ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-56032
Entity Registrant Name	Ares Industrial Real Estate Income Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-1592886
Entity Address, Address Line One	One Tabor Center
Entity Address, Address Line Two	1200 Seventeenth Street, Suite 2900
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		181,765,672
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,557,091
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		88,499,029

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Net investment in real estate properties	$ 6,801,213	$ 6,733,878
Investment in unconsolidated joint venture partnership	20,306	19,668
Investments in real estate debt and securities, at fair value	161,649	60,033
Cash and cash equivalents	16,384	79,524
Restricted cash	598	499
Derivative instruments	106,538	99,333
DST Program Loans	198,849	152,402
Other assets	69,956	78,138
Total assets	7,375,493	7,223,475
Liabilities
Accounts payable and accrued liabilities	117,759	125,930
Debt, net	3,273,196	2,827,613
Secured financings on investments in real estate debt securities	44,004	0
Intangible lease liabilities, net	80,257	97,399
Financing obligations, net	1,578,053	1,262,666
Distribution fees payable to affiliates	72,183	92,145
Other liabilities	55,541	194,822
Total liabilities	5,220,993	4,600,575
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	121,453	69,553
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	2,957,792	3,219,132
Accumulated deficit and distributions	(1,004,417)	(739,497)
Accumulated other comprehensive income	76,395	70,255
Total stockholders' equity	2,032,735	2,553,035
Noncontrolling interests	312	312
Total equity	2,033,047	2,553,347
Total liabilities and equity	7,375,493	7,223,475
Class T Shares
Stockholders' equity:
Common stock, value	1,885	2,272
Class D Shares
Stockholders' equity:
Common stock, value	208	206
Class I Shares
Stockholders' equity:
Common stock, value	$ 872	$ 667

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2023	Dec. 31, 2022
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	188,534	227,265
Common stock, shares outstanding	188,534	227,265
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	20,834	20,577
Common stock, shares outstanding	20,834	20,577
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	87,213	66,702
Common stock, shares outstanding	87,213	66,702

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental revenues	$ 117,386	$ 108,315	$ 341,605	$ 282,667
Debt-related income	3,948		6,162
Total revenues	121,334	108,315	347,767	282,667
Operating expenses:
Rental expenses	29,216	26,065	83,960	68,793
Real estate-related depreciation and amortization	72,846	73,580	217,186	192,604
General and administrative expenses	3,501	3,276	11,571	10,035
Advisory fees	18,217	18,237	56,436	48,494
Performance participation allocation		14,034		136,480
Acquisition costs and reimbursements	754	2,180	9,485	5,073
Total operating expenses	124,534	137,372	378,638	461,479
Other (income) expenses:
Equity in loss from unconsolidated joint venture partnership(s)	35	68	174	33
Interest expense	43,168	45,905	141,603	101,450
Gain on derivative instruments	(1,831)	(11,310)	(7,483)	(26,149)
Other income and expenses	(2,720)	(1,356)	(7,245)	(2,202)
Total other (income) expenses	38,652	33,307	127,049	73,132
Net loss	(41,852)	(62,364)	(157,920)	(251,944)
Net loss attributable to redeemable noncontrolling interests	1,169	901	4,187	3,942
Net income attributable to noncontrolling interests	(9)	(9)	(28)	(28)
Net loss attributable to common stockholders	$ (40,692)	$ (61,472)	$ (153,761)	$ (248,030)
Weighted-average shares outstanding - basic (in shares)	300,691	307,422	307,886	289,380
Weighted-average shares outstanding - diluted (in shares)	309,329	311,954	316,344	293,912
Net loss per common share - basic (in dollars per share)	$ (0.14)	$ (0.20)	$ (0.50)	$ (0.86)
Net loss per common share - diluted (in dollars per share)	$ (0.14)	$ (0.20)	$ (0.50)	$ (0.86)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (41,852)	$ (62,364)	$ (157,920)	$ (251,944)
Change from cash flow hedging activities	5,578	48,329	5,841	73,961
Change from activities related to available-for-sale securities	130		517
Comprehensive loss	(36,144)	(14,035)	(151,562)	(177,983)
Comprehensive loss attributable to redeemable noncontrolling interests	1,010	202	3,969	2,824
Comprehensive loss attributable to common stockholders	$ (35,134)	$ (13,833)	$ (147,593)	$ (175,159)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit and Distributions	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2021	$ 2,571	$ 2,475,715	$ (297,570)	$ 2,631	$ 312	$ 2,183,659
Beginning balance, shares at Dec. 31, 2021	257,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(248,030)		28	(248,002)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				72,843		72,843
Issuance of common stock	$ 615	879,649				880,264
Issuance of common stock, shares	61,552
Share-based compensation, net of cancellations		1,188				1,188
Share-based compensation, net of cancellations (shares)	(34)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(22,589)				(22,589)
Trailing distribution fees		(29,508)	19,867			(9,641)
Redemptions of common stock	$ (65)	(97,144)				$ (97,209)
Redemptions of common stock, shares	(6,542)					(6,542)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(118,230)		(28)	$ (118,258)
Redemption value allocation adjustment to redeemable noncontrolling interests		(18,339)				(18,339)
Ending balance at Sep. 30, 2022	$ 3,121	3,188,972	(643,963)	75,474	312	2,623,916
Ending balance, shares at Sep. 30, 2022	312,145
Beginning balance at Jun. 30, 2022	$ 2,950	2,942,359	(547,956)	27,844	312	2,425,509
Beginning balance, shares at Jun. 30, 2022	295,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(61,472)		9	(61,463)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				47,630		47,630
Issuance of common stock	$ 214	334,695				334,909
Issuance of common stock, shares	21,436
Share-based compensation, net of cancellations		489				489
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,748)				(8,748)
Trailing distribution fees		(12,848)	7,359			(5,489)
Redemptions of common stock	$ (43)	(65,844)				(65,887)
Redemptions of common stock, shares	(4,323)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(41,894)		(9)	(41,903)
Redemption value allocation adjustment to redeemable noncontrolling interests		(1,131)				(1,131)
Ending balance at Sep. 30, 2022	$ 3,121	3,188,972	(643,963)	75,474	312	2,623,916
Ending balance, shares at Sep. 30, 2022	312,145
Beginning balance at Dec. 31, 2022	$ 3,145	3,219,132	(739,497)	70,255	312	2,553,347
Beginning balance, shares at Dec. 31, 2022	314,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(153,761)		28	(153,733)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				6,140		6,140
Issuance of common stock	$ 160	240,237				$ 240,397
Issuance of common stock, shares	16,063					15,800
Share-based compensation, net of cancellations		1,979				$ 1,979
Share-based compensation, net of cancellations (shares)	(49)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(6,957)				(6,957)
Trailing distribution fees		1,091	18,871			19,962
Redemptions of common stock	$ (340)	(500,908)				$ (501,248)
Redemptions of common stock, shares	(33,977)					(33,977)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(130,030)		(28)	$ (130,058)
Redemption value allocation adjustment to redeemable noncontrolling interests		3,218				3,218
Ending balance at Sep. 30, 2023	$ 2,965	2,957,792	(1,004,417)	76,395	312	2,033,047
Ending balance, shares at Sep. 30, 2023	296,581
Beginning balance at Jun. 30, 2023	$ 3,078	3,114,553	(924,350)	70,846	312	2,264,439
Beginning balance, shares at Jun. 30, 2023	307,805
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(40,692)		9	(40,683)
Change from cash flow hedging activities (excludes attributable to redeemable noncontrolling interests)				5,549		5,549
Issuance of common stock	$ 41	59,875				59,916
Issuance of common stock, shares	4,144
Share-based compensation, net of cancellations		648				648
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,852)				(1,852)
Trailing distribution fees		2,416	5,721			8,137
Redemptions of common stock	$ (154)	(220,155)				(220,309)
Redemptions of common stock, shares	(15,368)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(45,096)		(9)	(45,105)
Redemption value allocation adjustment to redeemable noncontrolling interests		2,307				2,307
Ending balance at Sep. 30, 2023	$ 2,965	$ 2,957,792	$ (1,004,417)	$ 76,395	$ 312	$ 2,033,047
Ending balance, shares at Sep. 30, 2023	296,581

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interests	$ 1,169	$ 901	$ 4,187	$ 3,942
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	159	699	218	1,118
Distributions to redeemable noncontrolling interest	$ 1,296	$ 618	$ 3,580	$ 1,875

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (157,920)	$ (251,944)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Real estate-related depreciation and amortization	217,186	192,604
Amortization of deferred financing costs	7,568	5,460
(Decrease) increase in financing obligation liability appreciation	(1,859)	17,882
Equity in loss from unconsolidated joint venture partnership(s)	174	33
Loss (gain) on changes in fair value of interest rate caps	6,123	(25,546)
Performance participation allocation		136,480
Straight-line rent and amortization of above- and below-market leases	(26,839)	(26,568)
Forfeited investment deposit	7,689	245
Other	1,690	2,072
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	15,321	29,733
Cash settlement of accrued performance participation allocation	(77,838)
Net cash (used in) provided by operating activities	(8,705)	80,451
Investing activities:
Real estate acquisitions	(109,818)	(1,460,868)
Incremental investment to acquire joint venture partnership portfolio		(259,526)
Capital expenditures	(186,170)	(133,115)
Investments in debt-related investments	(103,528)
Investment in unconsolidated joint venture partnership(s)	(811)	(8,782)
Collection of principal on available-for-sale debt securities	2,866
Other	1,858	129
Net cash used in investing activities	(395,603)	(1,862,162)
Financing activities:
Net proceeds from (repayments of) line of credit	350,000
Proceeds from term loan		135,000
Net proceeds from (repayments of) secured funding agreement	44,004
Proceeds from mortgage note	92,217	367,830
Debt issuance costs paid	(2,752)	(17,857)
Interest rate cap premium	(8,563)	(2,963)
Proceeds from issuance of common stock, net	173,470	805,070
Proceeds from financing obligations, net	268,653	562,889
Offering costs paid in connection with issuance of common stock and private placements	(4,564)	(4,033)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(50,391)	(42,275)
Distribution fees paid to affiliates	(19,559)	(19,163)
Redemptions of common stock	(501,248)	(97,209)
Redemptions of redeemable noncontrolling interests		(40,915)
Net cash provided by financing activities	341,267	1,646,374
Net decrease in cash, cash equivalents and restricted cash	(63,041)	(135,337)
Cash, cash equivalents and restricted cash, at beginning of period	80,023	217,735
Cash, cash equivalents and restricted cash, at end of period	$ 16,982	$ 82,398

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Ares Industrial Real Estate Income Trust Inc. (the “Company,” “we,” “our” or “us”) is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company,” “we,” “our,” “us” and “AIREIT” refers to Ares Industrial Real Estate Income Trust Inc. and our consolidated subsidiaries, which includes AIREIT Operating Partnership LP (the “Operating Partnership”). We are externally managed by our advisor. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 20, 2023 (“2022 Form 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the war in Ukraine and the escalating conflict in the Middle East, have the potential to negatively impact us. These current macroeconomic conditions may continue or aggravate and could cause the United States to experience an economic slowdown or recession. We anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reclassifications Certain items in our condensed consolidated statements of cash flows for the nine months ended September 30, 2022 have been reclassified to conform to the 2023 presentation.

