702 314,544 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 11” for additional information. Distributions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 14,969 ​ $ 618 ​ $ 20,516 ​ $ 7,363 ​ $ 43,466 September 30 ​ ​ 0.13625 ​ ​ 14,593 ​ ​ 618 ​ ​ 19,942 ​ ​ 7,304 ​ ​ 42,457 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 ​ $ 0.54500 ​ $ 56,279 ​ $ 2,493 ​ $ 77,569 ​ $ 27,175 ​ $ 163,516 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 2020 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 6,159 ​ $ 50 ​ $ 9,315 ​ $ 3,230 ​ $ 18,754 September 30 ​ 0.13625 ​ 5,601 ​ ​ 49 ​ 8,451 ​ 2,952 ​ 17,053 June 30 ​ 0.13625 ​ 5,194 ​ ​ 49 ​ 7,812 ​ 2,710 ​ 15,765 March 31 ​ 0.13625 ​ 3,339 ​ ​ 49 ​ 5,077 ​ 1,742 ​ 10,207 ​ ​ $ 0.54500 ​ $ 20,293 ​ $ 197 ​ $ 30,655 ​ $ 10,634 ​ $ 61,779 (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 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. Refer to “Note 11” for further detail regarding distribution fees. (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 years ended December 31, 2022, 2021 and 2020. All eligible redemption requests were fulfilled for the periods presented. 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 Year Ended December 31, (in thousands, except per share data) ​ 2022 ​ 2021 ​ 2020 Number of eligible shares redeemed ​ ​ 14,109 ​ ​ 2,350 ​ ​ 493 Aggregate dollar amount of shares redeemed ​ $ 213,444 ​ $ 25,109 ​ $ 4,867 Average redemption price per share ​ $ 15.13 ​ $ 10.68 ​ $ 9.87 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2022
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	9. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the Advisory Agreement. The Former Sponsor subsequently transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ 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 ​ ​ (2,493) ​ ​ (715) Redemptions of redeemable noncontrolling interests (2) ​ ​ (40,915) ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (4,874) ​ ​ (498) Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ 1,043 ​ ​ 81 Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ 19,920 ​ ​ 3,531 Ending balance ​ $ 69,553 ​ $ 15,687 (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 the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), 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 the Special Units, for the first six months of 2021, the Special Unit Holder designated 3,221,460 of these Class I OP Units to entities affiliated with 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. (3) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value at the end of the measurement period. ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. For taxable years beginning before January 1, 2026, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. The unaudited preliminary taxability of our 2022, 2021 and 2020 distributions were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2022 ​ 2021 ​ 2020 Ordinary income ​ — % ​ 11.6 % ​ 7.1 % Non-taxable return of capital ​ 100.0 ​ 34.8 ​ 92.9 ​ Long-term capital gain ​ — ​ 53.6 ​ — ​ Total distribution ​ 100.0 % ​ 100.0 % ​ 100.0 % The decrease in taxable income for the year ended December 31, 2022, compared to the same period of the previous year, is primarily due to (i) the increase in the incentive-based performance participation allocation to $140.5 million for the year ended December 31, 2022, as compared to $81.2 million for the same period of the previous year and (ii) our Advisor’s election to settle 55.4% of the 2022 performance participation allocation in cash instead of OP Units, which is deductible as an ordinary business deduction, as compared to the 2021 performance participation allocation, which the Advisor elected to settle entirely in OP Units, which is not deductible for tax purposes. We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2022, 2021 and 2020. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2019.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day operating and acquisition activities and to implement our investment strategy pursuant to the terms of the Advisory Agreement. The current term of the Advisory Agreement ends April 30, 2023, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the third public offering pursuant to the terms of the dealer manager agreement, dated as of February 11, 2022 (the “Dealer Manager Agreement”), by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our Former Advisor (the “Transaction”). On the same date, our Former Advisor assigned the then-current advisory agreement to our New Advisor. Ares did not acquire the Former Sponsor, and we now consider Ares real estate group to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates and the Former Sponsor and the Former Advisor were jointly controlled by the estate of Mr. Blumberg, Messrs Mulvihill and Zucker and/or their respective affiliates. The Advisor, the Sponsor and the Dealer Manager receive compensation in the form of fees and expense reimbursements for services relating to the public offerings and for the investment and management of our assets. The following is a description of the fees and expense reimbursements payable to the Advisor, the Sponsor, and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement, the Dealer Manager Agreement, and the tenth amended and restated limited partnership agreement of the Operating Partnership. Selling Commissions, Dealer Manager Fees and Distribution Fees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T ​ Class D ​ Class I Selling commissions (as % of offering price) up to 2.0 % ​ — % ​ — % Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % Distribution fees (as % of NAV per annum) 0.85 % ​ 0.50 % ​ — % ​ We will cease paying the distribution fees with respect to individual Class T shares and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T share or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.5% of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in the primary portion of the offerings. Advisory Fee. th th ​ The performance participation allocation, which will be paid to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), is a performance-based amount in the form of an allocation and distribution. This amount will be paid to the holder of the Special Units, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, all or a portion of this amount will be paid instead to the Special Unit Holder in the form of a cash fee, as described in the Advisory Agreement. The performance participation allocation is calculated as the lesser of: (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward; and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5.0% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the performance participation allocation will be equal to 100.0% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). If the performance participation allocation is being calculated with respect to a year in which we complete a liquidity event, for purposes of determining the annual total return amount, the change in NAV per Fund Interest will be deemed to equal the difference between the NAV per Fund Interest as of the end of the prior calendar year and the value per Fund Interest determined in connection with such liquidity event, as described in the Advisory Agreement. The “loss carryforward” referred to above tracks any negative annual total return amounts from prior years and offsets the positive annual total return amount for purposes of the calculation of the performance participation allocation. The loss carryforward was zero as of December 31, 2022. Organization and Offering Expenses. Development Fees. Fees from Other Services. Acquisition Expense Reimbursements. Property-Level Accounting Services. DST Program DST Program Dealer Manager Fees. AIREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. AIREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or AIREX will pay the Dealer Manager ongoing fees in amounts up to 1.0% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by AIREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement and Operating Partnership Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, AIREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the DST Interests to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. The table below summarizes the fees and expenses incurred by 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 Year Ended December 31, Payable as of (in thousands) 2022 2021 ​ 2020 December 31, 2022 December 31, 2021 Selling commissions and dealer manager fees (1) ​ $ 22,815 ​ $ 15,046 ​ $ 39,190 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 27,175 ​ 16,022 ​ 10,634 ​ 2,459 ​ 1,779 Advisory fee—fixed component ​ ​ 67,561 ​ ​ 28,558 ​ ​ 9,653 ​ ​ 6,371 ​ ​ 3,864 Performance participation allocation (3) ​ ​ 140,505 ​ ​ 81,185 ​ 9,640 ​ ​ 140,505 ​ ​ 81,185 Other expense reimbursements (4)(5) ​ ​ 12,452 ​ ​ 11,434 ​ 9,928 ​ ​ 2,624 ​ ​ 707 Property accounting fee (6) ​ ​ 2,803 ​ ​ 1,262 ​ ​ 603 ​ ​ 269 ​ ​ 166 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 8,584 ​ ​ 3,527 ​ ​ — ​ ​ 672 ​ ​ 190 Other DST Program related costs (5) ​ ​ 9,974 ​ ​ 5,925 ​ ​ — ​ ​ 145 ​ ​ 61 Development fees (7) ​ ​ 8,460 ​ ​ 937 ​ ​ 24 ​ ​ 471 ​ ​ 78 Total ​ $ 300,329 ​ $ 163,896 ​ $ 79,672 ​ $ 153,516 ​ $ 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 $92.1 million and $85.4 million as of December 31, 2022 and 2021, respectively. (3) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022, and the Advisor elected to settle the amounts owed partially in cash in the amount of $77.8 million and the remainder in 4.1 million OP Units. (4) 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 7, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) 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. (7) 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 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 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 $11.4 million, $10.1 million and $8.3 million for the years ended December 31, 2022, 2021 and 2020 respectively, for such compensation expenses reimbursable to the Advisor. Transactions with Affiliates The Operating Partnership issued 100 Special Units to the Former Sponsor for consideration of $1,000. The Special Units are classified as noncontrolling interests. On July 1, 2021, the 100 Special Units were assigned to the Advisor and in December 2021, the Advisor assigned the 100 Special Units to its subsidiary, the Special Unit Holder. 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 year ended December 31, 2021, the BTC Partnerships incurred in aggregate approximately $10.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to their respective service agreements. 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 consolidated balance sheets. From the completion of the BTC II Partnership Transaction until December 31, 2022, the BTC II B Partnership incurred approximately $1.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. Expense Support Agreement On January 1, 2019, we, the Advisor and the Operating Partnership entered into the Second Amended and Restated Expense Support Agreement (the “Expense Support Agreement”). The Expense Support Agreement amended and restated the agreement that had been entered into by us, the Operating Partnership and the Advisor in October 2016, which was subsequently amended and restated as of July 1, 2017. Pursuant to the Expense Support Agreement, the Advisor agreed to defer certain fees and fund certain of our expenses, subject to the terms of the agreement. The Expense Support Agreement was not renewed after the expiration of its effective term on December 31, 2021 and we do not expect to receive any additional expense support from the Advisor in the future. The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the Expense Support Agreement. The Expense Support Agreement was not renewed after the expiration of its effective term on December 31, 2020. The total aggregate amount paid by the Advisor pursuant to the Expense Support Agreement was $27.1 million, and as of December 31, 2020, all reimbursable amounts had been paid in their entirety, and no amounts remain to be reimbursed to the Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Fees deferred ​ $ — ​ $ — ​ $ 3,896 Other expenses supported ​ — ​ — ​ 9,609 Total expense support from Advisor ​ $ — ​ $ — ​ $ 13,505 Reimbursement of previously deferred fees and other expenses supported ​ — ​ — ​ (13,505) Total expense support from Advisor, net (1) ​ $ — ​ $ — ​ $ — (1) As of December 31, 2022, 2021 and 2020, no amounts related to expense support were payable to or receivable from the Advisor. ​ ​

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2022
NET INCOME (LOSS) PER COMMON SHARE
NET INCOME (LOSS) PER COMMON SHARE	12. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) 2022 2021 ​ 2020 Net loss attributable to common stockholders—basic ​ $ (308,079) ​ $ (75,349) ​ $ (30,097) Net loss attributable to redeemable noncontrolling interests ​ ​ (4,874) ​ ​ (498) ​ ​ (83) Net loss attributable to noncontrolling interests ​ ​ 38 ​ ​ 20 ​ ​ 5 Net loss attributable to common stockholders—diluted ​ $ (312,915) ​ $ (75,827) ​ $ (30,175) Weighted-average shares outstanding—basic ​ ​ 295,683 ​ ​ 201,169 ​ ​ 113,145 Incremental weighted-average shares outstanding—diluted ​ ​ 4,533 ​ ​ 1,311 ​ ​ 361 Weighted-average shares outstanding—diluted ​ ​ 300,216 ​ ​ 202,480 ​ ​ 113,506 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (1.04) ​ $ (0.37) ​ $ (0.27) Diluted ​ $ (1.04) ​ $ (0.37) ​ $ (0.27) ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2022 2021 2020 Interest paid related to consolidated indebtedness, net of capitalized interest ​ $ 70,667 ​ $ 21,772 ​ $ 12,180 Interest paid related to DST Program ​ ​ 32,157 ​ ​ 1,757 ​ ​ — Distributions payable ​ ​ 14,499 ​ ​ 11,747 ​ ​ 6,450 Distributions reinvested in common stock ​ 76,434 ​ 52,223 ​ 28,590 Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 83,630 ​ ​ 68,772 ​ ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 81,185 ​ 9,640 ​ 2,913 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ 91,028 ​ ​ 279,340 ​ ​ — Change in accrued future ongoing distribution fees ​ ​ 6,726 ​ ​ 40,458 ​ ​ 28,493 Change in accrued capital expenditures ​ ​ 58,902 ​ ​ 2,433 ​ ​ 2,242 Non-cash selling commissions and dealer manager fees ​ 22,815 ​ 15,046 ​ 39,190 ​ Restricted Cash Restricted cash consists of lender and property-related escrow accounts, as well as utility deposits. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 ​ 2020 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 216,848 ​ $ 232,369 ​ $ 51,178 Restricted cash ​ 887 ​ 530 ​ — Cash, cash equivalents and restricted cash ​ $ 217,735 ​ $ 232,899 ​ $ 51,178 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 79,524 ​ $ 216,848 ​ $ 232,369 Restricted cash ​ 499 ​ 887 ​ 530 Cash, cash equivalents and restricted cash ​ $ 80,023 ​ $ 217,735 ​ $ 232,899 ​

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	14. NONCONTROLLING INTERESTS Special Units In November 2014, the Operating Partnership issued 100 Special Units to the parent of the Former Advisor for consideration of $1,000. On July 1, 2021, the 100 Special Units were assigned to the Advisor. In December 2021, the Special Units were assigned by the Advisor to the Special Unit Holder. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. The holder of the Special Units will be paid a performance participation allocation. Refer to “Note 11” for details regarding the performance participation allocation and Class I OP Units issued as payment for the performance participation allocation. This amount will be paid to the Special Unit Holder, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, will be paid instead to the Advisor in the form of a cash fee, as described in the Advisory Agreement. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Subsidiary REITs As of December 31, 2022, we indirectly own and control the managing member of three subsidiary REITs. Noncontrolling interests represent the portion of equity in the subsidiary REIT that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as of December 31, 2022 as noncontrolling interests within permanent equity. Such noncontrolling interests were issued by the Subsidiary REITS in the form of preferred shares, which are non-voting and have no rights to income or loss. The preferred shares are redeemable by the respective subsidiary REIT at our discretion, through our ownership and control of the managing member. The following table includes details for each Subsidiary REIT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2022 (1) ​ ​ 2021 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. 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 December 31, 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 we 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 December 31, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Adoption of Fifth Amended and Restated Bylaws On March 15, 2023, the board of directors of the Company adopted and approved, effective immediately, amended and restated bylaws (the “Fifth Amended and Restated Bylaws”). Among other things, the Fifth Amended and Restated Bylaws update certain procedural requirements for the submission of stockholder nominees as a result of the effectiveness of Rule 14a-19 under the Exchange Act, including: ​ ● requiring that any stockholder submitting a nomination make a representation that such stockholder intends, or is part of a group which intends, to solicit holders of shares representing at least 67% of the voting power of the Company’s capital stock in support of the proposed nominee; ● updating certain of the certifications to be made by a stockholder submitting a nomination; ​ ● requiring that any stockholder submitting a nomination provide the Company with reasonable documentary evidence five business days prior to the meeting to demonstrate that such stockholder has met the requirements of Rule 14a-19(a)(3) under the Exchange Act; and ​ ● limiting the number of nominees a stockholder may nominate for election at a meeting of stockholders to the number of directors to be elected at such meeting. ​ The Fifth Amended and Restated Bylaws also include certain other administrative, ministerial and conforming changes. The foregoing description of the Fifth Amended and Restated Bylaws is only a summary of the changes to the Company’s amended and restated bylaws and is qualified in its entirety by reference to the full text of the Fifth Amended and Restated Bylaws, a copy of which is filed as Exhibit 3.4 to this Annual Report on Form 10-K and, by this reference, incorporated herein.

