ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-56032
Entity Registrant Name	Ares Industrial Real Estate Income Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-1592886
Entity Address, Address Line One	One Tabor Center
Entity Address, Address Line Two	1200 Seventeenth Street, Suite 2900
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	228-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		119,195,038
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,547,555
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		139,064,768

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Net investment in real estate properties	$ 6,637,318	$ 6,753,978
Investment in unconsolidated joint venture partnership	20,518	20,511
Investments in real estate debt and securities, at fair value	242,037	184,755
Cash and cash equivalents	82,797	14,322
Restricted cash	29,046	620
Derivative instruments	96,259	83,531
DST Program Loans (includes $7,635 and $2,439 at fair value as of March 31, 2024 and December 31, 2023, respectively)	178,114	202,715
Other assets	75,981	69,072
Total assets	7,362,070	7,329,504
Liabilities
Accounts payable and accrued liabilities	88,387	101,013
Debt, net	3,538,184	3,421,181
Secured financings on investments in real estate debt securities	46,366	42,298
Intangible lease liabilities, net	70,516	75,141
Financing obligations, net (includes $152,208 and $87,145 at fair value as of March 31, 2024 and December 31, 2023, respectively)	1,558,828	1,658,634
Distribution fees payable to affiliates	69,130	64,517
Other liabilities	55,323	57,176
Total liabilities	5,426,734	5,419,960
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	111,010	114,310
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	2,851,223	2,850,329
Accumulated deficit and distributions	(1,142,991)	(1,094,009)
Accumulated other comprehensive income	52,465	35,716
Total stockholders' equity	1,763,538	1,794,922
Noncontrolling interests	60,788	312
Total equity	1,824,326	1,795,234
Total liabilities and equity	7,362,070	7,329,504
Class T Shares
Stockholders' equity:
Common stock, value	1,252	1,628
Class D Shares
Stockholders' equity:
Common stock, value	200	204
Class I Shares
Stockholders' equity:
Common stock, value	$ 1,389	$ 1,054

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
DST Program Loans, fair value	$ 7,635	$ 2,439
Financing obligations	$ 152,208	$ 87,145
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	125,151	162,838
Common stock, shares outstanding	125,151	162,838
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	20,023	20,410
Common stock, shares outstanding	20,023	20,410
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	138,897	105,358
Common stock, shares outstanding	138,897	105,358

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental revenues	$ 120,264	$ 111,576
Debt-related income	5,134	1,068
Total revenues	125,398	112,644
Operating expenses:
Rental expenses	29,843	27,178
Real estate-related depreciation and amortization	72,230	72,331
General and administrative expenses	4,475	4,127
Advisory fees	17,007	19,254
Acquisition costs and reimbursements	554	8,319
Total operating expenses	124,109	131,209
Other income (expenses):
Equity in income (loss) from unconsolidated joint venture partnership	7	(76)
Interest expense	(55,701)	(48,464)
Unrealized gain on financing obligations	2,005
Gain (loss) on derivative instruments	2,319	(1,584)
Gain on sale of real estate property	37,342
Other income and expenses	2,571	2,214
Total other income (expenses)	(11,457)	(47,910)
Net loss	(10,168)	(66,475)
Net loss attributable to redeemable noncontrolling interests	282	1,672
Net loss (income) attributable to noncontrolling interests	208	(9)
Net loss attributable to common stockholders	$ (9,678)	$ (64,812)
Weighted-average shares outstanding-basic (in shares)	285,990	313,491
Weighted-average shares outstanding-diluted (in shares)	300,758	321,582
Net loss attributable to common stockholders per common share - basic (in dollars per share)	$ (0.03)	$ (0.21)
Net loss attributable to common stockholders per common share - diluted (in dollars per share)	$ (0.03)	$ (0.21)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,168)	$ (66,475)
Change from cash flow hedging activities	18,380	(20,308)
Change from activities related to available-for-sale securities	473	(249)
Comprehensive income (loss)	8,685	(87,032)
Comprehensive income (loss) attributable to redeemable noncontrolling interests	241	(2,190)
Comprehensive income attributable to noncontrolling interests	195
Comprehensive income (loss) attributable to common stockholders	$ 8,249	$ (84,842)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2022	$ 3,145	$ 3,219,132	$ (739,497)	$ 70,255	$ 312	$ 2,553,347
Beginning balance, shares at Dec. 31, 2022	314,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(64,812)		9	(64,803)
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interests)				(20,040)		(20,040)
Issuance of common stock	$ 69	103,721				103,790
Issuance of common stock, shares	6,886
Share-based compensation, net of cancellations		629				629
Share-based compensation, net of cancellations (shares)	(49)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(2,952)				(2,952)
Trailing distribution fees		(979)	6,806			5,827
Redemptions of common stock	$ (89)	(134,899)				$ (134,988)
Redemptions of common stock, shares	(8,859)					(8,859)
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(42,743)		(9)	$ (42,752)
Redemption value allocation adjustment to redeemable noncontrolling interests		(942)				(942)
Ending balance at Mar. 31, 2023	$ 3,125	3,183,710	(840,246)	50,215	312	2,397,116
Ending balance, shares at Mar. 31, 2023	312,522
Beginning balance at Dec. 31, 2023	$ 2,886	2,850,329	(1,094,009)	35,716	312	1,795,234
Beginning balance, shares at Dec. 31, 2023	288,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income (excludes income attributable to redeemable noncontrolling interests)			(9,678)		(208)	(9,886)
Change from cash flow hedging activities and available-for-sale securities (excludes attributable to redeemable noncontrolling interests)				17,926	403	18,329
Issuance of common stock	$ 33	42,379				$ 42,412
Issuance of common stock, shares	3,333					3,200
Share-based compensation, net of cancellations	$ (1)	174				$ 173
Share-based compensation, net of cancellations (shares)	(74)
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs		(1,731)				(1,731)
Trailing distribution fees		792	3,596		(9,001)	(4,613)
Redemptions of common stock	$ (77)	(102,775)				$ (102,852)
Redemptions of common stock, shares	(7,794)					(7,794)
Issuances of OP Units for DST Interests					128,853	$ 128,853
Distributions to stockholders (excludes attributable to redeemable noncontrolling interests)			(42,900)		(983)	(43,883)
Redemption value allocation adjustment to redeemable noncontrolling interests		2,290				2,290
Reallocation of stockholders' equity and noncontrolling interests		59,765		(1,177)	(58,588)
Ending balance at Mar. 31, 2024	$ 2,841	$ 2,851,223	$ (1,142,991)	$ 52,465	$ 60,788	$ 1,824,326
Ending balance, shares at Mar. 31, 2024	284,071

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Net loss attributable to redeemable noncontrolling interests	$ 282	$ 1,672
Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interest	524	(517)
Distributions to redeemable noncontrolling interest	$ 1,252	$ 1,107

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (10,168)	$ (66,475)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Real estate-related depreciation and amortization	72,230	72,331
Amortization of deferred financing costs	3,012	2,412
(Decrease) increase in financing obligation liability appreciation	(6,664)	4,734
Equity in (income) loss from unconsolidated joint venture partnership	(7)	76
Loss on changes in fair value of interest rate caps	2,829	5,479
Amortization of interest rate cap premiums	2,417	172
Unrealized gain on financing obligations	(2,005)
Straight-line rent and amortization of above- and below-market leases	(8,291)	(8,820)
Gain on sale of real estate property	(37,342)
Forfeited investment deposit		7,689
Other	109	692
Changes in operating assets and liabilities
Other assets, accounts payable and accrued expenses and other liabilities	(2,483)	(654)
Cash settlement of accrued performance participation allocation		(77,838)
Net cash provided by (used in) operating activities	13,637	(60,202)
Investing activities:
Real estate acquisitions		(40,109)
Proceeds from disposition of real estate properties	103,731
Capital expenditures	(32,688)	(64,074)
Investments in debt-related investments	(25,298)
Investment in unconsolidated joint venture partnership		(516)
Purchases of available-for-sale debt securities	(30,797)
Collection of principal on available-for-sale debt securities	444	692
Other	(1,095)
Net cash provided by (used in) investing activities	14,297	(104,007)
Financing activities:
Proceeds from line of credit	185,000	205,000
Repayments of line of credit	(72,000)	(85,000)
Net proceeds from (repayments of) secured funding agreement	4,068
Proceeds from mortgage note	176
Debt issuance costs paid	(2,533)	(23)
Interest rate cap premiums		(3,625)
Proceeds from issuance of common stock, net	19,661	81,049
Proceeds from financing obligations, net	61,872	93,409
Offering costs paid in connection with issuance of common stock and private placements	(956)	(1,673)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders	(18,393)	(16,042)
Distribution fees paid to affiliates	(4,076)	(6,987)
Redemptions of common stock	(102,852)	(134,988)
Redemptions of redeemable noncontrolling interests	(1,000)
Net cash provided by financing activities	68,967	131,120
Net increase (decrease) in cash, cash equivalents and restricted cash	96,901	(33,089)
Cash, cash equivalents and restricted cash, at beginning of period	14,942	80,023
Cash, cash equivalents and restricted cash, at end of period	$ 111,843	$ 46,934

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Ares Industrial Real Estate Income Trust Inc. (the “Company,” “we,” “our” or “us”) is a Maryland corporation formed on August 12, 2014. Unless the context otherwise requires, the “Company,” “we,” “our,” “us” and “AIREIT” refers to Ares Industrial Real Estate Income Trust Inc. and our consolidated subsidiaries, which includes AIREIT Operating Partnership LP (the “Operating Partnership”). We are externally managed by Ares Commercial Real Estate Management LLC (the “Advisor”). The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024 (“2023 Form 10-K”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Global macroeconomic conditions, including heightened inflation, changes to fiscal and monetary policy, higher interest rates and challenges in the supply chain, coupled with the 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 unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reclassifications Certain items in our condensed consolidated statements of cash flows for the three months ended March 31, 2023 have been reclassified to conform to the 2024 presentation. Noncontrolling Interests Tr