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	3. INVESTMENT IN REAL ESTATE As of September 30, 2023 and December 31, 2022, our consolidated investment in real estate properties consisted of 253 and 243 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2023 December 31, 2022 Land ​ $ 1,300,046 ​ $ 1,284,003 Building and improvements ​ 5,379,414 ​ 5,139,402 Intangible lease assets ​ 493,427 ​ 479,532 Construction in progress ​ 301,362 ​ 285,214 Investment in real estate properties ​ 7,474,249 ​ 7,188,151 Less accumulated depreciation and amortization ​ (673,036) ​ (454,273) Net investment in real estate properties ​ $ 6,801,213 ​ $ 6,733,878 ​ Acquisitions During the nine months ended September 30, 2023, 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) Bayport 146 Distribution Center ​ 2/21/2023 ​ 1 ​ $ 49,606 Runway Distribution Center I & II ​ 7/12/2023 ​ 2 ​ ​ 56,992 Brittmore Industrial Center ​ 8/16/2023 ​ 1 ​ ​ 22,288 Total Acquisitions ​ ​ ​ 4 ​ $ 128,886 (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 2023 acquisitions. ​ ​ During the nine months ended September 30, 2023, we allocated the purchase price of our acquisitions to land and building and improvements as follows: ​ ​ ​ ​ ​ ​ For the Nine Months Ended (in thousands) September 30, 2023 Land ​ $ 15,835 Building and improvements ​ 113,051 Total purchase price (1) ​ $ 128,886 (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 2023 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. There were no intangible lease assets or liabilities Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2023 and December 31, 2022 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ As of December 31, 2022 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 480,558 ​ $ (222,023) ​ $ 258,535 ​ $ 466,663 ​ $ (158,757) ​ $ 307,906 Above-market lease assets (1) ​ 12,869 ​ (5,448) ​ 7,421 ​ 12,869 ​ (3,872) ​ 8,997 Below-market lease liabilities ​ (129,823) ​ 49,566 ​ (80,257) ​ (129,823) ​ 32,424 ​ (97,399) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2023 2022 2023 2022 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 4,058 ​ $ 4,298 ​ $ 11,273 ​ $ 13,774 ​ Above-market lease amortization ​ (493) ​ (559) ​ (1,576) ​ (1,464) ​ Below-market lease amortization ​ 5,525 ​ 5,622 ​ 17,142 ​ 14,258 ​ Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ ​ Depreciation expense ​ $ 52,014 ​ $ 50,433 ​ $ 153,921 ​ $ 130,483 ​ Intangible lease asset amortization ​ 20,832 ​ 23,147 ​ 63,265 ​ 62,121 ​ ​

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On February 15, 2022, we, along with our joint venture partners in the Build-To-Core Industrial Partnership II LP (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. As of September 30, 2023, we had an 8.0% interest in the BTC II B Partnership, which includes two industrial properties totaling approximately 0.8 million square feet and three properties that were either under construction or in the pre-construction phase totaling approximately 1.0 million square feet, with a book value of our investment in the BTC II B Partnership of $20.3 million, which includes $5.5 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.

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	5. INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES Debt-Related Investments Our debt-related investments consist of floating-rate senior loans secured by real estate, which we acquire for investment purposes. We elect the fair value option for our debt-related investments and as such, the investments are carried at fair value. These assets are valued on a recurring basis and any unrealized gains and losses will be recorded as a component of other income and expenses on our condensed consolidated statements of operations. Upfront fees and origination costs related to our debt-related investments for which the fair value option is elected are recognized in earnings as incurred and not deferred. Such items are recorded as components of debt-related income on our condensed consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. As of September 30, 2023, we had two debt-related investments comprised of floating-rate senior loans with an aggregate commitment of up to $174.8 million, with a weighted-average remaining term of 2.85 years and a weighted-average interest rate of 8.93%, calculated based on Term SOFR plus a weighted-average margin of 3.52%. As of September 30, 2023, the outstanding principal amount and fair value were both $103.5 million. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. There were no credit losses associated with our available-for-sale debt securities as of and for the period ended September 30, 2023. As of September 30, 2023 and December 31, 2022, we had debt security investments designated as available-for-sale debt securities. The weighted-average remaining term of our available-for-sale debt securities, which is based on the fully extended maturity date of the instruments, was approximately 3.47 years as of September 30, 2023. The following table summarizes our investments in available-for-sale debt securities as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (1) ​ Fair Value As of September 30, 2023 ​ $ 59,554 ​ $ 57,267 ​ $ 2,287 ​ $ 843 ​ $ 58,110 As of December 31, 2022 ​ ​ 62,420 ​ ​ 59,708 ​ ​ 2,712 ​ ​ 326 ​ ​ 60,033 (1) Represents cumulative unrealized gain (loss) beginning from acquisition date.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	6. 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 ​ September 30, December 31, ​ September 30, December 31, ($ in thousands) ​ 2023 ​ 2022 ​ Maturity Date ​ 2023 ​ 2022 Line of credit (1) 6.03 % 5.71 % March 2025 ​ $ 440,000 ​ $ 90,000 Term loan (2) 2.87 2.87 March 2027 ​ 550,000 ​ 550,000 Term loan (3) ​ 3.42 ​ 3.65 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 3.58 3.58 August 2024 - ​ 996,720 ​ 996,720 Floating-rate mortgage notes (5) ​ 4.38 ​ 3.68 ​ January 2025 - ​ ​ 709,467 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.93 % 3.55 % ​ ​ $ 3,296,187 ​ $ 2,853,970 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (23,260) ​ ​ (26,784) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 269 ​ 427 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,273,196 ​ $ 2,827,613 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,586,287 ​ $ 2,389,179 (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% , depending on our consolidated leverage ratio. Customary fall-back provisions apply if Term SOFR is unavailable. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate cap agreements on $100.0 million of borrowings. The line of credit is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. As of September 30, 2023, total commitments for the line of credit were $1.0 billion and the unused and available portions under the line of credit were both $560.0 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 September 30, 2023, 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 and an interest rate cap agreement on $75.0 million of borrowings. As of September 30, 2023, 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) Comprised of a $209.3 million mortgage note, a $408.0 million mortgage note and a $129.1 million mortgage note. As of September 30, 2023, borrowings under the $129.1 million mortgage note amounted to $92.2 million. 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 agreement. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% . (6) The weighted-average remaining term of our consolidated debt was approximately 2.7 years as of September 30, 2023, excluding any extension options on the line of credit and the floating-rate mortgage notes. For the three and nine months ended September 30, 2023, the amount of interest incurred related to our consolidated indebtedness, excluding debt issuance cost amortization and amounts capitalized, was $37.6 million and $102.0 million, respectively, and $25.7 million and $54.7 million for the three and nine months ended September 30, 2022, respectively. For the three and nine months ended September 30, 2023, the amount of interest capitalized was $5.4 million and $14.8 million, respectively, and for the three and nine months ended September 30, 2022, the amount of interest capitalized was $2.6 million and $4.3 million, respectively. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). As of September 30, 2023, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2023 $ — ​ $ — ​ $ — ​ $ — 2024 ​ — ​ — ​ 38,000 ​ 38,000 2025 ​ 440,000 ​ — ​ 985,080 ​ 1,425,080 2026 ​ — ​ 600,000 ​ 92,217 ​ 692,217 2027 ​ — ​ 550,000 ​ ​ 129,750 ​ 679,750 Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 440,000 ​ $ 1,150,000 ​ $ 1,706,187 ​ $ 3,296,187 (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, the $367.8 million mortgage note matures in July 2025, and the $129.1 million mortgage note matures in October 2026, and the terms of all three may be extended pursuant to two one-year extension options, subject to certain conditions. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with all covenants as of September 30, 2023. Master Repurchase Agreement On June 26, 2023, we entered into a master repurchase agreement (the “Morgan Stanley MRA”) with Morgan Stanley Bank, N.A. (“Morgan Stanley”). Under the Morgan Stanley MRA, we may negotiate individual transactions to sell, and later repurchase, certain securities or other assets to Morgan Stanley. Any transactions under the Morgan Stanley MRA will be recognized as secured borrowings while they are outstanding and are carried at the contractual amount, as specified in the Morgan Stanley MRA. Such borrowings are recorded as secured financings on investments in real estate debt securities on the condensed consolidated balance sheets. The terms of the Morgan Stanley MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral we have pledged, and may require us to provide additional collateral in the form of cash, securities, and other assets if the market value of such financed investments declines. The Morgan Stanley MRA may be terminated at any time by either party to the agreement, without penalty. The interest rate on the Morgan Stanley MRA borrowings is determined based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of each borrowing. We have $44.0 million of borrowings outstanding pursuant to the Morgan Stanley MRA, collateralized by our available-for-sale securities, which are fair valued at $58.1 million, as of September 30, 2023. Advances under the Morgan Stanley MRA for the three months ended September 30, 2023 accrued interest at a per annum rate equal to the sum of Term SOFR plus a pricing margin of 0.90% . For the three and nine months ended September 30, 2023, the amount of interest incurred related to our secured financings was $0.7 million, which is recorded as a component of interest expense on the condensed consolidated statements of operations. 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. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have on-going exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. As of September 30, 2023, we have four interest rate cap derivative instruments that are not designated as cash flow 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 $37.3 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of September 30, 2023 ​ ​ Interest rate swaps designated as cash flow hedges 17 ​ $ 1,442,830 Derivative instruments ​ $ 74,291 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 707,110 ​ Derivative instruments ​ ​ 22,441 Interest rate caps designated as cash flow hedges ​ 3 ​ ​ 175,000 ​ Derivative instruments ​ ​ 9,806 Total derivative instruments ​ 24 ​ $ 2,324,940 ​ ​ ​ $ 106,538 As of December 31, 2022 ​ ​ Interest rate swaps designated as cash flow hedges 17 ​ $ 1,442,830 Derivative instruments ​ $ 70,994 Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 578,000 ​ Derivative instruments ​ ​ 28,339 Total derivative instruments ​ 19 ​ $ 2,020,830 ​ ​ ​ $ 99,333 ​ The following table presents the effect of our derivative instruments on our condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 ​ Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 18,156 ​ $ 49,192 ​ $ 38,478 ​ $ 73,132 ​ Amount reclassified from AOCI (out of) into interest expense ​ (12,578) ​ (863) ​ (32,637) ​ 829 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 43,168 ​ 45,905 ​ 141,603 ​ 101,450 ​ Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss (gain) on derivative instruments recognized in other (income) expenses (1) ​ $ 3,253 ​ $ (10,707) ​ $ 6,123 ​ $ (25,546) ​ Realized gain on derivative instruments recognized in other (income) expenses (2) ​ ​ (5,084) ​ ​ (603) ​ ​ (13,606) ​ ​ (603) ​ ​ ​ (1) Unrealized loss (gain) on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim settlements for our derivatives not designated as cash flow hedges.