SCHEDULE III-REAL ESTATE AND AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2022 ​ and ​ ​ ​ Depreciable ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Amortization ​ Acquisition ​ Life ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (6) ​ Costs ​ Acquisition ​ Land ​ Improvements (6) ​ Costs (7), (8) ​ (8) ​ Date ​ (Years) Consolidated Industrial Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ontario Industrial Center in Ontario, CA 1 $ — (1) $ 5,225 $ 5,370 $ 10,595 ​ $ 1,002 $ 5,225 $ 6,372 $ 11,597 $ (1,934) 2/26/2018 1 - 20 Medley Industrial Center in Medley, FL ​ 1 ​ ​ — ​ 2,864 ​ ​ 4,559 ​ ​ 7,423 ​ ​ 309 ​ ​ 2,864 ​ ​ 4,868 ​ ​ 7,732 ​ ​ (1,181) ​ 4/11/2018 ​ 1 - 30 Ontario Distribution Center in Ontario, CA ​ 1 ​ ​ — (2) 14,657 ​ ​ 16,101 ​ ​ 30,758 ​ ​ 123 ​ ​ 14,657 ​ ​ 16,224 ​ ​ 30,881 ​ ​ (5,508) ​ 5/17/2018 ​ 1 - 20 Park 429 Logistics Center in Ocoee, FL ​ 2 ​ ​ — ​ 7,963 ​ ​ 36,919 ​ ​ 44,882 ​ ​ 319 ​ ​ 7,963 ​ ​ 37,238 ​ ​ 45,201 ​ ​ (5,876) ​ 6/7/2018 ​ 1 - 40 Pescadero Distribution Center in Tracy, CA ​ 1 ​ ​ — (1) 5,602 ​ ​ 40,021 ​ ​ 45,623 ​ ​ 182 ​ ​ 5,602 ​ ​ 40,203 ​ ​ 45,805 ​ ​ (7,194) ​ 6/20/2018 ​ 1 - 40 Gothard Industrial Center in Huntington Beach, CA ​ 1 ​ ​ — (1) 5,325 ​ ​ 4,771 ​ ​ 10,096 ​ ​ 421 ​ ​ 5,325 ​ ​ 5,192 ​ ​ 10,517 ​ ​ (1,395) ​ 6/25/2018 ​ 1 - 20 Midway Industrial Center in Odenton, MD ​ 1 ​ ​ — (3) 4,579 ​ ​ 3,548 ​ ​ 8,127 ​ ​ 438 ​ ​ 4,579 ​ ​ 3,986 ​ ​ 8,565 ​ ​ (1,498) ​ 10/22/2018 ​ 1 - 20 Executive Airport Distribution Center I in Henderson, NV ​ 1 ​ ​ — ​ 10,360 ​ ​ 40,710 ​ ​ 51,070 ​ ​ 245 ​ ​ 10,360 ​ ​ 40,955 ​ ​ 51,315 ​ ​ (7,886) ​ 11/20/2018 ​ 1 - 40 Iron Run Distribution Center in Allentown, PA ​ 1 ​ ​ — (3) 5,483 ​ ​ 10,039 ​ ​ 15,522 ​ ​ 173 ​ ​ 5,483 ​ ​ 10,212 ​ ​ 15,695 ​ ​ (2,708) ​ 12/04/2018 ​ 1 - 20 Elgin Distribution Center in Elgin, IL ​ 1 ​ ​ — ​ 4,032 ​ ​ 16,951 ​ ​ 20,983 ​ ​ 71 ​ ​ 4,032 ​ ​ 17,022 ​ ​ 21,054 ​ ​ (2,219) ​ 12/11/2018 ​ 1 - 40 Addison Distribution Center II in Addison, IL ​ 1 ​ ​ — ​ 4,439 ​ ​ 8,009 ​ ​ 12,448 ​ ​ 879 ​ ​ 4,439 ​ ​ 8,888 ​ ​ 13,327 ​ ​ (2,002) ​ 12/21/2018 ​ 1 - 30 Fontana Distribution Center in Fontana, CA ​ 1 ​ ​ — (2) 20,558 ​ ​ 21,943 ​ ​ 42,501 ​ ​ 958 ​ ​ 20,558 ​ ​ 22,901 ​ ​ 43,459 ​ ​ (7,237) ​ 12/28/2018 ​ 1 - 20 Airport Industrial Center in Ontario, CA ​ 1 ​ ​ — ​ 4,085 ​ ​ 4,051 ​ ​ 8,136 ​ ​ 506 ​ ​ 4,085 ​ ​ 4,557 ​ ​ 8,642 ​ ​ (1,480) ​ 1/08/2019 ​ 1 - 20 Kelly Trade Center in Austin, TX ​ 1 ​ ​ — ​ 2,686 ​ ​ 12,654 ​ ​ 15,340 ​ ​ 2,052 ​ ​ 2,686 ​ ​ 14,706 ​ ​ 17,392 ​ ​ (2,977) ​ 1/31/2019 ​ 1 - 30 7A Distribution Center in Robbinsville, NJ ​ 1 ​ ​ — ​ 8,002 ​ ​ 4,149 ​ ​ 12,151 ​ ​ 515 ​ ​ 3,386 ​ ​ 9,280 ​ ​ 12,666 ​ ​ (2,507) ​ 2/11/2019 ​ 1 - 20 Quakerbridge Distribution Center in Hamilton, NJ ​ 1 ​ ​ — (3) 3,434 ​ ​ 5,160 ​ ​ 8,594 ​ ​ 974 ​ ​ 2,334 ​ ​ 7,234 ​ ​ 9,568 ​ ​ (2,019) ​ 3/11/2019 ​ 1 - 40 Hebron Airpark Logistics Center in Hebron, KY ​ 1 ​ ​ — ​ 2,228 ​ ​ 9,572 ​ ​ 11,800 ​ ​ 396 ​ ​ 2,228 ​ ​ 9,968 ​ ​ 12,196 ​ ​ (1,693) ​ 5/30/2019 ​ 1 - 40 Las Vegas Light Industrial Portfolio in Las Vegas, NV ​ 4 ​ ​ — ​ 19,872 ​ ​ 39,399 ​ ​ 59,271 ​ ​ 901 ​ ​ 19,872 ​ ​ 40,300 ​ ​ 60,172 ​ ​ (8,557) ​ 5/30/2019 ​ 1 - 30 Monte Vista Industrial Center in Chino, CA ​ 1 ​ ​ — ​ 7,947 ​ ​ 7,592 ​ ​ 15,539 ​ ​ 494 ​ ​ 7,947 ​ ​ 8,086 ​ ​ 16,033 ​ ​ (2,214) ​ 6/07/2019 ​ 1 - 20 King of Prussia Core Infill Portfolio in King of Prussia, PA ​ 5 ​ ​ — (3) 14,791 ​ ​ 17,187 ​ ​ 31,978 ​ ​ 1,789 ​ ​ 14,791 ​ ​ 18,976 ​ ​ 33,767 ​ ​ (5,459) ​ 6/21/2019 ​ 1 - 20 Dallas Infill Industrial Portfolio in Arlington, TX ​ 3 ​ ​ 38,000 ​ 17,159 ​ ​ 74,981 ​ ​ 92,140 ​ ​ 3,965 ​ ​ 17,159 ​ ​ 78,946 ​ ​ 96,105 ​ ​ (14,841) ​ 6/28/2019 ​ 1 - 30 Dallas Infill Industrial Portfolio in Garland, TX ​ 2 ​ ​ 11,250 ​ 3,545 ​ ​ 20,370 ​ ​ 23,915 ​ ​ 233 ​ ​ 3,545 ​ ​ 20,603 ​ ​ 24,148 ​ ​ (2,990) ​ 6/28/2019 ​ 1 - 40 Edison Distribution Center in Edison, NJ ​ 1 ​ ​ — (3) 11,519 ​ ​ 16,079 ​ ​ 27,598 ​ ​ 78 ​ ​ 11,519 ​ ​ 16,157 ​ ​ 27,676 ​ ​ (3,830) ​ 6/28/2019 ​ 1 - 20 395 Distribution Center in Reno, NV ​ 2 ​ ​ — (2) 8,904 ​ ​ 45,114 ​ ​ 54,018 ​ ​ 770 ​ ​ 8,904 ​ ​ 45,884 ​ ​ 54,788 ​ ​ (6,881) ​ 8/05/2019 ​ 1 - 40 I-80 Distribution Center in Reno, NV ​ 4 ​ ​ — (1) 11,645 ​ ​ 60,364 ​ ​ 72,009 ​ ​ 1,891 ​ ​ 11,645 ​ ​ 62,255 ​ ​ 73,900 ​ ​ (9,904) ​ 9/04/2019 ​ 1 - 40 Avenue B Industrial Center in Bethlehem, PA ​ 1 ​ ​ — ​ 2,190 ​ ​ 4,923 ​ ​ 7,113 ​ ​ 108 ​ ​ 2,190 ​ ​ 5,031 ​ ​ 7,221 ​ ​ (1,345) ​ 9/11/2019 ​ 1 - 20 485 Distribution Center in Shiremanstown, PA ​ 1 ​ ​ — (4) 6,145 ​ ​ 36,914 ​ ​ 43,059 ​ ​ 206 ​ ​ 6,145 ​ ​ 37,120 ​ ​ 43,265 ​ ​ (5,412) ​ 9/13/2019 ​ 1 - 40 Weston Business Center in Weston, FL ​ 1 ​ ​ — ​ 14,627 ​ ​ 17,784 ​ ​ 32,411 ​ ​ 199 ​ ​ 14,627 ​ ​ 17,983 ​ ​ 32,610 ​ ​ (3,520) ​ 12/10/2019 ​ 1 - 20 Marigold Distribution Center in Redlands, CA ​ 1 ​ ​ — ​ 15,660 ​ ​ 24,075 ​ ​ 39,735 ​ ​ 1,820 ​ ​ 15,660 ​ ​ 25,895 ​ ​ 41,555 ​ ​ (5,594) ​ 12/20/2019 ​ 1 - 30 Bishops Gate Distribution Center in Mount Laurel, NJ ​ 1 ​ ​ — (3) 6,018 ​ ​ 26,208 ​ ​ 32,226 ​ ​ 1,036 ​ ​ 6,018 ​ ​ 27,244 ​ ​ 33,262 ​ ​ (5,478) ​ 12/31/2019 ​ 1 - 20 Norcross Industrial Center in Peachtree Corner, GA ​ 1 ​ ​ — ​ ​ 3,220 ​ ​ 6,285 ​ ​ 9,505 ​ ​ 7,884 ​ ​ 3,220 ​ ​ 14,169 ​ ​ 17,389 ​ ​ (1,173) ​ 3/23/2020 ​ 1 - 20 Port 146 Distribution Center in LaPorte, TX ​ 1 ​ ​ — ​ ​ 1,748 ​ ​ 7,823 ​ ​ 9,571 ​ ​ 2,369 ​ ​ 1,748 ​ ​ 10,192 ​ ​ 11,940 ​ ​ (634) ​ 4/14/2020 ​ 1 - 40 Lima Distribution Center in Denver, CO ​ 1 ​ ​ — ​ ​ 1,853 ​ ​ 9,769 ​ ​ 11,622 ​ ​ 212 ​ ​ 1,853 ​ ​ 9,981 ​ ​ 11,834 ​ ​ (1,986) ​ 4/15/2020 ​ 1 - 20 Valwood Crossroads in Carrollton, TX ​ 2 ​ ​ — (4) ​ 12,457 ​ ​ 57,542 ​ ​ 69,999 ​ ​ 123 ​ ​ 12,457 ​ ​ 57,665 ​ ​ 70,122 ​ ​ (7,196) ​ 5/11/2020 ​ 1 - 40 Eaglepoint LC in Brownsburg, IN ​ 1 ​ ​ — ​ ​ 3,598 ​ ​ 36,618 ​ ​ 40,216 ​ ​ 51 ​ ​ 3,598 ​ ​ 36,669 ​ ​ 40,267 ​ ​ (5,066) ​ 5/26/2020 ​ 1 - 40 7A DC II in Robbinsville Township, NJ ​ 1 ​ ​ — (3) ​ 6,235 ​ ​ 16,983 ​ ​ 23,218 ​ ​ 538 ​ ​ 6,235 ​ ​ 17,521 ​ ​ 23,756 ​ ​ (2,807) ​ 5/27/2020 ​ 1 - 20 Legacy Logistics Center in Salt Lake City, UT ​ 1 ​ ​ — (1) ​ 5,590 ​ ​ 34,128 ​ ​ 39,718 ​ ​ 1,982 ​ ​ 5,590 ​ ​ 36,110 ​ ​ 41,700 ​ ​ (4,458) ​ 6/3/2020 ​ 1 - 40 Logistics Center at 33 in Easton, PA ​ 1 ​ ​ — (4) ​ 8,983 ​ ​ 54,302 ​ ​ 63,285 ​ ​ 50 ​ ​ 8,983 ​ ​ 54,352 ​ ​ 63,335 ​ ​ (6,972) ​ 6/4/2020 ​ 1 - 40 Intermodal Logistics Center in Fort Worth, TX ​ 1 ​ ​ — ​ ​ 5,191 ​ ​ 23,437 ​ ​ 28,628 ​ ​ 177 ​ ​ 5,191 ​ ​ 23,614 ​ ​ 28,805 ​ ​ (2,497) ​ 6/29/2020 ​ 1 - 40 Executive Airport Distribution Center II, III in Henderson, NV ​ 2 ​ ​ — ​ ​ 7,852 ​ ​ 25,348 ​ ​ 33,200 ​ ​ 4,144 ​ ​ 7,852 ​ ​ 29,492 ​ ​ 37,344 ​ ​ (1,639) ​ 9/3/2020 ​ 1 - 40 Airpark International Logistics Center in Hebron, KY ​ 2 ​ ​ — ​ ​ 2,371 ​ ​ 27,830 ​ ​ 30,201 ​ ​ 375 ​ ​ 2,371 ​ ​ 28,205 ​ ​ 30,576 ​ ​ (2,610) ​ 10/9/2020 ​ 1 - 40 Carlstadt Industrial Center in Carlstadt, NJ ​ 2 ​ ​ — (3) ​ 16,989 ​ ​ 20,541 ​ ​ 37,530 ​ ​ 1,050 ​ ​ 16,989 ​ ​ 21,591 ​ ​ 38,580 ​ ​ (3,890) ​ 11/10/2020 ​ 1 - 20 Nelson Industrial Center in La Puente, CA ​ 1 ​ ​ — ​ ​ 3,943 ​ ​ 5,089 ​ ​ 9,032 ​ ​ 115 ​ ​ 3,943 ​ ​ 5,204 ​ ​ 9,147 ​ ​ (967) ​ 12/7/2020 ​ 1 - 40 Miraloma Industrial Center in Placentia, CA ​ 1 ​ ​ — ​ ​ 4,843 ​ ​ 4,655 ​ ​ 9,498 ​ ​ 59 ​ ​ 4,843 ​ ​ 4,714 ​ ​ 9,557 ​ ​ (940) ​ 12/10/2020 ​ 1 - 20 Pennsy Logistics Center in Landover, MD ​ 2 ​ ​ — (3) ​ 8,273 ​ ​ 51,824 ​ ​ 60,097 ​ ​ 95 ​ ​ 8,273 ​ ​ 51,919 ​ ​ 60,192 ​ ​ (5,335) ​ 12/18/2020 ​ 1 - 30 Gerwig Distribution Center in Columbia, MD ​ 1 ​ ​ — ​ ​ 8,069 ​ ​ 11,205 ​ ​ 19,274 ​ ​ 360 ​ ​ 8,069 ​ ​ 11,565 ​ ​ 19,634 ​ ​ (1,489) ​ 1/8/2021 ​ 1 - 20 Harvill Business Center in Perris, CA ​ 1 ​ ​ — (4) ​ 14,098 ​ ​ 46,490 ​ ​ 60,588 ​ ​ 41 ​ ​ 14,098 ​ ​ 46,531 ​ ​ 60,629 ​ ​ (3,748) ​ 3/10/2021 ​ 1 - 40 Princess Logistics Center in Lawrenceville, NJ ​ 1 ​ ​ — (4) ​ 10,883 ​ ​ 63,192 ​ ​ 74,075 ​ ​ 1,232 ​ ​ 10,883 ​ ​ 64,424 ​ ​ 75,307 ​ ​ (3,862) ​ 4/12/2021 ​ 1 - 40 Rancho Cucamonga Business Center in Rancho Cucamonga, CA ​ 1 ​ ​ — ​ ​ 8,185 ​ ​ 16,439 ​ ​ 24,624 ​ ​ 59 ​ ​ 8,185 ​ ​ 16,498 ​ ​ 24,683 ​ ​ (1,781) ​ 5/28/2021 ​ 1 - 30 Norton Distribution Center in Norton, MA ​ 1 ​ ​ — ​ ​ 4,350 ​ ​ 28,063 ​ ​ 32,413 ​ ​ 189 ​ ​ 4,350 ​ ​ 28,252 ​ ​ 32,602 ​ ​ (2,926) ​ 6/1/2021 ​ 1 - 20 Build-To-Core Logistics Portfolio in Austin, TX ​ 5 ​ ​ — (5) ​ 11,918 ​ ​ 42,446 ​ ​ 54,364 ​ ​ 1,298 ​ ​ 11,918 ​ ​ 43,744 ​ ​ 55,662 ​ ​ (4,698) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Hayward, CA ​ 1 ​ ​ — (5) ​ 39,357 ​ ​ 91,117 ​ ​ 130,474 ​ ​ (196) ​ ​ 39,357 ​ ​ 90,921 ​ ​ 130,278 ​ ​ (4,812) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in LaPorte, TX ​ 1 ​ ​ — ​ ​ 1,998 ​ ​ 15,261 ​ ​ 17,259 ​ ​ 499 ​ ​ 1,998 ​ ​ 15,760 ​ ​ 17,758 ​ ​ (1,084) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Lehigh Valley, PA ​ 1 ​ ​ — ​ ​ 14,522 ​ ​ 49,076 ​ ​ 63,598 ​ ​ 2,008 ​ ​ 14,522 ​ ​ 51,084 ​ ​ 65,606 ​ ​ (3,077) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Lodi, NJ ​ 2 ​ ​ — (4) ​ 18,545 ​ ​ 78,491 ​ ​ 97,036 ​ ​ 520 ​ ​ 18,545 ​ ​ 79,011 ​ ​ 97,556 ​ ​ (4,001) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA ​ 1 ​ ​ — (4) ​ 26,126 ​ ​ 71,385 ​ ​ 97,511 ​ ​ (81) ​ ​ 26,126 ​ ​ 71,304 ​ ​ 97,430 ​ ​ (5,315) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Richmond, CA ​ 1 ​ ​ — ​ ​ 6,954 ​ ​ 33,862 ​ ​ 40,816 ​ ​ 1,250 ​ ​ 6,954 ​ ​ 35,112 ​ ​ 42,066 ​ ​ (1,762) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in San Diego, CA ​ 2 ​ ​ — (5) ​ 7,999 ​ ​ 34,888 ​ ​ 42,887 ​ ​ 65 ​ ​ 7,999 ​ ​ 34,953 ​ ​ 42,952 ​ ​ (2,253) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in San Jose, CA ​ 1 ​ ​ — ​ ​ 9,799 ​ ​ 23,467 ​ ​ 33,266 ​ ​ 370 ​ ​ 9,799 ​ ​ 23,837 ​ ​ 33,636 ​ ​ (1,301) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Suwanee, GA ​ 4 ​ ​ — (5) ​ 5,612 ​ ​ 65,492 ​ ​ 71,104 ​ ​ 2,073 ​ ​ 5,612 ​ ​ 67,565 ​ ​ 73,177 ​ ​ (7,760) ​ 6/15/2021 ​ 1 - 20 Build-To-Core Logistics Portfolio in Tacoma, WA ​ 2 ​ ​ — (2) ​ 29,942 ​ ​ 144,714 ​ ​ 174,656 ​ ​ 1,205 ​ ​ 29,942 ​ ​ 145,919 ​ ​ 175,861 ​ ​ (9,050) ​ 6/15/2021 ​ 1 - 40 Build-To-Core Logistics Portfolio in Tracy, CA ​ 1 ​ ​ — (5) ​ 3,564 ​ ​ 50,196 ​ ​ 53,760 ​ ​ 1 ​ ​ 3,564 ​ ​ 50,197 ​ ​ 53,761 ​ ​ (2,839) ​ 6/15/2021 ​ 1 - 40 Benchmark Distribution Center in Houston, TX ​ 1 ​ ​ — ​ ​ 4,809 ​ ​ 14,842 ​ ​ 19,651 ​ ​ 1,186 ​ ​ 4,809 ​ ​ 16,028 ​ ​ 20,837 ​ ​ (1,124) ​ 6/18/2021 ​ 1 - 40 Key Logistics Portfolio in Allentown, PA ​ 1 ​ ​ — ​ ​ 2,876 ​ ​ 15,208 ​ ​ 18,084 ​ ​ 262 ​ ​ 2,876 ​ ​ 15,470 ​ ​ 18,346 ​ ​ (1,434) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Auburn, WA ​ 3 ​ ​ — ​ ​ 7,822 ​ ​ 34,089 ​ ​ 41,911 ​ ​ 718 ​ ​ 7,822 ​ ​ 34,807 ​ ​ 42,629 ​ ​ (2,891) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Aurora, CO ​ 1 ​ ​ — ​ ​ 1,818 ​ ​ 9,147 ​ ​ 10,965 ​ ​ — ​ ​ 1,818 ​ ​ 9,147 ​ ​ 10,965 ​ ​ (916) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Boca Raton, FL ​ 1 ​ ​ — ​ ​ 4,959 ​ ​ 8,586 ​ ​ 13,545 ​ ​ 4 ​ ​ 4,959 ​ ​ 8,590 ​ ​ 13,549 ​ ​ (1,180) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Glen Burnie, MD ​ 1 ​ ​ — (3) ​ 2,545 ​ ​ 17,976 ​ ​ 20,521 ​ ​ 1 ​ ​ 2,545 ​ ​ 17,977 ​ ​ 20,522 ​ ​ (2,144) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Kent, WA ​ 4 ​ ​ — ​ ​ 11,478 ​ ​ 27,605 ​ ​ 39,083 ​ ​ 451 ​ ​ 11,478 ​ ​ 28,056 ​ ​ 39,534 ​ ​ (3,108) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in King of Prussia, PA ​ 2 ​ ​ — (3) ​ 4,120 ​ ​ 17,984 ​ ​ 22,104 ​ ​ (1) ​ ​ 4,120 ​ ​ 17,983 ​ ​ 22,103 ​ ​ (2,050) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Lanham, MD ​ 1 ​ ​ — (3) ​ 3,979 ​ ​ 18,147 ​ ​ 22,126 ​ ​ 671 ​ ​ 3,979 ​ ​ 18,818 ​ ​ 22,797 ​ ​ (1,329) ​ 7/14/2021 ​ 1 - 40 Key Logistics Portfolio in Lincolnshire, IL ​ 1 ​ ​ — ​ ​ 1,695 ​ ​ 11,939 ​ ​ 13,634 ​ ​ 58 ​ ​ 1,695 ​ ​ 11,997 ​ ​ 13,692 ​ ​ (868) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Louisville, KY ​ 5 ​ ​ — ​ ​ 8,248 ​ ​ 117,907 ​ ​ 126,155 ​ ​ 209 ​ ​ 8,248 ​ ​ 118,116 ​ ​ 126,364 ​ ​ (11,059) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Mechanicsburg, PA ​ 1 ​ ​ — ​ ​ 2,205 ​ ​ 11,882 ​ ​ 14,087 ​ ​ 1 ​ ​ 2,205 ​ ​ 11,883 ​ ​ 14,088 ​ ​ (1,208) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Memphis, TN ​ 6 ​ ​ — ​ ​ 6,873 ​ ​ 103,715 ​ ​ 110,588 ​ ​ 1,229 ​ ​ 6,873 ​ ​ 104,944 ​ ​ 111,817 ​ ​ (13,047) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Olive Branch, MS ​ 1 ​ ​ — ​ ​ 2,656 ​ ​ 29,453 ​ ​ 32,109 ​ ​ 89 ​ ​ 2,656 ​ ​ 29,542 ​ ​ 32,198 ​ ​ (2,178) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Ontario, CA ​ 3 ​ ​ — ​ ​ 13,418 ​ ​ 38,965 ​ ​ 52,383 ​ ​ 185 ​ ​ 13,418 ​ ​ 39,150 ​ ​ 52,568 ​ ​ (4,081) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Pompano Beach, FL ​ 2 ​ ​ — ​ ​ 4,431 ​ ​ 10,992 ​ ​ 15,423 ​ ​ 357 ​ ​ 4,431 ​ ​ 11,349 ​ ​ 15,780 ​ ​ (1,101) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Renton, WA ​ 1 ​ ​ — ​ ​ 4,745 ​ ​ 13,612 ​ ​ 18,357 ​ ​ (1) ​ ​ 4,745 ​ ​ 13,611 ​ ​ 18,356 ​ ​ (1,375) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 5,966 ​ ​ 53,720 ​ ​ 59,686 ​ ​ 372 ​ ​ 5,966 ​ ​ 54,092 ​ ​ 60,058 ​ ​ (5,320) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Stockton, CA ​ 4 ​ ​ — (4) ​ 15,700 ​ ​ 73,083 ​ ​ 88,783 ​ ​ 914 ​ ​ 15,700 ​ ​ 73,997 ​ ​ 89,697 ​ ​ (8,184) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Tacoma, WA ​ 1 ​ ​ — ​ ​ 3,844 ​ ​ 6,354 ​ ​ 10,198 ​ ​ 189 ​ ​ 3,844 ​ ​ 6,543 ​ ​ 10,387 ​ ​ (590) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Totowa, NJ ​ 1 ​ ​ — (3) ​ 11,530 ​ ​ 46,672 ​ ​ 58,202 ​ ​ 955 ​ ​ 11,530 ​ ​ 47,627 ​ ​ 59,157 ​ ​ (4,252) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Tracy, CA ​ 2 ​ ​ — ​ ​ 11,240 ​ ​ 47,595 ​ ​ 58,835 ​ ​ 1,327 ​ ​ 11,240 ​ ​ 48,922 ​ ​ 60,162 ​ ​ (4,800) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in Upper Marlboro, MD ​ 1 ​ ​ — ​ ​ 2,206 ​ ​ 4,926 ​ ​ 7,132 ​ ​ 633 ​ ​ 2,206 ​ ​ 5,559 ​ ​ 7,765 ​ ​ (334) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Valencia, CA ​ 1 ​ ​ — ​ ​ 6,555 ​ ​ 11,619 ​ ​ 18,174 ​ ​ 22 ​ ​ 6,555 ​ ​ 11,641 ​ ​ 18,196 ​ ​ (775) ​ 7/14/2021 ​ 1 - 30 Key Logistics Portfolio in Wayne, NJ ​ 1 ​ ​ — (3) ​ 5,800 ​ ​ 13,770 ​ ​ 19,570 ​ ​ 256 ​ ​ 5,800 ​ ​ 14,026 ​ ​ 19,826 ​ ​ (1,163) ​ 7/14/2021 ​ 1 - 20 Key Logistics Portfolio in York, PA ​ 1 ​ ​ — (4) ​ 4,645 ​ ​ 20,466 ​ ​ 25,111 ​ ​ — ​ ​ 4,645 ​ ​ 20,466 ​ ​ 25,111 ​ ​ (2,279) ​ 7/14/2021 ​ 1 - 20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2022 ​ and ​ ​ ​ Depreciable ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Amortization ​ Acquisition ​ Life ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (6) ​ Costs ​ Acquisition ​ Land ​ Improvements (6) ​ Costs (7), (8) ​ (8) ​ Date ​ (Years) Stonewood Logistics Center in York, PA ​ 1 ​ ​ — ​ ​ 1,193 ​ ​ 18,150 ​ ​ 19,343 ​ ​ 1,471 ​ ​ 1,193 ​ ​ 19,621 ​ ​ 20,814 ​ ​ (935) ​ 7/16/2021 ​ 1 - 40 Heron Industrial Center in Swedesboro, NJ ​ 1 ​ ​ — ​ ​ 5,622 ​ ​ 20,377 ​ ​ 25,999 ​ ​ 183 ​ ​ 5,622 ​ ​ 20,560 ​ ​ 26,182 ​ ​ (2,468) ​ 7/21/2021 ​ 1 - 20 Colony Crossing Logistics Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 5,258 ​ ​ 16,311 ​ ​ 21,569 ​ ​ 381 ​ ​ 5,258 ​ ​ 16,692 ​ ​ 21,950 ​ ​ (2,047) ​ 8/17/2021 ​ 1 - 30 Harvill Industrial Center in Riverside, CA ​ — ​ ​ — ​ ​ 7,532 ​ ​ — ​ ​ 7,532 ​ ​ 1,417 ​ ​ 7,782 ​ ​ 1,167 ​ ​ 8,949 ​ ​ — ​ 8/23/2021 ​ 1 - 40 Commerce Farms Logistics Center in Lebanon, TN ​ 1 ​ ​ — ​ ​ 3,117 ​ ​ 60,704 ​ ​ 63,821 ​ ​ 607 ​ ​ 3,117 ​ ​ 61,311 ​ ​ 64,428 ​ ​ (4,853) ​ 8/25/2021 ​ 1 - 40 North County Commerce Center in Vista, CA ​ 5 ​ ​ — (2) ​ 42,171 ​ ​ 104,961 ​ ​ 147,132 ​ ​ 641 ​ ​ 42,171 ​ ​ 105,602 ​ ​ 147,773 ​ ​ (9,215) ​ 8/30/2021 ​ 1 - 20 Performance Distribution Center in Stockton, CA ​ 1 ​ ​ — (2) ​ 9,733 ​ ​ 19,799 ​ ​ 29,532 ​ ​ 14 ​ ​ 9,733 ​ ​ 19,813 ​ ​ 29,546 ​ ​ (1,181) ​ 9/7/2021 ​ 1 - 40 Madison Distribution Center in Tampa, FL ​ 1 ​ ​ — ​ ​ 766 ​ ​ 12,236 ​ ​ 13,002 ​ ​ 9 ​ ​ 766 ​ ​ 12,245 ​ ​ 13,011 ​ ​ (747) ​ 9/17/2021 ​ 1 - 30 355 Logistics Center in Lockport, IL ​ 2 ​ ​ — ​ ​ 3,360 ​ ​ 62,062 ​ ​ 65,422 ​ ​ 1,808 ​ ​ 3,360 ​ ​ 63,870 ​ ​ 67,230 ​ ​ (3,756) ​ 10/1/2021 ​ 1 - 40 1 Stanley Drive in Aston, PA ​ 1 ​ ​ — (4) ​ 1,265 ​ ​ 20,974 ​ ​ 22,239 ​ ​ 98 ​ ​ 1,265 ​ ​ 21,072 ​ ​ 22,337 ​ ​ (1,168) ​ 10/6/2021 ​ 1 - 30 Gilbert Gateway Commerce Park in Gilbert, AZ ​ 3 ​ ​ — (2) ​ 8,129 ​ ​ 80,026 ​ ​ 88,155 ​ ​ 2,694 ​ ​ 8,129 ​ ​ 82,720 ​ ​ 90,849 ​ ​ (4,114) ​ 10/6/2021 ​ 1 - 40 California Business Center in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 4,780 ​ ​ 26,290 ​ ​ 31,070 ​ ​ 295 ​ ​ 4,780 ​ ​ 26,585 ​ ​ 31,365 ​ ​ (2,915) ​ 10/21/2021 ​ 1 - 20 Molto Portfolio in Aurora, IL ​ 1 ​ ​ — ​ ​ 5,169 ​ ​ 32,432 ​ ​ 37,601 ​ ​ 787 ​ ​ 5,169 ​ ​ 33,219 ​ ​ 38,388 ​ ​ (1,492) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in Hebron, KY ​ 1 ​ ​ — ​ ​ 1,857 ​ ​ 20,674 ​ ​ 22,531 ​ ​ 1 ​ ​ 1,857 ​ ​ 20,675 ​ ​ 22,532 ​ ​ (834) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 7,370 ​ ​ 70,096 ​ ​ 77,466 ​ ​ 1,533 ​ ​ 7,370 ​ ​ 71,629 ​ ​ 78,999 ​ ​ (3,222) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in La Vergne, TN ​ 1 ​ ​ — ​ ​ 3,696 ​ ​ 23,720 ​ ​ 27,416 ​ ​ 1 ​ ​ 3,696 ​ ​ 23,721 ​ ​ 27,417 ​ ​ (1,110) ​ 11/17/2021 ​ 1 - 40 Molto Portfolio in Louisville, KY ​ 1 ​ ​ — ​ ​ 3,755 ​ ​ 36,195 ​ ​ 39,950 ​ ​ 307 ​ ​ 3,755 ​ ​ 36,502 ​ ​ 40,257 ​ ​ (1,679) ​ 11/17/2021 ​ 1 - 40 Walker Mill Industrial Center in Capitol Heights, MD ​ 1 ​ ​ — (3) ​ 2,908 ​ ​ 14,297 ​ ​ 17,205 ​ ​ 29 ​ ​ 2,908 ​ ​ 14,326 ​ ​ 17,234 ​ ​ (960) ​ 11/18/2021 ​ 1 - 20 Greater Boston Portfolio in Danvers, MA ​ 1 ​ ​ — ​ ​ 4,176 ​ ​ 16,169 ​ ​ 20,345 ​ ​ 33 ​ ​ 4,176 ​ ​ 16,202 ​ ​ 20,378 ​ ​ (1,347) ​ 11/22/2021 ​ 1 - 20 Greater Boston Portfolio in Franklin, MA ​ 1 ​ ​ — ​ ​ 2,646 ​ ​ 14,367 ​ ​ 17,013 ​ ​ 250 ​ ​ 2,646 ​ ​ 14,617 ​ ​ 17,263 ​ ​ (1,027) ​ 11/22/2021 ​ 1 - 20 McDonald Portfolio in Alpharetta, GA ​ 4 ​ ​ — ​ ​ 4,228 ​ ​ 49,773 ​ ​ 54,001 ​ ​ 2,163 ​ ​ 4,228 ​ ​ 51,936 ​ ​ 56,164 ​ ​ (3,308) ​ 12/16/2021 ​ 1 - 20 McDonald Portfolio in Atlanta, GA ​ 6 ​ ​ — ​ ​ 10,312 ​ ​ 192,196 ​ ​ 202,508 ​ ​ 1,454 ​ ​ 10,312 ​ ​ 193,650 ​ ​ 203,962 ​ ​ (12,670) ​ 12/16/2021 ​ 1 - 40 McDonald Portfolio in Ellenwood, GA ​ 2 ​ ​ — ​ ​ 4,808 ​ ​ 72,142 ​ ​ 76,950 ​ ​ 642 ​ ​ 4,808 ​ ​ 72,784 ​ ​ 77,592 ​ ​ (4,143) ​ 12/16/2021 ​ 1 - 30 McDonald Portfolio in Savannah, GA ​ 2 ​ ​ — ​ ​ 5,862 ​ ​ 56,433 ​ ​ 62,295 ​ ​ 123 ​ ​ 5,862 ​ ​ 56,556 ​ ​ 62,418 ​ ​ (3,048) ​ 12/16/2021 ​ 1 - 30 Riggs Hill Industrial Center in Jessup, MD ​ 1 ​ ​ — ​ ​ 827 ​ ​ 4,832 ​ ​ 5,659 ​ ​ 77 ​ ​ 827 ​ ​ 4,909 ​ ​ 5,736 ​ ​ (441) ​ 12/17/2021 ​ 1 - 20 Valwood Industrial Center in Carrollton, TX ​ 4 ​ ​ — ​ ​ 12,755 ​ ​ 30,377 ​ ​ 43,132 ​ ​ 786 ​ ​ 12,755 ​ ​ 31,163 ​ ​ 43,918 ​ ​ (2,183) ​ 12/17/2021 ​ 1 - 20 Port Crossing Logistics Center in LaPorte, TX ​ 1 ​ ​ — ​ ​ 2,518 ​ ​ 29,476 ​ ​ 31,994 ​ ​ 88 ​ ​ 2,518 ​ ​ 29,564 ​ ​ 32,082 ​ ​ (1,280) ​ 12/21/2021 ​ 1 - 30 Hainesport Commerce Center in Hainesport, NJ ​ 1 ​ ​ — ​ ​ 19,042 ​ ​ 113,768 ​ ​ 132,810 ​ ​ 997 ​ ​ 19,042 ​ ​ 114,765 ​ ​ 133,807 ​ ​ (4,025) ​ 12/21/2021 ​ 1 - 40 Beltway Logistics Center in Charlotte, NC ​ 1 ​ ​ — ​ ​ 4,726 ​ ​ 23,327 ​ ​ 28,053 ​ ​ 133 ​ ​ 4,726 ​ ​ 23,460 ​ ​ 28,186 ​ ​ (831) ​ 12/22/2021 ​ 1 - 40 Clackamas Industrial Center in Clackamas, OR ​ 1 ​ ​ — ​ ​ 9,623 ​ ​ 41,551 ​ ​ 51,174 ​ ​ 12 ​ ​ 9,623 ​ ​ 41,563 ​ ​ 51,186 ​ ​ (4,007) ​ 12/23/2021 ​ 1 - 20 Build-to-Core II Logistics Portfolio in Aurora, IL ​ 1 ​ ​ — ​ ​ 3,187 ​ ​ 21,354 ​ ​ 24,541 ​ ​ 210 ​ ​ 3,187 ​ ​ 21,564 ​ ​ 24,751 ​ ​ (962) ​ 2/15/2022 ​ 1 - 40 Build-to-Core II Logistics Portfolio in Avenel, NJ ​ 1 ​ ​ — ​ ​ 20,489 ​ ​ 22,267 ​ ​ 42,756 ​ ​ 49 ​ ​ 20,489 ​ ​ 22,316 ​ ​ 42,805 ​ ​ (745) ​ 2/15/2022 ​ 1 - 40 Build-to-Core II Logistics Portfolio in Lakewood, WA ​ 3 ​ ​ — ​ ​ 30,833 ​ ​ 149,703 ​ ​ 180,536 ​ ​ 2,548 ​ ​ 30,837 ​ ​ 152,247 ​ ​ 183,084 ​ ​ (5,198) ​ 2/15/2022 ​ 1 - 40 Build-to-Core II Logistics Portfolio in Mount Prospect, IL ​ 1 ​ ​ — ​ ​ 3,725 ​ ​ 20,434 ​ ​ 24,159 ​ ​ 28 ​ ​ 3,725 ​ ​ 20,462 ​ ​ 24,187 ​ ​ (716) ​ 2/15/2022 ​ 1 - 40 Build-to-Core II Logistics Portfolio in Naperville, IL ​ 1 ​ ​ — ​ ​ 1,951 ​ ​ 16,137 ​ ​ 18,088 ​ ​ 589 ​ ​ 1,951 ​ ​ 16,726 ​ ​ 18,677 ​ ​ (615) ​ 2/15/2022 ​ 1 - 40 Build-to-Core II Logistics Portfolio in Newark, NJ ​ - ​ ​ — ​ ​ 25,879 ​ ​ 1,634 ​ ​ 27,513 ​ ​ 15,262 ​ ​ 25,879 ​ ​ 16,896 ​ ​ 42,775 ​ ​ — ​ 2/15/2022 ​ - Build-to-Core II Logistics Portfolio in Schertz, TX ​ 1 ​ ​ — ​ ​ 503 ​ ​ 9,177 ​ ​ 9,680 ​ ​ 101 ​ ​ 503 ​ ​ 9,278 ​ ​ 9,781 ​ ​ (593) ​ 2/15/2022 ​ 1 - 30 Build-to-Core II Logistics Portfolio in Tualatin, OR ​ 1 ​ ​ — ​ ​ 4,231 ​ ​ 27,698 ​ ​ 31,929 ​ ​ (93) ​ ​ 4,102 ​ ​ 27,734 ​ ​ 31,836 ​ ​ (1,015) ​ 2/15/2022 ​ 1 - 40 Northlake Logistics Crossing in Northlake, TX ​ - ​ ​ — ​ ​ 21,569 ​ ​ — ​ ​ 21,569 ​ ​ 92,305 ​ ​ 21,569 ​ ​ 92,305 ​ ​ 113,874 ​ ​ — ​ 2/17/2022 ​ - Tampa Commerce Center in Temple Terrace, FL ​ - ​ ​ — ​ ​ 6,270 ​ ​ — ​ ​ 6,270 ​ ​ 16,778 ​ ​ 6,270 ​ ​ 16,778 ​ ​ 23,048 ​ ​ — ​ 4/1/2022, 5/25/2022 ​ - Medley 104 Industrial Center in Medley, FL ​ 1 ​ ​ — ​ ​ 13,436 ​ ​ 40,234 ​ ​ 53,670 ​ ​ 38 ​ ​ 13,436 ​ ​ 40,272 ​ ​ 53,708 ​ ​ (1,862) ​ 4/18/2022 ​ 1 - 20 IDI U.S. Logistics Portfolio in Buford, GA ​ 1 ​ ​ — ​ ​ 2,962 ​ ​ 18,213 ​ ​ 21,175 ​ ​ 3 ​ ​ 2,962 ​ ​ 18,216 ​ ​ 21,178 ​ ​ (427) ​ 4/28/2022 ​ 1 - 40 IDI U.S. Logistics Portfolio in Channahon, IL ​ 1 ​ ​ — ​ ​ 8,940 ​ ​ 93,938 ​ ​ 102,878 ​ ​ 349 ​ ​ 8,940 ​ ​ 94,287 ​ ​ 103,227 ​ ​ (1,648) ​ 7/6/2022 ​ 1 - 40 IDI U.S. Logistics Portfolio in Jefferson, GA ​ 1 ​ ​ — ​ ​ 6,798 ​ ​ 83,287 ​ ​ 90,085 ​ ​ 1 ​ ​ 6,798 ​ ​ 83,288 ​ ​ 90,086 ​ ​ (3,069) ​ 4/28/2022 ​ 1 - 40 IDI U.S. Logistics Portfolio in Fort Worth, TX ​ 1 ​ ​ — ​ ​ 4,254 ​ ​ 42,904 ​ ​ 47,158 ​ ​ 2 ​ ​ 4,254 ​ ​ 42,906 ​ ​ 47,160 ​ ​ (1,131) ​ 4/28/2022 ​ 1 - 40 IDI U.S. Logistics Portfolio in Garland, TX ​ 1 ​ ​ — ​ ​ 4,711 ​ ​ 59,177 ​ ​ 63,888 ​ ​ 2 ​ ​ 4,711 ​ ​ 59,179 ​ ​ 63,890 ​ ​ (1,627) ​ 4/28/2022 ​ 1 - 40 IDI U.S. Logistics Portfolio in Indianapolis, IN ​ 1 ​ ​ — ​ ​ 5,104 ​ ​ 63,962 ​ ​ 69,066 ​ ​ 836 ​ ​ 5,104 ​ ​ 64,798 ​ ​ 69,902 ​ ​ (1,952) ​ 4/28/2022 ​ 1 - 40 IDI U.S. Logistics Portfolio in Southhaven, MS ​ 1 ​ ​ — ​ ​ 2,082 ​ ​ 23,638 ​ ​ 25,720 ​ ​ — ​ ​ 2,082 ​ ​ 23,638 ​ ​ 25,720 ​ ​ (675) ​ 4/28/2022 ​ 1 - 40 Chicago Growth Portfolio in Bolingbrook, IL ​ 2 ​ ​ — ​ ​ 2,354 ​ ​ 22,921 ​ ​ 25,275 ​ ​ 50 ​ ​ 2,354 ​ ​ 22,971 ​ ​ 25,325 ​ ​ (1,001) ​ 5/9/20222 ​ 1 - 20 Chicago Growth Portfolio in Chicago, IL ​ 1 ​ ​ — ​ ​ 3,326 ​ ​ 28,536 ​ ​ 31,862 ​ ​ — ​ ​ 3,326 ​ ​ 28,536 ​ ​ 31,862 ​ ​ (1,707) ​ 5/9/20222 ​ 1 - 20 Chicago Growth Portfolio in Elgin, IL ​ 4 ​ ​ — ​ ​ 4,911 ​ ​ 34,448 ​ ​ 39,359 ​ ​ 115 ​ ​ 4,911 ​ ​ 34,563 ​ ​ 39,474 ​ ​ (1,824) ​ 5/9/20222 ​ 1 - 30 Chicago Growth Portfolio in Lemont, IL ​ 2 ​ ​ — ​ ​ 2,387 ​ ​ 20,705 ​ ​ 23,092 ​ ​ 133 ​ ​ 2,387 ​ ​ 20,838 ​ ​ 23,225 ​ ​ (1,009) ​ 5/9/20222 ​ 1 - 20 Chicago Growth Portfolio in Libertyville, IL ​ 4 ​ ​ — ​ ​ 4,732 ​ ​ 46,322 ​ ​ 51,054 ​ ​ 434 ​ ​ 4,732 ​ ​ 46,756 ​ ​ 51,488 ​ ​ (2,215) ​ 5/9/20222 ​ 1 - 30 Chicago Growth Portfolio in Romeoville, IL ​ 1 ​ ​ — ​ ​ 1,049 ​ ​ 10,444 ​ ​ 11,493 ​ ​ 2 ​ ​ 1,049 ​ ​ 10,446 ​ ​ 11,495 ​ ​ (521) ​ 5/9/20222 ​ 1 - 20 4 Studebaker Commerce Center in Irvine, CA ​ 1 ​ ​ — ​ ​ 9,334 ​ ​ 23,854 ​ ​ 33,188 ​ ​ 58 ​ ​ 9,334 ​ ​ 23,912 ​ ​ 33,246 ​ ​ (1,209) ​ 5/12/2022 ​ 1 - 20 Southeast Orlando Portfolio in Kissimmee, FL ​ 1 ​ ​ — ​ ​ — ​ ​ 20,468 ​ ​ 20,468 ​ ​ 267 ​ ​ — ​ ​ 20,735 ​ ​ 20,735 ​ ​ (837) ​ 5/19/2022 ​ 1 - 20 Southeast Orlando Portfolio in Orlando, FL ​ 4 ​ ​ — ​ ​ 23,658 ​ ​ 94,414 ​ ​ 118,072 ​ ​ 122 ​ ​ 23,658 ​ ​ 94,536 ​ ​ 118,194 ​ ​ (4,322) ​ 5/19/2022 ​ 1 - 20 I-465 East Logistics Center in Indianapolis, IN ​ 1 ​ ​ — ​ ​ 2,097 ​ ​ 16,826 ​ ​ 18,923 ​ ​ 103 ​ ​ 2,097 ​ ​ 16,929 ​ ​ 19,026 ​ ​ (468) ​ 5/26/2022 ​ 1 - 40 Industry Commerce Center in City of Industry, CA ​ 1 ​ ​ — ​ ​ 12,157 ​ ​ 39,929 ​ ​ 52,086 ​ ​ 69 ​ ​ 12,157 ​ ​ 39,998 ​ ​ 52,155 ​ ​ (2,253) ​ 6/2/2022 ​ 1 - 20 County Line Corporate Park in Hialeah, FL ​ 1 ​ ​ — ​ ​ 34,850 ​ ​ 27,230 ​ ​ 62,080 ​ ​ 57,092 ​ ​ 34,850 ​ ​ 84,322 ​ ​ 119,172 ​ ​ — ​ 6/8/2022 ​ - Robbinsville Distribution Center in Robbinsville, NJ ​ - ​ ​ — ​ ​ 364 ​ ​ — ​ ​ 364 ​ ​ 2,187 ​ ​ 1,853 ​ ​ 698 ​ ​ 2,551 ​ ​ — ​ 6/10/2022 ​ - Innovation I & II Corporate Park in New Albany, OH ​ 2 ​ ​ — ​ ​ 5,807 ​ ​ 58,132 ​ ​ 63,939 ​ ​ 76 ​ ​ 5,807 ​ ​ 58,208 ​ ​ 64,015 ​ ​ (1,417) ​ 6/17/2022 ​ 1 - 40 IDI 2022 National Portfolio in Bolingbrook, IL ​ 2 ​ ​ — ​ ​ 13,054 ​ ​ 94,917 ​ ​ 107,971 ​ ​ 3 ​ ​ 13,054 ​ ​ 94,920 ​ ​ 107,974 ​ ​ (2,185) ​ 6/22/2022 ​ 1 - 40 IDI 2022 National Portfolio in Mesquite, TX ​ 1 ​ ​ — ​ ​ 2,930 ​ ​ 24,934 ​ ​ 27,864 ​ ​ 239 ​ ​ 2,930 ​ ​ 25,173 ​ ​ 28,103 ​ ​ (571) ​ 6/22/2022 ​ 1 - 30 IDI 2022 National Portfolio in Monroe, OH ​ 1 ​ ​ — ​ ​ 7,309 ​ ​ 42,003 ​ ​ 49,312 ​ ​ 1 ​ ​ 7,309 ​ ​ 42,004 ​ ​ 49,313 ​ ​ (1,439) ​ 6/22/2022 ​ 1 - 30 IDI 2022 National Portfolio in Olive Branch, MS ​ 2 ​ ​ — ​ ​ 6,983 ​ ​ 54,643 ​ ​ 61,626 ​ ​ 9 ​ ​ 6,983 ​ ​ 54,652 ​ ​ 61,635 ​ ​ (1,498) ​ 6/22/2022 ​ 1 - 30 I-80 Logistics Park in Wayne, NJ ​ 1 ​ ​ — ​ ​ 16,924 ​ ​ 121,606 ​ ​ 138,530 ​ ​ 182 ​ ​ 16,924 ​ ​ 121,788 ​ ​ 138,712 ​ ​ (4,499) ​ 6/29/2022 ​ 1 - 20 Commonwealth Logistics Center in Jacksonville, FL ​ - ​ ​ — ​ ​ 8,927 ​ ​ — ​ ​ 8,927 ​ ​ 18,521 ​ ​ 8,927 ​ ​ 18,521 ​ ​ 27,448 ​ ​ — ​ 6/30/2022 ​ - County Line Corporate Park II in Hileah, FL ​ 1 ​ ​ — ​ ​ 36,050 ​ ​ 46,428 ​ ​ 82,478 ​ ​ 8,985 ​ ​ 36,050 ​ ​ 55,413 ​ ​ 91,463 ​ ​ — ​ 12/28/2022 ​ 1 - 40 Total ​ 243 ​ $ 1,613,970 ​ $ 1,288,105 ​ $ 5,469,961 ​ $ 6,758,066 ​ $ 299,947 ​ $ 1,284,003 ​ $ 5,774,010 ​ $ 7,058,013 ​ $ (454,273) ​ ​ (1) These properties include a $118.5 million mortgage note as of December 31, 2022. This borrowing is non-recourse and secured by deeds of trust for the eight collateralized buildings. The mortgage note has a maturity date of November 1, 2027 and an interest rate of 2.90% . See “Note 5 to the Consolidated Financial Statements” for more detail. (2) These properties include a $408.0 million mortgage note as of December 31, 2022. This borrowing is non-recourse and secured by deeds of trust for the 15 collateralized buildings. The mortgage note has an initial maturity date of January 5, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.65% . See “Note 5 to the Consolidated Financial Statements” for more detail. (3) These properties include a $367.8 million mortgage note as of December 31, 2022. This borrowing is non-recourse and secured by deeds of trust for the 23 collateralized buildings. The mortgage note has an initial maturity date of July 15, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.85% . See “Note 5 to the Consolidated Financial Statements” for more detail. (4) These properties include a $461.1 million mortgage note as of December 31, 2022. This borrowing is non-recourse and secured by deeds of trust for the 12 collateralized buildings. The mortgage note has a maturity date of January 1, 2029 and an interest rate of 2.85% . See “Note 5 to the Consolidated Financial Statements” for more detail. (5) These properties include a $209.3 million mortgage note as of December 31, 2022. This borrowing is non-recourse and secured by deeds of trust for the 13 collateralized buildings. The mortgage note has an initial maturity date of July 16, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.50% . See “Note 5 to the Consolidated Financial Statements” for more detail. (6) Includes site improvements as well as gross intangible lease assets of $479.5 million and gross intangible lease liabilities of ($129.8) million. (7) As of December 31, 2022, the aggregate cost for federal income tax purposes of investments in property was $5.3 billion (unaudited). (8) A summary of activity for investment in real estate properties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Investment in real estate properties: ​ ​ ​ Balance at beginning of period ​ $ 4,916,055 ​ $ 1,377,912 ​ $ 891,170 Acquisition of properties ​ 1,888,644 ​ 3,507,041 ​ 475,320 Improvements ​ 253,314 ​ 31,102 ​ 11,451 Write-off of intangibles and customer leasing costs ​ ​ — ​ ​ — ​ ​ (29) Balance at end of period ​ $ 7,058,013 ​ $ 4,916,055 ​ $ 1,377,912 Accumulated depreciation and amortization: ​ ​ ​ Balance at beginning of period ​ $ (186,269) ​ $ (72,924) ​ $ (25,988) Additions charged to costs and expenses ​ ​ (268,004) ​ ​ (113,345) ​ ​ (46,965) Write-off of intangibles and customer leasing costs ​ — ​ — ​ 29 Balance at end of period ​ $ (454,273) ​ $ (186,269) ​ $ (72,924)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Investment in Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2022 or 2021 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value.
Investment in Unconsolidated Joint Venture Partnerships	Investment in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investment in unconsolidated joint venture partnerships for the year ended December 31, 2022. See “Note 4” for additional information regarding our investment in unconsolidated joint venture partnerships. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 4” for additional information on the BTC II Partnership incentive fee distribution.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Derivative Instruments	Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2022, our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2022, our interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as a component of gain (loss) on derivative instruments on the consolidated statements of income. We do not use derivative instruments for trading or speculative purposes.
Available-for-Sale Debt Securities	Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the year ended December 31, 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021 and 2020. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. As of December 31, 2022, we had five debt security investments designated as available-for-sale debt securities. The following table summarizes our investments in available-for-sale debt securities as of December, 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net ​ Fair Value Available-for-sale debt securities ​ $ 62,420 ​ $ 59,708 ​ $ 2,712 ​ $ 326 ​ $ 60,033
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $11.9 million and $5.3 million as of December 31, 2022 and 2021, respectively. Our interest expense for the years ended December 31, 2022, 2021 and 2020 included $7.1 million, $2.4 million and $1.2 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $0.8 million as of December 31, 2022. Our interest expense for the year ended December 31, 2022 included $0.8 million of amortization of financing costs associated with financing obligations. As of December 31, 2021, we had no accumulated amortization of financing costs associated with financing obligations and no amortization expense was incurred for the years ended December 31, 2021 and 2020.
Capitalized Interest	Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2022, 2021 and 2020, approximately $7.3 million, $1.2 million and $0.6 million of interest was capitalized, respectively.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in the primary portion of our public offerings. We accrue for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 11” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in an acquired subsidiary real estate investment trust (“Subsidiary REIT”), that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 11” for additional information regarding the Subsidiary REIT.
Reclassifications	Reclassifications Certain items in our consolidated balance sheets, statements of operations, cash flows and certain tables in our footnotes for the years ended December 31, 2021 and 2020 have been reclassified to conform to the 2022 presentation.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Sponsor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the Amended and Restated Advisory Agreement (2022), effective as of May 1, 2022 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 11”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their 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 our 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 the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 9” for additional information regarding redeemable noncontrolling interests.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable we recognize revenue when the payment has been received. If the collectability is determined to be probable we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2022, we have a $0.5 million allowance for doubtful accounts. These amounts are included in our other assets on the consolidated balance sheets. As of December 31, 2021, we had no allowance for doubtful accounts. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income is accrued based on the outstanding principal amount and the contractual terms of each debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 11” for additional information regarding organization and offering expenses.
Income Taxes	Income Taxes As a REIT, we generally are not subject to federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 12” for additional information regarding net income (loss) per share.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe it mitigates this risk by investing our cash with high-credit quality financial institutions. As our revenues predominantly consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. As of December 31, 2022, no customers represented more than 10.0% of total annualized base rent of its properties.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​
Summary of available for sale debt securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net ​ Fair Value Available-for-sale debt securities ​ $ 62,420 ​ $ 59,708 ​ $ 2,712 ​ $ 326 ​ $ 60,033

