ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-K 8 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Title of 12(g) Security	Common Stock, $0.01 Par Value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 0
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Denver, Colorado
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		129,855,489
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,153,257
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		136,277,889

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Net investment in real estate properties	$ 6,753,978	$ 6,733,878
Investment in unconsolidated joint venture partnership	20,511	19,668
Investments in real estate debt and securities, at fair value	184,755	60,033
Cash and cash equivalents	14,322	79,524
Restricted cash	620	499
Derivative instruments	83,531	99,333
DST Program Loans (includes $2,439 and $0 at fair value as of December 31, 2023 and December 31, 2022, respectively)	202,715	152,402
Other assets	69,072	78,138
Total assets	7,329,504	7,223,475
Liabilities
Accounts payable and accrued liabilities	101,013	125,930
Debt, net	3,421,181	2,827,613
Secured financings on investments in real estate debt securities	42,298	0
Intangible lease liabilities, net	75,141	97,399
Financing obligations, net (includes $87,145 and $0 at fair value as of December 31, 2023 and December 31, 2022, respectively)	1,658,634	1,262,666
Distribution fees payable to affiliates	64,517	92,145
Other liabilities	57,176	194,822
Total liabilities	5,419,960	4,600,575
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests	114,310	69,553
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	2,850,329	3,219,132
Accumulated deficit and distributions	(1,094,009)	(739,497)
Accumulated other comprehensive income	35,716	70,255
Total stockholders' equity	1,794,922	2,553,035
Noncontrolling interests	312	312
Total equity	1,795,234	2,553,347
Total liabilities and equity	7,329,504	7,223,475
Class T Shares
Stockholders' equity:
Common stock, value	1,628	2,272
Class D Shares
Stockholders' equity:
Common stock, value	204	206
Class I Shares
Stockholders' equity:
Common stock, value	$ 1,054	$ 667

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DST Program Loans, fair value	$ 2,439	$ 0
Financing obligations	$ 87,145	$ 0
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	162,838	227,265
Common stock, shares outstanding	162,838	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	20,410	20,577
Common stock, shares outstanding	20,410	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	105,358	66,702
Common stock, shares outstanding	105,358	66,702

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental revenues	$ 460,108	$ 391,605	$ 177,069
Debt-related income	9,987	420	0
Total revenues	470,095	392,025	177,069
Operating expenses:
Rental expenses	111,579	94,276	42,719
Real estate-related depreciation and amortization	294,111	265,970	112,201
General and administrative expenses	15,313	13,265	8,886
Advisory fees	74,092	67,561	28,558
Performance participation allocation	0	140,505	81,185
Acquisition costs and reimbursements	10,217	5,322	3,735
Total operating expenses	505,312	586,899	277,284
Other (income) expenses:
Equity in loss (income) from unconsolidated joint venture partnership(s)	118	97	(54,296)
Interest expense	190,382	150,824	30,463
Unrealized gain on financing obligations	(179)	0	0
(Gain) loss on derivative instruments	(5,124)	(28,628)	177
Other income and expenses	(10,191)	(4,252)	(732)
Total other (income) expenses	175,006	118,041	(24,388)
Net loss	(210,223)	(312,915)	(75,827)
Net loss attributable to redeemable noncontrolling interests	5,587	4,874	498
Net income attributable to noncontrolling interests	(38)	(38)	(20)
Net loss attributable to common stockholders	$ (204,674)	$ (308,079)	$ (75,349)
Weighted-average shares outstanding - basic (in shares)	303,660	295,683	201,169
Weighted-average shares outstanding - diluted (in shares)	312,121	300,216	202,480
Net loss per common share - basic (in dollars per share)	$ (0.67)	$ (1.04)	$ (0.37)
Net loss per common share - diluted (in dollars per share)	$ (0.67)	$ (1.04)	$ (0.37)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (210,223)	$ (312,915)	$ (75,827)
Change from cash flow hedging activities	(35,625)	68,341	12,462
Change from activities related to available-for-sale securities	120	326
Comprehensive loss	(245,728)	(244,248)	(63,365)
Comprehensive loss attributable to redeemable noncontrolling interests	6,552	3,831	417
Comprehensive loss attributable to common stockholders	$ (239,176)	$ (240,417)	$ (62,948)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2020	$ 1,415	$ 1,329,799	$ (128,775)	$ (9,750)	$ 126	$ 1,192,815
Beginning balance, shares at Dec. 31, 2020	141,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interest)			(75,349)		20	(75,329)
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interest)				12,381		12,381
Issuance of common stock	$ 1,180	1,251,931				1,253,111
Issuance of common stock, shares	118,048
Share-based compensation, net of cancellations		1,618				1,618
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(22,537)				(22,537)
Trailing distribution fees		(56,480)	16,022			(40,458)
Redemptions of common stock	$ (24)	(25,085)				$ (25,109)
Redemptions of common stock, shares	(2,350)					(2,350)
Preferred interest in Subsidiary REITs					186	$ 186
Distributions to stockholders (excludes attributable to redeemable noncontrolling interest)			(109,468)		(20)	(109,488)
Redemption value allocation adjustment to redeemable noncontrolling interest		(3,531)				(3,531)
Ending balance at Dec. 31, 2021	$ 2,571	2,475,715	(297,570)	2,631	312	2,183,659
Ending balance, shares at Dec. 31, 2021	257,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interest)			(308,079)		38	(308,041)
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interest)				67,624		67,624
Issuance of common stock	$ 715	1,036,312				1,037,027
Issuance of common stock, shares	71,518
Share-based compensation, net of cancellations		1,676				1,676
Share-based compensation, net of cancellations (shares)	(34)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(27,447)				(27,447)
Trailing distribution fees		(33,901)	27,175			(6,726)
Redemptions of common stock	$ (141)	(213,303)				$ (213,444)
Redemptions of common stock, shares	(14,109)					(14,109)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interest)			(161,023)		(38)	$ (161,061)
Redemption value allocation adjustment to redeemable noncontrolling interest		(19,920)				(19,920)
Ending balance at Dec. 31, 2022	$ 3,145	3,219,132	(739,497)	70,255	312	2,553,347
Ending balance, shares at Dec. 31, 2022	314,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interest)			(204,674)		38	(204,636)
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interest)				(34,539)		(34,539)
Issuance of common stock	$ 191	283,044				$ 283,235
Issuance of common stock, shares	19,155					18,900
Share-based compensation, net of cancellations		2,657				$ 2,657
Share-based compensation, net of cancellations (shares)	(49)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(8,498)				(8,498)
Trailing distribution fees		3,770	23,858			27,628
Redemptions of common stock	$ (450)	(652,304)				$ (652,754)
Redemptions of common stock, shares	(45,044)					(45,044)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interest)			(173,696)		(38)	$ (173,734)
Redemption value allocation adjustment to redeemable noncontrolling interest		2,528				2,528
Ending balance at Dec. 31, 2023	$ 2,886	$ 2,850,329	$ (1,094,009)	$ 35,716	$ 312	$ 1,795,234
Ending balance, shares at Dec. 31, 2023	288,606

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interests	$ 5,587	$ 4,874	$ 498
Change from cash flow hedging activities and available-for-sale securities allocated to redeemable noncontrolling interest	(966)	1,043	81
Distributions to redeemable noncontrolling interest	$ 4,850	$ 2,493	$ 715

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (210,223)	$ (312,915)	$ (75,827)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	294,111	265,970	112,201
Amortization of deferred financing costs	10,900	7,863	2,354
(Decrease) increase in financing obligation liability appreciation	(12,303)	26,568	0
Equity in loss (income) from unconsolidated joint venture partnership(s)	118	97	(54,296)
Loss (gain) on changes in fair value of interest rate caps	13,677	(25,175)	177
Amortization of interest rate cap premiums	2,680	0	0
Unrealized gain on financing obligations	(179)	0	0
Performance participation allocation	0	140,505	81,185
Straight-line rent and amortization of above- and below-market leases	(36,403)	(34,448)	(14,719)
Forfeited investment deposit	7,689	245	0
Other	1,387	2,205	1,408
Changes in operating assets and liabilities
Other assets	(3,104)	1,053	(6,633)
Accounts payable and accrued liabilities and other liabilities	12,973	27,018	10,579
Due from / to affiliates, net	(1,485)	2,587	6,157
Cash settlement of accrued performance participation allocation	(77,838)	0	0
Net cash provided by operating activities	2,000	101,573	62,586
Investing activities:
Real estate acquisitions	(109,505)	(1,549,477)	(2,621,687)
Incremental investment to acquire joint venture partnership portfolio	0	(259,526)	(584,809)
Capital expenditures	(220,790)	(199,238)	(30,408)
Investments in debt-related investments	(128,797)	0	0
Investment in unconsolidated joint venture partnership(s)	(961)	(9,022)	(7,505)
Distributions from joint venture partnership	0	0	5,200
Purchases of available-for-sale debt securities	0	(59,650)	0
Collection of principal on available-for-sale debt securities	5,094	0	0
Other	2,446	129	0
Net cash used in investing activities	(452,513)	(2,076,784)	(3,239,209)
Financing activities:
Net proceeds from (repayments of) line of credit	480,000	90,000	0
Proceeds from term loan	0	135,000	600,000
Net proceeds from (repayments of) secured funding agreement	42,298	0	0
Proceeds from mortgage note	107,527	367,830	1,078,390
Debt issuance costs paid	(3,279)	(18,000)	(13,776)
Interest rate cap premiums	(36,180)	(2,963)	(200)
Proceeds from issuance of common stock, net	193,563	937,777	1,185,844
Proceeds from financing obligations, net	356,571	672,045	415,192
Offering costs paid in connection with issuance of common stock and private placements	(6,335)	(5,464)	(26,205)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and preferred shareholders	(68,232)	(57,872)	(37,312)
Distribution fees paid to affiliates	(24,768)	(26,495)	(15,365)
Redemptions of common stock	(652,754)	(213,444)	(25,109)
Redemptions of redeemable noncontrolling interests	(2,979)	(40,915)	0
Net cash provided by financing activities	385,432	1,837,499	3,161,459
Net decrease in cash, cash equivalents and restricted cash	(65,081)	(137,712)	(15,164)
Cash, cash equivalents and restricted cash, at beginning of period	80,023	217,735	232,899
Cash, cash equivalents and restricted cash, at end of period	$ 14,942	$ 80,023	$ 217,735

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Ares Industrial Real Estate Income Trust Inc. is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company”, “we”, “our”, “us” and “AIREIT” refers to Ares Industrial Real Estate Income Trust Inc. and our consolidated subsidiaries, which includes AIREIT Operating Partnership LP (the “Operating Partnership”). We are externally managed by our advisor. On July 1, 2021, Ares Management Corporation (“Ares”) closed on the acquisition of the U.S. real estate investment advisory and distribution business of Black Creek Group, including our former advisor, BCI IV Advisors LLC (the “Former Advisor”). As a result of this transaction, Ares Commercial Real Estate Management LLC became our new advisor (the “New Advisor”). Ares did not acquire our former sponsor, BCI IV Advisors Group LLC (the “Former Sponsor”), and we now consider the Ares real estate (“AREG”) to be our Sponsor. See “Note 12” for additional information regarding this transaction. References to the “Advisor” throughout this report mean BCI IV Advisors LLC for periods prior to July 1, 2021 and Ares Commercial Real Estate Management LLC for periods thereafter. References to the “Sponsor” throughout this report mean BCI IV Advisors Group LLC for periods prior to July 1, 2021 and Ares real estate for periods thereafter. AIREIT was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Creditworthiness does not necessarily mean investment grade and the majority of our customers do not have a public credit rating. Although we intend to focus investment activities primarily on distribution warehouses and other industrial properties, our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2023, we owned and managed a real estate portfolio that included 256 industrial buildings. AIREIT operates as one reportable segment comprised of industrial real estate. We currently operate and have been elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2017, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through the Operating Partnership, of which we are the sole general partner and a limited partner. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2023, 2022 or 2021 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. We had two properties accounted for as held for sale as of December 31, 2023 that did not meet the materiality criteria for held for sale presentation on our consolidated balance sheets. See “Note 17” for additional information related to the disposition of these properties. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Investment in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investment in unconsolidated joint venture partnerships for the year ended December 31, 2023. See “Note 4” for additional information regarding our investment in unconsolidated joint venture partnerships. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 4” for additional information on the BTC II Partnership incentive fee distribution. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2023, all of our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2023, we have four interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as a component of gain (loss) on derivative instruments on the consolidated statements of income. We do not use derivative instruments for trading or speculative purposes. We have eight interest rate cap derivative instruments, six of which are effective as of December 31, 2023, that are designated as hedges. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. 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 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 consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income. Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2023 and 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2023 or 2022. 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 (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. 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. Rental payments made to the DSTs pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. Increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded in unrealized (gain) loss on financing obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred and are not deferred. In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests in the trusts holding DST Properties to potential investors. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be 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 consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2023, 2022 and 2021. Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $20.5 million and $11.9 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $8.6 million, $7.1 million and $2.4 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $2.4 million and $0.8 million as of December 31, 2023 and 2022, respectively. Our interest expense for the year ended December 31, 2023 and 2022 included $2.2 million and $0.8 million of amortization of financing costs and expensed financing costs associated with financing obligations, respectively. As of December 31, 2021, we had no accumulated amortization of financing costs associated with financing obligations and no amortization expense was incurred for the year ended December 31, 2021. Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2023, 2022 and 2021, approximately $20.1 million, $7.3 million and $1.2 million of interest was capitalized, respectively. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in our securities offerings. We accrue for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 12” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in Subsidiary REITs, that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 15” for additional information regarding the Subsidiary REITs. Reclassifications Certain items in our consolidated balance sheets, statements of operations and cash flows for the years ended December 31, 2022 and 2021 have been reclassified to conform to the 2023 presentation. Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Sponsor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the Amended and Restated Advisory Agreement (2023), effective as of April 30, 2023 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests. Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable we recognize revenue when the payment has been received. If the collectability is determined to be probable we record rental revenue on a straight-line basis over the full lease term. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2023 and December 31, 2022, we have a $1.6 million and $0.5 million allowance for doubtful accounts, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income is accrued based on the outstanding principal amount and the contractual terms of each debt-related investment or debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method. Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our securities offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses. Income Taxes As a REIT, we generally are not subject to federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income or from the operations of our taxable REIT subsidiary. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 13” for additional information regarding net income (loss) per share. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any o

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES As of December 31, 2023 and 2022, our consolidated investments in real estate properties consisted of 256 and 243 industrial buildings, respectively. Additionally, investment in real estate properties includes one building under construction and one building in the pre-construction phase as of December 31, 2023, and includes nine buildings under construction, two buildings in the pre-construction phase as of December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2023 2022 Land ​ $ 1,300,059 ​ $ 1,284,003 Building and improvements (1) ​ 5,486,636 ​ 5,139,402 Intangible lease assets ​ 498,053 ​ 479,532 Construction in progress ​ 219,659 ​ 285,214 Investment in real estate properties ​ 7,504,407 ​ 7,188,151 Less accumulated depreciation and amortization ​ (750,429) ​ (454,273) Net investment in real estate properties ​ $ 6,753,978 ​ $ 6,733,878 (1) Includes site improvements. ​ Acquisitions During the years ended December 31, 2023 and 2022, we acquired 100% of the following properties, which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2023 Acquisitions: ​ Bayport 146 Distribution Center ​ 2/21/2023 ​ 1 ​ $ 49,606 Runway Distribution Center I & II ​ 7/12/2023 ​ 2 ​ ​ 56,992 Brittmoore Industrial Center ​ 8/16/2023 ​ 1 ​ ​ 22,288 Total Acquisitions ​ ​ ​ 4 ​ $ 128,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) Acquisition Date ​ Buildings ​ Price (1) 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Build-to-Core Logistics Portfolio II (2)(3) ​ 2/15/2022 ​ 9 ​ $ 359,202 Northlake Logistics Crossing ​ 2/17/2022 ​ — ​ ​ 21,569 Tampa Commerce Center ​ 4/1/2022 & 5/25/2022 ​ — ​ ​ 6,270 Medley 104 Industrial Center ​ 4/18/2022 ​ 1 ​ ​ 53,670 IDI U.S. Logistics Portfolio ​ 4/28/2022 & 7/6/2022 ​ 7 ​ ​ 419,970 Chicago Growth Portfolio ​ 5/9/2022 ​ 14 ​ ​ 182,135 4 Studebaker ​ 5/12/2022 ​ 1 ​ ​ 33,188 Southeast Orlando Portfolio ​ 5/19/2022 ​ 5 ​ ​ 138,540 I-465 East Logistics Center ​ 5/26/2022 ​ 1 ​ ​ 18,923 Industry Corporate Center ​ 6/2/2022 ​ 1 ​ ​ 52,086 County Line Corporate Park ​ 6/8/2022 ​ — ​ ​ 62,080 Robbinsville Distribution Center ​ 6/10/2022 ​ — ​ ​ 364 Innovation I & II Corporate Center ​ 6/17/2022 ​ 2 ​ ​ 63,939 IDI 2022 National Portfolio ​ 6/22/2022 ​ 6 ​ ​ 246,773 I-80 Logistics Park I-II ​ 6/29/2022 ​ 1 ​ ​ 138,530 Commonwealth Logistics Center ​ 6/30/2022 ​ — ​ ​ 8,927 County Line Corporate Park II (4) ​ 12/28/2022 ​ 1 ​ ​ 82,478 Total Acquisitions ​ ​ ​ 49 ​ $ 1,888,644 (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 and 2022 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisitions of the Build-To-Core Logistics Portfolio II as a result of the BTC II Partnership Transaction (as defined in “Note 4”). (4) Two properties under construction included in the acquisition of County Line Corporate Park II. ​ During the years ended December 31, 2023 and 2022, we allocated the purchase price of our acquisitions to land, building and improvements, construction in progress, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, (in thousands) 2023 ​ ​ 2022 Land ​ $ 15,835 ​ $ 366,128 Building and improvements (1) ​ 113,051 ​ 1,376,360 Intangible lease assets ​ — ​ 122,357 Above-market lease assets ​ — ​ 2,507 Construction in progress ​ ​ — ​ ​ 62,059 Below-market lease liabilities ​ — ​ (40,767) Total purchase price (2) ​ $ 128,886 ​ $ 1,888,644 (1) Includes site improvements. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 and 2022 acquisitions. ​ Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. There were no intangible lease assets or liabilities acquired in connection with our acquisitions during the year ended December 31, 2023. The weighted-average amortization periods for the intangible lease assets and liabilities acquired in connection with our acquisitions during the year ended December 31, 2022, as of the respective date of each acquisition, was 4.9 years. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2023 and 2022 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 485,184 ​ $ (243,878) ​ $ 241,306 ​ $ 466,663 ​ $ (158,757) ​ $ 307,906 Above-market lease assets (1) ​ 12,869 ​ (5,916) ​ 6,953 ​ 12,869 ​ (3,872) ​ 8,997 Below-market lease liabilities ​ (129,823) ​ 54,682 ​ (75,141) ​ (129,823) ​ 32,424 ​ (97,399) (1) Included in net investment in real estate properties on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2023, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 66,749 ​ $ 1,749 ​ $ 16,818 Year 2 ​ ​ 49,977 ​ ​ 1,555 ​ ​ 13,755 Year 3 ​ ​ 35,346 ​ ​ 1,272 ​ ​ 9,856 Year 4 ​ 24,598 ​ 815 ​ 7,717 Year 5 ​ ​ 17,430 ​ ​ 491 ​ ​ 5,955 Thereafter ​ 47,206 ​ 1,071 ​ 21,040 Total ​ $ 241,306 ​ $ 6,953 ​ $ 75,141 ​ Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2023 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2023 Year 1 ​ $ 334,778 Year 2 ​ 309,126 Year 3 ​ 259,231 Year 4 ​ 207,609 Year 5 ​ 159,884 Thereafter ​ 339,317 Total ​ $ 1,609,945 ​ The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases and exclude reimbursements of operating expenses along with rental increases that are not fixed. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 2021 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 16,190 ​ $ 16,682 ​ $ 9,101 Above-market lease amortization ​ ​ (2,044) ​ (2,034) ​ (1,144) Below-market lease amortization ​ ​ 22,257 ​ 19,800 ​ 6,762 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 208,991 ​ $ 181,214 ​ $ 70,898 Intangible lease asset amortization ​ ​ 85,120 ​ 84,756 ​ 41,303 ​

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS	4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS On July 15, 2020, we acquired, from a subsidiary of Industrial Property Trust (“IPT”), interests in two joint venture partnerships, the Build-To-Core Industrial Partnership I LP (the “BTC I Partnership”) and the Build-To-Core Industrial Partnership II LP (the “BTC II Partnership” and, together with the BTC I Partnership, the “BTC Partnerships”). The BTC Partnerships were formed with third party investors for purposes of investing in industrial properties located in certain major U.S. distribution markets. On June 15, 2021, we entered into a transaction with our joint venture partners in the BTC I Partnership, pursuant to which we agreed to split the real property portfolio of the BTC I Partnership in an equitable manner, such that following the split, we and QR Master Holdings USA II LP, each owned a 100% interest in approximately half of the portfolio of the BTC I Partnership (the “BTC I Partnership Transaction”). We have no further interest in the BTC I Partnership as a result of the BTC I Partnership Transaction. On February 15, 2022, we, along with our joint venture partners in the BTC II Partnership, entered into a transaction to split the majority of the properties in the BTC II Partnership’s portfolio amongst three of the four joint venture partners, with the fourth joint venture partner’s respective interest in such properties having been redeemed for $24.9 million (the “BTC II Partnership Transaction”). We have no further interest in the BTC II Partnership as a result of the BTC II Partnership Transaction. Concurrently with the BTC II Partnership Transaction, we and our joint venture partners formed a new joint venture partnership (the “BTC II B Partnership”), through which we co-own five properties that were part of the original BTC II Partnership’s portfolio and were not part of the BTC II Partnership Transaction. We own an 8.0% interest in the BTC II B Partnership as general partner and as a limited partner. We elected the cost accumulation and allocation model to account for the BTC I Partnership Transaction and the BTC II Partnership Transaction, which allocates the cost of the acquisition at the carrying amount of the previously held interests, along with the incremental consideration paid and transaction costs incurred based on relative fair values. We have reported our investments in the BTC Partnerships and the BTC II B Partnership under the equity method on our consolidated balance sheets, because with respect to the BTC Partnerships, for the periods prior to the BTC I Partnership Transaction and the BTC II Partnership Transaction, we had the ability to exercise significant influence but did not have control over the partnerships. Similarly, with respect to the BTC II B Partnership, we have the ability to exercise significant influence but do not have control of the partnership. As of December 31, 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 $20.5 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	12 Months Ended
	Dec. 31, 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 held no debt investments as of December 31, 2022. ​ The following table summarizes our debt-related investments as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ As of December 31, 2023 ​ Loan Type ​ Property Type ​ Location ​ Origination Date ​ Total Commitment ​ Outstanding Principal ​ Fair Value ​ Interest Rate ​ Maturity Date (1) ​ Senior ​ Industrial ​ TX ​ July 2023 ​ $ 60,860 ​ $ 29,700 ​ $ 29,700 ​ ​ 9.21 % ​ Aug 2025 ​ Senior ​ Industrial ​ NY ​ August 2023 ​ ​ 113,910 ​ ​ 99,423 ​ ​ 99,423 ​ ​ 8.86 ​ ​ Sept 2026 ​ ​ ​ ​ ​ ​ ​ Total / weighted-average ​ $ 174,770 ​ $ 129,123 ​ $ 129,123 ​ ​ 8.94 % ​ ​ (1) The weighted-average remaining term of our debt-related investments was approximately 2.45 years as of December 31, 2023. Available-for-Sale Debt Securities As of December 31, 2023 and 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 3.21 years as of December 31, 2023. The following table summarizes our investments in available-for-sale debt securities as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount (1) ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (2) ​ Fair Value As of December 31, 2023 ​ $ 57,326 ​ $ 55,186 ​ $ 2,140 ​ $ 446 ​ $ 55,632 As of December 31, 2022 ​ ​ 62,420 ​ ​ 59,708 ​ ​ 2,712 ​ ​ 326 ​ ​ 60,033 (1) Face amount is presented net of repayments. (2) Represents cumulative unrealized gain (loss) beginning from acquisition date.

DEBT

DEBT	12 Months Ended
	Dec. 31, 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 ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2023 ​ 2022 ​ Maturity Date ​ 2023 ​ 2022 Line of credit (1) 6.20 % 5.71 % March 2025 ​ $ 570,000 ​ $ 90,000 Term loan (2) 3.35 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) ​ 4.48 ​ 3.68 ​ January 2025 - ​ ​ 725,605 ​ ​ 617,250 Total principal amount / weighted-average (6) 4.17 % 3.55 % ​ ​ $ 3,442,325 ​ $ 2,853,970 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (21,359) ​ ​ (26,784) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 215 ​ 427 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,421,181 ​ $ 2,827,613 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,596,052 ​ $ 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% , each 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 December 31, 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 $430.0 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 $250.0 million of borrowings and interest rate cap agreements on $300.0 million of borrowings. As of December 31, 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 December 31, 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% , including the effect of an interest rate swap agreement which fixes Term SOFR for $367.8 million of borrowings. 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 December 31, 2023, borrowings under the $129.1 million mortgage note amounted to $108.4 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 interest rate cap agreements. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% , including the effects of interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 2.4 years as of December 31, 2023, excluding any extension options on the line of credit and the floating-rate mortgage notes. For the years ended December 31, 2023, 2022 and 2021, the amount of interest incurred related to our consolidated indebtedness, excluding debt issuance cost amortization and amounts capitalized, was $144.7 million, $82.2 million and $23.5 million, respectively. See “Note 7” for the amount of interest incurred related to the DST Program (as defined below). ​ As of December 31, 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 2024 $ — ​ $ — ​ $ 38,000 ​ $ 38,000 2025 ​ 570,000 ​ — ​ 985,080 ​ 1,555,080 2026 ​ — ​ 600,000 ​ 108,355 ​ 708,355 2027 ​ — ​ 550,000 ​ 129,750 ​ 679,750 2028 ​ — ​ — ​ ​ — ​ — Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 570,000 ​ $ 1,150,000 ​ $ 1,722,325 ​ $ 3,442,325 (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) With respect to our mortgage notes, there is a $209.3 million mortgage note that matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions, a $408.0 million mortgage note that matures in January 2025 , and a $367.8 million mortgage note that matures in July 2025 . There is also a $129.1 million mortgage note that 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 December 31, 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 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 $42.3 million of borrowings outstanding pursuant to the Morgan Stanley MRA, collateralized by our available-for-sale securities, which are fair valued at $55.6 million, as of December 31, 2023. Advances under the Morgan Stanley MRA for the year ended December 31, 2023 accrued interest at a per annum rate equal to the sum of Term SOFR plus a pricing margin of 0.90% . For the year ended December 31, 2023, the amount of interest incurred related to our secured financings was $1.4 million, which is recorded as a component of interest expense on the 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. We have eight outstanding interest rate cap derivative instruments that are designated as cash flow hedges, six of which are effective as of December 31, 2023, and therefore, changes in fair value are recognized as component of AOCI and reclassified into earnings as interest expense. As of December 31, 2023, we have During the next 12 months, we estimate that approximately $27.8 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount (1) ​ Location ​ Value As of December 31, 2023 ​ ​ Interest rate swaps designated as cash flow hedges 11 ​ $ 1,142,830 Derivative instruments ​ $ 41,091 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 707,110 ​ Derivative instruments ​ ​ 14,887 Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 475,000 ​ Derivative instruments ​ ​ 27,553 Total derivative instruments ​ 23 ​ $ 2,324,940 ​ ​ ​ $ 83,531 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 (1) Excludes interest rate caps with a notional amount of $100.0 million established pursuant to agreements entered into in December 2023 with an effective date in January 2024. One of these interest rate cap agreements is replacing a separate interest rate swap agreement with a $50.0 million notional amount that is expiring in January 2024. ​ The following table presents the effect of our derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 ​ 2021 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 9,000 ​ $ 73,592 ​ $ 8,298 Amount reclassified from AOCI as an (decrease) increase into interest expense ​ (44,625) ​ (5,251) ​ 4,164 Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 190,382 ​ 150,824 ​ 30,463 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss (gain) on derivative instruments recognized in other (income) expenses (1) ​ $ 13,677 ​ $ (25,176) ​ $ 177 Realized (gain) loss on derivative instruments recognized in other (income) expenses (2) ​ ​ (18,801) ​ ​ (3,452) ​ ​ — ​ (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	12 Months Ended
	Dec. 31, 2023
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	7. DST PROGRAM The following table summarizes our DST Program Loans as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Unrealized ​ ​ ​ ​ Weighted-Average ​ ​ Weighted-Average ($ in thousands) ​ Principal ​ Gain, Net (1) ​ Book Value ​ Interest Rate ​ ​ Remaining Life (Years) As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 200,276 ​ $ N/A ​ $ 200,276 ​ ​ 4.98 % ​ ​ 7.42 DST Program Loans, carried at fair value ​ ​ 2,439 ​ ​ — ​ ​ 2,439 ​ ​ 6.27 ​ ​ ​ 10.00 Total ​ $ 202,715 ​ $ — ​ $ 202,715 ​ ​ 5.00 % ​ ​ 7.45 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 152,402 ​ $ N/A ​ $ 152,402 ​ ​ 4.63 % ​ ​ 9.27 Total ​ $ 152,402 ​ $ N/A ​ $ 152,402 ​ ​ 4.63 % ​ ​ 9.27 (1) Represents cumulative unrealized gain or loss on DST Program Loans carried at fair value. ​ The following table summarizes our financing obligations, net as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST ​ Unamortized ​ Total ​ Unrealized ​ ​ ​ ($ in thousands) ​ Interests Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ ​ Book Value As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,559,200 ​ $ (1,975) ​ $ 14,264 ​ $ N/A ​ ​ $ 1,571,489 Financing obligations, carried at fair value ​ ​ 87,324 ​ ​ — ​ ​ — ​ ​ (179) ​ ​ ​ 87,145 Total ​ $ 1,646,524 ​ $ (1,975) ​ $ 14,264 ​ $ (179) ​ ​ $ 1,658,634 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,237,641 ​ $ (1,543) ​ $ 26,568 ​ $ N/A ​ ​ $ 1,262,666 Total ​ $ 1,237,641 ​ $ (1,543) ​ $ 26,568 ​ $ N/A ​ ​ $ 1,262,666 (1) DST Interests sold are presented net of upfront fees. (2) Represents cumulative financing obligation liability appreciation on financing obligations carried at cost. (3) Represents cumulative unrealized gain or loss on financing obligations carried at fair value. ​ The following table presents our DST Program activity for the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 ​ 2022 ​ 2021 DST Interests sold ​ $ 416,507 ​ $ 768,639 ​ $ 492,168 DST Interests financed by DST Program Loans ​ ​ 52,542 ​ ​ 84,798 ​ ​ 68,772 Income earned from DST Program Loans (1) ​ ​ 8,884 ​ ​ 4,811 ​ ​ 861 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (12,303) ​ ​ 26,568 ​ ​ — Rent obligation incurred under master lease agreements (2) ​ ​ 67,324 ​ ​ 41,702 ​ ​ 6,039 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations. Refer to “Note 12” for detail relating to the fees paid to the Advisor, the Dealer Manager and their affiliates for raising capital through the DST Program.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	8. FAIR VALUE We estimate the fair value of our financial assets and liabilities 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 assets and liabilities. Fair Value Measurements on a Recurring Basis The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2023 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 83,531 ​ $ — ​ $ 83,531 Available-for-sale debt securities ​ ​ — ​ ​ 55,632 ​ ​ — ​ ​ 55,632 Debt-related investments ​ ​ — ​ ​ — ​ ​ 129,123 ​ ​ 129,123 DST Program Loans ​ ​ — ​ ​ — ​ ​ 2,439 ​ ​ 2,439 Total assets measured at fair value ​ $ — ​ $ 139,163 ​ $ 131,562 ​ $ 270,725 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 87,145 ​ $ 87,145 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 87,145 ​ $ 87,145 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 assets and liabilities: Derivative Instruments. Available-for-Sale Debt Securities. Debt-Related Investments. DST Program Loans. Financing Obligations. The following table presents our financial assets measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ DST Program Loans ​ Debt-related investments ​ Total Balance as of December 31, 2022 ​ $ — ​ $ — ​ $ — Purchases and contributions ​ ​ 2,439 ​ ​ 128,797 ​ ​ 131,236 Paid-in-kind interest ​ ​ — ​ ​ 326 ​ ​ 326 Balance as of December 31, 2023 ​ $ 2,439 ​ $ 129,123 ​ $ 131,562 ​ The following table presents our financial liabilities measured at fair value on a recurring basis using Level 3 inputs: ​ ​ ​ ​ ​ (in thousands) ​ Financing Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 87,324 Unrealized gain on financing obligations ​ ​ (179) Balance as of December 31, 2023 ​ $ 87,145 ​ The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs ​ Impact to Valuation from an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 129,123 ​ Yield Method ​ Market Yield ​ Decrease DST Program Loans ​ ​ 2,439 ​ Yield Method ​ Market Yield ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 87,145 ​ Discounted Cash Flow ​ Discount Rate ​ Decrease ​ ​ ​ ​ ​ ​ ​ Exit Capitalization Rate ​ Decrease ​ Financial Assets and Liabilities Not Measured At Fair Value As of December 31, 2023 and 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 December 31, 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) ​ 3 ​ $ 200,276 ​ $ 196,715 ​ $ 152,402 ​ $ 146,728 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 570,000 ​ $ 570,000 ​ $ 90,000 ​ $ 90,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 1,722,325 ​ 1,647,660 ​ 1,613,970 ​ 1,521,046 Secured financings on investments in real estate debt securities ​ 3 ​ 42,298 ​ 42,298 ​ — ​ — (1) The estimate of fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities takes 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. (3) Comprised of instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets. ​