DST PROGRAM

DST PROGRAM	9 Months Ended
	Sep. 30, 2023
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	efcond 7. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trusts by the Operating Partnership or its affiliates (“DST Properties”). 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. We record DST Interests as financing obligation liabilities for accounting purposes. If we exercise our option to reacquire a DST property by issuing OP units in exchange for DST Interests, we extinguish the financing obligation liability and record the issuance of the OP units as an issuance of equity. 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 DST Properties to potential investors. As of September 30, 2023 and December 31, 2022, there were approximately $198.8 million and $152.4 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 condensed consolidated 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 condensed consolidated statements of operations. Credit loss reserves associated with our DST Program Loans were immaterial as of and for the periods ending September 30, 2023 and 2022. The following table presents our DST Program activity for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ For the Nine Months Ended September 30, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 104,812 ​ $ 229,604 ​ $ 322,444 ​ $ 643,767 DST Interests financed by DST Program Loans (1) ​ ​ 13,836 ​ ​ 34,940 ​ ​ 46,447 ​ ​ 68,527 Income earned from DST Program Loans (2) ​ ​ 2,411 ​ ​ 1,343 ​ ​ 6,331 ​ ​ 3,099 (Decrease) increase in financing obligation liability appreciation (3) ​ ​ (9,273) ​ ​ 8,872 ​ ​ (1,859) ​ ​ 17,882 Rent obligation incurred under master lease agreements (3) ​ ​ 17,569 ​ ​ 11,779 ​ ​ 48,680 ​ ​ 27,876 (1) DST Program Loans are presented net of repayments. (2) Included in other income and expenses on condensed consolidated statements of operations. (3) Included in interest expense on condensed consolidated statements of operations.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	8. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition of our financial instruments. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of September 30, 2023 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 106,538 ​ $ — ​ $ 106,538 Available-for-sale debt securities ​ ​ — ​ ​ 58,110 ​ ​ — ​ ​ 58,110 Debt-related investments ​ ​ — ​ ​ — ​ ​ 103,539 ​ ​ 103,539 Total assets measured at fair value ​ $ — ​ $ 164,648 ​ $ 103,539 ​ $ 268,187 As of December 31, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 99,333 ​ $ — ​ $ 99,333 Available-for-sale debt securities ​ ​ — ​ ​ 60,033 ​ ​ — ​ ​ 60,033 Total assets measured at fair value ​ $ — ​ $ 159,366 ​ $ — ​ $ 159,366 ​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. our derivative instruments. Available-for-Sale Debt Securities. Debt-Related Investments. Our debt-related investments are unlikely to have readily available market quotations. In such cases, we will generally determine the initial value based on the acquisition price of such investments, if we acquire the investment, or the par value of such investment, if we originate the investment. Following the initial measurement, fair value is estimated by utilizing or reviewing certain of the following: (i) market yield data, (ii) discounted cash flow modelling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield, debt-service coverage and/or loan-to-value ratios, and (vii) borrower financial condition and performance. These inputs are generally considered Level 3. As of September 30, 2023, we had two floating-rate senior loan investments without readily available market quotations. The investments were originated in July and August 2023, and as such, the fair value of the debt-related investments were determined to equal par value as of September 30, 2023. Financial Assets and Liabilities Not Measured At Fair Value As of September 30, 2023 and December 31, 2022, the fair values of cash and cash equivalents, restricted cash, other assets, and accounts payable and accrued liabilities approximate their carrying values due to the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 As of December 31, 2022 ​ Level in ​ Carrying Fair Carrying Fair (in thousands) ​ Fair Value Hierarchy (1) ​ Value (2) ​ Value ​ Value (2) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ 3 ​ $ 198,849 ​ $ 188,997 ​ $ 152,402 ​ $ 146,728 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 440,000 ​ $ 440,000 ​ $ 90,000 ​ $ 90,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 1,706,187 ​ 1,614,575 ​ 1,613,970 ​ 1,521,046 Secured financings on investments in real estate debt securities ​ 3 ​ 44,004 ​ 44,004 ​ — ​ — (1) Fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities, is estimated based on a discounted cash flow methodology, taking into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par. (2) The carrying value reflects the principal amount outstanding.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
EQUITY	9. EQUITY Public Offering We intend to conduct a continuous 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 (“DRIP”), 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. Pursuant to our public offering, we offer shares of our common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the nine months ended September 30, 2023, we raised gross proceeds of approximately $240.4 million from the sale of approximately 15.8 million shares of our common stock in our ongoing public offering, including proceeds from our distribution reinvestment plan of approximately $62.9 million. ​ Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 223,734 17,582 53,716 295,032 Issuance of common stock: Primary shares 13,850 2,257 4,027 20,134 DRIP 937 91 254 1,282 Stock grants, net of cancellations ​ — ​ — ​ 21 ​ 21 Redemptions (3,280) (212) (831) (4,323) Conversions ​ (4,409) ​ — ​ 4,409 ​ — Forfeitures — — (1) (1) Balance as of September 30, 2022 ​ 230,832 ​ 19,718 ​ 61,595 ​ 312,145 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2023 201,793 20,968 85,044 307,805 Issuance of common stock: Primary shares 1,675 332 594 2,601 DRIP 942 116 462 1,520 Stock grants, net of cancellations — — 31 31 Redemptions (9,127) (582) (5,659) (15,368) Conversions ​ (6,749) ​ — ​ 6,749 ​ — Forfeitures ​ — ​ — ​ (8) ​ (8) Balance as of September 30, 2023 188,534 20,834 87,213 296,581 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 206,129 13,649 37,391 257,169 Issuance of common stock: Primary shares 34,141 6,213 16,986 57,340 DRIP 3,054 259 695 4,008 Stock grants, net of cancellations ​ — ​ — ​ 193 ​ 193 Redemptions (4,762) (403) (1,377) (6,542) Conversions ​ (7,730) ​ — ​ 7,730 ​ — Forfeitures — — (23) (23) Balance as of September 30, 2022 230,832 19,718 61,595 312,145 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ 227,265 ​ 20,577 ​ 66,702 ​ 314,544 Issuance of common stock: Primary shares 7,074 1,615 2,906 11,595 DRIP 2,751 321 1,168 4,240 Stock grants, net of cancellations — — 196 196 Redemptions (21,879) (1,679) (10,419) (33,977) Conversions ​ (26,677) ​ — ​ 26,677 ​ — Forfeitures ​ — ​ — ​ (17) ​ (17) Balance as of September 30, 2023 188,534 20,834 87,213 296,581 ​ Distributions The following table summarizes our distribution activity (including distributions to redeemable noncontrolling interests and distributions reinvested in shares of our common stock) for each of the quarters ended below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ $ 0.15000 ​ $ 16,825 ​ $ 1,296 ​ $ 22,550 ​ $ 5,721 ​ $ 46,392 June 30 ​ ​ 0.13625 ​ ​ 15,490 ​ ​ 1,177 ​ ​ 20,357 ​ ​ 6,344 ​ ​ 43,368 March 31 ​ ​ 0.13625 ​ ​ 15,284 ​ ​ 1,107 ​ ​ 20,653 ​ ​ 6,806 ​ ​ 43,850 Total ​ $ 0.42250 ​ $ 47,599 ​ $ 3,580 ​ $ 63,560 ​ $ 18,871 ​ $ 133,610 2022 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 14,963 ​ $ 618 ​ $ 20,522 ​ $ 7,372 ​ $ 43,475 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 ​ $ 56,273 ​ $ 2,493 ​ $ 77,575 ​ $ 27,184 ​ $ 163,525 (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. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings. Redemptions Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) ​ 2023 ​ 2022 Number of shares redeemed ​ ​ 33,977 ​ ​ 6,542 Aggregate dollar amount of shares redeemed ​ $ 501,248 ​ $ 97,209 Average redemption price per share ​ $ 14.75 ​ $ 14.86 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2023