INVESTMENT IN REAL ESTATE PRO_2

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of December 31, 2022 and 2021, our consolidated investments in real estate properties consisted of 243 and 193 industrial buildings, respectively. Additionally, investment in real estate properties includes nine buildings under construction, two buildings in the pre-construction phase as of December 31, 2022 and one building in the pre-construction phase as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2022 2021 Land ​ $ 1,284,003 ​ $ 918,000 Building and improvements (1) ​ 5,139,402 ​ 3,719,548 Intangible lease assets ​ 479,532 ​ 342,538 Construction in progress ​ 285,214 ​ 27,075 Investment in real estate properties ​ 7,188,151 ​ 5,007,161 Less accumulated depreciation and amortization ​ (454,273) ​ (186,269) Net investment in real estate properties ​ $ 6,733,878 ​ $ 4,820,892 (1) Includes site improvements. Depreciable site improvement amounts as of December 31, 2021 been reclassified from land to building and improvements to conform to 2022 presentation. This reclassification had no impact on depreciation amounts. ​
Schedule of Asset Acquisitions	During the years ended December 31, 2022 and 2021, 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 & 7/6/2022 ​ 7 ​ ​ 419,970 Chicago Growth Portfolio ​ 5/9/2022 ​ 14 ​ ​ 182,135 4 Studebaker ​ 5/12/2022 ​ 1 ​ ​ 33,188 Southeast Orlando Portfolio ​ 5/19/2022 ​ 5 ​ ​ 138,540 I-465 East Logistics Center ​ 5/26/2022 ​ 1 ​ ​ 18,923 Industry Corporate Center ​ 6/2/2022 ​ 1 ​ ​ 52,086 County Line Corporate Park ​ 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 County Line Corporate Park II (4) ​ 12/28/2022 ​ 1 ​ ​ 82,478 Total Acquisitions ​ ​ ​ 49 ​ $ 1,888,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2021 Acquisitions: ​ ​ ​ ​ ​ ​ Gerwig Distribution Center ​ 1/8/2021 ​ 1 ​ $ 19,274 Harvill Business Center ​ 3/10/2021 ​ 1 ​ ​ 60,588 Princess Logistics Center ​ 4/12/2021 ​ 1 ​ ​ 74,075 Rancho Cucamonga Business Center ​ 5/28/2021 ​ 1 ​ ​ 24,624 Norton Distribution Center ​ 6/1/2021 ​ 1 ​ ​ 32,413 Build-To-Core Logistics Portfolio (3) ​ 6/15/2021 ​ 22 ​ ​ 876,731 Benchmark Distribution Center ​ 6/18/2021 ​ 1 ​ ​ 19,651 Key Logistics Portfolio ​ 7/14/2021 ​ 48 ​ ​ 916,766 Stonewood Logistics Center ​ 7/16/2021 ​ 1 ​ ​ 19,343 Heron Industrial Center ​ 7/21/2021 ​ 1 ​ ​ 25,999 Colony Crossing Logistics Portfolio ​ 8/17/2021 ​ 2 ​ ​ 21,569 Harvill Industrial Center Land ​ 8/23/2021 ​ — ​ ​ 7,532 Commerce Farms Logistics Center ​ 8/25/2021 ​ 1 ​ ​ 63,821 North County Commerce Center ​ 8/30/2021 ​ 5 ​ ​ 147,132 Performance Distribution Center ​ 9/7/2021 ​ 1 ​ ​ 29,532 Madison Distribution Center ​ 9/17/2021 ​ 1 ​ ​ 13,002 355 Logistics Center ​ 10/1/2021 ​ 2 ​ ​ 65,422 1 Stanley Drive ​ 10/6/2021 ​ 1 ​ ​ 22,239 Gilbert Gateway Commerce Park ​ 10/6/2021 ​ 3 ​ ​ 88,155 California Business Center ​ 10/21/2021 ​ 2 ​ ​ 31,070 Molto Portfolio ​ 11/17/2021 ​ 6 ​ ​ 204,964 Walker Mill Industrial Center ​ 11/18/2021 ​ 1 ​ ​ 17,205 Greater Boston Portfolio ​ 11/22/2021 ​ 2 ​ ​ 37,358 McDonald Portfolio ​ 12/16/2021 ​ 14 ​ ​ 395,754 Valwood Industrial Center ​ 12/17/2021 ​ 4 ​ ​ 43,132 Riggs Hill Industrial Center ​ 12/17/2021 ​ 1 ​ ​ 5,659 Port Crossing Logistics Center ​ 12/21/2021 ​ 1 ​ ​ 31,994 Hainesport Commerce Center ​ 12/21/2021 ​ 1 ​ ​ 132,810 Beltway Logistics Center ​ 12/22/2021 ​ 1 ​ ​ 28,053 Clackamas Industrial Center ​ 12/23/2021 ​ 1 ​ ​ 51,174 Total Acquisitions ​ ​ ​ 128 ​ $ 3,507,041 (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 and 2021 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisitions of the Build-To-Core Logistics Portfolio and the Build-To-Core Logistics Portfolio II as a result of the BTC I Partnership Transaction and the BTC II Partnership Transaction (as defined in “Note 4”). (4) Two properties under construction included in the acquisition of County Line Corporate Park II.
Allocation of Purchase Price of Acquisitions	During the years ended December 31, 2022 and 2021, 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 Year Ended December 31, (in thousands) 2022 ​ ​ 2021 Land ​ $ 366,128 ​ $ 577,291 Building and improvements (1) ​ 1,376,360 ​ 2,776,519 Intangible lease assets ​ 122,357 ​ 210,332 Above-market lease assets ​ 2,507 ​ 6,417 Construction in progress ​ ​ 62,059 ​ ​ 8,067 Below-market lease liabilities ​ (40,767) ​ (71,585) Total purchase price (2) ​ $ 1,888,644 ​ $ 3,507,041 (1) Includes site improvements. Depreciable site improvement amounts as of December 31, 2021 been reclassified from land to building and improvements to conform to 2022 presentation. This reclassification had no impact on depreciation amounts. (2) 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 and 2021 acquisitions. ​
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of December 31, 2022 and 2021 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ As of December 31, 2021 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 466,663 ​ $ (158,757) ​ $ 307,906 ​ $ 332,176 ​ $ (74,001) ​ $ 258,175 Above-market lease assets (1) ​ 12,869 ​ (3,872) ​ 8,997 ​ 10,362 ​ (1,838) ​ 8,524 Below-market lease liabilities ​ (129,823) ​ 32,424 ​ (97,399) ​ (89,056) ​ 12,624 ​ (76,432) (1) Included in net investment in real estate properties on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2022, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 85,449 ​ $ 2,066 ​ $ 23,541 Year 2 ​ ​ 65,473 ​ ​ 1,741 ​ ​ 19,159 Year 3 ​ ​ 49,214 ​ ​ 1,551 ​ ​ 16,165 Year 4 ​ 34,399 ​ 1,269 ​ 11,902 Year 5 ​ ​ 20,532 ​ ​ 813 ​ ​ 6,418 Thereafter ​ 52,839 ​ 1,557 ​ 20,214 Total ​ $ 307,906 ​ $ 8,997 ​ $ 97,399 ​
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2022, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2022 Year 1 ​ $ 302,379 Year 2 ​ 277,661 Year 3 ​ 236,649 Year 4 ​ 188,981 Year 5 ​ 138,921 Thereafter ​ 331,273 Total ​ $ 1,475,864 ​
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 16,682 ​ $ 9,101 ​ $ 4,859 Above-market lease amortization ​ ​ (2,034) ​ (1,144) ​ (483) Below-market lease amortization ​ ​ 19,800 ​ 6,762 ​ 3,368 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 181,214 ​ $ 70,898 ​ $ 25,489 Intangible lease asset amortization ​ ​ 84,756 ​ 41,303 ​ 20,994

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2022 ​ 2021 ​ Maturity Date ​ 2022 ​ 2021 Line of credit (1) 5.71 % 1.40 % March 2025 ​ $ 90,000 ​ $ — Term loan (2) 2.87 2.23 March 2027 ​ 550,000 ​ 415,000 Term loan (3) ​ 3.65 ​ 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) ​ 3.68 ​ 1.74 ​ January 2025 - ​ ​ 617,250 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.55 % 2.14 % ​ ​ $ 2,853,970 ​ $ 2,261,140 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (26,784) ​ ​ (16,106) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 427 ​ 639 Total debt, net ​ ​ ​ ​ ​ ​ $ 2,827,613 ​ $ 2,245,673 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,389,179 ​ $ 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 ranging from 0.25% to 1.0% , each 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 December 31, 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 $910.0 million. (2) The effective interest rate is calculated based on either (i) Adjusted Term SOFR plus a margin ranging from 1.20% to 1.90% ; or (ii) an alternative base rate plus a margin ranging from 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 December 31, 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 $525.0 million of borrowings. As of December 31, 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 Adjusted Term SOFR plus a margin of 1.50% , including the effects of an interest rate cap agreement on $170.0 million of borrowings. The effective interest rate of the $408.0 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.65% , including the effects of an interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 3.6 years as of December 31, 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 December 31, 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 2023 $ — ​ $ — ​ $ — ​ $ — 2024 ​ — ​ — ​ 38,000 ​ 38,000 2025 ​ 90,000 ​ — ​ 985,080 ​ 1,075,080 2026 ​ — ​ 600,000 ​ — ​ 600,000 2027 ​ — ​ 550,000 ​ ​ 129,750 ​ 679,750 Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 90,000 ​ $ 1,150,000 ​ $ 1,613,970 ​ $ 2,853,970 (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 $367.8 million mortgage note matures in July 2025 and the terms of both may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of December 31, 2022 ​ ​ Interest rate swaps 17 ​ $ 1,442,830 Derivative instruments ​ $ 70,994 Interest rate caps ​ 2 ​ ​ 578,000 ​ Derivative instruments ​ ​ 28,339 Total derivative instruments ​ 19 ​ $ 2,020,830 ​ ​ ​ $ 99,333 As of December 31, 2021 ​ ​ Interest rate swaps 10 ​ $ 575,000 Derivative instruments ​ $ 2,653 Interest rate caps ​ 2 ​ ​ 578,000 ​ Derivative instruments ​ ​ 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 consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 ​ 2020 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 73,592 ​ $ 8,298 ​ $ (14,140) Amount reclassified from AOCI (out of) into interest expense ​ (5,251) ​ 4,164 ​ 2,141 Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 150,824 ​ 30,463 ​ 13,012 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in other (income) expenses ​ $ 28,628 ​ $ (177) ​ $ —

DST PROGRAM (Tables)

DST PROGRAM (Tables)	12 Months Ended
	Dec. 31, 2022
Delaware Statutory Trust Program [Abstract]
Schedule Of DST Program activity	The following table presents our DST Program activity for the years ended December 31, 2022, 2021, and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 (1) DST Interests sold ​ $ 768,639 ​ $ 492,168 ​ $ — DST Interests financed by DST Program Loans (2) ​ ​ 83,630 ​ ​ 68,772 ​ ​ — Income earned from DST Program Loans (3) ​ ​ 4,811 ​ ​ 861 ​ ​ — Financing obligation liability appreciation (4) ​ ​ 26,568 ​ ​ — ​ ​ — Rent obligation incurred under master lease agreements (4) ​ ​ 41,702 ​ ​ 6,039 ​ ​ — (1) The DST Program was not in place during the year ended December 31, 2020. (2) DST Program Loans are presented net of repayments. (3) Included in other income and expenses on consolidated statements of operations. (4) Included in interest expense on consolidated statements of operations. ​

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ — ​ $ 70,994 ​ $ — ​ $ 70,994 Interest rate caps ​ ​ — ​ ​ 28,339 ​ ​ — ​ ​ 28,339 Available-for-sale debt securities ​ ​ — ​ ​ 60,033 ​ ​ — ​ ​ 60,033 Total assets measured at fair value ​ $ — ​ $ 159,366 ​ $ — ​ $ 159,366 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 December 31, 2022 As of December 31, 2021 ​ Carrying Fair Carrying Fair (in thousands) ​ Value (1) ​ Value ​ Value (1) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ $ 152,402 ​ $ 146,728 ​ $ 68,772 ​ $ 68,772 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ 1,150,000 ​ 1,150,000 ​ 1,015,000 ​ 1,015,000 Mortgage notes ​ 1,613,970 ​ 1,521,046 ​ 1,246,140 ​ 1,247,307 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 (1) ​ Shares Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 83,136 5,032 1,451 89,619 DRIP 2,622 155 64 2,841 Stock grants ​ — ​ — ​ 229 ​ 229 Redemptions (433) (57) (3) (493) Balance as of December 31, 2020 ​ 130,565 ​ 7,866 ​ 3,040 ​ 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants, net of cancellations — — 233 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures ​ — ​ — ​ (27) ​ (27) Balance as of December 31, 2021 206,129 13,649 37,391 257,169 Issuance of common stock: Primary shares 40,034 7,308 18,636 65,978 DRIP 4,002 355 981 5,338 Stock grants, net of cancellations — — 193 193 Redemptions (9,120) (735) (4,254) (14,109) Conversions ​ (13,780) ​ — ​ 13,780 ​ — Forfeitures ​ — ​ — ​ (25) ​ (25) Balance as of December 31, 2022 227,265 20,577 66,702 314,544 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 11” for additional information.
Summary of Distribution Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 14,969 ​ $ 618 ​ $ 20,516 ​ $ 7,363 ​ $ 43,466 September 30 ​ ​ 0.13625 ​ ​ 14,593 ​ ​ 618 ​ ​ 19,942 ​ ​ 7,304 ​ ​ 42,457 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 ​ $ 0.54500 ​ $ 56,279 ​ $ 2,493 ​ $ 77,569 ​ $ 27,175 ​ $ 163,516 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 2020 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 6,159 ​ $ 50 ​ $ 9,315 ​ $ 3,230 ​ $ 18,754 September 30 ​ 0.13625 ​ 5,601 ​ ​ 49 ​ 8,451 ​ 2,952 ​ 17,053 June 30 ​ 0.13625 ​ 5,194 ​ ​ 49 ​ 7,812 ​ 2,710 ​ 15,765 March 31 ​ 0.13625 ​ 3,339 ​ ​ 49 ​ 5,077 ​ 1,742 ​ 10,207 ​ ​ $ 0.54500 ​ $ 20,293 ​ $ 197 ​ $ 30,655 ​ $ 10,634 ​ $ 61,779 (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 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. Refer to “Note 11” for further detail regarding distribution fees. (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 years ended December 31, 2022, 2021 and 2020. All eligible redemption requests were fulfilled for the periods presented. 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 Year Ended December 31, (in thousands, except per share data) ​ 2022 ​ 2021 ​ 2020 Number of eligible shares redeemed ​ ​ 14,109 ​ ​ 2,350 ​ ​ 493 Aggregate dollar amount of shares redeemed ​ $ 213,444 ​ $ 25,109 ​ $ 4,867 Average redemption price per share ​ $ 15.13 ​ $ 10.68 ​ $ 9.87

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2022
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ($ 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 ​ ​ (2,493) ​ ​ (715) Redemptions of redeemable noncontrolling interests (2) ​ ​ (40,915) ​ ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (4,874) ​ ​ (498) Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ 1,043 ​ ​ 81 Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ 19,920 ​ ​ 3,531 Ending balance ​ $ 69,553 ​ $ 15,687 (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 the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), 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 the Special Units, for the first six months of 2021, the Special Unit Holder designated 3,221,460 of these Class I OP Units to entities affiliated with 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. (3) Represents the adjustment recorded in order to mark to the redemption value, which is equivalent to fair value at the end of the measurement period.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2022 ​ 2021 ​ 2020 Ordinary income ​ — % ​ 11.6 % ​ 7.1 % Non-taxable return of capital ​ 100.0 ​ 34.8 ​ 92.9 ​ Long-term capital gain ​ — ​ 53.6 ​ — ​ Total distribution ​ 100.0 % ​ 100.0 % ​ 100.0 %

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Dealer Manager Fees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T ​ Class D ​ Class I Selling commissions (as % of offering price) up to 2.0 % ​ — % ​ — % Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % Distribution fees (as % of NAV per annum) 0.85 % ​ 0.50 % ​ — %
Summary of Fees and Expenses Incurred by Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Payable as of (in thousands) 2022 2021 ​ 2020 December 31, 2022 December 31, 2021 Selling commissions and dealer manager fees (1) ​ $ 22,815 ​ $ 15,046 ​ $ 39,190 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 27,175 ​ 16,022 ​ 10,634 ​ 2,459 ​ 1,779 Advisory fee—fixed component ​ ​ 67,561 ​ ​ 28,558 ​ ​ 9,653 ​ ​ 6,371 ​ ​ 3,864 Performance participation allocation (3) ​ ​ 140,505 ​ ​ 81,185 ​ 9,640 ​ ​ 140,505 ​ ​ 81,185 Other expense reimbursements (4)(5) ​ ​ 12,452 ​ ​ 11,434 ​ 9,928 ​ ​ 2,624 ​ ​ 707 Property accounting fee (6) ​ ​ 2,803 ​ ​ 1,262 ​ ​ 603 ​ ​ 269 ​ ​ 166 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 8,584 ​ ​ 3,527 ​ ​ — ​ ​ 672 ​ ​ 190 Other DST Program related costs (5) ​ ​ 9,974 ​ ​ 5,925 ​ ​ — ​ ​ 145 ​ ​ 61 Development fees (7) ​ ​ 8,460 ​ ​ 937 ​ ​ 24 ​ ​ 471 ​ ​ 78 Total ​ $ 300,329 ​ $ 163,896 ​ $ 79,672 ​ $ 153,516 ​ $ 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 $92.1 million and $85.4 million as of December 31, 2022 and 2021, respectively. (3) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022, and the Advisor elected to settle the amounts owed partially in cash in the amount of $77.8 million and the remainder in 4.1 million OP Units. (4) 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 7, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (5) Includes costs reimbursed to the Advisor related to the DST Program. (6) 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. (7) 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 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 consolidated balance sheets.
Schedule Fees and Expenses to the Advisor and Its Affiliates	The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the Expense Support Agreement. The Expense Support Agreement was not renewed after the expiration of its effective term on December 31, 2020. The total aggregate amount paid by the Advisor pursuant to the Expense Support Agreement was $27.1 million, and as of December 31, 2020, all reimbursable amounts had been paid in their entirety, and no amounts remain to be reimbursed to the Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 2020 Fees deferred ​ $ — ​ $ — ​ $ 3,896 Other expenses supported ​ — ​ — ​ 9,609 Total expense support from Advisor ​ $ — ​ $ — ​ $ 13,505 Reimbursement of previously deferred fees and other expenses supported ​ — ​ — ​ (13,505) Total expense support from Advisor, net (1) ​ $ — ​ $ — ​ $ — (1) As of December 31, 2022, 2021 and 2020, no amounts related to expense support were payable to or receivable from the Advisor. ​

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
NET INCOME (LOSS) PER COMMON SHARE
Schedule of basic and diluted net income (loss) per share attributable to common stockholders	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) 2022 2021 ​ 2020 Net loss attributable to common stockholders—basic ​ $ (308,079) ​ $ (75,349) ​ $ (30,097) Net loss attributable to redeemable noncontrolling interests ​ ​ (4,874) ​ ​ (498) ​ ​ (83) Net loss attributable to noncontrolling interests ​ ​ 38 ​ ​ 20 ​ ​ 5 Net loss attributable to common stockholders—diluted ​ $ (312,915) ​ $ (75,827) ​ $ (30,175) Weighted-average shares outstanding—basic ​ ​ 295,683 ​ ​ 201,169 ​ ​ 113,145 Incremental weighted-average shares outstanding—diluted ​ ​ 4,533 ​ ​ 1,311 ​ ​ 361 Weighted-average shares outstanding—diluted ​ ​ 300,216 ​ ​ 202,480 ​ ​ 113,506 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (1.04) ​ $ (0.37) ​ $ (0.27) Diluted ​ $ (1.04) ​ $ (0.37) ​ $ (0.27)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2022 2021 2020 Interest paid related to consolidated indebtedness, net of capitalized interest ​ $ 70,667 ​ $ 21,772 ​ $ 12,180 Interest paid related to DST Program ​ ​ 32,157 ​ ​ 1,757 ​ ​ — Distributions payable ​ ​ 14,499 ​ ​ 11,747 ​ ​ 6,450 Distributions reinvested in common stock ​ 76,434 ​ 52,223 ​ 28,590 Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 83,630 ​ ​ 68,772 ​ ​ — Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 81,185 ​ 9,640 ​ 2,913 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ 91,028 ​ ​ 279,340 ​ ​ — Change in accrued future ongoing distribution fees ​ ​ 6,726 ​ ​ 40,458 ​ ​ 28,493 Change in accrued capital expenditures ​ ​ 58,902 ​ ​ 2,433 ​ ​ 2,242 Non-cash selling commissions and dealer manager fees ​ 22,815 ​ 15,046 ​ 39,190 ​
Reconciliation of Cash, Cash Equivalents and Restricted Cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2022 2021 ​ 2020 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 216,848 ​ $ 232,369 ​ $ 51,178 Restricted cash ​ 887 ​ 530 ​ — Cash, cash equivalents and restricted cash ​ $ 217,735 ​ $ 232,899 ​ $ 51,178 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 79,524 ​ $ 216,848 ​ $ 232,369 Restricted cash ​ 499 ​ 887 ​ 530 Cash, cash equivalents and restricted cash ​ $ 80,023 ​ $ 217,735 ​ $ 232,899

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Subsidiaries REIT owned by the company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2022 (1) ​ ​ 2021 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets.

DESCRIPTION OF BUSINESS (Additi

DESCRIPTION OF BUSINESS (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2022 building segment	Dec. 31, 2021 building
Real Estate Properties [Line Items]
Number of real estate properties	243
Number of reportable segments | segment	1
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	243	193

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Fair value of debt assumed in asset acquisitions	$ 0	$ 0
Joint venture impairment losses	0
Capitalized interest	7,300,000	1,200,000	$ 600,000
Allowance for doubtful accounts	500,000	0
Long Term Financing
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of debt issuance costs	11,900,000	5,300,000
Amortization of debt issuance costs	7,100,000	2,400,000	1,200,000
Financing Obligations
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of debt issuance costs	800,000	0
Amortization of debt issuance costs	$ 800,000	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant and Equipment) (Details) - Building and Building Improvements [Member]	12 Months Ended
	Dec. 31, 2022
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Available-for-sale debt securities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Credit loss	$ 0
Number Of Available For Sale Debt Securities | item	5
Face Amount	$ 62,420
Amortized Cost	59,708
Unamortized Discount	2,712
Unrealized Gain, Net	326
Fair Value	$ 60,033	$ 0	$ 0

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES (Narrative) (Details) - building	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Number of industrial properties	243
Number of real estate properties owned are in construction	9
Number of real estate properties owned are in pre-construction	2	1
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of industrial properties	243	193

INVESTMENT IN REAL ESTATE PRO_4

INVESTMENT IN REAL ESTATE PROPERTIES (Investment in Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 1,284,003	$ 918,000
Building and improvements	5,139,402	3,719,548
Intangible lease assets	479,532	342,538
Construction in progress	285,214	27,075
Investment in real estate properties	7,188,151	5,007,161
Less accumulated depreciation and amortization	(454,273)	(186,269)	$ (72,924)	$ (25,988)
Net investment in real estate properties	$ 6,733,878	$ 4,820,892

INVESTMENT IN REAL ESTATE PRO_5

INVESTMENT IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) building item property	Dec. 31, 2021 USD ($) building property
Asset Acquisition [Line Items]
Number of real estate properties | building	243
Percentage of assets acquired	100%	100%
Debt assumed at fair value	$ 0	$ 0
Asset Acquisition
Asset Acquisition [Line Items]
Number of real estate properties | building	49	128
Total Purchase Price	$ 1,888,644	$ 3,507,041
Debt assumed at fair value	$ 0	$ 0
Gerwig Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 19,274
Harvill Business Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 60,588
Princess Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 74,075
Rancho Cucamonga Business Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 24,624
Norton Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 32,413
Build-To-Core Logistics Portfolio.
Asset Acquisition [Line Items]
Number of real estate properties | property		22
Total Purchase Price		$ 876,731
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 | item	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	7
Total Purchase Price	$ 419,970
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	$ 138,540
I-465 East Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 18,923
Benchmark Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 19,651
Key Logistics Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		48
Total Purchase Price		$ 916,766
Stonewood Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 19,343
Heron Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 25,999
Colony Crossing Logistics Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		2
Total Purchase Price		$ 21,569
Harvill Industrial Center
Asset Acquisition [Line Items]
Total Purchase Price		$ 7,532
Commerce Farms Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 63,821
North County Commerce Center
Asset Acquisition [Line Items]
Number of real estate properties | building		5
Total Purchase Price		$ 147,132
Performance Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 29,532
Madison Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 13,002
355 Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building		2
Total Purchase Price		$ 65,422
Beltway Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 28,053
Stanley Drive
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 22,239
Clackamas Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 51,174
Port Crossing Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 31,994
Riggs Hill Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 5,659
Hainesport Commerce Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 132,810
McDonald Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		14
Total Purchase Price		$ 395,754
Walker Mill Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 17,205
Valwood Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building		4
Total Purchase Price		$ 43,132
Greater Boston Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		2
Total Purchase Price		$ 37,358
Molto Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		6
Total Purchase Price		$ 204,964
California Business Center
Asset Acquisition [Line Items]
Number of real estate properties | building		2
Total Purchase Price		$ 31,070
Gilbert Gateway Commerce Park [Member]
Asset Acquisition [Line Items]
Number of real estate properties | building		3
Total Purchase Price		$ 88,155
Industry Corporate Center
Asset Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 52,086
County Line Corporate Park
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
County Line Corporate Park II (4)
Asset Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price	$ 82,478
Number of properties under construction | property	2