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
EQUITY	9. EQUITY Public Offering We may conduct a continuous public offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. On August 4, 2021, the SEC declared our registration statement on Form S-11 with respect to our third public offering of up to $5.0 billion of shares of our common stock effective, and the third public offering commenced the same day. Under the third public offering, we are offering up to $3.75 billion of shares of our common stock in the primary offering and up to $1.25 billion of shares of our common stock pursuant to our distribution reinvestment plan, in any combination of Class T shares, Class D shares and Class I shares. We may reallocate amounts between the primary offering and distribution reinvestment plan. The Class T shares, Class D shares, and Class I shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions paid on Class T shares and Class D shares will be lower than the per share amount of distributions paid on Class I shares because of the distribution fees payable with respect to Class T shares and Class D shares sold in the primary offering. Pursuant to our public offering, we offer shares of our common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the year ended December 31, 2023, we raised gross proceeds of approximately $283.2 million from the sale of approximately 18.9 million shares of our common stock in our ongoing public offering, including proceeds from our distribution reinvestment plan of approximately $85.2 million. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares (1) ​ Shares Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants, net of cancellations ​ — ​ — ​ 233 ​ 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures — — (27) (27) Balance as of December 31, 2021 ​ 206,129 ​ 13,649 ​ 37,391 ​ 257,169 Issuance of common stock: Primary shares 40,034 7,308 18,636 65,978 DRIP 4,002 355 981 5,338 Stock grants, net of cancellations — — 193 193 Redemptions (9,120) (735) (4,254) (14,109) Conversions ​ (13,780) ​ — ​ 13,780 ​ — Forfeitures ​ — ​ — ​ (25) ​ (25) Balance as of December 31, 2022 ​ 227,265 ​ 20,577 ​ 66,702 ​ 314,544 Issuance of common stock: Primary shares 7,990 1,813 3,259 13,062 DRIP 3,725 445 1,700 5,870 Stock grants, net of cancellations — — 197 197 Redemptions (29,182) (2,425) (13,437) (45,044) Conversions ​ (46,960) ​ — ​ 46,960 ​ — Forfeitures ​ — ​ — ​ (23) ​ (23) Balance as of December 31, 2023 162,838 20,410 105,358 288,606 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 12” for additional information. Distributions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.15000 ​ $ 16,483 ​ $ 1,270 ​ $ 22,196 ​ $ 4,987 ​ $ 44,936 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 ​ $ 0.57250 ​ $ 64,082 ​ $ 4,850 ​ $ 85,756 ​ $ 23,858 ​ $ 178,546 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 2021 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 12,429 ​ $ 179 ​ $ 16,900 ​ $ 5,146 ​ $ 34,654 September 30 ​ 0.13625 ​ 11,020 ​ ​ 178 ​ 15,219 ​ 4,263 ​ 30,680 June 30 ​ 0.13625 ​ 8,552 ​ ​ 179 ​ 12,295 ​ 3,373 ​ 24,399 March 31 ​ 0.13625 ​ 6,721 ​ ​ 179 ​ 10,310 ​ 3,240 ​ 20,450 ​ ​ $ 0.54500 ​ $ 38,722 ​ $ 715 ​ $ 54,724 ​ $ 16,022 ​ $ 110,183 (1) Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T share, per Class D share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class D shares. (2) Consists of distributions paid to holders of OP Units for redeemable noncontrolling interests. (3) Distribution fees are paid monthly to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to Class T shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 12” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings. Redemptions Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2023, 2022 and 2021. 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 Year Ended December 31, (in thousands, except per share data) ​ 2023 ​ 2022 2021 Number of shares redeemed ​ ​ 45,044 ​ ​ 14,109 ​ 2,350 Aggregate dollar amount of shares redeemed ​ $ 652,754 ​ $ 213,444 $ 25,109 Average redemption price per share ​ $ 14.49 ​ $ 15.13 $ 10.68 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 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 Former Sponsor as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the Advisory Agreement. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ For the Year Ended December 31, 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 ​ ​ (4,850) ​ — ​ ​ (2,493) ​ ​ — Redemptions of redeemable noncontrolling interests ​ ​ (3,979) ​ (292) ​ ​ (40,915) ​ ​ (3,273) Net loss attributable to redeemable noncontrolling interests ​ ​ (5,587) ​ — ​ ​ (4,874) ​ ​ — Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ (966) ​ — ​ ​ 1,043 ​ ​ — Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ ​ (2,528) ​ — ​ ​ 19,920 ​ ​ — Ending balance ​ $ 114,310 ​ 8,346 ​ $ 69,553 ​ ​ 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 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 6,494,463 Class I OP Units in January 2022 to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), AIREIT Incentive Fee LP (the “Special Unit Holder”). At the direction of the Advisor, and in light of our Former Sponsor having been the holder of the Special Units, for the first six months of 2021, the Special Unit Holder designated 3,221,460 of these Class I OP Units to entities affiliated with our Former Sponsor. The Special Unit Holder transferred 3,273,003 Class I OP Units to the Advisor thereafter. (2) Represents the adjustment recorded to mark to the redemption value of the redeemable noncontrolling interests, which is equivalent to fair value as of December 31, 2023.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2023, 2022 and 2021. We had a net deferred tax asset of approximately $0.3 million as of December 31, 2023. We had no deferred tax assets as of December 31, 2022. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2020. Distributions Distributions to stockholders are characterized for U.S. federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. For taxable years beginning before January 1, 2026, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. The unaudited preliminary taxability of our 2023, 2022 and 2021 distributions were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2023 ​ 2022 ​ 2021 Ordinary income ​ — % ​ — % ​ 11.6 % Non-taxable return of capital ​ 100.0 ​ 100.0 ​ 34.8 ​ Long-term capital gain ​ — ​ — ​ 53.6 ​ Total distribution ​ 100.0 % ​ 100.0 % ​ 100.0 % Though we owed no performance participation allocation for 2023, the taxability of distributions remained unchanged in 2023 as compared to 2022, due to the increase in interest expense and tax depreciation. The decrease in taxable income for the year ended December 31, 2022, compared to the same period of the previous year, is primarily due to (i) the increase in the incentive-based performance participation allocation to $140.5 million for the year ended December 31, 2022, as compared to $81.2 million for the same period of the previous year and (ii) our Advisor’s election to settle 55.4% of the 2022 performance participation allocation in cash instead of OP Units, which is deductible as an ordinary business deduction, as compared to the 2021 performance participation allocation, which the Advisor elected to settle entirely in OP Units, which is not deductible for tax purposes.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day operating and acquisition activities and to implement our investment strategy pursuant to the terms of the Advisory Agreement. The current term of the Advisory Agreement ends April 30, 2024, subject to renewals by our board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the third public offering pursuant to the terms of the dealer manager agreement, dated as of February 11, 2022 (the “Dealer Manager Agreement”), by and among us, the Advisor and the Dealer Manager. On July 1, 2021, Ares closed on the acquisition of Black Creek Group’s U.S. real estate investment advisory and distribution business, including our Former Advisor (the “Transaction”). On the same date, our Former Advisor assigned the then-current advisory agreement to our New Advisor. Ares did not acquire the Former Sponsor, and we now consider Ares real estate to be our sponsor. Prior to the Transaction, the Former Sponsor, which owned the Former Advisor, was directly or indirectly majority owned by the founders of the Former Sponsor and/or their affiliates and the Former Sponsor and the Former Advisor were jointly controlled by founders of the Former Sponsor and/or their respective affiliates. The Advisor, the Sponsor and the Dealer Manager receive compensation in the form of fees and expense reimbursements for services relating to the securities offerings and for the investment and management of our assets. The following is a description of the fees and expense reimbursements payable to the Advisor, the Sponsor, and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement, the Dealer Manager Agreement, and the eleventh amended and restated limited partnership agreement of the Operating Partnership. 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. Selling Commissions, Dealer Manager Fees and Distribution Fees. dealer manager fees are calculated as a percentage of the offering price at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of Class T shares and Class D shares sold in the primary portion of the offerings. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class D shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. With respect to Class T shares, the distribution fees were payable at a rate of 1.0% of NAV per annum for periods prior to March 1, 2021. With respect to Class D shares, the distribution fees are payable at a rate of 0.25% of NAV per annum for periods after December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T ​ Class D ​ Class I Selling commissions (as % of offering price) up to 2.0 % ​ — % ​ — % Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % Distribution fees (as % of NAV per annum) 0.85 % ​ 0.50 % ​ — % ​ We will cease paying the distribution fees with respect to individual Class T shares and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T share or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.5% of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in the primary portion of the offerings. Advisory Fee. th th ​ The performance participation allocation, which will be paid to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), is a performance-based amount in the form of an allocation and distribution. This amount will be paid to the holder of the Special Units, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, all or a portion of this amount will be paid instead to the Special Unit Holder in the form of a cash fee, as described in the Advisory Agreement. The performance participation allocation is calculated as the lesser of: (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward; and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5.0% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted average Fund Interests outstanding during the year. In no event will the performance participation allocation be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the performance participation allocation will be equal to 100.0% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance participation allocation as well as ongoing distribution fees (i.e., our ongoing class-specific fees). If the performance participation allocation is being calculated with respect to a year in which we complete a liquidity event, for purposes of determining the annual total return amount, the change in NAV per Fund Interest will be deemed to equal the difference between the NAV per Fund Interest as of the end of the prior calendar year and the value per Fund Interest determined in connection with such liquidity event, as described in the Advisory Agreement. The “loss carryforward” referred to above tracks any negative annual total return amounts from prior years and offsets the positive annual total return amount for purposes of the calculation of the performance participation allocation. We completed the 2023 calendar year with an annual total return loss and therefore have a loss carryforward that will apply to future performance participation allocations. The loss carryforward as of December 31, 2023 is approximately $1.47 per Fund Interest (unaudited). Realization of the loss carryforward is contingent on future performance. As such, the loss carryforward is not included in the consolidated balance sheet as of December 31, 2023. Even after the offset of the loss carryforward, future performance participation allocations will be subject to the Hurdle Amount. Organization and Offering Expenses. Development Fees. Fees from Other Services. Acquisition Expense Reimbursements. Property-Level Accounting Services. DST Program DST Program Dealer Manager Fees. private investors in that program, through one or more purchase price “mark ups” of the initial estimated fair value of the DST Properties to be sold to investors, fees paid by the investors at the time of investment, or deductions from distributions paid to such investors. AIREX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. AIREX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or AIREX will pay the Dealer Manager ongoing fees in amounts up to 1.0% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by AIREX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement and Operating Partnership Agreement, DST Properties are included when calculating the fixed advisory fee and the performance participation allocation due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the fee paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. In connection with the DST Program, AIREX maintains a loan program and may, upon request, provide DST Program Loans to certain purchasers of the interests in the DST Interests to finance a portion of the purchase price payable upon their acquisition of such DST Interests (the “Purchase Price”). The DST Program Loans are made by a subsidiary of ours (the “DST Lender”). The DST Program Loans may differ in original principal amounts. The original principal amount of the DST Program Loans expressed as a percentage of the total Purchase Price for the applicable DST Interests may also vary, but no DST Program Loan to any purchaser will exceed 50% of the Purchase Price paid by such purchaser for its DST Interest in the Trust, excluding the amount of the Origination Fee, as hereinafter defined. Each purchaser that elects to obtain a DST Program Loan, will pay an origination fee to the DST Manager equal to up to 1.0% of the original principal amount of its DST Program Loan (the “Origination Fee”) upon origination of such DST Program Loan, which Origination Fee will be assigned by the DST Manager to an affiliate of the Advisor. The purchaser will be required to represent, among other things, that no portion of the Purchase Price for its DST Interest and no fee paid in connection with the acquisition of its DST Interest (including, without limitation, the Origination Fee) has been or will be funded with any nonrecourse indebtedness other than the DST Program Loan. The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our securities offerings, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Receivable (Payable) as of (in thousands) 2023 2022 ​ 2021 December 31, 2023 December 31, 2022 Selling commissions and dealer manager fees (1) ​ $ 4,449 ​ $ 22,815 ​ $ 15,046 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 23,858 ​ 27,175 ​ 16,022 ​ (1,549) ​ (2,459) Advisory fee—fixed component ​ ​ 74,092 ​ ​ 67,561 ​ ​ 28,558 ​ ​ (5,813) ​ ​ (6,371) Performance participation allocation (3) ​ ​ — ​ ​ 140,505 ​ 81,185 ​ ​ — ​ ​ (140,505) Other expense reimbursements (4)(5) ​ ​ 12,116 ​ ​ 12,452 ​ 11,434 ​ ​ (2,799) ​ ​ (2,624) Property accounting fee (6) ​ ​ 3,017 ​ ​ 2,803 ​ ​ 1,262 ​ ​ 129 ​ ​ (269) DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 6,393 ​ ​ 8,584 ​ ​ 3,527 ​ ​ (852) ​ ​ (672) Other DST Program related costs (5) ​ ​ 5,664 ​ ​ 9,974 ​ ​ 5,925 ​ ​ (215) ​ ​ (145) Development fees (7) ​ ​ 1,795 ​ ​ 8,460 ​ ​ 937 ​ ​ (588) ​ ​ (471) Total ​ $ 131,384 ​ $ 300,329 ​ $ 163,896 ​ $ (11,687) ​ $ (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 $64.5 million and $92.1 million as of December 31, 2023 and 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 consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our consolidated balance sheets. ​ Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers, including a portion of compensation (whether paid in cash, stock, or other forms), benefits and other overhead costs of certain of our named executive officers, as well as employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. We incurred approximately $11.2 million, $11.4 million and $10.1 million for the years ended December 31, 2023, 2022 and 2021 respectively, for such compensation expenses reimbursable to the Advisor. Transactions with Affiliates The Operating Partnership issued 100 Special Units to the Former Sponsor for consideration of $1,000. The Special Units are classified as noncontrolling interests. On July 1, 2021, the 100 Special Units were assigned to the Advisor and in December 2021, the Advisor assigned the 100 Special Units to its subsidiary, the Special Unit Holder. Performance Participation Allocation 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 December 31, 2023; therefore no performance participation allocation expense was recognized in our consolidated statements of operations for the year ended December 31, 2023. As the performance hurdle was achieved as of December 31, 2022, we recognized approximately $140.5 million of performance participation allocation expense in our consolidated statements of operations for the year ended December 31, 2022. Joint Venture Partnerships From the beginning of the first quarter of 2022 until the completion of the BTC II Partnership Transaction, the BTC II Partnership incurred approximately $1.8 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. For the year ended December 31, 2021, the BTC Partnerships incurred in aggregate approximately $10.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to their respective service agreements. For the year ended December 31, 2023, the BTC II B Partnership incurred approximately $2.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements. From the completion of the BTC II Partnership Transaction until December 31, 2022, the BTC II B Partnership incurred approximately $1.1 million in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	13. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands, except per share data) ​ 2023 2022 ​ ​ 2021 Net loss attributable to common stockholders—basic ​ ​ $ (204,674) ​ $ (308,079) ​ $ (75,349) Net loss attributable to redeemable noncontrolling interests ​ ​ ​ (5,587) ​ ​ (4,874) ​ ​ (498) Net loss attributable to noncontrolling interests ​ ​ ​ 38 ​ ​ 38 ​ ​ 20 Net loss attributable to common stockholders—diluted ​ ​ $ (210,223) ​ $ (312,915) ​ $ (75,827) Weighted-average shares outstanding—basic ​ ​ ​ 303,660 ​ ​ 295,683 ​ ​ 201,169 Incremental weighted-average shares outstanding—diluted ​ ​ ​ 8,461 ​ ​ 4,533 ​ ​ 1,311 Weighted-average shares outstanding—diluted ​ ​ ​ 312,121 ​ ​ 300,216 ​ ​ 202,480 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.67) ​ $ (1.04) ​ $ (0.37) Diluted ​ ​ $ (0.67) ​ $ (1.04) ​ $ (0.37) ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	14. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness, net of capitalized interest ​ $ 118,575 ​ $ 70,667 ​ $ 21,772 Interest paid related to DST Program ​ ​ 62,507 ​ ​ 32,157 ​ ​ 1,757 Distributions reinvested in common stock ​ ​ 85,224 ​ ​ 76,434 ​ 52,223 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 52,542 ​ ​ 83,630 ​ ​ 68,772 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 62,667 ​ 81,185 ​ 9,640 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ — ​ ​ 91,028 ​ ​ 279,340 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (27,628) ​ ​ 6,726 ​ ​ 40,458 (Decrease) increase in accrued capital expenditures ​ ​ (33,214) ​ ​ 58,902 ​ ​ 2,433 Non-cash selling commissions and dealer manager fees ​ 4,449 ​ 22,815 ​ 15,046 ​ 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 consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 ​ 2021 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 79,524 ​ $ 216,848 ​ $ 232,369 Restricted cash ​ 499 ​ 887 ​ 530 Cash, cash equivalents and restricted cash ​ $ 80,023 ​ $ 217,735 ​ $ 232,899 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 14,322 ​ $ 79,524 ​ $ 216,848 Restricted cash ​ 620 ​ 499 ​ 887 Cash, cash equivalents and restricted cash ​ $ 14,942 ​ $ 80,023 ​ $ 217,735 ​

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	15. NONCONTROLLING INTERESTS Special Units In November 2014, the Operating Partnership issued 100 Special Units to the parent of the Former Advisor for consideration of $1,000. On July 1, 2021, the 100 Special Units were assigned to the Advisor. In December 2021, the Special Units were assigned by the Advisor to the Special Unit Holder. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. The holder of the Special Units will be paid a performance participation allocation. Refer to “Note 12” for details regarding the performance participation allocation and Class I OP Units issued as payment for the performance participation allocation. This amount will be paid to the Special Unit Holder, so long as the Advisory Agreement has not been terminated, as a performance participation interest with respect to the Special Units or, at the election of the Advisor, will be paid instead to the Advisor in the form of a cash fee, as described in the Advisory Agreement. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Subsidiary REITs As of December 31, 2023, we indirectly own and control the managing member of three Subsidiary REITs. Noncontrolling interests represent the portion of equity in the Subsidiary REIT that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as of December 31, 2023 as noncontrolling interests within permanent equity. Such noncontrolling interests were issued by the Subsidiary REITS in the form of preferred shares, which are non-voting and have no rights to income or loss. The preferred shares are redeemable by the respective Subsidiary REIT at our discretion, through our ownership and control of the managing member. The following table includes details for each Subsidiary REIT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2023 (1) ​ ​ 2022 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we and our subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 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 we may acquire in connection with the development of land. We have or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Subsequent to December 31, 2023, we sold two industrial properties for an aggregate contractual purchase price of $35.1 million. Our accounting basis (net of accumulated depreciation and amortization) for these properties as of the disposition date was approximately $27.0 million. ​