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	10. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and BCI IV Advisors Group LLC (the “Former Sponsor”) as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to that certain advisory agreement by and among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”). We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the condensed consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2023 ​ For the Nine Months Ended September 30, 2022 ​ ($ and units in thousands) ​ $ ​ Units ​ $ ​ Units ​ Balance at beginning of the year ​ $ 69,553 ​ 4,532 ​ $ 15,687 ​ 1,311 ​ Settlement of prior year performance participation allocation (1) ​ ​ 62,667 ​ 4,106 ​ ​ 81,185 ​ 6,494 ​ Distributions to redeemable noncontrolling interests ​ ​ (3,580) ​ — ​ ​ (1,875) ​ — ​ Redemptions of redeemable noncontrolling interests (2) ​ ​ — ​ — ​ ​ (40,915) ​ (3,273) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (4,187) ​ — ​ ​ (3,942) ​ — ​ Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ 218 ​ — ​ ​ 1,118 ​ — ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (3,218) ​ — ​ ​ 18,339 ​ — ​ Ending balance ​ $ 121,453 ​ 8,638 ​ $ 69,597 ​ 4,532 ​ (1) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022, and the Advisor elected to settle a portion of the amount owed partially in cash in the amount of $77.8 million, and the remainder in Class I OP Units in January 2023. The 2021 performance participation allocation in the amount of $81.2 million became payable on December 31, 2021, and was issued as 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. (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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ Payable as of (in thousands) 2023 2022 2023 2022 September 30, 2023 December 31, 2022 Selling commissions and dealer manager fees (1) ​ $ 831 ​ $ 7,533 ​ $ 4,014 ​ $ 19,204 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 5,721 ​ 7,359 ​ 18,871 ​ 19,867 ​ 1,771 ​ 2,459 Advisory fee—fixed component ​ ​ 18,217 ​ ​ 18,237 ​ ​ 56,436 ​ ​ 48,494 ​ ​ 5,990 ​ ​ 6,371 Performance participation allocation (3) ​ — ​ 14,034 ​ ​ — ​ ​ 136,480 ​ ​ — ​ ​ 140,505 Other expense reimbursements (4)(5) ​ 3,168 ​ 3,494 ​ ​ 9,108 ​ ​ 10,218 ​ ​ 2,561 ​ ​ 2,624 Property accounting fee (6) ​ ​ 872 ​ ​ 743 ​ ​ 2,552 ​ ​ 1,943 ​ ​ 295 ​ ​ 269 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 1,556 ​ ​ 2,501 ​ ​ 4,558 ​ ​ 6,708 ​ ​ 818 ​ ​ 672 Other DST Program related costs (5) ​ ​ 1,390 ​ ​ 2,876 ​ ​ 4,306 ​ ​ 8,275 ​ ​ 181 ​ ​ 145 Development fees (7) ​ ​ 280 ​ ​ 4,673 ​ ​ 1,147 ​ ​ 7,056 ​ ​ 280 ​ ​ 471 Total ​ $ 32,035 ​ $ 61,450 ​ $ 100,992 ​ $ 258,245 ​ $ 11,896 ​ $ 153,516 (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 $72.2 million and $92.1 million as of September 30, 2023 and December 31, 2022, respectively. (3) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022 and was settled in January 2023. 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 condensed consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our condensed consolidated balance sheets. ​ Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers, including a portion of compensation (whether paid in cash, stock, or other forms), benefits and other overhead costs of certain of our named executive officers, as well as employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. We incurred approximately $2.9 million and $3.3 million for the three months ended September 30, 2023 and 2022, respectively, and $8.5 million and $9.5 million for the nine months ended September 30, 2023 and 2022, respectively, for such compensation expenses reimbursable to the Advisor. Performance Participation Allocation As used below, “Fund Interests” means our outstanding shares of common stock, along with the OP Units, which may be or were held directly or indirectly by the Advisor, our Former Sponsor, members or affiliates or our Former Sponsor, and third parties. The performance participation allocation, which will be paid to the Special Unit Holder, is a performance-based amount in the form of an allocation and distribution. The performance participation allocation is calculated as the lesser of: (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward; and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5.0% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the performance participation allocation will be equal to 100.0% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in Class I OP units or cash, at the election of the Advisor. The performance hurdle was not achieved as of September 30, 2023; therefore no performance participation allocation expense was recognized in our condensed consolidated statements of operations for the nine months ended September 30, 2023. As the performance hurdle was achieved as of September 30, 2022, we recognized approximately $14.0 million and $136.5 million of performance participation allocation expense in our condensed consolidated statements of operations for the three and nine months ended September 30, 2022, respectively. Joint Venture Partnerships From the beginning of the first quarter of 2022 until the completion of the BTC II Partnership Transaction, the BTC II Partnership incurred approximately $1.8 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. For the three and nine months ended September 30, 2023, the BTC II B Partnership incurred approximately $0.4 million and $1.6 million, respectively, in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. After the completion of the BTC II Partnership Transaction until September 30, 2022 and for the three months ended September 30, 2022, the BTC II B Partnership incurred approximately $0.7 million and $0.3 million, respectively, in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
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 Three Months Ended September 30, ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) 2023 2022 ​ 2023 2022 Net loss attributable to common stockholders—basic ​ $ (40,692) ​ $ (61,472) ​ ​ $ (153,761) ​ $ (248,030) Net loss attributable to redeemable noncontrolling interests ​ ​ (1,169) ​ ​ (901) ​ ​ ​ (4,187) ​ ​ (3,942) Net loss attributable to noncontrolling interests ​ ​ 9 ​ ​ 9 ​ ​ ​ 28 ​ ​ 28 Net loss attributable to common stockholders—diluted ​ $ (41,852) ​ $ (62,364) ​ ​ $ (157,920) ​ $ (251,944) Weighted-average shares outstanding—basic ​ ​ 300,691 ​ ​ 307,422 ​ ​ ​ 307,886 ​ ​ 289,380 Incremental weighted-average shares outstanding—diluted ​ ​ 8,638 ​ ​ 4,532 ​ ​ ​ 8,458 ​ ​ 4,532 Weighted-average shares outstanding—diluted ​ ​ 309,329 ​ ​ 311,954 ​ ​ ​ 316,344 ​ ​ 293,912 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.14) ​ $ (0.20) ​ ​ $ (0.50) ​ $ (0.86) Diluted ​ $ (0.14) ​ $ (0.20) ​ ​ $ (0.50) ​ $ (0.86) ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2023 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 62,913 ​ $ 55,990 ​ Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 46,447 ​ ​ 68,527 ​ Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 62,667 ​ 81,185 ​ Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ — ​ ​ 91,028 ​ (Decrease) increase in accrued future ongoing distribution fees ​ ​ (19,962) ​ ​ 9,641 ​ (Decrease) increase in accrued capital expenditures ​ ​ (28,825) ​ ​ 44,618 ​ Non-cash selling commissions and dealer manager fees ​ 4,014 ​ 19,204 ​ ​ Restricted Cash Restricted cash consists of lender, insurance and property-related escrow accounts, as well as utility deposits. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2023 2022 ​ Beginning of period: ​ ​ ​ Cash and cash equivalents ​ $ 79,524 ​ $ 216,848 ​ Restricted cash ​ 499 ​ 887 ​ Cash, cash equivalents and restricted cash ​ $ 80,023 ​ $ 217,735 ​ End of period: ​ ​ ​ Cash and cash equivalents ​ $ 16,384 ​ $ 81,948 ​ Restricted cash ​ 598 ​ 450 ​ Cash, cash equivalents and restricted cash ​ $ 16,982 ​ $ 82,398 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we and our subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2023, we and our subsidiaries were not involved in any material legal proceedings. Environmental Matters A majority of the properties we acquire have been or will be subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. We have or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of September 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain items in our condensed consolidated statements of cash flows for the nine months ended September 30, 2022 have been reclassified to conform to the 2023 presentation.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of September 30, 2023 and December 31, 2022, our consolidated investment in real estate properties consisted of 253 and 243 industrial buildings, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) September 30, 2023 December 31, 2022 Land ​ $ 1,300,046 ​ $ 1,284,003 Building and improvements ​ 5,379,414 ​ 5,139,402 Intangible lease assets ​ 493,427 ​ 479,532 Construction in progress ​ 301,362 ​ 285,214 Investment in real estate properties ​ 7,474,249 ​ 7,188,151 Less accumulated depreciation and amortization ​ (673,036) ​ (454,273) Net investment in real estate properties ​ $ 6,801,213 ​ $ 6,733,878
Schedule of Asset Acquisitions	During the nine months ended September 30, 2023, 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) Bayport 146 Distribution Center ​ 2/21/2023 ​ 1 ​ $ 49,606 Runway Distribution Center I & II ​ 7/12/2023 ​ 2 ​ ​ 56,992 Brittmore Industrial Center ​ 8/16/2023 ​ 1 ​ ​ 22,288 Total Acquisitions ​ ​ ​ 4 ​ $ 128,886 (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 2023 acquisitions. ​
Allocation of Purchase Price of Acquisitions	During the nine months ended September 30, 2023, we allocated the purchase price of our acquisitions to land and building and improvements as follows: ​ ​ ​ ​ ​ ​ For the Nine Months Ended (in thousands) September 30, 2023 Land ​ $ 15,835 Building and improvements ​ 113,051 Total purchase price (1) ​ $ 128,886 (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 2023 acquisitions.
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of September 30, 2023 and December 31, 2022 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ As of December 31, 2022 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 480,558 ​ $ (222,023) ​ $ 258,535 ​ $ 466,663 ​ $ (158,757) ​ $ 307,906 Above-market lease assets (1) ​ 12,869 ​ (5,448) ​ 7,421 ​ 12,869 ​ (3,872) ​ 8,997 Below-market lease liabilities ​ (129,823) ​ 49,566 ​ (80,257) ​ (129,823) ​ 32,424 ​ (97,399) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets.
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ (in thousands) 2023 2022 2023 2022 Increase (Decrease) to Rental Revenue: ​ ​ ​ ​ Straight-line rent adjustments ​ $ 4,058 ​ $ 4,298 ​ $ 11,273 ​ $ 13,774 ​ Above-market lease amortization ​ (493) ​ (559) ​ (1,576) ​ (1,464) ​ Below-market lease amortization ​ 5,525 ​ 5,622 ​ 17,142 ​ 14,258 ​ Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ ​ Depreciation expense ​ $ 52,014 ​ $ 50,433 ​ $ 153,921 ​ $ 130,483 ​ Intangible lease asset amortization ​ 20,832 ​ 23,147 ​ 63,265 ​ 62,121 ​ ​