INVESTMENT IN REAL ESTATE PRO_6

INVESTMENT IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Land	$ 366,128	$ 577,291
Building and improvements	1,376,360	2,776,519
Intangible lease assets	122,357	210,332
Above-market lease assets	2,507	6,417
Construction in progress	62,059	8,067
Below-market lease liabilities	(40,767)	(71,585)
Total purchase price	1,888,644	3,507,041
Debt assumed at fair value	0	0
Asset Acquisition [Member]
Asset Acquisition [Line Items]
Debt assumed at fair value	$ 0	$ 0

INVESTMENT IN REAL ESTATE PRO_7

INVESTMENT IN REAL ESTATE PROPERTIES (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible lease assets
Asset Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 10 months 24 days	4 years 10 months 24 days

INVESTMENT IN REAL ESTATE PRO_8

INVESTMENT IN REAL ESTATE PROPERTIES (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 479,532	$ 342,538
Below Market Lease [Roll Forward]
Gross	(129,823)	(89,056)
Accumulated Amortization	32,424	12,624
Net	(97,399)	(76,432)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	466,663	332,176
Accumulated Amortization	(158,757)	(74,001)
Total	307,906	258,175
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	12,869	10,362
Accumulated Amortization	(3,872)	(1,838)
Total	$ 8,997	$ 8,524

INVESTMENT IN REAL ESTATE PRO_9

INVESTMENT IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	$ 23,541
Year 2	19,159
Year 3	16,165
Year 4	11,902
Year 5	6,418
Thereafter	20,214
Total	97,399	$ 76,432
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	85,449
Year 2	65,473
Year 3	49,214
Year 4	34,399
Year 5	20,532
Thereafter	52,839
Total	307,906	258,175
Above-market lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	2,066
Year 2	1,741
Year 3	1,551
Year 4	1,269
Year 5	813
Thereafter	1,557
Total	$ 8,997	$ 8,524

INVESTMENT IN REAL ESTATE PR_10

INVESTMENT IN REAL ESTATE PROPERTIES (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ (16,682)	$ (9,101)	$ (4,859)
Real Estate-Related Depreciation and Amortization:
Depreciation expense	181,214	70,898	25,489
Intangible lease asset amortization	84,756	41,303	20,994
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(2,034)	(1,144)	(483)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 19,800	$ 6,762	$ 3,368

INVESTMENT IN REAL ESTATE PR_11

INVESTMENT IN REAL ESTATE PROPERTIES (Future Minimum Rents) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
Year 1	$ 302,379
Year 2	277,661
Year 3	236,649
Year 4	188,981
Year 5	138,921
Thereafter	331,273
Total	$ 1,475,864

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) $ in Thousands			12 Months Ended
	Feb. 15, 2022 USD ($) item property	Jun. 15, 2021	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 15, 2020 item
Schedule of Equity Method Investments [Line Items]
Number of joint venture partnerships | item						2
Investment in Partnerships			$ 19,668	$ 101,769
Incremental additional cash investment			259,526	$ 584,809	$ 0
BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships			19,700
Outside basis difference			$ 5,300
BTC II Partnership | BTC II Partnership Agreement | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage		0%
BTC II Partnership | BTC II B Partnership Agreement | BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	8%		8%
BCG Limited Partner | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Redemption value	$ 24,900
BTC I Partnership | BTC II Partnership | BTC II Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Ownership interest in half of portfolio		100%
BTC II Partnership | BTC I Partnership
Schedule of Equity Method Investments [Line Items]
Number of joint venture partners who participated in split of properties | item	3
Number of joint venture partners | item	4
BTC II 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.55%	2.14%
Principal amount	$ 2,853,970	$ 2,261,140
Less unamortized debt issuance costs	(26,784)	(16,106)
Add unamortized mark-to-market adjustment on assumed debt	427	639
Total debt, net	2,827,613	2,245,673
Gross book value of properties encumbered by debt	2,389,179	1,835,561
Amount of interest incurred related to indebtedness	$ 82,200	$ 23,500	$ 12,600
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 7 months 6 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	5.71%	1.40%
Principal amount	$ 90,000
Maximum Borrowing Capacity	1,000,000
Unused and available portions under the term loan	$ 910,000
Line of Credit | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%	0.10%
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	3.65%	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	0.11448%	0.11448%
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) | SOFR | Interest Rate Swap
Debt Instrument [Line Items]
Principal amount	$ 525,000
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	3.68%	1.74%
Principal amount	$ 617,250	$ 617,250
Variable Rate Secured Mortgage Note Maturity January 2025
Debt Instrument [Line Items]
Principal amount	$ 408,000	$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	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	$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%	1.50%
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR | Interest Rate Swap
Debt Instrument [Line Items]
Principal amount	$ 170,000	$ 170,000

DEBT (Principal Payments on Deb

DEBT (Principal Payments on Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2024	$ 38,000
2025	1,075,080
2026	600,000
2027	679,750
Thereafter	461,140
Total principal payments	2,853,970	$ 2,261,140
Line of Credit
Debt Instrument [Line Items]
2025	90,000
Total principal payments	$ 90,000
Term of extension option	1 year
Number of extension options for extension term | item	2
Term Loan
Debt Instrument [Line Items]
2026	$ 600,000
2027	550,000
Total principal payments	1,150,000
Mortgage Notes
Debt Instrument [Line Items]
2024	38,000
2025	985,080
2027	129,750
Thereafter	461,140
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	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	$ 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
Number of extension options for extension term | item	2

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Debt Instrument [Line Items]
Decrease in cash flow hedge to be reclassified in next twelve months	$ 39,000
Number of Contracts | contract	19	12
Notional Amount	$ 2,020,830	$ 1,153,000
Derivative Asset	$ 99,333	$ 5,817
Interest Rate Swap
Debt Instrument [Line Items]
Number of Contracts | contract	17	10
Notional Amount	$ 1,442,830	$ 575,000
Derivative Asset	$ 70,994	$ 2,653
Interest Rate Caps
Debt Instrument [Line Items]
Number of Contracts | contract	2	2
Notional Amount	$ 578,000	$ 578,000
Derivative Asset	$ 28,339	$ 3,164

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 150,824	$ 30,463	$ 13,012
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	150,824	30,463	13,012
Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain (loss) recognized in other (income) expenses	28,628	(177)
Cash Flow Hedges | Designated as Hedging Instrument
Debt Instrument [Line Items]
Gain (loss) recognized in AOCI	73,592	8,298	(14,140)
Amount reclassified from AOCI (out of) into interest expense	$ (5,251)	$ 4,164	$ 2,141

DST PROGRAM - DST Program activ

DST PROGRAM - DST Program activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
DST Program loans outstanding	$ 152,402	$ 68,772
Financing obligation liability appreciation	(26,568)	0	$ 0
Rent obligation incurred under master lease agreements	94,276	42,719	$ 19,550
D S T Program
DST Program loans outstanding	152,400	68,800
DST Interests sold	768,639	492,168
DST Interests financed by DST Program Loans	83,630	68,772
Income earned from DST Program Loans	4,811	861
Financing obligation liability appreciation	26,568
Rent obligation incurred under master lease agreements	$ 41,702	$ 6,039

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 99,333	$ 5,817
Investment in available-for-sale debt securities, at fair value	60,033	0	$ 0
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	70,994	2,653
Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	28,339	3,164
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in available-for-sale debt securities, at fair value	60,033
Total assets measured at fair value	159,366	5,817
Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	70,994	2,653
Recurring | Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	28,339	3,164
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in available-for-sale debt securities, at fair value	60,033
Total assets measured at fair value	159,366	5,817
Level 2 | Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	70,994	2,653
Level 2 | Recurring | Interest Rate Caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 28,339	$ 3,164

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Value
Assets:
DST Program Loans	$ 152,402	$ 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	146,728	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	$ 1,521,046	$ 1,247,307

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 04, 2021
Class of Stock [Line Items]
Dollar value of primary shares of common stock in offering				$ 5,000,000
Issuance of common stock	$ 1,037,027	$ 1,253,111	$ 968,591
Issuance of common stock, shares	71,300
Common Stock
Class of Stock [Line Items]
Issuance of common stock	$ 715	$ 1,180	$ 928
Issuance of common stock, shares	71,518	118,048	92,689
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	$ 76,400

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Changes in Shares Outstanding for Each Class of Common Stock) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions	(14,109)	(2,350)	(493)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	206,129
Ending balance, shares	227,265	206,129
Common stock, shares issued	227,265	206,129
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	13,649
Ending balance, shares	20,577	13,649
Common stock, shares issued	20,577	13,649
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	37,391
Ending balance, shares	66,702	37,391
Common stock, shares issued	66,702	37,391
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	257,169	141,471	49,275
Primary shares	65,978	112,938	89,619
DRIP	5,338	4,904	2,841
Stock grants, net of cancellations	193	233	229
Redemptions	(14,109)	(2,350)	(493)
Forfeitures	(25)	(27)
Ending balance, shares	314,544	257,169	141,471
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	206,129	130,565	45,240
Primary shares	40,034	73,534	83,136
DRIP	4,002	4,234	2,622
Redemptions	(9,120)	(2,204)	(433)
Conversions	(13,780)
Ending balance, shares	227,265	206,129	130,565
Common Stock | Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	13,649	7,866	2,736
Primary shares	7,308	5,614	5,032
DRIP	355	283	155
Redemptions	(735)	(114)	(57)
Ending balance, shares	20,577	13,649	7,866
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	37,391	3,040	1,299
Primary shares	18,636	33,790	1,451
DRIP	981	387	64
Stock grants, net of cancellations	193	233	229
Redemptions	(4,254)	(32)	(3)
Conversions	13,780
Forfeitures	(25)	(27)
Ending balance, shares	66,702	37,391	3,040
Common Stock | Class I Shares | Ares Commercial Real Estate Management
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued				20,000

STOCKHOLDERS' EQUITY (Summary_2

STOCKHOLDERS' EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.54500	$ 0.54500	$ 0.54500
Common Stock Distributions Paid in Cash	$ 14,969	$ 14,593	$ 13,674	$ 13,043	$ 12,429	$ 11,020	$ 8,552	$ 6,721	$ 6,159	$ 5,601	$ 5,194	$ 3,339	$ 56,279	$ 38,722	$ 20,293
Other Cash Distributions	618	618	618	639	179	178	179	179	50	49	49	49	2,493	715	197
Reinvested in Shares	20,516	19,942	18,953	18,158	16,900	15,219	12,295	10,310	9,315	8,451	7,812	5,077	77,569	54,724	30,655
Distribution Fees	7,363	7,304	6,852	5,656	5,146	4,263	3,373	3,240	3,230	2,952	2,710	1,742	27,175	16,022	10,634
Gross Distributions	$ 43,466	$ 42,457	$ 40,097	$ 37,496	$ 34,654	$ 30,680	$ 24,399	$ 20,450	$ 18,754	$ 17,053	$ 15,765	$ 10,207	$ 163,516	$ 110,183	$ 61,779

STOCKHOLDERS' EQUITY (Share Red

STOCKHOLDERS' EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of eligible shares redeemed (in shares)	14,109	2,350	493
Aggregate dollar amount of shares redeemed	$ 213,444	$ 25,109	$ 4,867
Average redemption price per share (in dollars per share)	$ 15.13	$ 10.68	$ 9.87

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 15,687	$ 15,687	$ 3,648
Settlement of prior year performance participation allocation		81,185	9,640
Distributions to redeemable noncontrolling interests		(2,493)	(715)	$ (197)
Redemptions of redeemable noncontrolling interests		(40,915)
Net loss attributable to redeemable noncontrolling interests		(4,874)	(498)	(83)
Change from cash flow hedging activities attributable to redeemable noncontrolling interests		1,043	81	(59)
Redemption value allocation adjustment to redeemable noncontrolling interests		19,920	3,531
Ending balance		69,553	15,687	3,648
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
Redeemable Noncontrolling Interest [Line Items]
Due to Affiliate		153,516	$ 88,030
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 Affiliate		$ 140,505	$ 81,185	$ 9,600
Chairman, Mr. Zucker | Performance Participation Allocation. | Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Issuance of OP Units (in shares)	3,221,460

INCOME TAXES (Additional Inform

INCOME TAXES (Additional Information) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Impact on uncertain tax positions from results of operations	$ 0	$ 0
Amount of incentive-based performance participation allocation	$ 140.5	$ 81.2
Percentage of Performance Participation Allocation in Cash	55.40%

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Ordinary income		11.60%	7.10%
Non-taxable return of capital	100%	34.80%	92.90%
Long-term capital Gain		53.60%
Total distribution	100%	100%	100%

RELATED PARTY TRANSACTIONS (Sel

RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details)		1 Months Ended	12 Months Ended
	Jan. 01, 2022	Feb. 28, 2021	Dec. 31, 2022
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Advisory agreement period			1 year
Ares Commercial Real Estate Management | Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment			8.50%
Class T Shares | Ares Commercial Real Estate Management | Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent			2%
Dealer manager fees (as % of offering price), up to this percent			2.50%
Distribution fees (as % of NAV per annum)			0.85%
Class T Shares | Dealer Manager | Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)		1%
Class D Shares | Ares Commercial Real Estate Management | Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent			0%
Dealer manager fees (as % of offering price), up to this percent			0%
Distribution fees (as % of NAV per annum)			0.50%
Class D Shares | Dealer Manager | Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)	0.25%
Class I Shares | Ares Commercial Real Estate Management | Selling Commissions And Dealer Manager
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent			0%
Dealer manager fees (as % of offering price), up to this percent			0%
Distribution fees (as % of NAV per annum)			0%

RELATED PARTY TRANSACTIONS (Adv

RELATED PARTY TRANSACTIONS (Advisory Fee) (Details) - Ares Commercial Real Estate Management - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 16, 2021
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 300,329	$ 163,896	$ 79,672
Advisory Fees
Related Party Transaction [Line Items]
Related Party Transaction Fixed Component Percentage Of Advisory Fee	1.25%			0.80%
Threshold for performance component of advisory fee	12.50%
Threshold of annual total return as % of NAV	5%
Performance component earned for excess return over the hurdle amount	100%
Maximum performance component limited to % of total annual return	12.50%
Loss carryforward	$ 0
Performance Participation Allocation.
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 140,505	$ 81,185	$ 9,640

RELATED PARTY TRANSACTIONS (Org

RELATED PARTY TRANSACTIONS (Organization and Offering Expenses, Development fees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Due to Affiliate	$ 88,030	$ 153,516
Other Expense Reimbursements [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Due to Affiliate	$ 707	$ 2,624
Organization and Offering Expenses [Member]
Related Party Transaction [Line Items]
Threshold criteria of organization and offering expenses		15%	15%
Organization and Offering Expenses [Member] | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Period of reimbursement of advisor advanced expenses	60 months
Due to Affiliate	$ 0	$ 0
Development Fees
Related Party Transaction [Line Items]
Development fee percentage		4%
Development Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Due to Affiliate	$ 78	$ 471

RELATED PARTY TRANSACTIONS (DST

RELATED PARTY TRANSACTIONS (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Distribution fees payable to affiliates	$ 92,145	$ 85,419
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	300,329	163,896	$ 79,672
Due to Affiliate	153,516	88,030
Amount reimbursed for services	11,400	10,100	8,300
Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	22,815	15,046	39,190
Due to Affiliate	0	0
Ongoing Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	27,175	16,022	10,634
Distribution fees payable to affiliates	92,100	85,400
Due to Affiliate	2,459	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	67,561	28,558	9,653
Due to Affiliate	6,371	3,864
Performance Participation Allocation. | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	140,505	81,185	9,640
Due to Affiliate	140,505	81,185	9,600
Cash paid for settlement of related party amount due	$ 77,800
Settlement of related party amount due by OP units	4.1
Other Expense Reimbursements | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 12,452	11,434	9,928
Due to Affiliate	2,624	707
Property Accounting Fee | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	2,803	1,262	603
Due to Affiliate	269	166
D S T Program Selling Commissions, Dealer Manager And Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	8,584	3,527
Due to Affiliate	672	190
D S T Program Dealer Manager Fees [Member] | Affiliated Entity | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, amount of interests placed with dealer	$ 1,500,000
D S T Program Dealer Manager Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds	1.50%
D S T Program Dealer Manager Fees [Member] | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, commission, percent of gross equity proceeds	5%
Private placement, dealer fee, percent of gross equity proceeds	1.50%
Private placement, dealer manager fees	1%
D S T Program Manager Fees [Member]
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties	100%
D S T Program Manager Fees [Member] | Affiliated Entity
Related Party Transaction [Line Items]
Maximum percentage of purchase price paid by investor	50%
Percentage of origination fee	1%
D S T Program Manager Fees [Member] | DST Manager | DST Manager
Related Party Transaction [Line Items]
Redemption Fee Receivable, Percent Of Amount Receivable	1%
D S T Program Manager Fees [Member] | DST Manager | DST Advisor
Related Party Transaction [Line Items]
Management Compensation Fee Receivable, Percent Of Gross Rents	1%
Management Loan Fee Receivable, Percent Of Financing Arranged	1%
Management fee, percent of equity proceeds	1%
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	$ 9,974	5,925
Due to Affiliate	145	61
Development Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	8,460	937	$ 24
Due to Affiliate	$ 471	$ 78

RELATED PARTY TRANSACTIONS (Tra

RELATED PARTY TRANSACTIONS (Transactions with Affiliates and Performance Fee OP Units) (Details) - USD ($)		1 Months Ended
	Jul. 01, 2021	Dec. 31, 2021	Nov. 30, 2014	Dec. 31, 2022
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Due to affiliates		$ 88,030,000		$ 153,516,000
Ares Commercial Real Estate Management | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Due to affiliates		707,000		2,624,000
Ares Commercial Real Estate Management | Organization and Offering Expenses [Member]
Related Party Transaction [Line Items]
Due to affiliates		$ 0		$ 0
Ares Commercial Real Estate Management | BCI IV Operating Partnership LP (Operating Partnership) [Member]
Related Party Transaction [Line Items]
Sale of Stock, Consideration Received Per Transaction			$ 1,000
Sale of Stock, Number of Shares Issued in Transaction	100		100
Ares Commercial Real Estate Management | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	100
Affiliated Entity | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Consideration Received Per Transaction			$ 1,000
Sale of Stock, Number of Shares Issued in Transaction			100
Special Unit Holder | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		100
Class I Shares
Related Party Transaction [Line Items]
Common stock, shares issued		37,391,000		66,702,000

RELATED PARTY TRANSACTIONS (Joi

RELATED PARTY TRANSACTIONS (Joint Venture Partnerships) (Details) - BTC II Partnership - BTC II Partnership - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
BTC II Partnership Agreement
Related Party Transaction [Line Items]
Payment of Joint Venture Partnership Fees	$ 1.8
Related Party Transaction, Expenses from Transactions with Related Party	$ 10.1
Amount due to related parties			$ 0.2
BTC II B Partnership Agreement
Related Party Transaction [Line Items]
Payment of Joint Venture Partnership Fees		$ 1.1

RELATED PARTY TRANSACTIONS (Exp

RELATED PARTY TRANSACTIONS (Expense Support Agreement) (Details) - Ares Commercial Real Estate Management - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates		$ 153,516	$ 88,030
Expense Support Agreement
Related Party Transaction [Line Items]
Aggregate amount paid by the Former Advisor	$ 27,100
Available balance to be reimbursed	0
Due to affiliates	0	$ 0	$ 0
Fees deferred	3,896
Other expenses supported	9,609
Total expense support from Former Advisor	13,505
Reimbursement of previously deferred fees and other expenses supported	$ (13,505)

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NET INCOME (LOSS) PER COMMON SHARE
Net loss attributable to common stockholders-basic	$ (308,079)	$ (75,349)	$ (30,097)
Net loss attributable to redeemable noncontrolling interests	(4,874)	(498)	(83)
Net income (loss) attributable to noncontrolling interests	38	20	5
Net loss attributable to common stockholders-diluted	$ (312,915)	$ (75,827)	$ (30,175)
Weighted-average shares outstanding - basic	295,683	201,169	113,145
Incremental weighted-average shares outstanding-diluted	4,533	1,311	361
Weighted-average shares outstanding - diluted	300,216	202,480	113,506
Net loss per common share - basic	$ (1.04)	$ (0.37)	$ (0.27)
Net loss per common share - diluted	$ (1.04)	$ (0.37)	$ (0.27)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid related to consolidated indebtedness, net of capitalized interest	$ 70,667	$ 21,772	$ 12,180
Interest paid related to DST Program	32,157	1,757
Distributions payable	14,499	11,747	6,450
Distributions reinvested in common stock	76,434	52,223	28,590
Net increase in DST Program Loans receivable through DST Program capital raising	83,630	68,772
Redeemable noncontrolling interests issued as settlement of performance participation allocation	81,185	9,640	2,913
Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership	91,028	279,340
Change in accrued future ongoing distribution fees	6,726	40,458	28,493
Non-cash settlement of incentive fee income included in equity in (income) loss from unconsolidated joint venture partnership(s)	58,902	2,433	2,242
Non-cash selling commissions and dealer manager fees	$ 22,815	$ 15,046	$ 39,190

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 79,524	$ 216,848	$ 232,369	$ 51,178
Restricted cash	499	887	530
Cash, cash equivalents and restricted cash	$ 80,023	$ 217,735	$ 232,899	$ 51,178

NONCONTROLLING INTERESTS (Addit

NONCONTROLLING INTERESTS (Additional Information) (Details)		1 Months Ended
	Jul. 01, 2021 shares	Nov. 30, 2014 USD ($) shares	Dec. 31, 2022 subsidiary
Noncontrolling Interest [Line Items]
Number Of Subsidiaries Owned | subsidiary			3
BCI IV Operating Partnership LP (Operating Partnership) [Member] | Ares Commercial Real Estate Management
Noncontrolling Interest [Line Items]
Sale of Stock, Consideration Received Per Transaction | $		$ 1,000
Sale of Stock, Number of Shares Issued in Transaction | shares	100	100

NONCONTROLLING INTERESTS (Subsi

NONCONTROLLING INTERESTS (Subsidiary REITs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	0	0
Preferred stock, par value per share	$ 0.01	$ 0.01
Dividends Payable	$ 14,499,000	$ 11,747,000	$ 6,450,000
Subsidiaries [Member] | Executive Airport II
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	125
Preferred stock, par value per share	$ 1,000
Preferred Stock, Dividend Rate, Percentage	12.50%
Dividends Payable	$ 7,812	$ 7,812
Subsidiaries [Member] | Build-To-Core Logistics Portfolio
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	122
Preferred stock, par value per share	$ 500
Preferred Stock, Dividend Rate, Percentage	12%
Subsidiaries [Member] | Hainesport Commerce Center
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	125
Preferred stock, par value per share	$ 1,000
Preferred Stock, Dividend Rate, Percentage	12%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	Mar. 15, 2023
Subsequent Event [Line Items]
Period for providing documentary evidence for submission of stockholder nomination	5 days
Minimum
Subsequent Event [Line Items]
Percent of voting power of shareholders	67%