SCHEDULE III-REAL ESTATE AND AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2023 ​ Accumulated ​ Acquisition / ​ ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Depreciation and ​ Completion ​ ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (7) ​ Costs ​ Acquisition ​ Land ​ Improvements (7) ​ Costs (8), (10) ​ Amortization (9),(10) ​ Date ​ Consolidated Industrial Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ontario Industrial Center in Ontario, CA 1 $ — (1) $ 5,225 $ 5,370 $ 10,595 ​ $ 1,002 $ 5,225 $ 6,372 $ 11,597 $ (2,313) 2/26/18 Medley Industrial Center in Medley, FL ​ 1 ​ ​ — ​ 2,864 ​ ​ 4,559 ​ ​ 7,423 ​ ​ 312 ​ ​ 2,864 ​ ​ 4,871 ​ ​ 7,735 ​ ​ (1,441) ​ 4/11/18 ​ Ontario Distribution Center in Ontario, CA ​ 1 ​ ​ — (2) 14,657 ​ ​ 16,101 ​ ​ 30,758 ​ ​ 1,566 ​ ​ 14,657 ​ ​ 17,667 ​ ​ 32,324 ​ ​ (6,595) ​ 5/17/18 ​ Park 429 Logistics Center in Ocoee, FL ​ 2 ​ ​ — ​ 7,963 ​ ​ 36,919 ​ ​ 44,882 ​ ​ 320 ​ ​ 7,963 ​ ​ 37,239 ​ ​ 45,202 ​ ​ (7,120) ​ 6/7/18 ​ Pescadero Distribution Center in Tracy, CA ​ 1 ​ ​ — (1) 5,602 ​ ​ 40,021 ​ ​ 45,623 ​ ​ 975 ​ ​ 5,602 ​ ​ 40,996 ​ ​ 46,598 ​ ​ (8,710) ​ 6/20/18 ​ Gothard Industrial Center in Huntington Beach, CA ​ 1 ​ ​ — (1) 5,325 ​ ​ 4,771 ​ ​ 10,096 ​ ​ 421 ​ ​ 5,325 ​ ​ 5,192 ​ ​ 10,517 ​ ​ (1,715) ​ 6/25/18 ​ Midway Industrial Center in Odenton, MD ​ 1 ​ ​ — (3) 4,579 ​ ​ 3,548 ​ ​ 8,127 ​ ​ 446 ​ ​ 4,579 ​ ​ 3,994 ​ ​ 8,573 ​ ​ (1,734) ​ 10/22/18 ​ Executive Airport Distribution Center I in Henderson, NV ​ 1 ​ ​ — ​ 10,360 ​ ​ 40,710 ​ ​ 51,070 ​ ​ 372 ​ ​ 10,360 ​ ​ 41,082 ​ ​ 51,442 ​ ​ (9,742) ​ 11/20/18 ​ Iron Run Distribution Center in Allentown, PA ​ 1 ​ ​ — (3) 5,483 ​ ​ 10,039 ​ ​ 15,522 ​ ​ 258 ​ ​ 5,483 ​ ​ 10,297 ​ ​ 15,780 ​ ​ (3,380) ​ 12/4/18 ​ Elgin Distribution Center in Elgin, IL ​ 1 ​ ​ — ​ 4,032 ​ ​ 16,951 ​ ​ 20,983 ​ ​ 157 ​ ​ 4,032 ​ ​ 17,108 ​ ​ 21,140 ​ ​ (2,771) ​ 12/11/18 ​ Addison Distribution Center II in Addison, IL ​ 1 ​ ​ — ​ 4,439 ​ ​ 8,009 ​ ​ 12,448 ​ ​ 879 ​ ​ 4,439 ​ ​ 8,888 ​ ​ 13,327 ​ ​ (2,408) ​ 12/21/18 ​ Fontana Distribution Center in Fontana, CA ​ 1 ​ ​ — (2) 20,558 ​ ​ 21,943 ​ ​ 42,501 ​ ​ 958 ​ ​ 20,558 ​ ​ 22,901 ​ ​ 43,459 ​ ​ (8,395) ​ 12/28/18 ​ Airport Industrial Center in Ontario, CA ​ 1 ​ ​ — ​ 4,085 ​ ​ 4,051 ​ ​ 8,136 ​ ​ 587 ​ ​ 4,085 ​ ​ 4,638 ​ ​ 8,723 ​ ​ (1,714) ​ 1/8/19 ​ Kelly Trade Center in Austin, TX ​ 1 ​ ​ — ​ 2,686 ​ ​ 12,654 ​ ​ 15,340 ​ ​ 1,981 ​ ​ 2,686 ​ ​ 14,635 ​ ​ 17,321 ​ ​ (3,712) ​ 1/31/19 ​ 7A Distribution Center in Robbinsville, NJ ​ 1 ​ ​ — ​ 8,002 ​ ​ 4,149 ​ ​ 12,151 ​ ​ 523 ​ ​ 3,385 ​ ​ 9,289 ​ ​ 12,674 ​ ​ (3,046) ​ 2/11/19 ​ Quakerbridge Distribution Center in Hamilton, NJ ​ 1 ​ ​ — (3) 3,434 ​ ​ 5,160 ​ ​ 8,594 ​ ​ 982 ​ ​ 2,334 ​ ​ 7,242 ​ ​ 9,576 ​ ​ (2,281) ​ 3/11/19 ​ Hebron Airpark Logistics Center in Hebron, KY ​ 1 ​ ​ — ​ 2,228 ​ ​ 9,572 ​ ​ 11,800 ​ ​ 497 ​ ​ 2,228 ​ ​ 10,069 ​ ​ 12,297 ​ ​ (1,995) ​ 5/30/19 ​ Las Vegas Light Industrial Portfolio in Las Vegas, NV ​ 4 ​ ​ — ​ 19,872 ​ ​ 39,399 ​ ​ 59,271 ​ ​ 1,311 ​ ​ 19,872 ​ ​ 40,710 ​ ​ 60,582 ​ ​ (10,585) ​ 5/30/19 ​ Monte Vista Industrial Center in Chino, CA ​ 1 ​ ​ — ​ 7,947 ​ ​ 7,592 ​ ​ 15,539 ​ ​ 560 ​ ​ 7,947 ​ ​ 8,152 ​ ​ 16,099 ​ ​ (2,625) ​ 6/7/19 ​ King of Prussia Core Infill Portfolio in King of Prussia, PA ​ 5 ​ ​ — (3) 14,791 ​ ​ 17,187 ​ ​ 31,978 ​ ​ 2,143 ​ ​ 14,791 ​ ​ 19,330 ​ ​ 34,121 ​ ​ (6,749) ​ 6/21/19 ​ Dallas Infill Industrial Portfolio in Arlington, TX ​ 3 ​ ​ 38,000 ​ 17,159 ​ ​ 74,981 ​ ​ 92,140 ​ ​ 5,941 ​ ​ 17,159 ​ ​ 80,922 ​ ​ 98,081 ​ ​ (18,110) ​ 6/28/19 ​ Dallas Infill Industrial Portfolio in Garland, TX ​ 2 ​ ​ 11,250 ​ 3,545 ​ ​ 20,370 ​ ​ 23,915 ​ ​ 594 ​ ​ 3,545 ​ ​ 20,964 ​ ​ 24,509 ​ ​ (3,792) ​ 6/28/19 ​ Edison Distribution Center in Edison, NJ ​ 1 ​ ​ — (3) 11,519 ​ ​ 16,079 ​ ​ 27,598 ​ ​ 276 ​ ​ 11,519 ​ ​ 16,355 ​ ​ 27,874 ​ ​ (4,935) ​ 6/28/19 ​ 395 Distribution Center in Reno, NV ​ 2 ​ ​ — (2) 8,904 ​ ​ 45,114 ​ ​ 54,018 ​ ​ 911 ​ ​ 8,904 ​ ​ 46,025 ​ ​ 54,929 ​ ​ (8,531) ​ 8/5/19 ​ I-80 Distribution Center in Reno, NV ​ 4 ​ ​ — (1) 11,645 ​ ​ 60,364 ​ ​ 72,009 ​ ​ 2,133 ​ ​ 11,645 ​ ​ 62,497 ​ ​ 74,142 ​ ​ (12,684) ​ 9/4/19 ​ Avenue B Industrial Center in Bethlehem, PA ​ 1 ​ ​ — ​ 2,190 ​ ​ 4,923 ​ ​ 7,113 ​ ​ 108 ​ ​ 2,190 ​ ​ 5,031 ​ ​ 7,221 ​ ​ (1,756) ​ 9/11/19 ​ 485 Distribution Center in Shiremanstown, PA ​ 1 ​ ​ — (4) 6,145 ​ ​ 36,914 ​ ​ 43,059 ​ ​ 267 ​ ​ 6,145 ​ ​ 37,181 ​ ​ 43,326 ​ ​ (7,062) ​ 9/13/19 ​ Weston Business Center in Weston, FL ​ 1 ​ ​ — ​ 14,627 ​ ​ 17,784 ​ ​ 32,411 ​ ​ 255 ​ ​ 14,627 ​ ​ 18,039 ​ ​ 32,666 ​ ​ (4,687) ​ 12/10/19 ​ Marigold Distribution Center in Redlands, CA ​ 1 ​ ​ — ​ 15,660 ​ ​ 24,075 ​ ​ 39,735 ​ ​ 1,820 ​ ​ 15,660 ​ ​ 25,895 ​ ​ 41,555 ​ ​ (6,760) ​ 12/20/19 ​ Bishops Gate Distribution Center in Mount Laurel, NJ ​ 1 ​ ​ — (3) 6,018 ​ ​ 26,208 ​ ​ 32,226 ​ ​ 628 ​ ​ 6,018 ​ ​ 26,836 ​ ​ 32,854 ​ ​ (7,420) ​ 12/31/19 ​ Norcross Industrial Center in Peachtree Corner, GA ​ 1 ​ ​ — ​ ​ 3,220 ​ ​ 6,285 ​ ​ 9,505 ​ ​ 6,008 ​ ​ 3,220 ​ ​ 12,293 ​ ​ 15,513 ​ ​ (2,686) ​ 3/23/20 ​ Port 146 Distribution Center in LaPorte, TX ​ 1 ​ ​ — ​ ​ 1,748 ​ ​ 7,823 ​ ​ 9,571 ​ ​ 2,369 ​ ​ 1,748 ​ ​ 10,192 ​ ​ 11,940 ​ ​ (1,069) ​ 4/14/20 ​ Lima Distribution Center in Denver, CO ​ 1 ​ ​ — ​ ​ 1,853 ​ ​ 9,769 ​ ​ 11,622 ​ ​ 212 ​ ​ 1,853 ​ ​ 9,981 ​ ​ 11,834 ​ ​ (2,729) ​ 4/15/20 ​ Valwood Crossroads in Carrollton, TX ​ 2 ​ ​ — (4) ​ 12,457 ​ ​ 57,542 ​ ​ 69,999 ​ ​ 170 ​ ​ 12,457 ​ ​ 57,712 ​ ​ 70,169 ​ ​ (9,931) ​ 5/11/20 ​ Eaglepoint LC in Brownsburg, IN ​ 1 ​ ​ — ​ ​ 3,598 ​ ​ 36,618 ​ ​ 40,216 ​ ​ 109 ​ ​ 3,598 ​ ​ 36,727 ​ ​ 40,325 ​ ​ (7,017) ​ 5/26/20 ​ 7A DC II in Robbinsville Township, NJ ​ 1 ​ ​ — (3) ​ 6,235 ​ ​ 16,983 ​ ​ 23,218 ​ ​ 783 ​ ​ 6,235 ​ ​ 17,766 ​ ​ 24,001 ​ ​ (3,903) ​ 5/27/20 ​ Legacy Logistics Center in Salt Lake City, UT ​ 1 ​ ​ — (1) ​ 5,590 ​ ​ 34,128 ​ ​ 39,718 ​ ​ 1,995 ​ ​ 5,590 ​ ​ 36,123 ​ ​ 41,713 ​ ​ (6,189) ​ 6/3/20 ​ Logistics Center at 33 in Easton, PA ​ 1 ​ ​ — (4) ​ 8,983 ​ ​ 54,302 ​ ​ 63,285 ​ ​ 498 ​ ​ 8,983 ​ ​ 54,800 ​ ​ 63,783 ​ ​ (9,679) ​ 6/4/20 ​ Intermodal Logistics Center in Fort Worth, TX ​ 1 ​ ​ — ​ ​ 5,191 ​ ​ 23,437 ​ ​ 28,628 ​ ​ 177 ​ ​ 5,191 ​ ​ 23,614 ​ ​ 28,805 ​ ​ (3,498) ​ 6/29/20 ​ Executive Airport Distribution Center II, III in Henderson, NV ​ 2 ​ ​ — ​ ​ 7,852 ​ ​ 25,348 ​ ​ 33,200 ​ ​ 4,145 ​ ​ 7,852 ​ ​ 29,493 ​ ​ 37,345 ​ ​ (2,847) ​ 9/3/20 ​ Airpark International Logistics Center in Hebron, KY ​ 2 ​ ​ — ​ ​ 2,371 ​ ​ 27,830 ​ ​ 30,201 ​ ​ 416 ​ ​ 2,371 ​ ​ 28,246 ​ ​ 30,617 ​ ​ (3,800) ​ 10/9/20 ​ Carlstadt Industrial Center in Carlstadt, NJ ​ 2 ​ ​ — (3) ​ 16,989 ​ ​ 20,541 ​ ​ 37,530 ​ ​ 1,165 ​ ​ 16,989 ​ ​ 21,706 ​ ​ 38,695 ​ ​ (5,388) ​ 11/10/20 ​ Nelson Industrial Center in La Puente, CA ​ 1 ​ ​ — ​ ​ 3,943 ​ ​ 5,089 ​ ​ 9,032 ​ ​ 141 ​ ​ 3,943 ​ ​ 5,230 ​ ​ 9,173 ​ ​ (1,121) ​ 12/7/20 ​ Miraloma Industrial Center in Placentia, CA ​ 1 ​ ​ — ​ ​ 4,843 ​ ​ 4,655 ​ ​ 9,498 ​ ​ 251 ​ ​ 4,843 ​ ​ 4,906 ​ ​ 9,749 ​ ​ (1,308) ​ 12/10/20 ​ Pennsy Logistics Center in Landover, MD ​ 2 ​ ​ — (3) ​ 8,273 ​ ​ 51,824 ​ ​ 60,097 ​ ​ 155 ​ ​ 8,273 ​ ​ 51,979 ​ ​ 60,252 ​ ​ (7,970) ​ 12/18/20 ​ Gerwig Distribution Center in Columbia, MD ​ 1 ​ ​ — ​ ​ 8,069 ​ ​ 11,205 ​ ​ 19,274 ​ ​ 360 ​ ​ 8,069 ​ ​ 11,565 ​ ​ 19,634 ​ ​ (2,270) ​ 1/8/21 ​ Harvill Business Center in Perris, CA ​ 1 ​ ​ — (4) ​ 14,098 ​ ​ 46,490 ​ ​ 60,588 ​ ​ 41 ​ ​ 14,098 ​ ​ 46,531 ​ ​ 60,629 ​ ​ (5,821) ​ 3/10/21 ​ Princess Logistics Center in Lawrenceville, NJ ​ 1 ​ ​ — (4) ​ 10,883 ​ ​ 63,192 ​ ​ 74,075 ​ ​ 1,232 ​ ​ 10,883 ​ ​ 64,424 ​ ​ 75,307 ​ ​ (6,132) ​ 4/12/21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2023 ​ Accumulated ​ Acquisition / ​ ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Depreciation and ​ Completion ​ ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (7) ​ Costs ​ Acquisition ​ Land ​ Improvements (7) ​ Costs (8), (10) ​ Amortization (9),(10) ​ Date ​ Rancho Cucamonga Business Center in Rancho Cucamonga, CA ​ 1 ​ ​ — ​ ​ 8,185 ​ ​ 16,439 ​ ​ 24,624 ​ ​ 635 ​ ​ 8,185 ​ ​ 17,074 ​ ​ 25,259 ​ ​ (2,590) ​ 5/28/21 ​ Norton Distribution Center in Norton, MA ​ 1 ​ ​ — ​ ​ 4,350 ​ ​ 28,063 ​ ​ 32,413 ​ ​ 252 ​ ​ 4,350 ​ ​ 28,315 ​ ​ 32,665 ​ ​ (4,784) ​ 6/1/21 ​ Build-To-Core Logistics Portfolio in Austin, TX ​ 5 ​ ​ — (5) ​ 11,918 ​ ​ 42,446 ​ ​ 54,364 ​ ​ 1,910 ​ ​ 11,918 ​ ​ 44,356 ​ ​ 56,274 ​ ​ (7,609) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Hayward, CA ​ 1 ​ ​ — (5) ​ 39,357 ​ ​ 91,117 ​ ​ 130,474 ​ ​ 3,649 ​ ​ 39,357 ​ ​ 94,766 ​ ​ 134,123 ​ ​ (8,050) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in LaPorte, TX ​ 1 ​ ​ — ​ ​ 1,998 ​ ​ 15,261 ​ ​ 17,259 ​ ​ 485 ​ ​ 1,998 ​ ​ 15,746 ​ ​ 17,744 ​ ​ (1,701) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Lehigh Valley, PA ​ 1 ​ ​ — ​ ​ 14,522 ​ ​ 49,076 ​ ​ 63,598 ​ ​ 2,018 ​ ​ 14,522 ​ ​ 51,094 ​ ​ 65,616 ​ ​ (5,216) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Lodi, NJ ​ 2 ​ ​ — (4) ​ 18,545 ​ ​ 78,491 ​ ​ 97,036 ​ ​ 408 ​ ​ 18,545 ​ ​ 78,899 ​ ​ 97,444 ​ ​ (6,590) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA ​ 1 ​ ​ — (4) ​ 26,126 ​ ​ 71,385 ​ ​ 97,511 ​ ​ (251) ​ ​ 26,126 ​ ​ 71,134 ​ ​ 97,260 ​ ​ (8,759) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Richmond, CA ​ 1 ​ ​ — ​ ​ 6,954 ​ ​ 33,862 ​ ​ 40,816 ​ ​ 1,301 ​ ​ 7,045 ​ ​ 35,072 ​ ​ 42,117 ​ ​ (3,022) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in San Diego, CA ​ 2 ​ ​ — (5) ​ 7,999 ​ ​ 34,888 ​ ​ 42,887 ​ ​ 30 ​ ​ 7,999 ​ ​ 34,918 ​ ​ 42,917 ​ ​ (3,723) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in San Jose, CA ​ 1 ​ ​ — ​ ​ 9,799 ​ ​ 23,467 ​ ​ 33,266 ​ ​ 332 ​ ​ 9,799 ​ ​ 23,799 ​ ​ 33,598 ​ ​ (2,198) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Suwanee, GA ​ 4 ​ ​ — (5) ​ 5,612 ​ ​ 65,492 ​ ​ 71,104 ​ ​ 3,724 ​ ​ 5,612 ​ ​ 69,216 ​ ​ 74,828 ​ ​ (12,420) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Tacoma, WA ​ 2 ​ ​ — (2) ​ 29,942 ​ ​ 144,714 ​ ​ 174,656 ​ ​ 1,287 ​ ​ 29,942 ​ ​ 146,001 ​ ​ 175,943 ​ ​ (14,756) ​ 6/15/21 ​ Build-To-Core Logistics Portfolio in Tracy, CA ​ 1 ​ ​ — (5) ​ 3,564 ​ ​ 50,196 ​ ​ 53,760 ​ ​ (9) ​ ​ 3,564 ​ ​ 50,187 ​ ​ 53,751 ​ ​ (4,679) ​ 6/15/21 ​ Benchmark Distribution Center in Houston, TX ​ 1 ​ ​ — ​ ​ 4,809 ​ ​ 14,842 ​ ​ 19,651 ​ ​ 1,186 ​ ​ 4,809 ​ ​ 16,028 ​ ​ 20,837 ​ ​ (1,857) ​ 6/18/21 ​ Key Logistics Portfolio in Allentown, PA ​ 1 ​ ​ — ​ ​ 2,876 ​ ​ 15,208 ​ ​ 18,084 ​ ​ 1,000 ​ ​ 2,876 ​ ​ 16,208 ​ ​ 19,084 ​ ​ (2,352) ​ 7/14/21 ​ Key Logistics Portfolio in Auburn, WA ​ 3 ​ ​ — ​ ​ 7,822 ​ ​ 34,089 ​ ​ 41,911 ​ ​ 1,043 ​ ​ 7,822 ​ ​ 35,132 ​ ​ 42,954 ​ ​ (4,485) ​ 7/14/21 ​ Key Logistics Portfolio in Aurora, CO ​ 1 ​ ​ — ​ ​ 1,818 ​ ​ 9,147 ​ ​ 10,965 ​ ​ — ​ ​ 1,818 ​ ​ 9,147 ​ ​ 10,965 ​ ​ (1,534) ​ 7/14/21 ​ Key Logistics Portfolio in Boca Raton, FL ​ 1 ​ ​ — ​ ​ 4,959 ​ ​ 8,586 ​ ​ 13,545 ​ ​ 199 ​ ​ 4,959 ​ ​ 8,785 ​ ​ 13,744 ​ ​ (2,014) ​ 7/14/21 ​ Key Logistics Portfolio in Glen Burnie, MD ​ 1 ​ ​ — (3) ​ 2,545 ​ ​ 17,976 ​ ​ 20,521 ​ ​ 84 ​ ​ 2,545 ​ ​ 18,060 ​ ​ 20,605 ​ ​ (3,430) ​ 7/14/21 ​ Key Logistics Portfolio in Kent, WA ​ 4 ​ ​ — ​ ​ 11,478 ​ ​ 27,605 ​ ​ 39,083 ​ ​ 1,018 ​ ​ 11,478 ​ ​ 28,623 ​ ​ 40,101 ​ ​ (4,854) ​ 7/14/21 ​ Key Logistics Portfolio in King of Prussia, PA ​ 2 ​ ​ — (3) ​ 4,120 ​ ​ 17,984 ​ ​ 22,104 ​ ​ 508 ​ ​ 4,120 ​ ​ 18,492 ​ ​ 22,612 ​ ​ (3,408) ​ 7/14/21 ​ Key Logistics Portfolio in Lanham, MD ​ 1 ​ ​ — (3) ​ 3,979 ​ ​ 18,147 ​ ​ 22,126 ​ ​ 671 ​ ​ 3,979 ​ ​ 18,818 ​ ​ 22,797 ​ ​ (2,327) ​ 7/14/21 ​ Key Logistics Portfolio in Lincolnshire, IL ​ 1 ​ ​ — ​ ​ 1,695 ​ ​ 11,939 ​ ​ 13,634 ​ ​ 58 ​ ​ 1,695 ​ ​ 11,997 ​ ​ 13,692 ​ ​ (1,469) ​ 7/14/21 ​ Key Logistics Portfolio in Louisville, KY ​ 5 ​ ​ — ​ ​ 8,248 ​ ​ 117,907 ​ ​ 126,155 ​ ​ 1,516 ​ ​ 8,248 ​ ​ 119,423 ​ ​ 127,671 ​ ​ (18,545) ​ 7/14/21 ​ Key Logistics Portfolio in Mechanicsburg, PA ​ 1 ​ ​ — ​ ​ 2,205 ​ ​ 11,882 ​ ​ 14,087 ​ ​ 495 ​ ​ 2,205 ​ ​ 12,377 ​ ​ 14,582 ​ ​ (2,041) ​ 7/14/21 ​ Key Logistics Portfolio in Memphis, TN ​ 6 ​ ​ — ​ ​ 6,873 ​ ​ 103,715 ​ ​ 110,588 ​ ​ 2,737 ​ ​ 6,873 ​ ​ 106,452 ​ ​ 113,325 ​ ​ (21,076) ​ 7/14/21 ​ Key Logistics Portfolio in Olive Branch, MS ​ 1 ​ ​ — ​ ​ 2,656 ​ ​ 29,453 ​ ​ 32,109 ​ ​ 89 ​ ​ 2,656 ​ ​ 29,542 ​ ​ 32,198 ​ ​ (3,685) ​ 7/14/21 ​ Key Logistics Portfolio in Ontario, CA ​ 3 ​ ​ — ​ ​ 13,418 ​ ​ 38,965 ​ ​ 52,383 ​ ​ 442 ​ ​ 13,418 ​ ​ 39,407 ​ ​ 52,825 ​ ​ (6,470) ​ 7/14/21 ​ Key Logistics Portfolio in Pompano Beach, FL ​ 2 ​ ​ — ​ ​ 4,431 ​ ​ 10,992 ​ ​ 15,423 ​ ​ 394 ​ ​ 4,431 ​ ​ 11,386 ​ ​ 15,817 ​ ​ (1,866) ​ 7/14/21 ​ Key Logistics Portfolio in Renton, WA ​ 1 ​ ​ — ​ ​ 4,745 ​ ​ 13,612 ​ ​ 18,357 ​ ​ — ​ ​ 4,745 ​ ​ 13,612 ​ ​ 18,357 ​ ​ (2,280) ​ 7/14/21 ​ Key Logistics Portfolio in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 5,966 ​ ​ 53,720 ​ ​ 59,686 ​ ​ 487 ​ ​ 5,966 ​ ​ 54,207 ​ ​ 60,173 ​ ​ (8,725) ​ 7/14/21 ​ Key Logistics Portfolio in Stockton, CA ​ 4 ​ ​ — (4) ​ 15,700 ​ ​ 73,083 ​ ​ 88,783 ​ ​ 1,665 ​ ​ 15,700 ​ ​ 74,748 ​ ​ 90,448 ​ ​ (12,621) ​ 7/14/21 ​ Key Logistics Portfolio in Tacoma, WA ​ 1 ​ ​ — ​ ​ 3,844 ​ ​ 6,354 ​ ​ 10,198 ​ ​ 202 ​ ​ 3,844 ​ ​ 6,556 ​ ​ 10,400 ​ ​ (999) ​ 7/14/21 ​ Key Logistics Portfolio in Totowa, NJ ​ 1 ​ ​ — (3) ​ 11,530 ​ ​ 46,672 ​ ​ 58,202 ​ ​ 1,170 ​ ​ 11,530 ​ ​ 47,842 ​ ​ 59,372 ​ ​ (7,202) ​ 7/14/21 ​ Key Logistics Portfolio in Tracy, CA ​ 2 ​ ​ — ​ ​ 11,240 ​ ​ 47,595 ​ ​ 58,835 ​ ​ 1,307 ​ ​ 11,240 ​ ​ 48,902 ​ ​ 60,142 ​ ​ (7,573) ​ 7/14/21 ​ Key Logistics Portfolio in Upper Marlboro, MD ​ 1 ​ ​ — ​ ​ 2,206 ​ ​ 4,926 ​ ​ 7,132 ​ ​ 1,432 ​ ​ 2,206 ​ ​ 6,358 ​ ​ 8,564 ​ ​ (680) ​ 7/14/21 ​ Key Logistics Portfolio in Valencia, CA ​ 1 ​ ​ — ​ ​ 6,555 ​ ​ 11,619 ​ ​ 18,174 ​ ​ 53 ​ ​ 6,555 ​ ​ 11,672 ​ ​ 18,227 ​ ​ (1,305) ​ 7/14/21 ​ Key Logistics Portfolio in Wayne, NJ ​ 1 ​ ​ — (3) ​ 5,800 ​ ​ 13,770 ​ ​ 19,570 ​ ​ 1,600 ​ ​ 5,800 ​ ​ 15,370 ​ ​ 21,170 ​ ​ (1,954) ​ 7/14/21 ​ Key Logistics Portfolio in York, PA ​ 1 ​ ​ — (4) ​ 4,645 ​ ​ 20,466 ​ ​ 25,111 ​ ​ 1,546 ​ ​ 4,645 ​ ​ 22,012 ​ ​ 26,657 ​ ​ (3,834) ​ 7/14/21 ​ Stonewood Logistics Center in York, PA ​ 1 ​ ​ — ​ ​ 1,193 ​ ​ 18,150 ​ ​ 19,343 ​ ​ 1,471 ​ ​ 1,193 ​ ​ 19,621 ​ ​ 20,814 ​ ​ (1,648) ​ 7/16/21 ​ Heron Industrial Center in Swedesboro, NJ ​ 1 ​ ​ — ​ ​ 5,622 ​ ​ 20,377 ​ ​ 25,999 ​ ​ 283 ​ ​ 5,622 ​ ​ 20,660 ​ ​ 26,282 ​ ​ (4,224) ​ 7/21/21 ​ Colony Crossing Logistics Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 5,258 ​ ​ 16,311 ​ ​ 21,569 ​ ​ 775 ​ ​ 5,258 ​ ​ 17,086 ​ ​ 22,344 ​ ​ (2,820) ​ 8/17/21 ​ Harvill Industrial Center in Riverside, CA ​ — ​ ​ — ​ ​ 7,532 ​ ​ — ​ ​ 7,532 ​ ​ 5,172 ​ ​ 7,782 ​ ​ 4,922 ​ ​ 12,704 ​ ​ — ​ 8/23/21 ​ Commerce Farms Logistics Center in Lebanon, TN ​ 1 ​ ​ — ​ ​ 3,117 ​ ​ 60,704 ​ ​ 63,821 ​ ​ 1,078 ​ ​ 3,117 ​ ​ 61,782 ​ ​ 64,899 ​ ​ (7,230) ​ 8/25/21 ​ North County Commerce Center in Vista, CA ​ 5 ​ ​ — (2) ​ 42,171 ​ ​ 104,961 ​ ​ 147,132 ​ ​ 1,050 ​ ​ 42,171 ​ ​ 106,011 ​ ​ 148,182 ​ ​ (16,334) ​ 8/30/21 ​ Performance Distribution Center in Stockton, CA ​ 1 ​ ​ — (2) ​ 9,733 ​ ​ 19,799 ​ ​ 29,532 ​ ​ 33 ​ ​ 9,733 ​ ​ 19,832 ​ ​ 29,565 ​ ​ (2,099) ​ 9/7/21 ​ Madison Distribution Center in Tampa, FL ​ 1 ​ ​ — ​ ​ 766 ​ ​ 12,236 ​ ​ 13,002 ​ ​ 9 ​ ​ 766 ​ ​ 12,245 ​ ​ 13,011 ​ ​ (1,322) ​ 9/17/21 ​ 355 Logistics Center in Lockport, IL ​ 2 ​ ​ — ​ ​ 3,360 ​ ​ 62,062 ​ ​ 65,422 ​ ​ 2,554 ​ ​ 3,360 ​ ​ 64,616 ​ ​ 67,976 ​ ​ (6,764) ​ 10/1/21 ​ 1 Stanley Drive in Aston, PA ​ 1 ​ ​ — (4) ​ 1,265 ​ ​ 20,974 ​ ​ 22,239 ​ ​ 98 ​ ​ 1,265 ​ ​ 21,072 ​ ​ 22,337 ​ ​ (2,123) ​ 10/6/21 ​ Gilbert Gateway Commerce Park in Gilbert, AZ ​ 3 ​ ​ — (2) ​ 8,129 ​ ​ 80,026 ​ ​ 88,155 ​ ​ 3,036 ​ ​ 8,129 ​ ​ 83,062 ​ ​ 91,191 ​ ​ (7,997) ​ 10/6/21 ​ California Business Center in Salt Lake City, UT ​ 2 ​ ​ — ​ ​ 4,780 ​ ​ 26,290 ​ ​ 31,070 ​ ​ 694 ​ ​ 4,780 ​ ​ 26,984 ​ ​ 31,764 ​ ​ (4,736) ​ 10/21/21 ​ Molto Portfolio in Aurora, IL ​ 1 ​ ​ — ​ ​ 5,169 ​ ​ 32,432 ​ ​ 37,601 ​ ​ 787 ​ ​ 5,169 ​ ​ 33,219 ​ ​ 38,388 ​ ​ (2,790) ​ 11/17/21 ​ Molto Portfolio in Hebron, KY ​ 1 ​ ​ — ​ ​ 1,857 ​ ​ 20,674 ​ ​ 22,531 ​ ​ — ​ ​ 1,857 ​ ​ 20,674 ​ ​ 22,531 ​ ​ (1,574) ​ 11/17/21 ​ Molto Portfolio in Houston, TX ​ 2 ​ ​ — ​ ​ 7,370 ​ ​ 70,096 ​ ​ 77,466 ​ ​ 1,563 ​ ​ 7,370 ​ ​ 71,659 ​ ​ 79,029 ​ ​ (6,275) ​ 11/17/21 ​ Molto Portfolio in La Vergne, TN ​ 1 ​ ​ — ​ ​ 3,696 ​ ​ 23,720 ​ ​ 27,416 ​ ​ — ​ ​ 3,696 ​ ​ 23,720 ​ ​ 27,416 ​ ​ (2,090) ​ 11/17/21 ​ Molto Portfolio in Louisville, KY ​ 1 ​ ​ — ​ ​ 3,755 ​ ​ 36,195 ​ ​ 39,950 ​ ​ 1,399 ​ ​ 3,755 ​ ​ 37,594 ​ ​ 41,349 ​ ​ (3,251) ​ 11/17/21 ​ Walker Mill Industrial Center in Capitol Heights, MD ​ 1 ​ ​ — (3) ​ 2,908 ​ ​ 14,297 ​ ​ 17,205 ​ ​ 116 ​ ​ 2,908 ​ ​ 14,413 ​ ​ 17,321 ​ ​ (1,816) ​ 11/18/21 ​ Greater Boston Portfolio in Danvers, MA ​ 1 ​ ​ — ​ ​ 4,176 ​ ​ 16,169 ​ ​ 20,345 ​ ​ 46 ​ ​ 4,176 ​ ​ 16,215 ​ ​ 20,391 ​ ​ (2,565) ​ 11/22/21 ​ Greater Boston Portfolio in Franklin, MA ​ 1 ​ ​ — ​ ​ 2,646 ​ ​ 14,367 ​ ​ 17,013 ​ ​ 1,367 ​ ​ 2,646 ​ ​ 15,734 ​ ​ 18,380 ​ ​ (1,904) ​ 11/22/21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized or ​ Gross Amount Carried as of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ Adjustments ​ December 31, 2023 ​ Accumulated ​ Acquisition / ​ ​ ​ # of ​ ​ ​ ​ ​ ​ ​ Buildings and ​ Total ​ Subsequent to ​ ​ ​ ​ Buildings and ​ Total ​ Depreciation and ​ Completion ​ ($ in thousands) ​ Buildings ​ Debt ​ Land ​ Improvements (7) ​ Costs ​ Acquisition ​ Land ​ Improvements (7) ​ Costs (8), (10) ​ Amortization (9),(10) ​ Date ​ McDonald Portfolio in Alpharetta, GA ​ 4 ​ ​ — ​ ​ 4,228 ​ ​ 49,773 ​ ​ 54,001 ​ ​ 3,131 ​ ​ 4,228 ​ ​ 52,904 ​ ​ 57,132 ​ ​ (6,731) ​ 12/16/21 ​ McDonald Portfolio in Atlanta, GA ​ 6 ​ ​ — ​ ​ 10,312 ​ ​ 192,196 ​ ​ 202,508 ​ ​ 2,556 ​ ​ 10,312 ​ ​ 194,752 ​ ​ 205,064 ​ ​ (23,869) ​ 12/16/21 ​ McDonald Portfolio in Ellenwood, GA ​ 2 ​ ​ — ​ ​ 4,808 ​ ​ 72,142 ​ ​ 76,950 ​ ​ 931 ​ ​ 4,808 ​ ​ 73,073 ​ ​ 77,881 ​ ​ (8,252) ​ 12/16/21 ​ McDonald Portfolio in Savannah, GA ​ 2 ​ ​ — ​ ​ 5,862 ​ ​ 56,433 ​ ​ 62,295 ​ ​ 483 ​ ​ 5,467 ​ ​ 57,311 ​ ​ 62,778 ​ ​ (5,995) ​ 12/16/21 ​ Riggs Hill Industrial Center in Jessup, MD ​ 1 ​ ​ — ​ ​ 827 ​ ​ 4,832 ​ ​ 5,659 ​ ​ 77 ​ ​ 827 ​ ​ 4,909 ​ ​ 5,736 ​ ​ (896) ​ 12/17/21 ​ Valwood Industrial Center in Carrollton, TX ​ 4 ​ ​ — ​ ​ 12,755 ​ ​ 30,377 ​ ​ 43,132 ​ ​ 1,006 ​ ​ 12,755 ​ ​ 31,383 ​ ​ 44,138 ​ ​ (4,313) ​ 12/17/21 ​ Port Crossing Logistics Center in LaPorte, TX ​ 1 ​ ​ — ​ ​ 2,518 ​ ​ 29,476 ​ ​ 31,994 ​ ​ 164 ​ ​ 2,518 ​ ​ 29,640 ​ ​ 32,158 ​ ​ (2,536) ​ 12/21/21 ​ Hainesport Commerce Center in Hainesport, NJ ​ 1 ​ ​ — ​ ​ 19,042 ​ ​ 113,768 ​ ​ 132,810 ​ ​ 1,127 ​ ​ 19,042 ​ ​ 114,895 ​ ​ 133,937 ​ ​ (8,104) ​ 12/21/21 ​ Beltway Logistics Center in Charlotte, NC ​ 1 ​ ​ — ​ ​ 4,726 ​ ​ 23,327 ​ ​ 28,053 ​ ​ 119 ​ ​ 4,726 ​ ​ 23,446 ​ ​ 28,172 ​ ​ (1,639) ​ 12/22/21 ​ Clackamas Industrial Center in Clackamas, OR ​ 1 ​ ​ — ​ ​ 9,623 ​ ​ 41,551 ​ ​ 51,174 ​ ​ 597 ​ ​ 9,623 ​ ​ 42,148 ​ ​ 51,771 ​ ​ (7,659) ​ 12/23/21 ​ Build-to-Core II Logistics Portfolio in Aurora, IL ​ 1 ​ ​ — ​ ​ 3,187 ​ ​ 21,354 ​ ​ 24,541 ​ ​ 352 ​ ​ 3,187 ​ ​ 21,706 ​ ​ 24,893 ​ ​ (1,835) ​ 2/15/22 ​ Build-to-Core II Logistics Portfolio in Avenel, NJ ​ 1 ​ ​ — ​ ​ 20,489 ​ ​ 22,267 ​ ​ 42,756 ​ ​ 61 ​ ​ 20,489 ​ ​ 22,328 ​ ​ 42,817 ​ ​ (1,591) ​ 2/15/22 ​ Build-to-Core II Logistics Portfolio in Lakewood, WA ​ 3 ​ ​ — ​ ​ 30,833 ​ ​ 149,703 ​ ​ 180,536 ​ ​ 3,080 ​ ​ 30,838 ​ ​ 152,778 ​ ​ 183,616 ​ ​ (11,235) ​ 2/15/22 ​ Build-to-Core II Logistics Portfolio in Mount Prospect, IL ​ 1 ​ ​ — ​ ​ 3,725 ​ ​ 20,434 ​ ​ 24,159 ​ ​ 35 ​ ​ 3,725 ​ ​ 20,469 ​ ​ 24,194 ​ ​ (1,527) ​ 2/15/22 ​ Build-to-Core II Logistics Portfolio in Naperville, IL ​ 1 ​ ​ — ​ ​ 1,951 ​ ​ 16,137 ​ ​ 18,088 ​ ​ 594 ​ ​ 1,951 ​ ​ 16,731 ​ ​ 18,682 ​ ​ (1,360) ​ 2/15/22 ​ Build-to-Core II Logistics Portfolio in Newark, NJ ​ 1 ​ ​ — (6) ​ 25,879 ​ ​ 1,634 ​ ​ 27,513 ​ ​ 20,004 ​ ​ 25,879 ​ ​ 21,638 ​ ​ 47,517 ​ ​ — ​ 2/15/22, 9/28/23 ​ Build-to-Core II Logistics Portfolio in Schertz, TX ​ 1 ​ ​ — ​ ​ 503 ​ ​ 9,177 ​ ​ 9,680 ​ ​ 457 ​ ​ 503 ​ ​ 9,634 ​ ​ 10,137 ​ ​ (1,009) ​ 2/15/22 ​ Build-to-Core II Logistics Portfolio in Tualatin, OR ​ 1 ​ ​ — ​ ​ 4,231 ​ ​ 27,698 ​ ​ 31,929 ​ ​ (83) ​ ​ 4,102 ​ ​ 27,744 ​ ​ 31,846 ​ ​ (2,168) ​ 2/15/22 ​ Northlake Logistics Crossing in Northlake, TX ​ 2 ​ ​ — ​ ​ 21,569 ​ ​ — ​ ​ 21,569 ​ ​ 113,318 ​ ​ 22,094 ​ ​ 112,793 ​ ​ 134,887 ​ ​ (682) ​ 2/17/22, 4/12/23 ​ Tampa Commerce Center in Temple Terrace, FL ​ 1 ​ ​ — ​ ​ 6,270 ​ ​ — ​ ​ 6,270 ​ ​ 25,199 ​ ​ 6,270 ​ ​ 25,199 ​ ​ 31,469 ​ ​ — ​ 4/1/22 & 5/25/22, ​ Medley 104 Industrial Center in Medley, FL ​ 1 ​ ​ — ​ ​ 13,436 ​ ​ 40,234 ​ ​ 53,670 ​ ​ 248 ​ ​ 13,436 ​ ​ 40,482 ​ ​ 53,918 ​ ​ (5,117) ​ 4/18/22 ​ IDI U.S. Logistics Portfolio in Buford, GA ​ 1 ​ ​ — ​ ​ 2,962 ​ ​ 18,213 ​ ​ 21,175 ​ ​ — ​ ​ 2,962 ​ ​ 18,213 ​ ​ 21,175 ​ ​ (1,059) ​ 4/28/22 ​ IDI U.S. Logistics Portfolio in Channahon, IL ​ 1 ​ ​ — ​ ​ 8,940 ​ ​ 93,938 ​ ​ 102,878 ​ ​ 349 ​ ​ 8,940 ​ ​ 94,287 ​ ​ 103,227 ​ ​ (5,048) ​ 7/6/22 ​ IDI U.S. Logistics Portfolio in Jefferson, GA ​ 1 ​ ​ — ​ ​ 6,798 ​ ​ 83,287 ​ ​ 90,085 ​ ​ 1,478 ​ ​ 6,798 ​ ​ 84,765 ​ ​ 91,563 ​ ​ (7,463) ​ 4/28/22 ​ IDI U.S. Logistics Portfolio in Fort Worth, TX ​ 1 ​ ​ — ​ ​ 4,254 ​ ​ 42,904 ​ ​ 47,158 ​ ​ 36 ​ ​ 4,254 ​ ​ 42,940 ​ ​ 47,194 ​ ​ (2,824) ​ 4/28/22 ​ IDI U.S. Logistics Portfolio in Garland, TX ​ 1 ​ ​ — ​ ​ 4,711 ​ ​ 59,177 ​ ​ 63,888 ​ ​ — ​ ​ 4,711 ​ ​ 59,177 ​ ​ 63,888 ​ ​ (4,036) ​ 4/28/22 ​ IDI U.S. Logistics Portfolio in Indianapolis, IN ​ 1 ​ ​ — ​ ​ 5,104 ​ ​ 63,962 ​ ​ 69,066 ​ ​ 1,996 ​ ​ 5,104 ​ ​ 65,958 ​ ​ 71,062 ​ ​ (5,030) ​ 4/28/22 ​ IDI U.S. Logistics Portfolio in Southhaven, MS ​ 1 ​ ​ — ​ ​ 2,082 ​ ​ 23,638 ​ ​ 25,720 ​ ​ 13 ​ ​ 2,082 ​ ​ 23,651 ​ ​ 25,733 ​ ​ (1,674) ​ 4/28/22 ​ Chicago Growth Portfolio in Bolingbrook, IL ​ 2 ​ ​ — ​ ​ 2,354 ​ ​ 22,921 ​ ​ 25,275 ​ ​ 85 ​ ​ 2,354 ​ ​ 23,006 ​ ​ 25,360 ​ ​ (2,562) ​ 5/9/22 ​ Chicago Growth Portfolio in Chicago, IL ​ 1 ​ ​ — ​ ​ 3,326 ​ ​ 28,536 ​ ​ 31,862 ​ ​ 762 ​ ​ 3,326 ​ ​ 29,298 ​ ​ 32,624 ​ ​ (3,947) ​ 5/10/22 ​ Chicago Growth Portfolio in Elgin, IL ​ 4 ​ ​ — ​ ​ 4,911 ​ ​ 34,448 ​ ​ 39,359 ​ ​ 715 ​ ​ 4,911 ​ ​ 35,163 ​ ​ 40,074 ​ ​ (4,386) ​ 5/11/22 ​ Chicago Growth Portfolio in Lemont, IL ​ 2 ​ ​ — ​ ​ 2,387 ​ ​ 20,705 ​ ​ 23,092 ​ ​ 629 ​ ​ 2,387 ​ ​ 21,334 ​ ​ 23,721 ​ ​ (2,596) ​ 5/12/22 ​ Chicago Growth Portfolio in Libertyville, IL ​ 4 ​ ​ — ​ ​ 4,732 ​ ​ 46,322 ​ ​ 51,054 ​ ​ 991 ​ ​ 4,732 ​ ​ 47,313 ​ ​ 52,045 ​ ​ (5,305) ​ 5/13/22 ​ Chicago Growth Portfolio in Romeoville, IL ​ 1 ​ ​ — ​ ​ 1,049 ​ ​ 10,444 ​ ​ 11,493 ​ ​ 56 ​ ​ 1,049 ​ ​ 10,500 ​ ​ 11,549 ​ ​ (1,334) ​ 5/14/22 ​ 4 Studebaker Commerce Center in Irvine, CA ​ 1 ​ ​ — ​ ​ 9,334 ​ ​ 23,854 ​ ​ 33,188 ​ ​ 85 ​ ​ 9,334 ​ ​ 23,939 ​ ​ 33,273 ​ ​ (3,111) ​ 5/12/22 ​ Southeast Orlando Portfolio in Kissimmee, FL ​ 1 ​ ​ — ​ ​ — ​ ​ 20,468 ​ ​ 20,468 ​ ​ 267 ​ ​ — ​ ​ 20,735 ​ ​ 20,735 ​ ​ (2,197) ​ 5/19/22 ​ Southeast Orlando Portfolio in Orlando, FL ​ 4 ​ ​ — ​ ​ 23,658 ​ ​ 94,414 ​ ​ 118,072 ​ ​ 484 ​ ​ 23,658 ​ ​ 94,898 ​ ​ 118,556 ​ ​ (11,337) ​ 5/19/22 ​ I-465 East Logistics Center in Indianapolis, IN ​ 1 ​ ​ — ​ ​ 2,097 ​ ​ 16,826 ​ ​ 18,923 ​ ​ 103 ​ ​ 2,097 ​ ​ 16,929 ​ ​ 19,026 ​ ​ (1,253) ​ 5/26/22 ​ Industry Commerce Center in City of Industry, CA ​ 1 ​ ​ — ​ ​ 12,157 ​ ​ 39,929 ​ ​ 52,086 ​ ​ 187 ​ ​ 12,157 ​ ​ 40,116 ​ ​ 52,273 ​ ​ (5,674) ​ 6/2/22 ​ County Line Corporate Park in Hialeah, FL ​ 2 ​ ​ — ​ ​ 34,850 ​ ​ 27,230 ​ ​ 62,080 ​ ​ 101,209 ​ ​ 34,850 ​ ​ 128,439 ​ ​ 163,289 ​ ​ (1,995) ​ 6/8/2022, 11/7/23 ​ Robbinsville Distribution Center in Robbinsville, NJ ​ - ​ ​ — ​ ​ 364 ​ ​ — ​ ​ 364 ​ ​ 3,064 ​ ​ 1,853 ​ ​ 1,575 ​ ​ 3,428 ​ ​ — ​ 6/10/22 ​ Innovation Corporate Park I & II in New Albany, OH ​ 2 ​ ​ — ​ ​ 5,807 ​ ​ 58,132 ​ ​ 63,939 ​ ​ 253 ​ ​ 5,807 ​ ​ 58,385 ​ ​ 64,192 ​ ​ (4,073) ​ 6/17/22 ​ IDI 2022 National Portfolio in Bolingbrook, IL ​ 2 ​ ​ — ​ ​ 13,054 ​ ​ 94,917 ​ ​ 107,971 ​ ​ — ​ ​ 13,054 ​ ​ 94,917 ​ ​ 107,971 ​ ​ (6,314) ​ 6/22/22 ​ IDI 2022 National Portfolio in Mesquite, TX ​ 1 ​ ​ — ​ ​ 2,930 ​ ​ 24,934 ​ ​ 27,864 ​ ​ 259 ​ ​ 2,930 ​ ​ 25,193 ​ ​ 28,123 ​ ​ (1,648) ​ 6/22/22 ​ IDI 2022 National Portfolio in Monroe, OH ​ 1 ​ ​ — ​ ​ 7,309 ​ ​ 42,003 ​ ​ 49,312 ​ ​ 113 ​ ​ 7,309 ​ ​ 42,116 ​ ​ 49,425 ​ ​ (4,489) ​ 6/22/22 ​ IDI 2022 National Portfolio in Olive Branch, MS ​ 2 ​ ​ — ​ ​ 6,983 ​ ​ 54,643 ​ ​ 61,626 ​ ​ 31 ​ ​ 6,983 ​ ​ 54,674 ​ ​ 61,657 ​ ​ (4,323) ​ 6/22/22 ​ I-80 Logistics Park in Wayne, NJ ​ 1 ​ ​ — ​ ​ 16,924 ​ ​ 121,606 ​ ​ 138,530 ​ ​ 239 ​ ​ 16,924 ​ ​ 121,845 ​ ​ 138,769 ​ ​ (14,170) ​ 6/29/22 ​ Commonwealth Logistics Center in Jacksonville, FL ​ 2 ​ ​ — ​ ​ 8,927 ​ ​ — ​ ​ 8,927 ​ ​ 54,389 ​ ​ 8,927 ​ ​ 54,389 ​ ​ 63,316 ​ ​ — ​ 6/30/22, 10/20/23 ​ County Line Corporate Park II in Hileah, FL ​ 3 ​ ​ — ​ ​ 36,050 ​ ​ 46,428 ​ ​ 82,478 ​ ​ 25,680 ​ ​ 36,050 ​ ​ 72,108 ​ ​ 108,158 ​ ​ (2,564) ​ 12/28/22, 5/19/23 ​ Bayport 146 Distribution Center in Seabrook, TX ​ 1 ​ ​ — (6) ​ 6,289 ​ ​ 43,317 ​ ​ 49,606 ​ ​ 8,371 ​ ​ 6,289 ​ ​ 51,688 ​ ​ 57,977 ​ ​ (1,047) ​ 2/21/23 ​ Runway Distribution Center I and II in San Diego, CA ​ 2 ​ ​ — (6) ​ 8,143 ​ ​ 48,849 ​ ​ 56,992 ​ ​ 3,011 ​ ​ 8,143 ​ ​ 51,860 ​ ​ 60,003 ​ ​ (81) ​ 7/12/23 ​ Brittmoore Industrial Center in Houston, TX ​ 1 ​ ​ — (6) ​ 1,403 ​ ​ 20,885 ​ ​ 22,288 ​ ​ 1,707 ​ ​ 1,403 ​ ​ 22,592 ​ ​ 23,995 ​ ​ — ​ 8/16/23 ​ Total ​ 256 ​ $ 1,722,325 ​ $ 1,303,940 ​ $ 5,583,012 ​ $ 6,886,952 ​ $ 487,632 ​ $ 1,300,059 ​ $ 6,074,525 ​ $ 7,374,584 ​ $ (750,429) ​ ​ (1) These properties include a $118.5 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the eight collateralized buildings. The mortgage note has a maturity date of November 1, 2027 and an interest rate of 2.90% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (2) These properties include a $408.0 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 15 collateralized buildings. The mortgage note has an initial maturity date of January 5, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.65% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (3) These properties include a $367.8 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 23 collateralized buildings. The mortgage note has an initial maturity date of July 15, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.85% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (4) These properties include a $461.1 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 12 collateralized buildings. The mortgage note has a maturity date of January 1, 2029 and an interest rate of 2.85% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (5) These properties include a $209.3 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the 13 collateralized buildings. The mortgage note has an initial maturity date of July 16, 2025 and the interest rate is calculated based on Adjusted SOFR plus a margin of 1.50% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail. (6) These properties include a $129.1 million mortgage note as of December 31, 2023. This borrowing is non-recourse and secured by deeds of trust for the five collateralized buildings. The mortgage note has an initial maturity date of October 11, 2026 and the interest rate is calculated based on Adjusted SOFR plus a margin of 3.30% . See “Note 6 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for more detail (7) Includes site improvements as well as gross intangible lease assets of $498.1 million and gross intangible lease liabilities of $129.8 million. (8) As of December 31, 2023, the aggregate cost for federal income tax purposes of investments in property was $5.6 billion (unaudited). (9) See “Note 2 to the Consolidated Financial Statements” in Item 8. “Financial Statements and Supplementary Data” for details of depreciable lives. (10) A summary of activity for investment in real estate properties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 2021 Investment in real estate properties: ​ ​ ​ Balance at beginning of period ​ $ 7,058,013 ​ $ 4,916,055 ​ $ 1,377,912 Acquisition of properties ​ 128,886 ​ 1,888,644 ​ 3,507,041 Improvements ​ 187,685 ​ 253,314 ​ 31,102 Balance at end of period ​ $ 7,374,584 ​ $ 7,058,013 ​ $ 4,916,055 Accumulated depreciation and amortization: ​ ​ ​ Balance at beginning of period ​ $ (454,273) ​ $ (186,269) ​ $ (72,924) Additions charged to costs and expenses ​ ​ (296,156) ​ ​ (268,004) ​ ​ (113,345) Balance at end of period ​ $ (750,429) ​ $ (454,273) ​ $ (186,269) ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the conflicts in Ukraine and 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 consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of AIREIT, the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests and redeemable noncontrolling interests. See “Noncontrolling Interests” and “Redeemable Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests and redeemable noncontrolling interests. All material intercompany accounts and transactions have been eliminated. We consolidate all entities in which we have a controlling financial interest through majority ownership or voting rights and variable interest entities for which we are the primary beneficiary. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when we control the entity through a majority voting interest or other means. When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the investment is accounted for under the equity method of accounting. Equity method investments are initially recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions. The Operating Partnership meets the criteria of a VIE as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”), we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Investment in Real Estate Properties	Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon determination of an asset acquisition, the purchase price of a property is allocated to land, building and improvements, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2023, 2022 or 2021 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building, and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. We had two properties accounted for as held for sale as of December 31, 2023 that did not meet the materiality criteria for held for sale presentation on our consolidated balance sheets. See “Note 17” for additional information related to the disposition of these properties. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest and development fees. Other than the transaction costs associated with the acquisition of a property described above, we do not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options ​ Certain of our investments in real estate are subject to ground leases, for which a lease liability and corresponding right of use asset are recognized. We calculate the amount of the lease liability and right of use asset by taking the present value of the remaining lease payments and adjusting the right of use asset for any existing straight-line ground rent liability and acquired ground lease intangibles. An estimated incremental borrowing rate of a loan with a similar term as the ground lease is used as the discount rate. The lease liability is included as a component of other liabilities, and the related right of use asset is recorded as a component of net investments in real estate properties on our consolidated balance sheets. The amortization of the below-market ground lease is recorded as an adjustment to real estate-related depreciation and amortization on our consolidated statements of operations. Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value.
Investment in Unconsolidated Joint Venture Partnerships	Investment in Unconsolidated Joint Venture Partnerships We analyze our investment in an unconsolidated joint venture under GAAP to determine if the joint venture is a VIE and whether the requisite substantial participating rights described in the GAAP are held by the partners not affiliated with us. If the joint venture is not a VIE and the partners not affiliated with us hold substantial participating rights, we account for our investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost (including direct acquisition costs) and subsequently adjusted to reflect our proportionate share of equity in the joint venture’s net (income) loss, distributions received, contributions made and certain other adjustments made, as appropriate, which is included in investment in unconsolidated joint venture partnerships on our consolidated balance sheets. The proportionate share of ongoing income or loss of the unconsolidated joint venture partnerships is recognized in equity in (income) loss of unconsolidated joint venture partnerships on the consolidated statements of operations. The outside basis portion of our unconsolidated joint venture partnerships is amortized over the anticipated useful lives of the joint ventures’ tangible and intangible assets acquired and liabilities assumed. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss is other than temporary. If we conclude it is other than temporary, an impairment charge is recognized to reflect the equity investment at fair value. No impairment losses were recorded related to our investment in unconsolidated joint venture partnerships for the year ended December 31, 2023. See “Note 4” for additional information regarding our investment in unconsolidated joint venture partnerships. We may earn performance-based incentive fees based on a joint venture’s cumulative returns over a certain time period. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents and interest rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact its performance-based incentive fee period over period, recognition of the performance-based incentive fee income is limited to amounts for which it is probable that a significant income reversal will not occur. See “Note 4” for additional information on the BTC II Partnership incentive fee distribution.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk.
Derivative Instruments	Derivative Instruments Our derivative instruments are used to manage exposure to variability in expected future interest payments and are recorded at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. As of December 31, 2023, all of our interest rate swap derivative instruments are designated as cash flow hedges. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. As of December 31, 2023, we have four interest rate cap derivative instruments are not designated as hedges. For derivatives that are not designated and do not qualify as hedges, we present changes in the fair value as a component of gain (loss) on derivative instruments on the consolidated statements of income. We do not use derivative instruments for trading or speculative purposes. We have eight interest rate cap derivative instruments, six of which are effective as of December 31, 2023, that are designated as hedges. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt.
Debt-Related Investments	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 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 consolidated statements of operations. Interest income is recorded on an accrual basis and is recorded as a component of debt-related income.
Available-for-Sale Debt Securities	Available-for-Sale Debt Securities We acquire debt securities that are collateralized by mortgages on commercial real estate properties primarily for cash management and investment purposes. On the acquisition date, we designate investments in commercial real estate debt securities as available-for-sale. Investments in debt securities that are classified as available-for-sale are carried at fair value. These assets are valued on a recurring basis and any unrealized holding gains and losses other than those associated with a credit loss are recorded each period in other comprehensive income. As applicable, available-for-sale debt securities that are in an unrealized loss position are evaluated quarterly on an individual security basis to determine whether a credit loss exists. In the assessment we consider the extent of the difference between fair value and amortized cost, changes in credit rating, and any other adverse factors directly impacting the security. If we determine a credit loss exists, the extent of the credit loss is recognized in the consolidated statements of operations and any additional loss not attributable to credit loss is recognized in other comprehensive income. There was no credit loss recognized during the years ended December 31, 2023 and 2022, and we did not have any available-for-sale debt securities during the years ended December 31, 2021. Available-for-sale debt securities will be on non-accrual status at the earlier of (i) principal or interest payments becoming 90 days past due or (ii) when management’s determination that there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is reversed against interest income in the period the debt security is placed on non-accrual status. Interest payments received on non-accrual securities may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the debt security based on the facts and circumstances regarding the payment received. Non-accrual debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. There were no securities on non-accrual status as of December 31, 2023 or 2022.
DST Program	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 (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by a wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. This results in a failed sale and leaseback transaction for accounting purposes. Therefore, we record DST Interests as financing obligation liabilities and the associated property and its operations remain fully consolidated. 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. Rental payments made to the DSTs pursuant to the master lease agreements are accounted for as interest expense related to the financing obligation liability. Increases in the fair value of the repurchase option are recognized as interest expense ratably through the estimated period in which the repurchase option is expected to be exercised, resulting in a corresponding accretion of the financial obligation liability balance. Decreases in fair value of the repurchase option below the initial financing obligation liability balance are not recognized unless the repurchase option is exercised, at which point a gain on extinguishment of debt would be recognized for the difference between the financing obligation liability balance and value of OP Units issued. All upfront costs incurred for services provided by the Advisor and its affiliates related to the DST Program offerings for which the fair value option has not been elected are accounted for as deferred financing costs and are netted against the financing obligation liability. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated financing obligations and as such, they will be carried at fair value. These liabilities are valued on a recurring basis and any unrealized gains and losses will be recorded in unrealized (gain) loss on financing obligations on our consolidated statements of operations. Costs incurred for services provided by the Advisor and its affiliates related to our DST Program offerings for which the fair value option has been elected are recognized in earnings as incurred and are not deferred. In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests in the trusts holding DST Properties to potential investors. We include our investments in DST Program Loans separately on our balance sheets in the DST Program Loans line item and we include income earned from DST Program Loans in other income and expenses on our consolidated statements of operations. Beginning with our most recent DST Program offering, which commenced on September 1, 2023, we have elected the fair value option for the associated DST Program Loans and as such, they will be 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 consolidated statements of operations. For all DST Program Loans related to DST Program offerings for which the fair value option has not been elected, these instruments are carried at amortized cost. Credit loss reserves associated with our DST Program Loans for which the fair value option has not been elected were immaterial as of and for the years ended December 31, 2023, 2022 and 2021.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include: (i) debt issuance costs incurred to obtain long-term financing and cash flow hedges; and (ii) financing costs associated with financing obligations. These costs are amortized to interest expense over the expected terms of the related credit facilities or financing obligations. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of debt issuance costs was approximately $20.5 million and $11.9 million as of December 31, 2023 and 2022, respectively. Our interest expense for the years ended December 31, 2023, 2022 and 2021 included $8.6 million, $7.1 million and $2.4 million, respectively, of amortization of debt issuance costs. Accumulated amortization of financing costs associated with financing obligations was approximately $2.4 million and $0.8 million as of December 31, 2023 and 2022, respectively. Our interest expense for the year ended December 31, 2023 and 2022 included $2.2 million and $0.8 million of amortization of financing costs and expensed financing costs associated with financing obligations, respectively. As of December 31, 2021, we had no accumulated amortization of financing costs associated with financing obligations and no amortization expense was incurred for the year ended December 31, 2021.
Capitalized Interest	Capitalized Interest We capitalize interest as a cost of development on value-add buildings. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2023, 2022 and 2021, approximately $20.1 million, $7.3 million and $1.2 million of interest was capitalized, respectively.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T shares and Class D shares in our securities offerings. We accrue for: (i) the monthly amount payable as of the balance sheet date, and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares and Class D shares outstanding as of the balance sheet date. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity. See “Note 12” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The limited partner interests not owned by us are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to this portion of noncontrolling interests on the consolidated statement of operations. Noncontrolling interests also represent the portion of equity in Subsidiary REITs, that we do not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheet as noncontrolling interests within permanent equity. See “Note 15” for additional information regarding the Subsidiary REITs.
Reclassifications	Reclassifications Certain items in our consolidated balance sheets, statements of operations and cash flows for the years ended December 31, 2022 and 2021 have been reclassified to conform to the 2023 presentation.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interests The Operating Partnership issued units in the Operating Partnership (“OP Units”) to the Advisor and Former Sponsor as payment for the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to the terms of the Amended and Restated Advisory Agreement (2023), effective as of April 30, 2023 (the “Advisory Agreement”), by and among us, the Operating Partnership and the Advisor. The Former Sponsor held, either directly or indirectly, OP Units, and subsequent to the Transaction (as defined in “Note 12”), the Former Sponsor transferred these OP Units to its members or their affiliates. We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the consolidated balance sheets due to the fact that, as defined in the Partnership Agreement, the limited partners who hold these OP Units generally have the ability to request transfer or redeem their OP Units at any time irrespective of the period that they have held such OP Units, and the Operating Partnership is required to satisfy such redemption for cash unless such cash redemption would be prohibited by applicable law or the Partnership Agreement, in which case such OP Units will be redeemed for shares of our common stock of the class corresponding to the class of such OP Units. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for the share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. See “Note 10” for additional information regarding redeemable noncontrolling interests.
Revenue Recognition	Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable we recognize revenue when the payment has been received. If the collectability is determined to be probable we record rental revenue on a straight-line basis over the full lease term. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions, in accordance with FASB ASC Topic 842, Leases. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. Management analyzes accounts receivable by considering customer creditworthiness, current economic trends, customers’ businesses, and customers’ ability to make payments on time and in full when evaluating the adequacy of the allowance for doubtful accounts receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2023 and December 31, 2022, we have a $1.6 million and $0.5 million allowance for doubtful accounts, respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Debt-related income is accrued based on the outstanding principal amount and the contractual terms of each debt-related investment or debt security. For available-for-sale debt securities, premiums or discounts are amortized or accreted into interest income as a yield adjustment using the effective interest method.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and offering expenses associated with our securities offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 12” for additional information regarding organization and offering expenses.
Income Taxes	Income Taxes As a REIT, we generally are not subject to federal income taxes on net income we distribute to stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income or from the operations of our taxable REIT subsidiary.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of OP Units. See “Note 13” for additional information regarding net income (loss) per share.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation insurance limits. We believe it mitigates this risk by investing our cash with high-credit quality financial institutions. As our revenues predominantly consist of rental payments, we are dependent on our customers for our source of revenues. Concentration of credit risk arises when its source of revenue is highly concentrated from certain of its customers. As of December 31, 2023, no customers represented more than 10.0% of total annualized base rent of its properties.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: ● Quoted prices for similar assets/liabilities in active markets; ● Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); ● Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and ● Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data .
Recently Issued Accounting Standards	Recently Issued Accounting Standards Effective November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances disclosure requirements to segment reporting. ASU No. 2023-07 will improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis to develop more useful financial analysis and includes the following changes: (i) single segment entities must follow segment guidance, (ii) must name the title and position of the chief operating decision maker and (iii) the ability to elect more than one performance measure. ASU No. 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. ASU No. 2023-07 is effective beginning in annual periods after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We are currently assessing this guidance and determining the impact on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Property, Plant and Equipment	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: ​ ​ ​ ​ Land Not depreciated Building and improvements 5 to 40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of December 31, 2023 and 2022, our consolidated investments in real estate properties consisted of 256 and 243 industrial buildings, respectively. Additionally, investment in real estate properties includes one building under construction and one building in the pre-construction phase as of December 31, 2023, and includes nine buildings under construction, two buildings in the pre-construction phase as of December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (in thousands) 2023 2022 Land ​ $ 1,300,059 ​ $ 1,284,003 Building and improvements (1) ​ 5,486,636 ​ 5,139,402 Intangible lease assets ​ 498,053 ​ 479,532 Construction in progress ​ 219,659 ​ 285,214 Investment in real estate properties ​ 7,504,407 ​ 7,188,151 Less accumulated depreciation and amortization ​ (750,429) ​ (454,273) Net investment in real estate properties ​ $ 6,753,978 ​ $ 6,733,878 (1) Includes site improvements. ​
Schedule of Asset Acquisitions	During the years ended December 31, 2023 and 2022, we acquired 100% of the following properties, which were determined to be asset acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) ​ Acquisition Date ​ Buildings ​ Price (1) 2023 Acquisitions: ​ Bayport 146 Distribution Center ​ 2/21/2023 ​ 1 ​ $ 49,606 Runway Distribution Center I & II ​ 7/12/2023 ​ 2 ​ ​ 56,992 Brittmoore Industrial Center ​ 8/16/2023 ​ 1 ​ ​ 22,288 Total Acquisitions ​ ​ ​ 4 ​ $ 128,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Total Purchase ($ in thousands) Acquisition Date ​ Buildings ​ Price (1) 2022 Acquisitions: ​ ​ ​ ​ ​ ​ ​ Build-to-Core Logistics Portfolio II (2)(3) ​ 2/15/2022 ​ 9 ​ $ 359,202 Northlake Logistics Crossing ​ 2/17/2022 ​ — ​ ​ 21,569 Tampa Commerce Center ​ 4/1/2022 & 5/25/2022 ​ — ​ ​ 6,270 Medley 104 Industrial Center ​ 4/18/2022 ​ 1 ​ ​ 53,670 IDI U.S. Logistics Portfolio ​ 4/28/2022 & 7/6/2022 ​ 7 ​ ​ 419,970 Chicago Growth Portfolio ​ 5/9/2022 ​ 14 ​ ​ 182,135 4 Studebaker ​ 5/12/2022 ​ 1 ​ ​ 33,188 Southeast Orlando Portfolio ​ 5/19/2022 ​ 5 ​ ​ 138,540 I-465 East Logistics Center ​ 5/26/2022 ​ 1 ​ ​ 18,923 Industry Corporate Center ​ 6/2/2022 ​ 1 ​ ​ 52,086 County Line Corporate Park ​ 6/8/2022 ​ — ​ ​ 62,080 Robbinsville Distribution Center ​ 6/10/2022 ​ — ​ ​ 364 Innovation I & II Corporate Center ​ 6/17/2022 ​ 2 ​ ​ 63,939 IDI 2022 National Portfolio ​ 6/22/2022 ​ 6 ​ ​ 246,773 I-80 Logistics Park I-II ​ 6/29/2022 ​ 1 ​ ​ 138,530 Commonwealth Logistics Center ​ 6/30/2022 ​ — ​ ​ 8,927 County Line Corporate Park II (4) ​ 12/28/2022 ​ 1 ​ ​ 82,478 Total Acquisitions ​ ​ ​ 49 ​ $ 1,888,644 (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 and 2022 acquisitions. (2) Two land parcels included in the acquisition of the Build-to-Core Logistics Portfolio II. (3) Refer to “Note 4” for further detail regarding the acquisitions of the Build-To-Core Logistics Portfolio II as a result of the BTC II Partnership Transaction (as defined in “Note 4”). (4) Two properties under construction included in the acquisition of County Line Corporate Park II.
Allocation of Purchase Price of Acquisitions	During the years ended December 31, 2023 and 2022, we allocated the purchase price of our acquisitions to land, building and improvements, construction in progress, and intangible lease assets and liabilities as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, (in thousands) 2023 ​ ​ 2022 Land ​ $ 15,835 ​ $ 366,128 Building and improvements (1) ​ 113,051 ​ 1,376,360 Intangible lease assets ​ — ​ 122,357 Above-market lease assets ​ — ​ 2,507 Construction in progress ​ ​ — ​ ​ 62,059 Below-market lease liabilities ​ — ​ (40,767) Total purchase price (2) ​ $ 128,886 ​ $ 1,888,644 (1) Includes site improvements. (2) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2023 and 2022 acquisitions.
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of December 31, 2023 and 2022 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ As of December 31, 2022 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 485,184 ​ $ (243,878) ​ $ 241,306 ​ $ 466,663 ​ $ (158,757) ​ $ 307,906 Above-market lease assets (1) ​ 12,869 ​ (5,916) ​ 6,953 ​ 12,869 ​ (3,872) ​ 8,997 Below-market lease liabilities ​ (129,823) ​ 54,682 ​ (75,141) ​ (129,823) ​ 32,424 ​ (97,399) (1) Included in net investment in real estate properties on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2023, for the next five years and thereafter: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Net Amortization ​ ​ Intangible ​ Above-Market ​ Below-Market (in thousands) Lease Assets Lease Assets Lease Liabilities Year 1 ​ $ 66,749 ​ $ 1,749 ​ $ 16,818 Year 2 ​ ​ 49,977 ​ ​ 1,555 ​ ​ 13,755 Year 3 ​ ​ 35,346 ​ ​ 1,272 ​ ​ 9,856 Year 4 ​ 24,598 ​ 815 ​ 7,717 Year 5 ​ ​ 17,430 ​ ​ 491 ​ ​ 5,955 Thereafter ​ 47,206 ​ 1,071 ​ 21,040 Total ​ $ 241,306 ​ $ 6,953 ​ $ 75,141
Future Minimum Rent	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our customers under the terms of non-cancelable operating leases in effect as of December 31, 2023 were as follows for the next five years and thereafter: ​ ​ ​ ​ ​ ​ As of (in thousands) December 31, 2023 Year 1 ​ $ 334,778 Year 2 ​ 309,126 Year 3 ​ 259,231 Year 4 ​ 207,609 Year 5 ​ 159,884 Thereafter ​ 339,317 Total ​ $ 1,609,945
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 2021 Increase (Decrease) to Rental Revenue: ​ ​ ​ Straight-line rent adjustments ​ ​ $ 16,190 ​ $ 16,682 ​ $ 9,101 Above-market lease amortization ​ ​ (2,044) ​ (2,034) ​ (1,144) Below-market lease amortization ​ ​ 22,257 ​ 19,800 ​ 6,762 Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 208,991 ​ $ 181,214 ​ $ 70,898 Intangible lease asset amortization ​ ​ 85,120 ​ 84,756 ​ 41,303