INVESTMENTS IN REAL ESTATE PROP

INVESTMENTS IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
INVESTMENTS IN REAL ESTATE PROPERTIES	3. INVESTMENTS IN REAL ESTATE PROPERTIES As of March 31, 2024 and December 31, 2023, our consolidated investment in real estate properties consisted of 252 and 256 industrial buildings, respectively. Additionally, investment in real estate properties included one building under construction and one building in the pre-construction phase as of both March 31, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) March 31, 2024 December 31, 2023 Land ​ $ 1,288,313 ​ $ 1,300,059 Building and improvements (1) ​ 5,437,348 ​ 5,486,636 Intangible lease assets ​ 496,703 ​ 498,053 Construction in progress ​ 231,325 ​ 219,659 Investment in real estate properties ​ 7,453,689 ​ 7,504,407 Less accumulated depreciation and amortization ​ (816,371) ​ (750,429) Net investment in real estate properties ​ $ 6,637,318 ​ $ 6,753,978 ​ ​ (1) Includes site improvements. Dispositions During the three months ended March 31, 2024, we sold four industrial buildings for aggregate net proceeds of approximately $103.7 million. We recorded a net gain on sale of approximately $37.3 million. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of March 31, 2024 and December 31, 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ As of December 31, 2023 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 484,206 ​ $ (260,546) ​ $ 223,660 ​ $ 485,184 ​ $ (243,878) ​ $ 241,306 Above-market lease assets (1) ​ 12,497 ​ (6,230) ​ 6,267 ​ 12,869 ​ (5,916) ​ 6,953 Below-market lease liabilities ​ (129,640) ​ 59,124 ​ (70,516) ​ (129,823) ​ 54,682 ​ (75,141) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2024 2023 Increase (Decrease) to Rental Revenue: ​ ​ Straight-line rent adjustments ​ ​ $ 4,215 ​ $ 3,098 ​ Above-market lease amortization ​ ​ (440) ​ (553) ​ Below-market lease amortization ​ ​ 4,516 ​ 6,275 ​ Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 53,758 ​ $ 50,435 ​ Intangible lease asset amortization ​ ​ 18,472 ​ 21,896 ​ ​

INVESTMENTS IN REAL ESTATE DEBT

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES	4. 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. The following table summarizes our debt-related investments as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ As of March 31, 2024 ​ 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 ​ $ 42,506 ​ $ 42,506 ​ ​ 9.18 % ​ Aug 2025 ​ Senior ​ Industrial ​ NY ​ August 2023 ​ ​ 113,910 ​ ​ 100,666 ​ ​ 100,666 ​ ​ 8.83 ​ ​ Sept 2026 ​ Senior ​ Industrial ​ TX ​ January 2024 ​ ​ 36,404 ​ ​ 12,256 ​ ​ 12,256 ​ ​ 10.08 ​ ​ Feb 2027 ​ ​ ​ ​ ​ ​ ​ Total / weighted-average ​ $ 211,174 ​ $ 155,428 ​ $ 155,428 ​ ​ 9.02 % ​ ​ (1) The weighted-average remaining term of our debt-related investments was approximately 2.14 years as of March 31, 2024. 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 March 31, 2024 and December 31, 2023, 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 3.65 years as of March 31, 2024. There were no credit losses associated with our available-for-sale debt securities as of March 31, 2024 or December 31, 2023. The following table summarizes our investments in available-for-sale debt securities as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount (1) ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (2) ​ Fair Value As of March 31, 2024 ​ $ 87,756 ​ $ 85,690 ​ $ 2,066 ​ $ 919 ​ $ 86,609 As of December 31, 2023 ​ $ 57,326 ​ $ 55,186 ​ $ 2,140 ​ $ 446 ​ $ 55,632 (1) Face amount is presented net of repayments. (2) Represents cumulative unrealized gain (loss) beginning from acquisition date.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	5. DEBT Our consolidated indebtedness is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ March 31, December 31, ​ March 31, December 31, ($ in thousands) ​ 2024 ​ 2023 ​ Maturity Date ​ 2024 ​ 2023 Line of credit (1) 6.12 % 6.20 % March 2025 ​ $ 683,000 ​ $ 570,000 Term loan (2) 3.54 3.35 March 2027 ​ 550,000 ​ 550,000 Term loan (3) ​ 3.47 ​ 3.42 ​ 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 ​ 4.48 ​ January 2025 - ​ ​ 727,317 ​ ​ 725,605 Total principal amount / weighted-average (6) 4.23 % 4.17 % ​ ​ $ 3,557,037 ​ $ 3,442,325 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (19,016) ​ ​ (21,359) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 163 ​ 215 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,538,184 ​ $ 3,421,181 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,630,198 ​ $ 2,596,052 (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 $150.0 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 March 31, 2024, total commitments for the line of credit were $1.0 billion and the unused and available portions under the line of credit were both $317.0 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 $200.0 million of borrowings and interest rate cap agreements on $350.0 million of borrowings under the term loan. As of March 31, 2024, 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 under the term loan. As of March 31, 2024, 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 that 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 March 31, 2024, borrowings under the $129.1 million mortgage note amounted to $110.1 million. The effective interest rate of the $209.3 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.50% , including the effects of an interest rate cap agreement on $170.0 million of borrowings. The effective interest rate of the $408.0 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.65% , including the effects of an interest rate cap agreement. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% , including the effects of interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 2.1 years as of March 31, 2024, excluding any extension options on the line of credit and the floating-rate mortgage notes. For the three months ended March 31, 2024 and March 31, 2023, the amount of interest incurred related to our consolidated indebtedness, excluding debt issuance cost amortization and amounts capitalized, was $45.2 million and $30.9 million, respectively. For the three months ended March 31, 2024 and March 31, 2023, the amount of interest capitalized was $5.1 million and $4.6 million, respectively. See “Note 6” for the amount of interest incurred related to the DST Program (as defined below). As of March 31, 2024, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2024 $ — ​ $ — ​ $ 38,000 ​ $ 38,000 2025 ​ 683,000 ​ — ​ 985,080 ​ 1,668,080 2026 ​ — ​ 600,000 ​ 110,067 ​ 710,067 2027 ​ — ​ 550,000 ​ 129,750 ​ 679,750 2028 ​ — ​ — ​ ​ — ​ — Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 683,000 ​ $ 1,150,000 ​ $ 1,724,037 ​ $ 3,557,037 (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. There is also a $ 408.0 million mortgage note that matures in January 2025 , a $ 367.8 million mortgage note that matures in July 2025 , and a $ 129.1 million mortgage note that matures in October 2026, the terms of all three of which 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 March 31, 2024. Master Repurchase Agreement On June 26, 2023, we entered into a master repurchase agreement (the “Morgan Stanley MRA”) with Morgan Stanley Bank, N.A. (“Morgan Stanley”). Under the Morgan Stanley MRA, we may negotiate individual transactions to sell, and later repurchase, certain securities or other assets to Morgan Stanley. Any transactions under the Morgan Stanley MRA will be recognized as secured borrowings while they are outstanding and are carried at the contractual amount, as specified in the Morgan Stanley MRA. Such borrowings are recorded as secured financings on investments in real estate debt securities on the condensed consolidated balance sheets. The terms of the Morgan Stanley MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral we have pledged, and may require us to provide additional collateral in the form of cash, securities, and other assets if the market value of such financed investments declines. The Morgan Stanley MRA may be terminated at any time by either party to the agreement, without penalty. The interest rate on the Morgan Stanley MRA borrowings is determined based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of each borrowing. We have $46.4 million of borrowings outstanding pursuant to the Morgan Stanley MRA, collateralized by certain of our available-for-sale securities, which are fair valued at $62.9 million, as of March 31, 2024. Advances under the Morgan Stanley MRA for the three months ended March 31, 2024 accrued interest at a per annum rate equal to the sum of Term SOFR plus a pricing margin of 0.90%. For the three months ended March 31, 2024, the amount of interest incurred related to our secured financings was $0.7 million, which is recorded as a component of interest expense on the condensed consolidated statements of operations. Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have ongoing exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. As of March 31, 2024, we have four interest rate cap derivative instruments that are not designated as cash flow hedges and therefore, changes in fair value are recognized through income. As a result, in periods with high interest rate volatility, we may experience significant fluctuations in our net income (loss). During the next 12 months, we estimate that approximately $32.1 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the derivative instruments on our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of March 31, 2024 ​ ​ Interest rate swaps designated as cash flow hedges 10 ​ $ 1,092,830 Derivative instruments ​ $ 53,216 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 707,110 ​ Derivative instruments ​ ​ 12,058 Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 575,000 ​ Derivative instruments ​ ​ 30,985 Total derivative instruments ​ 22 ​ $ 2,374,940 ​ ​ ​ $ 96,259 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 ​ The following table presents the effect of our derivative instruments on our condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2024 2023 ​ Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 28,531 ​ $ (11,253) ​ Amount reclassified from AOCI as a decrease into interest expense ​ (10,151) ​ (9,055) ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ (55,701) ​ (48,464) ​ Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ Unrealized loss on derivative instruments recognized in other income (expenses) (1) ​ $ (2,829) ​ $ (5,480) ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 5,148 ​ ​ 3,896 ​ ​ ​ (1) Unrealized loss 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	3 Months Ended
	Mar. 31, 2024
Delaware Statutory Trust Program [Abstract]
DST PROGRAM	efcond 6. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests (“DST Interests”) in specific Delaware statutory trusts (each, a “DST”) 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 DSTs by the Operating Partnership or its affiliates (“DST Properties”). 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 to potential investors. The following table summarizes our DST Program Loans as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Unrealized ​ ​ ​ ​ Weighted-Average ​ ​ Weighted-Average ($ in thousands) ​ Principal ​ Gain, Net (1) ​ Book Value ​ Interest Rate ​ ​ Remaining Life (Years) As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 170,479 ​ $ N/A ​ $ 170,479 ​ ​ 5.13 % ​ ​ 6.47 DST Program Loans, carried at fair value ​ ​ 7,635 ​ ​ — ​ ​ 7,635 ​ ​ 6.32 ​ ​ ​ 10.00 Total ​ $ 178,114 ​ $ — ​ $ 178,114 ​ ​ 5.18 % ​ ​ 6.63 As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 200,276 ​ $ N/A ​ $ 200,276 ​ ​ 4.63 % ​ ​ 7.42 DST Program Loans, carried at fair value ​ ​ 2,439 ​ ​ — ​ ​ 2,439 ​ ​ 6.27 ​ ​ ​ 10.00 Total ​ $ 202,715 ​ $ N/A ​ $ 202,715 ​ ​ 5.00 % ​ ​ 7.45 (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 March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST ​ Unamortized ​ Total ​ Unrealized ​ ​ ​ ($ in thousands) ​ Interests Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ ​ Book Value As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,405,550 ​ $ (1,531) ​ $ 2,601 ​ $ N/A ​ ​ $ 1,406,620 Financing obligations, carried at fair value ​ ​ 154,392 ​ ​ N/A ​ ​ N/A ​ ​ (2,184) ​ ​ ​ 152,208 Total ​ $ 1,559,942 ​ $ (1,531) ​ $ 2,601 ​ $ (2,184) ​ ​ $ 1,558,828 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 ​ ​ N/A ​ ​ N/A ​ ​ (179) ​ ​ ​ 87,145 Total ​ $ 1,646,524 ​ $ (1,975) ​ $ 14,264 ​ $ (179) ​ ​ $ 1,658,634 (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 three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 DST Interests sold ​ $ 68,435 ​ $ 110,914 DST Interests financed by DST Program Loans ​ ​ 5,196 ​ ​ 13,695 Income earned from DST Program Loans (1) ​ ​ 2,396 ​ ​ 1,831 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (6,664) ​ ​ 4,734 Rent obligation incurred under master lease agreements (2) ​ ​ 18,262 ​ ​ 14,995 (1) Included in other income and expenses on the condensed consolidated statements of operations. (2) Included in interest expense on the condensed consolidated statements of operations. We record DST Interests as financing obligation liabilities for accounting purposes. If we exercise our option to reacquire a DST property by issuing partnership units (“OP Units”) in exchange for DST Interests, we relieve the related financing obligation liability and DST Program Loans and record the issuance of the OP Units as an issuance of equity. During the three months ended March 31, 2024, 9.7 million OP Units were issued in exchange for DST Interests for a net investment of $128.9 million in accordance with our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure. There were no OP Units issued during the three months ended March 31, 2023. Refer to “Note 11” for detail relating to the fees paid to the Advisor, Ares Wealth Management Solutions, LLC (the “Dealer Manager”) and their affiliates for raising capital through the DST Program. ​