SCHEDULE III-REAL ESTATE AND _2

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) building	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	243
Debt	$ 1,613,970
Initial Cost of Land	1,288,105
Initial Cost of Buildings and Improvements	5,469,961
Total Initial Costs	6,758,066
Costs Capitalized or Adjustments Subsequent to Acquisition	299,947
Gross amount carried, Land	1,284,003
Gross amount carried, Buildings and Improvements	5,774,010
Gross amount carried, Total Costs	7,058,013	$ 4,916,055	$ 1,377,912	$ 891,170
Accumulated Depreciation and Amortization	(454,273)
Gross	479,532	342,538
Intangibles lease liabilities, gross	(129,823)	$ (89,056)
Real estate federal income tax basis	$ 5,300,000
Fixed Rate Mortgage Notes Maturing November 2027
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	8
Gross amount carried, Total Costs	$ 118,500
Interest rates (as a percent)	2.90%
Variable Rate Secured Mortgage Note Maturity January 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	15
Gross amount carried, Total Costs	$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.65%	1.65%
Fixed Rate Mortgage Notes Maturing January 2029
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	12
Gross amount carried, Total Costs	$ 461,100
Interest rates (as a percent)	2.85%
Fixed Rate Mortgage Notes Maturing July 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	23
Gross amount carried, Total Costs	$ 367,800
Fixed Rate Mortgage Notes Maturing July 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.85%
Variable Rate Secured Mortgage Note Maturity July 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	13
Gross amount carried, Total Costs	$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.50%	1.50%
Ontario Industrial Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,225
Initial Cost of Buildings and Improvements	5,370
Total Initial Costs	10,595
Costs Capitalized or Adjustments Subsequent to Acquisition	1,002
Gross amount carried, Land	5,225
Gross amount carried, Buildings and Improvements	6,372
Gross amount carried, Total Costs	11,597
Accumulated Depreciation and Amortization	$ (1,934)
Ontario Industrial Center in Ontario, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Ontario Industrial Center in Ontario, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Medley Industrial Center in Medley, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,864
Initial Cost of Buildings and Improvements	4,559
Total Initial Costs	7,423
Costs Capitalized or Adjustments Subsequent to Acquisition	309
Gross amount carried, Land	2,864
Gross amount carried, Buildings and Improvements	4,868
Gross amount carried, Total Costs	7,732
Accumulated Depreciation and Amortization	$ (1,181)
Medley Industrial Center in Medley, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Medley Industrial Center in Medley, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Ontario Distribution Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,657
Initial Cost of Buildings and Improvements	16,101
Total Initial Costs	30,758
Costs Capitalized or Adjustments Subsequent to Acquisition	123
Gross amount carried, Land	14,657
Gross amount carried, Buildings and Improvements	16,224
Gross amount carried, Total Costs	30,881
Accumulated Depreciation and Amortization	$ (5,508)
Ontario Distribution Center in Ontario, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Ontario Distribution Center in Ontario, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Park 429 Logistics Center in Ocoee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,963
Initial Cost of Buildings and Improvements	36,919
Total Initial Costs	44,882
Costs Capitalized or Adjustments Subsequent to Acquisition	319
Gross amount carried, Land	7,963
Gross amount carried, Buildings and Improvements	37,238
Gross amount carried, Total Costs	45,201
Accumulated Depreciation and Amortization	$ (5,876)
Park 429 Logistics Center in Ocoee, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Park 429 Logistics Center in Ocoee, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Pescadero Distribution Center in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,602
Initial Cost of Buildings and Improvements	40,021
Total Initial Costs	45,623
Costs Capitalized or Adjustments Subsequent to Acquisition	182
Gross amount carried, Land	5,602
Gross amount carried, Buildings and Improvements	40,203
Gross amount carried, Total Costs	45,805
Accumulated Depreciation and Amortization	$ (7,194)
Pescadero Distribution Center in Tracy, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Pescadero Distribution Center in Tracy, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Gothard Industrial Center in Huntington Beach, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,325
Initial Cost of Buildings and Improvements	4,771
Total Initial Costs	10,096
Costs Capitalized or Adjustments Subsequent to Acquisition	421
Gross amount carried, Land	5,325
Gross amount carried, Buildings and Improvements	5,192
Gross amount carried, Total Costs	10,517
Accumulated Depreciation and Amortization	$ (1,395)
Gothard Industrial Center in Huntington Beach, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Gothard Industrial Center in Huntington Beach, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Midway Industrial Center in Odenton, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,579
Initial Cost of Buildings and Improvements	3,548
Total Initial Costs	8,127
Costs Capitalized or Adjustments Subsequent to Acquisition	438
Gross amount carried, Land	4,579
Gross amount carried, Buildings and Improvements	3,986
Gross amount carried, Total Costs	8,565
Accumulated Depreciation and Amortization	$ (1,498)
Midway Industrial Center in Odenton, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Midway Industrial Center in Odenton, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Executive Airport Distribution Center I in Henderson, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 10,360
Initial Cost of Buildings and Improvements	40,710
Total Initial Costs	51,070
Costs Capitalized or Adjustments Subsequent to Acquisition	245
Gross amount carried, Land	10,360
Gross amount carried, Buildings and Improvements	40,955
Gross amount carried, Total Costs	51,315
Accumulated Depreciation and Amortization	$ (7,886)
Executive Airport Distribution Center I in Henderson, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Executive Airport Distribution Center I in Henderson, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Iron Run Distribution Center in Allentown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,483
Initial Cost of Buildings and Improvements	10,039
Total Initial Costs	15,522
Costs Capitalized or Adjustments Subsequent to Acquisition	173
Gross amount carried, Land	5,483
Gross amount carried, Buildings and Improvements	10,212
Gross amount carried, Total Costs	15,695
Accumulated Depreciation and Amortization	$ (2,708)
Iron Run Distribution Center in Allentown, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Iron Run Distribution Center in Allentown, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Elgin Distribution Center in Elgin, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,032
Initial Cost of Buildings and Improvements	16,951
Total Initial Costs	20,983
Costs Capitalized or Adjustments Subsequent to Acquisition	71
Gross amount carried, Land	4,032
Gross amount carried, Buildings and Improvements	17,022
Gross amount carried, Total Costs	21,054
Accumulated Depreciation and Amortization	$ (2,219)
Elgin Distribution Center in Elgin, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Elgin Distribution Center in Elgin, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Addison Distribution Center II in Addison, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,439
Initial Cost of Buildings and Improvements	8,009
Total Initial Costs	12,448
Costs Capitalized or Adjustments Subsequent to Acquisition	879
Gross amount carried, Land	4,439
Gross amount carried, Buildings and Improvements	8,888
Gross amount carried, Total Costs	13,327
Accumulated Depreciation and Amortization	$ (2,002)
Addison Distribution Center II in Addison, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Addison Distribution Center II in Addison, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Fontana Distribution Center in Fontana, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 20,558
Initial Cost of Buildings and Improvements	21,943
Total Initial Costs	42,501
Costs Capitalized or Adjustments Subsequent to Acquisition	958
Gross amount carried, Land	20,558
Gross amount carried, Buildings and Improvements	22,901
Gross amount carried, Total Costs	43,459
Accumulated Depreciation and Amortization	$ (7,237)
Fontana Distribution Center in Fontana, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Fontana Distribution Center in Fontana, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Airport Industrial Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,085
Initial Cost of Buildings and Improvements	4,051
Total Initial Costs	8,136
Costs Capitalized or Adjustments Subsequent to Acquisition	506
Gross amount carried, Land	4,085
Gross amount carried, Buildings and Improvements	4,557
Gross amount carried, Total Costs	8,642
Accumulated Depreciation and Amortization	$ (1,480)
Airport Industrial Center in Ontario, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airport Industrial Center in Ontario, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Kelly Trade Center in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,686
Initial Cost of Buildings and Improvements	12,654
Total Initial Costs	15,340
Costs Capitalized or Adjustments Subsequent to Acquisition	2,052
Gross amount carried, Land	2,686
Gross amount carried, Buildings and Improvements	14,706
Gross amount carried, Total Costs	17,392
Accumulated Depreciation and Amortization	$ (2,977)
Kelly Trade Center in Austin, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Kelly Trade Center in Austin, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
7A Distribution Center in Robbinsville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,002
Initial Cost of Buildings and Improvements	4,149
Total Initial Costs	12,151
Costs Capitalized or Adjustments Subsequent to Acquisition	515
Gross amount carried, Land	3,386
Gross amount carried, Buildings and Improvements	9,280
Gross amount carried, Total Costs	12,666
Accumulated Depreciation and Amortization	$ (2,507)
7A Distribution Center in Robbinsville, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
7A Distribution Center in Robbinsville, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Quakerbridge Distribution Center in Hamilton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,434
Initial Cost of Buildings and Improvements	5,160
Total Initial Costs	8,594
Costs Capitalized or Adjustments Subsequent to Acquisition	974
Gross amount carried, Land	2,334
Gross amount carried, Buildings and Improvements	7,234
Gross amount carried, Total Costs	9,568
Accumulated Depreciation and Amortization	$ (2,019)
Quakerbridge Distribution Center in Hamilton, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Quakerbridge Distribution Center in Hamilton, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Hebron Airpark Logistics Center in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,228
Initial Cost of Buildings and Improvements	9,572
Total Initial Costs	11,800
Costs Capitalized or Adjustments Subsequent to Acquisition	396
Gross amount carried, Land	2,228
Gross amount carried, Buildings and Improvements	9,968
Gross amount carried, Total Costs	12,196
Accumulated Depreciation and Amortization	$ (1,693)
Hebron Airpark Logistics Center in Hebron, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Hebron Airpark Logistics Center in Hebron, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Las Vegas Light Industrial Portfolio in Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 19,872
Initial Cost of Buildings and Improvements	39,399
Total Initial Costs	59,271
Costs Capitalized or Adjustments Subsequent to Acquisition	901
Gross amount carried, Land	19,872
Gross amount carried, Buildings and Improvements	40,300
Gross amount carried, Total Costs	60,172
Accumulated Depreciation and Amortization	$ (8,557)
Las Vegas Light Industrial Portfolio in Las Vegas, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Las Vegas Light Industrial Portfolio in Las Vegas, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Monte Vista Industrial Center in Chino, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,947
Initial Cost of Buildings and Improvements	7,592
Total Initial Costs	15,539
Costs Capitalized or Adjustments Subsequent to Acquisition	494
Gross amount carried, Land	7,947
Gross amount carried, Buildings and Improvements	8,086
Gross amount carried, Total Costs	16,033
Accumulated Depreciation and Amortization	$ (2,214)
Monte Vista Industrial Center in Chino, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Monte Vista Industrial Center in Chino, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
King of Prussia Core Infill Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 14,791
Initial Cost of Buildings and Improvements	17,187
Total Initial Costs	31,978
Costs Capitalized or Adjustments Subsequent to Acquisition	1,789
Gross amount carried, Land	14,791
Gross amount carried, Buildings and Improvements	18,976
Gross amount carried, Total Costs	33,767
Accumulated Depreciation and Amortization	$ (5,459)
King of Prussia Core Infill Portfolio in King of Prussia, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
King of Prussia Core Infill Portfolio in King of Prussia, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Dallas Infill Industrial Portfolio in Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Debt	$ 38,000
Initial Cost of Land	17,159
Initial Cost of Buildings and Improvements	74,981
Total Initial Costs	92,140
Costs Capitalized or Adjustments Subsequent to Acquisition	3,965
Gross amount carried, Land	17,159
Gross amount carried, Buildings and Improvements	78,946
Gross amount carried, Total Costs	96,105
Accumulated Depreciation and Amortization	$ (14,841)
Dallas Infill Industrial Portfolio in Arlington, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Dallas Infill Industrial Portfolio in Arlington, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Dallas Infill Industrial Portfolio in Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Debt	$ 11,250
Initial Cost of Land	3,545
Initial Cost of Buildings and Improvements	20,370
Total Initial Costs	23,915
Costs Capitalized or Adjustments Subsequent to Acquisition	233
Gross amount carried, Land	3,545
Gross amount carried, Buildings and Improvements	20,603
Gross amount carried, Total Costs	24,148
Accumulated Depreciation and Amortization	$ (2,990)
Dallas Infill Industrial Portfolio in Garland, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Dallas Infill Industrial Portfolio in Garland, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Edison Distribution Center in Edison, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,519
Initial Cost of Buildings and Improvements	16,079
Total Initial Costs	27,598
Costs Capitalized or Adjustments Subsequent to Acquisition	78
Gross amount carried, Land	11,519
Gross amount carried, Buildings and Improvements	16,157
Gross amount carried, Total Costs	27,676
Accumulated Depreciation and Amortization	$ (3,830)
Edison Distribution Center in Edison, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Edison Distribution Center in Edison, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
395 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,904
Initial Cost of Buildings and Improvements	45,114
Total Initial Costs	54,018
Costs Capitalized or Adjustments Subsequent to Acquisition	770
Gross amount carried, Land	8,904
Gross amount carried, Buildings and Improvements	45,884
Gross amount carried, Total Costs	54,788
Accumulated Depreciation and Amortization	$ (6,881)
395 Distribution Center in Reno, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
395 Distribution Center in Reno, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
I-80 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 11,645
Initial Cost of Buildings and Improvements	60,364
Total Initial Costs	72,009
Costs Capitalized or Adjustments Subsequent to Acquisition	1,891
Gross amount carried, Land	11,645
Gross amount carried, Buildings and Improvements	62,255
Gross amount carried, Total Costs	73,900
Accumulated Depreciation and Amortization	$ (9,904)
I-80 Distribution Center in Reno, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
I-80 Distribution Center in Reno, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Avenue B Industrial Center in Bethlehem, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,190
Initial Cost of Buildings and Improvements	4,923
Total Initial Costs	7,113
Costs Capitalized or Adjustments Subsequent to Acquisition	108
Gross amount carried, Land	2,190
Gross amount carried, Buildings and Improvements	5,031
Gross amount carried, Total Costs	7,221
Accumulated Depreciation and Amortization	$ (1,345)
Avenue B Industrial Center in Bethlehem, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Avenue B Industrial Center in Bethlehem, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
485 Distribution Center in Shiremanstown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,145
Initial Cost of Buildings and Improvements	36,914
Total Initial Costs	43,059
Costs Capitalized or Adjustments Subsequent to Acquisition	206
Gross amount carried, Land	6,145
Gross amount carried, Buildings and Improvements	37,120
Gross amount carried, Total Costs	43,265
Accumulated Depreciation and Amortization	$ (5,412)
485 Distribution Center in Shiremanstown, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
485 Distribution Center in Shiremanstown, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Weston Business Center in Weston, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,627
Initial Cost of Buildings and Improvements	17,784
Total Initial Costs	32,411
Costs Capitalized or Adjustments Subsequent to Acquisition	199
Gross amount carried, Land	14,627
Gross amount carried, Buildings and Improvements	17,983
Gross amount carried, Total Costs	32,610
Accumulated Depreciation and Amortization	$ (3,520)
Weston Business Center in Weston, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Weston Business Center in Weston, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Marigold Distribution Center in Redlands, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 15,660
Initial Cost of Buildings and Improvements	24,075
Total Initial Costs	39,735
Costs Capitalized or Adjustments Subsequent to Acquisition	1,820
Gross amount carried, Land	15,660
Gross amount carried, Buildings and Improvements	25,895
Gross amount carried, Total Costs	41,555
Accumulated Depreciation and Amortization	$ (5,594)
Marigold Distribution Center in Redlands, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Marigold Distribution Center in Redlands, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Bishops Gate Distribution Center in Mount Laurel, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,018
Initial Cost of Buildings and Improvements	26,208
Total Initial Costs	32,226
Costs Capitalized or Adjustments Subsequent to Acquisition	1,036
Gross amount carried, Land	6,018
Gross amount carried, Buildings and Improvements	27,244
Gross amount carried, Total Costs	33,262
Accumulated Depreciation and Amortization	$ (5,478)
Bishops Gate Distribution Center in Mount Laurel, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Bishops Gate Distribution Center in Mount Laurel, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Norcross Industrial Center in Peachtree Corner, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,220
Initial Cost of Buildings and Improvements	6,285
Total Initial Costs	9,505
Costs Capitalized or Adjustments Subsequent to Acquisition	7,884
Gross amount carried, Land	3,220
Gross amount carried, Buildings and Improvements	14,169
Gross amount carried, Total Costs	17,389
Accumulated Depreciation and Amortization	$ (1,173)
Norcross Industrial Center in Peachtree Corner, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Norcross Industrial Center in Peachtree Corner, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Port 146 Distribution Center in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,748
Initial Cost of Buildings and Improvements	7,823
Total Initial Costs	9,571
Costs Capitalized or Adjustments Subsequent to Acquisition	2,369
Gross amount carried, Land	1,748
Gross amount carried, Buildings and Improvements	10,192
Gross amount carried, Total Costs	11,940
Accumulated Depreciation and Amortization	$ (634)
Port 146 Distribution Center in LaPorte, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Port 146 Distribution Center in LaPorte, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Lima Distribution Center in Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,853
Initial Cost of Buildings and Improvements	9,769
Total Initial Costs	11,622
Costs Capitalized or Adjustments Subsequent to Acquisition	212
Gross amount carried, Land	1,853
Gross amount carried, Buildings and Improvements	9,981
Gross amount carried, Total Costs	11,834
Accumulated Depreciation and Amortization	$ (1,986)
Lima Distribution Center in Denver, CO | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Lima Distribution Center in Denver, CO | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Valwood Crossroads in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 12,457
Initial Cost of Buildings and Improvements	57,542
Total Initial Costs	69,999
Costs Capitalized or Adjustments Subsequent to Acquisition	123
Gross amount carried, Land	12,457
Gross amount carried, Buildings and Improvements	57,665
Gross amount carried, Total Costs	70,122
Accumulated Depreciation and Amortization	$ (7,196)
Valwood Crossroads in Carrollton, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Valwood Crossroads in Carrollton, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Eaglepoint LC in Brownsburg, IN [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,598
Initial Cost of Buildings and Improvements	36,618
Total Initial Costs	40,216
Costs Capitalized or Adjustments Subsequent to Acquisition	51
Gross amount carried, Land	3,598
Gross amount carried, Buildings and Improvements	36,669
Gross amount carried, Total Costs	40,267
Accumulated Depreciation and Amortization	$ (5,066)
Eaglepoint LC in Brownsburg, IN [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Eaglepoint LC in Brownsburg, IN [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
7A DC II in Robbinsville Township, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,235
Initial Cost of Buildings and Improvements	16,983
Total Initial Costs	23,218
Costs Capitalized or Adjustments Subsequent to Acquisition	538
Gross amount carried, Land	6,235
Gross amount carried, Buildings and Improvements	17,521
Gross amount carried, Total Costs	23,756
Accumulated Depreciation and Amortization	$ (2,807)
7A DC II in Robbinsville Township, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
7A DC II in Robbinsville Township, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Legacy Logistics Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,590
Initial Cost of Buildings and Improvements	34,128
Total Initial Costs	39,718
Costs Capitalized or Adjustments Subsequent to Acquisition	1,982
Gross amount carried, Land	5,590
Gross amount carried, Buildings and Improvements	36,110
Gross amount carried, Total Costs	41,700
Accumulated Depreciation and Amortization	$ (4,458)
Legacy Logistics Center in Salt Lake City, UT | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Legacy Logistics Center in Salt Lake City, UT | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Logistics Center at 33 in Easton, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,983
Initial Cost of Buildings and Improvements	54,302
Total Initial Costs	63,285
Costs Capitalized or Adjustments Subsequent to Acquisition	50
Gross amount carried, Land	8,983
Gross amount carried, Buildings and Improvements	54,352
Gross amount carried, Total Costs	63,335
Accumulated Depreciation and Amortization	$ (6,972)
Logistics Center at 33 in Easton, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Logistics Center at 33 in Easton, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Intermodal Logistics Center in Fort Worth, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,191
Initial Cost of Buildings and Improvements	23,437
Total Initial Costs	28,628
Costs Capitalized or Adjustments Subsequent to Acquisition	177
Gross amount carried, Land	5,191
Gross amount carried, Buildings and Improvements	23,614
Gross amount carried, Total Costs	28,805
Accumulated Depreciation and Amortization	$ (2,497)
Intermodal Logistics Center in Fort Worth, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Intermodal Logistics Center in Fort Worth, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Executive Airport Distribution Center II, III in Henderson, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,852
Initial Cost of Buildings and Improvements	25,348
Total Initial Costs	33,200
Costs Capitalized or Adjustments Subsequent to Acquisition	4,144
Gross amount carried, Land	7,852
Gross amount carried, Buildings and Improvements	29,492
Gross amount carried, Total Costs	37,344
Accumulated Depreciation and Amortization	$ (1,639)
Executive Airport Distribution Center II, III in Henderson, NV | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Executive Airport Distribution Center II, III in Henderson, NV | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Airpark International Logistics Center in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,371
Initial Cost of Buildings and Improvements	27,830
Total Initial Costs	30,201
Costs Capitalized or Adjustments Subsequent to Acquisition	375
Gross amount carried, Land	2,371
Gross amount carried, Buildings and Improvements	28,205
Gross amount carried, Total Costs	30,576
Accumulated Depreciation and Amortization	$ (2,610)
Airpark International Logistics Center in Hebron, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Airpark International Logistics Center in Hebron, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Carlstadt Industrial Center in Carlstadt, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 16,989
Initial Cost of Buildings and Improvements	20,541
Total Initial Costs	37,530
Costs Capitalized or Adjustments Subsequent to Acquisition	1,050
Gross amount carried, Land	16,989
Gross amount carried, Buildings and Improvements	21,591
Gross amount carried, Total Costs	38,580
Accumulated Depreciation and Amortization	$ (3,890)
Carlstadt Industrial Center in Carlstadt, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Carlstadt Industrial Center in Carlstadt, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Nelson Industrial Center in La Puente, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,943
Initial Cost of Buildings and Improvements	5,089
Total Initial Costs	9,032
Costs Capitalized or Adjustments Subsequent to Acquisition	115
Gross amount carried, Land	3,943
Gross amount carried, Buildings and Improvements	5,204
Gross amount carried, Total Costs	9,147
Accumulated Depreciation and Amortization	$ (967)
Nelson Industrial Center in La Puente, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Nelson Industrial Center in La Puente, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Miraloma Industrial Center in Placentia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,843
Initial Cost of Buildings and Improvements	4,655
Total Initial Costs	9,498
Costs Capitalized or Adjustments Subsequent to Acquisition	59
Gross amount carried, Land	4,843
Gross amount carried, Buildings and Improvements	4,714
Gross amount carried, Total Costs	9,557
Accumulated Depreciation and Amortization	$ (940)
Miraloma Industrial Center in Placentia, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Miraloma Industrial Center in Placentia, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Pennsy Logistics Center in Landover, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,273
Initial Cost of Buildings and Improvements	51,824
Total Initial Costs	60,097
Costs Capitalized or Adjustments Subsequent to Acquisition	95
Gross amount carried, Land	8,273
Gross amount carried, Buildings and Improvements	51,919
Gross amount carried, Total Costs	60,192
Accumulated Depreciation and Amortization	$ (5,335)
Pennsy Logistics Center in Landover, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Pennsy Logistics Center in Landover, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Gerwig Distribution Center in Columbia, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,069
Initial Cost of Buildings and Improvements	11,205
Total Initial Costs	19,274
Costs Capitalized or Adjustments Subsequent to Acquisition	360
Gross amount carried, Land	8,069
Gross amount carried, Buildings and Improvements	11,565
Gross amount carried, Total Costs	19,634
Accumulated Depreciation and Amortization	$ (1,489)
Gerwig Distribution Center in Columbia, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Gerwig Distribution Center in Columbia, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Harvill Business Center in Perris, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,098
Initial Cost of Buildings and Improvements	46,490
Total Initial Costs	60,588
Costs Capitalized or Adjustments Subsequent to Acquisition	41
Gross amount carried, Land	14,098
Gross amount carried, Buildings and Improvements	46,531
Gross amount carried, Total Costs	60,629
Accumulated Depreciation and Amortization	$ (3,748)
Harvill Business Center in Perris, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Harvill Business Center in Perris, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Princess Logistics Center in Lawrenceville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 10,883
Initial Cost of Buildings and Improvements	63,192
Total Initial Costs	74,075
Costs Capitalized or Adjustments Subsequent to Acquisition	1,232
Gross amount carried, Land	10,883
Gross amount carried, Buildings and Improvements	64,424
Gross amount carried, Total Costs	75,307
Accumulated Depreciation and Amortization	$ (3,862)
Princess Logistics Center in Lawrenceville, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Princess Logistics Center in Lawrenceville, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Rancho Cucamonga Business Center in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,185