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of debt related investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ As of December 31, 2023 ​ Loan Type ​ Property Type ​ Location ​ Origination Date ​ Total Commitment ​ Outstanding Principal ​ Fair Value ​ Interest Rate ​ Maturity Date (1) ​ Senior ​ Industrial ​ TX ​ July 2023 ​ $ 60,860 ​ $ 29,700 ​ $ 29,700 ​ ​ 9.21 % ​ Aug 2025 ​ Senior ​ Industrial ​ NY ​ August 2023 ​ ​ 113,910 ​ ​ 99,423 ​ ​ 99,423 ​ ​ 8.86 ​ ​ Sept 2026 ​ ​ ​ ​ ​ ​ ​ Total / weighted-average ​ $ 174,770 ​ $ 129,123 ​ $ 129,123 ​ ​ 8.94 % ​ ​ (1) The weighted-average remaining term of our debt-related investments was approximately 2.45 years as of December 31, 2023.
Summary of available for sale debt securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount (1) ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (2) ​ Fair Value As of December 31, 2023 ​ $ 57,326 ​ $ 55,186 ​ $ 2,140 ​ $ 446 ​ $ 55,632 As of December 31, 2022 ​ ​ 62,420 ​ ​ 59,708 ​ ​ 2,712 ​ ​ 326 ​ ​ 60,033 (1) Face amount is presented net of repayments. (2) Represents cumulative unrealized gain (loss) beginning from acquisition date.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ December 31, December 31, ​ December 31, December 31, ($ in thousands) ​ 2023 ​ 2022 ​ Maturity Date ​ 2023 ​ 2022 Line of credit (1) 6.20 % 5.71 % March 2025 ​ $ 570,000 ​ $ 90,000 Term loan (2) 3.35 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) ​ 4.48 ​ 3.68 ​ January 2025 - ​ ​ 725,605 ​ ​ 617,250 Total principal amount / weighted-average (6) 4.17 % 3.55 % ​ ​ $ 3,442,325 ​ $ 2,853,970 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (21,359) ​ ​ (26,784) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 215 ​ 427 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,421,181 ​ $ 2,827,613 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,596,052 ​ $ 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% , each 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 December 31, 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 $430.0 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 $250.0 million of borrowings and interest rate cap agreements on $300.0 million of borrowings. As of December 31, 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 December 31, 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% , including the effect of an interest rate swap agreement which fixes Term SOFR for $367.8 million of borrowings. 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 December 31, 2023, borrowings under the $129.1 million mortgage note amounted to $108.4 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 interest rate cap agreements. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% , including the effects of interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 2.4 years as of December 31, 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 December 31, 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 2024 $ — ​ $ — ​ $ 38,000 ​ $ 38,000 2025 ​ 570,000 ​ — ​ 985,080 ​ 1,555,080 2026 ​ — ​ 600,000 ​ 108,355 ​ 708,355 2027 ​ — ​ 550,000 ​ 129,750 ​ 679,750 2028 ​ — ​ — ​ ​ — ​ — Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 570,000 ​ $ 1,150,000 ​ $ 1,722,325 ​ $ 3,442,325 (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) With respect to our mortgage notes, there is a $209.3 million mortgage note that matures in July 2025 and the term may be extended pursuant to a one-year extension option, subject to certain conditions, a $408.0 million mortgage note that matures in January 2025 , and a $367.8 million mortgage note that matures in July 2025 . There is also a $129.1 million mortgage note that matures in October 2026, and the terms of all three may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on our consolidated balance sheets as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount (1) ​ Location ​ Value As of December 31, 2023 ​ ​ Interest rate swaps designated as cash flow hedges 11 ​ $ 1,142,830 Derivative instruments ​ $ 41,091 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 707,110 ​ Derivative instruments ​ ​ 14,887 Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 475,000 ​ Derivative instruments ​ ​ 27,553 Total derivative instruments ​ 23 ​ $ 2,324,940 ​ ​ ​ $ 83,531 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 (1) Excludes interest rate caps with a notional amount of $100.0 million established pursuant to agreements entered into in December 2023 with an effective date in January 2024. One of these interest rate cap agreements is replacing a separate interest rate swap agreement with a $50.0 million notional amount that is expiring in January 2024. ​
Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative instruments on our consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 ​ 2021 Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 9,000 ​ $ 73,592 ​ $ 8,298 Amount reclassified from AOCI as an (decrease) increase into interest expense ​ (44,625) ​ (5,251) ​ 4,164 Total interest expense presented in the consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ 190,382 ​ 150,824 ​ 30,463 Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss (gain) on derivative instruments recognized in other (income) expenses (1) ​ $ 13,677 ​ $ (25,176) ​ $ 177 Realized (gain) loss on derivative instruments recognized in other (income) expenses (2) ​ ​ (18,801) ​ ​ (3,452) ​ ​ — ​ (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)	12 Months Ended
	Dec. 31, 2023
Delaware Statutory Trust Program [Abstract]
Schedule of DST Program Loans	The following table summarizes our DST Program Loans as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Unrealized ​ ​ ​ ​ Weighted-Average ​ ​ Weighted-Average ($ in thousands) ​ Principal ​ Gain, Net (1) ​ Book Value ​ Interest Rate ​ ​ Remaining Life (Years) As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 200,276 ​ $ N/A ​ $ 200,276 ​ ​ 4.98 % ​ ​ 7.42 DST Program Loans, carried at fair value ​ ​ 2,439 ​ ​ — ​ ​ 2,439 ​ ​ 6.27 ​ ​ ​ 10.00 Total ​ $ 202,715 ​ $ — ​ $ 202,715 ​ ​ 5.00 % ​ ​ 7.45 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 152,402 ​ $ N/A ​ $ 152,402 ​ ​ 4.63 % ​ ​ 9.27 Total ​ $ 152,402 ​ $ N/A ​ $ 152,402 ​ ​ 4.63 % ​ ​ 9.27 (1) Represents cumulative unrealized gain or loss on DST Program Loans carried at fair value. ​
Schedule of Financing Obligations	The following table summarizes our financing obligations, net as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST ​ Unamortized ​ Total ​ Unrealized ​ ​ ​ ($ in thousands) ​ Interests Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ ​ Book Value As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,559,200 ​ $ (1,975) ​ $ 14,264 ​ $ N/A ​ ​ $ 1,571,489 Financing obligations, carried at fair value ​ ​ 87,324 ​ ​ — ​ ​ — ​ ​ (179) ​ ​ ​ 87,145 Total ​ $ 1,646,524 ​ $ (1,975) ​ $ 14,264 ​ $ (179) ​ ​ $ 1,658,634 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,237,641 ​ $ (1,543) ​ $ 26,568 ​ $ N/A ​ ​ $ 1,262,666 Total ​ $ 1,237,641 ​ $ (1,543) ​ $ 26,568 ​ $ N/A ​ ​ $ 1,262,666 (1) DST Interests sold are presented net of upfront fees. (2) Represents cumulative financing obligation liability appreciation on financing obligations carried at cost. (3) Represents cumulative unrealized gain or loss on financing obligations carried at fair value. ​
Schedule Of DST Program activity	The following table presents our DST Program activity for the years ended December 31, 2023, 2022, and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2023 ​ 2022 ​ 2021 DST Interests sold ​ $ 416,507 ​ $ 768,639 ​ $ 492,168 DST Interests financed by DST Program Loans ​ ​ 52,542 ​ ​ 84,798 ​ ​ 68,772 Income earned from DST Program Loans (1) ​ ​ 8,884 ​ ​ 4,811 ​ ​ 861 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (12,303) ​ ​ 26,568 ​ ​ — Rent obligation incurred under master lease agreements (2) ​ ​ 67,324 ​ ​ 41,702 ​ ​ 6,039 (1) Included in other income and expenses on the consolidated statements of operations. (2) Included in interest expense on the consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on a recurring basis	The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of December 31, 2023 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 83,531 ​ $ — ​ $ 83,531 Available-for-sale debt securities ​ ​ — ​ ​ 55,632 ​ ​ — ​ ​ 55,632 Debt-related investments ​ ​ — ​ ​ — ​ ​ 129,123 ​ ​ 129,123 DST Program Loans ​ ​ — ​ ​ — ​ ​ 2,439 ​ ​ 2,439 Total assets measured at fair value ​ $ — ​ $ 139,163 ​ $ 131,562 ​ $ 270,725 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 87,145 ​ $ 87,145 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 87,145 ​ $ 87,145 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
Schedule of financial instrument assets measured at fair value on a recurring basis using Level 3 inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ DST Program Loans ​ Debt-related investments ​ Total Balance as of December 31, 2022 ​ $ — ​ $ — ​ $ — Purchases and contributions ​ ​ 2,439 ​ ​ 128,797 ​ ​ 131,236 Paid-in-kind interest ​ ​ — ​ ​ 326 ​ ​ 326 Balance as of December 31, 2023 ​ $ 2,439 ​ $ 129,123 ​ $ 131,562
Schedule of financial instrument liabilities measured at fair value on a recurring basis using Level 3 inputs	​ ​ ​ ​ ​ (in thousands) ​ Financing Obligations Balance as of December 31, 2022 ​ $ — DST Interests sold, net of upfront fees ​ ​ 87,324 Unrealized gain on financing obligations ​ ​ (179) Balance as of December 31, 2023 ​ $ 87,145
Schedule of quantitative inputs and assumptions	The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs ​ Impact to Valuation from an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 129,123 ​ Yield Method ​ Market Yield ​ Decrease DST Program Loans ​ ​ 2,439 ​ Yield Method ​ Market Yield ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 87,145 ​ Discounted Cash Flow ​ Discount Rate ​ Decrease ​ ​ ​ ​ ​ ​ ​ Exit Capitalization Rate ​ Decrease
Fair value of instruments measured on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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) ​ 3 ​ $ 200,276 ​ $ 196,715 ​ $ 152,402 ​ $ 146,728 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 570,000 ​ $ 570,000 ​ $ 90,000 ​ $ 90,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 1,722,325 ​ 1,647,660 ​ 1,613,970 ​ 1,521,046 Secured financings on investments in real estate debt securities ​ 3 ​ 42,298 ​ 42,298 ​ — ​ — (1) The estimate of fair value of DST Program Loans, line of credit, term loans, mortgage notes and secured financings on investments in real estate debt securities takes 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. (3) Comprised of instruments for which we have not elected the fair value option and do not record at fair value on the consolidated balance sheets. ​