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of available for sale debt securities	The weighted-average remaining term of our available-for-sale debt securities, which is based on the fully extended maturity date of the instruments, was approximately 3.47 years as of September 30, 2023. The following table summarizes our investments in available-for-sale debt securities as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (1) ​ Fair Value As of September 30, 2023 ​ $ 59,554 ​ $ 57,267 ​ $ 2,287 ​ $ 843 ​ $ 58,110 As of December 31, 2022 ​ ​ 62,420 ​ ​ 59,708 ​ ​ 2,712 ​ ​ 326 ​ ​ 60,033 (1) Represents cumulative unrealized gain (loss) beginning from acquisition date.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ September 30, December 31, ​ September 30, December 31, ($ in thousands) ​ 2023 ​ 2022 ​ Maturity Date ​ 2023 ​ 2022 Line of credit (1) 6.03 % 5.71 % March 2025 ​ $ 440,000 ​ $ 90,000 Term loan (2) 2.87 2.87 March 2027 ​ 550,000 ​ 550,000 Term loan (3) ​ 3.42 ​ 3.65 ​ May 2026 ​ ​ 600,000 ​ ​ 600,000 Fixed-rate mortgage notes (4) 3.58 3.58 August 2024 - ​ 996,720 ​ 996,720 Floating-rate mortgage notes (5) ​ 4.38 ​ 3.68 ​ January 2025 - ​ ​ 709,467 ​ ​ 617,250 Total principal amount / weighted-average (6) 3.93 % 3.55 % ​ ​ $ 3,296,187 ​ $ 2,853,970 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (23,260) ​ ​ (26,784) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 269 ​ 427 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,273,196 ​ $ 2,827,613 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,586,287 ​ $ 2,389,179 (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% , depending on our consolidated leverage ratio. Customary fall-back provisions apply if Term SOFR is unavailable. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate cap agreements on $100.0 million of borrowings. The line of credit is available for general corporate purposes including, but not limited to, our acquisition and operation of permitted investments. As of September 30, 2023, total commitments for the line of credit were $1.0 billion and the unused and available portions under the line of credit were both $560.0 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 September 30, 2023, 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 and an interest rate cap agreement on $75.0 million of borrowings. As of September 30, 2023, 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) Comprised of a $209.3 million mortgage note, a $408.0 million mortgage note and a $129.1 million mortgage note. As of September 30, 2023, borrowings under the $129.1 million mortgage note amounted to $92.2 million. 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 agreement. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% . (6) The weighted-average remaining term of our consolidated debt was approximately 2.7 years as of September 30, 2023, excluding any extension options on the line of credit and the floating-rate mortgage notes.
Schedule of Maturities of Long-term Debt	As of September 30, 2023, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2023 $ — ​ $ — ​ $ — ​ $ — 2024 ​ — ​ — ​ 38,000 ​ 38,000 2025 ​ 440,000 ​ — ​ 985,080 ​ 1,425,080 2026 ​ — ​ 600,000 ​ 92,217 ​ 692,217 2027 ​ — ​ 550,000 ​ ​ 129,750 ​ 679,750 Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 440,000 ​ $ 1,150,000 ​ $ 1,706,187 ​ $ 3,296,187 (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, the $367.8 million mortgage note matures in July 2025, and the $129.1 million mortgage note matures in October 2026, and the terms of all three may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of September 30, 2023 ​ ​ Interest rate swaps designated as cash flow hedges 17 ​ $ 1,442,830 Derivative instruments ​ $ 74,291 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 707,110 ​ Derivative instruments ​ ​ 22,441 Interest rate caps designated as cash flow hedges ​ 3 ​ ​ 175,000 ​ Derivative instruments ​ ​ 9,806 Total derivative instruments ​ 24 ​ $ 2,324,940 ​ ​ ​ $ 106,538 As of December 31, 2022 ​ ​ Interest rate swaps designated as cash flow hedges 17 ​ $ 1,442,830 Derivative instruments ​ $ 70,994 Interest rate caps not designated as cash flow hedges ​ 2 ​ ​ 578,000 ​ Derivative instruments ​ ​ 28,339 Total derivative instruments ​ 19 ​ $ 2,020,830 ​ ​ ​ $ 99,333
Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative instruments on our condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 ​ Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ ​ Gain recognized in AOCI ​ $ 18,156 ​ $ 49,192 ​ $ 38,478 ​ $ 73,132 ​ Amount reclassified from AOCI (out of) into interest expense ​ (12,578) ​ (863) ​ (32,637) ​ 829 ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 43,168 ​ 45,905 ​ 141,603 ​ 101,450 ​ Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss (gain) on derivative instruments recognized in other (income) expenses (1) ​ $ 3,253 ​ $ (10,707) ​ $ 6,123 ​ $ (25,546) ​ Realized gain on derivative instruments recognized in other (income) expenses (2) ​ ​ (5,084) ​ ​ (603) ​ ​ (13,606) ​ ​ (603) ​ ​ ​ (1) Unrealized loss (gain) on changes in fair value of derivative instruments relates to mark-to-market changes on our derivatives not designated as cash flow hedges. (2) Realized gain on derivative instruments relates to interim settlements for our derivatives not designated as cash flow hedges.

DST PROGRAM (Tables)

DST PROGRAM (Tables)	9 Months Ended
	Sep. 30, 2023
Delaware Statutory Trust Program [Abstract]
Schedule Of DST Program activity	The following table presents our DST Program activity for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ For the Nine Months Ended September 30, (in thousands) ​ ​ 2023 ​ ​ 2022 ​ ​ 2023 ​ ​ 2022 DST Interests sold ​ $ 104,812 ​ $ 229,604 ​ $ 322,444 ​ $ 643,767 DST Interests financed by DST Program Loans (1) ​ ​ 13,836 ​ ​ 34,940 ​ ​ 46,447 ​ ​ 68,527 Income earned from DST Program Loans (2) ​ ​ 2,411 ​ ​ 1,343 ​ ​ 6,331 ​ ​ 3,099 (Decrease) increase in financing obligation liability appreciation (3) ​ ​ (9,273) ​ ​ 8,872 ​ ​ (1,859) ​ ​ 17,882 Rent obligation incurred under master lease agreements (3) ​ ​ 17,569 ​ ​ 11,779 ​ ​ 48,680 ​ ​ 27,876 (1) DST Program Loans are presented net of repayments. (2) Included in other income and expenses on condensed consolidated statements of operations. (3) Included in interest expense on condensed consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	The following table presents our financial instruments measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of September 30, 2023 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 106,538 ​ $ — ​ $ 106,538 Available-for-sale debt securities ​ ​ — ​ ​ 58,110 ​ ​ — ​ ​ 58,110 Debt-related investments ​ ​ — ​ ​ — ​ ​ 103,539 ​ ​ 103,539 Total assets measured at fair value ​ $ — ​ $ 164,648 ​ $ 103,539 ​ $ 268,187 As of December 31, 2022 ​ ​ ​ ​ Assets ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 99,333 ​ $ — ​ $ 99,333 Available-for-sale debt securities ​ ​ — ​ ​ 60,033 ​ ​ — ​ ​ 60,033 Total assets measured at fair value ​ $ — ​ $ 159,366 ​ $ — ​ $ 159,366
Fair value of instruments measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 As of December 31, 2022 ​ Level in ​ Carrying Fair Carrying Fair (in thousands) ​ Fair Value Hierarchy (1) ​ Value (2) ​ Value ​ Value (2) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans ​ 3 ​ $ 198,849 ​ $ 188,997 ​ $ 152,402 ​ $ 146,728 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 440,000 ​ $ 440,000 ​ $ 90,000 ​ $ 90,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 1,706,187 ​ 1,614,575 ​ 1,613,970 ​ 1,521,046 Secured financings on investments in real estate debt securities ​ 3 ​ 44,004 ​ 44,004 ​ — ​ — (1) Fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities, is estimated based on a discounted cash flow methodology, taking into consideration various factors including current market rates and conditions and similar agreements with comparable loan-to-value ratios and credit profiles, as applicable. Debt instruments with near-term maturities are generally valued at par. (2) The carrying value reflects the principal amount outstanding.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Summary of Changes in Shares Outstanding for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2022 223,734 17,582 53,716 295,032 Issuance of common stock: Primary shares 13,850 2,257 4,027 20,134 DRIP 937 91 254 1,282 Stock grants, net of cancellations ​ — ​ — ​ 21 ​ 21 Redemptions (3,280) (212) (831) (4,323) Conversions ​ (4,409) ​ — ​ 4,409 ​ — Forfeitures — — (1) (1) Balance as of September 30, 2022 ​ 230,832 ​ 19,718 ​ 61,595 ​ 312,145 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 30, 2023 201,793 20,968 85,044 307,805 Issuance of common stock: Primary shares 1,675 332 594 2,601 DRIP 942 116 462 1,520 Stock grants, net of cancellations — — 31 31 Redemptions (9,127) (582) (5,659) (15,368) Conversions ​ (6,749) ​ — ​ 6,749 ​ — Forfeitures ​ — ​ — ​ (8) ​ (8) Balance as of September 30, 2023 188,534 20,834 87,213 296,581 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 206,129 13,649 37,391 257,169 Issuance of common stock: Primary shares 34,141 6,213 16,986 57,340 DRIP 3,054 259 695 4,008 Stock grants, net of cancellations ​ — ​ — ​ 193 ​ 193 Redemptions (4,762) (403) (1,377) (6,542) Conversions ​ (7,730) ​ — ​ 7,730 ​ — Forfeitures — — (23) (23) Balance as of September 30, 2022 230,832 19,718 61,595 312,145 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ 227,265 ​ 20,577 ​ 66,702 ​ 314,544 Issuance of common stock: Primary shares 7,074 1,615 2,906 11,595 DRIP 2,751 321 1,168 4,240 Stock grants, net of cancellations — — 196 196 Redemptions (21,879) (1,679) (10,419) (33,977) Conversions ​ (26,677) ​ — ​ 26,677 ​ — Forfeitures ​ — ​ — ​ (17) ​ (17) Balance as of September 30, 2023 188,534 20,834 87,213 296,581
Summary of Distribution Activity	The following table summarizes our distribution activity (including distributions to redeemable noncontrolling interests and distributions reinvested in shares of our common stock) for each of the quarters ended below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ $ 0.15000 ​ $ 16,825 ​ $ 1,296 ​ $ 22,550 ​ $ 5,721 ​ $ 46,392 June 30 ​ ​ 0.13625 ​ ​ 15,490 ​ ​ 1,177 ​ ​ 20,357 ​ ​ 6,344 ​ ​ 43,368 March 31 ​ ​ 0.13625 ​ ​ 15,284 ​ ​ 1,107 ​ ​ 20,653 ​ ​ 6,806 ​ ​ 43,850 Total ​ $ 0.42250 ​ $ 47,599 ​ $ 3,580 ​ $ 63,560 ​ $ 18,871 ​ $ 133,610 2022 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 14,963 ​ $ 618 ​ $ 20,522 ​ $ 7,372 ​ $ 43,475 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 ​ $ 56,273 ​ $ 2,493 ​ $ 77,575 ​ $ 27,184 ​ $ 163,525 (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. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings.
Share Redemption Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the nine months ended September 30, 2023 and 2022. All eligible redemption requests were fulfilled for the periods presented. Eligible redemption requests are requests submitted in good order by the request submission deadline set forth in the share redemption program. Our board of directors may modify or suspend our current share redemption programs if it deems such action to be in the best interest of our stockholders: ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) ​ 2023 ​ 2022 Number of shares redeemed ​ ​ 33,977 ​ ​ 6,542 Aggregate dollar amount of shares redeemed ​ $ 501,248 ​ $ 97,209 Average redemption price per share ​ $ 14.75 ​ $ 14.86 ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2023
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2023 ​ For the Nine Months Ended September 30, 2022 ​ ($ and units in thousands) ​ $ ​ Units ​ $ ​ Units ​ Balance at beginning of the year ​ $ 69,553 ​ 4,532 ​ $ 15,687 ​ 1,311 ​ Settlement of prior year performance participation allocation (1) ​ ​ 62,667 ​ 4,106 ​ ​ 81,185 ​ 6,494 ​ Distributions to redeemable noncontrolling interests ​ ​ (3,580) ​ — ​ ​ (1,875) ​ — ​ Redemptions of redeemable noncontrolling interests (2) ​ ​ — ​ — ​ ​ (40,915) ​ (3,273) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ (4,187) ​ — ​ ​ (3,942) ​ — ​ Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ 218 ​ — ​ ​ 1,118 ​ — ​ Redemption value allocation adjustment to redeemable noncontrolling interests (3) ​ ​ (3,218) ​ — ​ ​ 18,339 ​ — ​ Ending balance ​ $ 121,453 ​ 8,638 ​ $ 69,597 ​ 4,532 ​ (1) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022, and the Advisor elected to settle a portion of the amount owed partially in cash in the amount of $77.8 million, and the remainder in Class I OP Units in January 2023. The 2021 performance participation allocation in the amount of $81.2 million became payable on December 31, 2021, and was issued as 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. (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.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our public offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ Payable as of (in thousands) 2023 2022 2023 2022 September 30, 2023 December 31, 2022 Selling commissions and dealer manager fees (1) ​ $ 831 ​ $ 7,533 ​ $ 4,014 ​ $ 19,204 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 5,721 ​ 7,359 ​ 18,871 ​ 19,867 ​ 1,771 ​ 2,459 Advisory fee—fixed component ​ ​ 18,217 ​ ​ 18,237 ​ ​ 56,436 ​ ​ 48,494 ​ ​ 5,990 ​ ​ 6,371 Performance participation allocation (3) ​ — ​ 14,034 ​ ​ — ​ ​ 136,480 ​ ​ — ​ ​ 140,505 Other expense reimbursements (4)(5) ​ 3,168 ​ 3,494 ​ ​ 9,108 ​ ​ 10,218 ​ ​ 2,561 ​ ​ 2,624 Property accounting fee (6) ​ ​ 872 ​ ​ 743 ​ ​ 2,552 ​ ​ 1,943 ​ ​ 295 ​ ​ 269 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 1,556 ​ ​ 2,501 ​ ​ 4,558 ​ ​ 6,708 ​ ​ 818 ​ ​ 672 Other DST Program related costs (5) ​ ​ 1,390 ​ ​ 2,876 ​ ​ 4,306 ​ ​ 8,275 ​ ​ 181 ​ ​ 145 Development fees (7) ​ ​ 280 ​ ​ 4,673 ​ ​ 1,147 ​ ​ 7,056 ​ ​ 280 ​ ​ 471 Total ​ $ 32,035 ​ $ 61,450 ​ $ 100,992 ​ $ 258,245 ​ $ 11,896 ​ $ 153,516 (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 $72.2 million and $92.1 million as of September 30, 2023 and December 31, 2022, respectively. (3) The 2022 performance participation allocation in the amount of $140.5 million became payable on December 31, 2022 and was settled in January 2023. 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 condensed consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our condensed consolidated balance sheets.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
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 Three Months Ended September 30, ​ ​ For the Nine Months Ended September 30, (in thousands, except per share data) 2023 2022 ​ 2023 2022 Net loss attributable to common stockholders—basic ​ $ (40,692) ​ $ (61,472) ​ ​ $ (153,761) ​ $ (248,030) Net loss attributable to redeemable noncontrolling interests ​ ​ (1,169) ​ ​ (901) ​ ​ ​ (4,187) ​ ​ (3,942) Net loss attributable to noncontrolling interests ​ ​ 9 ​ ​ 9 ​ ​ ​ 28 ​ ​ 28 Net loss attributable to common stockholders—diluted ​ $ (41,852) ​ $ (62,364) ​ ​ $ (157,920) ​ $ (251,944) Weighted-average shares outstanding—basic ​ ​ 300,691 ​ ​ 307,422 ​ ​ ​ 307,886 ​ ​ 289,380 Incremental weighted-average shares outstanding—diluted ​ ​ 8,638 ​ ​ 4,532 ​ ​ ​ 8,458 ​ ​ 4,532 Weighted-average shares outstanding—diluted ​ ​ 309,329 ​ ​ 311,954 ​ ​ ​ 316,344 ​ ​ 293,912 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ (0.14) ​ $ (0.20) ​ ​ $ (0.50) ​ $ (0.86) Diluted ​ $ (0.14) ​ $ (0.20) ​ ​ $ (0.50) ​ $ (0.86) ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Non-Cash Investing and Financing Activities	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2023 2022 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ $ 62,913 ​ $ 55,990 ​ Net increase in DST Program Loans receivable through DST Program capital raising ​ ​ 46,447 ​ ​ 68,527 ​ Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 62,667 ​ 81,185 ​ Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ — ​ ​ 91,028 ​ (Decrease) increase in accrued future ongoing distribution fees ​ ​ (19,962) ​ ​ 9,641 ​ (Decrease) increase in accrued capital expenditures ​ ​ (28,825) ​ ​ 44,618 ​ Non-cash selling commissions and dealer manager fees ​ 4,014 ​ 19,204 ​
Reconciliation of Cash, Cash Equivalents and Restricted Cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, (in thousands) 2023 2022 ​ Beginning of period: ​ ​ ​ Cash and cash equivalents ​ $ 79,524 ​ $ 216,848 ​ Restricted cash ​ 499 ​ 887 ​ Cash, cash equivalents and restricted cash ​ $ 80,023 ​ $ 217,735 ​ End of period: ​ ​ ​ Cash and cash equivalents ​ $ 16,384 ​ $ 81,948 ​ Restricted cash ​ 598 ​ 450 ​ Cash, cash equivalents and restricted cash ​ $ 16,982 ​ $ 82,398 ​ ​