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	7. 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 March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of March 31, 2024 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 96,259 ​ $ — ​ $ 96,259 Available-for-sale debt securities ​ ​ — ​ ​ 86,609 ​ ​ — ​ ​ 86,609 Debt-related investments ​ ​ — ​ ​ — ​ ​ 155,428 ​ ​ 155,428 DST Program Loans ​ ​ — ​ ​ — ​ ​ 7,635 ​ ​ 7,635 Total assets measured at fair value ​ $ — ​ $ 182,868 ​ $ 163,063 ​ $ 345,931 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 152,208 ​ $ 152,208 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 152,208 ​ $ 152,208 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 ​ 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. Our debt-related investments are unlikely to have readily available market quotations. In such cases, we will generally determine the initial value based on the acquisition price of such investments, if we acquire the investment, or the par value of such investment, if we originate the investment. Following the initial measurement, fair value is estimated by utilizing or reviewing certain of the following: (i) market yield data, (ii) discounted cash flow modelling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield, debt-service coverage and/or loan-to-value ratios, and (vii) borrower financial condition and performance. These inputs are generally considered Level 3. As of March 31, 2024, we had three floating-rate senior loan investments without readily available market quotations. 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, 2023 ​ $ 2,439 ​ $ 129,123 ​ $ 131,562 Purchases and contributions ​ ​ 5,196 ​ ​ 25,298 ​ ​ 30,494 Paid-in-kind interest ​ ​ — ​ ​ 1,007 ​ ​ 1,007 Balance as of March 31, 2024 ​ $ 7,635 ​ $ 155,428 ​ $ 163,063 ​ 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, 2023 ​ $ 87,145 DST Interests sold, net of upfront fees ​ ​ 67,068 Unrealized gain on financing obligations ​ ​ (2,005) Balance as of March 31, 2024 ​ $ 152,208 ​ The following table presents the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs ​ Impact to Valuation from an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 155,428 ​ Yield Method ​ Market Yield ​ Decrease DST Program Loans ​ ​ 7,635 ​ Yield Method ​ Market Yield ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 152,208 ​ Discounted Cash Flow ​ Discount Rate ​ Decrease 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 ​ Financial Assets and Liabilities Not Measured At Fair Value As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 As of December 31, 2023 ​ Level in ​ Carrying Fair Carrying Fair (in thousands) ​ Fair Value Hierarchy (1) ​ Value (2) ​ Value ​ Value (2) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans (3) ​ 3 ​ $ 170,479 ​ $ 167,735 ​ $ 200,276 ​ $ 196,715 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 683,000 ​ $ 683,000 ​ $ 570,000 ​ $ 570,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 1,724,037 ​ 1,651,117 ​ 1,722,325 ​ 1,647,660 Secured financings on investments in real estate debt securities ​ 3 ​ 46,366 ​ 46,366 ​ 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 condensed consolidated balance sheets.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
EQUITY	8. 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 (“DRIP”), in any combination of Class T shares, Class D shares, and Class I shares. We may reallocate amounts between the primary offering and distribution reinvestment plan. Pursuant to our public offering, we offer shares of our common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of our common stock most recently disclosed. Our NAV per share is calculated as of the last calendar day of each month for each of our outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to our distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. We may update a previously disclosed transaction price in cases where we believe there has been a material change (positive or negative) to our NAV per share relative to the most recently disclosed monthly NAV per share. During the three months ended March 31, 2024, we raised gross proceeds of approximately $42.4 million from the sale of approximately 3.2 million shares of our common stock in our ongoing public offering, including proceeds from our distribution reinvestment plan of approximately $22.4 million. ​ Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED MARCH 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 227,265 20,577 66,702 314,544 Issuance of common stock: Primary shares 3,292 764 1,258 5,314 DRIP 929 101 330 1,360 Stock grants, net of cancellations — — 165 165 Redemptions (6,209) (624) (2,026) (8,859) Conversions ​ (11,416) ​ — ​ 11,416 ​ — Forfeitures ​ — ​ — ​ (2) ​ (2) Balance as of March 31, 2023 213,861 20,818 77,843 312,522 FOR THE THREE MONTHS ENDED MARCH 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2023 ​ 162,838 ​ 20,410 ​ 105,358 ​ 288,606 Issuance of common stock: Primary shares 753 196 538 1,487 DRIP 803 124 766 1,693 Stock grants, net of cancellations — — 88 88 Redemptions (3,994) (468) (3,332) (7,794) Conversions ​ (35,249) ​ (239) ​ 35,488 ​ — Forfeitures ​ — ​ — ​ (9) ​ (9) Balance as of March 31, 2024 125,151 20,023 138,897 284,071 ​ Distributions The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for each of the quarters ended below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.15000 ​ $ 16,820 ​ $ 2,235 ​ $ 22,484 ​ $ 3,596 ​ $ 45,135 Total ​ $ 0.15000 ​ $ 16,820 ​ $ 2,235 ​ $ 22,484 ​ $ 3,596 ​ $ 45,135 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 (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 distribution fees paid to the Dealer Manager with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 11” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings. Redemptions Below is a summary of redemptions pursuant to our share redemption program for the three months ended March 31, 2024 and 2023. 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 Three Months Ended March 31, (in thousands, except per share data) ​ 2024 ​ 2023 Number of shares redeemed ​ ​ 7,794 ​ ​ 8,859 Aggregate dollar amount of shares redeemed ​ $ 102,852 ​ $ 134,988 Average redemption price per share ​ $ 13.20 ​ $ 15.24 ​