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 (1) ​ Shares Balance as of December 31, 2020 130,565 7,866 3,040 141,471 Issuance of common stock: Primary shares 73,534 5,614 33,790 112,938 DRIP 4,234 283 387 4,904 Stock grants, net of cancellations ​ — ​ — ​ 233 ​ 233 Redemptions (2,204) (114) (32) (2,350) Forfeitures — — (27) (27) Balance as of December 31, 2021 ​ 206,129 ​ 13,649 ​ 37,391 ​ 257,169 Issuance of common stock: Primary shares 40,034 7,308 18,636 65,978 DRIP 4,002 355 981 5,338 Stock grants, net of cancellations — — 193 193 Redemptions (9,120) (735) (4,254) (14,109) Conversions ​ (13,780) ​ — ​ 13,780 ​ — Forfeitures ​ — ​ — ​ (25) ​ (25) Balance as of December 31, 2022 ​ 227,265 ​ 20,577 ​ 66,702 ​ 314,544 Issuance of common stock: Primary shares 7,990 1,813 3,259 13,062 DRIP 3,725 445 1,700 5,870 Stock grants, net of cancellations — — 197 197 Redemptions (29,182) (2,425) (13,437) (45,044) Conversions ​ (46,960) ​ — ​ 46,960 ​ — Forfeitures ​ — ​ — ​ (23) ​ (23) Balance as of December 31, 2023 162,838 20,410 105,358 288,606 (1) Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 12” for additional information.
Summary of Distribution Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.15000 ​ $ 16,483 ​ $ 1,270 ​ $ 22,196 ​ $ 4,987 ​ $ 44,936 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 ​ $ 0.57250 ​ $ 64,082 ​ $ 4,850 ​ $ 85,756 ​ $ 23,858 ​ $ 178,546 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 2021 ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ $ 0.13625 ​ $ 12,429 ​ $ 179 ​ $ 16,900 ​ $ 5,146 ​ $ 34,654 September 30 ​ 0.13625 ​ 11,020 ​ ​ 178 ​ 15,219 ​ 4,263 ​ 30,680 June 30 ​ 0.13625 ​ 8,552 ​ ​ 179 ​ 12,295 ​ 3,373 ​ 24,399 March 31 ​ 0.13625 ​ 6,721 ​ ​ 179 ​ 10,310 ​ 3,240 ​ 20,450 ​ ​ $ 0.54500 ​ $ 38,722 ​ $ 715 ​ $ 54,724 ​ $ 16,022 ​ $ 110,183 (1) Amounts reflect the quarterly distribution rate authorized by our board of directors per Class T share, per Class D share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class D shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class D shares. (2) Consists of distributions paid to holders of OP Units for redeemable noncontrolling interests. (3) Distribution fees are paid monthly to Ares Wealth Management Solutions, LLC (the “Dealer Manager”) with respect to Class T shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 12” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings.
Share Redemption Activity	Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2023, 2022 and 2021. 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 Year Ended December 31, (in thousands, except per share data) ​ 2023 ​ 2022 2021 Number of shares redeemed ​ ​ 45,044 ​ ​ 14,109 ​ 2,350 Aggregate dollar amount of shares redeemed ​ $ 652,754 ​ $ 213,444 $ 25,109 Average redemption price per share ​ $ 14.49 ​ $ 15.13 $ 10.68 ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
Redeemable Noncontrolling Interest [Abstract]
Schedule of redeemable noncontrolling interest activity	The following table summarizes the redeemable noncontrolling interests activity for the years ended December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ For the Year Ended December 31, 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 ​ ​ (4,850) ​ — ​ ​ (2,493) ​ ​ — Redemptions of redeemable noncontrolling interests ​ ​ (3,979) ​ (292) ​ ​ (40,915) ​ ​ (3,273) Net loss attributable to redeemable noncontrolling interests ​ ​ (5,587) ​ — ​ ​ (4,874) ​ ​ — Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ (966) ​ — ​ ​ 1,043 ​ ​ — Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ ​ (2,528) ​ — ​ ​ 19,920 ​ ​ — Ending balance ​ $ 114,310 ​ 8,346 ​ $ 69,553 ​ ​ 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 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 6,494,463 Class I OP Units in January 2022 to the holder of a separate series of partnership interests in the Operating Partnership with special distribution rights (the “Special Units”), AIREIT Incentive Fee LP (the “Special Unit Holder”). At the direction of the Advisor, and in light of our Former Sponsor having been the holder of the Special Units, for the first six months of 2021, the Special Unit Holder designated 3,221,460 of these Class I OP Units to entities affiliated with our Former Sponsor. The Special Unit Holder transferred 3,273,003 Class I OP Units to the Advisor thereafter. (2) Represents the adjustment recorded to mark to the redemption value of the redeemable noncontrolling interests, which is equivalent to fair value as of December 31, 2023.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (unaudited) 2023 ​ 2022 ​ 2021 Ordinary income ​ — % ​ — % ​ 11.6 % Non-taxable return of capital ​ 100.0 ​ 100.0 ​ 34.8 ​ Long-term capital gain ​ — ​ — ​ 53.6 ​ Total distribution ​ 100.0 % ​ 100.0 % ​ 100.0 %

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Dealer Manager Fees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T ​ Class D ​ Class I Selling commissions (as % of offering price) up to 2.0 % ​ — % ​ — % Dealer manager fees (as % of offering price) up to 2.5 % ​ — % ​ — % Distribution fees (as % of NAV per annum) 0.85 % ​ 0.50 % ​ — %
Summary of Fees and Expenses Incurred by Company	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 securities offerings, and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, Receivable (Payable) as of (in thousands) 2023 2022 ​ 2021 December 31, 2023 December 31, 2022 Selling commissions and dealer manager fees (1) ​ $ 4,449 ​ $ 22,815 ​ $ 15,046 ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 23,858 ​ 27,175 ​ 16,022 ​ (1,549) ​ (2,459) Advisory fee—fixed component ​ ​ 74,092 ​ ​ 67,561 ​ ​ 28,558 ​ ​ (5,813) ​ ​ (6,371) Performance participation allocation (3) ​ ​ — ​ ​ 140,505 ​ 81,185 ​ ​ — ​ ​ (140,505) Other expense reimbursements (4)(5) ​ ​ 12,116 ​ ​ 12,452 ​ 11,434 ​ ​ (2,799) ​ ​ (2,624) Property accounting fee (6) ​ ​ 3,017 ​ ​ 2,803 ​ ​ 1,262 ​ ​ 129 ​ ​ (269) DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 6,393 ​ ​ 8,584 ​ ​ 3,527 ​ ​ (852) ​ ​ (672) Other DST Program related costs (5) ​ ​ 5,664 ​ ​ 9,974 ​ ​ 5,925 ​ ​ (215) ​ ​ (145) Development fees (7) ​ ​ 1,795 ​ ​ 8,460 ​ ​ 937 ​ ​ (588) ​ ​ (471) Total ​ $ 131,384 ​ $ 300,329 ​ $ 163,896 ​ $ (11,687) ​ $ (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 $64.5 million and $92.1 million as of December 31, 2023 and 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 consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to the BTC Partnerships, which are included in investment in unconsolidated joint venture partnership(s) on our consolidated balance sheets.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands, except per share data) ​ 2023 2022 ​ ​ 2021 Net loss attributable to common stockholders—basic ​ ​ $ (204,674) ​ $ (308,079) ​ $ (75,349) Net loss attributable to redeemable noncontrolling interests ​ ​ ​ (5,587) ​ ​ (4,874) ​ ​ (498) Net loss attributable to noncontrolling interests ​ ​ ​ 38 ​ ​ 38 ​ ​ 20 Net loss attributable to common stockholders—diluted ​ ​ $ (210,223) ​ $ (312,915) ​ $ (75,827) Weighted-average shares outstanding—basic ​ ​ ​ 303,660 ​ ​ 295,683 ​ ​ 201,169 Incremental weighted-average shares outstanding—diluted ​ ​ ​ 8,461 ​ ​ 4,533 ​ ​ 1,311 Weighted-average shares outstanding—diluted ​ ​ ​ 312,121 ​ ​ 300,216 ​ ​ 202,480 Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.67) ​ $ (1.04) ​ $ (0.37) Diluted ​ ​ $ (0.67) ​ $ (1.04) ​ $ (0.37) ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, (in thousands) 2023 2022 2021 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest paid related to consolidated indebtedness, net of capitalized interest ​ $ 118,575 ​ $ 70,667 ​ $ 21,772 Interest paid related to DST Program ​ ​ 62,507 ​ ​ 32,157 ​ ​ 1,757 Distributions reinvested in common stock ​ ​ 85,224 ​ ​ 76,434 ​ 52,223 Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 52,542 ​ ​ 83,630 ​ ​ 68,772 Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ 62,667 ​ 81,185 ​ 9,640 Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership ​ ​ — ​ ​ 91,028 ​ ​ 279,340 (Decrease) increase in accrued future ongoing distribution fees ​ ​ (27,628) ​ ​ 6,726 ​ ​ 40,458 (Decrease) increase in accrued capital expenditures ​ ​ (33,214) ​ ​ 58,902 ​ ​ 2,433 Non-cash selling commissions and dealer manager fees ​ 4,449 ​ 22,815 ​ 15,046
Reconciliation of Cash, Cash Equivalents and 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 consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) 2023 2022 ​ 2021 Beginning of period: ​ ​ ​ ​ Cash and cash equivalents ​ $ 79,524 ​ $ 216,848 ​ $ 232,369 Restricted cash ​ 499 ​ 887 ​ 530 Cash, cash equivalents and restricted cash ​ $ 80,023 ​ $ 217,735 ​ $ 232,899 End of period: ​ ​ ​ Cash and cash equivalents ​ $ 14,322 ​ $ 79,524 ​ $ 216,848 Restricted cash ​ 620 ​ 499 ​ 887 Cash, cash equivalents and restricted cash ​ $ 14,942 ​ $ 80,023 ​ $ 217,735 ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Subsidiaries REIT owned by the company	The following table includes details for each Subsidiary REIT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual ​ ​ Dividend Payable as of December 31, Subsidiary REIT Acquisition ​ Date Acquired ​ Number of Shares ​ ​ Par Value ​ Preferred Dividend ​ ​ 2023 (1) ​ ​ 2022 (1) Executive Airport II ​ 9/3/2020 ​ 125 ​ $ 1,000 ​ 12.5% ​ $ 7,812 ​ $ 7,812 Build-To-Core Logistics Portfolio ​ 6/15/2021 ​ 122 ​ $ 500 ​ 12.0% ​ $ — ​ $ — Hainesport Commerce Center ​ 12/21/2021 ​ 125 ​ $ 1,000 ​ 12.0% ​ $ — ​ $ — (1) Recorded in accounts payable and accrued expenses on our consolidated balance sheets.

DESCRIPTION OF BUSINESS (Additi

DESCRIPTION OF BUSINESS (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2023 building segment	Dec. 31, 2022 building
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Real Estate Properties | building	256	243
Number of reportable segments | segment	1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) contract property	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Fair value of debt assumed in asset acquisitions	$ 0	$ 0	$ 0
Number of Contracts | contract	23	19
Joint venture impairment losses	$ 0
Capitalized interest	20,100	$ 7,300	1,200
Allowance for doubtful accounts	$ 1,600	$ 500
Not Designated as Hedging Instrument | Interest Rate Caps
Summary Of Significant Accounting Policies [Line Items]
Number of Contracts | contract	4	2
Long Term Financing
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of debt issuance costs	$ 20,500	$ 11,900
Amortization of debt issuance costs	8,600	7,100	2,400
Financing Obligations
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of debt issuance costs	2,400	800	0
Amortization of debt issuance costs	$ 2,200	$ 800	$ 0
Cash Flow Hedges | Designated as Hedging Instrument | Interest Rate Caps
Summary Of Significant Accounting Policies [Line Items]
Number of Contracts | contract	8
Number of Contracts held are effective | contract	6
Industrial Property
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties, Held-For-Sale, Immaterial | property	2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant and Equipment) (Details) - Building and Building Improvements [Member]	Dec. 31, 2023
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Available-for-sale debt securities) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Credit losses	$ 0	$ 0
Fair Value	55,632,000	60,033,000	$ 0
Non-accrual status
Summary Of Significant Accounting Policies [Line Items]
Fair Value	$ 0	$ 0

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) - building	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Number of Real Estate Properties	256	243
Number of real estate properties owned are in construction	1	9
Number of real estate properties owned are in pre-construction	1	2

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Investment in Properties) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 1,300,059	$ 1,284,003
Building and improvements	5,486,636	5,139,402
Intangible lease assets	498,053	479,532
Construction in progress	219,659	285,214
Investment in real estate properties	7,504,407	7,188,151
Less accumulated depreciation and amortization	(750,429)	(454,273)	$ (186,269)	$ (72,924)
Net investment in real estate properties	$ 6,753,978	$ 6,733,878

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Schedule of Asset Acquisitions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) building property	Dec. 31, 2022 USD ($) building property	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Number of real estate properties | building	256	243
Percentage of assets acquired	100%	100%
Debt assumed at fair value	$ 0	$ 0	$ 0
Intangible lease assets
Asset Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets		4 years 10 months 24 days
Asset Acquisition
Asset Acquisition [Line Items]
Number of real estate properties | building	4	49
Total Purchase Price	$ 128,886	$ 1,888,644
Debt assumed at fair value	0	$ 0
Intangible assets acquired	0
Intangible lease liabilities acquired	$ 0
Bayport 146 Distribution Center
Asset Acquisition [Line Items]
Number of real estate properties | property	1
Total Purchase Price	$ 49,606
Runway Distribution Center I & II
Asset Acquisition [Line Items]
Number of real estate properties | property	2
Total Purchase Price	$ 56,992
Brittmoore Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | property	1
Total Purchase Price	$ 22,288
Build-to-Core Logistics Portfolio II
Asset Acquisition [Line Items]
Number of real estate properties | building		9
Total Purchase Price		$ 359,202
Build-to-Core Logistics Portfolio II | Land Parcels
Asset Acquisition [Line Items]
Number of real estate properties | property		2
Northlake Logistics Crossing
Asset Acquisition [Line Items]
Total Purchase Price		$ 21,569
Tampa Commerce Center
Asset Acquisition [Line Items]
Total Purchase Price		$ 6,270
Medley 104 Industrial Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 53,670
IDI U.S. Logistics Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		7
Total Purchase Price		$ 419,970
Chicago Growth Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		14
Total Purchase Price		$ 182,135
4 Studebaker
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 33,188
Southeast Orlando Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		5
Total Purchase Price		$ 138,540
I-465 East Logistics Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 18,923
Industry Corporate Center
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 52,086
County Line Corporate Park
Asset Acquisition [Line Items]
Total Purchase Price		62,080
Robbinsville Distribution Center
Asset Acquisition [Line Items]
Total Purchase Price		$ 364
Innovation I & II Corporate Center
Asset Acquisition [Line Items]
Number of real estate properties | building		2
Total Purchase Price		$ 63,939
IDI 2022 National Portfolio
Asset Acquisition [Line Items]
Number of real estate properties | building		6
Total Purchase Price		$ 246,773
I-80 Logistics Park I-II
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 138,530
Commonwealth Logistics Center
Asset Acquisition [Line Items]
Total Purchase Price		$ 8,927
County Line Corporate Park II
Asset Acquisition [Line Items]
Number of real estate properties | building		1
Total Purchase Price		$ 82,478
Number of properties under construction | property		2

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Land	$ 15,835	$ 366,128
Building and improvements	113,051	1,376,360
Intangible lease assets		122,357
Above-market lease assets		2,507
Construction in progress		62,059
Below-market lease liabilities		(40,767)
Total purchase price	128,886	1,888,644
Debt assumed at fair value	0	0	$ 0
Asset Acquisition
Asset Acquisition [Line Items]
Debt assumed at fair value	$ 0	$ 0

INVESTMENTS IN REAL ESTATE PR_7

INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 498,053	$ 479,532
Below Market Lease [Roll Forward]
Gross	(129,823)	(129,823)
Accumulated Amortization	54,682	32,424
Net	(75,141)	(97,399)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	485,184	466,663
Accumulated Amortization	(243,878)	(158,757)
Total	241,306	307,906
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	12,869	12,869
Accumulated Amortization	(5,916)	(3,872)
Total	$ 6,953	$ 8,997

INVESTMENTS IN REAL ESTATE PR_8

INVESTMENTS IN REAL ESTATE PROPERTIES (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	$ 16,818
Year 2	13,755
Year 3	9,856
Year 4	7,717
Year 5	5,955
Thereafter	21,040
Total	75,141	$ 97,399
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	66,749
Year 2	49,977
Year 3	35,346
Year 4	24,598
Year 5	17,430
Thereafter	47,206
Total	241,306	307,906
Above-market lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Year 1	1,749
Year 2	1,555
Year 3	1,272
Year 4	815
Year 5	491
Thereafter	1,071
Total	$ 6,953	$ 8,997

INVESTMENTS IN REAL ESTATE PR_9

INVESTMENTS IN REAL ESTATE PROPERTIES (Future Minimum Rents) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
Year 1	$ 334,778
Year 2	309,126
Year 3	259,231
Year 4	207,609
Year 5	159,884
Thereafter	339,317
Total	$ 1,609,945

INVESTMENTS IN REAL ESTATE P_10

INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ (16,190)	$ (16,682)	$ (9,101)
Real Estate-Related Depreciation and Amortization:
Depreciation expense	208,991	181,214	70,898
Intangible lease asset amortization	85,120	84,756	41,303
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(2,044)	(2,034)	(1,144)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 22,257	$ 19,800	$ 6,762