INVESTMENT IN REAL ESTATE (Narr

INVESTMENT IN REAL ESTATE (Narrative) (Details) - Asset Acquisition $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Intangible lease liabilities acquired	$ 0
Intangible lease assets
Real Estate Properties [Line Items]
Intangible assets acquired	$ 0

INVESTMENT IN REAL ESTATE (Inve

INVESTMENT IN REAL ESTATE (Investment in Properties) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 1,300,046	$ 1,284,003
Building and improvements	5,379,414	5,139,402
Intangible lease assets	493,427	479,532
Construction in progress	301,362	285,214
Investment in real estate properties	7,474,249	7,188,151
Less accumulated depreciation and amortization	(673,036)	(454,273)
Net investment in real estate properties	$ 6,801,213	$ 6,733,878

INVESTMENT IN REAL ESTATE (Sche

INVESTMENT IN REAL ESTATE (Schedule of Asset Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) building	Dec. 31, 2022 building
Asset Acquisition [Line Items]
Percentage of assets acquired	100%
Wholly Owned Properties
Asset Acquisition [Line Items]
Number of real estate properties | building	253	243
Asset Acquisition
Asset Acquisition [Line Items]
Number of real estate properties | building	4
Total Purchase Price | $	$ 128,886
Debt assumed at fair value | $	$ 0
Bayport 146 Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price | $	$ 49,606
Runway Distribution Center I & II
Asset Acquisition [Line Items]
Number of real estate properties | building	2
Total Purchase Price | $	$ 56,992
Brittmore Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building	1
Total Purchase Price | $	$ 22,288

INVESTMENT IN REAL ESTATE (Purc

INVESTMENT IN REAL ESTATE (Purchase Price Allocation) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Asset Acquisition [Line Items]
Land	$ 15,835
Building and improvements	113,051
Total purchase price	128,886
Asset Acquisition
Asset Acquisition [Line Items]
Debt assumed at fair value	$ 0

INVESTMENT IN REAL ESTATE (Summ

INVESTMENT IN REAL ESTATE (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 493,427	$ 479,532
Below Market Lease [Roll Forward]
Gross	(129,823)	(129,823)
Accumulated Amortization	49,566	32,424
Net	(80,257)	(97,399)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	480,558	466,663
Accumulated Amortization	(222,023)	(158,757)
Total	258,535	307,906
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	12,869	12,869
Accumulated Amortization	(5,448)	(3,872)
Total	$ 7,421	$ 8,997

INVESTMENT IN REAL ESTATE (Su_2

INVESTMENT IN REAL ESTATE (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 4,058	$ 4,298	$ 11,273	$ 13,774
Real Estate-Related Depreciation and Amortization:
Depreciation expense	52,014	50,433	153,921	130,483
Intangible lease asset amortization	20,832	23,147	63,265	62,121
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(493)	(559)	(1,576)	(1,464)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 5,525	$ 5,622	$ 17,142	$ 14,258

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) $ in Thousands, ft² in Millions		9 Months Ended
	Feb. 15, 2022 USD ($) item property	Sep. 30, 2023 USD ($) ft² property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships		$ 20,306		$ 19,668
Incremental additional cash investment			$ 259,526
BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Outside basis difference		5,500
BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships		$ 20,300
Related Party | BTC II Partnership Agreement | BTC II Partnership | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	0%
Related Party | BTC II B Partnership Agreement | BTC II Partnership | 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 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 | Related Party | BTC II B Partnership Agreement | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Number of properties | property	5
BTC II B Partnership | Related Party | BTC II B Partnership Agreement | BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Number of properties | property		2
Number of properties under construction and pre-construction | property		3
Number of square feet in investment | ft²		0.8
Under construction and pre-construction phase totaling | ft²		1

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Securities) (Details) - Senior Debt Obligations $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) contract	Sep. 30, 2023 USD ($) item
Schedule of Held-to-Maturity Securities [Line Items]
Number of contract on debt securities		2	2
Aggregate commitment amount	$ 174.8	$ 174.8	$ 174.8
Weighted-average interest rate	8.93%	8.93%	8.93%
Weighted-average remaining term	2 years 10 months 6 days
Weighted-average margin	3.52%	3.52%	3.52%
Debt-related investments	$ 103.5	$ 103.5	$ 103.5