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2024
Redeemable Noncontrolling Interest [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	9. REDEEMABLE NONCONTROLLING INTERESTS The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. The Operating Partnership issued OP Units to the Advisor and BCI IV Advisors Group LLC (the “Former Sponsor”) as payment of the performance participation allocation (also referred to as the performance component of the advisory fee) pursuant to that certain advisory agreement by and among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”). We have classified these OP Units as redeemable noncontrolling interests in mezzanine equity on the condensed consolidated balance sheets. The redeemable noncontrolling interests are recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP Units at the end of each measurement period. The following table summarizes the redeemable noncontrolling interests activity for the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2024 ​ For the Three Months Ended March 31, 2023 ($ and units in thousands) ​ $ ​ Units ​ $ ​ Units Balance at beginning of the year ​ $ 114,310 ​ 8,346 ​ $ 69,553 ​ 4,532 Settlement of prior year performance participation allocation (1) ​ ​ — ​ — ​ ​ 62,667 ​ 4,105 Distributions to redeemable noncontrolling interests ​ ​ (1,252) ​ — ​ ​ (1,107) ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (282) ​ — ​ ​ (1,672) ​ — Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ 524 ​ — ​ ​ (517) ​ — Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ ​ (2,290) ​ — ​ ​ 942 ​ — Ending balance ​ $ 111,010 ​ 8,346 ​ $ 129,866 ​ 8,637 (1) The performance hurdle was not met for the year ended December 31, 2023 and no performance participation allocation expense was recognized. 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 4.1 million Class I OP Units in January 2023 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”). (2) Represents the adjustment recorded to mark to the redemption value of the redeemable noncontrolling interests, which is equivalent to fair value as of March 31, 2024 and 2023.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	10. NONCONTROLLING INTERESTS OP Units The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders): ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the period ​ — ​ — Issuance of units ​ 9,741 ​ — Balance at end of the period ​ 9,741 ​ — ​ Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered per unit will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. The estimated maximum redemption value of the aggregate outstanding OP Units issued to third party investors as of March 31, 2024 was $124.5 million. There were no OP Unit redemptions during the three months ended March 31, 2024. As of March 31, 2023, no OP Units had been issued to third-party investors.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Summary of Fees and Expenses The table below summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services the Dealer Manager provided in connection with our securities offerings and any related amounts payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, Receivable (Payable) as of (in thousands) 2024 2023 ​ March 31, 2024 December 31, 2023 Selling commissions and dealer manager fees (1) ​ $ 352 ​ $ 2,008 ​ ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 3,746 ​ 6,806 ​ ​ (1,219) ​ (1,549) Advisory fee—fixed component ​ ​ 17,007 ​ ​ 19,254 ​ ​ ​ (5,585) ​ ​ (5,813) Other expense reimbursements (3)(4) ​ ​ 3,288 ​ ​ 3,339 ​ ​ ​ (2,774) ​ ​ (2,799) Property accounting fee (5) ​ ​ 843 ​ ​ 824 ​ ​ ​ (295) ​ ​ 129 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 1,418 ​ ​ 1,438 ​ ​ ​ (796) ​ ​ (852) Other DST Program related costs (4) ​ ​ 1,038 ​ ​ 1,505 ​ ​ ​ (188) ​ ​ (215) Development fees (6) ​ ​ 292 ​ ​ 691 ​ ​ ​ (170) ​ ​ (588) Total ​ $ 27,984 ​ $ 35,865 ​ ​ $ (11,027) ​ $ (11,687) (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 $69.1 million and $64.5 million as of March 31, 2024 and December 31, 2023, respectively. (3) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition, and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (6) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on our condensed consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to our joint venture partnership, which are included in investment in unconsolidated joint venture partnership on our condensed consolidated balance sheets. ​ Certain of the expense reimbursements described in the table above include a portion of the compensation expenses of officers, including a portion of compensation (whether paid in cash, stock, or other forms), benefits and other overhead costs of certain of our named executive officers, as well as employees of the Advisor or its affiliates related to activities for which the Advisor did not otherwise receive a separate fee. We incurred approximately $3.1 million and $3.2 million for the three months ended March 31, 2024 and 2023, respectively, for such compensation expenses reimbursable to the Advisor. 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 March 31, 2024 and 2023; therefore no performance participation allocation expense was recognized in our condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023. Joint Venture Partnerships For the three months ended March 31, 2024 and March 31, 2023, our joint venture partnership incurred approximately $0.3 million and $0.5 million, respectively, in acquisition and asset management fees, and fees related to development, which were paid to affiliates of the Advisor pursuant to the respective service agreements.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	12. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands, except per share data) ​ 2024 2023 ​ Net loss attributable to common stockholders—basic ​ ​ $ (9,678) ​ $ (64,812) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ ​ (282) ​ ​ (1,672) ​ Net (loss) income attributable to noncontrolling interests ​ ​ ​ (208) ​ ​ 9 ​ Net loss attributable to common stockholders—diluted ​ ​ $ (10,168) ​ $ (66,475) ​ Weighted-average shares outstanding—basic ​ ​ ​ 285,990 ​ ​ 313,491 ​ Incremental weighted-average shares outstanding—diluted ​ ​ ​ 14,768 ​ ​ 8,091 ​ Weighted-average shares outstanding—diluted ​ ​ ​ 300,758 ​ ​ 321,582 ​ Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.03) ​ $ (0.21) ​ Diluted ​ ​ $ (0.03) ​ $ (0.21) ​ ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2024 2023 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ ​ 22,399 ​ ​ 20,733 ​ Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 5,196 ​ ​ 13,695 ​ Issuances of OP Units for DST Interests ​ ​ 128,853 ​ ​ — ​ Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ — ​ 62,667 ​ Increase (decrease) in accrued future ongoing distribution fees ​ ​ 4,613 ​ ​ (5,827) ​ (Decrease) increase in accrued capital expenditures ​ ​ (11,601) ​ ​ 6,503 ​ Non-cash selling commissions and dealer manager fees ​ 352 ​ 2,008 ​ ​ Restricted Cash Restricted cash consists of lender, insurance and property-related escrow accounts, as well as utility deposits. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2024 2023 ​ Beginning of period: ​ ​ ​ Cash and cash equivalents ​ $ 14,322 ​ $ 79,524 ​ Restricted cash ​ 620 ​ 499 ​ Cash, cash equivalents and restricted cash ​ $ 14,942 ​ $ 80,023 ​ End of period: ​ ​ ​ Cash and cash equivalents ​ $ 82,797 ​ $ 46,431 ​ Restricted cash ​ 29,046 ​ 503 ​ Cash, cash equivalents and restricted cash ​ $ 111,843 ​ $ 46,934 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Litigation From time to time, we and our subsidiaries may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2024, 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 acquired and may in the future 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 materials. 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 March 31, 2024.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Renewal of Advisory Agreement We, the Operating Partnership and the Advisor previously entered into that certain Amended and Restated Advisory Agreement (2023), effective April 30, 2023 (the "2023 Advisory Agreement"). The term of the 2023 Advisory Agreement continued through April 30, 2024, subject to renewal for an unlimited number of one-year periods. Effective as of April 30, 2024, we, the Operating Partnership and the Advisor renewed the 2023 Advisory Agreement on substantially the same terms through April 30, 2025, by entering into the Amended and Restated Advisory Agreement (2024) (the "2024 Advisory Agreement"). The 2024 Advisory Agreement clarifies the descriptions of certain services that will continue to be provided by the Advisor and certain expenses for which the Advisor may continue to be reimbursed. Dispositions Subsequent to March 31, 2024, we sold two industrial properties for a gross sales price of $23.9 million. Our accounting basis (net of accumulated depreciation and amortization) for these properties as of the disposition date was approximately $14.0 million.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain items in our condensed consolidated statements of cash flows for the three months ended March 31, 2023 have been reclassified to conform to the 2024 presentation.
Noncontrolling Interests	Noncontrolling Interests Tr

INVESTMENTS IN REAL ESTATE PR_2

INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Consolidated Investments in Real Estate Properties	As of March 31, 2024 and December 31, 2023, our consolidated investment in real estate properties consisted of 252 and 256 industrial buildings, respectively. Additionally, investment in real estate properties included one building under construction and one building in the pre-construction phase as of both March 31, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ As of (in thousands) March 31, 2024 December 31, 2023 Land ​ $ 1,288,313 ​ $ 1,300,059 Building and improvements (1) ​ 5,437,348 ​ 5,486,636 Intangible lease assets ​ 496,703 ​ 498,053 Construction in progress ​ 231,325 ​ 219,659 Investment in real estate properties ​ 7,453,689 ​ 7,504,407 Less accumulated depreciation and amortization ​ (816,371) ​ (750,429) Net investment in real estate properties ​ $ 6,637,318 ​ $ 6,753,978 ​ ​ (1) Includes site improvements.
Schedule of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of March 31, 2024 and December 31, 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ As of December 31, 2023 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ (in thousands) Gross Amortization Net Gross Amortization Net Intangible lease assets (1) ​ $ 484,206 ​ $ (260,546) ​ $ 223,660 ​ $ 485,184 ​ $ (243,878) ​ $ 241,306 Above-market lease assets (1) ​ 12,497 ​ (6,230) ​ 6,267 ​ 12,869 ​ (5,916) ​ 6,953 Below-market lease liabilities ​ (129,640) ​ 59,124 ​ (70,516) ​ (129,823) ​ 54,682 ​ (75,141) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets.
Schedule of Rental Revenue and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2024 2023 Increase (Decrease) to Rental Revenue: ​ ​ Straight-line rent adjustments ​ ​ $ 4,215 ​ $ 3,098 ​ Above-market lease amortization ​ ​ (440) ​ (553) ​ Below-market lease amortization ​ ​ 4,516 ​ 6,275 ​ Real Estate-Related Depreciation and Amortization: ​ ​ ​ ​ ​ Depreciation expense ​ ​ $ 53,758 ​ $ 50,435 ​ Intangible lease asset amortization ​ ​ 18,472 ​ 21,896 ​ ​