Initial Cost of Buildings and Improvements	16,439
Total Initial Costs	24,624
Costs Capitalized or Adjustments Subsequent to Acquisition	59
Gross amount carried, Land	8,185
Gross amount carried, Buildings and Improvements	16,498
Gross amount carried, Total Costs	24,683
Accumulated Depreciation and Amortization	$ (1,781)
Rancho Cucamonga Business Center in Rancho Cucamonga, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Rancho Cucamonga Business Center in Rancho Cucamonga, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Norton Distribution Center in Norton, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,350
Initial Cost of Buildings and Improvements	28,063
Total Initial Costs	32,413
Costs Capitalized or Adjustments Subsequent to Acquisition	189
Gross amount carried, Land	4,350
Gross amount carried, Buildings and Improvements	28,252
Gross amount carried, Total Costs	32,602
Accumulated Depreciation and Amortization	$ (2,926)
Norton Distribution Center in Norton, MA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Norton Distribution Center in Norton, MA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Build-To-Core Logistics Portfolio in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 11,918
Initial Cost of Buildings and Improvements	42,446
Total Initial Costs	54,364
Costs Capitalized or Adjustments Subsequent to Acquisition	1,298
Gross amount carried, Land	11,918
Gross amount carried, Buildings and Improvements	43,744
Gross amount carried, Total Costs	55,662
Accumulated Depreciation and Amortization	$ (4,698)
Build-To-Core Logistics Portfolio in Austin, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Austin, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Hayward, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 39,357
Initial Cost of Buildings and Improvements	91,117
Total Initial Costs	130,474
Costs Capitalized or Adjustments Subsequent to Acquisition	(196)
Gross amount carried, Land	39,357
Gross amount carried, Buildings and Improvements	90,921
Gross amount carried, Total Costs	130,278
Accumulated Depreciation and Amortization	$ (4,812)
Build-To-Core Logistics Portfolio in Hayward, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Hayward, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,998
Initial Cost of Buildings and Improvements	15,261
Total Initial Costs	17,259
Costs Capitalized or Adjustments Subsequent to Acquisition	499
Gross amount carried, Land	1,998
Gross amount carried, Buildings and Improvements	15,760
Gross amount carried, Total Costs	17,758
Accumulated Depreciation and Amortization	$ (1,084)
Build-To-Core Logistics Portfolio in LaPorte, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in LaPorte, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,522
Initial Cost of Buildings and Improvements	49,076
Total Initial Costs	63,598
Costs Capitalized or Adjustments Subsequent to Acquisition	2,008
Gross amount carried, Land	14,522
Gross amount carried, Buildings and Improvements	51,084
Gross amount carried, Total Costs	65,606
Accumulated Depreciation and Amortization	$ (3,077)
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member] | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member] | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Lodi, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 18,545
Initial Cost of Buildings and Improvements	78,491
Total Initial Costs	97,036
Costs Capitalized or Adjustments Subsequent to Acquisition	520
Gross amount carried, Land	18,545
Gross amount carried, Buildings and Improvements	79,011
Gross amount carried, Total Costs	97,556
Accumulated Depreciation and Amortization	$ (4,001)
Build-To-Core Logistics Portfolio in Lodi, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Lodi, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 26,126
Initial Cost of Buildings and Improvements	71,385
Total Initial Costs	97,511
Costs Capitalized or Adjustments Subsequent to Acquisition	(81)
Gross amount carried, Land	26,126
Gross amount carried, Buildings and Improvements	71,304
Gross amount carried, Total Costs	97,430
Accumulated Depreciation and Amortization	$ (5,315)
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Richmond, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,954
Initial Cost of Buildings and Improvements	33,862
Total Initial Costs	40,816
Costs Capitalized or Adjustments Subsequent to Acquisition	1,250
Gross amount carried, Land	6,954
Gross amount carried, Buildings and Improvements	35,112
Gross amount carried, Total Costs	42,066
Accumulated Depreciation and Amortization	$ (1,762)
Build-To-Core Logistics Portfolio in Richmond, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Richmond, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in San Diego, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,999
Initial Cost of Buildings and Improvements	34,888
Total Initial Costs	42,887
Costs Capitalized or Adjustments Subsequent to Acquisition	65
Gross amount carried, Land	7,999
Gross amount carried, Buildings and Improvements	34,953
Gross amount carried, Total Costs	42,952
Accumulated Depreciation and Amortization	$ (2,253)
Build-To-Core Logistics Portfolio in San Diego, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in San Diego, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,799
Initial Cost of Buildings and Improvements	23,467
Total Initial Costs	33,266
Costs Capitalized or Adjustments Subsequent to Acquisition	370
Gross amount carried, Land	9,799
Gross amount carried, Buildings and Improvements	23,837
Gross amount carried, Total Costs	33,636
Accumulated Depreciation and Amortization	$ (1,301)
Build-To-Core Logistics Portfolio in San Jose, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in San Jose, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Suwanee, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 5,612
Initial Cost of Buildings and Improvements	65,492
Total Initial Costs	71,104
Costs Capitalized or Adjustments Subsequent to Acquisition	2,073
Gross amount carried, Land	5,612
Gross amount carried, Buildings and Improvements	67,565
Gross amount carried, Total Costs	73,177
Accumulated Depreciation and Amortization	$ (7,760)
Build-To-Core Logistics Portfolio in Suwanee, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Suwanee, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Build-To-Core Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 29,942
Initial Cost of Buildings and Improvements	144,714
Total Initial Costs	174,656
Costs Capitalized or Adjustments Subsequent to Acquisition	1,205
Gross amount carried, Land	29,942
Gross amount carried, Buildings and Improvements	145,919
Gross amount carried, Total Costs	175,861
Accumulated Depreciation and Amortization	$ (9,050)
Build-To-Core Logistics Portfolio in Tacoma, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Tacoma, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-To-Core Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,564
Initial Cost of Buildings and Improvements	50,196
Total Initial Costs	53,760
Costs Capitalized or Adjustments Subsequent to Acquisition	1
Gross amount carried, Land	3,564
Gross amount carried, Buildings and Improvements	50,197
Gross amount carried, Total Costs	53,761
Accumulated Depreciation and Amortization	$ (2,839)
Build-To-Core Logistics Portfolio in Tracy, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-To-Core Logistics Portfolio in Tracy, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Benchmark Distribution Center in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,809
Initial Cost of Buildings and Improvements	14,842
Total Initial Costs	19,651
Costs Capitalized or Adjustments Subsequent to Acquisition	1,186
Gross amount carried, Land	4,809
Gross amount carried, Buildings and Improvements	16,028
Gross amount carried, Total Costs	20,837
Accumulated Depreciation and Amortization	$ (1,124)
Benchmark Distribution Center in Houston, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Benchmark Distribution Center in Houston, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Key Logistics Portfolio in Allentown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,876
Initial Cost of Buildings and Improvements	15,208
Total Initial Costs	18,084
Costs Capitalized or Adjustments Subsequent to Acquisition	262
Gross amount carried, Land	2,876
Gross amount carried, Buildings and Improvements	15,470
Gross amount carried, Total Costs	18,346
Accumulated Depreciation and Amortization	$ (1,434)
Key Logistics Portfolio in Allentown, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Allentown, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Auburn, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 7,822
Initial Cost of Buildings and Improvements	34,089
Total Initial Costs	41,911
Costs Capitalized or Adjustments Subsequent to Acquisition	718
Gross amount carried, Land	7,822
Gross amount carried, Buildings and Improvements	34,807
Gross amount carried, Total Costs	42,629
Accumulated Depreciation and Amortization	$ (2,891)
Key Logistics Portfolio in Auburn, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Auburn, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Aurora, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,818
Initial Cost of Buildings and Improvements	9,147
Total Initial Costs	10,965
Gross amount carried, Land	1,818
Gross amount carried, Buildings and Improvements	9,147
Gross amount carried, Total Costs	10,965
Accumulated Depreciation and Amortization	$ (916)
Key Logistics Portfolio in Aurora, CO | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Aurora, CO | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Boca Raton, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,959
Initial Cost of Buildings and Improvements	8,586
Total Initial Costs	13,545
Costs Capitalized or Adjustments Subsequent to Acquisition	4
Gross amount carried, Land	4,959
Gross amount carried, Buildings and Improvements	8,590
Gross amount carried, Total Costs	13,549
Accumulated Depreciation and Amortization	$ (1,180)
Key Logistics Portfolio in Boca Raton, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Boca Raton, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Glen Burnie, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,545
Initial Cost of Buildings and Improvements	17,976
Total Initial Costs	20,521
Costs Capitalized or Adjustments Subsequent to Acquisition	1
Gross amount carried, Land	2,545
Gross amount carried, Buildings and Improvements	17,977
Gross amount carried, Total Costs	20,522
Accumulated Depreciation and Amortization	$ (2,144)
Key Logistics Portfolio in Glen Burnie, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Glen Burnie, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Kent, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 11,478
Initial Cost of Buildings and Improvements	27,605
Total Initial Costs	39,083
Costs Capitalized or Adjustments Subsequent to Acquisition	451
Gross amount carried, Land	11,478
Gross amount carried, Buildings and Improvements	28,056
Gross amount carried, Total Costs	39,534
Accumulated Depreciation and Amortization	$ (3,108)
Key Logistics Portfolio in Kent, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Kent, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,120
Initial Cost of Buildings and Improvements	17,984
Total Initial Costs	22,104
Costs Capitalized or Adjustments Subsequent to Acquisition	(1)
Gross amount carried, Land	4,120
Gross amount carried, Buildings and Improvements	17,983
Gross amount carried, Total Costs	22,103
Accumulated Depreciation and Amortization	$ (2,050)
Key Logistics Portfolio in King of Prussia, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in King of Prussia, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Lanham, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,979
Initial Cost of Buildings and Improvements	18,147
Total Initial Costs	22,126
Costs Capitalized or Adjustments Subsequent to Acquisition	671
Gross amount carried, Land	3,979
Gross amount carried, Buildings and Improvements	18,818
Gross amount carried, Total Costs	22,797
Accumulated Depreciation and Amortization	$ (1,329)
Key Logistics Portfolio in Lanham, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Lanham, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Key Logistics Portfolio in Lincolnshire, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,695
Initial Cost of Buildings and Improvements	11,939
Total Initial Costs	13,634
Costs Capitalized or Adjustments Subsequent to Acquisition	58
Gross amount carried, Land	1,695
Gross amount carried, Buildings and Improvements	11,997
Gross amount carried, Total Costs	13,692
Accumulated Depreciation and Amortization	$ (868)
Key Logistics Portfolio in Lincolnshire, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Lincolnshire, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 8,248
Initial Cost of Buildings and Improvements	117,907
Total Initial Costs	126,155
Costs Capitalized or Adjustments Subsequent to Acquisition	209
Gross amount carried, Land	8,248
Gross amount carried, Buildings and Improvements	118,116
Gross amount carried, Total Costs	126,364
Accumulated Depreciation and Amortization	$ (11,059)
Key Logistics Portfolio in Louisville, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Louisville, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,205
Initial Cost of Buildings and Improvements	11,882
Total Initial Costs	14,087
Costs Capitalized or Adjustments Subsequent to Acquisition	1
Gross amount carried, Land	2,205
Gross amount carried, Buildings and Improvements	11,883
Gross amount carried, Total Costs	14,088
Accumulated Depreciation and Amortization	$ (1,208)
Key Logistics Portfolio in Mechanicsburg, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Mechanicsburg, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 6,873
Initial Cost of Buildings and Improvements	103,715
Total Initial Costs	110,588
Costs Capitalized or Adjustments Subsequent to Acquisition	1,229
Gross amount carried, Land	6,873
Gross amount carried, Buildings and Improvements	104,944
Gross amount carried, Total Costs	111,817
Accumulated Depreciation and Amortization	$ (13,047)
Key Logistics Portfolio in Memphis, TN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Memphis, TN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Olive Branch, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,656
Initial Cost of Buildings and Improvements	29,453
Total Initial Costs	32,109
Costs Capitalized or Adjustments Subsequent to Acquisition	89
Gross amount carried, Land	2,656
Gross amount carried, Buildings and Improvements	29,542
Gross amount carried, Total Costs	32,198
Accumulated Depreciation and Amortization	$ (2,178)
Key Logistics Portfolio in Olive Branch, MS | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Olive Branch, MS | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 13,418
Initial Cost of Buildings and Improvements	38,965
Total Initial Costs	52,383
Costs Capitalized or Adjustments Subsequent to Acquisition	185
Gross amount carried, Land	13,418
Gross amount carried, Buildings and Improvements	39,150
Gross amount carried, Total Costs	52,568
Accumulated Depreciation and Amortization	$ (4,081)
Key Logistics Portfolio in Ontario, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Ontario, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,431
Initial Cost of Buildings and Improvements	10,992
Total Initial Costs	15,423
Costs Capitalized or Adjustments Subsequent to Acquisition	357
Gross amount carried, Land	4,431
Gross amount carried, Buildings and Improvements	11,349
Gross amount carried, Total Costs	15,780
Accumulated Depreciation and Amortization	$ (1,101)
Key Logistics Portfolio in Pompano Beach, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Pompano Beach, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Renton, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,745
Initial Cost of Buildings and Improvements	13,612
Total Initial Costs	18,357
Costs Capitalized or Adjustments Subsequent to Acquisition	(1)
Gross amount carried, Land	4,745
Gross amount carried, Buildings and Improvements	13,611
Gross amount carried, Total Costs	18,356
Accumulated Depreciation and Amortization	$ (1,375)
Key Logistics Portfolio in Renton, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Renton, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,966
Initial Cost of Buildings and Improvements	53,720
Total Initial Costs	59,686
Costs Capitalized or Adjustments Subsequent to Acquisition	372
Gross amount carried, Land	5,966
Gross amount carried, Buildings and Improvements	54,092
Gross amount carried, Total Costs	60,058
Accumulated Depreciation and Amortization	$ (5,320)
Key Logistics Portfolio in Salt Lake City, UT | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Salt Lake City, UT | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 15,700
Initial Cost of Buildings and Improvements	73,083
Total Initial Costs	88,783
Costs Capitalized or Adjustments Subsequent to Acquisition	914
Gross amount carried, Land	15,700
Gross amount carried, Buildings and Improvements	73,997
Gross amount carried, Total Costs	89,697
Accumulated Depreciation and Amortization	$ (8,184)
Key Logistics Portfolio in Stockton, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Stockton, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,844
Initial Cost of Buildings and Improvements	6,354
Total Initial Costs	10,198
Costs Capitalized or Adjustments Subsequent to Acquisition	189
Gross amount carried, Land	3,844
Gross amount carried, Buildings and Improvements	6,543
Gross amount carried, Total Costs	10,387
Accumulated Depreciation and Amortization	$ (590)
Key Logistics Portfolio in Tacoma, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Tacoma, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Totowa, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,530
Initial Cost of Buildings and Improvements	46,672
Total Initial Costs	58,202
Costs Capitalized or Adjustments Subsequent to Acquisition	955
Gross amount carried, Land	11,530
Gross amount carried, Buildings and Improvements	47,627
Gross amount carried, Total Costs	59,157
Accumulated Depreciation and Amortization	$ (4,252)
Key Logistics Portfolio in Totowa, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Totowa, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 11,240
Initial Cost of Buildings and Improvements	47,595
Total Initial Costs	58,835
Costs Capitalized or Adjustments Subsequent to Acquisition	1,327
Gross amount carried, Land	11,240
Gross amount carried, Buildings and Improvements	48,922
Gross amount carried, Total Costs	60,162
Accumulated Depreciation and Amortization	$ (4,800)
Key Logistics Portfolio in Tracy, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Tracy, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in Upper Marlboro, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,206
Initial Cost of Buildings and Improvements	4,926
Total Initial Costs	7,132
Costs Capitalized or Adjustments Subsequent to Acquisition	633
Gross amount carried, Land	2,206
Gross amount carried, Buildings and Improvements	5,559
Gross amount carried, Total Costs	7,765
Accumulated Depreciation and Amortization	$ (334)
Key Logistics Portfolio in Upper Marlboro, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Upper Marlboro, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Valencia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,555
Initial Cost of Buildings and Improvements	11,619
Total Initial Costs	18,174
Costs Capitalized or Adjustments Subsequent to Acquisition	22
Gross amount carried, Land	6,555
Gross amount carried, Buildings and Improvements	11,641
Gross amount carried, Total Costs	18,196
Accumulated Depreciation and Amortization	$ (775)
Key Logistics Portfolio in Valencia, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Valencia, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Key Logistics Portfolio in Wayne, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,800
Initial Cost of Buildings and Improvements	13,770
Total Initial Costs	19,570
Costs Capitalized or Adjustments Subsequent to Acquisition	256
Gross amount carried, Land	5,800
Gross amount carried, Buildings and Improvements	14,026
Gross amount carried, Total Costs	19,826
Accumulated Depreciation and Amortization	$ (1,163)
Key Logistics Portfolio in Wayne, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in Wayne, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Key Logistics Portfolio in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,645
Initial Cost of Buildings and Improvements	20,466
Total Initial Costs	25,111
Gross amount carried, Land	4,645
Gross amount carried, Buildings and Improvements	20,466
Gross amount carried, Total Costs	25,111
Accumulated Depreciation and Amortization	$ (2,279)
Key Logistics Portfolio in York, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Key Logistics Portfolio in York, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Stonewood Logistics Center in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,193
Initial Cost of Buildings and Improvements	18,150
Total Initial Costs	19,343
Costs Capitalized or Adjustments Subsequent to Acquisition	1,471
Gross amount carried, Land	1,193
Gross amount carried, Buildings and Improvements	19,621
Gross amount carried, Total Costs	20,814
Accumulated Depreciation and Amortization	$ (935)
Stonewood Logistics Center in York, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Stonewood Logistics Center in York, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Heron Industrial Center in Swedesboro, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,622
Initial Cost of Buildings and Improvements	20,377
Total Initial Costs	25,999
Costs Capitalized or Adjustments Subsequent to Acquisition	183
Gross amount carried, Land	5,622
Gross amount carried, Buildings and Improvements	20,560
Gross amount carried, Total Costs	26,182
Accumulated Depreciation and Amortization	$ (2,468)
Heron Industrial Center in Swedesboro, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Heron Industrial Center in Swedesboro, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Colony Crossing Logistics Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,258
Initial Cost of Buildings and Improvements	16,311
Total Initial Costs	21,569
Costs Capitalized or Adjustments Subsequent to Acquisition	381
Gross amount carried, Land	5,258
Gross amount carried, Buildings and Improvements	16,692
Gross amount carried, Total Costs	21,950
Accumulated Depreciation and Amortization	$ (2,047)
Colony Crossing Logistics Portfolio in Houston, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Colony Crossing Logistics Portfolio in Houston, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Harvill Industrial Center in Riverside, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 7,532
Total Initial Costs	7,532
Costs Capitalized or Adjustments Subsequent to Acquisition	1,417
Gross amount carried, Land	7,782
Gross amount carried, Buildings and Improvements	1,167
Gross amount carried, Total Costs	$ 8,949
Harvill Industrial Center in Riverside, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Harvill Industrial Center in Riverside, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Commerce Farms Logistics Center in Lebanon, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,117
Initial Cost of Buildings and Improvements	60,704
Total Initial Costs	63,821
Costs Capitalized or Adjustments Subsequent to Acquisition	607
Gross amount carried, Land	3,117
Gross amount carried, Buildings and Improvements	61,311
Gross amount carried, Total Costs	64,428
Accumulated Depreciation and Amortization	$ (4,853)
Commerce Farms Logistics Center in Lebanon, TN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Commerce Farms Logistics Center in Lebanon, TN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
North County Commerce Center in Vista, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 42,171
Initial Cost of Buildings and Improvements	104,961
Total Initial Costs	147,132
Costs Capitalized or Adjustments Subsequent to Acquisition	641
Gross amount carried, Land	42,171
Gross amount carried, Buildings and Improvements	105,602
Gross amount carried, Total Costs	147,773
Accumulated Depreciation and Amortization	$ (9,215)
North County Commerce Center in Vista, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
North County Commerce Center in Vista, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Performance Distribution Center in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,733
Initial Cost of Buildings and Improvements	19,799
Total Initial Costs	29,532
Costs Capitalized or Adjustments Subsequent to Acquisition	14
Gross amount carried, Land	9,733
Gross amount carried, Buildings and Improvements	19,813
Gross amount carried, Total Costs	29,546
Accumulated Depreciation and Amortization	$ (1,181)
Performance Distribution Center in Stockton, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Performance Distribution Center in Stockton, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Madison Distribution Center in Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 766
Initial Cost of Buildings and Improvements	12,236
Total Initial Costs	13,002
Costs Capitalized or Adjustments Subsequent to Acquisition	9
Gross amount carried, Land	766
Gross amount carried, Buildings and Improvements	12,245
Gross amount carried, Total Costs	13,011
Accumulated Depreciation and Amortization	$ (747)
Madison Distribution Center in Tampa, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Madison Distribution Center in Tampa, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
355 Logistics Center in Lockport, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 3,360
Initial Cost of Buildings and Improvements	62,062
Total Initial Costs	65,422
Costs Capitalized or Adjustments Subsequent to Acquisition	1,808
Gross amount carried, Land	3,360
Gross amount carried, Buildings and Improvements	63,870
Gross amount carried, Total Costs	67,230
Accumulated Depreciation and Amortization	$ (3,756)
355 Logistics Center in Lockport, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
355 Logistics Center in Lockport, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
1 Stanley Drive in Aston, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,265
Initial Cost of Buildings and Improvements	20,974
Total Initial Costs	22,239
Costs Capitalized or Adjustments Subsequent to Acquisition	98
Gross amount carried, Land	1,265
Gross amount carried, Buildings and Improvements	21,072
Gross amount carried, Total Costs	22,337
Accumulated Depreciation and Amortization	$ (1,168)
1 Stanley Drive in Aston, PA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
1 Stanley Drive in Aston, PA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Gilbert Gateway Commerce Park in Gilbert, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 8,129
Initial Cost of Buildings and Improvements	80,026
Total Initial Costs	88,155
Costs Capitalized or Adjustments Subsequent to Acquisition	2,694
Gross amount carried, Land	8,129
Gross amount carried, Buildings and Improvements	82,720
Gross amount carried, Total Costs	90,849
Accumulated Depreciation and Amortization	$ (4,114)
Gilbert Gateway Commerce Park in Gilbert, AZ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Gilbert Gateway Commerce Park in Gilbert, AZ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
California Business Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,780
Initial Cost of Buildings and Improvements	26,290
Total Initial Costs	31,070
Costs Capitalized or Adjustments Subsequent to Acquisition	295
Gross amount carried, Land	4,780
Gross amount carried, Buildings and Improvements	26,585
Gross amount carried, Total Costs	31,365
Accumulated Depreciation and Amortization	$ (2,915)
California Business Center in Salt Lake City, UT | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
California Business Center in Salt Lake City, UT | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Molto Portfolio in Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,169
Initial Cost of Buildings and Improvements	32,432
Total Initial Costs	37,601
Costs Capitalized or Adjustments Subsequent to Acquisition	787
Gross amount carried, Land	5,169
Gross amount carried, Buildings and Improvements	33,219
Gross amount carried, Total Costs	38,388
Accumulated Depreciation and Amortization	$ (1,492)
Molto Portfolio in Aurora, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Aurora, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,857
Initial Cost of Buildings and Improvements	20,674
Total Initial Costs	22,531
Costs Capitalized or Adjustments Subsequent to Acquisition	1
Gross amount carried, Land	1,857
Gross amount carried, Buildings and Improvements	20,675
Gross amount carried, Total Costs	22,532
Accumulated Depreciation and Amortization	$ (834)
Molto Portfolio in Hebron, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Hebron, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,370
Initial Cost of Buildings and Improvements	70,096
Total Initial Costs	77,466
Costs Capitalized or Adjustments Subsequent to Acquisition	1,533
Gross amount carried, Land	7,370
Gross amount carried, Buildings and Improvements	71,629
Gross amount carried, Total Costs	78,999
Accumulated Depreciation and Amortization	$ (3,222)
Molto Portfolio in Houston, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Houston, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in La Vergne, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,696
Initial Cost of Buildings and Improvements	23,720
Total Initial Costs	27,416
Costs Capitalized or Adjustments Subsequent to Acquisition	1
Gross amount carried, Land	3,696
Gross amount carried, Buildings and Improvements	23,721
Gross amount carried, Total Costs	27,417
Accumulated Depreciation and Amortization	$ (1,110)
Molto Portfolio in La Vergne, TN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in La Vergne, TN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Molto Portfolio in Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,755
Initial Cost of Buildings and Improvements	36,195
Total Initial Costs	39,950
Costs Capitalized or Adjustments Subsequent to Acquisition	307
Gross amount carried, Land	3,755
Gross amount carried, Buildings and Improvements	36,502
Gross amount carried, Total Costs	40,257
Accumulated Depreciation and Amortization	$ (1,679)