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Available-for-Sale Debt Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Credit losses	$ 0
Face Amount	59,554	$ 62,420
Amortized Cost	57,267	59,708
Unamortized Discount	2,287	2,712
Unrealized Gain, Net	843	326
Fair Value	$ 58,110	$ 60,033
Weighted Average
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years 5 months 19 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) contract	Sep. 30, 2023 USD ($) contract	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) contract	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) contract
DEBT
Weighted-Average Effective Interest Rate	3.93%	3.93%		3.93%		3.55%
Principal amount	$ 3,296,187	$ 3,296,187		$ 3,296,187		$ 2,853,970
Less unamortized debt issuance costs	(23,260)	(23,260)		(23,260)		(26,784)
Add unamortized mark-to-market adjustment on assumed debt	269	269		269		427
Total debt, net	3,273,196	3,273,196		3,273,196		2,827,613
Gross book value of properties encumbered by debt	$ 2,586,287	$ 2,586,287		$ 2,586,287		$ 2,389,179
Number of Contracts | contract	24	24		24		19
Interest incurred related to indebtedness excluding loan cost amortization and amounts capitalized		$ 37,600	$ 25,700	$ 102,000	$ 54,700
Capitalized interest		$ 5,400	$ 2,600	$ 14,800	$ 4,300
Weighted Average
DEBT
Remaining debt term (in years)	2 years 8 months 12 days
Line of Credit
DEBT
Weighted-Average Effective Interest Rate	6.03%	6.03%		6.03%		5.71%
Principal amount	$ 440,000	$ 440,000		$ 440,000		$ 90,000
Total commitments for line of credit				1,000,000
Unused and available portions under the term loan	560,000	560,000		$ 560,000
Line of Credit | SOFR
DEBT
Basis spread on variable rate				0.10%		0.10%
Line of Credit | SOFR | Minimum
DEBT
Basis spread on variable rate				1.25%		1.25%
Line of Credit | SOFR | Maximum
DEBT
Basis spread on variable rate				2%		2%
Line of Credit | Base Rate | Minimum
DEBT
Basis spread on variable rate				0.25%		0.25%
Line of Credit | Base Rate | Maximum
DEBT
Basis spread on variable rate				1%		1%
Term Loan
DEBT
Principal amount	$ 1,150,000	$ 1,150,000		$ 1,150,000
Term Loan (Maturity date March 2027)
DEBT
Weighted-Average Effective Interest Rate	2.87%	2.87%		2.87%		2.87%
Principal amount	$ 550,000	$ 550,000		$ 550,000		$ 550,000
Debt Instrument, Unused Borrowing Capacity, Fee				$ 550,000
Term Loan (Maturity date March 2027) | SOFR | Minimum
DEBT
Basis spread on variable rate				1.20%		1.20%
Term Loan (Maturity date March 2027) | SOFR | Maximum
DEBT
Basis spread on variable rate				1.90%		1.90%
Term Loan (Maturity date March 2027) | Base Rate | Minimum
DEBT
Basis spread on variable rate				0.20%		0.20%
Term Loan (Maturity date March 2027) | Base Rate | Maximum
DEBT
Basis spread on variable rate				0.90%		0.90%
Term Loan (Maturity date May 2026)
DEBT
Weighted-Average Effective Interest Rate	3.42%	3.42%		3.42%		3.65%
Principal amount	$ 600,000	$ 600,000		$ 600,000		$ 600,000
Debt Instrument, Unused Borrowing Capacity, Fee				600,000
Term Loan (Maturity date May 2026) | Interest Rate Caps
DEBT
Principal amount	100,000	100,000		$ 100,000
Term Loan (Maturity date May 2026) | SOFR
DEBT
Basis spread on variable rate				0.11448%		0.11448%
Term Loan (Maturity date May 2026) | SOFR | Minimum
DEBT
Basis spread on variable rate				1.35%		1.35%
Term Loan (Maturity date May 2026) | SOFR | Maximum
DEBT
Basis spread on variable rate				2.20%		2.20%
Term Loan (Maturity date May 2026) | SOFR | Interest Rate Swap
DEBT
Principal amount	525,000	525,000		$ 525,000
Term Loan (Maturity date May 2026) | SOFR | Interest Rate Caps
DEBT
Principal amount	$ 75,000	$ 75,000		$ 75,000
Term Loan (Maturity date May 2026) | Base Rate | Minimum
DEBT
Basis spread on variable rate				0.35%		0.35%
Term Loan (Maturity date May 2026) | Base Rate | Maximum
DEBT
Basis spread on variable rate				1.20%		1.20%
Fixed-rate mortgage notes
DEBT
Weighted-Average Effective Interest Rate	3.58%	3.58%		3.58%		3.58%
Principal amount	$ 996,720	$ 996,720		$ 996,720		$ 996,720
Fixed-rate mortgage notes | Minimum
DEBT
Interest rates (as a percent)	2.85%	2.85%		2.85%		2.85%
Fixed-rate mortgage notes | Maximum
DEBT
Interest rates (as a percent)	4.71%	4.71%		4.71%		4.71%
Floating-rate mortgage notes
DEBT
Weighted-Average Effective Interest Rate	4.38%	4.38%		4.38%		3.68%
Principal amount	$ 709,467	$ 709,467		$ 709,467		$ 617,250
Variable Rate Secured Mortgage Note Maturity January 2025
DEBT
Face Amount	408,000	408,000		$ 408,000		$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR
DEBT
Basis spread on variable rate				1.65%		1.65%
Variable Rate 1.85 Percentage Secured Mortgage Note Maturity January 2025
DEBT
Face Amount	367,800	367,800		$ 367,800
Variable Rate Secured Mortgage Note Maturity July 2025
DEBT
Face Amount	209,300	209,300		$ 209,300		$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR
DEBT
Basis spread on variable rate				1.50%		1.50%
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR | Interest Rate Caps
DEBT
Principal amount	170,000	170,000		$ 170,000		$ 170,000
Variable Rate Secured Mortgage Note Maturity October 2026
DEBT
Principal amount	92,200	92,200		92,200
Face Amount	$ 129,100	$ 129,100		$ 129,100
Variable Rate Secured Mortgage Note Maturity October 2026 | SOFR
DEBT
Basis spread on variable rate				3.30%

DEBT (Principal Payments on Deb

DEBT (Principal Payments on Debt) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
DEBT
2024	$ 38,000
2025	1,425,080
2026	692,217
2027	679,750
Thereafter	461,140
Total principal payments	3,296,187	$ 2,853,970
Line of Credit
DEBT
2025	440,000
Total principal payments	$ 440,000	90,000
Term of extension option	1 year
Number of extension options for extension term | item	2
Term Loan
DEBT
2026	$ 600,000
2027	550,000
Total principal payments	1,150,000
Mortgages [Member]
DEBT
2024	38,000
2025	985,080
2026	92,217
2027	129,750
Thereafter	461,140
Total principal payments	1,706,187
Fixed-rate mortgage notes
DEBT
Total principal payments	996,720	996,720
Floating-rate mortgage notes
DEBT
Total principal payments	709,467	617,250
Variable Rate 1.85 Percentage Secured Mortgage Note Maturity January 2025
DEBT
Face Amount	$ 367,800
Term of extension option	1 year
Number of extension options for extension term | item	2
Variable Rate Secured Mortgage Note Maturity January 2025
DEBT
Face Amount	$ 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
Face Amount	$ 209,300	$ 209,300
Term of extension option	1 year

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Sep. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
DEBT
Decrease in cash flow hedge to be reclassified in next twelve months	$ 37,300
Number of Contracts | contract	24	19
Notional Amount	$ 2,324,940	$ 2,020,830
Derivative instruments	$ 106,538	$ 99,333
Interest Rate Swap | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract	17	17
Notional Amount	$ 1,442,830	$ 1,442,830
Derivative instruments	$ 74,291	$ 70,994
Interest Rate Caps | Not Designated as Hedging Instrument
DEBT
Number of Contracts | contract	4	2
Notional Amount	$ 707,110	$ 578,000
Derivative instruments	$ 22,441	$ 28,339
Interest Rate Caps | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract	3
Notional Amount	$ 175,000
Derivative instruments	$ 9,806

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
DEBT
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 43,168	$ 45,905	$ 141,603	$ 101,450
Unrealized loss (gain) on derivative instruments recognized in other (income) expenses			6,123	(25,546)
Designated as Hedging Instrument
DEBT
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	43,168	45,905	141,603	101,450
Not Designated as Hedging Instrument
DEBT
Unrealized loss (gain) on derivative instruments recognized in other (income) expenses	3,253	(10,707)	6,123	(25,546)
Realized gain on derivative instruments recognized in other (income) expenses	$ (5,084)	$ (603)	$ (13,606)	$ (603)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Gain recognized in AOCI	$ 18,156	$ 49,192	$ 38,478	$ 73,132
Amount reclassified from AOCI (out of) into interest expense	$ (12,578)	$ (863)	$ (32,637)	$ 829

DEBT (Secured Financings) (Deta

DEBT (Secured Financings) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
DEBT
Outstanding amount	$ 44,004	$ 44,004	$ 0
Morgan Stanley Bank, N.A.
DEBT
Outstanding amount	44,000	44,000
Fair value	58,100	58,100
Interest Costs Incurred	$ 700	$ 700
SOFR | Morgan Stanley Bank, N.A.
DEBT
Basis spread on variable rate		0.90%

DST PROGRAM - DST Program activ

DST PROGRAM - DST Program activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
DST Program loans outstanding	$ 198,849		$ 198,849		$ 152,402
(Decrease) increase in financing obligation liability appreciation			(1,859)	$ 17,882
D S T Program
Delaware Statutory Trust Programs [Line Items]
DST Program loans outstanding	198,800		198,800		$ 152,400
DST Interests sold	104,812	$ 229,604	322,444	643,767
DST Interests financed by DST Program Loans	13,836	34,940	46,447	68,527
Income earned from DST Program Loans	2,411	1,343	6,331	3,099
(Decrease) increase in financing obligation liability appreciation	(9,273)	8,872	(1,859)	17,882
Rent obligation incurred under master lease agreements	$ 17,569	$ 11,779	$ 48,680	$ 27,876