INVESTMENTS IN REAL ESTATE DE_2

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Debt Related Investments	The following table summarizes our debt-related investments as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ As of March 31, 2024 ​ 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 ​ $ 42,506 ​ $ 42,506 ​ ​ 9.18 % ​ Aug 2025 ​ Senior ​ Industrial ​ NY ​ August 2023 ​ ​ 113,910 ​ ​ 100,666 ​ ​ 100,666 ​ ​ 8.83 ​ ​ Sept 2026 ​ Senior ​ Industrial ​ TX ​ January 2024 ​ ​ 36,404 ​ ​ 12,256 ​ ​ 12,256 ​ ​ 10.08 ​ ​ Feb 2027 ​ ​ ​ ​ ​ ​ ​ Total / weighted-average ​ $ 211,174 ​ $ 155,428 ​ $ 155,428 ​ ​ 9.02 % ​ ​ (1) The weighted-average remaining term of our debt-related investments was approximately 2.14 years as of March 31, 2024. 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.
Summary of Available for Sale Debt Securities	The following table summarizes our investments in available-for-sale debt securities as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Face Amount (1) ​ Amortized Cost ​ Unamortized Discount ​ Unrealized Gain, Net (2) ​ Fair Value As of March 31, 2024 ​ $ 87,756 ​ $ 85,690 ​ $ 2,066 ​ $ 919 ​ $ 86,609 As of December 31, 2023 ​ $ 57,326 ​ $ 55,186 ​ $ 2,140 ​ $ 446 ​ $ 55,632 (1) Face amount is presented net of repayments. (2) Represents cumulative unrealized gain (loss) beginning from acquisition date.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	A summary of our debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate as of ​ ​ ​ Balance as of ​ March 31, December 31, ​ March 31, December 31, ($ in thousands) ​ 2024 ​ 2023 ​ Maturity Date ​ 2024 ​ 2023 Line of credit (1) 6.12 % 6.20 % March 2025 ​ $ 683,000 ​ $ 570,000 Term loan (2) 3.54 3.35 March 2027 ​ 550,000 ​ 550,000 Term loan (3) ​ 3.47 ​ 3.42 ​ 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 ​ 4.48 ​ January 2025 - ​ ​ 727,317 ​ ​ 725,605 Total principal amount / weighted-average (6) 4.23 % 4.17 % ​ ​ $ 3,557,037 ​ $ 3,442,325 Less unamortized debt issuance costs ​ ​ ​ ​ ​ ​ ​ (19,016) ​ ​ (21,359) Add unamortized mark-to-market adjustment on assumed debt ​ ​ ​ ​ ​ ​ 163 ​ 215 Total debt, net ​ ​ ​ ​ ​ ​ $ 3,538,184 ​ $ 3,421,181 Gross book value of properties encumbered by debt ​ ​ ​ ​ ​ ​ $ 2,630,198 ​ $ 2,596,052 (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 $150.0 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 March 31, 2024, total commitments for the line of credit were $1.0 billion and the unused and available portions under the line of credit were both $317.0 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 $200.0 million of borrowings and interest rate cap agreements on $350.0 million of borrowings under the term loan. As of March 31, 2024, 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 under the term loan. As of March 31, 2024, 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 that 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 March 31, 2024, borrowings under the $129.1 million mortgage note amounted to $110.1 million. The effective interest rate of the $209.3 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.50% , including the effects of an interest rate cap agreement on $170.0 million of borrowings. The effective interest rate of the $408.0 million mortgage note is calculated based on Adjusted Term SOFR plus a margin of 1.65% , including the effects of an interest rate cap agreement. The effective interest rate of the $129.1 million mortgage note is calculated based on Term SOFR plus a margin of 3.30% , including the effects of interest rate cap agreements. (6) The weighted-average remaining term of our consolidated debt was approximately 2.1 years as of March 31, 2024, excluding any extension options on the line of credit and the floating-rate mortgage notes.
Schedule of Maturities of Long-term Debt	As of March 31, 2024, the principal payments due on our consolidated debt during each of the next five years and thereafter were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Line of Credit (1) Term Loans Mortgage Notes (2) Total Remainder of 2024 $ — ​ $ — ​ $ 38,000 ​ $ 38,000 2025 ​ 683,000 ​ — ​ 985,080 ​ 1,668,080 2026 ​ — ​ 600,000 ​ 110,067 ​ 710,067 2027 ​ — ​ 550,000 ​ 129,750 ​ 679,750 2028 ​ — ​ — ​ ​ — ​ — Thereafter ​ — ​ — ​ 461,140 ​ 461,140 Total principal payments ​ $ 683,000 ​ $ 1,150,000 ​ $ 1,724,037 ​ $ 3,557,037 (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. There is also a $ 408.0 million mortgage note that matures in January 2025 , a $ 367.8 million mortgage note that matures in July 2025 , and a $ 129.1 million mortgage note that matures in October 2026, the terms of all three of which may be extended pursuant to two one-year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the derivative instruments on our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Notional Balance Sheet Fair ($ in thousands) ​ Contracts ​ Amount ​ Location ​ Value As of March 31, 2024 ​ ​ Interest rate swaps designated as cash flow hedges 10 ​ $ 1,092,830 Derivative instruments ​ $ 53,216 Interest rate caps not designated as cash flow hedges ​ 4 ​ ​ 707,110 ​ Derivative instruments ​ ​ 12,058 Interest rate caps designated as cash flow hedges ​ 8 ​ ​ 575,000 ​ Derivative instruments ​ ​ 30,985 Total derivative instruments ​ 22 ​ $ 2,374,940 ​ ​ ​ $ 96,259 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
Schedule of Derivative Instruments, Gain (Loss)	The following table presents the effect of our derivative instruments on our condensed consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2024 2023 ​ Derivative Instruments Designated as Cash Flow Hedges ​ ​ ​ Gain (loss) recognized in AOCI ​ $ 28,531 ​ $ (11,253) ​ Amount reclassified from AOCI as a decrease into interest expense ​ (10,151) ​ (9,055) ​ Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded ​ (55,701) ​ (48,464) ​ Derivative Instruments Not Designated as Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ Unrealized loss on derivative instruments recognized in other income (expenses) (1) ​ $ (2,829) ​ $ (5,480) ​ Realized gain on derivative instruments recognized in other income (expenses) (2) ​ ​ 5,148 ​ ​ 3,896 ​ ​ ​ (1) Unrealized loss 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)	3 Months Ended
	Mar. 31, 2024
Delaware Statutory Trust Program [Abstract]
Schedule of DST Program Loans	The following table summarizes our DST Program Loans as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Unrealized ​ ​ ​ ​ Weighted-Average ​ ​ Weighted-Average ($ in thousands) ​ Principal ​ Gain, Net (1) ​ Book Value ​ Interest Rate ​ ​ Remaining Life (Years) As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 170,479 ​ $ N/A ​ $ 170,479 ​ ​ 5.13 % ​ ​ 6.47 DST Program Loans, carried at fair value ​ ​ 7,635 ​ ​ — ​ ​ 7,635 ​ ​ 6.32 ​ ​ ​ 10.00 Total ​ $ 178,114 ​ $ — ​ $ 178,114 ​ ​ 5.18 % ​ ​ 6.63 As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans, carried at cost ​ $ 200,276 ​ $ N/A ​ $ 200,276 ​ ​ 4.63 % ​ ​ 7.42 DST Program Loans, carried at fair value ​ ​ 2,439 ​ ​ — ​ ​ 2,439 ​ ​ 6.27 ​ ​ ​ 10.00 Total ​ $ 202,715 ​ $ N/A ​ $ 202,715 ​ ​ 5.00 % ​ ​ 7.45 (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 March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST ​ Unamortized ​ Total ​ Unrealized ​ ​ ​ ($ in thousands) ​ Interests Sold (1) ​ Program Costs ​ Appreciation (2) ​ Gain, Net (3) ​ ​ Book Value As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations, carried at cost ​ $ 1,405,550 ​ $ (1,531) ​ $ 2,601 ​ $ N/A ​ ​ $ 1,406,620 Financing obligations, carried at fair value ​ ​ 154,392 ​ ​ N/A ​ ​ N/A ​ ​ (2,184) ​ ​ ​ 152,208 Total ​ $ 1,559,942 ​ $ (1,531) ​ $ 2,601 ​ $ (2,184) ​ ​ $ 1,558,828 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 ​ ​ N/A ​ ​ N/A ​ ​ (179) ​ ​ ​ 87,145 Total ​ $ 1,646,524 ​ $ (1,975) ​ $ 14,264 ​ $ (179) ​ ​ $ 1,658,634 (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 three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 DST Interests sold ​ $ 68,435 ​ $ 110,914 DST Interests financed by DST Program Loans ​ ​ 5,196 ​ ​ 13,695 Income earned from DST Program Loans (1) ​ ​ 2,396 ​ ​ 1,831 (Decrease) increase in financing obligation liability appreciation (2) ​ ​ (6,664) ​ ​ 4,734 Rent obligation incurred under master lease agreements (2) ​ ​ 18,262 ​ ​ 14,995 (1) Included in other income and expenses on the condensed consolidated statements of operations. (2) Included in interest expense on the condensed consolidated statements of operations.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of 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 March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Fair Value As of March 31, 2024 ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ $ — ​ $ 96,259 ​ $ — ​ $ 96,259 Available-for-sale debt securities ​ ​ — ​ ​ 86,609 ​ ​ — ​ ​ 86,609 Debt-related investments ​ ​ — ​ ​ — ​ ​ 155,428 ​ ​ 155,428 DST Program Loans ​ ​ — ​ ​ — ​ ​ 7,635 ​ ​ 7,635 Total assets measured at fair value ​ $ — ​ $ 182,868 ​ $ 163,063 ​ $ 345,931 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ — ​ $ — ​ $ 152,208 ​ $ 152,208 Total liabilities measured at fair value ​ $ — ​ $ — ​ $ 152,208 ​ $ 152,208 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
Schedule of Financial Instrument Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs	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, 2023 ​ $ 2,439 ​ $ 129,123 ​ $ 131,562 Purchases and contributions ​ ​ 5,196 ​ ​ 25,298 ​ ​ 30,494 Paid-in-kind interest ​ ​ — ​ ​ 1,007 ​ ​ 1,007 Balance as of March 31, 2024 ​ $ 7,635 ​ $ 155,428 ​ $ 163,063
Schedule of Financial Instrument Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs	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, 2023 ​ $ 87,145 DST Interests sold, net of upfront fees ​ ​ 67,068 Unrealized gain on financing obligations ​ ​ (2,005) Balance as of March 31, 2024 ​ $ 152,208
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 March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs ​ Impact to Valuation from an Increase to Input Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt-related investments ​ $ 155,428 ​ Yield Method ​ Market Yield ​ Decrease DST Program Loans ​ ​ 7,635 ​ Yield Method ​ Market Yield ​ Decrease Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing obligations ​ $ 152,208 ​ Discounted Cash Flow ​ Discount Rate ​ Decrease 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
Schedule of Fair Value of Instruments Measured on a Nonrecurring Basis	As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 As of December 31, 2023 ​ Level in ​ Carrying Fair Carrying Fair (in thousands) ​ Fair Value Hierarchy (1) ​ Value (2) ​ Value ​ Value (2) ​ Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DST Program Loans (3) ​ 3 ​ $ 170,479 ​ $ 167,735 ​ $ 200,276 ​ $ 196,715 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit ​ 3 ​ $ 683,000 ​ $ 683,000 ​ $ 570,000 ​ $ 570,000 Term loans ​ 3 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 ​ 1,150,000 Mortgage notes ​ 3 ​ 1,724,037 ​ 1,651,117 ​ 1,722,325 ​ 1,647,660 Secured financings on investments in real estate debt securities ​ 3 ​ 46,366 ​ 46,366 ​ 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 condensed consolidated balance sheets.