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE PARTNERSHIPS (Narrative) (Details) $ in Thousands, ft² in Millions			12 Months Ended
	Feb. 15, 2022 USD ($) item property	Jun. 15, 2021	Dec. 31, 2023 USD ($) ft² property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 15, 2020 item
Schedule of Equity Method Investments [Line Items]
Number of joint venture partnerships | item						2
Investment in Partnerships			$ 20,511	$ 19,668
Incremental additional cash investment			0	$ 259,526	$ 584,809
BTC I Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage		0%
BTC II Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	0%
BTC II B Partnership
Schedule of Equity Method Investments [Line Items]
Investment in Partnerships			20,500
Outside basis difference			$ 5,500
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 I Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest in half of portfolio		100%
BTC II 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) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Aggregate commitment amount	$ 174,770,000
Debt investments	129,123,000	$ 0
Debt-related investments	$ 129,123,000
Interest Rate	8.94%
Term of our debt-related investments	2 years 5 months 12 days
Senior Debt Obligations | TX
Schedule of Held-to-Maturity Securities [Line Items]
Aggregate commitment amount	$ 60,860,000
Debt investments	29,700,000
Debt-related investments	$ 29,700,000
Interest Rate	9.21%
Senior Debt Obligations | NY
Schedule of Held-to-Maturity Securities [Line Items]
Aggregate commitment amount	$ 113,910,000
Debt investments	99,423,000
Debt-related investments	$ 99,423,000
Interest Rate	8.86%

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Available-for-Sale Debt Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Face Amount	$ 57,326	$ 62,420
Amortized Cost	55,186	59,708
Unamortized Discount	2,140	2,712
Unrealized Gain, Net	446	326
Fair Value	$ 55,632	$ 60,033	$ 0
Weighted Average
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years 2 months 15 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DEBT
Weighted-Average Effective Interest Rate	4.17%	3.55%
Principal amount	$ 3,442,325	$ 2,853,970
Less unamortized debt issuance costs	(21,359)	(26,784)
Add unamortized mark-to-market adjustment on assumed debt	215	427
Total debt, net	3,421,181	2,827,613
Gross book value of properties encumbered by debt	2,596,052	2,389,179
Interest incurred related to indebtedness excluding loan cost amortization and amounts capitalized	$ 144,700	$ 82,200	$ 23,500
Weighted Average
DEBT
Remaining debt term (in years)	2 years 4 months 24 days
Line of Credit
DEBT
Weighted-Average Effective Interest Rate	6.20%	5.71%
Principal amount	$ 570,000	$ 90,000
Maximum Borrowing Capacity	1,000,000
Unused and available portions under the term loan	430,000
Line of Credit | Interest Rate Caps
DEBT
Principal amount	$ 100,000
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
Term Loan (Maturity date March 2027)
DEBT
Weighted-Average Effective Interest Rate	3.35%	2.87%
Principal amount	$ 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) | SOFR | Interest Rate Swap
DEBT
Principal amount	$ 250,000
Term Loan (Maturity date March 2027) | SOFR | Interest Rate Caps
DEBT
Principal amount	$ 300,000
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%	3.65%
Principal amount	$ 600,000	$ 600,000
Debt Instrument, Unused Borrowing Capacity, Fee	$ 600,000
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
Term Loan (Maturity date May 2026) | SOFR | Interest Rate Caps
DEBT
Principal amount	$ 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%
Principal amount	$ 996,720	$ 996,720
Fixed-rate mortgage notes | Minimum
DEBT
Interest rates (as a percent)	2.85%	2.85%
Fixed-rate mortgage notes | Maximum
DEBT
Interest rates (as a percent)	4.71%	4.71%
Fixed Rate Secured Mortgage Note Maturity July 2025 [Member]
DEBT
Face Amount	$ 367,800
Fixed Rate Secured Mortgage Note Maturity July 2025 [Member] | SOFR
DEBT
Principal amount	$ 367,800
Floating-rate mortgage notes
DEBT
Weighted-Average Effective Interest Rate	4.48%	3.68%
Principal amount	$ 725,605	$ 617,250
Variable Rate Secured Mortgage Note Maturity January 2025
DEBT
Face Amount	$ 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 Secured Mortgage Note Maturity July 2025
DEBT
Face Amount	$ 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 Swap
DEBT
Principal amount	$ 170,000	$ 170,000
Variable Rate Secured Mortgage Note Maturity October 2026
DEBT
Principal amount	108,400
Face Amount	$ 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	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
DEBT
2024	$ 38,000
2025	1,555,080
2026	708,355
2027	679,750
Thereafter	461,140
Total principal payments	3,442,325	$ 2,853,970
Line of Credit
DEBT
2025	570,000
Total principal payments	$ 570,000	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	108,355
2027	129,750
Thereafter	461,140
Total principal payments	1,722,325
Fixed-rate mortgage notes
DEBT
Total principal payments	996,720	996,720
Fixed Rate Secured Mortgage Note Maturity July 2025 [Member]
DEBT
Face Amount	$ 367,800
Term of extension option	1 year
Number of extension options for extension term | item	2
Floating-rate mortgage notes
DEBT
Total principal payments	$ 725,605	617,250
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
Variable Rate Secured Mortgage Note Maturity October 2026
DEBT
Face Amount	$ 129,100
Total principal payments	$ 108,400
Term of extension option	1 year
Number of extension options for extension term | item	2

DEBT (Secured Financings) (Deta

DEBT (Secured Financings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
DEBT
Outstanding amount	$ 42,298	$ 0
Morgan Stanley Bank, N.A.
DEBT
Outstanding amount	42,300
Fair value	55,600
Interest Costs Incurred	$ 1,400
SOFR | Morgan Stanley Bank, N.A.
DEBT
Basis spread on variable rate	0.90%

DEBT (Summary of Location and F

DEBT (Summary of Location and Fair Value of Derivative Instruments) (Details) $ in Thousands	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
DEBT
Decrease in cash flow hedge to be reclassified in next twelve months		$ 27,800
Number of Contracts | contract		23	19
Notional Amount		$ 2,324,940	$ 2,020,830
Derivative instruments		$ 83,531	$ 99,333
Interest Rate Swap | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract		11	17
Notional Amount		$ 1,142,830	$ 1,442,830
Derivative instruments		$ 41,091	$ 70,994
Interest Rate Swap Effective In January 2024 | Subsequent Event
DEBT
Notional Amount	$ 100,000
Interest Rate Swap Expiring In January 2024 | Subsequent Event
DEBT
Notional Amount	$ 50,000
Interest Rate Caps | Not Designated as Hedging Instrument
DEBT
Number of Contracts | contract		4	2
Notional Amount		$ 707,110	$ 578,000
Derivative instruments		$ 14,887	$ 28,339
Interest Rate Caps | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract		8
Number of Contracts held are effective | contract		6
Notional Amount		$ 475,000
Derivative instruments		$ 27,553

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DEBT
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 190,382	$ 150,824	$ 30,463
Unrealized loss (gain) on derivative instruments recognized in other (income) expenses	13,677	(25,175)	177
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	190,382	150,824	30,463
Not Designated as Hedging Instrument
DEBT
Unrealized loss (gain) on derivative instruments recognized in other (income) expenses	13,677	(25,176)	177
Realized (gain) loss on derivative instruments recognized in other (income) expenses	(18,801)	(3,452)
Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Gain (loss) recognized in AOCI	9,000	73,592	8,298
Amount reclassified from AOCI as an (decrease) increase into interest expense	$ (44,625)	$ (5,251)	$ 4,164

DST PROGRAM (Loans Outstanding)

DST PROGRAM (Loans Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 202,715	$ 152,402
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 200,276	$ 152,402
Carried at cost | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	4.98%	4.63%
DST Program Loans - Remaining Life (in years)	7 years 5 months 1 day	9 years 3 months 7 days
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 2,439
Carried at fair value | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6.27%
DST Program Loans - Remaining Life (in years)	10 years
Total
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 202,715	$ 152,402
Total | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5%	4.63%
DST Program Loans - Remaining Life (in years)	7 years 5 months 12 days	9 years 3 months 7 days

DST PROGRAM (Financing Obligati

DST PROGRAM (Financing Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Book Value	$ 87,145	$ 0
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	1,559,200	1,237,641
Financing obligations - Unamortized Program Costs	(1,975)	(1,543)
Financing obligations - Total Appreciation	14,264	26,568
Financing obligations - Book Value	1,571,489	1,262,666
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	87,324
Financing obligations - Unrealized Gain, Net	(179)
Financing obligations - Book Value	87,145
Total
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	1,646,524	1,237,641
Financing obligations - Unamortized Program Costs	(1,975)	(1,543)
Financing obligations - Total Appreciation	14,264	26,568
Financing obligations - Unrealized Gain, Net	(179)
Financing obligations - Book Value	$ 1,658,634	$ 1,262,666

DST PROGRAM (DST Program activi

DST PROGRAM (DST Program activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Delaware Statutory Trust Program [Abstract]
DST Interests sold	$ 416,507	$ 768,639	$ 492,168
DST Interests financed by DST Program Loans	52,542	84,798	68,772
Income earned from DST Program Loans	8,884	4,811	861
(Decrease) increase in financing obligation liability appreciation	(12,303)	26,568	0
Rent obligation incurred under master lease agreements	$ 67,324	$ 41,702	$ 6,039

FAIR VALUE (Recurring Basis) (D

FAIR VALUE (Recurring Basis) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 83,531	$ 99,333
Available-for-sale debt securities	55,632	60,033	$ 0
Debt-related investments	129,123
Financing obligations	87,145	0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	83,531	99,333
Available-for-sale debt securities	55,632	60,033
Debt-related investments	129,123
DST Program Loans	2,439
Total assets measured at fair value	270,725	159,366
Financing obligations	87,145
Total liabilities measured at fair value	87,145
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	83,531	99,333
Available-for-sale debt securities	55,632	60,033
Total assets measured at fair value	$ 139,163	$ 159,366
Level 3 | Senior Debt Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of contract on debt securities | loan	2
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt-related investments	$ 129,123
DST Program Loans	2,439
Total assets measured at fair value	131,562
Financing obligations	87,145
Total liabilities measured at fair value	$ 87,145

FAIR VALUE (Financial Instrumen

FAIR VALUE (Financial Instrument Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases and contributions	$ 131,236
Paid-in-kind interest	326
Ending balance	131,562
DST Program Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases and contributions	2,439
Ending balance	2,439
Debt-related investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases and contributions	128,797
Paid-in-kind interest	326
Ending balance	$ 129,123

FAIR VALUE (Financial Instrum_2

FAIR VALUE (Financial Instrument Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gains (Losses) on Financing Obligations
Financing Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
DST Interests sold, net of upfront fees	$ 87,324
Unrealized gain on financing obligations	(179)
Ending balance	$ 87,145

FAIR VALUE (Quantitative Inputs

FAIR VALUE (Quantitative Inputs and Assumptions) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale debt securities	$ 55,632	$ 60,033	$ 0
DST Program Loans	2,439	0
Financing obligations	87,145	$ 0
Level 3 | Yield Method | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale debt securities	129,123
DST Program Loans	2,439
Level 3 | Discounted Cash Flow | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing obligations	$ 87,145

FAIR VALUE (Nonrecurring Basis)

FAIR VALUE (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Assets:
DST Program Loans	$ 200,276	$ 152,402
Carrying Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	570,000	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	1,722,325	1,613,970
Carrying Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	42,298
Fair Value
Assets:
DST Program Loans	196,715	146,728
Fair Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	570,000	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	1,647,660	$ 1,521,046
Fair Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	$ 42,298

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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	$ 283,235	$ 1,037,027	$ 1,253,111
Issuance of common stock, shares	18.9
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	$ 85,200

EQUITY (Summary of Changes in S

EQUITY (Summary of Changes in Shares Outstanding for Each Class of Common Stock) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions	(45,044)	(14,109)	(2,350)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	227,265
Ending balance, shares	162,838	227,265
Common stock, shares issued	162,838	227,265
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,577
Ending balance, shares	20,410	20,577
Common stock, shares issued	20,410	20,577
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	66,702
Ending balance, shares	105,358	66,702
Common stock, shares issued	105,358	66,702
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	314,544	257,169	141,471
Primary shares	13,062	65,978	112,938
DRIP	5,870	5,338	4,904
Stock grants, net of cancellations	197	193	233
Redemptions	(45,044)	(14,109)	(2,350)
Forfeitures	(23)	(25)	(27)
Ending balance, shares	288,606	314,544	257,169
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	227,265	206,129	130,565
Primary shares	7,990	40,034	73,534
DRIP	3,725	4,002	4,234
Redemptions	(29,182)	(9,120)	(2,204)
Conversions	(46,960)	(13,780)
Ending balance, shares	162,838	227,265	206,129
Common Stock | Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,577	13,649	7,866
Primary shares	1,813	7,308	5,614
DRIP	445	355	283
Redemptions	(2,425)	(735)	(114)
Ending balance, shares	20,410	20,577	13,649
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	66,702	37,391	3,040
Primary shares	3,259	18,636	33,790
DRIP	1,700	981	387
Stock grants, net of cancellations	197	193	233
Redemptions	(13,437)	(4,254)	(32)
Conversions	46,960	13,780
Forfeitures	(23)	(25)	(27)
Ending balance, shares	105,358	66,702	37,391
Common Stock | Class I Shares | Ares Commercial Real Estate Management
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued				20,000

EQUITY (Summary of Company's Ca

EQUITY (Summary of Company's Cash Distribution Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.15000	$ 0.15000	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.57250	$ 0.54500	$ 0.54500
Common Stock Distributions Paid in Cash	$ 16,483	$ 16,825	$ 15,490	$ 15,284	$ 14,963	$ 14,593	$ 13,674	$ 13,043	$ 12,429	$ 11,020	$ 8,552	$ 6,721	$ 64,082	$ 56,273	$ 38,722
Other Cash Distributions	1,270	1,296	1,177	1,107	618	618	618	639	179	178	179	179	4,850	2,493	715
Reinvested in Shares	22,196	22,550	20,357	20,653	20,522	19,942	18,953	18,158	16,900	15,219	12,295	10,310	85,756	77,575	54,724
Distribution Fees	4,987	5,721	6,344	6,806	7,372	7,304	6,852	5,656	5,146	4,263	3,373	3,240	23,858	27,184	16,022
Gross Distributions	$ 44,936	$ 46,392	$ 43,368	$ 43,850	$ 43,475	$ 42,457	$ 40,097	$ 37,496	$ 34,654	$ 30,680	$ 24,399	$ 20,450	$ 178,546	$ 163,525	$ 110,183

EQUITY (Share Redemption Activi

EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of shares redeemed (in shares)	45,044	14,109	2,350
Aggregate dollar amount of shares redeemed	$ 652,754	$ 213,444	$ 25,109
Average redemption price per share (in dollars per share)	$ 14.49	$ 15.13	$ 10.68

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable noncontrolling interest activity) (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Beginning balance		$ 15,687			$ 69,553	$ 15,687
Settlement of prior year performance participation allocation					62,667	81,185
Distributions to redeemable noncontrolling interests					(4,850)	(2,493)	$ (715)
Redemptions of redeemable noncontrolling interests					(3,979)	(40,915)
Net loss attributable to redeemable noncontrolling interests					(5,587)	(4,874)	(498)
Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests					(966)	1,043	81
Redemption value allocation adjustment to redeemable noncontrolling interests					(2,528)	19,920
Ending balance			$ 15,687		$ 114,310	$ 69,553	$ 15,687
Redeemable noncontrolling interests activity, in shares
Beginning balance, shares		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					(292,000)	(3,273,000)
Ending balance, shares			1,311,000		8,346,000	4,532,000	1,311,000
Payable as of					$ 57,176	$ 194,822
Performance Participation Allocation. | AIREIT Incentive Fee LP | Operating Partnership Units
Redeemable noncontrolling interests activity, in shares
Issuance of OP Units (in shares)		6,494,463
Related Party | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Payable as of					$ 11,687	153,516
Related Party | Advisory Fee, Performance Component | Operating Partnership Units | Ares Commercial Real Estate Management
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
Allocation, to be settled in cash	$ 77,800
Related Party | Performance Participation Allocation. | Operating Partnership Units | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Payable as of			$ 81,200			$ 140,500	$ 81,200
Related Party | Performance Participation Allocation. | Operating Partnership Units | Chairman
Redeemable noncontrolling interests activity, in shares
Issuance of OP Units (in shares)				3,221,460

INCOME TAXES (Additional Inform

INCOME TAXES (Additional Information) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Impact on uncertain tax positions from results of operations	$ 0	$ 0	$ 0
Deferred Tax Assets, Net	300,000	0
Performance participation allocation	$ 0	140,505,000	81,185,000
Amount of incentive-based performance participation allocation		$ 140,500,000	$ 81,200,000
Percentage of Performance Participation Allocation in Cash		55.40%

INCOME TAXES (Preliminary Taxab

INCOME TAXES (Preliminary Taxability of Distributions on Common Shares) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Ordinary income			11.60%
Non-taxable return of capital	100%	100%	34.80%
Long-term capital Gain			53.60%
Total distribution	100%	100%	100%

RELATED PARTY TRANSACTIONS (Sel

RELATED PARTY TRANSACTIONS (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Related Party	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2023
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Advisory agreement period		1 year
Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Distribution fees threshold to cease payment		8.50%
Class T Shares | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent		2%
Dealer manager fees (as % of offering price), up to this percent		2.50%
Distribution fees (as % of NAV per annum)		0.85%
Class T Shares | Selling Commissions And Dealer Manager | Dealer Manager
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)	1%
Class D Shares | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent		0%
Dealer manager fees (as % of offering price), up to this percent		0%
Distribution fees (as % of NAV per annum)		0.50%
Class D Shares | Selling Commissions And Dealer Manager | Dealer Manager
Related Party Transaction [Line Items]
Distribution fees (as % of NAV per annum)		0.25%
Class I Shares | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Selling commissions (as % of offering price), up to this percent		0%
Dealer manager fees (as % of offering price), up to this percent		0%
Distribution fees (as % of NAV per annum)		0%

RELATED PARTY TRANSACTIONS (Adv

RELATED PARTY TRANSACTIONS (Advisory Fee) (Details) - Related Party - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 16, 2021
Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 131,384	$ 300,329	$ 163,896
Advisory Fees
Related Party Transaction [Line Items]
Loss carryforward per share	$ 1.47
Advisory Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction Fixed Component Percentage Of Advisory Fee	1.25%			0.80%
Threshold for performance component of advisory fee	12.50%
Threshold of annual total return as % of NAV	5%
Performance component earned for excess return over the hurdle amount	100%
Maximum performance component limited to % of total annual return	12.50%
Performance Participation Allocation. | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 140,505	$ 81,185

RELATED PARTY TRANSACTIONS (Org

RELATED PARTY TRANSACTIONS (Organization and Offering Expenses, Development fees) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other Liabilities	$ 57,176	$ 194,822
Ares Commercial Real Estate Management | Related Party
Related Party Transaction [Line Items]
Other Liabilities	11,687	153,516
Other Expense Reimbursements [Member] | Ares Commercial Real Estate Management | Related Party
Related Party Transaction [Line Items]
Other Liabilities	$ 2,799	2,624
Organization and Offering Expenses [Member]
Related Party Transaction [Line Items]
Threshold criteria of organization and offering expenses	15%
Organization and Offering Expenses [Member] | Ares Commercial Real Estate Management | Related Party
Related Party Transaction [Line Items]
Other Liabilities	$ 0	0
Development Fees
Related Party Transaction [Line Items]
Development fee percentage	4%
Development Fees | Ares Commercial Real Estate Management | Related Party
Related Party Transaction [Line Items]
Other Liabilities	$ 588	$ 471

RELATED PARTY TRANSACTIONS (DST

RELATED PARTY TRANSACTIONS (DST Program & Summary of Fees and Expenses Incurred by Company) (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Distribution fees payable to affiliates		$ 64,517	$ 92,145
Other liabilities		(57,176)	(194,822)
Other assets		$ 69,072	78,138
D S T Program Manager Fees [Member]
Related Party Transaction [Line Items]
Percent of interests intended to be sold to third parties		100%
Related Party | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 131,384	300,329	$ 163,896
Other liabilities		(11,687)	(153,516)
Amount reimbursed for services		11,200	11,400	10,100
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		4,449	22,815	15,046
Other liabilities			0
Related Party | Ongoing Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		23,858	27,175	16,022
Distribution fees payable to affiliates		64,500	92,100
Other liabilities		(1,549)	(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		74,092	67,561	28,558
Other liabilities		(5,813)	(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		0	140,505	81,185
Other liabilities			(140,505)
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		12,116	12,452	11,434
Other liabilities		(2,799)	(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		3,017	2,803	1,262
Other liabilities			(269)
Other assets		129
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		6,393	8,584	3,527
Other liabilities		(852)	(672)
Related Party | D S T Program Dealer Manager Fees [Member] | Affiliated Entity | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, amount of interests placed with dealer		$ 2,500,000
Related Party | D S T Program Dealer Manager Fees [Member] | Dealer Manager
Related Party Transaction [Line Items]
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Related Party | D S T Program Dealer Manager Fees [Member] | Dealer Manager | Ares Industrial Real Estate Exchange LLC [Member]
Related Party Transaction [Line Items]
Private placement, commission, percent of gross equity proceeds		5%
Private placement, dealer fee, percent of gross equity proceeds		1.50%
Private placement, dealer manager fees		1%
Related Party | D S T Program Manager Fees [Member] | Affiliated Entity
Related Party Transaction [Line Items]
Maximum percentage of purchase price paid by investor		50%
Percentage of origination fee		1%
Related Party | D S T Program Manager Fees [Member] | DST Manager | DST Manager
Related Party Transaction [Line Items]
Redemption Fee Receivable, Percent Of Amount Receivable		1%
Related Party | D S T Program Manager Fees [Member] | DST Manager | DST Advisor
Related Party Transaction [Line Items]
Management Compensation Fee Receivable, Percent Of Gross Rents		1%
Management Loan Fee Receivable, Percent Of Financing Arranged		1%
Management fee, percent of equity proceeds		1%
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		$ 5,664	9,974	5,925
Other liabilities		(215)	(145)
Related Party | Development Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,795	8,460	$ 937
Other liabilities		$ (588)	$ (471)

RELATED PARTY TRANSACTIONS (Tra

RELATED PARTY TRANSACTIONS (Transactions with Affiliates and Performance Fee OP Units) (Details) - USD ($)		1 Months Ended
	Jul. 01, 2021	Dec. 31, 2021	Nov. 30, 2014	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other liabilities				$ 57,176,000	$ 194,822,000
Related Party | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Other liabilities				11,687,000	153,516,000
Related Party | Ares Commercial Real Estate Management | Other Expense Reimbursements [Member]
Related Party Transaction [Line Items]
Other liabilities				2,799,000	2,624,000
Related Party | Ares Commercial Real Estate Management | Organization and Offering Expenses [Member]
Related Party Transaction [Line Items]
Other liabilities				$ 0	$ 0
Related Party | Ares Commercial Real Estate Management | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	100
Related Party | Affiliated Entity | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Consideration Received Per Transaction			$ 1,000
Sale of Stock, Number of Shares Issued in Transaction			100
Related Party | Special Unit Holder | AIREIT Operating Partnership LP [Member]
Related Party Transaction [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		100
Class I Shares
Related Party Transaction [Line Items]
Common stock, shares issued				105,358,000	66,702,000

RELATED PARTY TRANSACTIONS (Joi

RELATED PARTY TRANSACTIONS (Joint Venture Partnerships) (Details) - Related Party - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Feb. 14, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
BTC II Partnership | BTC II Partnership Agreement | BTC II Partnership
Related Party Transaction [Line Items]
Payment of Joint Venture Partnership Fees	$ 1.8
Related Party Transaction, Expenses from Transactions with Related Party				$ 10.1
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		$ 2.1	$ 1.1

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders-basic	$ (204,674)	$ (308,079)	$ (75,349)
Net loss attributable to redeemable noncontrolling interests	(5,587)	(4,874)	(498)
Net loss attributable to noncontrolling interests	38	38	20
Net loss attributable to common stockholders-diluted	$ (210,223)	$ (312,915)	$ (75,827)
Weighted-average shares outstanding - basic (in shares)	303,660	295,683	201,169
Incremental weighted-average shares outstanding-diluted	8,461	4,533	1,311
Weighted-average shares outstanding - diluted	312,121	300,216	202,480
Net loss per common share - basic (in dollars per share)	$ (0.67)	$ (1.04)	$ (0.37)
Net loss per common share - diluted (in dollars per share)	$ (0.67)	$ (1.04)	$ (0.37)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental disclosure of non-cash investing and financing activities:
Interest paid related to consolidated indebtedness, net of capitalized interest	$ 118,575	$ 70,667	$ 21,772
Interest paid related to DST Program	62,507	32,157	1,757
Distributions reinvested in common stock	85,224	76,434	52,223
Increase in DST Program Loans receivable through DST Program capital raising	52,542	83,630	68,772
Redeemable noncontrolling interests issued as settlement of performance participation allocation	62,667	81,185	9,640
Non-cash redemption of minority ownership interest in unconsolidated joint venture partnership		91,028	279,340
(Decrease) increase in accrued future ongoing distribution fees	(27,628)	6,726	40,458
(Decrease) increase in accrued capital expenditures	(33,214)	58,902	2,433
Non-cash selling commissions and dealer manager fees	$ 4,449	$ 22,815	$ 15,046

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 14,322	$ 79,524	$ 216,848	$ 232,369
Restricted cash	620	499	887	530
Cash, cash equivalents and restricted cash	$ 14,942	$ 80,023	$ 217,735	$ 232,899

NONCONTROLLING INTERESTS (Addit

NONCONTROLLING INTERESTS (Additional Information) (Details)		1 Months Ended
	Jul. 01, 2021 shares	Nov. 30, 2014 USD ($) shares	Dec. 31, 2023 subsidiary
Noncontrolling Interest [Line Items]
Number Of Subsidiaries Owned | subsidiary			3
BCI IV Operating Partnership LP (Operating Partnership) [Member] | Ares Commercial Real Estate Management
Noncontrolling Interest [Line Items]
Sale of Stock, Consideration Received Per Transaction | $		$ 1,000
Sale of Stock, Number of Shares Issued in Transaction | shares	100	100

NONCONTROLLING INTERESTS (Subsi

NONCONTROLLING INTERESTS (Subsidiary REITs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	0	0	0
Preferred stock, par value per share	$ 0.01	$ 0.01
Subsidiaries [Member] | Executive Airport II
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	125
Preferred stock, par value per share	$ 1,000
Preferred Stock, Dividend Rate, Percentage	12.50%
Dividends Payable	$ 7,812	$ 7,812
Subsidiaries [Member] | Build-To-Core Logistics Portfolio
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	122
Preferred stock, par value per share	$ 500
Preferred Stock, Dividend Rate, Percentage	12%
Subsidiaries [Member] | Hainesport Commerce Center
Noncontrolling Interest [Line Items]
Preferred Stock, Shares Outstanding	125
Preferred stock, par value per share	$ 1,000
Preferred Stock, Dividend Rate, Percentage	12%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	Mar. 05, 2024 USD ($) property	Dec. 31, 2023 USD ($) building	Dec. 31, 2022 USD ($) building
Subsequent Event [Line Items]
Number of real estate properties | building		256	243
Net investment in real estate properties		$ 6,753,978	$ 6,733,878
Subsequent Event | Industrial Property
Subsequent Event [Line Items]
Number of real estate properties | property	2
Aggregate contractual purchase price	$ 35,100
Net investment in real estate properties	$ 27,000