FAIR VALUE (Recurring Basis) (D

FAIR VALUE (Recurring Basis) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) contract	Sep. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 106,538	$ 106,538	$ 99,333
Available-for-sale debt securities	58,110	58,110	60,033
Senior Debt Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt-related investments	$ 103,500	$ 103,500
Number of contract on debt securities	2	2
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 58,110	$ 58,110	60,033
Debt-related investments	103,539	103,539
Total assets measured at fair value	268,187	268,187	159,366
Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	106,538	106,538	99,333
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	58,110	58,110	60,033
Total assets measured at fair value	164,648	164,648	159,366
Level 2 | Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	106,538	106,538	$ 99,333
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt-related investments	103,539	103,539
Total assets measured at fair value	$ 103,539	$ 103,539

FAIR VALUE (Nonrecurring Basis)

FAIR VALUE (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Assets:
DST Program Loans	$ 198,849	$ 152,402
Carrying Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	440,000	90,000
Carrying Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,150,000
Carrying Value | Mortgages [Member]
Liabilities:
Debt instruments, fair value disclosure	1,706,187	1,613,970
Carrying Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	44,004
Fair Value
Assets:
DST Program Loans	188,997	146,728
Fair Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	440,000	90,000
Fair Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,150,000
Fair Value | Mortgages [Member]
Liabilities:
Debt instruments, fair value disclosure	1,614,575	$ 1,521,046
Fair Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	$ 44,004

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	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	$ 59,916	$ 334,909	$ 240,397	$ 880,264
Issuance of common stock, shares			15.8
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			$ 62,900

EQUITY (Summary of Changes in S

EQUITY (Summary of Changes in Shares Outstanding for Each Class of Common Stock) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions			(33,977)	(6,542)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			227,265
Ending balance, shares	188,534		188,534
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			20,577
Ending balance, shares	20,834		20,834
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			66,702
Ending balance, shares	87,213		87,213
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	307,805	295,032	314,544	257,169
Primary shares	2,601	20,134	11,595	57,340
DRIP	1,520	1,282	4,240	4,008
Stock grants, net of cancellations	31	21	196	193
Redemptions	(15,368)	(4,323)	(33,977)	(6,542)
Forfeitures	(8)	(1)	(17)	(23)
Ending balance, shares	296,581	312,145	296,581	312,145
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	201,793	223,734	227,265	206,129
Primary shares	1,675	13,850	7,074	34,141
DRIP	942	937	2,751	3,054
Redemptions	(9,127)	(3,280)	(21,879)	(4,762)
Conversions	(6,749)	(4,409)	(26,677)	(7,730)
Ending balance, shares	188,534	230,832	188,534	230,832
Common Stock | Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,968	17,582	20,577	13,649
Primary shares	332	2,257	1,615	6,213
DRIP	116	91	321	259
Redemptions	(582)	(212)	(1,679)	(403)
Ending balance, shares	20,834	19,718	20,834	19,718
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	85,044	53,716	66,702	37,391
Primary shares	594	4,027	2,906	16,986
DRIP	462	254	1,168	695
Stock grants, net of cancellations	31	21	196	193
Redemptions	(5,659)	(831)	(10,419)	(1,377)
Conversions	6,749	4,409	26,677	7,730
Forfeitures	(8)	(1)	(17)	(23)
Ending balance, shares	87,213	61,595	87,213	61,595

EQUITY (Summary of Company's Ca

EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.15000	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.42250	$ 0.54500
Common Stock Distributions Paid in Cash	$ 16,825	$ 15,490	$ 15,284	$ 14,963	$ 14,593	$ 13,674	$ 13,043	$ 47,599	$ 56,273
Other Cash Distributions	1,296	1,177	1,107	618	618	618	639	3,580	2,493
Reinvested in Shares	22,550	20,357	20,653	20,522	19,942	18,953	18,158	63,560	77,575
Distribution Fees	5,721	6,344	6,806	7,372	7,304	6,852	5,656	18,871	27,184
Gross Distributions	$ 46,392	$ 43,368	$ 43,850	$ 43,475	$ 42,457	$ 40,097	$ 37,496	$ 133,610	$ 163,525

EQUITY (Share Redemption Activi

EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Number of shares redeemed (in shares)			33,977	6,542
Aggregate dollar amount of shares redeemed	$ 220,309	$ 65,887	$ 501,248	$ 97,209
Average redemption price per share (in dollars per share)			$ 14.75	$ 14.86

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 69,553	$ 15,687			$ 69,553	$ 15,687
Settlement of prior year performance participation allocation					62,667	81,185
Distributions to redeemable noncontrolling interests			$ (1,296)	$ (618)	(3,580)	(1,875)
Redemptions of redeemable noncontrolling interests						(40,915)
Net loss attributable to redeemable noncontrolling interests			(1,169)	(901)	(4,187)	(3,942)
Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests			159	699	218	1,118
Redemption value allocation adjustment to redeemable noncontrolling interests					(3,218)	18,339
Ending balance			$ 121,453	$ 69,597	$ 121,453	$ 69,597
Redeemable noncontrolling interests activity, in shares
Beginning balance, shares	4,532,000	1,311,000			4,532,000	1,311,000
Settlement of prior year performance participation allocation, shares					4,106,000	6,494,000
Redemptions of redeemable noncontrolling interests, shares						(3,273,000)
Ending balance, shares			8,638,000	4,532,000	8,638,000	4,532,000
Payable as of			$ 55,541		$ 55,541		$ 194,822
Related Party | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Payable as of			$ 11,896		$ 11,896		153,516
Related Party | Advisory Fee, Performance Component | Ares Commercial Real Estate Management | Operating Partnership Units
Redeemable Noncontrolling Interest [Line Items]
Redemptions of redeemable noncontrolling interests		$ (40,900)
Redeemable noncontrolling interests activity, in shares
Issuance of OP Units (in shares)		3,273,003
Related Party | Performance Participation Allocation. | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Payable as of							$ 140,505	$ 81,200
Allocation, to be settled in cash	$ 77,800
Related Party | Performance Participation Allocation. | Chairman, Mr. Zucker | Operating Partnership Units
Redeemable noncontrolling interests activity, in shares
Issuance of OP Units (in shares)		3,221,460

RELATED PARTY TRANSACTIONS (Sum

RELATED PARTY TRANSACTIONS (Summary of Fees and Expenses) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Distribution fees payable to affiliates	$ 72,183		$ 72,183		$ 92,145
Other Liabilities	55,541		55,541		194,822
Related Party | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	32,035	$ 61,450	100,992	$ 258,245
Other Liabilities	11,896		11,896		153,516
Amount reimbursed for services	2,900	3,300	8,500	9,500
Related Party | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	831	7,533	4,014	19,204
Related Party | Ongoing Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	5,721	7,359	18,871	19,867
Distribution fees payable to affiliates	72,200		72,200		92,100
Other Liabilities	1,771		1,771		2,459
Related Party | Advisory Fee, Fixed Component | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	18,217	18,237	56,436	48,494
Other Liabilities	5,990		5,990		6,371
Related Party | Performance Participation Allocation. | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		14,034	0	136,480
Other Liabilities					140,505	$ 81,200
Cash paid for settlement of related party amount due					$ 77,800
Settlement of related party amount due by OP units					4.1
Related Party | Other Expense Reimbursements | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	3,168	3,494	9,108	10,218
Other Liabilities	2,561		2,561		$ 2,624
Related Party | Property Accounting Fee | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	872	743	2,552	1,943
Other Liabilities	295		295		269
Related Party | 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	1,556	2,501	4,558	6,708
Other Liabilities	818		818		672
Related Party | 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	1,390	2,876	4,306	8,275
Other Liabilities	181		181		145
Related Party | Development Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	280	$ 4,673	1,147	$ 7,056
Other Liabilities	$ 280		$ 280		$ 471

RELATED PARTY TRANSACTIONS (Per

RELATED PARTY TRANSACTIONS (Performance Participation Allocation) (Details) - Related Party - Ares Commercial Real Estate Management - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 32,035	$ 61,450	$ 100,992	$ 258,245
Performance Participation Allocation.
Related Party Transaction [Line Items]
Threshold for performance component of advisory fee			12.50%
Threshold of annual total return as % of NAV			5%
Performance component earned for excess return over the hurdle amount			100%
Maximum performance component limited to % of total annual return			12.50%
Related Party Transaction, Expenses from Transactions with Related Party		$ 14,034	$ 0	$ 136,480

RELATED PARTY TRANSACTIONS (Joi

RELATED PARTY TRANSACTIONS (Joint Venture Partnerships) (Details) - Related Party - USD ($) $ in Millions	2 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 14, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
BTC II Partnership | BTC II Partnership Agreement | BTC II Partnership
Related Party Transaction [Line Items]
Payment of Joint Venture Partnership Fees	$ 1.8
BTC II B Partnership | BTC II B Partnership Agreement | BTC II B Partnership
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 0.4	$ 0.3	$ 0.7	$ 1.6

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders-basic	$ (40,692)	$ (61,472)	$ (153,761)	$ (248,030)
Net loss attributable to redeemable noncontrolling interests	(1,169)	(901)	(4,187)	(3,942)
Net loss attributable to noncontrolling interests	9	9	28	28
Net loss attributable to common stockholders-diluted	$ (41,852)	$ (62,364)	$ (157,920)	$ (251,944)
Weighted-average shares outstanding - basic (in shares)	300,691	307,422	307,886	289,380
Incremental weighted-average shares outstanding-diluted	8,638	4,532	8,458	4,532
Weighted-average shares outstanding - diluted	309,329	311,954	316,344	293,912
Net loss per common share - basic (in dollars per share)	$ (0.14)	$ (0.20)	$ (0.50)	$ (0.86)
Net loss per common share - diluted (in dollars per share)	$ (0.14)	$ (0.20)	$ (0.50)	$ (0.86)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 62,913	$ 55,990
Net increase in DST Program Loans receivable through DST Program capital raising	46,447	68,527
Redeemable noncontrolling interests issued as settlement of performance participation allocation	62,667	81,185
Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership		91,028
(Decrease) increase in accrued future ongoing distribution fees	(19,962)	9,641
(Decrease) increase in accrued capital expenditures	(28,825)	44,618
Non-cash selling commissions and dealer manager fees	$ 4,014	$ 19,204

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 16,384	$ 79,524	$ 81,948	$ 216,848
Restricted cash	598	499	450	887
Cash, cash equivalents and restricted cash	$ 16,982	$ 80,023	$ 82,398	$ 217,735

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (40,692)	$ (61,472)	$ (153,761)	$ (248,030)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false