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Summary of Changes in Shares Outstanding for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class T Class D Class I Total (in thousands) ​ Shares ​ Shares ​ Shares ​ Shares FOR THE THREE MONTHS ENDED MARCH 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 227,265 20,577 66,702 314,544 Issuance of common stock: Primary shares 3,292 764 1,258 5,314 DRIP 929 101 330 1,360 Stock grants, net of cancellations — — 165 165 Redemptions (6,209) (624) (2,026) (8,859) Conversions ​ (11,416) ​ — ​ 11,416 ​ — Forfeitures ​ — ​ — ​ (2) ​ (2) Balance as of March 31, 2023 213,861 20,818 77,843 312,522 FOR THE THREE MONTHS ENDED MARCH 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2023 ​ 162,838 ​ 20,410 ​ 105,358 ​ 288,606 Issuance of common stock: Primary shares 753 196 538 1,487 DRIP 803 124 766 1,693 Stock grants, net of cancellations — — 88 88 Redemptions (3,994) (468) (3,332) (7,794) Conversions ​ (35,249) ​ (239) ​ 35,488 ​ — Forfeitures ​ — ​ — ​ (9) ​ (9) Balance as of March 31, 2024 125,151 20,023 138,897 284,071
Summary of Distribution Activity	The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for each of the quarters ended below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared per ​ Distributions ​ Other Cash ​ Reinvested ​ Distribution ​ Gross (in thousands, except per share data) Common Share (1) Paid in Cash Distributions (2) ​ in Shares Fees (3) Distributions (4) 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ $ 0.15000 ​ $ 16,820 ​ $ 2,235 ​ $ 22,484 ​ $ 3,596 ​ $ 45,135 Total ​ $ 0.15000 ​ $ 16,820 ​ $ 2,235 ​ $ 22,484 ​ $ 3,596 ​ $ 45,135 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 (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 distribution fees paid to the Dealer Manager with respect to OP Units and distributions paid to holders of OP Units and other noncontrolling interest holders. (3) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares and Class D shares issued in the primary portion of our public offerings only. All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. Refer to “Note 11” for further detail regarding distribution fees. (4) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class D shares issued in the primary portion of our public offerings.
Summary of Share Redemption Activity	Below is a summary of redemptions pursuant to our share redemption program for the three months ended March 31, 2024 and 2023. 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 Three Months Ended March 31, (in thousands, except per share data) ​ 2024 ​ 2023 Number of shares redeemed ​ ​ 7,794 ​ ​ 8,859 Aggregate dollar amount of shares redeemed ​ $ 102,852 ​ $ 134,988 Average redemption price per share ​ $ 13.20 ​ $ 15.24 ​

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2024
Redeemable Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest Activity	The following table summarizes the redeemable noncontrolling interests activity for the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2024 ​ For the Three Months Ended March 31, 2023 ($ and units in thousands) ​ $ ​ Units ​ $ ​ Units Balance at beginning of the year ​ $ 114,310 ​ 8,346 ​ $ 69,553 ​ 4,532 Settlement of prior year performance participation allocation (1) ​ ​ — ​ — ​ ​ 62,667 ​ 4,105 Distributions to redeemable noncontrolling interests ​ ​ (1,252) ​ — ​ ​ (1,107) ​ — Net loss attributable to redeemable noncontrolling interests ​ ​ (282) ​ — ​ ​ (1,672) ​ — Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests ​ ​ 524 ​ — ​ ​ (517) ​ — Redemption value allocation adjustment to redeemable noncontrolling interests (2) ​ ​ (2,290) ​ — ​ ​ 942 ​ — Ending balance ​ $ 111,010 ​ 8,346 ​ $ 129,866 ​ 8,637 (1) The performance hurdle was not met for the year ended December 31, 2023 and no performance participation allocation expense was recognized. 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 4.1 million Class I OP Units in January 2023 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”). (2) Represents the adjustment recorded to mark to the redemption value of the redeemable noncontrolling interests, which is equivalent to fair value as of March 31, 2024 and 2023.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest Balances	The following table summarizes the number of OP Units issued and outstanding to third-party investors (excludes interests held by redeemable noncontrolling interest holders): ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 Balance at beginning of the period ​ — ​ — Issuance of units ​ 9,741 ​ — Balance at end of the period ​ 9,741 ​ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule 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 Three Months Ended March 31, Receivable (Payable) as of (in thousands) 2024 2023 ​ March 31, 2024 December 31, 2023 Selling commissions and dealer manager fees (1) ​ $ 352 ​ $ 2,008 ​ ​ $ — ​ $ — Ongoing distribution fees (1)(2) ​ 3,746 ​ 6,806 ​ ​ (1,219) ​ (1,549) Advisory fee—fixed component ​ ​ 17,007 ​ ​ 19,254 ​ ​ ​ (5,585) ​ ​ (5,813) Other expense reimbursements (3)(4) ​ ​ 3,288 ​ ​ 3,339 ​ ​ ​ (2,774) ​ ​ (2,799) Property accounting fee (5) ​ ​ 843 ​ ​ 824 ​ ​ ​ (295) ​ ​ 129 DST Program selling commissions, dealer manager fees and distribution fees (1) ​ ​ 1,418 ​ ​ 1,438 ​ ​ ​ (796) ​ ​ (852) Other DST Program related costs (4) ​ ​ 1,038 ​ ​ 1,505 ​ ​ ​ (188) ​ ​ (215) Development fees (6) ​ ​ 292 ​ ​ 691 ​ ​ ​ (170) ​ ​ (588) Total ​ $ 27,984 ​ $ 35,865 ​ ​ $ (11,027) ​ $ (11,687) (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 $69.1 million and $64.5 million as of March 31, 2024 and December 31, 2023, respectively. (3) Other expense reimbursements include certain expenses incurred for organization and offering, acquisition, and general administrative services provided to us under the Advisory Agreement, including, but not limited to, certain expenses described below after footnote 6, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (4) Includes costs reimbursed to the Advisor related to the DST Program. (5) The cost of the property management fee, including the property accounting fee, is generally borne by the tenant or tenants at each real property, either via a direct reimbursement to us or, in the case of tenants subject to a gross lease, as part of the lease cost. In certain limited circumstances, we may pay for a portion of the property management fee, including the property accounting fee, without reimbursement from the tenant or tenants at a real property. (6) Development fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on our condensed consolidated balance sheets. Amounts also include our proportionate share of development acquisition fees relating to our joint venture partnership, which are included in investment in unconsolidated joint venture partnership on our condensed consolidated balance sheets.

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders	The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands, except per share data) ​ 2024 2023 ​ Net loss attributable to common stockholders—basic ​ ​ $ (9,678) ​ $ (64,812) ​ Net loss attributable to redeemable noncontrolling interests ​ ​ ​ (282) ​ ​ (1,672) ​ Net (loss) income attributable to noncontrolling interests ​ ​ ​ (208) ​ ​ 9 ​ Net loss attributable to common stockholders—diluted ​ ​ $ (10,168) ​ $ (66,475) ​ Weighted-average shares outstanding—basic ​ ​ ​ 285,990 ​ ​ 313,491 ​ Incremental weighted-average shares outstanding—diluted ​ ​ ​ 14,768 ​ ​ 8,091 ​ Weighted-average shares outstanding—diluted ​ ​ ​ 300,758 ​ ​ 321,582 ​ Net loss per share attributable to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.03) ​ $ (0.21) ​ Diluted ​ ​ $ (0.03) ​ $ (0.21) ​ ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of 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 Three Months Ended March 31, (in thousands) 2024 2023 Supplemental disclosure of non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ ​ Distributions reinvested in common stock ​ ​ 22,399 ​ ​ 20,733 ​ Increase in DST Program Loans receivable through DST Program capital raising ​ ​ 5,196 ​ ​ 13,695 ​ Issuances of OP Units for DST Interests ​ ​ 128,853 ​ ​ — ​ Redeemable noncontrolling interests issued as settlement of performance participation allocation ​ — ​ 62,667 ​ Increase (decrease) in accrued future ongoing distribution fees ​ ​ 4,613 ​ ​ (5,827) ​ (Decrease) increase in accrued capital expenditures ​ ​ (11,601) ​ ​ 6,503 ​ Non-cash selling commissions and dealer manager fees ​ 352 ​ 2,008 ​
Schedule of 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 condensed consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, (in thousands) 2024 2023 ​ Beginning of period: ​ ​ ​ Cash and cash equivalents ​ $ 14,322 ​ $ 79,524 ​ Restricted cash ​ 620 ​ 499 ​ Cash, cash equivalents and restricted cash ​ $ 14,942 ​ $ 80,023 ​ End of period: ​ ​ ​ Cash and cash equivalents ​ $ 82,797 ​ $ 46,431 ​ Restricted cash ​ 29,046 ​ 503 ​ Cash, cash equivalents and restricted cash ​ $ 111,843 ​ $ 46,934 ​ ​

INVESTMENTS IN REAL ESTATE PR_3

INVESTMENTS IN REAL ESTATE PROPERTIES (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) building	Dec. 31, 2023 building
Real Estate Properties [Line Items]
Number of industrial properties | building	252	256
Number of real estate properties owned are in construction | building	1	1
Number of real estate properties owned are in pre-construction | building	1	1
Proceeds from disposition of real estate properties | $	$ 103,731
Gain on sale of real estate property | $	$ 37,342
Disposed by sale | Industrial buildings
Real Estate Properties [Line Items]
Number of industrial properties | building	4
Proceeds from disposition of real estate properties | $	$ 103,700
Gain on sale of real estate property | $	$ 37,300

INVESTMENTS IN REAL ESTATE PR_4

INVESTMENTS IN REAL ESTATE PROPERTIES (Investment in Properties) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 1,288,313	$ 1,300,059
Building and improvements	5,437,348	5,486,636
Intangible lease assets	496,703	498,053
Construction in progress	231,325	219,659
Investment in real estate properties	7,453,689	7,504,407
Less accumulated depreciation and amortization	(816,371)	(750,429)
Net investment in real estate properties	$ 6,637,318	$ 6,753,978

INVESTMENTS IN REAL ESTATE PR_5

INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 496,703	$ 498,053
Below Market Lease [Roll Forward]
Gross	(129,640)	(129,823)
Accumulated Amortization	59,124	54,682
Net	(70,516)	(75,141)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	484,206	485,184
Accumulated Amortization	(260,546)	(243,878)
Total	223,660	241,306
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Gross	12,497	12,869
Accumulated Amortization	(6,230)	(5,916)
Total	$ 6,267	$ 6,953

INVESTMENTS IN REAL ESTATE PR_6

INVESTMENTS IN REAL ESTATE PROPERTIES (Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 4,215	$ 3,098
Real Estate-Related Depreciation and Amortization:
Depreciation expense	53,758	50,435
Intangible lease asset amortization	18,472	21,896
Above-market lease assets
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	(440)	(553)
Below Market Lease
Increase (Decrease) to Rental Revenue:
Amortization of above and below Market Leases	$ 4,516	$ 6,275