SCHEDULE III-REAL ESTATE AND _2

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) building	Dec. 31, 2022 USD ($) building	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	256	243
Debt	$ 1,722,325
Initial Cost of Land	1,303,940
Initial Cost of Buildings and Improvements	5,583,012
Total Initial Costs	6,886,952
Costs Capitalized or Adjustments Subsequent to Acquisition	487,632
Gross amount carried, Land	1,300,059
Gross amount carried, Buildings and Improvements	6,074,525
Gross amount carried, Total Costs	7,374,584	$ 7,058,013	$ 4,916,055	$ 1,377,912
Accumulated Depreciation and Amortization	(750,429)
Gross	498,053	479,532
Intangibles lease liabilities, gross	129,823	$ 129,823
Real estate federal income tax basis	$ 5,600,000
Fixed Rate Mortgage Notes Maturing November 2027
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	8
Gross amount carried, Total Costs	$ 118,500
Interest rates (as a percent)	2.90%
Variable Rate Secured Mortgage Note Maturity January 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	15
Gross amount carried, Total Costs	$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.65%	1.65%
Fixed Rate Mortgage Notes Maturing January 2029
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	12
Gross amount carried, Total Costs	$ 461,100
Interest rates (as a percent)	2.85%
Fixed Rate Mortgage Notes Maturing July 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	23
Gross amount carried, Total Costs	$ 367,800
Fixed Rate Mortgage Notes Maturing July 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.85%
Variable Rate Secured Mortgage Note Maturity July 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	13
Gross amount carried, Total Costs	$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	1.50%	1.50%
Variable Rate Secured Mortgage Note Maturity October 2026
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Gross amount carried, Total Costs	$ 129,100
Variable Rate Secured Mortgage Note Maturity October 2026 | SOFR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Basis spread on variable rate	3.30%
Ontario Industrial Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,225
Initial Cost of Buildings and Improvements	5,370
Total Initial Costs	10,595
Costs Capitalized or Adjustments Subsequent to Acquisition	1,002
Gross amount carried, Land	5,225
Gross amount carried, Buildings and Improvements	6,372
Gross amount carried, Total Costs	11,597
Accumulated Depreciation and Amortization	$ (2,313)
Medley Industrial Center in Medley, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,864
Initial Cost of Buildings and Improvements	4,559
Total Initial Costs	7,423
Costs Capitalized or Adjustments Subsequent to Acquisition	312
Gross amount carried, Land	2,864
Gross amount carried, Buildings and Improvements	4,871
Gross amount carried, Total Costs	7,735
Accumulated Depreciation and Amortization	$ (1,441)
Ontario Distribution Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,657
Initial Cost of Buildings and Improvements	16,101
Total Initial Costs	30,758
Costs Capitalized or Adjustments Subsequent to Acquisition	1,566
Gross amount carried, Land	14,657
Gross amount carried, Buildings and Improvements	17,667
Gross amount carried, Total Costs	32,324
Accumulated Depreciation and Amortization	$ (6,595)
Park 429 Logistics Center in Ocoee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,963
Initial Cost of Buildings and Improvements	36,919
Total Initial Costs	44,882
Costs Capitalized or Adjustments Subsequent to Acquisition	320
Gross amount carried, Land	7,963
Gross amount carried, Buildings and Improvements	37,239
Gross amount carried, Total Costs	45,202
Accumulated Depreciation and Amortization	$ (7,120)
Pescadero Distribution Center in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,602
Initial Cost of Buildings and Improvements	40,021
Total Initial Costs	45,623
Costs Capitalized or Adjustments Subsequent to Acquisition	975
Gross amount carried, Land	5,602
Gross amount carried, Buildings and Improvements	40,996
Gross amount carried, Total Costs	46,598
Accumulated Depreciation and Amortization	$ (8,710)
Gothard Industrial Center in Huntington Beach, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,325
Initial Cost of Buildings and Improvements	4,771
Total Initial Costs	10,096
Costs Capitalized or Adjustments Subsequent to Acquisition	421
Gross amount carried, Land	5,325
Gross amount carried, Buildings and Improvements	5,192
Gross amount carried, Total Costs	10,517
Accumulated Depreciation and Amortization	$ (1,715)
Midway Industrial Center in Odenton, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,579
Initial Cost of Buildings and Improvements	3,548
Total Initial Costs	8,127
Costs Capitalized or Adjustments Subsequent to Acquisition	446
Gross amount carried, Land	4,579
Gross amount carried, Buildings and Improvements	3,994
Gross amount carried, Total Costs	8,573
Accumulated Depreciation and Amortization	$ (1,734)
Executive Airport Distribution Center I in Henderson, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 10,360
Initial Cost of Buildings and Improvements	40,710
Total Initial Costs	51,070
Costs Capitalized or Adjustments Subsequent to Acquisition	372
Gross amount carried, Land	10,360
Gross amount carried, Buildings and Improvements	41,082
Gross amount carried, Total Costs	51,442
Accumulated Depreciation and Amortization	$ (9,742)
Iron Run Distribution Center in Allentown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,483
Initial Cost of Buildings and Improvements	10,039
Total Initial Costs	15,522
Costs Capitalized or Adjustments Subsequent to Acquisition	258
Gross amount carried, Land	5,483
Gross amount carried, Buildings and Improvements	10,297
Gross amount carried, Total Costs	15,780
Accumulated Depreciation and Amortization	$ (3,380)
Elgin Distribution Center in Elgin, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,032
Initial Cost of Buildings and Improvements	16,951
Total Initial Costs	20,983
Costs Capitalized or Adjustments Subsequent to Acquisition	157
Gross amount carried, Land	4,032
Gross amount carried, Buildings and Improvements	17,108
Gross amount carried, Total Costs	21,140
Accumulated Depreciation and Amortization	$ (2,771)
Addison Distribution Center II in Addison, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,439
Initial Cost of Buildings and Improvements	8,009
Total Initial Costs	12,448
Costs Capitalized or Adjustments Subsequent to Acquisition	879
Gross amount carried, Land	4,439
Gross amount carried, Buildings and Improvements	8,888
Gross amount carried, Total Costs	13,327
Accumulated Depreciation and Amortization	$ (2,408)
Fontana Distribution Center in Fontana, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 20,558
Initial Cost of Buildings and Improvements	21,943
Total Initial Costs	42,501
Costs Capitalized or Adjustments Subsequent to Acquisition	958
Gross amount carried, Land	20,558
Gross amount carried, Buildings and Improvements	22,901
Gross amount carried, Total Costs	43,459
Accumulated Depreciation and Amortization	$ (8,395)
Airport Industrial Center in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,085
Initial Cost of Buildings and Improvements	4,051
Total Initial Costs	8,136
Costs Capitalized or Adjustments Subsequent to Acquisition	587
Gross amount carried, Land	4,085
Gross amount carried, Buildings and Improvements	4,638
Gross amount carried, Total Costs	8,723
Accumulated Depreciation and Amortization	$ (1,714)
Kelly Trade Center in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,686
Initial Cost of Buildings and Improvements	12,654
Total Initial Costs	15,340
Costs Capitalized or Adjustments Subsequent to Acquisition	1,981
Gross amount carried, Land	2,686
Gross amount carried, Buildings and Improvements	14,635
Gross amount carried, Total Costs	17,321
Accumulated Depreciation and Amortization	$ (3,712)
7A Distribution Center in Robbinsville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,002
Initial Cost of Buildings and Improvements	4,149
Total Initial Costs	12,151
Costs Capitalized or Adjustments Subsequent to Acquisition	523
Gross amount carried, Land	3,385
Gross amount carried, Buildings and Improvements	9,289
Gross amount carried, Total Costs	12,674
Accumulated Depreciation and Amortization	$ (3,046)
Quakerbridge Distribution Center in Hamilton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,434
Initial Cost of Buildings and Improvements	5,160
Total Initial Costs	8,594
Costs Capitalized or Adjustments Subsequent to Acquisition	982
Gross amount carried, Land	2,334
Gross amount carried, Buildings and Improvements	7,242
Gross amount carried, Total Costs	9,576
Accumulated Depreciation and Amortization	$ (2,281)
Hebron Airpark Logistics Center in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,228
Initial Cost of Buildings and Improvements	9,572
Total Initial Costs	11,800
Costs Capitalized or Adjustments Subsequent to Acquisition	497
Gross amount carried, Land	2,228
Gross amount carried, Buildings and Improvements	10,069
Gross amount carried, Total Costs	12,297
Accumulated Depreciation and Amortization	$ (1,995)
Las Vegas Light Industrial Portfolio in Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 19,872
Initial Cost of Buildings and Improvements	39,399
Total Initial Costs	59,271
Costs Capitalized or Adjustments Subsequent to Acquisition	1,311
Gross amount carried, Land	19,872
Gross amount carried, Buildings and Improvements	40,710
Gross amount carried, Total Costs	60,582
Accumulated Depreciation and Amortization	$ (10,585)
Monte Vista Industrial Center in Chino, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,947
Initial Cost of Buildings and Improvements	7,592
Total Initial Costs	15,539
Costs Capitalized or Adjustments Subsequent to Acquisition	560
Gross amount carried, Land	7,947
Gross amount carried, Buildings and Improvements	8,152
Gross amount carried, Total Costs	16,099
Accumulated Depreciation and Amortization	$ (2,625)
King of Prussia Core Infill Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 14,791
Initial Cost of Buildings and Improvements	17,187
Total Initial Costs	31,978
Costs Capitalized or Adjustments Subsequent to Acquisition	2,143
Gross amount carried, Land	14,791
Gross amount carried, Buildings and Improvements	19,330
Gross amount carried, Total Costs	34,121
Accumulated Depreciation and Amortization	$ (6,749)
Dallas Infill Industrial Portfolio in Arlington, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Debt	$ 38,000
Initial Cost of Land	17,159
Initial Cost of Buildings and Improvements	74,981
Total Initial Costs	92,140
Costs Capitalized or Adjustments Subsequent to Acquisition	5,941
Gross amount carried, Land	17,159
Gross amount carried, Buildings and Improvements	80,922
Gross amount carried, Total Costs	98,081
Accumulated Depreciation and Amortization	$ (18,110)
Dallas Infill Industrial Portfolio in Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Debt	$ 11,250
Initial Cost of Land	3,545
Initial Cost of Buildings and Improvements	20,370
Total Initial Costs	23,915
Costs Capitalized or Adjustments Subsequent to Acquisition	594
Gross amount carried, Land	3,545
Gross amount carried, Buildings and Improvements	20,964
Gross amount carried, Total Costs	24,509
Accumulated Depreciation and Amortization	$ (3,792)
Edison Distribution Center in Edison, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,519
Initial Cost of Buildings and Improvements	16,079
Total Initial Costs	27,598
Costs Capitalized or Adjustments Subsequent to Acquisition	276
Gross amount carried, Land	11,519
Gross amount carried, Buildings and Improvements	16,355
Gross amount carried, Total Costs	27,874
Accumulated Depreciation and Amortization	$ (4,935)
395 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,904
Initial Cost of Buildings and Improvements	45,114
Total Initial Costs	54,018
Costs Capitalized or Adjustments Subsequent to Acquisition	911
Gross amount carried, Land	8,904
Gross amount carried, Buildings and Improvements	46,025
Gross amount carried, Total Costs	54,929
Accumulated Depreciation and Amortization	$ (8,531)
I-80 Distribution Center in Reno, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 11,645
Initial Cost of Buildings and Improvements	60,364
Total Initial Costs	72,009
Costs Capitalized or Adjustments Subsequent to Acquisition	2,133
Gross amount carried, Land	11,645
Gross amount carried, Buildings and Improvements	62,497
Gross amount carried, Total Costs	74,142
Accumulated Depreciation and Amortization	$ (12,684)
Avenue B Industrial Center in Bethlehem, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,190
Initial Cost of Buildings and Improvements	4,923
Total Initial Costs	7,113
Costs Capitalized or Adjustments Subsequent to Acquisition	108
Gross amount carried, Land	2,190
Gross amount carried, Buildings and Improvements	5,031
Gross amount carried, Total Costs	7,221
Accumulated Depreciation and Amortization	$ (1,756)
485 Distribution Center in Shiremanstown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,145
Initial Cost of Buildings and Improvements	36,914
Total Initial Costs	43,059
Costs Capitalized or Adjustments Subsequent to Acquisition	267
Gross amount carried, Land	6,145
Gross amount carried, Buildings and Improvements	37,181
Gross amount carried, Total Costs	43,326
Accumulated Depreciation and Amortization	$ (7,062)
Weston Business Center in Weston, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,627
Initial Cost of Buildings and Improvements	17,784
Total Initial Costs	32,411
Costs Capitalized or Adjustments Subsequent to Acquisition	255
Gross amount carried, Land	14,627
Gross amount carried, Buildings and Improvements	18,039
Gross amount carried, Total Costs	32,666
Accumulated Depreciation and Amortization	$ (4,687)
Marigold Distribution Center in Redlands, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 15,660
Initial Cost of Buildings and Improvements	24,075
Total Initial Costs	39,735
Costs Capitalized or Adjustments Subsequent to Acquisition	1,820
Gross amount carried, Land	15,660
Gross amount carried, Buildings and Improvements	25,895
Gross amount carried, Total Costs	41,555
Accumulated Depreciation and Amortization	$ (6,760)
Bishops Gate Distribution Center in Mount Laurel, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,018
Initial Cost of Buildings and Improvements	26,208
Total Initial Costs	32,226
Costs Capitalized or Adjustments Subsequent to Acquisition	628
Gross amount carried, Land	6,018
Gross amount carried, Buildings and Improvements	26,836
Gross amount carried, Total Costs	32,854
Accumulated Depreciation and Amortization	$ (7,420)
Norcross Industrial Center in Peachtree Corner, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,220
Initial Cost of Buildings and Improvements	6,285
Total Initial Costs	9,505
Costs Capitalized or Adjustments Subsequent to Acquisition	6,008
Gross amount carried, Land	3,220
Gross amount carried, Buildings and Improvements	12,293
Gross amount carried, Total Costs	15,513
Accumulated Depreciation and Amortization	$ (2,686)
Port 146 Distribution Center in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,748
Initial Cost of Buildings and Improvements	7,823
Total Initial Costs	9,571
Costs Capitalized or Adjustments Subsequent to Acquisition	2,369
Gross amount carried, Land	1,748
Gross amount carried, Buildings and Improvements	10,192
Gross amount carried, Total Costs	11,940
Accumulated Depreciation and Amortization	$ (1,069)
Lima Distribution Center in Denver, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,853
Initial Cost of Buildings and Improvements	9,769
Total Initial Costs	11,622
Costs Capitalized or Adjustments Subsequent to Acquisition	212
Gross amount carried, Land	1,853
Gross amount carried, Buildings and Improvements	9,981
Gross amount carried, Total Costs	11,834
Accumulated Depreciation and Amortization	$ (2,729)
Valwood Crossroads in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 12,457
Initial Cost of Buildings and Improvements	57,542
Total Initial Costs	69,999
Costs Capitalized or Adjustments Subsequent to Acquisition	170
Gross amount carried, Land	12,457
Gross amount carried, Buildings and Improvements	57,712
Gross amount carried, Total Costs	70,169
Accumulated Depreciation and Amortization	$ (9,931)
Eaglepoint LC in Brownsburg, IN [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,598
Initial Cost of Buildings and Improvements	36,618
Total Initial Costs	40,216
Costs Capitalized or Adjustments Subsequent to Acquisition	109
Gross amount carried, Land	3,598
Gross amount carried, Buildings and Improvements	36,727
Gross amount carried, Total Costs	40,325
Accumulated Depreciation and Amortization	$ (7,017)
7A DC II in Robbinsville Township, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,235
Initial Cost of Buildings and Improvements	16,983
Total Initial Costs	23,218
Costs Capitalized or Adjustments Subsequent to Acquisition	783
Gross amount carried, Land	6,235
Gross amount carried, Buildings and Improvements	17,766
Gross amount carried, Total Costs	24,001
Accumulated Depreciation and Amortization	$ (3,903)
Legacy Logistics Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,590
Initial Cost of Buildings and Improvements	34,128
Total Initial Costs	39,718
Costs Capitalized or Adjustments Subsequent to Acquisition	1,995
Gross amount carried, Land	5,590
Gross amount carried, Buildings and Improvements	36,123
Gross amount carried, Total Costs	41,713
Accumulated Depreciation and Amortization	$ (6,189)
Logistics Center at 33 in Easton, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,983
Initial Cost of Buildings and Improvements	54,302
Total Initial Costs	63,285
Costs Capitalized or Adjustments Subsequent to Acquisition	498
Gross amount carried, Land	8,983
Gross amount carried, Buildings and Improvements	54,800
Gross amount carried, Total Costs	63,783
Accumulated Depreciation and Amortization	$ (9,679)
Intermodal Logistics Center in Fort Worth, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,191
Initial Cost of Buildings and Improvements	23,437
Total Initial Costs	28,628
Costs Capitalized or Adjustments Subsequent to Acquisition	177
Gross amount carried, Land	5,191
Gross amount carried, Buildings and Improvements	23,614
Gross amount carried, Total Costs	28,805
Accumulated Depreciation and Amortization	$ (3,498)
Executive Airport Distribution Center II, III in Henderson, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,852
Initial Cost of Buildings and Improvements	25,348
Total Initial Costs	33,200
Costs Capitalized or Adjustments Subsequent to Acquisition	4,145
Gross amount carried, Land	7,852
Gross amount carried, Buildings and Improvements	29,493
Gross amount carried, Total Costs	37,345
Accumulated Depreciation and Amortization	$ (2,847)
Airpark International Logistics Center in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,371
Initial Cost of Buildings and Improvements	27,830
Total Initial Costs	30,201
Costs Capitalized or Adjustments Subsequent to Acquisition	416
Gross amount carried, Land	2,371
Gross amount carried, Buildings and Improvements	28,246
Gross amount carried, Total Costs	30,617
Accumulated Depreciation and Amortization	$ (3,800)
Carlstadt Industrial Center in Carlstadt, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 16,989
Initial Cost of Buildings and Improvements	20,541
Total Initial Costs	37,530
Costs Capitalized or Adjustments Subsequent to Acquisition	1,165
Gross amount carried, Land	16,989
Gross amount carried, Buildings and Improvements	21,706
Gross amount carried, Total Costs	38,695
Accumulated Depreciation and Amortization	$ (5,388)
Nelson Industrial Center in La Puente, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,943
Initial Cost of Buildings and Improvements	5,089
Total Initial Costs	9,032
Costs Capitalized or Adjustments Subsequent to Acquisition	141
Gross amount carried, Land	3,943
Gross amount carried, Buildings and Improvements	5,230
Gross amount carried, Total Costs	9,173
Accumulated Depreciation and Amortization	$ (1,121)
Miraloma Industrial Center in Placentia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,843
Initial Cost of Buildings and Improvements	4,655
Total Initial Costs	9,498
Costs Capitalized or Adjustments Subsequent to Acquisition	251
Gross amount carried, Land	4,843
Gross amount carried, Buildings and Improvements	4,906
Gross amount carried, Total Costs	9,749
Accumulated Depreciation and Amortization	$ (1,308)
Pennsy Logistics Center in Landover, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,273
Initial Cost of Buildings and Improvements	51,824
Total Initial Costs	60,097
Costs Capitalized or Adjustments Subsequent to Acquisition	155
Gross amount carried, Land	8,273
Gross amount carried, Buildings and Improvements	51,979
Gross amount carried, Total Costs	60,252
Accumulated Depreciation and Amortization	$ (7,970)
Gerwig Distribution Center in Columbia, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,069
Initial Cost of Buildings and Improvements	11,205
Total Initial Costs	19,274
Costs Capitalized or Adjustments Subsequent to Acquisition	360
Gross amount carried, Land	8,069
Gross amount carried, Buildings and Improvements	11,565
Gross amount carried, Total Costs	19,634
Accumulated Depreciation and Amortization	$ (2,270)
Harvill Business Center in Perris, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,098
Initial Cost of Buildings and Improvements	46,490
Total Initial Costs	60,588
Costs Capitalized or Adjustments Subsequent to Acquisition	41
Gross amount carried, Land	14,098
Gross amount carried, Buildings and Improvements	46,531
Gross amount carried, Total Costs	60,629
Accumulated Depreciation and Amortization	$ (5,821)
Princess Logistics Center in Lawrenceville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 10,883
Initial Cost of Buildings and Improvements	63,192
Total Initial Costs	74,075
Costs Capitalized or Adjustments Subsequent to Acquisition	1,232
Gross amount carried, Land	10,883
Gross amount carried, Buildings and Improvements	64,424
Gross amount carried, Total Costs	75,307
Accumulated Depreciation and Amortization	$ (6,132)
Rancho Cucamonga Business Center in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,185
Initial Cost of Buildings and Improvements	16,439
Total Initial Costs	24,624
Costs Capitalized or Adjustments Subsequent to Acquisition	635
Gross amount carried, Land	8,185
Gross amount carried, Buildings and Improvements	17,074
Gross amount carried, Total Costs	25,259
Accumulated Depreciation and Amortization	$ (2,590)
Norton Distribution Center in Norton, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,350
Initial Cost of Buildings and Improvements	28,063
Total Initial Costs	32,413
Costs Capitalized or Adjustments Subsequent to Acquisition	252
Gross amount carried, Land	4,350
Gross amount carried, Buildings and Improvements	28,315
Gross amount carried, Total Costs	32,665
Accumulated Depreciation and Amortization	$ (4,784)
Build-To-Core Logistics Portfolio in Austin, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 11,918
Initial Cost of Buildings and Improvements	42,446
Total Initial Costs	54,364
Costs Capitalized or Adjustments Subsequent to Acquisition	1,910
Gross amount carried, Land	11,918
Gross amount carried, Buildings and Improvements	44,356
Gross amount carried, Total Costs	56,274
Accumulated Depreciation and Amortization	$ (7,609)
Build-To-Core Logistics Portfolio in Hayward, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 39,357
Initial Cost of Buildings and Improvements	91,117
Total Initial Costs	130,474
Costs Capitalized or Adjustments Subsequent to Acquisition	3,649
Gross amount carried, Land	39,357
Gross amount carried, Buildings and Improvements	94,766
Gross amount carried, Total Costs	134,123
Accumulated Depreciation and Amortization	$ (8,050)
Build-To-Core Logistics Portfolio in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,998
Initial Cost of Buildings and Improvements	15,261
Total Initial Costs	17,259
Costs Capitalized or Adjustments Subsequent to Acquisition	485
Gross amount carried, Land	1,998
Gross amount carried, Buildings and Improvements	15,746
Gross amount carried, Total Costs	17,744
Accumulated Depreciation and Amortization	$ (1,701)
Build-To-Core Logistics Portfolio in Lehigh Valley, PA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 14,522
Initial Cost of Buildings and Improvements	49,076
Total Initial Costs	63,598
Costs Capitalized or Adjustments Subsequent to Acquisition	2,018
Gross amount carried, Land	14,522
Gross amount carried, Buildings and Improvements	51,094
Gross amount carried, Total Costs	65,616
Accumulated Depreciation and Amortization	$ (5,216)
Build-To-Core Logistics Portfolio in Lodi, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 18,545
Initial Cost of Buildings and Improvements	78,491
Total Initial Costs	97,036
Costs Capitalized or Adjustments Subsequent to Acquisition	408
Gross amount carried, Land	18,545
Gross amount carried, Buildings and Improvements	78,899
Gross amount carried, Total Costs	97,444
Accumulated Depreciation and Amortization	$ (6,590)
Build-To-Core Logistics Portfolio in Rancho Cucamonga, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 26,126
Initial Cost of Buildings and Improvements	71,385
Total Initial Costs	97,511
Costs Capitalized or Adjustments Subsequent to Acquisition	(251)
Gross amount carried, Land	26,126
Gross amount carried, Buildings and Improvements	71,134
Gross amount carried, Total Costs	97,260
Accumulated Depreciation and Amortization	$ (8,759)
Build-To-Core Logistics Portfolio in Richmond, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,954
Initial Cost of Buildings and Improvements	33,862
Total Initial Costs	40,816
Costs Capitalized or Adjustments Subsequent to Acquisition	1,301
Gross amount carried, Land	7,045
Gross amount carried, Buildings and Improvements	35,072
Gross amount carried, Total Costs	42,117
Accumulated Depreciation and Amortization	$ (3,022)
Build-To-Core Logistics Portfolio in San Diego, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,999
Initial Cost of Buildings and Improvements	34,888
Total Initial Costs	42,887
Costs Capitalized or Adjustments Subsequent to Acquisition	30
Gross amount carried, Land	7,999
Gross amount carried, Buildings and Improvements	34,918
Gross amount carried, Total Costs	42,917
Accumulated Depreciation and Amortization	$ (3,723)
Build-To-Core Logistics Portfolio in San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,799
Initial Cost of Buildings and Improvements	23,467
Total Initial Costs	33,266
Costs Capitalized or Adjustments Subsequent to Acquisition	332
Gross amount carried, Land	9,799
Gross amount carried, Buildings and Improvements	23,799
Gross amount carried, Total Costs	33,598
Accumulated Depreciation and Amortization	$ (2,198)
Build-To-Core Logistics Portfolio in Suwanee, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 5,612
Initial Cost of Buildings and Improvements	65,492
Total Initial Costs	71,104
Costs Capitalized or Adjustments Subsequent to Acquisition	3,724
Gross amount carried, Land	5,612
Gross amount carried, Buildings and Improvements	69,216
Gross amount carried, Total Costs	74,828
Accumulated Depreciation and Amortization	$ (12,420)
Build-To-Core Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 29,942
Initial Cost of Buildings and Improvements	144,714
Total Initial Costs	174,656
Costs Capitalized or Adjustments Subsequent to Acquisition	1,287
Gross amount carried, Land	29,942
Gross amount carried, Buildings and Improvements	146,001
Gross amount carried, Total Costs	175,943
Accumulated Depreciation and Amortization	$ (14,756)
Build-To-Core Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,564
Initial Cost of Buildings and Improvements	50,196
Total Initial Costs	53,760
Costs Capitalized or Adjustments Subsequent to Acquisition	(9)
Gross amount carried, Land	3,564
Gross amount carried, Buildings and Improvements	50,187
Gross amount carried, Total Costs	53,751
Accumulated Depreciation and Amortization	$ (4,679)
Benchmark Distribution Center in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,809
Initial Cost of Buildings and Improvements	14,842
Total Initial Costs	19,651
Costs Capitalized or Adjustments Subsequent to Acquisition	1,186
Gross amount carried, Land	4,809
Gross amount carried, Buildings and Improvements	16,028
Gross amount carried, Total Costs	20,837
Accumulated Depreciation and Amortization	$ (1,857)
Key Logistics Portfolio in Allentown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,876
Initial Cost of Buildings and Improvements	15,208
Total Initial Costs	18,084
Costs Capitalized or Adjustments Subsequent to Acquisition	1,000
Gross amount carried, Land	2,876
Gross amount carried, Buildings and Improvements	16,208
Gross amount carried, Total Costs	19,084
Accumulated Depreciation and Amortization	$ (2,352)
Key Logistics Portfolio in Auburn, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 7,822
Initial Cost of Buildings and Improvements	34,089
Total Initial Costs	41,911
Costs Capitalized or Adjustments Subsequent to Acquisition	1,043
Gross amount carried, Land	7,822
Gross amount carried, Buildings and Improvements	35,132
Gross amount carried, Total Costs	42,954
Accumulated Depreciation and Amortization	$ (4,485)
Key Logistics Portfolio in Aurora, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,818
Initial Cost of Buildings and Improvements	9,147
Total Initial Costs	10,965
Gross amount carried, Land	1,818
Gross amount carried, Buildings and Improvements	9,147
Gross amount carried, Total Costs	10,965
Accumulated Depreciation and Amortization	$ (1,534)
Key Logistics Portfolio in Boca Raton, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,959
Initial Cost of Buildings and Improvements	8,586
Total Initial Costs	13,545
Costs Capitalized or Adjustments Subsequent to Acquisition	199
Gross amount carried, Land	4,959
Gross amount carried, Buildings and Improvements	8,785
Gross amount carried, Total Costs	13,744
Accumulated Depreciation and Amortization	$ (2,014)
Key Logistics Portfolio in Glen Burnie, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,545
Initial Cost of Buildings and Improvements	17,976
Total Initial Costs	20,521
Costs Capitalized or Adjustments Subsequent to Acquisition	84
Gross amount carried, Land	2,545
Gross amount carried, Buildings and Improvements	18,060
Gross amount carried, Total Costs	20,605
Accumulated Depreciation and Amortization	$ (3,430)
Key Logistics Portfolio in Kent, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 11,478
Initial Cost of Buildings and Improvements	27,605
Total Initial Costs	39,083
Costs Capitalized or Adjustments Subsequent to Acquisition	1,018
Gross amount carried, Land	11,478
Gross amount carried, Buildings and Improvements	28,623
Gross amount carried, Total Costs	40,101
Accumulated Depreciation and Amortization	$ (4,854)
Key Logistics Portfolio in King of Prussia, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,120
Initial Cost of Buildings and Improvements	17,984
Total Initial Costs	22,104
Costs Capitalized or Adjustments Subsequent to Acquisition	508
Gross amount carried, Land	4,120
Gross amount carried, Buildings and Improvements	18,492
Gross amount carried, Total Costs	22,612
Accumulated Depreciation and Amortization	$ (3,408)
Key Logistics Portfolio in Lanham, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,979
Initial Cost of Buildings and Improvements	18,147
Total Initial Costs	22,126
Costs Capitalized or Adjustments Subsequent to Acquisition	671
Gross amount carried, Land	3,979
Gross amount carried, Buildings and Improvements	18,818
Gross amount carried, Total Costs	22,797
Accumulated Depreciation and Amortization	$ (2,327)
Key Logistics Portfolio in Lincolnshire, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,695
Initial Cost of Buildings and Improvements	11,939
Total Initial Costs	13,634
Costs Capitalized or Adjustments Subsequent to Acquisition	58
Gross amount carried, Land	1,695
Gross amount carried, Buildings and Improvements	11,997
Gross amount carried, Total Costs	13,692
Accumulated Depreciation and Amortization	$ (1,469)
Key Logistics Portfolio in Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 8,248
Initial Cost of Buildings and Improvements	117,907
Total Initial Costs	126,155
Costs Capitalized or Adjustments Subsequent to Acquisition	1,516
Gross amount carried, Land	8,248
Gross amount carried, Buildings and Improvements	119,423
Gross amount carried, Total Costs	127,671
Accumulated Depreciation and Amortization	$ (18,545)
Key Logistics Portfolio in Mechanicsburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,205
Initial Cost of Buildings and Improvements	11,882
Total Initial Costs	14,087
Costs Capitalized or Adjustments Subsequent to Acquisition	495
Gross amount carried, Land	2,205
Gross amount carried, Buildings and Improvements	12,377
Gross amount carried, Total Costs	14,582
Accumulated Depreciation and Amortization	$ (2,041)
Key Logistics Portfolio in Memphis, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 6,873
Initial Cost of Buildings and Improvements	103,715
Total Initial Costs	110,588
Costs Capitalized or Adjustments Subsequent to Acquisition	2,737
Gross amount carried, Land	6,873
Gross amount carried, Buildings and Improvements	106,452
Gross amount carried, Total Costs	113,325
Accumulated Depreciation and Amortization	$ (21,076)
Key Logistics Portfolio in Olive Branch, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,656
Initial Cost of Buildings and Improvements	29,453
Total Initial Costs	32,109
Costs Capitalized or Adjustments Subsequent to Acquisition	89
Gross amount carried, Land	2,656
Gross amount carried, Buildings and Improvements	29,542
Gross amount carried, Total Costs	32,198
Accumulated Depreciation and Amortization	$ (3,685)
Key Logistics Portfolio in Ontario, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 13,418
Initial Cost of Buildings and Improvements	38,965
Total Initial Costs	52,383
Costs Capitalized or Adjustments Subsequent to Acquisition	442
Gross amount carried, Land	13,418
Gross amount carried, Buildings and Improvements	39,407
Gross amount carried, Total Costs	52,825
Accumulated Depreciation and Amortization	$ (6,470)
Key Logistics Portfolio in Pompano Beach, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,431
Initial Cost of Buildings and Improvements	10,992
Total Initial Costs	15,423
Costs Capitalized or Adjustments Subsequent to Acquisition	394
Gross amount carried, Land	4,431
Gross amount carried, Buildings and Improvements	11,386
Gross amount carried, Total Costs	15,817
Accumulated Depreciation and Amortization	$ (1,866)
Key Logistics Portfolio in Renton, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,745
Initial Cost of Buildings and Improvements	13,612
Total Initial Costs	18,357
Gross amount carried, Land	4,745
Gross amount carried, Buildings and Improvements	13,612
Gross amount carried, Total Costs	18,357
Accumulated Depreciation and Amortization	$ (2,280)
Key Logistics Portfolio in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,966
Initial Cost of Buildings and Improvements	53,720
Total Initial Costs	59,686
Costs Capitalized or Adjustments Subsequent to Acquisition	487
Gross amount carried, Land	5,966
Gross amount carried, Buildings and Improvements	54,207
Gross amount carried, Total Costs	60,173
Accumulated Depreciation and Amortization	$ (8,725)
Key Logistics Portfolio in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 15,700
Initial Cost of Buildings and Improvements	73,083
Total Initial Costs	88,783
Costs Capitalized or Adjustments Subsequent to Acquisition	1,665
Gross amount carried, Land	15,700
Gross amount carried, Buildings and Improvements	74,748
Gross amount carried, Total Costs	90,448
Accumulated Depreciation and Amortization	$ (12,621)
Key Logistics Portfolio in Tacoma, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,844
Initial Cost of Buildings and Improvements	6,354
Total Initial Costs	10,198
Costs Capitalized or Adjustments Subsequent to Acquisition	202
Gross amount carried, Land	3,844
Gross amount carried, Buildings and Improvements	6,556
Gross amount carried, Total Costs	10,400
Accumulated Depreciation and Amortization	$ (999)
Key Logistics Portfolio in Totowa, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 11,530
Initial Cost of Buildings and Improvements	46,672
Total Initial Costs	58,202
Costs Capitalized or Adjustments Subsequent to Acquisition	1,170
Gross amount carried, Land	11,530
Gross amount carried, Buildings and Improvements	47,842
Gross amount carried, Total Costs	59,372
Accumulated Depreciation and Amortization	$ (7,202)
Key Logistics Portfolio in Tracy, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 11,240
Initial Cost of Buildings and Improvements	47,595
Total Initial Costs	58,835
Costs Capitalized or Adjustments Subsequent to Acquisition	1,307
Gross amount carried, Land	11,240
Gross amount carried, Buildings and Improvements	48,902
Gross amount carried, Total Costs	60,142
Accumulated Depreciation and Amortization	$ (7,573)
Key Logistics Portfolio in Upper Marlboro, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,206
Initial Cost of Buildings and Improvements	4,926
Total Initial Costs	7,132
Costs Capitalized or Adjustments Subsequent to Acquisition	1,432
Gross amount carried, Land	2,206
Gross amount carried, Buildings and Improvements	6,358
Gross amount carried, Total Costs	8,564
Accumulated Depreciation and Amortization	$ (680)
Key Logistics Portfolio in Valencia, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,555
Initial Cost of Buildings and Improvements	11,619
Total Initial Costs	18,174
Costs Capitalized or Adjustments Subsequent to Acquisition	53
Gross amount carried, Land	6,555
Gross amount carried, Buildings and Improvements	11,672
Gross amount carried, Total Costs	18,227
Accumulated Depreciation and Amortization	$ (1,305)
Key Logistics Portfolio in Wayne, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,800
Initial Cost of Buildings and Improvements	13,770
Total Initial Costs	19,570
Costs Capitalized or Adjustments Subsequent to Acquisition	1,600
Gross amount carried, Land	5,800
Gross amount carried, Buildings and Improvements	15,370
Gross amount carried, Total Costs	21,170
Accumulated Depreciation and Amortization	$ (1,954)
Key Logistics Portfolio in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,645
Initial Cost of Buildings and Improvements	20,466
Total Initial Costs	25,111
Costs Capitalized or Adjustments Subsequent to Acquisition	1,546
Gross amount carried, Land	4,645
Gross amount carried, Buildings and Improvements	22,012
Gross amount carried, Total Costs	26,657
Accumulated Depreciation and Amortization	$ (3,834)
Stonewood Logistics Center in York, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,193
Initial Cost of Buildings and Improvements	18,150
Total Initial Costs	19,343
Costs Capitalized or Adjustments Subsequent to Acquisition	1,471
Gross amount carried, Land	1,193
Gross amount carried, Buildings and Improvements	19,621
Gross amount carried, Total Costs	20,814
Accumulated Depreciation and Amortization	$ (1,648)
Heron Industrial Center in Swedesboro, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,622
Initial Cost of Buildings and Improvements	20,377
Total Initial Costs	25,999
Costs Capitalized or Adjustments Subsequent to Acquisition	283
Gross amount carried, Land	5,622
Gross amount carried, Buildings and Improvements	20,660
Gross amount carried, Total Costs	26,282
Accumulated Depreciation and Amortization	$ (4,224)
Colony Crossing Logistics Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,258
Initial Cost of Buildings and Improvements	16,311
Total Initial Costs	21,569
Costs Capitalized or Adjustments Subsequent to Acquisition	775
Gross amount carried, Land	5,258
Gross amount carried, Buildings and Improvements	17,086
Gross amount carried, Total Costs	22,344
Accumulated Depreciation and Amortization	(2,820)
Harvill Industrial Center in Riverside, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	7,532
Total Initial Costs	7,532
Costs Capitalized or Adjustments Subsequent to Acquisition	5,172
Gross amount carried, Land	7,782
Gross amount carried, Buildings and Improvements	4,922
Gross amount carried, Total Costs	$ 12,704
Commerce Farms Logistics Center in Lebanon, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,117
Initial Cost of Buildings and Improvements	60,704
Total Initial Costs	63,821
Costs Capitalized or Adjustments Subsequent to Acquisition	1,078
Gross amount carried, Land	3,117
Gross amount carried, Buildings and Improvements	61,782
Gross amount carried, Total Costs	64,899
Accumulated Depreciation and Amortization	$ (7,230)
North County Commerce Center in Vista, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	5
Initial Cost of Land	$ 42,171
Initial Cost of Buildings and Improvements	104,961
Total Initial Costs	147,132
Costs Capitalized or Adjustments Subsequent to Acquisition	1,050
Gross amount carried, Land	42,171
Gross amount carried, Buildings and Improvements	106,011
Gross amount carried, Total Costs	148,182
Accumulated Depreciation and Amortization	$ (16,334)
Performance Distribution Center in Stockton, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,733
Initial Cost of Buildings and Improvements	19,799
Total Initial Costs	29,532
Costs Capitalized or Adjustments Subsequent to Acquisition	33
Gross amount carried, Land	9,733
Gross amount carried, Buildings and Improvements	19,832
Gross amount carried, Total Costs	29,565
Accumulated Depreciation and Amortization	$ (2,099)
Madison Distribution Center in Tampa, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 766
Initial Cost of Buildings and Improvements	12,236
Total Initial Costs	13,002
Costs Capitalized or Adjustments Subsequent to Acquisition	9
Gross amount carried, Land	766
Gross amount carried, Buildings and Improvements	12,245
Gross amount carried, Total Costs	13,011
Accumulated Depreciation and Amortization	$ (1,322)
355 Logistics Center in Lockport, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 3,360
Initial Cost of Buildings and Improvements	62,062
Total Initial Costs	65,422
Costs Capitalized or Adjustments Subsequent to Acquisition	2,554
Gross amount carried, Land	3,360
Gross amount carried, Buildings and Improvements	64,616
Gross amount carried, Total Costs	67,976
Accumulated Depreciation and Amortization	$ (6,764)
1 Stanley Drive in Aston, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,265
Initial Cost of Buildings and Improvements	20,974
Total Initial Costs	22,239
Costs Capitalized or Adjustments Subsequent to Acquisition	98
Gross amount carried, Land	1,265
Gross amount carried, Buildings and Improvements	21,072
Gross amount carried, Total Costs	22,337
Accumulated Depreciation and Amortization	$ (2,123)
Gilbert Gateway Commerce Park in Gilbert, AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 8,129
Initial Cost of Buildings and Improvements	80,026
Total Initial Costs	88,155
Costs Capitalized or Adjustments Subsequent to Acquisition	3,036
Gross amount carried, Land	8,129
Gross amount carried, Buildings and Improvements	83,062
Gross amount carried, Total Costs	91,191
Accumulated Depreciation and Amortization	$ (7,997)
California Business Center in Salt Lake City, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,780
Initial Cost of Buildings and Improvements	26,290
Total Initial Costs	31,070
Costs Capitalized or Adjustments Subsequent to Acquisition	694
Gross amount carried, Land	4,780
Gross amount carried, Buildings and Improvements	26,984
Gross amount carried, Total Costs	31,764
Accumulated Depreciation and Amortization	$ (4,736)
Molto Portfolio in Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,169
Initial Cost of Buildings and Improvements	32,432
Total Initial Costs	37,601
Costs Capitalized or Adjustments Subsequent to Acquisition	787
Gross amount carried, Land	5,169
Gross amount carried, Buildings and Improvements	33,219
Gross amount carried, Total Costs	38,388
Accumulated Depreciation and Amortization	$ (2,790)
Molto Portfolio in Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,857
Initial Cost of Buildings and Improvements	20,674
Total Initial Costs	22,531
Gross amount carried, Land	1,857
Gross amount carried, Buildings and Improvements	20,674
Gross amount carried, Total Costs	22,531
Accumulated Depreciation and Amortization	$ (1,574)
Molto Portfolio in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 7,370
Initial Cost of Buildings and Improvements	70,096
Total Initial Costs	77,466
Costs Capitalized or Adjustments Subsequent to Acquisition	1,563
Gross amount carried, Land	7,370
Gross amount carried, Buildings and Improvements	71,659
Gross amount carried, Total Costs	79,029
Accumulated Depreciation and Amortization	$ (6,275)
Molto Portfolio in La Vergne, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,696
Initial Cost of Buildings and Improvements	23,720
Total Initial Costs	27,416
Gross amount carried, Land	3,696
Gross amount carried, Buildings and Improvements	23,720
Gross amount carried, Total Costs	27,416
Accumulated Depreciation and Amortization	$ (2,090)
Molto Portfolio in Louisville, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,755
Initial Cost of Buildings and Improvements	36,195
Total Initial Costs	39,950
Costs Capitalized or Adjustments Subsequent to Acquisition	1,399
Gross amount carried, Land	3,755
Gross amount carried, Buildings and Improvements	37,594
Gross amount carried, Total Costs	41,349
Accumulated Depreciation and Amortization	$ (3,251)
Walker Mill Industrial Center in Capitol Heights, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,908
Initial Cost of Buildings and Improvements	14,297
Total Initial Costs	17,205
Costs Capitalized or Adjustments Subsequent to Acquisition	116
Gross amount carried, Land	2,908
Gross amount carried, Buildings and Improvements	14,413
Gross amount carried, Total Costs	17,321
Accumulated Depreciation and Amortization	$ (1,816)
Greater Boston Portfolio in Franklin, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,646
Initial Cost of Buildings and Improvements	14,367
Total Initial Costs	17,013
Costs Capitalized or Adjustments Subsequent to Acquisition	1,367
Gross amount carried, Land	2,646
Gross amount carried, Buildings and Improvements	15,734
Gross amount carried, Total Costs	18,380
Accumulated Depreciation and Amortization	$ (1,904)
Greater Boston Portfolio in Danvers, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,176
Initial Cost of Buildings and Improvements	16,169
Total Initial Costs	20,345
Costs Capitalized or Adjustments Subsequent to Acquisition	46
Gross amount carried, Land	4,176
Gross amount carried, Buildings and Improvements	16,215
Gross amount carried, Total Costs	20,391
Accumulated Depreciation and Amortization	$ (2,565)
McDonald Portfolio in Alpharetta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,228
Initial Cost of Buildings and Improvements	49,773
Total Initial Costs	54,001
Costs Capitalized or Adjustments Subsequent to Acquisition	3,131
Gross amount carried, Land	4,228
Gross amount carried, Buildings and Improvements	52,904
Gross amount carried, Total Costs	57,132
Accumulated Depreciation and Amortization	$ (6,731)
McDonald Portfolio in Atlanta, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	6
Initial Cost of Land	$ 10,312
Initial Cost of Buildings and Improvements	192,196
Total Initial Costs	202,508
Costs Capitalized or Adjustments Subsequent to Acquisition	2,556
Gross amount carried, Land	10,312
Gross amount carried, Buildings and Improvements	194,752
Gross amount carried, Total Costs	205,064
Accumulated Depreciation and Amortization	$ (23,869)
McDonald Portfolio in Ellenwood, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 4,808
Initial Cost of Buildings and Improvements	72,142
Total Initial Costs	76,950
Costs Capitalized or Adjustments Subsequent to Acquisition	931
Gross amount carried, Land	4,808
Gross amount carried, Buildings and Improvements	73,073
Gross amount carried, Total Costs	77,881
Accumulated Depreciation and Amortization	$ (8,252)
McDonald Portfolio in Savannah, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,862
Initial Cost of Buildings and Improvements	56,433
Total Initial Costs	62,295
Costs Capitalized or Adjustments Subsequent to Acquisition	483
Gross amount carried, Land	5,467
Gross amount carried, Buildings and Improvements	57,311
Gross amount carried, Total Costs	62,778
Accumulated Depreciation and Amortization	$ (5,995)
Riggs Hill Industrial Center in Jessup, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 827
Initial Cost of Buildings and Improvements	4,832
Total Initial Costs	5,659
Costs Capitalized or Adjustments Subsequent to Acquisition	77
Gross amount carried, Land	827
Gross amount carried, Buildings and Improvements	4,909
Gross amount carried, Total Costs	5,736
Accumulated Depreciation and Amortization	$ (896)
Valwood Industrial Center in Carrollton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 12,755
Initial Cost of Buildings and Improvements	30,377
Total Initial Costs	43,132
Costs Capitalized or Adjustments Subsequent to Acquisition	1,006
Gross amount carried, Land	12,755
Gross amount carried, Buildings and Improvements	31,383
Gross amount carried, Total Costs	44,138
Accumulated Depreciation and Amortization	$ (4,313)
Port Crossing Logistics Center in LaPorte, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,518
Initial Cost of Buildings and Improvements	29,476
Total Initial Costs	31,994
Costs Capitalized or Adjustments Subsequent to Acquisition	164
Gross amount carried, Land	2,518
Gross amount carried, Buildings and Improvements	29,640
Gross amount carried, Total Costs	32,158
Accumulated Depreciation and Amortization	$ (2,536)
Hainesport Commerce Center in Hainesport, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 19,042
Initial Cost of Buildings and Improvements	113,768
Total Initial Costs	132,810
Costs Capitalized or Adjustments Subsequent to Acquisition	1,127
Gross amount carried, Land	19,042
Gross amount carried, Buildings and Improvements	114,895
Gross amount carried, Total Costs	133,937
Accumulated Depreciation and Amortization	$ (8,104)
Beltway Logistics Center in Charlotte, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,726
Initial Cost of Buildings and Improvements	23,327
Total Initial Costs	28,053
Costs Capitalized or Adjustments Subsequent to Acquisition	119
Gross amount carried, Land	4,726
Gross amount carried, Buildings and Improvements	23,446
Gross amount carried, Total Costs	28,172
Accumulated Depreciation and Amortization	$ (1,639)
Clackamas Industrial Center in Clackamas, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,623
Initial Cost of Buildings and Improvements	41,551
Total Initial Costs	51,174
Costs Capitalized or Adjustments Subsequent to Acquisition	597
Gross amount carried, Land	9,623
Gross amount carried, Buildings and Improvements	42,148
Gross amount carried, Total Costs	51,771
Accumulated Depreciation and Amortization	$ (7,659)
Build-to-Core II Logistics Portfolio in Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,187
Initial Cost of Buildings and Improvements	21,354
Total Initial Costs	24,541
Costs Capitalized or Adjustments Subsequent to Acquisition	352
Gross amount carried, Land	3,187
Gross amount carried, Buildings and Improvements	21,706
Gross amount carried, Total Costs	24,893
Accumulated Depreciation and Amortization	$ (1,835)
Build-to-Core II Logistics Portfolio in Avenel, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 20,489
Initial Cost of Buildings and Improvements	22,267
Total Initial Costs	42,756
Costs Capitalized or Adjustments Subsequent to Acquisition	61
Gross amount carried, Land	20,489
Gross amount carried, Buildings and Improvements	22,328
Gross amount carried, Total Costs	42,817
Accumulated Depreciation and Amortization	$ (1,591)
Build-to-Core II Logistics Portfolio in Lakewood, WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 30,833
Initial Cost of Buildings and Improvements	149,703
Total Initial Costs	180,536
Costs Capitalized or Adjustments Subsequent to Acquisition	3,080
Gross amount carried, Land	30,838
Gross amount carried, Buildings and Improvements	152,778
Gross amount carried, Total Costs	183,616
Accumulated Depreciation and Amortization	$ (11,235)
Build-to-Core II Logistics Portfolio in Mount Prospect, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,725
Initial Cost of Buildings and Improvements	20,434
Total Initial Costs	24,159
Costs Capitalized or Adjustments Subsequent to Acquisition	35
Gross amount carried, Land	3,725
Gross amount carried, Buildings and Improvements	20,469
Gross amount carried, Total Costs	24,194
Accumulated Depreciation and Amortization	$ (1,527)
Build-to-Core II Logistics Portfolio in Naperville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,951
Initial Cost of Buildings and Improvements	16,137
Total Initial Costs	18,088
Costs Capitalized or Adjustments Subsequent to Acquisition	594
Gross amount carried, Land	1,951
Gross amount carried, Buildings and Improvements	16,731
Gross amount carried, Total Costs	18,682
Accumulated Depreciation and Amortization	$ (1,360)
Build-to-Core II Logistics Portfolio in Newark, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 25,879
Initial Cost of Buildings and Improvements	1,634
Total Initial Costs	27,513
Costs Capitalized or Adjustments Subsequent to Acquisition	20,004
Gross amount carried, Land	25,879
Gross amount carried, Buildings and Improvements	21,638
Gross amount carried, Total Costs	$ 47,517
Build-to-Core II Logistics Portfolio in Schertz, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 503
Initial Cost of Buildings and Improvements	9,177
Total Initial Costs	9,680
Costs Capitalized or Adjustments Subsequent to Acquisition	457
Gross amount carried, Land	503
Gross amount carried, Buildings and Improvements	9,634
Gross amount carried, Total Costs	10,137
Accumulated Depreciation and Amortization	$ (1,009)
Build-to-Core II Logistics Portfolio in Tualatin, OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,231
Initial Cost of Buildings and Improvements	27,698
Total Initial Costs	31,929
Costs Capitalized or Adjustments Subsequent to Acquisition	(83)
Gross amount carried, Land	4,102
Gross amount carried, Buildings and Improvements	27,744
Gross amount carried, Total Costs	31,846
Accumulated Depreciation and Amortization	$ (2,168)
Northlake Logistics Crossing in Northlake, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 21,569
Total Initial Costs	21,569
Costs Capitalized or Adjustments Subsequent to Acquisition	113,318
Gross amount carried, Land	22,094
Gross amount carried, Buildings and Improvements	112,793
Gross amount carried, Total Costs	134,887
Accumulated Depreciation and Amortization	$ (682)
Tampa Commerce Center in Temple Terrace, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,270
Total Initial Costs	6,270
Costs Capitalized or Adjustments Subsequent to Acquisition	25,199
Gross amount carried, Land	6,270
Gross amount carried, Buildings and Improvements	25,199
Gross amount carried, Total Costs	$ 31,469
Medley 104 Industrial Center in Medley, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 13,436
Initial Cost of Buildings and Improvements	40,234
Total Initial Costs	53,670
Costs Capitalized or Adjustments Subsequent to Acquisition	248
Gross amount carried, Land	13,436
Gross amount carried, Buildings and Improvements	40,482
Gross amount carried, Total Costs	53,918
Accumulated Depreciation and Amortization	$ (5,117)
IDI U.S. Logistics Portfolio in Buford, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,962
Initial Cost of Buildings and Improvements	18,213
Total Initial Costs	21,175
Gross amount carried, Land	2,962
Gross amount carried, Buildings and Improvements	18,213
Gross amount carried, Total Costs	21,175
Accumulated Depreciation and Amortization	$ (1,059)
IDI U.S. Logistics Portfolio in Channahon, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 8,940
Initial Cost of Buildings and Improvements	93,938
Total Initial Costs	102,878
Costs Capitalized or Adjustments Subsequent to Acquisition	349
Gross amount carried, Land	8,940
Gross amount carried, Buildings and Improvements	94,287
Gross amount carried, Total Costs	103,227
Accumulated Depreciation and Amortization	$ (5,048)
IDI U.S. Logistics Portfolio in Jefferson, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,798
Initial Cost of Buildings and Improvements	83,287
Total Initial Costs	90,085
Costs Capitalized or Adjustments Subsequent to Acquisition	1,478
Gross amount carried, Land	6,798
Gross amount carried, Buildings and Improvements	84,765
Gross amount carried, Total Costs	91,563
Accumulated Depreciation and Amortization	$ (7,463)
IDI U.S. Logistics Portfolio in Fort Worth, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,254
Initial Cost of Buildings and Improvements	42,904
Total Initial Costs	47,158
Costs Capitalized or Adjustments Subsequent to Acquisition	36
Gross amount carried, Land	4,254
Gross amount carried, Buildings and Improvements	42,940
Gross amount carried, Total Costs	47,194
Accumulated Depreciation and Amortization	$ (2,824)
IDI U.S. Logistics Portfolio in Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 4,711
Initial Cost of Buildings and Improvements	59,177
Total Initial Costs	63,888
Gross amount carried, Land	4,711
Gross amount carried, Buildings and Improvements	59,177
Gross amount carried, Total Costs	63,888
Accumulated Depreciation and Amortization	$ (4,036)
IDI U.S. Logistics Portfolio in Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 5,104
Initial Cost of Buildings and Improvements	63,962
Total Initial Costs	69,066
Costs Capitalized or Adjustments Subsequent to Acquisition	1,996
Gross amount carried, Land	5,104
Gross amount carried, Buildings and Improvements	65,958
Gross amount carried, Total Costs	71,062
Accumulated Depreciation and Amortization	$ (5,030)
IDI U.S. Logistics Portfolio in Southhaven, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,082
Initial Cost of Buildings and Improvements	23,638
Total Initial Costs	25,720
Costs Capitalized or Adjustments Subsequent to Acquisition	13
Gross amount carried, Land	2,082
Gross amount carried, Buildings and Improvements	23,651
Gross amount carried, Total Costs	25,733
Accumulated Depreciation and Amortization	$ (1,674)
Chicago Growth Portfolio in Bolingbrook, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,354
Initial Cost of Buildings and Improvements	22,921
Total Initial Costs	25,275
Costs Capitalized or Adjustments Subsequent to Acquisition	85
Gross amount carried, Land	2,354
Gross amount carried, Buildings and Improvements	23,006
Gross amount carried, Total Costs	25,360
Accumulated Depreciation and Amortization	$ (2,562)
Chicago Growth Portfolio in Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 3,326
Initial Cost of Buildings and Improvements	28,536
Total Initial Costs	31,862
Costs Capitalized or Adjustments Subsequent to Acquisition	762
Gross amount carried, Land	3,326
Gross amount carried, Buildings and Improvements	29,298
Gross amount carried, Total Costs	32,624
Accumulated Depreciation and Amortization	$ (3,947)
Chicago Growth Portfolio in Elgin, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,911
Initial Cost of Buildings and Improvements	34,448
Total Initial Costs	39,359
Costs Capitalized or Adjustments Subsequent to Acquisition	715
Gross amount carried, Land	4,911
Gross amount carried, Buildings and Improvements	35,163
Gross amount carried, Total Costs	40,074
Accumulated Depreciation and Amortization	$ (4,386)
Chicago Growth Portfolio in Lemont, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 2,387
Initial Cost of Buildings and Improvements	20,705
Total Initial Costs	23,092
Costs Capitalized or Adjustments Subsequent to Acquisition	629
Gross amount carried, Land	2,387
Gross amount carried, Buildings and Improvements	21,334
Gross amount carried, Total Costs	23,721
Accumulated Depreciation and Amortization	$ (2,596)
Chicago Growth Portfolio in Libertyville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 4,732
Initial Cost of Buildings and Improvements	46,322
Total Initial Costs	51,054
Costs Capitalized or Adjustments Subsequent to Acquisition	991
Gross amount carried, Land	4,732
Gross amount carried, Buildings and Improvements	47,313
Gross amount carried, Total Costs	52,045
Accumulated Depreciation and Amortization	$ (5,305)
Chicago Growth Portfolio in Romeoville, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,049
Initial Cost of Buildings and Improvements	10,444
Total Initial Costs	11,493
Costs Capitalized or Adjustments Subsequent to Acquisition	56
Gross amount carried, Land	1,049
Gross amount carried, Buildings and Improvements	10,500
Gross amount carried, Total Costs	11,549
Accumulated Depreciation and Amortization	$ (1,334)
Four Studebaker Commerce Center in Irvine, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 9,334
Initial Cost of Buildings and Improvements	23,854
Total Initial Costs	33,188
Costs Capitalized or Adjustments Subsequent to Acquisition	85
Gross amount carried, Land	9,334
Gross amount carried, Buildings and Improvements	23,939
Gross amount carried, Total Costs	33,273
Accumulated Depreciation and Amortization	$ (3,111)
Southeast Orlando Portfolio in Kissimmee, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Buildings and Improvements	$ 20,468
Total Initial Costs	20,468
Costs Capitalized or Adjustments Subsequent to Acquisition	267
Gross amount carried, Buildings and Improvements	20,735
Gross amount carried, Total Costs	20,735
Accumulated Depreciation and Amortization	$ (2,197)
Southeast Orlando Portfolio in Orlando, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	4
Initial Cost of Land	$ 23,658
Initial Cost of Buildings and Improvements	94,414
Total Initial Costs	118,072
Costs Capitalized or Adjustments Subsequent to Acquisition	484
Gross amount carried, Land	23,658
Gross amount carried, Buildings and Improvements	94,898
Gross amount carried, Total Costs	118,556
Accumulated Depreciation and Amortization	$ (11,337)
I-465 East Logistics Center in Indianapolis, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,097
Initial Cost of Buildings and Improvements	16,826
Total Initial Costs	18,923
Costs Capitalized or Adjustments Subsequent to Acquisition	103
Gross amount carried, Land	2,097
Gross amount carried, Buildings and Improvements	16,929
Gross amount carried, Total Costs	19,026
Accumulated Depreciation and Amortization	$ (1,253)
Industry Commerce Center in City of Industry, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 12,157
Initial Cost of Buildings and Improvements	39,929
Total Initial Costs	52,086
Costs Capitalized or Adjustments Subsequent to Acquisition	187
Gross amount carried, Land	12,157
Gross amount carried, Buildings and Improvements	40,116
Gross amount carried, Total Costs	52,273
Accumulated Depreciation and Amortization	$ (5,674)
County Line Corporate Park in Hialeah, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 34,850
Initial Cost of Buildings and Improvements	27,230
Total Initial Costs	62,080
Costs Capitalized or Adjustments Subsequent to Acquisition	101,209
Gross amount carried, Land	34,850
Gross amount carried, Buildings and Improvements	128,439
Gross amount carried, Total Costs	163,289
Accumulated Depreciation and Amortization	(1,995)
Robbinsville Distribution Center in Robbinsville, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	364
Total Initial Costs	364
Costs Capitalized or Adjustments Subsequent to Acquisition	3,064
Gross amount carried, Land	1,853
Gross amount carried, Buildings and Improvements	1,575
Gross amount carried, Total Costs	$ 3,428
Innovation I & II Corporate Park in New Albany, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 5,807
Initial Cost of Buildings and Improvements	58,132
Total Initial Costs	63,939
Costs Capitalized or Adjustments Subsequent to Acquisition	253
Gross amount carried, Land	5,807
Gross amount carried, Buildings and Improvements	58,385
Gross amount carried, Total Costs	64,192
Accumulated Depreciation and Amortization	$ (4,073)
IDI 2022 National Portfolio in Bolingbrook, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 13,054
Initial Cost of Buildings and Improvements	94,917
Total Initial Costs	107,971
Gross amount carried, Land	13,054
Gross amount carried, Buildings and Improvements	94,917
Gross amount carried, Total Costs	107,971
Accumulated Depreciation and Amortization	$ (6,314)
IDI 2022 National Portfolio in Mesquite, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 2,930
Initial Cost of Buildings and Improvements	24,934
Total Initial Costs	27,864
Costs Capitalized or Adjustments Subsequent to Acquisition	259
Gross amount carried, Land	2,930
Gross amount carried, Buildings and Improvements	25,193
Gross amount carried, Total Costs	28,123
Accumulated Depreciation and Amortization	$ (1,648)
IDI 2022 National Portfolio in Monroe, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 7,309
Initial Cost of Buildings and Improvements	42,003
Total Initial Costs	49,312
Costs Capitalized or Adjustments Subsequent to Acquisition	113
Gross amount carried, Land	7,309
Gross amount carried, Buildings and Improvements	42,116
Gross amount carried, Total Costs	49,425
Accumulated Depreciation and Amortization	$ (4,489)
IDI 2022 National Portfolio in Olive Branch, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 6,983
Initial Cost of Buildings and Improvements	54,643
Total Initial Costs	61,626
Costs Capitalized or Adjustments Subsequent to Acquisition	31
Gross amount carried, Land	6,983
Gross amount carried, Buildings and Improvements	54,674
Gross amount carried, Total Costs	61,657
Accumulated Depreciation and Amortization	$ (4,323)
I-80 Logistics Park in Wayne, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 16,924
Initial Cost of Buildings and Improvements	121,606
Total Initial Costs	138,530
Costs Capitalized or Adjustments Subsequent to Acquisition	239
Gross amount carried, Land	16,924
Gross amount carried, Buildings and Improvements	121,845
Gross amount carried, Total Costs	138,769
Accumulated Depreciation and Amortization	$ (14,170)
Commonwealth Logistics Center in Jacksonville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,927
Total Initial Costs	8,927
Costs Capitalized or Adjustments Subsequent to Acquisition	54,389
Gross amount carried, Land	8,927
Gross amount carried, Buildings and Improvements	54,389
Gross amount carried, Total Costs	$ 63,316
County Line Corporate Park II in Hileah, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	3
Initial Cost of Land	$ 36,050
Initial Cost of Buildings and Improvements	46,428
Total Initial Costs	82,478
Costs Capitalized or Adjustments Subsequent to Acquisition	25,680
Gross amount carried, Land	36,050
Gross amount carried, Buildings and Improvements	72,108
Gross amount carried, Total Costs	108,158
Accumulated Depreciation and Amortization	$ (2,564)
Bayport 146 Distribution Center in Seabrook, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 6,289
Initial Cost of Buildings and Improvements	43,317
Total Initial Costs	49,606
Costs Capitalized or Adjustments Subsequent to Acquisition	8,371
Gross amount carried, Land	6,289
Gross amount carried, Buildings and Improvements	51,688
Gross amount carried, Total Costs	57,977
Accumulated Depreciation and Amortization	$ (1,047)
Runway Distribution Center I and II in San Diego, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	2
Initial Cost of Land	$ 8,143
Initial Cost of Buildings and Improvements	48,849
Total Initial Costs	56,992
Costs Capitalized or Adjustments Subsequent to Acquisition	3,011
Gross amount carried, Land	8,143
Gross amount carried, Buildings and Improvements	51,860
Gross amount carried, Total Costs	60,003
Accumulated Depreciation and Amortization	$ (81)
Brittmoore Industrial Center in Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | building	1
Initial Cost of Land	$ 1,403
Initial Cost of Buildings and Improvements	20,885
Total Initial Costs	22,288
Costs Capitalized or Adjustments Subsequent to Acquisition	1,707
Gross amount carried, Land	1,403
Gross amount carried, Buildings and Improvements	22,592
Gross amount carried, Total Costs	$ 23,995

SCHEDULE III-REAL ESTATE AND _3

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Summary of Activity for Investment in Real Estate Properties) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Investment Properties Beginning Balance	$ 7,058,013	$ 4,916,055	$ 1,377,912
Acquisition of properties	128,886	1,888,644	3,507,041
Improvements	187,685	253,314	31,102
Investment Properties Ending Balance	7,374,584	7,058,013	4,916,055
Accumulated Depreciation and Amortization Beginning Balance	(454,273)	(186,269)	(72,924)
Additions charged to costs and expenses	(296,156)	(268,004)	(113,345)
Accumulated Depreciation and Amortization Ending Balance	$ (750,429)	$ (454,273)	$ (186,269)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (204,674)	$ (308,079)	$ (75,349)

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 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