Molto Portfolio in Louisville, KY | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Molto Portfolio in Louisville, KY | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Walker Mill Industrial Center in Capitol Heights, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,908
Initial Cost of Buildings and Improvements	14,297
Total Initial Costs	17,205
Costs Capitalized or Adjustments Subsequent to Acquisition	29
Gross amount carried, Land	2,908
Gross amount carried, Buildings and Improvements	14,326
Gross amount carried, Total Costs	17,234
Accumulated Depreciation and Amortization	$ (960)
Walker Mill Industrial Center in Capitol Heights, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Walker Mill Industrial Center in Capitol Heights, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Greater Boston Portfolio in Franklin, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,646
Initial Cost of Buildings and Improvements	14,367
Total Initial Costs	17,013
Costs Capitalized or Adjustments Subsequent to Acquisition	250
Gross amount carried, Land	2,646
Gross amount carried, Buildings and Improvements	14,617
Gross amount carried, Total Costs	17,263
Accumulated Depreciation and Amortization	$ (1,027)
Greater Boston Portfolio in Franklin, MA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Greater Boston Portfolio in Franklin, MA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Greater Boston Portfolio in Danvers, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,176
Initial Cost of Buildings and Improvements	16,169
Total Initial Costs	20,345
Costs Capitalized or Adjustments Subsequent to Acquisition	33
Gross amount carried, Land	4,176
Gross amount carried, Buildings and Improvements	16,202
Gross amount carried, Total Costs	20,378
Accumulated Depreciation and Amortization	$ (1,347)
Greater Boston Portfolio in Danvers, MA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Greater Boston Portfolio in Danvers, MA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
McDonald Portfolio in Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,228
Initial Cost of Buildings and Improvements	49,773
Total Initial Costs	54,001
Costs Capitalized or Adjustments Subsequent to Acquisition	2,163
Gross amount carried, Land	4,228
Gross amount carried, Buildings and Improvements	51,936
Gross amount carried, Total Costs	56,164
Accumulated Depreciation and Amortization	$ (3,308)
McDonald Portfolio in Alpharetta, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Alpharetta, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
McDonald Portfolio in Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 10,312
Initial Cost of Buildings and Improvements	192,196
Total Initial Costs	202,508
Costs Capitalized or Adjustments Subsequent to Acquisition	1,454
Gross amount carried, Land	10,312
Gross amount carried, Buildings and Improvements	193,650
Gross amount carried, Total Costs	203,962
Accumulated Depreciation and Amortization	$ (12,670)
McDonald Portfolio in Atlanta, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Atlanta, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
McDonald Portfolio in Ellenwood, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,808
Initial Cost of Buildings and Improvements	72,142
Total Initial Costs	76,950
Costs Capitalized or Adjustments Subsequent to Acquisition	642
Gross amount carried, Land	4,808
Gross amount carried, Buildings and Improvements	72,784
Gross amount carried, Total Costs	77,592
Accumulated Depreciation and Amortization	$ (4,143)
McDonald Portfolio in Ellenwood, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Ellenwood, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
McDonald Portfolio in Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,862
Initial Cost of Buildings and Improvements	56,433
Total Initial Costs	62,295
Costs Capitalized or Adjustments Subsequent to Acquisition	123
Gross amount carried, Land	5,862
Gross amount carried, Buildings and Improvements	56,556
Gross amount carried, Total Costs	62,418
Accumulated Depreciation and Amortization	$ (3,048)
McDonald Portfolio in Savannah, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
McDonald Portfolio in Savannah, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Riggs Hill Industrial Center in Jessup, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 827
Initial Cost of Buildings and Improvements	4,832
Total Initial Costs	5,659
Costs Capitalized or Adjustments Subsequent to Acquisition	77
Gross amount carried, Land	827
Gross amount carried, Buildings and Improvements	4,909
Gross amount carried, Total Costs	5,736
Accumulated Depreciation and Amortization	$ (441)
Riggs Hill Industrial Center in Jessup, MD | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Riggs Hill Industrial Center in Jessup, MD | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Valwood Industrial Center in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 12,755
Initial Cost of Buildings and Improvements	30,377
Total Initial Costs	43,132
Costs Capitalized or Adjustments Subsequent to Acquisition	786
Gross amount carried, Land	12,755
Gross amount carried, Buildings and Improvements	31,163
Gross amount carried, Total Costs	43,918
Accumulated Depreciation and Amortization	$ (2,183)
Valwood Industrial Center in Carrollton, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Valwood Industrial Center in Carrollton, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Port Crossing Logistics Center in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,518
Initial Cost of Buildings and Improvements	29,476
Total Initial Costs	31,994
Costs Capitalized or Adjustments Subsequent to Acquisition	88
Gross amount carried, Land	2,518
Gross amount carried, Buildings and Improvements	29,564
Gross amount carried, Total Costs	32,082
Accumulated Depreciation and Amortization	$ (1,280)
Port Crossing Logistics Center in LaPorte, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Port Crossing Logistics Center in LaPorte, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Hainesport Commerce Center in Hainesport, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 19,042
Initial Cost of Buildings and Improvements	113,768
Total Initial Costs	132,810
Costs Capitalized or Adjustments Subsequent to Acquisition	997
Gross amount carried, Land	19,042
Gross amount carried, Buildings and Improvements	114,765
Gross amount carried, Total Costs	133,807
Accumulated Depreciation and Amortization	$ (4,025)
Hainesport Commerce Center in Hainesport, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Hainesport Commerce Center in Hainesport, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Beltway Logistics Center in Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,726
Initial Cost of Buildings and Improvements	23,327
Total Initial Costs	28,053
Costs Capitalized or Adjustments Subsequent to Acquisition	133
Gross amount carried, Land	4,726
Gross amount carried, Buildings and Improvements	23,460
Gross amount carried, Total Costs	28,186
Accumulated Depreciation and Amortization	$ (831)
Beltway Logistics Center in Charlotte, NC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Beltway Logistics Center in Charlotte, NC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Clackamas Industrial Center in Clackamas, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,623
Initial Cost of Buildings and Improvements	41,551
Total Initial Costs	51,174
Costs Capitalized or Adjustments Subsequent to Acquisition	12
Gross amount carried, Land	9,623
Gross amount carried, Buildings and Improvements	41,563
Gross amount carried, Total Costs	51,186
Accumulated Depreciation and Amortization	$ (4,007)
Clackamas Industrial Center in Clackamas, OR | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Clackamas Industrial Center in Clackamas, OR | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Build-to-Core II Logistics Portfolio in Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,187
Initial Cost of Buildings and Improvements	21,354
Total Initial Costs	24,541
Costs Capitalized or Adjustments Subsequent to Acquisition	210
Gross amount carried, Land	3,187
Gross amount carried, Buildings and Improvements	21,564
Gross amount carried, Total Costs	24,751
Accumulated Depreciation and Amortization	$ (962)
Build-to-Core II Logistics Portfolio in Aurora, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-to-Core II Logistics Portfolio in Aurora, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-to-Core II Logistics Portfolio in Avenel, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 20,489
Initial Cost of Buildings and Improvements	22,267
Total Initial Costs	42,756
Costs Capitalized or Adjustments Subsequent to Acquisition	49
Gross amount carried, Land	20,489
Gross amount carried, Buildings and Improvements	22,316
Gross amount carried, Total Costs	42,805
Accumulated Depreciation and Amortization	$ (745)
Build-to-Core II Logistics Portfolio in Avenel, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-to-Core II Logistics Portfolio in Avenel, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-to-Core II Logistics Portfolio in Lakewood, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 30,833
Initial Cost of Buildings and Improvements	149,703
Total Initial Costs	180,536
Costs Capitalized or Adjustments Subsequent to Acquisition	2,548
Gross amount carried, Land	30,837
Gross amount carried, Buildings and Improvements	152,247
Gross amount carried, Total Costs	183,084
Accumulated Depreciation and Amortization	$ (5,198)
Build-to-Core II Logistics Portfolio in Lakewood, WA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-to-Core II Logistics Portfolio in Lakewood, WA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-to-Core II Logistics Portfolio in Mount Prospect, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,725
Initial Cost of Buildings and Improvements	20,434
Total Initial Costs	24,159
Costs Capitalized or Adjustments Subsequent to Acquisition	28
Gross amount carried, Land	3,725
Gross amount carried, Buildings and Improvements	20,462
Gross amount carried, Total Costs	24,187
Accumulated Depreciation and Amortization	$ (716)
Build-to-Core II Logistics Portfolio in Mount Prospect, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-to-Core II Logistics Portfolio in Mount Prospect, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-to-Core II Logistics Portfolio in Naperville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,951
Initial Cost of Buildings and Improvements	16,137
Total Initial Costs	18,088
Costs Capitalized or Adjustments Subsequent to Acquisition	589
Gross amount carried, Land	1,951
Gross amount carried, Buildings and Improvements	16,726
Gross amount carried, Total Costs	18,677
Accumulated Depreciation and Amortization	$ (615)
Build-to-Core II Logistics Portfolio in Naperville, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-to-Core II Logistics Portfolio in Naperville, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Build-to-Core II Logistics Portfolio in Newark, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 25,879
Initial Cost of Buildings and Improvements	1,634
Total Initial Costs	27,513
Costs Capitalized or Adjustments Subsequent to Acquisition	15,262
Gross amount carried, Land	25,879
Gross amount carried, Buildings and Improvements	16,896
Gross amount carried, Total Costs	$ 42,775
Build-to-Core II Logistics Portfolio in Schertz, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 503
Initial Cost of Buildings and Improvements	9,177
Total Initial Costs	9,680
Costs Capitalized or Adjustments Subsequent to Acquisition	101
Gross amount carried, Land	503
Gross amount carried, Buildings and Improvements	9,278
Gross amount carried, Total Costs	9,781
Accumulated Depreciation and Amortization	$ (593)
Build-to-Core II Logistics Portfolio in Schertz, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-to-Core II Logistics Portfolio in Schertz, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Build-to-Core II Logistics Portfolio in Tualatin, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,231
Initial Cost of Buildings and Improvements	27,698
Total Initial Costs	31,929
Costs Capitalized or Adjustments Subsequent to Acquisition	(93)
Gross amount carried, Land	4,102
Gross amount carried, Buildings and Improvements	27,734
Gross amount carried, Total Costs	31,836
Accumulated Depreciation and Amortization	$ (1,015)
Build-to-Core II Logistics Portfolio in Tualatin, OR | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Build-to-Core II Logistics Portfolio in Tualatin, OR | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Northlake Logistics Crossing in Northlake, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 21,569
Total Initial Costs	21,569
Costs Capitalized or Adjustments Subsequent to Acquisition	92,305
Gross amount carried, Land	21,569
Gross amount carried, Buildings and Improvements	92,305
Gross amount carried, Total Costs	113,874
Tampa Commerce Center in Temple Terrace, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	6,270
Total Initial Costs	6,270
Costs Capitalized or Adjustments Subsequent to Acquisition	16,778
Gross amount carried, Land	6,270
Gross amount carried, Buildings and Improvements	16,778
Gross amount carried, Total Costs	$ 23,048
Medley 104 Industrial Center in Medley, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 13,436
Initial Cost of Buildings and Improvements	40,234
Total Initial Costs	53,670
Costs Capitalized or Adjustments Subsequent to Acquisition	38
Gross amount carried, Land	13,436
Gross amount carried, Buildings and Improvements	40,272
Gross amount carried, Total Costs	53,708
Accumulated Depreciation and Amortization	$ (1,862)
Medley 104 Industrial Center in Medley, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Medley 104 Industrial Center in Medley, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
IDI U.S. Logistics Portfolio in Buford, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,962
Initial Cost of Buildings and Improvements	18,213
Total Initial Costs	21,175
Costs Capitalized or Adjustments Subsequent to Acquisition	3
Gross amount carried, Land	2,962
Gross amount carried, Buildings and Improvements	18,216
Gross amount carried, Total Costs	21,178
Accumulated Depreciation and Amortization	$ (427)
IDI U.S. Logistics Portfolio in Buford, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI U.S. Logistics Portfolio in Buford, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI U.S. Logistics Portfolio in Channahon, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,940
Initial Cost of Buildings and Improvements	93,938
Total Initial Costs	102,878
Costs Capitalized or Adjustments Subsequent to Acquisition	349
Gross amount carried, Land	8,940
Gross amount carried, Buildings and Improvements	94,287
Gross amount carried, Total Costs	103,227
Accumulated Depreciation and Amortization	$ (1,648)
IDI U.S. Logistics Portfolio in Channahon, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI U.S. Logistics Portfolio in Channahon, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI U.S. Logistics Portfolio in Jefferson, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,798
Initial Cost of Buildings and Improvements	83,287
Total Initial Costs	90,085
Costs Capitalized or Adjustments Subsequent to Acquisition	1
Gross amount carried, Land	6,798
Gross amount carried, Buildings and Improvements	83,288
Gross amount carried, Total Costs	90,086
Accumulated Depreciation and Amortization	$ (3,069)
IDI U.S. Logistics Portfolio in Jefferson, GA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI U.S. Logistics Portfolio in Jefferson, GA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI U.S. Logistics Portfolio in Fort Worth, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,254
Initial Cost of Buildings and Improvements	42,904
Total Initial Costs	47,158
Costs Capitalized or Adjustments Subsequent to Acquisition	2
Gross amount carried, Land	4,254
Gross amount carried, Buildings and Improvements	42,906
Gross amount carried, Total Costs	47,160
Accumulated Depreciation and Amortization	$ (1,131)
IDI U.S. Logistics Portfolio in Fort Worth, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI U.S. Logistics Portfolio in Fort Worth, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI U.S. Logistics Portfolio in Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,711
Initial Cost of Buildings and Improvements	59,177
Total Initial Costs	63,888
Costs Capitalized or Adjustments Subsequent to Acquisition	2
Gross amount carried, Land	4,711
Gross amount carried, Buildings and Improvements	59,179
Gross amount carried, Total Costs	63,890
Accumulated Depreciation and Amortization	$ (1,627)
IDI U.S. Logistics Portfolio in Garland, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI U.S. Logistics Portfolio in Garland, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI U.S. Logistics Portfolio in Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,104
Initial Cost of Buildings and Improvements	63,962
Total Initial Costs	69,066
Costs Capitalized or Adjustments Subsequent to Acquisition	836
Gross amount carried, Land	5,104
Gross amount carried, Buildings and Improvements	64,798
Gross amount carried, Total Costs	69,902
Accumulated Depreciation and Amortization	$ (1,952)
IDI U.S. Logistics Portfolio in Indianapolis, IN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI U.S. Logistics Portfolio in Indianapolis, IN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI U.S. Logistics Portfolio in Southhaven, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,082
Initial Cost of Buildings and Improvements	23,638
Total Initial Costs	25,720
Gross amount carried, Land	2,082
Gross amount carried, Buildings and Improvements	23,638
Gross amount carried, Total Costs	25,720
Accumulated Depreciation and Amortization	$ (675)
IDI U.S. Logistics Portfolio in Southhaven, MS | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI U.S. Logistics Portfolio in Southhaven, MS | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Chicago Growth Portfolio in Bolingbrook, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,354
Initial Cost of Buildings and Improvements	22,921
Total Initial Costs	25,275
Costs Capitalized or Adjustments Subsequent to Acquisition	50
Gross amount carried, Land	2,354
Gross amount carried, Buildings and Improvements	22,971
Gross amount carried, Total Costs	25,325
Accumulated Depreciation and Amortization	$ (1,001)
Chicago Growth Portfolio in Bolingbrook, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chicago Growth Portfolio in Bolingbrook, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Chicago Growth Portfolio in Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,326
Initial Cost of Buildings and Improvements	28,536
Total Initial Costs	31,862
Gross amount carried, Land	3,326
Gross amount carried, Buildings and Improvements	28,536
Gross amount carried, Total Costs	31,862
Accumulated Depreciation and Amortization	$ (1,707)
Chicago Growth Portfolio in Chicago, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chicago Growth Portfolio in Chicago, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Chicago Growth Portfolio in Elgin, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,911
Initial Cost of Buildings and Improvements	34,448
Total Initial Costs	39,359
Costs Capitalized or Adjustments Subsequent to Acquisition	115
Gross amount carried, Land	4,911
Gross amount carried, Buildings and Improvements	34,563
Gross amount carried, Total Costs	39,474
Accumulated Depreciation and Amortization	$ (1,824)
Chicago Growth Portfolio in Elgin, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chicago Growth Portfolio in Elgin, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Chicago Growth Portfolio in Lemont, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,387
Initial Cost of Buildings and Improvements	20,705
Total Initial Costs	23,092
Costs Capitalized or Adjustments Subsequent to Acquisition	133
Gross amount carried, Land	2,387
Gross amount carried, Buildings and Improvements	20,838
Gross amount carried, Total Costs	23,225
Accumulated Depreciation and Amortization	$ (1,009)
Chicago Growth Portfolio in Lemont, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chicago Growth Portfolio in Lemont, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Chicago Growth Portfolio in Libertyville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,732
Initial Cost of Buildings and Improvements	46,322
Total Initial Costs	51,054
Costs Capitalized or Adjustments Subsequent to Acquisition	434
Gross amount carried, Land	4,732
Gross amount carried, Buildings and Improvements	46,756
Gross amount carried, Total Costs	51,488
Accumulated Depreciation and Amortization	$ (2,215)
Chicago Growth Portfolio in Libertyville, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chicago Growth Portfolio in Libertyville, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Chicago Growth Portfolio in Romeoville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,049
Initial Cost of Buildings and Improvements	10,444
Total Initial Costs	11,493
Costs Capitalized or Adjustments Subsequent to Acquisition	2
Gross amount carried, Land	1,049
Gross amount carried, Buildings and Improvements	10,446
Gross amount carried, Total Costs	11,495
Accumulated Depreciation and Amortization	$ (521)
Chicago Growth Portfolio in Romeoville, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Chicago Growth Portfolio in Romeoville, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Four Studebaker Commerce Center in Irvine, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,334
Initial Cost of Buildings and Improvements	23,854
Total Initial Costs	33,188
Costs Capitalized or Adjustments Subsequent to Acquisition	58
Gross amount carried, Land	9,334
Gross amount carried, Buildings and Improvements	23,912
Gross amount carried, Total Costs	33,246
Accumulated Depreciation and Amortization	$ (1,209)
Four Studebaker Commerce Center in Irvine, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Four Studebaker Commerce Center in Irvine, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Southeast Orlando Portfolio in Kissimmee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Buildings and Improvements	$ 20,468
Total Initial Costs	20,468
Costs Capitalized or Adjustments Subsequent to Acquisition	267
Gross amount carried, Buildings and Improvements	20,735
Gross amount carried, Total Costs	20,735
Accumulated Depreciation and Amortization	$ (837)
Southeast Orlando Portfolio in Kissimmee, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Southeast Orlando Portfolio in Kissimmee, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Southeast Orlando Portfolio in Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 23,658
Initial Cost of Buildings and Improvements	94,414
Total Initial Costs	118,072
Costs Capitalized or Adjustments Subsequent to Acquisition	122
Gross amount carried, Land	23,658
Gross amount carried, Buildings and Improvements	94,536
Gross amount carried, Total Costs	118,194
Accumulated Depreciation and Amortization	$ (4,322)
Southeast Orlando Portfolio in Orlando, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Southeast Orlando Portfolio in Orlando, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
I-465 East Logistics Center in Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,097
Initial Cost of Buildings and Improvements	16,826
Total Initial Costs	18,923
Costs Capitalized or Adjustments Subsequent to Acquisition	103
Gross amount carried, Land	2,097
Gross amount carried, Buildings and Improvements	16,929
Gross amount carried, Total Costs	19,026
Accumulated Depreciation and Amortization	$ (468)
I-465 East Logistics Center in Indianapolis, IN | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
I-465 East Logistics Center in Indianapolis, IN | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Industry Commerce Center in City of Industry, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 12,157
Initial Cost of Buildings and Improvements	39,929
Total Initial Costs	52,086
Costs Capitalized or Adjustments Subsequent to Acquisition	69
Gross amount carried, Land	12,157
Gross amount carried, Buildings and Improvements	39,998
Gross amount carried, Total Costs	52,155
Accumulated Depreciation and Amortization	$ (2,253)
Industry Commerce Center in City of Industry, CA | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Industry Commerce Center in City of Industry, CA | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
County Line Corporate Park in Hialeah, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 34,850
Initial Cost of Buildings and Improvements	27,230
Total Initial Costs	62,080
Costs Capitalized or Adjustments Subsequent to Acquisition	57,092
Gross amount carried, Land	34,850
Gross amount carried, Buildings and Improvements	84,322
Gross amount carried, Total Costs	119,172
Robbinsville Distribution Center in Robbinsville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	364
Total Initial Costs	364
Costs Capitalized or Adjustments Subsequent to Acquisition	2,187
Gross amount carried, Land	1,853
Gross amount carried, Buildings and Improvements	698
Gross amount carried, Total Costs	$ 2,551
Innovation I & II Corporate Park in New Albany, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,807
Initial Cost of Buildings and Improvements	58,132
Total Initial Costs	63,939
Costs Capitalized or Adjustments Subsequent to Acquisition	76
Gross amount carried, Land	5,807
Gross amount carried, Buildings and Improvements	58,208
Gross amount carried, Total Costs	64,015
Accumulated Depreciation and Amortization	$ (1,417)
Innovation I & II Corporate Park in New Albany, OH | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Innovation I & II Corporate Park in New Albany, OH | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI 2022 National Portfolio in Bolingbrook, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 13,054
Initial Cost of Buildings and Improvements	94,917
Total Initial Costs	107,971
Costs Capitalized or Adjustments Subsequent to Acquisition	3
Gross amount carried, Land	13,054
Gross amount carried, Buildings and Improvements	94,920
Gross amount carried, Total Costs	107,974
Accumulated Depreciation and Amortization	$ (2,185)
IDI 2022 National Portfolio in Bolingbrook, IL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI 2022 National Portfolio in Bolingbrook, IL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
IDI 2022 National Portfolio in Mesquite, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,930
Initial Cost of Buildings and Improvements	24,934
Total Initial Costs	27,864
Costs Capitalized or Adjustments Subsequent to Acquisition	239
Gross amount carried, Land	2,930
Gross amount carried, Buildings and Improvements	25,173
Gross amount carried, Total Costs	28,103
Accumulated Depreciation and Amortization	$ (571)
IDI 2022 National Portfolio in Mesquite, TX | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI 2022 National Portfolio in Mesquite, TX | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
IDI 2022 National Portfolio in Monroe, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,309
Initial Cost of Buildings and Improvements	42,003
Total Initial Costs	49,312
Costs Capitalized or Adjustments Subsequent to Acquisition	1
Gross amount carried, Land	7,309
Gross amount carried, Buildings and Improvements	42,004
Gross amount carried, Total Costs	49,313
Accumulated Depreciation and Amortization	$ (1,439)
IDI 2022 National Portfolio in Monroe, OH | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI 2022 National Portfolio in Monroe, OH | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
IDI 2022 National Portfolio in Olive Branch, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 6,983
Initial Cost of Buildings and Improvements	54,643
Total Initial Costs	61,626
Costs Capitalized or Adjustments Subsequent to Acquisition	9
Gross amount carried, Land	6,983
Gross amount carried, Buildings and Improvements	54,652
Gross amount carried, Total Costs	61,635
Accumulated Depreciation and Amortization	$ (1,498)
IDI 2022 National Portfolio in Olive Branch, MS | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
IDI 2022 National Portfolio in Olive Branch, MS | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
I-80 Logistics Park in Wayne, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 16,924
Initial Cost of Buildings and Improvements	121,606
Total Initial Costs	138,530
Costs Capitalized or Adjustments Subsequent to Acquisition	182
Gross amount carried, Land	16,924
Gross amount carried, Buildings and Improvements	121,788
Gross amount carried, Total Costs	138,712
Accumulated Depreciation and Amortization	$ (4,499)
I-80 Logistics Park in Wayne, NJ | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
I-80 Logistics Park in Wayne, NJ | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Commonwealth Logistics Center in Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 8,927
Total Initial Costs	8,927
Costs Capitalized or Adjustments Subsequent to Acquisition	18,521
Gross amount carried, Land	8,927
Gross amount carried, Buildings and Improvements	18,521
Gross amount carried, Total Costs	$ 27,448
County Line Corporate Park II in Hileah, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 36,050
Initial Cost of Buildings and Improvements	46,428
Total Initial Costs	82,478
Costs Capitalized or Adjustments Subsequent to Acquisition	8,985
Gross amount carried, Land	36,050
Gross amount carried, Buildings and Improvements	55,413
Gross amount carried, Total Costs	$ 91,463
County Line Corporate Park II in Hileah, FL | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
County Line Corporate Park II in Hileah, FL | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years

SCHEDULE III-REAL ESTATE AND _3

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Summary of Activity for Investment in Real Estate Properties) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Investment Properties Beginning Balance	$ 4,916,055	$ 1,377,912	$ 891,170
Acquisition of properties	1,888,644	3,507,041	475,320
Improvements	253,314	31,102	11,451
Write-off of intangibles and customer leasing costs	0		(29)
Investment Properties Ending Balance	7,058,013	4,916,055	1,377,912
Accumulated Depreciation and Amortization Beginning Balance	(186,269)	(72,924)	(25,988)
Additions charged to costs and expenses	(268,004)	(113,345)	(46,965)
Write-off of intangibles and customer leasing costs	0		29
Accumulated Depreciation and Amortization Ending Balance	$ (454,273)	$ (186,269)	$ (72,924)