INVESTMENTS IN REAL ESTATE DE_3

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Debt Related Securities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Total commitment	$ 211,174	$ 174,770
Outstanding Principal	155,428	129,123
Fair Value	$ 155,428	$ 129,123
Interest Rate	9.02%	8.94%
Weighted-average remaining term	2 years 1 month 20 days	2 years 5 months 12 days
Senior Debt Obligations | TX
Schedule of Held-to-Maturity Securities [Line Items]
Total commitment	$ 60,860	$ 60,860
Outstanding Principal	42,506	29,700
Fair Value	$ 42,506	$ 29,700
Interest Rate	9.18%	9.21%
Senior Debt Obligations | NY
Schedule of Held-to-Maturity Securities [Line Items]
Total commitment	$ 113,910	$ 113,910
Outstanding Principal	100,666	99,423
Fair Value	$ 100,666	$ 99,423
Interest Rate	8.83%	8.86%
Senior Debt Obligations | TX
Schedule of Held-to-Maturity Securities [Line Items]
Total commitment	$ 36,404
Outstanding Principal	12,256
Fair Value	$ 12,256
Interest Rate	10.08%

INVESTMENTS IN REAL ESTATE DE_4

INVESTMENTS IN REAL ESTATE DEBT AND SECURITIES (Available-for-Sale Debt Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Credit losses	$ 0	$ 0
Face Amount	87,756	57,326
Amortized Cost	85,690	55,186
Unamortized Discount	2,066	2,140
Unrealized Gain, Net	919	446
Debt-related investments	$ 86,609	$ 55,632
Weighted Average
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, contractual maturity term	3 years 7 months 24 days

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
DEBT
Weighted-Average Effective Interest Rate	4.23%		4.17%
Principal amount	$ 3,557,037		$ 3,442,325
Less unamortized debt issuance costs	(19,016)		(21,359)
Add unamortized mark-to-market adjustment on assumed debt	163		215
Total debt, net	3,538,184		3,421,181
Gross book value of properties encumbered by debt	2,630,198		$ 2,596,052
Interest incurred, excluding amortization	45,200	$ 30,900
Capitalized interest	$ 5,100	$ 4,600
Weighted Average
DEBT
Remaining debt term (in years)	2 years 1 month 6 days
Line of Credit
DEBT
Weighted-Average Effective Interest Rate	6.12%		6.20%
Principal amount	$ 683,000		$ 570,000
Total commitments for line of credit	1,000,000
Unused and available portions under the term loan	317,000
Line of Credit | Interest Rate Caps
DEBT
Principal amount	$ 150,000
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	3.54%		3.35%
Principal amount	$ 550,000		$ 550,000
Unused and available portions under the term loan	$ 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	$ 200,000
Term Loan (Maturity date March 2027) | SOFR | Interest Rate Caps
DEBT
Principal amount	$ 350,000
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	3.47%		3.42%
Principal amount	$ 600,000		$ 600,000
Unused and available portions under the term loan	$ 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
Principal amount	$ 367,800
Face amount	$ 367,800
Floating-rate mortgage notes
DEBT
Weighted-Average Effective Interest Rate	4.48%		4.48%
Principal amount	$ 727,317		$ 725,605
Variable Rate Secured Mortgage Note Maturity January 2025
DEBT
Face amount	$ 408,000
Variable Rate Secured Mortgage Note Maturity January 2025 | SOFR
DEBT
Basis spread on variable rate	1.65%
Variable Rate Secured Mortgage Note Maturity July 2025
DEBT
Face amount	$ 209,300
Variable Rate Secured Mortgage Note Maturity July 2025 | SOFR
DEBT
Basis spread on variable rate	1.50%
Variable Rate Secured Mortgage Note Maturity October 2026
DEBT
Principal amount	$ 110,100
Face amount	$ 129,100
Variable Rate Secured Mortgage Note Maturity October 2026 | SOFR
DEBT
Basis spread on variable rate	3.30%
Variable Rate Secured Mortgage Note Maturity October 2026 | SOFR | Interest Rate Caps
DEBT
Principal amount	$ 170,000

DEBT (Principal Payments on Deb

DEBT (Principal Payments on Debt) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
DEBT
Remainder of 2024	$ 38,000
2025	1,668,080
2026	710,067
2027	679,750
Thereafter	461,140
Total principal payments	3,557,037	$ 3,442,325
Line of Credit
DEBT
2025	683,000
Total principal payments	$ 683,000	570,000
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 Notes
DEBT
Remainder of 2024	38,000
2025	985,080
2026	110,067
2027	129,750
Thereafter	461,140
Total principal payments	1,724,037
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
Total principal payments	$ 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	$ 727,317	$ 725,605
Variable Rate Secured Mortgage Note Maturity January 2025
DEBT
Face amount	$ 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
Term of extension option	1 year
Variable Rate Secured Mortgage Note Maturity October 2026
DEBT
Face amount	$ 129,100
Total principal payments	$ 110,100
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	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
DEBT
Outstanding amount	$ 46,366	$ 42,298
Morgan Stanley Bank, N.A.
DEBT
Outstanding amount	46,400
Fair value	62,900
Interest costs incurred	$ 700
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	Mar. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($) contract
DEBT
Decrease in cash flow hedge to be reclassified in next twelve months	$ 32,100
Number of Contracts | contract	22	23
Notional Amount	$ 2,374,940	$ 2,324,940
Fair Value	$ 96,259	$ 83,531
Interest Rate Swap | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract	10	11
Notional Amount	$ 1,092,830	$ 1,142,830
Fair Value	$ 53,216	$ 41,091
Interest Rate Caps | Not Designated as Hedging Instrument
DEBT
Number of Contracts | contract	4	4
Notional Amount	$ 707,110	$ 707,110
Fair Value	$ 12,058	$ 14,887
Interest Rate Caps | Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Number of Contracts | contract	8	8
Notional Amount	$ 575,000	$ 475,000
Fair Value	$ 30,985	$ 27,553

DEBT (Effect of Derivative Fina

DEBT (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
DEBT
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	$ 55,701	$ 48,464
Unrealized loss on derivative instruments recognized in other income (expenses)	(2,829)	(5,479)
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	(55,701)	(48,464)
Not Designated as Hedging Instrument
DEBT
Unrealized loss on derivative instruments recognized in other income (expenses)	(2,829)	(5,480)
Realized gain on derivative instruments recognized in other income (expenses)	$ 5,148	$ 3,896
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Cash Flow Hedges | Designated as Hedging Instrument
DEBT
Gain (loss) recognized in AOCI	$ 28,531	$ (11,253)
Amount reclassified from AOCI as a decrease into interest expense	$ (10,151)	$ (9,055)

DST PROGRAM (Program Activity)

DST PROGRAM (Program Activity) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 178,114	$ 202,715
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 170,479	$ 200,276
Carried at cost | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.13%	4.63%
DST Program Loans - Remaining Life (in years)	6 years 5 months 19 days	7 years 5 months 1 day
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 7,635	$ 2,439
Carried at fair value | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	6.32%	6.27%
DST Program Loans - Remaining Life (in years)	10 years	10 years
Total
Delaware Statutory Trust Programs [Line Items]
Total DST Program Loans	$ 178,114	$ 202,715
Total | Weighted Average
Delaware Statutory Trust Programs [Line Items]
DST Program Loans - Interest Rate (in %)	5.18%	5%
DST Program Loans - Remaining Life (in years)	6 years 7 months 17 days	7 years 5 months 12 days

DST PROGRAM (Financing Obligati

DST PROGRAM (Financing Obligations) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Book Value	$ 152,208	$ 87,145
Carried at cost
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	1,405,550	1,559,200
Financing obligations - Unamortized Program Costs	(1,531)	(1,975)
Financing obligations - Total Appreciation	2,601	14,264
Financing obligations - Book Value	1,406,620	1,571,489
Carried at fair value
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	154,392	87,324
Financing obligations - Unrealized Gain, Net	(2,184)	(179)
Financing obligations - Book Value	152,208	87,145
Total
Delaware Statutory Trust Programs [Line Items]
Financing obligations - Outstanding Liability	1,559,942	1,646,524
Financing obligations - Unamortized Program Costs	(1,531)	(1,975)
Financing obligations - Total Appreciation	2,601	14,264
Financing obligations - Unrealized Gain, Net	(2,184)	(179)
Financing obligations - Book Value	$ 1,558,828	$ 1,658,634

DST PROGRAM (DST Program Activi

DST PROGRAM (DST Program Activity) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Delaware Statutory Trust Programs [Line Items]
DST Interests sold	$ 68,435	$ 110,914
DST Interests financed by DST Program Loans	5,196	13,695
Income earned from DST Program Loans (1)	2,396	1,831
(Decrease) increase in financing obligation liability appreciation (2)	(6,664)	4,734
Rent obligation incurred under master lease agreements (2)	18,262	14,995
Net Investment	128,853
D S T Program
Delaware Statutory Trust Programs [Line Items]
Net Investment	$ 128,900	$ 0
D S T Program | Operating Partnership Units
Delaware Statutory Trust Programs [Line Items]
Issuance of OP Units (in shares)	9.7

FAIR VALUE (Recurring Basis) (D

FAIR VALUE (Recurring Basis) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 96,259	$ 83,531
Available-for-sale debt securities	86,609	55,632
Debt-related investments	155,428	129,123
Financing obligations	152,208	87,145
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	96,259	83,531
Available-for-sale debt securities	86,609	55,632
Debt-related investments	155,428	129,123
DST Program Loans	7,635	2,439
Total assets measured at fair value	345,931	270,725
Financing obligations	152,208	87,145
Total liabilities measured at fair value	152,208	87,145
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	96,259	83,531
Available-for-sale debt securities	86,609	55,632
Total assets measured at fair value	$ 182,868	139,163
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	3
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt-related investments	$ 155,428	129,123
DST Program Loans	7,635	2,439
Total assets measured at fair value	163,063	131,562
Financing obligations	152,208	87,145
Total liabilities measured at fair value	$ 152,208	$ 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	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 131,562
Purchases and contributions	30,494
Paid-in-kind interest	1,007
Ending balance	163,063
DST Program Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	2,439
Purchases and contributions	5,196
Ending balance	7,635
Debt-related investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	129,123
Purchases and contributions	25,298
Paid-in-kind interest	1,007
Ending balance	$ 155,428

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	3 Months Ended
	Mar. 31, 2024 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]
Beginning balance	$ 87,145
DST Interests sold, net of upfront fees	67,068
Unrealized gain on financing obligations	(2,005)
Ending balance	$ 152,208

FAIR VALUE (Quantitative Inputs

FAIR VALUE (Quantitative Inputs and Assumptions) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt-related investments	$ 86,609	$ 55,632
DST Program Loans	7,635	2,439
Financing obligations	152,208	87,145
Level 3 | Yield Method | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt-related investments	155,428	129,123
DST Program Loans	7,635	2,439
Level 3 | Discounted Cash Flow | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing obligations	$ 152,208	$ 87,145

FAIR VALUE (Nonrecurring Basis)

FAIR VALUE (Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Assets:
DST Program Loans	$ 170,479	$ 200,276
Carrying Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	683,000	570,000
Carrying Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,150,000
Carrying Value | Mortgages Notes
Liabilities:
Debt instruments, fair value disclosure	1,724,037	1,722,325
Carrying Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	46,366	42,298
Fair Value
Assets:
DST Program Loans	167,735	196,715
Fair Value | Line of Credit
Liabilities:
Debt instruments, fair value disclosure	683,000	570,000
Fair Value | Term Loan
Liabilities:
Debt instruments, fair value disclosure	1,150,000	1,150,000
Fair Value | Mortgages Notes
Liabilities:
Debt instruments, fair value disclosure	1,651,117	1,647,660
Fair Value | Secured Debt
Liabilities:
Debt instruments, fair value disclosure	$ 46,366	$ 42,298

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	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	$ 42,412	$ 103,790
Issuance of common stock, shares	3.2
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	$ 22,400

EQUITY (Summary of Changes in S

EQUITY (Summary of Changes in Shares Outstanding for Each Class of Common Stock) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions	(7,794)	(8,859)
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	162,838
Ending balance, shares	125,151
Common stock, shares issued	125,151		162,838
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,410
Ending balance, shares	20,023
Common stock, shares issued	20,023		20,410
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,358
Ending balance, shares	138,897
Common stock, shares issued	138,897		105,358
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	288,606	314,544
Primary shares	1,487	5,314
DRIP	1,693	1,360
Stock grants, net of cancellations	88	165
Redemptions	(7,794)	(8,859)
Forfeitures	(9)	(2)
Ending balance, shares	284,071	312,522
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	162,838	227,265
Primary shares	753	3,292
DRIP	803	929
Redemptions	(3,994)	(6,209)
Conversions	(35,249)	(11,416)
Ending balance, shares	125,151	213,861
Common Stock | Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,410	20,577
Primary shares	196	764
DRIP	124	101
Redemptions	(468)	(624)
Conversions	(239)
Ending balance, shares	20,023	20,818
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	105,358	66,702
Primary shares	538	1,258
DRIP	766	330
Stock grants, net of cancellations	88	165
Redemptions	(3,332)	(2,026)
Conversions	35,488	11,416
Forfeitures	(9)	(2)
Ending balance, shares	138,897	77,843

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
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Equity [Abstract]
Declared per Common Share (usd per share)	$ 0.15000	$ 0.15000	$ 0.15000	$ 0.13625	$ 0.13625	$ 0.57250
Common Stock Distributions Paid in Cash	$ 16,820	$ 16,483	$ 16,825	$ 15,490	$ 15,284	$ 64,082
Other Cash Distributions	2,235	1,270	1,296	1,177	1,107	4,850
Reinvested in Shares	22,484	22,196	22,550	20,357	20,653	85,756
Distribution Fees	3,596	4,987	5,721	6,344	6,806	23,858
Gross Distributions	$ 45,135	$ 44,936	$ 46,392	$ 43,368	$ 43,850	$ 178,546

EQUITY (Share Redemption Activi

EQUITY (Share Redemption Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Number of shares redeemed (in shares)	7,794	8,859
Aggregate dollar amount of shares redeemed	$ 102,852	$ 134,988
Average redemption price per share (in dollars per share)	$ 13.20	$ 15.24

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Redeemable Noncontrolling Interest Activity) (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 69,553	$ 114,310	$ 69,553	$ 69,553
Settlement of prior year performance participation allocation			62,667
Distributions to redeemable noncontrolling interests		(1,252)	(1,107)
Net loss attributable to redeemable noncontrolling interests		(282)	(1,672)
Change from cash flow hedging activities and available-for-sale securities attributable to redeemable noncontrolling interests		524	(517)
Redemption value allocation adjustment to redeemable noncontrolling interests		(2,290)	942
Ending balance		$ 111,010	$ 129,866	$ 114,310	$ 69,553
Redeemable noncontrolling interests activity, in shares
Beginning balance, shares	4,532	8,346	4,532	4,532
Settlement of prior year performance participation allocation, shares			4,105
Ending balance, shares		8,346	8,637	8,346	4,532
Payable as of		$ 55,323		$ 57,176
Related Party | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Fees and expenses		27,984	$ 35,865
Payable as of		11,027		11,687
Related Party | Performance Participation Allocation. | Ares Commercial Real Estate Management
Redeemable noncontrolling interests activity, in shares
Fees and expenses		$ 0	$ 0
Issuance of OP Units (in shares)					4,100
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
Fees and expenses				$ 0
Payable as of					$ 140,500

NONCONTROLLING INTERESTS (Sched

NONCONTROLLING INTERESTS (Schedule of Non Controlling Interest) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Noncontrolling Interest [Line Items]
Issuance of units	3,200
Operating Partnership Units
Noncontrolling Interest [Line Items]
Issuance of units	9,741
Ending balance, shares	9,741

NONCONTROLLING INTERESTS (Addit

NONCONTROLLING INTERESTS (Additional Details) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Line Items]
Stock Redeemed or Called During Period, Value	$ 102,852	$ 134,988
Aggregate amount of OP Units redeemed	7,794,000	8,859,000
Issuance of units	3,200,000
Operating Partnership Units
Noncontrolling Interest [Line Items]
Number of common stock issued per operating partnership unit	1
Estimated maximum redemption value (unaudited)	$ 124,500
Aggregate amount of OP Units redeemed	0
Issuance of units	9,741,000
Non related party | Operating Partnership Units
Noncontrolling Interest [Line Items]
Issuance of units		0

RELATED PARTY TRANSACTIONS (Sum

RELATED PARTY TRANSACTIONS (Summary of Fees and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Distribution fees payable to affiliates	$ 69,130		$ 64,517
Other liabilities	(55,323)		(57,176)
Other assets	75,981		69,072
Related Party | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	27,984	$ 35,865
Other liabilities	(11,027)		(11,687)
Amount reimbursed for services	3,100	3,200
Related Party | Selling Commissions And Dealer Manager | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	352	2,008
Related Party | Ongoing Distribution Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	3,746	6,806
Distribution fees payable to affiliates	69,100		64,500
Other liabilities	(1,219)		(1,549)
Related Party | Advisory Fee, Fixed Component | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	17,007	19,254
Other liabilities	(5,585)		(5,813)
Related Party | Other Expense Reimbursements | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	3,288	3,339
Other liabilities	(2,774)		(2,799)
Related Party | Property Accounting Fee | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	843	824
Other liabilities	(295)
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]
Fees and expenses	1,418	1,438
Other liabilities	(796)		(852)
Related Party | Other D S T Program Related Costs | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	1,038	1,505
Other liabilities	(188)		(215)
Related Party | Development Fees | Ares Commercial Real Estate Management
Related Party Transaction [Line Items]
Fees and expenses	292	$ 691
Other liabilities	$ (170)		$ (588)

RELATED PARTY TRANSACTIONS (Per

RELATED PARTY TRANSACTIONS (Performance Participation Allocation) (Details) - Related Party - Ares Commercial Real Estate Management - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Fees and expenses	$ 27,984	$ 35,865
Performance Participation Allocation.
Related Party Transaction [Line Items]
Fees and expenses	$ 0	$ 0

RELATED PARTY TRANSACTIONS (Joi

RELATED PARTY TRANSACTIONS (Joint Venture Partnerships) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
BTC II B Partnership | Related Party | BTC II B Partnership Agreement | BTC II B Partnership
Related Party Transaction [Line Items]
Fees and expenses	$ 0.3	$ 0.5

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to common stockholders-basic	$ (9,678)	$ (64,812)
Net loss attributable to redeemable noncontrolling interests	(282)	(1,672)
Net (loss) income attributable to noncontrolling interests	(208)	9
Net loss attributable to common stockholders-diluted	$ (10,168)	$ (66,475)
Weighted-average shares outstanding-basic (in shares)	285,990	313,491
Incremental weighted-average shares outstanding-diluted	14,768	8,091
Weighted-average shares outstanding - diluted	300,758	321,582
Net loss per share attributable to common stockholders-basic (in dollars per share)	$ (0.03)	$ (0.21)
Net loss per share attributable to common stockholders- diluted (in dollars per share)	$ (0.03)	$ (0.21)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental disclosure of non-cash investing and financing activities:
Distributions reinvested in common stock	$ 22,399	$ 20,733
Increase in DST Program Loans receivable through DST Program capital raising	5,196	13,695
Issuances of OP Units for DST Interests	128,853
Redeemable noncontrolling interests issued as settlement of performance participation allocation		62,667
Increase (decrease) in accrued future ongoing distribution fees	4,613	(5,827)
(Decrease) increase in accrued capital expenditures	(11,601)	6,503
Non-cash selling commissions and dealer manager fees	$ 352	$ 2,008

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 82,797	$ 14,322	$ 46,431	$ 79,524
Restricted cash	29,046	620	503	499
Cash, cash equivalents and restricted cash	$ 111,843	$ 14,942	$ 46,934	$ 80,023

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands			3 Months Ended
	Apr. 30, 2024	Apr. 01, 2024 USD ($) property	Mar. 31, 2024 USD ($) building	Dec. 31, 2023 USD ($) building
Subsequent Event [Line Items]
Number of industrial properties | building			252	256
Proceeds from disposition of real estate properties			$ 103,731
Net investment in real estate properties			$ 6,637,318	$ 6,753,978
Subsequent Event
Subsequent Event [Line Items]
Advisory Agreement Renewal Term Period	1 year
Subsequent Event | Industrial Property
Subsequent Event [Line Items]
Number of industrial properties | property		2
Proceeds from disposition of real estate properties		$ 23,900
Net investment in real estate properties		$ 14,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,678)	$ (64,812)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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